Showing Revision 2 created 05/24/2016 by Udacity Robot.

1. Title:
   How to Choose Business Ideas Product Design Udacity
2. Description:

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   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
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    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.
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    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.