Start Your Business
Idea Generation
Idea generation is the first step in product development. At this stage, look for feasible product options and possible ways to execute your idea.The idea should be:
- Unique from competitors
- Profitable
- Demand driven
- Feasible for execution
Stages of Idea Generation
- Shortlisting business/product ideas
- Framing possible pathways for execution
- Comparison with existing business/products
- Analyzing market demand
- Reviewing feasibility of the idea
- Approaching institutions for expert opinion
- Adopting a suitable technique for execution of idea
Idea Cycle
Scramper Technique
- It is a technique to come up with the fresh ideas
- It helps you to start an idea with the help of existing products
- You can launch a new product by modifying the existing ones
- Feedback on existing products can help you modify that product and launch a better version
Know Your Competitor
Companies offering:
- Same product/service; now
- Similar product/service; now
- Same/similar product/service; future
- Make changes based on customer input or develop new goods.
OR
- Companies that may eliminate the need of your product/service
Monitor Your Competitor
- Determine the market developments an potential threats by monitoring your competitors
- Look for the feedback on similar products
- How to modify the existing products?
- Exploit the shortcomings of your competitors by improving your product/service
Stages in Monitoring
Components of Competitor Analysis
Important Aspect
PRODUCTS
- Similar products offered
- Future developments
- Reverse engineering
FINANCES
- Cash flows; liquidity
- Profit margin
- Salary rates
MARKEITNG
- Customer feedback
- Advertisement platforms
- Discounts/ offers
- Distribution channels
PRODUCTS
- No. of Employees
- Management style
- Offers, Benefits
FACILITIES
- Production capacity
- Logistics
- Product mix
MCkinsey 7 S Model:
Business Plan
Idea generation is the first step in product development. At this stage, look for feasible product options and possible ways to execute your idea.The idea should be:
- Company’s vision, mission and goals
- Marketing & Advertisement
- Operation & Working
- Financial Projections
- Time-frame to achieve the goals
Important Point: While it’s a good idea to give as much detail as possible, it’s also important that a plan be concise to keep a reader’s attention to the end.
Goals of a business plan:
A Business plan has following goals:
- To evaluate feasibility of an idea
- To develop a strategy
- To assist in obtaining approvals
- To allocate resources wisely
- To establish credibility
Components of a Business Plan
A Business plan is composed of 10 essential elements:
Who Reads the Business Plan — And What Are They Looking For?
There are two primary audiences for a firm’s business plan
| Audience | What They are Looking For |
|---|---|
|
A Firm’s Employees |
A clearly written business plan helps the employees of a firm operate in sync and move forward in a consistent and purposeful manner. |
|
Investors and other external stakeholders |
A firm’s business plan must make the case that the firm is a good use of an investor’s funds or the attention of others. |
Types of Business Plans
Why do Business Plans fail?
A business plan is likely to fail if:
- You do not stick to the plan
- Leadership is not strong
- Miscalculate the financial projections
- Ignore market fluctuations
- Unable to pivot a new course as per your needs
Product Development
“Product” is anything can be offered to satisfy the needs/demands of the market
Product development may include:
- Renewing an old product
- Introducing an existing product to new market
What is a “new product”?
Any product would be categorized as a new product if it has any of the following attributes:
Product Development Process:
Translation Of Idea Into Definite Product:
Produce A Physical Prototype Based On Your Idea
Test The Prototype Product Under Internal/ External Parameters
Target Focus Group Customers For Feedback
Make Adjustments According To The Feedback/Response
Launch The Modified Product
Why Do You Need Product Modifications:
- The product must be modified based on changing market demands.
- Any product that fails to offer latest technologies/services declines after a certain period of time, or
- Simply gets replaced by a better product.
Advantages Of New Product Developments:
