18MBO409T - Finance For Engineers UNIT 4 & 5 (12 MARKS)
12M: Business proposal - idea stage to minimum viable project and various processes The journey of idea to a minimum viable project (MVP) involves several key stages, each contributing to the successful realization of a business concept. Idea generation and research: Identify a market need: start by understanding the problem you aim to solve or the need you want to address. Research existing solutions and gaps in the market Market research: dive deeper into your target audience, competitors and industry trends. Gather insights to validate your idea Conceptualization: Brainstorm and ideate: collaborate with your team or stakeholders to generate creative ideas. Consider different angles and approaches Solution design: create a high level concept of your product. Define its purpose, features and potential benefits MVP development: What is MVP?: an MVP is the earliest version of your product that includes only essential features. It aims to deliver core value and validate it wi...