How to generate a convincing business plan

Seeking the ‘AHA’ moment!

 The search for the ultimate idea is the search for the ever elusive ‘AHA’ moment. The ‘AHA’ moment is a moment of clarity and wisdom, a moment when a burning question is finally answered. It is the moment that makes everything fall into place.

Coming up with a great business idea is not easy.

This guide will assist you to begin walking through the idea generation process step by step. It aims to get you thinking about the world around you and the ways in which you can change it.

Write it down

Your life is full of interesting moments, quiet bursts of genius that demand to be written down and shared. Also putting your ideas down on paper often makes them seem more real and attainable. It often helps you to visualise and move from being a dreamer to an individual with a plan.  

• Carry a notepad and pen all of the time!

Do something different

Innovative ideas and different ways of doings things can come about from being open to new experiences. Allow yourself to think and act creatively. Take up a new activity, do something different and unusual.

• List 5 new activities that you plan to take up.

Find something that bugs you!

The best business ideas are often those that provide solutions to people’s problems. These frustrations can relate to challenges that you have come across in a professional or personal setting.

• Write up a list of all the things that frustrate or inconvenience you or other people around you. (Example: I do not like flies resting on my food)

  Once you have identified your main frustrations, it is important to identify what you ideal state would be. That is, identify what you wish would happen instead.

• From the frustrations that you have listed above, select the top 5.

My frustration is: I wish that:

Example: I do not like flies resting on my food.

Example: Flies would be unable to rest on my food.

Now that you have identified what you would like to see happening, begin thinking of ways through which your wishes could become reality. What are some steps that could be taken to realise your wishes.

• Identify potential solutions to your listed frustrations.

I wish that: So I can:

Example: Flies would be unable to rest on my food.

Example: Get a protective cover for my food.

Clarify your idea

• From the proposed solutions that you have identified, select 3 that are the most feasible given your available skills and resources.

• Draw up a table like the following table for all 3 selections to enable yourself to have a clear and succinct idea that addresses a shared frustration and need.

Idea 1

The frustration I want to address is:

Other people that share my frustrations are (target market):

This frustration will be addressed through:

Talk to others

• Before embarking on your mission to turn your idea into a business, you need to identify if other people face the same frustrations that you do, and if they would want to see those frustrations resolved in the same way.

• Sharing your thoughts and ideas with others often helps because it allows for you to get an outside perspective.

• Discuss your idea with a few people (using the table that you have completed above).

• Once you have shared your idea with a few people write up the following table:

Idea discussion

I shared my idea with:

They commented that:

Taking into account their comments I can adjust my idea by:

Get schooled

Sometimes ideas build upon something that is already existing or previous ideas that others may have already come up with. It is important to spend time doing research to further understand what is currently happening in the field.

• List 5 things that you can do to educate yourself about your business idea:Example: I will attend the AIP Enterprise Training

Get working

Getting a great business idea can be a long process in itself, but it is only the beginning! More work is now required for you to turn this great business idea into an actual business. Before you invest a large amount of your money and effort into this business, you need to ensure that you have a clear plan.

What happens now?

Dream – Idea Challenge1 March – 31 March

Design – Business Plan Challenge1 May – 15 June

Dedicate – Business BootcampJuly

Students create a business idea and submit a 250 word summary. The three best ideas in each university win

GBP£200/RWF201,294/1.3million SLL

Students create and submit a full business plan in under 1500 word. The one best plan in each university win

GBP£2000/RWF2,012,941/13million SLL

This will help competition students to develop their dreams into full fledged businesses.

Find out more and get involved

Visit www.africaninnovationprize.org, where you can find out more, contact us, and access resources from the competition and training sessions. Also:

Follow the AIP blog

Join the African Innovation Prize Facebook page

Follow African Innovation Prize on Twitter