The most important thing is identifying a problem that’s worth solving. If your project doesn’t solve a problem that your potential customers face, you’re not really accomplishing anything. Be relevant. Ideally, you should be able to describe the problem in one or two sentences, or even a few bullet points. Keep in mind that some projects may solve multiple problems, but you will usually be more successful if you focus on one core problem at a time.
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What problem are you going to solve?
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Too many students start with a solution (an idea or product that they think the market needs) without first identifying the problem that they’re solving. You can avoid making this mistake by first ensuring that you are solving a real problem that you’re customers are facing (see Problem).
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Every idea or project has competition. Even if no one has a solution similar to what you’ve come up with, your potential customers are already solving the presented problem with some kind of alternative. For example, the competitors for the first automobile weren’t other vehicles, but horses and the concept of walking. You should already be thinking about your competition and existing alternatives, along with what advantages your solution offers over them. Are you faster, cheaper, or better? Why should a potential customer choose your solution over another? Be sure to describe the key differences between your solution and the competition. This exercise will help ensure that you are building a unique solution that customers will choose.
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As you define the problem that you’re solving, you should already be thinking about potential customers who have this problem. You’ll need to define exactly what demographic has the problem, and how many potential customers you’re targeting. It’s always tempting to define a large market, but that won’t allow you to truly focus your solution.
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As great as your idea may be, only the right team will be able to effectively execute a great project. You should talk about why you and your team members are the right fit to execute your vision and why your team’s skill set is precisely what is needed to make the project successful. Knowing what your team is lacking and recognizing that you may need help from mentors and professors is extremely important.
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Resources can be anything that you have to spend money to obtain. For example, you might need development hardware or technical software. You don’t necessarily need to a detailed plan, but you’ll need to know what kind of expenses you’ll be facing.
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Here, you’ll want to talk about your upcoming goals and when you plan to achieve them. If you’ve already accomplished notable milestones, you should include these.
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