![]() How can I identify an idea’s most critical assumptions? A. Calculate your four P’s – multiply population x penetration, price and purchase frequency. What is a quick way to estimate my idea’s financial potential? A. Let patterns guide and actions decide by looking at how and where you and competitors have had success before. How can I separate good ideas from bad ideas? A. Bring it together into a business plan don’t just do it – stand there, step back, and summarise into a plan. How do I translate my work into a concrete blueprint? A. A business model describes how as company creates, captures and delivers value systematically considering a wade range of business model options can help enable business model innovation. ![]() What is a business model, and how do I innovate it? A. Doing it differently – disruptive innovations create new markets and transform existing ones through simplicity, convenience, affordability, or accessibility Avoid overshooting, it’s possible to overshoot your target market by introducing features your customer will take, but not value enough to pay for. Remember quality is relative that can only be determined by understanding what matters the the target user Seek ideas from everywhere by exploring as many avenues as possible. Go to the “intersections” and borrow liberally from how other contexts and categories have solved similar or parallel problems How can I get inspiration for an idea? A. Don’t’ innovate blind, but borrow the eyes of competitors and other market players by asking yourself why they haven’t already seized the opportunity you have identified. How can I confirm that the opportunity I have spotted is real? A. Get as close to the context as possible with observational and ethnographic research – and “avoid focus groups like the plague” How should I investigate potential opportunities? A. Find “compensating behaviours” that people engage in to cover the inadequacy of existing solutions How can I find non-obvious opportunities? A. Compete against non-consumption by looking for “non-consumers” that face a barrier inhibiting their ability to get a job done Look for an important problem job/task that customers can’t satisfactorily get done today What indicates an opportunity for innovation? A. Look at the market through you real boss’s eyes and understand their problems that need solving How do I spot opportunities for innovation? A. Start before you need to by watching for early warning signs, because the urgency of innovation and the ability to innovate are inversely related.
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