BU111 Lecture Notes - Lecture 7: Bill Drayton
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Bu111 - lecture 7 - understanding entrepreneurship (continued) Originate in events relating to work or daily life, hobbies, chance happening. Ensures you have a viable idea with a competitive advantage. Solve a problem and the solution sells itself. Ask customers what they wish they could get. Play the mix and match game; combine functions (eg. cell phone is a mix of telephone, music player, and other functions) Offer a lower-priced or more convenient version of an existing product. Read the lab manual article on canadian demographics - lots of problems to be solved! You know you have a good idea when: 1: solves a problem, meets a need, customer willing to pay for it. 2: products unique in a valuable way/better than others. Idea provides a competitive advantage that can be sustained i. ii. iii. What is the market demand likely to be: who are the key competitors and what are the forces that affect profitability? c.
