Starting up business: ideation

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Talk given by Yuliya Molchanova at The Higher School of Economics, Moscow, for Singapore Management University visiting students, July 2014. Aim: what entrepreneur should do before starting business and fund-raising. Topics: "How to find business idea?", "How to validate business idea", "How to find resources for launching".

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Starting up business: ideation

  1. 1. Molchanova Julia www.inc.hse.ru
  2. 2. Julia Molchanova 72% startup adviser Working since I was 13 1,7 own business 3,4 diplomas www.facebook.com/pr.sabato
  3. 3. Agenda: 1. Introductory words 2. Business idea search 3. First steps 4. Warm-up
  4. 4. Worth doing? probably, if…
  5. 5. You have the dream..
  6. 6. Your own business is the only way to make your dream come true
  7. 7. Worth doing! If …
  8. 8. Your own business is the only way to solve your problem or …
  9. 9. the common problem
  10. 10. Can I be successful?
  11. 11. GOAL
  12. 12. FOCUS
  13. 13. 100% INVOLVEMENT
  14. 14. RESPONSIBILITY
  15. 15. Where to begin?
  16. 16. How to measure the temperature of business?
  17. 17. Which business is more profitable?
  18. 18. Which business is more effective?
  19. 19. Problem
  20. 20. Business idea
  21. 21. GoalProblem + =Business idea
  22. 22. BUT
  23. 23. problemidea + result =
  24. 24. Solution fits to the problem + + = =
  25. 25. But how do we do business?
  26. 26. + + = Client Creativity Product Result
  27. 27. What is the key component in this formula?
  28. 28. + = client product Can it be successful without creativity?
  29. 29. + = creativity product Can it be successful without understanding the client?
  30. 30. + = client creativity Can it be successful without product?
  31. 31. What is more important, if…?
  32. 32. = client creativity product payer + production
  33. 33. So, what is the key component in this formula?
  34. 34. feedback business model test
  35. 35. team product client We think that product development cycle is
  36. 36. Company Team Client
  37. 37. team flood of tasks product client Real cycle Were is my product?!!!
  38. 38. The first warm-up
  39. 39. Ok, but how we can find business idea?
  40. 40. The famous russian recipe
  41. 41. • Observe 99% of success: • Spy
  42. 42. The secret russian recipe
  43. 43. Source of ideas: pain and problems of people
  44. 44. What not to do?
  45. 45. classic startup
  46. 46. What to do?
  47. 47. Find the need
  48. 48. Focus
  49. 49. Methods for ideas elaboration • Every idea looks good for creativity • «Decomposing impossible» • «Lotus blossom» @I am picture by G. Magdanurov Runa Capital
  50. 50. The second warm-up «Decomposing impossible»
  51. 51. The third warm-up «Lotus blossom»
  52. 52. So what next?
  53. 53. 1.Calculate how much money you can make
  54. 54. 46% of mobile users in Russia in 2012. 2 280 000 Android devices 2 000 000 iOS in Russia in 2012
  55. 55. More than 4 mln devices 2 280 000 Android devices 2 000 000 iOS devices in 2012 +
  56. 56. 4 mln devices devices per user 2,6 mln users 1,5
  57. 57. 2,6 mln users 10% our target audience _____ thousands. users
  58. 58. ______ users ___% conversion ___ $ income per visit
  59. 59. ____ thousands $ – every day ____ thousands $ – every month Planned income
  60. 60. 1. How many potential customers? 2. How many similar products and substitutes have been sold? 3. How many competitors on the market and how much do the earn? 4. How much do you need to develop and support? =Does it worth?
  61. 61. 2.Draw you business model
  62. 62. Focus on customers • How is your customers? What inspires them? What tasks do the face? How can we help them? • Where our customers prefer to get information? What do they watch? • Where our customers prefer to do shopping? What is important for them when they buy? • What is the product for them? For what do they really willing to pay?
  63. 63. • Company description • Problem and solution • Market description and his characteristics • Technology overview • Business model • Development timeline and budget • Team Executive summary should briefly review business plan:
  64. 64. 3.Test your solution without real product
  65. 65. hypothesis test
  66. 66. Test & Analysis
  67. 67. @I am picture from Design Thinking Lab
  68. 68. What to do right now?
  69. 69. Three methods…
  70. 70. Draw everything, that can explode
  71. 71. Put everything on canvas, that can explode
  72. 72. Write how to avoid the things, that can explode
  73. 73. The first warm-up
  74. 74. And seriously…
  75. 75. … draw the roadmap
  76. 76. Roadmap – is our secret plan, schema about: When? Where? How? With whom? And what treasures we are going to find.
  77. 77. Good road map shows: • work goals • logic • implementation mechanisms • key markers • exact timings
  78. 78. hypotheses markers results adjustments Assumption 3 Assumption 2 Assumption … hypotheses markers results adjustments
  79. 79. markers results
  80. 80. So what next?
  81. 81. Form good team
  82. 82. Make a prototype and test for income
  83. 83. @I am picture from Max Dorofeev
  84. 84. Rediness check
  85. 85. investment presentation (ES) - executive summary financial model list of funds with contacts letter templates elevator Pitch template
  86. 86. 100% involvement of the team Team and competences fit Engaged resources and founder contribution response time and adequateness Knowledge of competitors and difference from them
  87. 87. On what terms partners leave the business?
  88. 88. Julia Molchanova Hse{Inc} team Inc.hse.ru

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