In this video, you will learn more about describing your product and what it offers clients and customers.

Once you are done with the first step, which is identifying the problem and the solution, you need to elaborate more on how you plan on resolving the issue. Once you have clearly defined the problem, define the solution and explain it in a descriptive manner, rather than a technical one.

These are some guidelines to help you build the solution statement:

1. Describe what your business would offer and why you think it’s valuable.

You should be able to develop a simple, step-by-step pitch elaborating on how you plan on executing your idea. It is highly recommended to present specifically how your idea can resolve a problem. You should also explain more on how your product is different from any other solutions that already exist on the market. Assuming all these questions are answered, do you believe that marketing your product properly will cause it to go viral and increase the demand rate of your product?

2. Regulations!

Many ideas might have a strong basis but can be limited by external rules and regulations. Therefore, you should research the rules and regulations in your state and then modify your product to fit the criteria (provided by your government, for instance):

You can always check the governmental department or ministry websites that correspond to your particular idea. For example, if your idea is about energy, then you should check the energy commission website.

After describing the product and how you plan on executing the idea, you should elaborate on how your product complies with all rules and regulations.

After watching this video, to complete this unit please include the information requested below then advance to the next unit.