2023 Young Minds Entrepreneurship Business Idea Generation Estelle van Wyk 17 April 2023 IDEA GENERATION Outcome Apply principles and steps of an effective business ideation process for identifying sustainable, competitive and even disruptive business ideas 8:30 Get your head in the game Contracting 9:30 The business of ideas: process, ideation tools in groups 10:30 Break 10:45 Tools, feedback & insights 12:30 Closure Young MInds Business Idea Generation MINDSET Get your head in the game Self-awareness – strengths, group dynamics, leadership & facilitation Cultivating a growth mindset Mindset Young MInds Business Idea Generation Mindset Based on Carol Dweck’s research, Standford University Young MInds Business Idea Generation Whole-brain thinking (ZiZo)& Grit Young MInds Business Idea Generation Young MInds Business Idea Generation Contracting Create a group container Business Model YOU Clarity – what do you want to work on? Simon Sinek Stronger driver of consumer behaviour Young Minds Idea Generation Position your team Copyright Estelle van Wyk Coaching Contracting in syndicate groups A growing business is like growing a tree coach@estellevanwyk.com History: Scoreboard Financials: Turnover, Profit, Cashflow External: Customers: know, like & trust External: Brand, Offer, Service Internal: Getting Organised Internal: Strategies, Systems, Technology Culture & Engagement: The future: Thrive and grow Leadership, Values, Vision, Mission/Purpose Copyright Estelle van Wyk Coaching Where do we start? In summary: Our mindset Team container – what’s in your hands? • Clarify what we want to focus on (ZiZo) • Identify the problems we want to solve • Set criteria for generating ideas IDEA GENERATION The business of ideas Solving the right problems Young Minds Idea should feed into the Value Proposition DESIGN Idea Generation OBSERVE It should be able to answer the most important question on all your ideas If I am your ideal client, why should I choose you above your competitor? About disruptive ideas Corporate - Customers are known, the product features can be specified upfront, the market is usually well-defined, and the basis of competition is understood. Large companies’ size and culture make disruptive innovation extremely difficult Young Minds Idea Generation A start-up is not a smaller version of a large company. A lot of unknowns. Largely experimental. A startup is a temporary organization in search of a scalable, repeatable, profitable business model. (Steve Blank) Young Minds Business Model disruption Idea Generation By Alexander Osterwalder and Yves Business Model Canvas – Solving the right problems IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. validate IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. validate What problem does the business solve and how? Young Minds Idea Generation Copyright Estelle van Wyk Coaching Match up your Who’s problem with your solution and your unique offer/process = marketing message Who Target segments NICHE Offer What (Problem to promise/solution) How (your way of doing things) Copyright Estelle van Wyk Coaching IDEA GENERATION Product Development Philip Kotler – 7 Stage new product development • • • • • • • Idea generation Idea screening Concept development and testing Marketing strategy development (VP) Business analysis (BM) Product development Market testing Business Idea: I would like to start a fitness centre. Business Concept: I plan on starting a fitness centre that focuses on providing short Zumba classes to working women who don’t have much time to exercise. Lean Canvas Programme Name https://leanstack.com/lean-canvas Module Name 1 Idea Generation Process Young Minds Idea Generation Process Young Minds A few tips 1. Try to identify & clarify a problem statement 2. Start a brainstorm with individual thinking and writing 3. Identify a list of needs, values, wants etc 4. Harvest ideas – differentiate between broad business ideas, beginning ideas and more refined concepts 5. Evaluate idea 6. Validate (MVP) with ideal clients, not “everybody” IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. validate IDEA GENERATION Brainstorming BRAINSTORM Programme Name Module Name Brainstorm 1. 2. 3. 4. 5. Always use techniques & tools, starting with a focus/context 6 Hats Lateral thinking Blue Oceans Scamper 1 Programme Name Why 6 Thinking Hats Module Name • • • • Black Hat - Caution Parallel thinking instead of debating Amplify creative conversations Represent a broad variety of viewpoints Accommodates different thinking styles 6 Thinking Hats to structure Ideas Young Minds Idea Generation Lateral Thinking – Random Entry Blue Oceans by W. Chan Kim and Renee Mauborgne Young Minds Idea Generation Create uncontested market space and make the competition irrelevant. 2 main components: Value Innovation and the Four Actions. 1. Value Innovation - creating new and unique value for customers while reducing costs (VPC + lower cost) 2. Four Actions Which factors should be eliminated? Which factors should be reduced? Which factors should be raised? Which factors should be created? Cirque du Soleil new market: circus + theatre Blue ocean = untapped market opportunities + unique value propositions No street names bicycles and electric scooters drivers make around R1 500 per week township’s unemployed youth Blue Oceans by W. Chan Kim and Renee Mauborgne Value Innovation Young Minds Idea Generation SCAMPER New ideas or improving existing ones. S - Substitute C - Combine A - Adapt M - Modify/Magnify/Minify P - Put to another use E - Eliminate R - Reverse/Rearrange Young Minds Idea Generation SCAMPER IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. validate Harvest the ideas & Evaluate – Set Criteria Concepts Business Idea Beginning Ideas (refined ideas) Find general Note the Note valuable, themes, broad interesting starter practical usable ideas ideas, more ideas, ready for detailed than a experiments/ big idea, but not research yet in a usable format Business Idea: I would like to start a fitness centre. Business Concept: I plan on starting a fitness centre that focuses on providing shorter Zumba classes to working women too busy who don’t have much time to exercise. CRITERIA Programme Name Module Name 1 IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. validate Develop and Refine Idea refinement: More Brainstorming – 50 reasons Red Team Thinking SWOT Customer feedback MVP experiments & Prototyping Value Proposition Canvas Café Conversations Business Model Canvas IDEA GENERATION The Process The business of ideas 1. process 2. ideation: brainstorming 3. harvest the ideas 4. evaluate ideas (criteria/system) 5. Validate (MVP) Market Research IDEA GENERATION Validate the ideas Understand customer and market needs, competitor analysis (playing field?) Industry trend analysis Environmental scanning economic, political, legal, and social environments, as well as emerging technologies and innovations. Study competitive landscape Surveys (exciting “live” online tools Focus groups Interviews/Experts Industry PR and business magazines, Blogs News Sites Conferences, shows, markets FB interest groups, Webinars, Social media polls Roll-play, Pitch contest **Genie 4 questions A note on price positioning ideas, Cost-Benefit analysis Risk Assessment Business Idea should feed into the Value Proposition DESIGN OBSERVE Attract and retain customers by clearly communicating the benefits of the product or service. Differentiate itself from competitors in the market. Young Minds Idea Generation References Blank, S. G. (2013). The startup owner's manual: The step-by-step guide for building a great company. K&S Ranch. Osterwalder, A., Pigneur, Y., & Clark, T. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. John Wiley & Sons. Dorf, R. C., & Byers, T. H. (2018). Technology ventures: From idea to enterprise. McGraw-Hill Education. Kim, W. C., & Mauborgne, R. (2015). Blue ocean strategy, expanded edition: How to create uncontested market space and make the competition irrelevant. Harvard Business Review Press. Chesbrough, H., Vanhaverbeke, W., & West, J. (Eds.). (2006). Open innovation: Researching a new paradigm. Oxford University Press. Christensen, C. M. (2013). The innovator's dilemma: When new technologies cause great firms to fail. Harvard Business Review Press. McGrath, R. G. (2010). Business model innovation: Driving transformational change. Harvard Business Press. Alexander Osterwalder and Yves Pigneur in their book "Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers"
