class four: idea generation and opportunity analysis elikem nutifafa kuenyhia management consultant...
TRANSCRIPT
CLASS FOUR: •Idea Generation and Opportunity Analysis
Elikem Nutifafa KuenyhiaManagement Consultant & Corporate Lawyer
Recap of Class Three Idea Generation Exercise Nature of ideas Ideas v Opportunity Enterprise Concept Development Panel on Idea Generation & Opportunity
Analysis: 1. Jemma Sangari, Farmer George2. Ellis Atekpe, Ghana Home Loans3. Nkwaye Ansah, Canoe Magazine4. Allotey Pappoe, BusinessGhana5. Keli Cross Kuagbenu, Commercial Investments
Limited Questions
List any three changes you have noticed in society recently that could form the basis of a good idea Economic Social (including demographic) Technology Cultural Legal/Regulatory
Brainstorm possible business ideas based on the changes you have noticed
Narrow down the ideas to one Which customer(s) will you target for the
idea?
A plan formed by mental effort
Need not be outstanding/complicated Need not be original To form the basis of a business, must
provide a solution to a customer need (‘customer pain’)
A plan formed by mental effort Need not be outstanding/complicated Need not be original
Search & Spin Provides a solution to customer’s need
Customer Pain An unmet need Existing enterprises fall short
Opportunity and Environment Scanning Media Reading Travel Government Personal Experience and Frustration Skill Set Franchises Conferences, Workshops, Exhibitions Brainstorming
Be very observantKeep your eyes open for inspiration-use a
notebook Interest: what you like doing Take a critical look at your major
irritations Skills(irrespective of whether you like
doing them) Personality /Work Styles What product or service will make my
life easier
A good idea is not enough Idea must be underpinned by an
opporutnity
An idea may be underpinned by opportunity by
Patent Opportunity Tacit Discovery
Is one that the entrepreneur
finds that his idea is readily
and easily understood by
potential customer who will be
willing to pay for it.
This is often the case in novel idea
situations where the idea may not
be easily or readily understood by
the target customers.
An idea to be considered as an opportunity should
Meet a customer need Create value for the customers Create value for stakeholders. Depends on:
Number of potential buyers Purchasing power of potential buyers Return on investment
Be be a fit Reflect values, interests, aspirations Match resources & skills
Realistic/sense check
What is the customer pain that the business will remove
How is the pain dealt with at present (competitor products/substitutes)
How it will remove the pain (customer value proposition) (how different is it from the
competition) Description of target market
Distribution-sales points etc (mode of delivery of product or
service) Production – how you will make the
product Idea of cost of set up/production and
key resources required Idea of pricing