The document outlines the process of idea development and business planning for entrepreneurs, emphasizing two main steps: exploration and exploitation of ideas. It stresses the importance of identifying personal talents and passions to develop viable business ideas, as well as the need for testing these ideas against market demand. Furthermore, it discusses understanding competition and customer psychology as crucial elements for entrepreneurial success.

1. IDEA DEVELOPMENT & BUSINESS
PLANNING FOR ENTREPRENEURS
SERMINAR

2. THE CONCEPT OF AN IDEA
Entrepreneurship could be said to basically
consist of two steps. The first is one of
exploration, of using intuition and observation
to identify some means of competitive
advantage.
The second one is of exploitation, of turning an
idea into a plan and a business that can be
sold for money.

3. WHAT IS AN IDEA?
An idea is a figment of our imagination, a result
of our thought process that impresses so
much on the individual to the point that it
literally consumes the person.
He talks about it to everyone that matters. It
excites him and he wants to run with it. It
dwells in our intuitive realm.

4. THE IDEA SPACE
Ideas lives within the space of our passion and
talents. One way of identifying an idea is to
look to your own talent and pastimes. The
things you do that comes to you naturally.
You can develop an idea around your passion.
Ideas thrives in the place of Talent, Passion and
Hobby. It also lives in our observations,
interactions and situations.

5. Attributes of an Idea Carrier
 Always want to talk about it.
 Restlessness
 Curiousity
 Hungry.

6. IDEA DEVELOPMENT
Gold covered by Dross.
Just like gold in its natural state is covered by dross,
so is an idea in its original state. And just as gold
need some washing and burning for its treasured
value to appear, so does an idea.
It needs development before it can transit from
just an idea to a business. Your idea may be
fantastic and really excites you, but you need to
think as a customer and ask yourself if you can
buy into that.
That is testing your idea. Every idea needs testing.

7. TEST YOUR IDEA
Your idea may be fantastic and really excites you
but you need to think as a customer and ask
yourself if you can buy into that. If your answer is
Yes, then you might have a good idea but, if No,
then, you still need to work on it.
A fantastic idea may not be a selling idea. It has to
be a selling idea to be said to be a good idea.
Good knowledge of your competition and
current trends will also help sharpen your idea.

8. WHAT DO YOU DO WELL?
• One way of building a business is to look to
your own talent. If you can do something with
ease that others find difficult, you might be
able to build a business on it.
Don’t take it for granted just because they
come naturally to you. Reason you need to
look to your talent is because what works for
another person may not work for you. You
need to find your own bearing.

9. PASSION
• Idea can be developed by harnessing the
opportunities your passion provides. For
example: Ben Murray Bruce and the Silverbird
Group: Chris Obosi’s Classic FM.
• Stories abounds of people who left well
paying jobs to venture into Fashion and
Catering businesses. There is no greater
fulfillment than doing what you have passion
for, and being paid for doing it.

10. BENCHMARKING
• In business, appropriating someone else’s idea is
known as benchmarking. Of a truth, there is
hardly anything that has not been done before.
• So looking at other people’s idea and tweaking it
here and there is an acceptable practice.
• For example: The evolution of fast food business
in Nigeria: The Eddie Burgers and The Terri’s
Burgers of this world.

11. BENCHMARKING CONTD.
• You can also find an idea that has worked in
other places or countries you may have visited
and bring it home.
• Look out for what big businesses are not
doing, or are too big to do because they are
small for them-you can do them as a niche.
• Seek for inspiration in everything you do. That
is the spirit of an entrepreneur.

12. THE 6 QUESTIONS
• Still on ways to develop your idea. You can play
the 6 questions.
1. What hobbies do I have?
2. What do I love doing?
3. What are my three biggest talents.
4. What have I seen abroad that I wish I had at
home?
5. Is there something I love that I cannot find?
6. What service or product would I buy today if
they existed?

13. THINK LIKE A CUSTOMER
• The next in the series of idea development is
getting you to think like a customer.
Just because you can do something, and are
excited about it doesn’t mean that people will
want it and would want to pay for it.
The most successful entrepreneurs do not merely
create something and then try to sell it. Rather,
they find out what customers need and then
create it. You must first have a customer for what
you do.

14. DEEPEN YOUR UNDERSTANDING OF
YOUR IDEA
• An idea with no link to reality has no worth or value.
Your idea has to have a bearing and relevance with
what is happening in the real world to be able to
evaluate whether it can be turned into a business.
• Your idea need not be ahead of its time. If it is so far in
advance of the market-then you can’t make money
from it.
• Identify the new skill(s) you need to acquire to deepen
your understanding. Go ahead and acquire it (them).
• You need to understand the market, the trends, size of
the opportunity and your would-be competition.

15. BECOMING THE ENTREPRENEUR
• Any ordinary person can be an entrepreneur.
• It is about using your brain, motivating
yourself and building right relationships.

16. BECOMING THE ENTREPRENEUR
CONTD.
• Entrepreneurship is basically about turning your
passion into the focus of your work and business.
• Becoming your own boss and succeeding in
business isn’t about being very good with balance
sheets and spreadsheets. Those are the mere
tools of business people.
• What makes a business succeed are passion,
determination, skills, relationship-building and
hard work. That is what grows the balance sheet
eventually.

17. PASSION NOT CASH
Have a passion and you will be on your way to
making money. Wanting to be rich does not
guarantee wealth. But passion for what you
do, does.
You need to love what you do to be able to
motivate yourself. Self motivation is in the
center of the character of an entrepreneur.

18. PASSION NOT CASH CONTD.
• You must be excited about the idea of running
your own business. Dealing with suppliers,
customers complaints, studying spread sheets
and managing cash.
• These activities must excite you. They are the
attributes of an entrepreneur.
• You must be enthusiastic about engaging people.
This is because entrepreneurship is
fundamentally about people and relationships.

19. PASSION NOT CASH CONTD.
• Take responsibility.
• Welcome mistakes.
• Commit to getting started.
• Network: Seminars, Workshops, Conferences
etc

20. IDENTIFY YOUR CUSTOMERS
• Before setting out with your idea, you must
clearly identify who your customers would be.
• Identifying your customers is critical to the
success of your business.
• Your idea must have a niche.
• What is the psychology of your customers?

21. IDENTIFY YOUR CUSTOMERS CONTD.
• Why do they behave the way they do ?
• Why do they buy what they buy?
• What informs their choices? etc

22. KNOW YOUR COMPETITION
• Knowing your competition is akin to what
boxers or football clubs do before a fight or a
match.
• You must know who your competitors are
• What do they do?
• How are they doing it?
• Why are they doing it?
• Who are they doing it for and
• At what price?

23. Thank you.
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