Course 1:
Idea Generation and Evaluation
This course is designed to guide aspiring entrepreneurs through the critical phases of starting a business: Idea Recognition, Opportunity Evaluation, and Crafting a Customer Value Proposition (CVP). Each section of the course is structured to build upon the previous one and is designed to equip students with a holistic skill set for transforming innovative ideas into viable, competitive business ventures.
- Idea Recognition: Ideation skills enable individuals and organizations to not only identify problems but to think creatively about solutions. This is essential in addressing both everyday operational challenges and larger, strategic issues within a business.
- Opportunity Evaluation: The entrepreneurial landscape is littered with ideas, but not all of them are golden opportunities. This critical distinction can often be the deciding factor between success and failure in the entrepreneurial world. In this module, we'll explore the process of evaluating ideas, understanding which problems are worth solving, and determining the viability and potential of a business concept.
- Crafting A CVP: Creating and articulating a Customer Value Proposition (CVP) is a fundamental skill in any business environment because it aligns the company’s offerings with customer needs, ensuring that the value delivered is not just communicated but deeply understood.
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Format
Online
Asynchronous
Course -
Author
Cheryl Mitteness. PhD
About the Course
The course includes interactive activities, real-world case studies, and CVP development exercises to bridge theory and practice. Students will engage in idea generation, conduct opportunity evaluations, and craft CVP statements for their own business ideas. This entrepreneurship course is for anyone looking to transform a spark of an idea into a successful business, providing the tools, knowledge, and insights necessary to navigate the complexities of the startup landscape.
Idea Recognition
This section introduces the concept of identifying business ideas by solving real-world problems. It covers theories of opportunity recognition, including alertness and systematic search, and teaches students how to generate ideas through by searching for problems in market needs, personal passions, and emerging trends.
Opportunity Evaluation
Students learn to apply the VRIF framework to evaluate the market potential and competitive advantage of their ideas. This section emphasizes the importance of validating the feasibility, uniqueness, and sustainability of business opportunities.
Customer Value Proposition (CVP)
This section focuses on creating a compelling CVP statement that communicates why customers should choose your product or service over competitors. Students explore the components of a strong CVP, including the problem solved, the target customer segment, the revenue model, and competitive differentiation.
Upon Completion of this Course, students will have the ability to:
#1 Generate Business Ideas
- Distinguish between the frameworks of entrepreneurial alertness and systematic search
- Engage in self-reflection to identify your own passions, potential areas of thought leadership, and pinpoint specific segments of society that you aim to impact.
- Cultivate the ability to recognize where your unique perspective meets market demands.
#2 Evaluate Opportunities
- Differentiate between a viable business opportunity from a basic idea.
- Utilize the VRIF framework to analyze opportunities.
- Apply the principles of opportunity evaluation to real-world scenarios and your own business ideas to critically assess the viability of startup.
#3 Craft a CVP Statement
- Understand and articulate a Customer Value Proposition and its significance in the business landscape.
- Apply principles learned to craft a concise and persuasive CVP for your own startup idea.
- Gain skills in summarizing your startup's CVP in a succinct and persuasive manner—commonly known as an elevator pitch.
Course Lessons
Cheryl Mitteness, PhD
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