IGNITING YOUR BUSINESS IDEAS Not all ideas are Business Ideas.

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Presentation transcript:

IGNITING YOUR BUSINESS IDEAS Not all ideas are Business Ideas

What makes a good business idea? It starts with a good idea. Good ideas fill a void or solve a problem:

How? It makes somebody...  Happier  Healthier  Richer  More attractive...at a price they are willing to pay

But... Great ideas alone don’t make great businesses!

How is a great business idea different? You have to consider more than just the idea Micro level market attractiveness Macro level market attractiveness Macro level industry attractiveness Sustainable advantage Team

Micro level market attractiveness Vs.

Macro level market attractiveness Market size Short term market growth Long term market growth

Macro level industry attractiveness Porter’s five forces: 1. Threat of entry 2. Supplier power 3. Buyer power 4. Threat of substitutes 5. Competitive rivalry

Macro level industry attractiveness 1. Threat of entry Is it easy or difficult for companies to enter this industry?  Cost  Specialist knowledge  Route to market

Macro level industry attractiveness 2. Supplier power Do suppliers to this industry have the power to set the terms and conditions?  How many suppliers are there?  How transparent are they?

Macro level industry attractiveness 3. Buyer power Do Buyers have the power to set terms and conditions?  What are their alternatives?  How easy is it to find them?

Macro level industry attractiveness 4. Threat of substitutes Is it easy or difficult for substitute products to steal my market?  Think about the customer need

Macro level industry attractiveness 5. Competitive rivalry Is the competitive rivalry intense?  Assess your competitors fairly.  If you know about them, they may well be smarter and better funded than you.

Sustainable comparative advantage Firstly, there must be an advantage (for your customers)  Better  Faster  Cheaper Then, you have to sustain it.

Sustainable comparative advantage Proprietary elements  Patents  Trademarks  Trade Secrets Superior organisational processes (Vs. ) Business model is economically viable Commitment to innovation

“Best beats first” Jim Collins

Team Ability  Team as a whole  Find the gaps and fill them  Experience counts Alignment  Commitment to the same goals  Passion  It will be hard

Team Network  How connected are you?  Suppliers to your business (and your competitors)  Distributors and customers (today and in the future)  Competitors and substitutes Names, titles, & contact information please. It’s not what you know, it’s who you know, so get networking!

What makes a great business idea? A good idea – Somebody needs/wants it A good market – Large and growing A good industry – You can enter (with an advantage) A great team – Find the right people (they might not be your friends)