Techniques for brainstorming marketable new business ideas and then reviewing them with realistic criteria.

1. Mark Tayar Sept, 15, 2010 HireMarks.com 1

2. Today’s Objectives Learn and use six brainstorming techniques Critically review business ideas Cast some business ideas into the world 2

3. My Fishing Lines 6 web “businesses” Canberra Tutor eLearning Design Business Catalyst iSplit.com.au Entrepreneur Events Business Idea Brainstorm 3

4. Brainstorming should have structure: Withhold judgement (for now) Failure is not a concern There are no bad ideas There are no resource constraints Don’t worry if it’s been done before Carte Blanche Brainstorming 4

5. Pick an everyday object Create a business using that object by: Selling the object in a unique way Finding a new use for the object Using the object as part of a new invention Object-Focused Brainstorming 5

6. Pick a problem you or your friends face Create a business that solves this problem by: Defining the problem and its causes Addressing the problem with an idea Explaining how it will make $$$ (revenue model) Problem-Focused Brainstorming 6

7. Pick a question that you or the world needs to answer Methodically search for answers by: Taking a long walk Sleeping on it Mind-mapping Question-Focused Brainstorming 7

8. Choose an industry you’re interested in Identify top competitors Map out how they perform on different aspects Niche-Focused Brainstorming 8

9. If all else fails: Plagiarise! Look at success in other markets Look at failures in this market Copy things not protected by IP rights 9

10. Plagiarise! Copy what works Improve what doesn’t work If IP rights are an issue, can you acquire or license the IP? 10

11. Mark’s Pessimistic P’s 11

12. Pessimistic P: Problem 12 What Problem Does Your Idea Solve?

13. Pessimistic P: Pain 13 How Painful is that Problem?

14. Pessimistic P: Passion 14 How Passionate are you about this Problem?

15. Pessimistic P: Punch Line 15 Does Your Idea have a Clear and MarketablePunch Line?

16. Pessimistic P: Profit 16 Can Your Idea Make Money?

17. What important problem can you solve? How valuable is your venture to the customer? How painful is the problem for the customer? (you need to change somebody’s behaviour to buy your product or to use your service) How many customers are there who are willing to buy from you? How many customers are there? (Market size) How many will buy from you? (Market share) Who will be your first customer (besides your Mum)? Who will be your 100th? Can your potential margins cover your expenses? Why can only you provide the solution? How are you unique? What do you provide that nobody else can? How can you defend against others? 17 Criteria for Profit

18. 18 Don’t Let the Pessimism Harm Your Optimism

19. Cast your fishing lines Get some energy and momentum behind ideas Work with people who have your weaknesses as their strengths Promote the idea even in the early stages Protect the idea but NDAs and Provisional Patents are pretty rubbish From Ideas to Action to Results 19

20. Thanks!See you at: BusinessIdeaBrainstorm.comSlides at:http://HireMarks.WordPress.com