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Business Idea Brainstorming and Evaluation Techniques

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Techniques for brainstorming marketable new business ideas and then reviewing them with realistic criteria.

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Business Idea Brainstorming and Evaluation Techniques

  1. 1. Mark Tayar<br />Sept, 15, 2010<br />HireMarks.com<br />1<br />
  2. 2. Today’s Objectives<br />Learn and use six brainstorming techniques<br />Critically review business ideas<br />Cast some business ideas into the world<br />2<br />
  3. 3. My Fishing Lines<br />6 web “businesses”<br />Canberra Tutor<br />eLearning Design<br />Business Catalyst<br />iSplit.com.au<br />Entrepreneur Events<br />Business Idea Brainstorm<br />3<br />
  4. 4. Brainstorming should have structure:<br />Withhold judgement (for now)<br />Failure is not a concern<br />There are no bad ideas<br />There are no resource constraints<br />Don’t worry if it’s been done before<br />Carte Blanche Brainstorming<br />4<br />
  5. 5. Pick an everyday object<br />Create a business using that object by:<br />Selling the object in a unique way<br />Finding a new use for the object<br />Using the object as part of a new invention<br />Object-Focused Brainstorming<br />5<br />
  6. 6. Pick a problem you or your friends face<br />Create a business that solves this problem by:<br />Defining the problem and its causes<br />Addressing the problem with an idea<br />Explaining how it will make $$$ (revenue model) <br />Problem-Focused Brainstorming<br />6<br />
  7. 7. Pick a question that you or the world needs to answer<br />Methodically search for answers by:<br />Taking a long walk<br />Sleeping on it<br />Mind-mapping<br />Question-Focused Brainstorming<br />7<br />
  8. 8. Choose an industry you’re interested in<br />Identify top competitors<br />Map out how they perform on different aspects<br />Niche-Focused Brainstorming<br />8<br />
  9. 9. If all else fails: Plagiarise!<br />Look at success in other markets<br />Look at failures in this market<br />Copy things not protected by IP rights<br />9<br />
  10. 10. Plagiarise!<br />Copy what works<br />Improve what doesn’t work<br />If IP rights are an issue, can you acquire or license the IP?<br />10<br />
  11. 11. Mark’s Pessimistic P’s<br />11<br />
  12. 12. Pessimistic P: Problem<br />12<br />What Problem Does Your Idea Solve?<br />
  13. 13. Pessimistic P: Pain<br />13<br />How Painful is that Problem?<br />
  14. 14. Pessimistic P: Passion<br />14<br />How Passionate are you about this Problem?<br />
  15. 15. Pessimistic P: Punch Line<br />15<br />Does Your Idea have a Clear and MarketablePunch Line?<br />
  16. 16. Pessimistic P: Profit<br />16<br />Can Your Idea Make Money?<br />
  17. 17. What important problem can you solve? <br />How valuable is your venture to the customer?<br />How painful is the problem for the customer? (you need to change somebody’s behaviour to buy your product or to use your service)<br />How many customers are there who are willing to buy from you?<br />How many customers are there? (Market size)<br />How many will buy from you? (Market share)<br />Who will be your first customer (besides your Mum)?<br />Who will be your 100th?<br />Can your potential margins cover your expenses?<br />Why can only you provide the solution?<br />How are you unique?<br />What do you provide that nobody else can?<br />How can you defend against others?<br />17<br />Criteria for Profit<br />
  18. 18. 18<br />Don’t Let the Pessimism Harm Your Optimism<br />
  19. 19. Cast your fishing lines<br />Get some energy and momentum behind ideas<br />Work with people who have your weaknesses as their strengths<br />Promote the idea even in the early stages<br />Protect the idea but NDAs and Provisional Patents are pretty rubbish<br />From Ideas to Action to Results<br />19<br />
  20. 20. Thanks!See you at: BusinessIdeaBrainstorm.comSlides at:http://HireMarks.WordPress.com<br />

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