How to Develop a Business Idea

What are the three main sources of innovative ideas?

• Passions, complaints, and egos

• Lightbulbs, Eureka moments, and cartoons

• Grandma's hot sauce recipe, video game walkthroughs, and upcycled yard sale furniture

• Tangled headphones, lack of movies directed by women, and forgetting thumb drives

Where do innovative ideas from passions come from?

• Working at a current job

• Going to school

• Being excited about something and wanting to share it with the world

• Having great ideas

What can complaints lead to?

• Feeling annoyed

• Doing nothing about it

• Wishing someone would do something about it

• Taking action and doing something about it

What can egos be a great place to find?

• Motivation and innovation

• Complaints and passions

• Lightbulbs and Eureka moments

• Cartoons and lucky strikes

What is the first step in acknowledging you have an idea?

• Writing it down in an idea notebook

• Sharing it with friends and family

• Understanding the problem at the root of your idea

• Taking a financial risk

Why is it important to talk with potential customers about your idea?

• To keep the idea a secret

• To get feedback and improve the idea

• To convince them to invest in your idea

• To find out if they have any great ideas

Who should you share your idea with at the early stage?

• Potential investors

• Your trusted friends

• No one so that people don't steal your idea

• Potential customers and people who can help you think through your idea

What is the purpose of a business plan or Business Model Canvas?

• To keep track of your favorite business ideas

• To impress potential investors

• To visualize how your business might exist

• To create a detailed financial plan

What is the value proposition of Netflix?

• On-demand, customized entertainment for global audiences

• Social media campaigns to communicate with customers

• Key resources: content makers, customer service for trouble shooting, and global network of storage

• Sleek apps with automated payments and directions

What are the revenue streams of Netflix?

• Seed money and licensing fees

• Sales and marketing

• Basic, Standard, and Premium membership subscriptions

• DVD production and mail