First step inthe course is to find a business idea, a business opportunity. You should look for problems and pains and search for solutions.
There are millions of people out there looking everyday for ideas; probably, hundreds of them have the same good idea you have…. It doesn’t matter.
“A prudent approach is to research your idea from top to bottom looking to see if your idea already exists. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or a different, better approach to the idea.”
Burns, Stephanie “10 Things to Consider When Starting a Business in a Down Economy” ForbesWoman 10/04/2012 http://www.forbes.com/sites/chicceo/2012/10/04/10-things-to-consider-when-starting-a-business-in-a-down-economy/
Once you have your business idea you should:
The name of the post should be your team name or your idea name. Do not forget to add your post to the category “Idea”.
Your Idea Concept Summary should address the following points:
Concept: What is the essence of the business?
Opportunity/Need: What is the size of the market? What are the trends? What problem is being solved?
Product or Service: Describe the product/service. What is unique about your product or service? How will it by produced or delivered?
Target market. If it is a B2C or P2P product, describe the demographics and psychographic. If it is a B2B business, describe the industry and type of company or organization that you would sell to.
Benefits. What are the benefits to the target market? Why should they care?
Competitive Advantage. Who is the competition? What is your advantage over the competition? Is your advantage sustainable?
Profitability. What is the revenue model? What is the contribution margin?
Additional Comments or Features
You will present your Business Idea to your classmates and some entrepreneurs (check day and time in the Course Schedule).
If you are going to use visual aids, you should upload them or a link to them, the day before presentation on this link:
Entrepreneurs will help you to better define your Business Idea and will give you their opinion on what you should focus. Be prepare to accept criticism, what you have right now is just an idea in which you will work during the course.
Entrepreneurs will not value your Idea or your Presentation. But the Lecturer will value both, the Idea concept summary, including the idea’s originality, and the presentation.