Great businesses are marked by the founder’s ability to state clearly what the value to the customer is and how their business delivers that value. They also have to explain how they make money, how many customers there are, how will they outcompete others... But without clear explanation of what your company does, and how, the rest doesn’t matter.
The most common mistake founders make is interchanging value of their business with how the business delivers the value. It is because many companies still start with technological solution, not a well understood pain.
The value to the customer of the original Apple iPod was not the cigarette pack-sized white shiny hard-drive. It was having all your songs in your pocket. The iPod was the enabling product, not the value itself.
The value to the customer of the original Zappos was not the free to-your-door delivery of any number of shoes with 365 days long return policy. It was the access to the largest selection of shoes. The free to-your-door delivery of any number of shoes, the 365 days long return policy, and the intuitive on-line store were the enabling infrastructure, not the value itself.