Module 2 Lesson 2 PDF

DEVELOP ENTREPRENEURIAL LEADERS. WITH IGNITEX. Module 1: Problem Identification Lesson 2: ASSEMBLE ‘REAL-WORLD’ PROBLEMS 2 IGNITEX JOURNEY: Building Entrepreneurial Leaders 01 02 03 04 05 06 07...

DEVELOP ENTREPRENEURIAL LEADERS. WITH IGNITEX. Module 1: Problem Identification Lesson 2: ASSEMBLE ‘REAL-WORLD’ PROBLEMS 2 IGNITEX JOURNEY: Building Entrepreneurial Leaders 01 02 03 04 05 06 07 08 09 10 11 12 Customer &Needs Opportunity & Market Opportunity Marketing & Sales Team & Talent Venture Idea Identification Competition Assessment Strategy Requirement Viability Identify customer Mapping Understand Building a Founding Presentation segments Identify & map Map your Relative Marketing & Sales team (A Team) Practice pitch Outline 'jobs-to-be-done’ Global competitors Position in the Understand & Founding team Final Pitches Develop Customer Review Industry Market Define Go-To- members (Co- Personas Trends and Size Estimate Market (GTM) Founders & Understand Customer the Market Opportunity Size approach Mentors) Validation Understand Sales Defining your Team Validate Customer- Process Requirements Problem fit Refine Customer Personas & Problem Problem Identification Solution Idea Prototype Dev. & Business Modelling Financial Mgmt. for Orientation for Scale Orientation Generation MVP Examine Profitability First pitch (typical Develop Macro Generate solution Understand Revenue Model Understand Startup audience and Industry-Problem view ideas Prototypes & MVP Review & Organize Costs requirements) Discover ‘Real World’ Map solution Build a Prototype Understand Profitability Getting Story the Lean Canvas Problems functionality with Use Prototype for Getting Started with Telling Right Analyze Problems Build the LC for Thinking Beyond the problem/JTBD early Validation Financial Planning your Startup Prototype - Scale Show "how it will work Understand & Explore Bootstrapping options Opportunity & Aspiration We are here! LEARNING OBJECTIVES 01 Learn why and how By the end of this lesson, you will: problem identification is the start of all innovation 02 03 Understand techniques Select a problem for being to be solved within observant about your chosen industry/d problems in daily life omain CORE CONCEPTS IN THIS MODULE PROBLEM STATEMENT How should you craft a Problem Statement? PROBLEM VS IDEA PROBLEM What should you work on? IDENTIFICATION Problem or TECHNIQUES Idea? How should you Identify the Right Problem to solve?  CONCEPT INTRODUCTION PROBLEM IDENTIFICATION By observing Where do Startup PROBLEMS Ideas come from? around you. Staying Curious Observing Asking “Why Not?” STARTUP IDEAS Problem identification is the first step in the problem- solving process. It serves as the foundation for all subsequent decisions and actions. To uncover new opportunities, learn to: Challenge assumptions Ask critical questions about why things are the way they are Are there examples of startups that did not get the problem right and built solutions that people didn't care about? YES! “95% of all new products fail” (including those launched by large corporations like Google, Coca Cola) Clay Christensen, HBS Juicero aimed to revolutionize juicing with its Wi-Fi- connected, high-tech juicer and proprietary juice packs. The device pressed juice packs to deliver fresh juice. However, the problem it aimed to solve— simplifying the juicing process—was perceived as trivial by many, especially given the high cost of the machine ($400). Reason for Failure: The revelation that the juice packs could be squeezed by hand without the need for the expensive machine led to widespread mockery and highlighted that the problem Juicero solved was not significant enough to warrant its cost. The company shut down in 2017, less than two years after launching its product. Hike Messenger was launched as a homegrown messaging app that aimed to compete with global giants like WhatsApp by offering additional features tailored to the Indian market, such as localized stickers, news, cricket score updates, and wallet services. Reason for Failure: The problem Hike aimed to solve— creating a messaging app with additional features tailored to Indian users—was not perceived as a pressing issue by enough users, leading to its eventual shut down in 2021.  THE PROCESS OF FINDING POWERFUL IDEAS Validate Solution, Business Model, etc. Be Curious Identify Validate Generate Observe the world around you. Problems Problems Ideas Discover your Based on personal Who is facing the Find ideas that passion. experience, problem? How urgent resonate with your observations, and important is it to passion and offer trends, etc. fix? delightful solutions to users/customers CONCEPT DISCOVERY IDENTIFY PROBLEMS Class Activity and Industry Case Study Tool-Part 2 IDENTIFY PROBLEMS IN THESE PICTURES IS THE PROBLEM WELL-STATED? 1 College students need to start saving and We will offer stock- investing market training to college students 2 New-age investment 3 4 apps are bringing younger investors into Despite their high interest, many the market college students lack the knowledge and discipline to invest well in stock markets REAL WORLD PROBLEM How do we identify a problem we want to solve? PROBLEM IDENTIFICATION Using your notes on growth outlook and challenges identify: Gaps and pain points in the industry Who are the people suffering from this pain/ gap? Make a list of the problems/pain points/ unresolved needs Choose the problem you, as a team want to address. Is there a way to choose the Create a simple, concise right, ‘real-world’ Problem? problem statement PROBLEMS WORTH SOLVING- SIMPLE FILTER 1 Is it a relevant problem? (Not one already ‘dying’) 2 Is it one your team feels ‘passionate’ about? 3 Is it highly painful or highly desirable to solve? 4 Is it one that matters to many people or companies? 5 Is it that has not been solved may time already? (Has real demand) The ‘real-world’ problem we want to solve THANK YOU World