Business Ideas and Vision 2nd Lecture Ecole Centrale

IBusiness Ideas : How to create them and Choose Them
Create a business Idea

ADVANCED TOOL
/GROWTHWHEEL FOR INVENTORS AND EARLY STARTUPS
Toolbox Content / ver. 1.3
BUSINESS CONCEPT
Idea Description. Problem Understanding. Idea Review. Product Sheet. Prototype
Development.
Idea Description Problem Understanding Idea Review Product Sheet Prototype Development
Decide the key components Describe the problem the Find the strengths and Describe the product as Make a plan for releasing
of the idea and find the idea will solve and how weaknesses of the idea as a you want the customer to prototypes in
best way to describe them the idea can solve it product and a business read about it varying versions
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Intention Intention Intention Intention Intention
By making a clear idea By describing as many By reviewing different By making a draft of a By outlining what each
description, it gets easier aspects of the problem elements of an idea, we product sheet, we can version of the prototype
to explain and sell an as possible, we help can more easily find out if answer all relevant should contain, we can
idea as well as receiving make sure the idea for a the idea can create the questions a buyer might more easily find out what
feedback on it. solution is right, or we foundation of a successful have. it takes to develop it.
get inspiration for an business.
even better idea.
© 2005-2017 GrowthWheel International Inc. All rights reserved. May not be reproduced without permission from www.growthwheel.co
GrowthWheel. m
ADVANCED TOOL
GrowthWheel. m
ADVANCED TOOL
BUSINESS CONCEPT
Product Value Proposition. Revenue Model Mix. Price Points. Return on Investment. Customer
Segments.
Product Value Proposition Revenue Model Mix Price Points Return on Investment Customer Segments
Find out how the product Find different sources of Find the price that gives Calculate the Map the most attractive
or income and combine you the highest revenue revenue customer segments and
service creates actual them required to make an niches
value for customers investment
profitable
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By clarifying the By looking at different By looking at how much By making a rough guess By mapping out the
difference between the revenue models, we can sales will change when we of how much money we market space and
features, benefits, and find inspiration to make increase the price, we can need for the initial breaking it down into
value, we can make more sales. make better decisions on investment and how much smaller pieces, we can
better products and pricing. revenue we can expect select the most
more easily within the first 1 to 3 attractive customers.
communicate their years, we can figure out if
value. we can make money on
our ideas.
GrowthWheel. m
ADVANCED TOOL
BUSINESS CONCEPT
Customer Persona. Lead Generation. Product Comparison. Market Information. Market
Needs.
Customer Persona Lead Generation Product Comparison Market Information Market Needs
Get a better Add up the expected Pinpoint qualities that Decide what market Explore if the idea
understanding of your inflow of leads and tell information to gather covers existing needs or
customers by describing customers the company’s products and how to do it creates new needs in
typical profiles apart from the market
competitors’
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By getting to understand By figuring out where to By comparing the By getting an overview of By figuring out how an
who our customers are get leads and how many company’s products or what topics to explore, we idea is supporting
and what they think, feel, can be converted into services with competitive can more easily gather customer needs and what
and do, we can better customers, we can get a products, we can find the right information on signs there are that such
figure out how to create more realistic idea about inspiration for making current or new markets. needs are there, we get
value for them and sales. better products or better chances of
communicate with them in marketing. strengthening our position
the best way. in the market.
GrowthWheel. m
Where to Play
A new addition to the Lean toolset www.wheretoplay.co
This work is licensed under Creative Commons Attribution- NonCommercial- ShareAlike 4.0 International license
The search for a scalable business model
Design Thinking
These tools tell you how to rapidly find product/market fit inside a market.
However, they don’t help you figure out where to start the search for your new business.
“Stop playing target market roulette”
The Market Opportunity Navigator:
A new addition to the Lean toolset
 Provides a wide-lens perspective to find different

potential market domains for your innovation
 Find the best starting position before you zoom in and
design the business model or test your MVP
 Identify promising Plan B’s and growth options for the
future
Key for startups as well as large companies

The front end of customer development
Three key questions for choosing where to
play
I Which market opportunities exist for

us?
II What are the most attractive market

opportunities for us?
III
What market opportunities should we
focus on?
ADVANCED TOOL
ORGANIZATION
Sparring Partners. Creative Team. Collaborative Project Work. Idea Development Plan. Regulatory
Compliance.
Sparring Partners Creative Team Collaborative Project Work Idea Development Plan Regulatory Compliance
Find people who can Outline roles of the best Find projects and Break down the idea Go through legislative
help further develop possible development team partners that create new development project requirements, standards,
products and business value in phases and and rules
idea activities
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By getting an overview By naming the roles we By mapping out the By mapping out the By getting an overview of
of possible profiles, we need in the team and different types of phases that the idea the relevant
can more easily decide listing the must-haves collaboration and their needs to go through and requirements, we can
who to involve in the for each of the roles, we possible value, we can split these phases into take the necessary action
development. can figure out if we need more easily make steps, we can more easily to comply with these.
to bring in new skills or decisions about which get an idea of how to
people to our company. collaborations to form. move forward with our
idea.
GrowthWheel. m

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IBusiness Ideas : How to create them and Choose Them

Create a business Idea

Toolbox Content / ver. 1.3

Y1.0 Y1.41 Y1.42 Y2.41 Y2.42

Toolbox Content / ver. 1.3

Toolbox Content / ver. 1.3

Y2.0 Y3.0 Y3.0 Y3.41 Y4.0

Toolbox Content / ver. 1.3

Y4.0 Y4.0 Y5.41 Y5.0 Y5.42

 Provides a wide-lens perspective to find different

Key for startups as well as large companies

I Which market opportunities exist for

II What are the most attractive market

Toolbox Content / ver. 1.3

R1.41 R2.41 R3.43 R4.41 R5.02

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