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1.4 How Do Business Ideas Originate - Coggle Diagram
1.4 How Do Business Ideas Originate
Four pathways to product ideas
ideate pathway
use ideation, the creative process of generating new ideas
brainstorming
think freely and propose ideas without fear of criticism
effectuate pathway
apply existing skills, knowledge and resources to develop ideas and create opportunities
search pathway
actively look for opportunities through market research or technical research
find pathway
observe or experience an unmet need and create a solution
Product development
rewards
profits
satisfaction from solving problems
fame or an impressive resume
risks
money, materials, and time
research and development
manufacturing
financing
staffing
marketing
no guarantee that investments would produce enough revenue for a profit
Design-thinking process
Emphathize
learn about the needs and wants of the target audience
Define
clearly articulate the main problem
Ideate
brainstorm a broad range of possible solutions
Prototype
create a simple representation of the product idea
Test
share early versions with potential users for validation and feedback
Prototypes, MVPs, and testing
testing
used to validate the hypothesis that customers will find the product valuable
prototype
(a preliminary depiction or model of a product created to explore and validate ideas)
sketch or diagram
video
digital representation
MVP
the simplest version of a product that serves its intended purpose and allows for customer feedback