by Alex Gedalin
In “Taking the Plunge: Turning Your Idea into a Reality,” Teju Ravilochan, CEO of the Unreasonable Institute, walked delegates through the questions and considerations to take into account when embarking on the journey of entrepreneurship.
Referring to them as the “Big Unknowns” of an entrepreneur’s product or service, Ravilochan laid out the five most important questions to consider:
Who are you trying to help?
What is their specific problem?
Why does this problem exist?
What is your solution to this problem?
How do you know your solution works?
Ravilochan also outlined the best ways of thinking through these questions.
First, he mentioned the benefits of using a “Level of Confidence” meter for each one, noting that by assigning a confidence marker from 1 to 3, you can find out how strong your answers are. From there, you can improve your answers and make them stronger.
Next, he touched on some tips regarding “what is the solution?”, stating that asking people if they would do something is misleading. People are much more likely to say they will do something than actually commit to it. That being said, entrepreneurs could benefit more from taking the “Rapid Prototyping” approach. By creating a quick, easy-to-build, and cheap prototype that users can engage with, the entrepreneur can validate their product before building a full model.
He also touched on the three ways to approach the question, “How do you know your solution works?”. First, is it logical? Second, does an analogue for it already exist? If it is logical and does not already exist, can you build a prototype to gain confidence for it? He stressed that these were critical factors in examining how to turn amazing ideas into reality.
The delegates seemed to really enjoy and benefit from Teju’s workshop – it combined practical, useful information with lively conversation and great advice from a leader in the field.