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The Idea Formulation process begins with identifying a real, solvable problem that, if addressed, would improve lives. It involves evaluating the problem's existence, feasibility, and why it remains unsolved, alongside trusting one's intuition about their ability to tackle it without extensive research.
Assessing the opportunity size is crucial, determining interest among potential users and funders, and engaging with them to understand the problem's impact, existing solutions, and their willingness to pay for a new solution.
A critical self-assessment of one's skills and interests helps gauge suitability for solving the problem and whether the founder's time and energy are well-invested in this venture compared to other opportunities.
Finally, it's important to consider the founder's role in the business, potential customer conviction in the founder's solution, and identifying key ambassadors to promote the business. This streamlined approach focuses on problem evaluation, stakeholder engagement, and a strategic fit for launching the business.