R-W-W (Real, Win, Worth it )

"If opportunity doesn't knock, build a door" - Milton Berle

What is Entrepreneurship ?

Joseph Schumpeter (1910) surveyed the relevant literature about entrepreneurs and brought up the term “entrepreneurship”. He believed that entrepreneurship is the cause for discovering, driving new combinations of production factors and create social economy. Since then, entrepreneurship has obtained the respect of academic communities. Wiki says is the process of designing, launching, and running a new business, i.e. a startup company offering a product, process or service. It has been defined as the "...capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.

" The entrepreneur is "a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Rather than working as an employee, [an entrepreneur] runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

Today most of the product or services are being introduced by the entrepreneur around the globe.Startup doesn't always associated with the investment it is basically dependent on the idea that the person is investing in whether it has the capability to survive and compete with the current market.So major part of the portion of every startup is IDEA . So how to know whether the idea is good enough for investing or not.This how the RWW framework comes it is simple but a most powerful tool in analyzing one idea on different benchmark of questions.

" The values of idea lies in using of it " - Thomas Edison

What is R-W-W( Real,Win,Worth it) ?

George S. Day explains R-W-W in Managing Risk and Reward in an Innovation Portfolio that it is screen allows companies to evaluate the risks and potential of individual projects by answering questions in three broad topic areas: “Is it real?” explores the nature of the potential market and

looks at the feasibility of building the product. “Can we win?” considers whether the innovation and the company can be competitive. “Is it worth doing?” examines the profit potential and whether developing the innovation makes strategic sense.

R-W-W guides a development team to dig deeply for the answers to six fundamental questions: Is the market real? Is the product real? Can the product be competitive? Can our company be competitive?

Will the product be profitable at an acceptable risk? Does launching the product make strategic sense? The development team answers these queries by exploring an even deeper set of supporting questions. The team determines where the answer to each question falls on a continuum ranging from definitely yes to definitely no. A definite no to any of the first five fundamental questions typically leads to termination of the project, for obvious reasons.

It is something similar to the scenario when we where child an over elder always says something like this when we are unable to understand any concept from over classes that

"I never learn anything talking. I only learn things when I ask questions" - Lou Holtz

Is it real?Is there a need or desire for the product?Can the customer buy it?Is the size of the potential market adequate?Will the customer buy the product?Is there a clear concept?Can the product be made?Will the final product satisfy the market?
Put your idea through all the question then you will find out the reality of the market from what you think it may be. Sometimes the vision your are caring may be similar to the market but the point is when it came to the difference because ideas are not about executing them it about how must you are capable of sustaining the idea in the market. If your product is an unfamiliar in regards to your customer then will customer buy it or not.All of these factor does produce an impact on the services you are providing because every business in market has the vision with growth.Without growth it may not survive in this atmosphere of the tough competitive market.
It is not necessary that you idea should have unique and unknown to the market. Companies like flipkart,snapdeal,paytm,shopclues etc have been there since at most for 5 years produce same sort of services still they have strong customer and stand above expectation every year.

Can we win? Does it have a competitive advantage? Can the advantage be sustained? How will competitors respond? Do we have superior resources? Do we have appropriate management? Can we understand and respond to the market?
Does the idea you are selling has any new unique concept which provide a step ahead from your competitor if yes there is higher chances of the idea to sustain in the market. Today the copying of the ones idea is simpler that is the reason if you stop improving your product you may find it difficulty to sustain your customers. Because they started to giving other business more preference as compared to your business and thus result your downfall of your company reputation. Implementation of idea requires both the manpower and resources, so you have all the prerequisites which is required in regards to your idea.Management of the resources and your service is a great importance in the business if you fail to provide in service time i may cause serious problem in the future. Feedback and survey may provide your current standing in the market which helps to improve your product and services which add growing scope to your business

Is it worth doing?Are forecasted returns greater than costs? Are the risks acceptable? Does the product fit our overall growth strategy? Will top management support it? If after all the above questions finding still required like the idea your are investing is currently in stable state or may grow with more successful rates. Investors always sees growth forecast as they are expecting higher rates than the amount they are investing in the idea. Future aspects are also taken in consideration such as when an unaccepted risk is encounter can we able to control it and sustain the market or we lose what we already have.Well all of these work are not possible be done alone you need a team which will provide you with solution to fill these loopholes.

That's the reason when though every one has ideas but they are not able to execute it. As soon as an idea is executed they starts facing unexpected twist and turn. They soon realize that idea is not the alone requirement to take you to sky you need some thing more with it.That is reason remember one thing in your way the life that

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