1.Idea Identication Will Your Business Idea Fly? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled

2. There is nothing more powerful than an IDEA whose time has come. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 3. We all know this phrase in respect to politics and social change, but have you ever thought about it from the business point of view? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 4. Ideas are the basis of the new digital and knowledge based economies. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 5. For decades, business ideas required huge capital investment to setup factories, distribution and sales engines. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 6. Now, the best ideas can be implemented with 3 4 driven individuals. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 7. But the idea must be the right idea http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 8. Three Types of Ideas Useless, Workable and Quick Hit http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 9. Useless Ideas http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 10. A Useless Idea is something that is dreamed up but the entrepreneur has no personal understanding or experience in the business they are proposing. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 11. When you dont have the experience to back up the idea, you are dependent on other people to make it successful and personally have no buy-in with the venture http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 12. That makes you replaceable and that is not a viable idea for a venture capitalist, angel investor or bank. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 13. VCs, Angels and banks only invest into ideas where the person sitting in front of them has a personal buy-in with the venture http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 14. They are either the vision that drives the organization, the force that runs it or the intelligence that builds it http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 15. The world is full of idea men, very few of them can deliver on their ideas. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 16. Examples of a Useless Idea http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 17. A farmer starting a manufacturing plant that produces auto parts http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 18. An MBA starting a game development house http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 19. A plumber starting an electrical business. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 20. I think you get the idea if you dont have any real, measurable experience in the industry that you want to start you have the wrong idea. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 21. Workable Ideas http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 22. A Workable Idea is something that will take time and eort to develop but will be protable once stable. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 23. These ideas are the basis of the knowledge economy because they will continue to grow and develop as the venture grows in other words, they dont stagnate http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 24. VCs, Angels and banks love these types of ventures because they are able to invest into the initial start- up and reap their returns during the growth stage http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 25. Allowing them to cash out or capitalize when the venture is mature with very high returns on their investments. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 26. Software Development Companies http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 27. Consulting Firms http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 28. Research Houses http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 29. Technology Planners http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 30. These are all ventures that take time to build and become successful, but will continue to expand and develop over time increasing their product/service oering with each expansion. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 31. Quick Hit Ideas http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 32. A Quick Hit Idea is one that will generate revenue from day 1 of operations. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 33. These ventures are typically called quick hit ideas because they return the investment immediately but the returns are minimal at best. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 34. Experience doesnt matter because you are only looking to capitalize on a temporary need in the market and know that you will be out of business once the need disappears. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 35. Quick hit ventures are also low- experience, low intelligence businesses and I dont mean that to be rude. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 36. Take for example, your local general store what does he oer that the general store next door or down the street doesnt? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 37. In other words, the revenue generation of this idea is limited until someone opens another store in the area that cuts into their limited customer base. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 38. So now that we have identied the dierent idea types how do we judge our own ideas? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 39. Idea Proong Determining If Your Idea Will Last http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 40. People will give you a lot of ways to judge your idea, but most of them are not useful from the point of view of idea proong. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 41. What is Idea Proong? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 42. Idea Proong is something we do at emagine to determine whether an idea is viable and feasible or not. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 43. It is not dicult, but it requires removing the emotion, excitement and passion of the entrepreneur from the equation. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 44. Ideas can not be judged based on what the entrepreneur says, but how it looks on paper http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 45. So what are we looking for? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 46. Does it solve compelling unserved need? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 47. Every entrepreneur thinks they have the million dollar idea, but deciding if it really is starts with this question what need does it solve? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 48. Ask people if the need you see is really a need. Society is the best judge of the idea because they are your future customers. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 49. But heres the trick, you cant explain the business idea to them only the end result product/service you will provide them. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 50. If they cant see it from that, your idea is not going to work without a lot of work, education and marketing all of which means the need is not really there. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 51. How much money will you need and how will you use it? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 52. This is a big question because capital is what makes businesses run and grow. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 53. If you need too much capital or cant explain how the capital will be used to build the business, attract the customer or grow it, your idea may not be the right one. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 54. What are you oering and how does it work? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 55. Exactly what product/service are you oering and how will it work? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 56. You must be clear with this denition because if you are not clear, how do you expect anyone else to understand it? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 57. We have talked to people with great ideas and what could be outstanding products, but they are unable to explain their product/ solution in simple http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 58. Our test if you cant explain the product/service in 15 words or less, you are not clear. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 59. More importantly, if it takes more than 2 minutes to explain how to use it its game over. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 60. Customers dont read manuals, instruction booklets or websites they either understand how to use it or call you. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 61. Who exactly is your customer? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 62. The answer to this question is not everyone no product or service has ever been designed for everyones use. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 63. You need to be able to dene who will buy your product/service. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 64. B2B, B2C, B2G, Fortune 500, SME, NGO, Men, Women, Housewives, Bachelors, Students, Athletes. And the list goes on and on. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 65. Another question you have to answer with this question is http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 66. Is there a specic situation that will drive the purchase or use of my product/service? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 67. The more precise you are, the better you idea proof your idea. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 68. How will you provide your product/service? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 69. One of the biggest questions is HOW you plan to win customers what is your strategy for product/ service delivery? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 70. Do they need to come to your oce or shop to buy? Will you go to them? Can it be bought and installed online? What hours will you keep? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 71. Who is involved in your ventures success? Who are the stakeholders? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 72. Every entrepreneur would like to believe that they can do everything we are all Superman when it comes to our ideas, but that is not possible. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 73. Of course, the entrepreneur must have a strong foundation of experience and stability in their professional life, but who are the other key resources? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 74. The rst way to destroy your business is to hire friends because they are friends and you like to hang out together hanging out is very dierent than working together. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 75. Business relationships are very stressful and can destroy friendships, especially if you have to re a friend http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 76. But does that mean you dont hire friends? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 77. Of course not it just means that you must be very clear about the skill set and abilities of your friend before hiring them this is business. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 78. Who will be your competition? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 79. Ideas are great things, but you have to look at the whole environment before deciding if the idea is viable or not. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 80. Competitors go a long way to helping you understand if your idea can succeed or not. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 81. There are no businesses that have no competition that idea only exists inside an entrepreneurs head. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 82. If there are a great deal of companies, you will only get a limited share of the existing pie. If there are few competitors, you need to understand why. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 83. Talk about your competitors, understand them, gure out how your business will be better and how you will beat them otherwise get ready to fail. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 84. What makes your venture special? What makes you dierent? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 85. Startups are risky for investors, so they want to know what will make you successful compared to everyone else. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 86. Does your business have a unique skill set or knowledge? Proprietary methods? Unique brands that arent available anywhere else? Innovative technologies? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 87. The thing that makes you dierent will usually make you successful because it changes the way the consumer does something or what we call revolutionizes service delivery. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 88. These are all questions that we ask when we idea proof a venture before investing http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 89. Anywhere, we have hesitation will cause us, and any other VC, to stop and think even if it is days before the check is written. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 90. VCs have to be sure before they release the money to the entrepreneur because getting it back is very dicult. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 91. We also use a Buyer Utility Map http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 92. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 93. This 6 x 6 table is one of the best tools we have for determining if an idea will be successful or not. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 94. Why is this a great tool? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 95. The Buyer Utility Table forces you to look at your business idea from the view of the consumer to determine whether the idea will work or not. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 96. So lets look at both sides of the table http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 97. The Six Stages of Buyer Experience Purchase How & where do they get it? Delivery Can it be delivered to their home or oce? Use How do they use it? Supplements Does it require any special or addi@onal items to use? Maintenance How oBen will it need to be serviced or checked? Disposal What does the consumer do with it when they are done? http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 98. The Six U7lity Levers Environmental In todays world, everyone is environment friendly is your product? Friendliness Fun & Image Does it improve the consumers image or give them more enjoyment? Risk Is there any risk involved with product/service usage? Convenience How easy is it to carry and store? Simplicity How easy is it to use? Customer Does it improve their produc@vity in any part of their lives? Produc@vity http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 99. You now have a basis for understanding how to idea proof your venture. http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 100. Next Lecture: The Business Model http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled 101. Readings for Next Week: Knowing a Winning Business Idea When You See One Launching a World Class Venture The Questions Every Entrepreneur Must Answer http://emagine-group.com Brand Focused, Socially Active, Digitally Enabled