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How to Choose Business Ideas | Product Design | Udacity

Transcript

0:00
You have all these ideas and
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at this point, you should be wondering, which idea should I choose?
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Well, to answer that question, you have a lot to think about.
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Here are some of the considerations you should keep in mind.
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First, is your idea a painkiller or vitamin?
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Pain killers address an obvious and functional need for users,
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while vitamins address user’s emotional needs and are really nice to have.
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Now, both types, but
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especially painkillers, can lead to successful companies.
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For vitamin type ideas,
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you’ll need to figure out how to get your users to be sticky, so
0:33
that way they continue to come back and use your product over time.
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The second thing you should look for is how easy it is to monetize the idea.
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Now you don’t need to monetize an idea on day one.
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But understanding how to make money out of the service or
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product is essential to building an enduring business.
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Next is the idea simple?
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Can you explain your idea in just a couple sentences?
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For example, bagborroworsteal.com is like Netflix, but
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instead of renting movies, you can rent, buy, or sell designer items.
1:04
Law enforcement and judges might say the simplest explanation is usually
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the right, or truthful, one and this should also be true of your product.
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Users should be able to describe the product and
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its benefits to other potential users easily.
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And here’s where we get to the heart of the matter.
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Is your idea personally relevant?
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For example, you might be a diabetic and want to develop affordable and
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convenient blood sugar monitors for other diabetics.
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Now, don’t underestimate this one.
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This is of great importance, as it relates to how likely you are to
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persevere in the face of challenge, uncertainty, or worse, looming failure.
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You’ll be more likely to see an idea come to life if you care about the idea
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in the first place.
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Now another consideration for an idea is whether or
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not you can follow through on it.
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Think about your ability to organize a small team or
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a large team to execute on that idea.
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Can you get from a to b?
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Next you should wonder if you have a large enough size of the market.
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You want a really big slice of the pie.
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The market just refers to your number of potential customers.
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You should be able to calculate a lower estimate as well as an upper estimate
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for your market size.
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If you’re unfamiliar with market sizing, refer to the Instructor Notes.
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There’s a resource link there.
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And finally, does your idea have a legitimate secret sauce?
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Does your idea leverage technology or patents in a unique way?
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Or do you have talent and capital that no one else would ever have?
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For Google, the secret sauce was the page rank algorithm.
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The secret sauce has grown over the years to include many features
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that bring millions of page results in fractions of a second.
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Now that you have some considerations for what makes a great product idea,
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I’d like you to evaluate the idea for the SuperDuper Shopping App.
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You can find a survey that’s linked in the Instructor Notes.
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Once you’ve taken the survey,
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you can check this box to continue when you’re done.

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