The method
Use this prompt at the beginning of your entrepreneurial journey to brainstorm and refine potential business ideas. Input your interests, skills, and market observations. Then, iterate through multiple rounds of validation, assessing feasibility, market demand, and competitive landscape. Best used in ChatGPT for iterative feedback.
The prompts
Prompt 1
I am interested in [your interests], skilled in [your skills], and have observed [market opportunities/problems]. Generate 5 unique business ideas based on these factors, each with a brief description of the target market, potential revenue streams, and required resources. Also, for each idea, provide three potential challenges.
Prompt 2
Now, let's validate the idea: [Selected business idea from the previous response]. Analyze the market demand for this idea in [specific geographic location or target demographic]. Identify three major competitors and assess their strengths and weaknesses. Evaluate the feasibility of this idea considering [specific resources/constraints]. Finally, suggest three ways to differentiate this business from existing solutions. Consider financial viability, scalability, and potential risks. Provide a SWOT analysis for this idea.
Prompt 3
Considering the feedback and validation provided, refine the business idea [Selected business idea from the previous response] based on the SWOT analysis and feedback. Outline a minimum viable product (MVP) strategy, detailing the core features and functionalities. Define key performance indicators (KPIs) to measure the success of the MVP. Develop a go-to-market strategy to reach your target audience. Include customer acquisition channels and expected costs. Estimate the initial investment required and potential funding sources. Discuss possible pivots based on early user feedback.