Develop Ideas
Kuldeep Chawla
•Opportunity recognition – identifying imaginative new products and
services that may lead to promising business venture.
•Entrepreneurial alertness – readiness to act on existing, but
unnoticed business opportunities.
Kuldeep Chawla
Types of Ideas
•New Market Ideas – ideas centred around providing customers with
existing products and / or services which is not available in their
market
•New technology ideas – involving new or relatively new technologies,
centred around providing new product and / or service.
•New benefit ideas – ideas based on better ways of performing old
functions.
Kuldeep Chawla
Common sources of start-up ideas
•Prior work experience
•Hobbies and personal interests
•Accidental discovery
•Education courses
•Friends / relatives
•Others – trade fairs, trends
Kuldeep Chawla
Innovative Thinking – Generate Ideas
•Borrow heavily from existing product / service / other industries
•Combine two businesses to create a market opening
•Begin with a problem in mind
•Recognize a hot trend and ride the wave
•Explore ways to improve functionality of product and service
•Consider adapting the product to meet customer needs in a different
way
Kuldeep Chawla
Screening ideas
•Strength of the idea – definite market need, value for customers
•Targeted market and customers – size of market, potential expansion
•Industry and competitive advantage – what is the competitive
advantage
•Capability of founder/s – experience, skills, knowledge
•Capital requirement
Kuldeep Chawla
Feasibility analysis Framework
