What are you building? What product or service are you building? And, for who are you building it and what problem or pain does it solve?

This isn't something you'll be building in isolation and there are 3 main components:

1. Features: This is usually the easiest for entrepreneurs to discuss. What product features or services are you providing?
2. Pains: What pain are you solving for your customers?
3. Gains: What gains are you providing your customers?

So what is the most minimal feature set you can build and develop to provide to create gains and eliminate pains for customers from day 1?

Also, let's take a look at forming your Value Proposition from 2 different sides:

As A Product Startup:

Which are part of your value proposition?

• manufactured goods, commodities...

Which intangible products are a par of it?

• copyrights, licenses....

What financial products?

• financial guarantees, insurance policies....

Which digital products?

• mp3, PDFs....

As a Service Startup:

What are the core services that are part of your value proposition?

• consulting, investment advice....

Which pre-sales or sales services?

• help finding the right solution, financing, free delivery....

Which after-sale services?

• free-maintenance, disposal...