The first step of transforming an idea into a business is to lay out a plan. But as we laid out in the course on “Strategies to start building your business”, there are many ways of laying out that plan. However, we argued that the traditional business plan method had a lot of shortcomings with regard to startups and modern-day business models. As entrepreneurs, we need to be able to quickly layout our ideas, which at the early stages are mostly assumptions. We also need to be able to quickly test our ideas without bias and make informed decisions as to whether or not to pursue them or change course. Furthermore, many entrepreneurs don’t know what to do next after they come up with an exciting idea for a product or service. Documenting your idea will help you understand how to dissect your idea and identify the key components as well as define a clear path to getting started.