Entrepreneurial Journey Map Phase 1: Dream

The goal of the dream phase is to assess the feasibility of a business concept and validate if a business is viable.

Milestones

The milestones of this stage are outlined below along with a clear purpose and description as well as a list of support partners who offer resources for each milestone. 

Problem Definition

To clearly identify the specific problem or need your business aims to address in the market and articulate this through a problem statement. This may include benchmarking, research or data review to substantiate this problem statement and begin positioning your business as a solution.

Research & Development

To conduct market research to better understand potential competitors, risks, opportunities and demand. This may also include activities to develop your product or service, including prototype creation.

Validation & Feasibility Analysis

To test or validate that your product/service/idea is viable as a business. This may include confirming assumptions made in the Research & Development stage and may also include testing with your target audience to confirm there is demand (product market fit).

Market Segmentation

To understand your potential customer by dividing the broader market into distinct groups of potential customers with similar needs or characteristics. This will help inform targeted marketing efforts.

Business Planning/Strategy

To outline provide a framework of your business which articulates your vision, audience, objectives and plan to achieve objectives. A business plan is not only helpful in thinking through critical questions but is also a helpful tool you can refer to when communicating your vision to others. Business plans can be as simple as a 1-page business plan "canvas" or a multi-page strategy outlining a comprehensive plan.

Ownership/Governance

To define the ownership structure for your business and/or and establish governance policies for effective decision-making. This may include establishing new policies, procedures and/or other governance related processes and documents.

Financial Planning

To create detailed financial projections, including review and expenses and the preparation of a budget. This may include the identification of grants, loans and fundraising opportunities.