How can I tell if my idea is a good one?€¦ · how ‘good’ an idea is, and how to go about...
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How can I tell if my idea is a good one? Megan Morys-Carter Building a Business lecture 2 October 2017
Transcript of How can I tell if my idea is a good one?€¦ · how ‘good’ an idea is, and how to go about...
How can I tell if my
idea is a good one?
Megan Morys-Carter
Building a Business lecture 2
October 2017
What is a business?
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Idea
People Finance
Learning Objectives
Understand the key factors to consider when weighing up
how ‘good’ an idea is, and how to go about gathering data
to help you address these factors
Be able to talk to customers and get useful feedback
Understand the use of the Lean Canvas to map out a
business idea and identify key risks
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Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
Vote for the idea you’d put your money or
time into
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Slido.com
#7476
Some business ideas
Airbnb for bicycles: an online sharing platform which enables bike owners to make money from hiring out their bikes to people who need a cheap short-term ride.
Baby Bottom vac: a high-tech ‘vacuum cleaner’ for parents of young babies to help make nappy changes mess and odour free.
Venison for the masses: ready meals and recipe boxes promoting venison as a low-fat, healthy alternative to beef. Also addresses UK deer over-population issue.
Better tissue expander: a more controllable, easier to use alternative to current tissue expanders used by surgeons in dentistry and reconstructive surgery
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Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
An idea is a value proposition
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Product /
solution
Customer /
need
Positioning Statement I
Our product is...
For (target customers)...
Who (has this problem)...
Our product is a...
That provides (breakthrough capability)...
Unlike (competition)...
Our product/solution (competitive
differentiation)...
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Positioning Statement II
For (target market)...
The (name or brand)...
Is the (USP)...
Among all (reference segment/category)...
Because (reason to believe)...
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The Value Proposition Canvas
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www.toolshero.com
https://strategyzer.com/canvas/value-proposition-canvas
The Value Proposition Canvas
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www.toolshero.com
https://strategyzer.com/canvas/value-proposition-canvas
The Value Proposition Canvas
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www.toolshero.com
https://strategyzer.com/canvas/value-proposition-canvas
The Value Proposition Canvas
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www.toolshero.com
https://strategyzer.com/canvas/value-proposition-canvas
What questions should you ask?
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Slido.com
#7476
Consumer interviews
Bad questions
Here’s my idea. Do you think it’s a good idea?
Would you buy a product which solved this problem?
How much would you pay to solve this problem?
Better questions
How do you currently deal with this problem?
When did you last have this problem?
How do you use x (device/product/item)?
What makes this time-consuming or frustrating?
How much do you currently spend on solving this problem?
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Consumer interviews
Great questions
Tell me about your daily routine…
How did you deal with this problem last time it occurred?
Has this problem ever been worse than usual? Tell me
about that time…
Please show me how you…
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Consumer interviews
Open
Factual / past tense
Get to emotions
Later, focus groups, surveys, product testing sessions
are all useful
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Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
Customer research and the Value
Proposition Canvas
Market size
Know your assumptions!
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Published data
Competitors
Population estimates
Local factors
Customer feedback
Own estimates
Talking to competitors
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General data
Comparator /
companion
products
Points of
differentiation
Mystery shopping
University
credentials
Just have a
chat!
Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
Online and competitor research
Sensible assumptions
Customer research and the Value
Proposition Canvas
Also think about
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Is there a way to reframe your product to put it in a different industry?
Outlier firm
Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
Online and competitor research
Sensible assumptions
Customer research and the Value
Proposition Canvas
Porter’s 5 forces
The Lean Canvas model
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Problem Customer
Value
Proposition
The Lean Canvas model
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Solution
Channels
Cost structure Revenue streams
The Lean Canvas model
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Key
metrics
Unfair
advantage
The Lean Canvas model
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Solution
Channels
Cost structure Revenue streams
Key
metrics
Unfair
advantage
Problem Customer
Value
Proposition
Four domains of idea attractiveness
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Deliverability Value proposition
Industry
attractiveness Market size
Online and competitor research
Sensible assumptions
Customer research and the Value
Proposition Canvas
Porter’s 5 forces
The Lean Canvas
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“It is not the strongest species that survive, nor the most
intelligent, but the most responsive to change.”
Charles Darwin
![Good Gym Big [Social] Idea](https://static.fdocuments.in/doc/165x107/547b9877b479599a098b4d37/good-gym-big-social-idea.jpg)
