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Create Your Big Idea

Create Your Big Idea

Create Your Big Idea

Image Source: Pixabay.com

1.1 Introduction to entrepreneurship

What is entrepreneurship exactly? Is it about spotting trends, taking risks, solving problems, or making a difference?

There may be a definition of entrepreneurship, and then there may be not. Today, employees who develop and manage products on their own are called intrapreneurs... So what is entrepreneurship exactly... Is it jugaad? Is it innovation? Is it uncertainty? Is it about balancing risk and reward?

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1.2 Developing an entrepreneur's mindset

An entrepreneur must develop not one mindset but many. Besides being focused and committed to your vision, you have to be able to handle and mangage risk, network, champion your venture, be nimble in body and mind, and sometimes even talk and walk like a celebrity.

This lesson lists six key mindsets that will aid your entrepreneurial journey. These traits have been reflected by numerous Indian and international entrepreneurs and their stories will show you how.

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1.3 Decoding innovation and its relevance to entrepreneurship

Innovation builds wealth, creates value, sometimes impacts the environment, and often also reinvents old systems and processes. It changes the way we look at the way we do things... It aids our lives.

This lesson explores the many definitions of innovation using the case study of Bakey’s, a company founded by entrepreneur Narayana Peesapati that manufacturers edible spoons and chopsticks.

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1.4 Discovering your business idea

How do business ideas emerge? Whether by connecting the dots, jogging their brains, or even playing games, successful entrepreneurs use various techniques to come up with that one big idea.

As an entrepreneur, you may have to look inward, you may have to look outward, but you’ll always have to ask lots of questions or think about the most bizarre connections... This lesson explores how you can zero in on your idea.

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1.5 Researching your business idea

You don’t want to spend too much time or money making a product or starting a service that has no takers. Any business idea needs to find resonance in the market... And this happens after a lot of research.

But what questions do you need to ask to get the right answers from your research? Should the questions focus on the consumer, the particular industry, the product, the market? This lesson helps you articulate your questions.

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1.6 Understanding the market for your idea

As an entrepreneur, making guesstimates is not enough, market research is essential to target the right audience. Market research, if done right, can throw light on the size of the addressable market for your product or service, the market share you will capture, and how high you can price the product.

Like all research, studying the market too needs you to ask some clear-pointed questions that can get you the right answers from the right sources. This lesson shows you how to know your consumer and industry better.

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1.7 Testing your idea and its scalability

Testing an idea not only helps save resources, but also helps create a better product. The feedback you get can be used to create a well-researched and better designed product that customers truly want.

Generally, you test ideas for...

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