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← How to Choose Business Ideas | Product Design | Udacity

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Showing Revision 1 created 09/06/2016 by Udacity Robot.

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