session 3: idea development
DESCRIPTION
SESSION 3: IDEA DEVELOPMENT. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing - PowerPoint PPT PresentationTRANSCRIPT
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SESSION 3: IDEA DEVELOPMENT
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TOPICS COVERED
Participants will produce a formal business plan that will include a component of each of the following:
Week 1: IntroductionWeek 2: EntrepreneurshipWeek 3: Idea developmentWeek 4: MarketingWeek 5: Competitors and Organisational and legal structureWeek 6: Technical developments and Risk assessmentWeek 7: FinanceWeek 8: Integrating and controlWeek 9: Guest speakersWeek 10: Summary
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CONTACT DETAILS
SURGERY HOURS
On Request
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Mind stretchers
• You have inherited £100k and want to invest that into a new business. What business would it be?
• What was the most interesting business idea you have ever seen but totally useless?
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Idea vs. Opportunity
• Idea = timeless and useless!• Can only implement opportunity!• Opportunity is:
– Attractive– Durable– Timely– Adding value
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Idea implementation ratio
Is it me?
Feasibility
Timing and resources
100 ideas
3-5 ideas
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PROCESS
OrganisationFinancialTechnical
Feasibility MarketCompetition
EntrepreneurIdentifi-cation
of ideasOther people
Reject idea
Profile ofEntrepreneur
Testingof ideas
Profile ofOther people
Reject idea
Implementation
Evaluation
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Where do I find ideas?
• Analysing trends• Changes in legislation (e.g. waste)• Social changes (e.g. more health orientated)• Technological (e.g. Post Office vs. E-mail vs. Courier)• Observation (e.g. needs and what people are
complaining about)
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Macro trends
• http://www.jonathanmacdonald.com/?p=3986• http://successfulbusinessleadership.ibc01.com/index
.php/think-about-the-big-picture/• http://www.prweb.com/releases/2007/12/prweb574
180.htm• http://www.landprojectsuk.com/index-special-offer.h
tml
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Why ideas fail
• Not being entrepreneurially• Miss-interpretation of the market• Taking too long to implement idea• Rushing through the processes and overlooking
important information• Nothing unique in the idea• Entry barriers too high
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Exercise
• Identify three business ideas which you can implement.
• What are the critical success factors for each?
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ANY QUESTIONS?