To generate your three product ideas, think about your life experiences or other businesses that you have observed. You may also draw from any ideas you identified in the first assignment that asked you to come up with an idea that synthesized a passion, skill, and frustration.
To further help you generate three new ideas consider these sources.
Trends in our environment (economic, technical, political, social, demographic, etc.) trends often reflect societal needs and problems that people are looking to satisfy and solve. Can you think of any trends that may reflect a business opportunity? A few current trends with business opportunities include: a focus on health and wellness, the aging population, wearable technology, alternative energy sources, the sharing economy (e.g., Airbnb), drones, affordable health care, small house movement, robots, smart homes (e.g., internet of things), etc.
Unsolved customer problems or need.
Consider what frustrates, annoys, or angers you? Is there a product or service that could eliminate these frustrations? If not, then conceive of a way to solve the problem. What products or services do you wish existed but do not currently?
Ask people you know (e.g., family, friends, co-workers, etc.) what frustrates or annoys them. Then consider how to address their pain or problem.
Are there products or services that you use that you are dissatisfied with? How might you improve the product or service? Interview people you know about the product or service that bug them.
Gaps in the marketplace.
Are you aware of a group of people that have unique needs or problems that are not currently being met? (e.g., entrepreneurs in Wichita, WSU students, young professionals in Wichita, small business owners, etc.)
What to include in your idea post:
For each of your three idea posts, please not only describe the idea but also address who the customer will be and what problem or need your product/service solves or satisfies for the customer. Specifically, for full points please include the following in your posts.
1. Describe the idea – what it is or what does it do?
2. Describe in general who you think the ideal customer will be for your product/service?
3. Describe why you think the idea represents an opportunity, that is, what problem or need does your product/service solve or satisfy for your customer (e.g., what is the value proposition)?
4. Do an initial internet search on your idea to discover what other companies have similar products or services and report on your findings. Address how your idea is different from competitors’ products and services. If your idea is not significantly different from competitors suggest how you might change the idea to make it different or how you might change the focus of the idea such as targeting the needs of a different set of customers that are currently not be served by your competitors.
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