MODULE 1: THE IDEA
WHAT IS AN IDEA?
THIS IS THE ORIGIN STORY FOR ALL ENTREPRENEURS
IT IS THE CONCEPT
THE THING YOU HAVE THOUGHT ABOUT AND WANT TO TAKE TO MARKET
IT CAN BE IN YOUR BRAIN OR ON PAPER (IN THE FORM OF A BUSINESS PLAN)
IT IS NOT THE BUSINESS
IT IS THE START
THE PROBLEM
AN IDEA MUST SOLVE A PROBLEM
THIS BRINGS ABOUT A PROBLEM STATEMENT
WHAT IS A PROBLEM STATEMENT?
THIS IS WHAT YOU ARE LOOKING TO TACKLE WITH YOUR BUSINESS
IT IS DIFFERENT FOR EVERY BUSINESS
IT IS WIDE AND BROAD
IT IS A GUIDING SHIP TO WHAT IT IS THAT YOU ARE ABOUT TO DO
TYPES OF IDEAS
THERE ARE 3 TYPES OF IDEAS
UNDERSERVICE IDEAS
INNOVATIVE IDEAS
GREENFIELD IDEAS
UNDERSERVICE IDEAS
THESE ARE IDEAS FOR A MARKET THAT EXISTS
YOU ARE THEREFORE ABLE TO JOIN THE MARKET
AS YOU WILL FIND THAT THERE IS SPACE FOR YOU TO OPERATE
INNOVATIVE IDEAS
THESE ARE IDEAS THAT INNOVATE AN EXISTING MARKET
THE ONLY THING THAT DIFFERS IS THE DELIVERY OF THE IDEA TO THE MARKET
GREENFIELD IDEAS
THESE ARE FRESH, BRAND-NEW IDEAS
IDEAS THAT HAVE NEVER EXISTED
IDEAS THAT HAVE NEVER BEEN TESTED
THE ADDRESSABLE MARKET FOR THE IDEA
THE BIGGER THE PROBLEM, THE BIGGER THE MARKET
YOU MUST QUANTIFY THE SIZE AND THE SEGMENT IN WHICH YOU ARE NICHING YOUR MARKET
POPULATE YOUR IDEA INTO NUMBERS
THIS IS FOR IF YOU ACHIEVE THE ADDRESSABLE MARKET
ASK YOURSELF, WHAT DOES IT LOOK LIKE FROM A REVENUE OR A MARKET PERSEPECTIVE?
IS IT PROFITABLE?
HOW WOULD YOU GO ABOUT CONVERTING THOSE NUMBERS INTO AN ACTUALITY OF A BUSINESS?
TESTING THE IDEA, MINIMUM VIABLE PRODUCT
WHAT IS A MINIMUM VIABLE PRODUCT?
THIS IS TAKING YOUR CONCEPT AND TURNING IT INTO A WORKABLE PROTOTYPE
A PROTOTYPE TO GO TO MARKET TO VALIDATE YOUR IDEA
THE REASON IS TO FIND OUT: CAN A MARKET ADOPT THE PRODUCT?
CAN IT BE TESTED IN A USER GROUP?
TEST THE PRODUCT, TEST THE VIABILITY
DON’T BE ATTACHED TO THE IDEA
ENTREPRENEURS ARE TYPICALLY VERY ATTACHED TO THEIR IDEAS
ENTREPRENEURS SHOULD BE ABLE TO SHARE THEIR IDEAS WITH AS MANY PEOPLE AS POSSIBLE
WITH COLLEAGUES, FAMILY AND FRIENDS
THIS IS THE FIRST PLACE WHERE YOU ARE VALIDATING AND TESTING YOUR IDEAS
THESE ARE THE PEOPLE WHO WILL BE BULLETPROOFING YOUR IDEAS
THE IMPORTANCE OF PIVOTING
IDEAS ARE NOT BORN FULLY FORMED
WHAT YOU ARE THINKING TODAY VERSUS WHAT YOU WILL BE DOING IN THE FUTURE ARE COMPLETELY DIFFERENT
THEREFORE, PIVOTS ARE IMPORTANT AND ENCOURAGED IN BUSINESS
DO I REALLY NEED A BUSINESS PLAN?
THERE ARE IDEAS AND BUSINESSES THAT NEED A BUSINESS PLAN
WHAT IS A BUSINESS PLAN?
A BUSINESS PLAN IS A ROAD MAP THAT TELLS YOU HOW YOU WILL TAKE THE IDEA FROM CONCEPT TO MARKET
THE CHALLENGE WITH BUSINESS PLANS IS THAT PEOPLE GET INUNDATED IN THE DETAILS
AS A RESULT, THEY SPEND TOO MUCH TIME BUILDING THE ACTUAL DOCUMENT ON HOW THEY ARE GOING TO EXECUTE THE IDEA
ONLY FOR ALL THOSE ASSUMPTIONS MADE TO HAVE CHANGED YEARS LATER
WHAT IS PREFERABLE AND ADVISABLE IS TO VALIDATE THE IDEA, LEARN QUICKLY, PIVOT, FAIL FAST, FAIL FORWARD AND BUILD THE BUSINESS AS YOU GO
MOVING FROM IDEATION TO EXECUTION
“IDEAS ARE LIKE BILLS, EVERYBODY HAS THEM”
THE ONLY THING THAT MAKES AN IDEA WORK IS EXECUTION
THE IDEA IS AN EMBRIONIC PART OF STARTING A BUSINESS
THE REST LIES IN EXECUTION
THE BEST WAY TO TEST AN IDEA IS NOT IN YOUR HEAD OR ON PAPER
CONCLUSION
IDEAS ARE MEANT TO BE DARING
IF AN IDEA DOES NOT SCARE YOU, YOU ARE NOT DREAMING BIG ENOUGH
BIG IDEAS GET TRAMPLED ON BY POOR EXECUTION, POOR MARKET ENTRY AND POOR ANALYSIS OF HOW YOU ARE GOING TO EXECUTE THE PROBLEM
