How to Develop a Business Idea: Crash Course Entrepreneurship #2

What are the three main sources of innovative ideas?

• Passions, complaints, and egos

• Lightbulbs, ideas and innovation

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

• motivation, hard work and leadership

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?

• Solving problems and making life easier or better

• Creating lightbulb ideas

• Inventing the business plan

• Feeding, watering, and nurturing tiny seeds

Our egos can be a great place to find what?

• Innovation and motivation

• Lightbulbs and cartoons

• entrepreneurship skills

• Arrogance and passion

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

• Understanding the problem at the root of your idea

• Feeding, watering, and nurturing tiny seeds

• Having great ideas

• Believing in yourself and the value of your idea

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

• Your mom

• Your trusted friends

• your business professors

• Customers who might have the problem you're trying to solve and people who can help you think through your idea

What is the second step in workshopping an idea?

• Asking people for seed money

• Filling out a 30-page business plan

• Understanding the problem at the root of your idea

• Talking with potential customers

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

• To keep your ideas on paper so customers can see

• To make sure your idea works and is marketable

• To discuss which business ideas will provide the best choices

• Lets you collect your thoughts about your idea and visualize how your business might exist

What is the value proposition of Netflix?

• Leveraging technology for global audiences who want on-demand, customized entertainment

• Making cream puffs without gluten

• Creating a entertainment platform

• Delivering Netflix movies

How does Netflix reach its customers?

• Through email, streaming apps, and social media campaigns

• Direct mail advertisement

• Telemarketing phone calls

• At Small Business Development Centers