How to select a business idea - Day 3 African summer school

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How to select a business idea, Startup principles, Entrepreneurs guiding principles

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How to select a business idea - Day 3 African summer school

  1. 1. mercredi 6 août 14
  2. 2. TODAY LESSON «100 IDEAS FOR PROFITABLE BUSINESS IN AFRICA» 1. Our progress so far 2. What is a good business idea? 3. 100 ideas 4. Break 5. Q&A - Your Ideas presentation 6. Homework mercredi 6 août 14
  3. 3. 1. Our progress so far mercredi 6 août 14
  4. 4. OUR WEEK STUDY PLAN - DAY 1: Where to Start Your business in Africa: Overview of the hottest countries and cities to start business - DAY 2: Where is the money? How to find and select your business idea? - DAY 3: 100 ideas to Start a Profitable Business in Africa - DAY 4: The Startup Box: Tools and methodologies to get started - DAY 5: Business model creation workshop - DAY 6: The 45 days Rule: In Africa your business should be profitable in less than 45 days or Die mercredi 6 août 14
  5. 5. 2. What is a good business idea? mercredi 6 août 14
  6. 6. Principle #1: *Entrepreneurship is NOT about Innovation But Commercialization mercredi 6 août 14
  7. 7. Entrepreneurs role in society is Not Innovation, but taking promising innovation to market. Great entrepreneurs start their business venture with phrases like “I want to bring this innovation to market”, or “I’m looking for innovation that could solve this pain/problem”. mercredi 6 août 14
  8. 8. Principle #2: *Don’t search for ideas to start a business, BUT search for people with a problem you can solve faster and cheaper mercredi 6 août 14
  9. 9. The best customers a startup could dream about are the customers who were dreaming about meeting a Company like that Startup. In more concrete terms, great entrepreneurs start their venture with phrases like “I want to bring this innovation to market”, or “I’m looking for innovation that could solve this pain/problem”. Start with «who» not «What» mercredi 6 août 14
  10. 10. Principle #3: * A naked person can’t give you a shirt mercredi 6 août 14
  11. 11. Start with clients with a need and who has money to speng mercredi 6 août 14
  12. 12. Principle #4: * Don’t get attached to an idea mercredi 6 août 14
  13. 13. Business model discovery and validation: - Step 1: Market discovery - Step 2: MarketValidation - Step 3: Customer Discovery - Step 4: CustomerValidation - Step 5: Startup mercredi 6 août 14
  14. 14. mercredi 6 août 14
  15. 15. Reference: The Best Ideas, Resources and Interviews for Doing Business in Africa – 2013 - Go to: SiliconAfrica.com - Search: 100 ideas - Check the results mercredi 6 août 14
  16. 16. Q&A mercredi 6 août 14
  17. 17. 3. 100 IDEAS mercredi 6 août 14
  18. 18. Break mercredi 6 août 14
  19. 19. Your ideas mercredi 6 août 14
  20. 20. Homework - Chose the name for a fictional company - Write a sales letter to your first customer - Write a press release about your company opening or product launch - Write your post description and the post description for your team members mercredi 6 août 14
  21. 21. Contact me 1. Email: mk@linkcrafter.com 2. Skype: linkcrafter 3. Facebook: Mawuna R. KOUTONIN 4. Everytime you see me bored mercredi 6 août 14

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