Friday was a day of ideas in the Entrepreneurship class. The groups came up with some great business ideas, some wildly creative, some improvements on the existing products and some chose the tried and tested path. Numbers show that the brainstorming itself was quite fruitful, the next step is obviously finding a better framework to separate wheat from the chaff.
The selection process needs to be quantitative as well as qualitative. Someone said, they choose ideas based on feelings. Does it sound cool? Does it feel like something useful? What does the gut feeling of the majority say about it? Though not completely wrong and many ideas may actually have originated this way, it lacks the quantitative evaluation.
Those having any interest in entrepreneurship would confirm that it all starts with a market need, you need to understand the market first and then develop a solution for this target market. Needs are everywhere and opportunities present themselves in the form of own experience, a troubled friend, a piece of news somewhere on the internet, recent market trends, really anything. One just needs an open and curious mind to recognize these opportunities.
For example, the rise of smartphones and associated data generated by Apps need processing and analyzing. Entrepreneurs worldwide are trying to find better solutions to do this. Big Data analytics is already a big business and is set to become even bigger in the coming years. Another example is fad. Younger generation loves to try new things and change habits very quickly. Companies that respond to these fads with quick solutions, make a lot of money in the short term, until something even cooler appears in the market. I remember few years ago, it was cool to buy digital stickers and teenagers used to gift these stickers to each other, friendship bands were another craze that slowly died out.
I think our class focused on more sustainable ideas that generate long term profits. Some of the ideas raised were in the field of smart devices, water preservation, healthcare & education services and more efficient city transportation. Teams are now back to the drawing board working out next steps in planning, strategy and execution phases. I really hope some of these ideas see the day of light and become reality in Budapest.