Introduction to Developing Entrepreneurial Ideas // BUSINESS 171

William Reinisch, Venture Partner, Paladin Capital

Tuesday, June 12th from 8:00 - 9:30 pm

Do you have an idea but you are not sure if you can make a business out of it, or have an idea but need to refine it? Or need help in creating, reviewing or evaluating an idea? This class will focus over four sessions on the idea generation process and generating creative new ideas and turning entrepreneurial ideas into businesses. It will also review tools for evaluating business ideas.

This process has also been called “Ideation.” Often people think they need just one great business idea and this idea will cover them in a “flash of genius.” While this can be true, often good business ideas get developed, molded, and improved over time. We will discuss both products and services ideas and focus on how to transform an idea or invention into an economically viable innovation and business.

Session One: Tuesday 5/22/12 - Completed

Entrepreneurs or perspective entrepreneurs often have a very hard time getting started. They can get stuck at the idea phase.

This session will be an introduction to the basic principles to develop a new business idea from scratch. Topics to be covered include: invention vs. innovation, business ideas, identifying and recognizing viable business ideas, differentiating between lifestyle and new venture business ideas, and brainstorming techniques for business ideas.

Each student will be expected to develop one or more business ideas before the second session.

Prerequisites: None

Session Two: Tuesday 5/29/12 

This session will continue our focus on inspiration and process to generate or develop a business idea, the “Ideation” process. We will review your initial business ideas. We will continue to focus on how to transform an idea or invention into an economically viable innovation and business.

We will focus on the idea process and giving you the tools and inspiration to seek your own ideas. We will spend most of this class in an interactive technique to develop a new business idea. This technique can be used to develop a new business idea or refine an existing business idea. (If you don’t want to participate in this technique you can skip this session). This will be a highly interactive session. We will start to critically evaluate these business ideas and develop a business model with the idea.

Session Three: Tuesday 6/12/12

This session will focus on providing the tools and techniques to evaluate business ideas and business models at the idea phase. In turning entrepreneurial ideas into a business we will focus on the developing of your ideas and providing the proper tools to evaluate them. You will be provided with a business opportunity checklist. This session will address the problems and provide techniques to identify, evaluate and develop economically viable business ideas (opportunities).

Topics to be covered include: opportunity evolution screen, business model/does it work, identification of the proper initial target market. You will be given an exercise for finding your ideal customer.

This session will be focused on evaluating the ideas, developing and providing you with tools to continue your business ideas development process.

Session Four: Tuesday 6/19/12

We will review the ideal customers exercise from previous session.

This session will continue the process and tools to evaluate business ideas and focus on the process of revising and improving your business ideas. We will focus on the process of turning entrepreneurial idea into a business (the ability to pivot and improve your idea is a critical skill in this process).

You will be provided with a template to use on evaluation of your ideal idea.

William Reinisch is responsible for the investment activities in the New York office of Paladin Capital. He is also the CEO and Founder of XIV River. He specializes in strategy and investments for the high tech industry. He is currently an Adjunct Professor at Stevens Institute of Technology.

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