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MODULE 4 – Generating and Selecting Business Ideas

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About Module 4

Business ideas are those initial thoughts or assumptions on how to create a product or service that can solve the problem or fulfill the need of a selected market segment. It can also include initial thoughts of how to create a business out of the idea - a business idea.

There are many ways of how to generate ideas or business ideas. The most used is Brainstorming. Carabetul prefer to use multiple methods of generating business ideas.

Business ideas need to focus on serving the selected market segment jobs, problems and needs. To be useful, they need to be so clear that it can be described in one single sentence describing the product, its market segment, the job the product is trying to serve and the benefits its offering to the users. It also needs to identify its key competition. Until they are validated, the description are assumption or hypotheses.

The Module will provide the participants with the PTTs on how to generate business ideas and the various tests that can be used to verify the value of the various ideas. The most popular tool for documenting an idea is the ‘Product Idea Ad-Lib' Template.

More Information on all Modules
Learning Roadmap for EJ1:

Module 4 is the fourth instalment of our 6-part Modular Online Workshops for Entrepreneur Journey Phase 1 (EJ1): Explore & Discover. To find out more about all the 6 modules, click here >>

ENTREPRENEUR JOURNEY PHASE 1 (EJ1): EXPLORE & DISCOVER
  1. Module 1 - Adopting Entrepreneurial Mindset and Preparing for the Journey | Get more info or register >>
  2. Module 2 - Applying Lean Startup Methods and Testing Techniques | Get more info or register >>
  3. Module 3 - Selecting Market Segments and Identifying Opportunities | Get more info or register >>
  4. Module 4 - Generating and Selecting Business Ideas
  5. Module 5 - Developing Product Features and Value Propositions | Get more info or register >>
  6. Module 6 - Creating and Validating Business Models and Execution Plan | Get more info or register >>
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