Entrepreneurship – from ideas to reality
Entrepreneurship – from ideas to reality

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Entrepreneurship – from ideas to reality

5 Defining your value proposition

Using the guide below, describe a business or product idea you have been thinking of. It doesn’t have to be a real one, in fact here is a completely fictitious one to illustrate.

Example:

To parents of young active toddlers, our new ‘Peekapoo’ disposable nappies contain a microchip and are made of completely disposable materials that allow you to not only save the planet but also keep track of where your precious little one is hiding using our unique tracking technology on your phone.

  • In this example, the target customer group would be ‘parents of young, active children’.
  • The brand name is ‘Peekapoo’.
  • The new concept is the microchip in the environmentally friendly nappy.
  • What makes it distinct and so differentiates it from other renewable nappies is that you are not only demonstrating your green credentials, but you can also track your baby on your phone.

Activity 3 Creating a ‘boilerplate’ description

Timing: Allow about 10 minutes

Now with reference to this example, try to create a ‘boilerplate’ description for your business or product idea, or another fictitious example, by completing the blanks below:

To [write in here the target group and the need you serve] our [state the product, service or brand here] is [describe the concept or product or service category] that [write in here your organisation or product or service’s unique or distinctive feature].

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While it doesn’t seem like much, the thought and research that goes into defining, describing and communicating your value proposition may take more time than you think. Try testing out a few versions on friends, family or trusted advisers until you think you have got it right.

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