BU111 Lecture 7: BU 111 Lecture 7: BU111 – Lecture #7: Entrepreneurship (continued)
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Idea generation: rethinking how something is done, often paradigm shifts. I. e. using fans to cool people down electric fans ceiling fans air conditioning: originate in events relating to work or daily life, hobbies, chance happening. Screening: once you"ve got an idea, make sure it"s actually an opportunity (new venture, weeding out bad ideas, saves time and money, ensures you have a viable idea with a competitive advantage. Solve a problem and the solution sells itself ( what problems are we solving with our product/service ) Ask customers what they wish they could get. Play the mix and match game (combine functions) Offer a lower-priced or more convenient version of an existing product. You know you have a good idea when: it creates or adds value for customers. Customers willing to pay for it: it provides a competitive advantage that can be sustained. Product is unique in a valuable way/better than others.
