2b.3 Prioritising The Ideas

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En provenance du cours de The Chinese University of Hong Kong

Entrepreneurship

13 notes

The Chinese University of Hong Kong

Entrepreneurship

13 notes

Cours 3 sur 4 dans Specialization Doing Business in China

An entrepreneur is someone who is always on the lookout for problems that can be turned into opportunities and finds creative ways to leverage limited resources to reach their goals. In this course, learners will be introduced to the fundamental concepts, theories, and frameworks of entrepreneurship and learn how to apply them within the context of the world's largest market: China. Through cases, articles, and experiential learning, learners will gain expertise in how to identify and evaluate opportunities; interpret, analyze, and build financial models to enable high-growth ventures; practice living life as an entrepreneurial leader; and create a new product or service for the Chinese market.

À partir de la leçon

Module 2b. Market Validation

In Module 2b, you will learn how to examine your business ideas and prioritize them for your startup. Most importanly, you will learn how to do market validation of your ideas before actually launching them.

2b.1 Can You Capture The Opportunity?1:47

2b.2 How Big Is Your Market?2:54

2b.3 Prioritising The Ideas3:39

2b.4 Market Validation Before Launching Your Product6:00

2b.5 Your Business Positioning9:44

Rencontrer les enseignants

Prof. Dominic Chan
Associate Director, EMBA Program, Associate Professor of Practice in Entrepreneurship, Project Director, Centre for Entrepreneurship
Department of Decision Sciences and Managerial Economics

If you think about what we just covered so

far in terms of the size of the market and

whether you are a natural owner or

whether you can capture the market,

we can map this onto a matrix.

On the one dimension, we look at how

realistic that you can capture the market.

Is it going to be very hard?

Or is it going to be very easy for you

to actually implement and execute

the business model?

On the other axis, we look at the

potential value that it will generate.

So, we look at the market share,

we look at the revenue, or even the profit

that would generate from this market.

If you put this into the matrix, then we

will cover each of the quadrant one by one.

On the lower left corner which means it’s

something that is very difficult to execute

and it doesn't generate much value, then

you should really let go of this idea.

Why waste your time in something that's

not going to generate value

and is very difficult to do.

On the other hand, if you go to the

top right corner, these are the ideas that

should be easy for you and

will generate a lot of values.

Of course, these are your high priority.

But life is not so simple.

I think very very few ideas

will fall into this quadrant.

And if it is easy and can make a lot of

money, you bound to have

a lot of competitor anyway.

So, I think most of your ideas will

probably fall into the other

two categories - the other diagonal.

Let's take a look.

On the bottom right corner, something

that is easy to do but not

generating a lot of value.

It could be the low hanging fruit.

Would you want to do?

It is easy but not a lot of value.

Before you answer that question,

let's take a look of the other one as well.

The top left corner. What about

something that is very difficult to do but

potentially generate a lot of value?

Would you want to do it?

It's difficult, but the reward is great.

I think most people struggle between

these two categories - the easy to do,

not much value versus hard to do

but great reward.

I think as an entrepreneur,

you are looking at the challenge.

You're looking at changing the world.

You are looking at something that is

difficult to do and challenging and then

eventually will generate a lot of value.

So, I would encourage you to take

the top left corner.

But if you’re intrapreneur working for a

company, I think depending on the

resource that the company give you,

you can probably cover both.

That will depend on your senior management,

the board of the directors, and so on.

So, for entrepreneurs out there,

take the challenge, create the highest

value as much as you can.

That's how I would prioritize your ideas

if you have more than one.

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