Skip to 0 minutes and 0 secondsImagine that you are an entrepreneur and you have to come up with a new business idea. Draw your inverted pyramid with the 5 sections as shown. In the top segment write the sector of industry you work in, examples could be engineering, IT, finance, healthcare and so on. We want you to develop your understanding of business models and processes through a worked example in your own specialist field. You should take a little time to decide which sector is a close match to your career expectations based on your formal education to date and career aspirations. Next add the sub-sector of your specialisation to the second segment, for example, if your sector was engineering, a sub-sector could be aeronautical engineering.
Skip to 0 minutes and 0 secondsThe following stage is your Value Proposition which is the part of a business strategy that tells others what your product or service is promising your customer. For example Skype’s Value Proposition could include the promise that it helps you share, message and call on phone, tablet and desktop to engage with the whole world. This part could take some time but do articulate your own Value Proposition accurately and concisely. Next, we have Business Viability. For a business to be viable, it must survive in the long-term. A new business idea must therefore be designed to be strategically positioned for sustainability.
Skip to 0 minutes and 0 secondsViability of the business could be through generating profit sufficient to provide a return to the business proprietor whilst meeting its commitments to its
Skip to 1 minute and 59 secondscreditors, as well as allowing the company to invest in building or maintaining its market. Finally, and the fun part, you need to come up with a company name. This sounds easy but it’s not. You must ensure that the name of your company is both available and marketable. I am sure you could think of a few famous names that have become global brands such as Apple and Coca-Cola. Think about where their names originated and how these have been an important feature of their success. Once you have come up
Skip to 2 minutes and 33 secondswith your company name, complete your inverted pyramid. Congratulations!
Generate a business idea
We introduce you to the inverted pyramid model, which you will be using throughout this course to help you to refine and articulate your business idea.
Listen to Dr Kasim Randeree talk you through the five stages of business idea generation.
This model is intended to support you in systematising business design where a new, specific business idea requires generation rapidly.
Brainstorming is an essential feature of the creative process and an important part in generating new business ideas. However, often free-association activities, such as brainstorming, are not followed up by business designers with a clear and systematic process to synthesise those ideas into practicable actions or solutions. This model can therefore be used in business design to focus new business ideas quickly and accurately, so that you are able to articulate your business idea effectively, as part of this course.
Using the ‘business idea template’
We have created a blank business idea template which includes the five stages of idea generation model. This template will be used by Coventry University MBA students as a basis for an assignment.
This template is available in either Microsoft Word (.docx) or PDF format for you to fill in as you progress through this course.
Check that you can access the business idea template from the ‘Download’ section at the bottom of this page.
© Coventry University. CC BY-NC 4.0