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Book Description

We are living in fascinating times, when the power of technology is not just reshaping, but is transforming the globe in unprecedented ways. These include the ability to connect with anyone across the globe in an instant using a tiny device in the palm of our hands to the availability of self-learning systems to take over, not only the most mundane of tasks, but the most sophisticated tasks previously thought to be performable only by superior human faculties.

Regardless of whether you consider this progress to be beneficial to society or harmful, these technological advancements are here to stay. On one hand, these current transformational technological advancements threaten this stability of society. On the other hand, they present an opportunity for all of us to awaken our inner entrepreneurs.

This book makes the transition from an employee to an entrepreneur smooth for the masses. Many of us have ideas to improve this world in some way and even feel strongly about some of those ideas at a deeper level. However, we find ourselves perplexed on two levels:

1. Where to start when building an idea into a business?

2. What are the various dimensions and activities needed to launch an idea into a business?

This book will introduce you to a structured framework, called Transform3+1, to transform your idea into a business by following simple and specific steps spread across four stages. The framework is grounded in the belief that all solutions solve human problems using technology or otherwise. The first stage will help you understand the problem facing your target user by building empathy. Once you understand the problem, comes the stage of devising a solution in an iterative manner through prototyping the new concept and validating with the user. Most start-ups fail not because they didn’t find the right problem to solve for the target user or that their solution lacked technological prowess but because they could not figure out a sustainable business model. Third stage will focus on crafting a business model. And the final stage introduces you to a unique approach of managing risk associated with your venture.

This unique framework leverages the principles of Design Thinking, agile development, and lean start-up combined in an easy to follow manner by anyone and helps transform ideas into business in a short timeframe with little or no investment.

Table of Contents

  1. Cover
  2. Half-Title
  3. Title
  4. Copyright
  5. Contents
  6. Dedication
  7. Foreword
  8. Acknowledgements
  9. Preface
  10. 1 Democratizing Entrepreneurship
    1. 1.1 Why Another Book on Entrepreneurship?
    2. 1.2 A Mind-set for Growth
    3. 1.3 Basic Essence of This Innovation Approach
    4. 1.4 A Primer on Design Thinking
    5. 1.4.1 Traditional Approach
    6. 1.4.2 The New Design Thinking Approach
    7. 1.4.3 Empathy
    8. 1.4.4 Have a Better Understanding of the Problem before Thinking of the Solution
    9. 1.4.5 Collaboration with Diverse Perspectives
    10. 1.4.6 Build Prototype
    11. 1.4.7 Get Feedback from Target User
    12. 1.4.8 Iterate
    13. 1.5 Mind-sets for Design Thinking
    14. 1.6 Creative Leadership
    15. 1.7 Best Way to Get the Best out of This Approach
    16. 1.7.1 Build a Team
    17. 1.7.2 Review the Framework with the Team
    18. 1.7.3 Collaborative Engagement
    19. 1.7.4 Capture Assumptions
    20. 1.7.5 Guidance
  11. 2 The Three Stages Plus One
    1. 2.1 Let Your Curiosity Drive Your Endeavor
    2. 2.1.1 Questions for the First Stage
    3. 2.1.2 Questions for the Second Stage
    4. 2.1.3 Questions for the Third Stage
    5. 2.1.4 Questions for the Fourth Stage
    6. 2.2 Failing Early, and Failing Fast
    7. 2.3 The Problem Statement
    8. 2.3.1 Template
    9. 2.3.2 Example
    10. 2.3.3 Guidance
    11. 2.3.3.1 Session Lead
    12. 2.3.3.2 Three-minute Self-brainstorm
    13. 2.3.3.3 Team Brainstorm
    14. 2.3.3.4 Document Assumptions
    15. 2.4 Overview of the Transform3+1 Framework
  12. 3 Stage 1: Understand Problem to Grasp Desirability
    1. 3.1 Step 1: Stakeholders
    2. 3.1.1 Target Stakeholders
    3. 3.1.2 Connected Stakeholders
    4. 3.1.3 Influenced Stakeholders
    5. 3.1.4 Stakeholder Template (Figure 3.1)
    6. 3.1.5 Guidance
    7. 3.1.5.1 Session Lead
    8. 3.1.5.2 Three-minute Self-brainstorm
    9. 3.1.5.3 Team Brainstorm
    10. 3.1.5.4 Document Assumptions
    11. 3.1.5.5 Review Prior Steps
    12. 3.2 Step 2: Research
    13. 3.2.1 Planning
    14. 3.2.2 Empathetic Observation
    15. 3.2.3 Genuine Curiosity
    16. 3.2.4 Being Inquisitive Is Good, Without Being Intrusive!
    17. 3.2.5 Adopt a Beginner’s Mind-set
    18. 3.2.6 Don’t Judge
    19. 3.2.7 Question Everything
    20. 3.2.8 Be Genuinely Curious
    21. 3.2.9 Find Patterns
    22. 3.2.10 Listen, Intently
    23. 3.2.11 Suggestions for User Engagement
    24. 3.2.12 Engagement Guidelines with the User
    25. 3.2.12.1 Guidelines for Interviewer
    26. 3.2.12.2 Guidelines for Note Taker
    27. 3.2.12.3 Sample Questions for Interview
    28. 3.2.13 Template
    29. 3.2.14 Example (Figure 3.4)
    30. 3.2.14.1 Guidance
    31. 3.2.14.2 Team Brainstorm
    32. 3.2.14.3 Document Assumptions
    33. 3.3 Step 3: Persona
    34. 3.3.1 Template
    35. 3.3.2 Example
    36. 3.3.2.1 Guidance
    37. 3.3.2.2 Document Assumptions
    38. 3.3.2.3 Review Prior Steps
    39. 3.4 Step 4: Current Journey
    40. 3.4.1 Current Journey Template
    41. 3.4.2 Current Journey Example (Figure 3.8)
    42. 3.4.2.1 Guidance
    43. 3.4.2.2 Document Assumptions
    44. 3.4.2.3 Review Prior Steps
    45. 3.5 Step 5: User’s Perspective
    46. 3.5.1 Template
    47. 3.5.2 Example (Table 3.2)
    48. 3.5.2.1 Guidance
    49. 3.5.2.2 Document Assumptions
    50. 3.5.2.3 Review Prior Steps
  13. 4 Stage 2: Devise Solution to Determine Feasibility
    1. 4.1 Step 6: Ideation
    2. 4.1.1 Guidance
    3. 4.1.1.1 Session Lead
    4. 4.1.1.2 Document Assumptions
    5. 4.1.1.3 Review Prior Steps
    6. 4.2 Step 7: Prioritization
    7. 4.2.1 Template
    8. 4.2.2 Example
    9. 4.2.3 Guidance
    10. 4.2.3.1 Document Assumptions
    11. 4.2.3.2 Review Prior Steps
    12. 4.3 Step 8: End-to-end Experience Vision
    13. 4.3.1 Template (Figure 4.4a)
    14. 4.3.2 Example (Figure 4.4b)
    15. 4.3.3 Guidance
    16. 4.3.3.1 Document Assumptions
    17. 4.3.3.2 Review Prior Steps
    18. 4.4 Steps 9 and 10: Prototype and Test
    19. 4.4.1 Prototyping
    20. 4.4.2 Testing
    21. 4.4.3 Do’s and Don’ts for Session Lead
    22. 4.4.3.1 Do’s
    23. 4.4.3.2 Don’ts
    24. 4.4.4 Do’s and Don’ts for Note Taker
    25. 4.4.4.1 Do’s
    26. 4.4.4.2 Don’ts
    27. 4.4.5 User Feedback Template (Figure 4.6a)
    28. 4.4.6 Example
    29. 4.4.7 Guidance
    30. 4.4.7.1 Document Assumptions
    31. 4.4.7.2 Review Prior Steps
    32. 4.5 Step 11: Use Case
    33. 4.5.1 Template (Figure 4.7)
    34. 4.5.2 Example (Figure 4.8)
    35. 4.5.3 Guidance
    36. 4.5.3.1 Document Assumptions
    37. 4.5.3.2 Review Prior Steps
    38. 4.6 Step 12: Experience Implications
    39. 4.6.1 Template (Figure 4.9)
    40. 4.6.2 Example
    41. 4.6.3 Guidance
    42. 4.6.3.1 Document Assumptions
    43. 4.6.3.2 Review Prior Steps
  14. 5 Stage 3: Craft Business to Know Viability
    1. 5.1 Step 13: Business Context
    2. 5.1.1 Business Context Template
    3. 5.1.2 Example (Figure 5.1b)
    4. 5.1.3 Guidance
    5. 5.1.3.1 Document Assumptions
    6. 5.1.3.2 Review Prior Steps
    7. 5.2 Step 14: Value Proposition
    8. 5.2.1 Template (Figure 5.4a)
    9. 5.2.2 Example
    10. 5.2.3 Guidance
    11. 5.2.3.1 Document Assumptions
    12. 5.2.3.2 Review Prior Steps
    13. 5.3 Step 15: Business Model
    14. 5.3.1 Value Proposition
    15. 5.3.2 Value Delivery
    16. 5.3.3 Value Creation
    17. 5.3.4 Value Partnering
    18. 5.3.5 Value Capture
    19. 5.3.6 Value Funding
    20. 5.3.7 Template (Figure 5.7)
    21. 5.3.8 Guidance
    22. 5.3.8.1 Document Assumptions
    23. 5.3.8.2 Review Prior Steps
    24. 5.3.9 Bringing It All Together
    25. 5.4 Step 16: Elevator Pitch
    26. 5.4.1 Template
    27. 5.4.1.1 Short Version
    28. 5.4.1.2 Longer Version
    29. 5.4.2 Example
    30. 5.4.3 Guidance
    31. 5.4.3.1 Document Assumptions
    32. 5.4.3.2 Review Prior Steps
  15. 6 Stage 4: Manage Risk to Handle Uncertainty
    1. 6.1 Step 17: Assumptions
    2. 6.1.1 Impact
    3. 6.1.2 Template (Figure 6.3)
    4. 6.2 Step 18: Risk Assessment
    5. 6.2.1 Calculation
  16. 7 Go Ahead and Transform Your Idea
  17. About the Author
  18. Index
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