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: 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

CONTACT DETAILS

SURGERY HOURS

On Request

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?

Idea vs. Opportunity

• Idea = timeless and useless!• Can only implement opportunity!• Opportunity is:

– Attractive– Durable– Timely– Adding value

Idea implementation ratio

Is it me?

Feasibility

Timing and resources

100 ideas

3-5 ideas

PROCESS

OrganisationFinancialTechnical

Feasibility MarketCompetition

EntrepreneurIdentifi-cation

of ideasOther people

Reject idea

Profile ofEntrepreneur

Testingof ideas

Profile ofOther people

Reject idea

Implementation

Evaluation

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)

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

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

Exercise

• Identify three business ideas which you can implement.

• What are the critical success factors for each?

ANY QUESTIONS?