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14 ◾ Transforming an Idea Into a Business with Design Thinking
Figure 2.1 The four stages of transforming an idea into a business.
the stakeholders who have a problem that your solution is trying to solve.
In other cases, you might have an idea of a new business model to apply
in an existing context. As you go through the third stage (craft business),
you’ll find the need to go to the first and the second stages to understand
the value proposition you are trying to articulate for specific stakeholders
through a novel solution. And remember, throughout your journey, you will
be making lots and lots of assumptions in all aspects of your venture. This
will require you to go to stage 4 (manage risk) frequently.
2.1 Let Your Curiosity Drive Your Endeavor
Endeavors of significance help answer important questions. Through the
course of your pursuit, this framework will help you ask the questions that
you should ask yourself and try to find answer for. These answers will help
you move your idea forward. Remember that as you’ll find answers to these
questions, your idea is likely to morph and evolve so much that it would not
