Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business
Ted Leonsis’ concept of idea generation entails first the envisioning of an original idea through interdisciplinary thinking where two ideas from two sources are linked form a workable idea. He suggests that one has to establish a balance between vision and execution so as not to lose customers. The next step involves analysis and assessment of the potential of the business idea by talking to customers and evaluating the size of the market followed by the development of a product to serve the target market and then commitment to ensure the success of the business.
Publicity of one’s idea increases the sales and linking of strategies and tactics with vision, helps one to get where he/she need to be (Leonsis, 2010, p.34-37). Despite the nobleness of Leonsis’ concepts of idea generation, entrepreneurs in the movie industry should first consider many alternative plot summaries for further development and then pick out the best for testing and refinement. The process of idea generation should thus entail a team process. Idea generation in groups especially in the film industry is more likely to encourage other ideas in a form of a brainstorming session and the interaction process leads to an effective idea.
Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business
To exploit the student market, my idea would be to establish a retail business involving the supply of dormitory and apartment products among colleges and universities. Liaising with the manufacturers will ensure the production of products that are appealing to the students and satisfy their unmet needs. To evaluate the size of the potential market I will carry out a randomized sample survey where the subjects of the study will constitute the target market.
This is important in finding out the probability of purchase. The statistics from the research are necessary for estimating the demand and the market size. To ensure large market availability, I will employ guerilla-marketing tactics including the use of social network sites like Facebook and Twitter to advertise my merchandise across the young market segment. The responses I get through blogs will add to the statistics that will be useful in determining the progress of the business. I will also put adverts on notice boards informing the students of the availability of my wares, their prices, and means of delivery.
How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal?
To attract more customers and further expand the business, I will take an innovative approach that will ensure that the products are fashionable and remain trendy over a long time. This will primarily involve researching social networks to get customer responses regarding their take on the products. I will create a blog post website where the customers give their opinions and suggestions to improve the quality of the products. I will also stay in contact with the manufacturers of these products and furnish them with information regarding the consumer needs on the ground so that they design the products to suit consumer needs.
To ensure the utilization of fewer resources for advertisements and sales promotion, online advertising and promotions will come in handy. The marketing will focus on creating better customer relationships that will directly increase sales.
Instead of providing a diversity of products, the business will focus on creating a standard of excellence by dealing with a narrow range of products. The availability of the products will be limited to ensure that customers feel that the products sold are unique and different from the others. The business will also focus on strategic locations near colleges and universities, primarily exploiting the market segment in these places instead of being located in uptown malls.
What strategies would you use to set up your network to start your own business?
I will employ open communication channels with the clients and expand the communication not only to entail print media communication, but also online communication through emails. I will also establish regular communication with the manufacturers to ensure that the products are of the right standards and quality. I will design a marketing strategy that focuses on the promotion of the product and distribution through small outlets near the student hostels. To get the right pricing of my products, I will rely on customer’s information through supply agents. I will also undertake to stay ahead of the competition through the provision of unique products and services and by establishing customer loyalty.
Through constant communications with the clients, the selling products suited to the customer needs will be ensured and promote the brand image of the business. This will also create a sense of the value of the products so that customers do not go for competitor products.
References
Leonsis, T. (2010). The Business of Happiness: 6 Secrets to Extraordinary Success in Work and Life. New York: Regnery Publishing. 34-37.