What I do:
1. Acquire business idea (possible sources: owner, boss, customer, vendor, media, from my own mind, elsewhere). Transform it into the product concept.
2. Create a presentation of product concept, 8-10 slides:
- who is the target customer
- what she demands, what are her values and how she evaluates product compliance with her values (criteria)
- who and how satisfies the demand now (market competition analysis)
- market size
- where is the market gap? their gap is our opportunity window! (in time)
- what our product need to look like? how it fits customer criteria? why will they buy our product, not their? (2-3 slides)
- the business model of the product
- how will we communicate the product to the customer?
- how will we sell/distribute product to the customer?
- revenue and cash-flow model of the product
- market share prediction and revenue prediction
- cost (CAPEX & OPEX including sales and communication) prediction, IRR & NPV evaluation.
Identify stakeholders of the business idea, negotiate the product concept. Present the concept to the boss and/or the company owner(s).
3. Initiate the project for product creation, engage PMO (if exists).
4. Specify the product in terms of goods and services. What goods/artifacts do we need to provide? Services are more complex:
- which customer-facing services and internally consumed services do we need (delivery, warranty, support, maintenance, billing etc)?
- which services are provided by business processes, and which just by automated procedures?
- what the KPIs of each service are? (productivity? quality? how to measure them? what reports do we need?)
Negotiate product spec with stakeholders, get consensus.
5. For Agile/SCRUM business processes (BPMN 2.0) are Epics, tasks are Stories, microservices are Stories, gateways are Business Rules. Document those in confluence.
5. Manage the project of product creation. (I prefer iterative OpenUP style).