5-8 analysis

Future Generation Philippine International School **We aren't endorsed by this school
Jun 10, 2023
Uploaded by chiragsehgal02 on coursehero.com
Week 5: In order to find a legit problem, you must understand what your target audience wants. Try observing any frustrations people are dealing with in your field. Researching, surveys, or direct communication are the best ways to do this. Once you have identified a potential problem, you should assess it based on its impact and urgency. You want to choose a problem that has an impact on your target audience, which is significant enough that they are willing to pay for a solution. In the article I read, the author approached solving these problems from a business perspective and gave examples of companies that are successful because they solved the world's greatest problems. This connects with our discussion in week 5 of class as we talked about what makes a problem worth solving and how to successfully beat your competitors. Link:https://www.antler.co/academy/solving-the-right-problem Week 6: In the article "The Ultimate Guide to Get Started on Your Business Idea," The author talked about how to spend time initially brainstorming your ideas and thoughts for 10 to 15 minutes. After brainstorming, some of those ideas may seem far-fetched or unrealistic so you should now filter out those ideas and really focus your energy on the smarter or more achievable ideas. After you have an idea or 2 the best way to confirm a good idea is to talk to people about it and see if there is really some strength in your proposition. After this you would want to identify the target audience you will be dealing with and have them respond to the idea. This approach is very similar to the one we discussed in class together as we talked about how to make use of a good idea as just thinking of the idea is not good enough. Link: https://entrepreneurshandbook.co/the-ultimate-guide-to-get-started-on-your-business-idea- 6cca5e382d9b Week 7: In this article, the author talked about how research and surveying is the best way to find an idea that is worth pursuing. To be successful you must analyze the market and see where the success lies. The next step is to create a business plan after identifying a substantial market. After doing this there are many ways that you can go about a business. You can go for a subscription-based model or a direct-to-consumer sale. After finding the best way to sell your product you need to analyze the costs and the benefits. I can connect this to what we did in class as we talked about the business model and how everything needs to be done on a cost- and-benefit analysis. We created a business model in class and before spending any money, we could see if the idea would even be profitable in the first place. This is why a model is crucial as it is the backbone of any successful business. Link: https://hbr.org/2015/01/what-is-a-business-model Week 8: In this article, the author talks about how a compelling solution is made through innovation and analysis. Creativity also plays a large part in a compelling solution. For starters, you should always start by jotting ideas down and separating the good from the bad. When you have a few good ideas filter them down to about 2 or 3, you should never spread yourself too thin because quality is better than quantity. This means that you should formally implement 2 or 3 ideas max. This connects to our class from week 8 as we focused on the quality specifically in our ideas as that is what is important in the implementation. When we talked about the bathtub
problem, this was a good exercise that sparks the innovation side of our brains and would help us keep the bathtub in the house of we had those features. Link: https://www.forbes.com/sites/theyec/2020/12/14/how-to-create-compelling-content-that- generates-leads-and-sales/?sh=768b9e1a7ff4
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