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: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 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 Organisation Financial Technical Feasibility Market Competition Entrepreneur Identifi- cation of ideas Other people Reject idea Profile of Entrepreneur Testing of ideas Profile of Other 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. vs. Courier) Observation (e.g. needs and what people are complaining about)

Macro trends htm htm offer.html offer.html

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?