Design Thinking For All Things New

Design Thinking

A good place to look for further information on this is the SIE website, details of which can be found here:

SIE Website

The Innovation Process has a few steps these are;

• Hunch
• Stronger
• Observant
• watch someone do a task
• immerse yourself in a task
• 1-1 meetings or group forums 
• record facts and don't interpret them at the same time
• Insight
• you can start to interpret the facts you recorded
• understand the pain and pressure points
• Opportunities
• Here you are starting to create ideas
• Consider how might we or how might I?
• Customer Empathy
• Who are you designing for?
• Your idea needs to have impact and value
• Idea
• Develop ideas from your insights and opportunity spaces
• The quantity of ideas is important
• Some ideas will be spaced out, other blue sky and others grounded
• Spaced out, unachievable for the moment, illegal or cost prohibitive
• Blue sky- could really make a difference and change behaviour
• Grounded- safe, incremental changes, could already exist
• Develop a couple of viable options
• Communicating your idea is important remember the problem, the solution, the benefit, viability and the feasibility

And don't, make a television/ toaster :P

Developing a Business Idea- Where to start

 Where to start

 

When you think you have an idea for a business it can be hard to know where to go from here. Some people develop a business idea over night, some people think about and develop a business idea over time. There are three stages that all ideas will go through, these are;

 

• The Discovery stage, in this stage you will have spotted an opportunity, a "gap" in the market
• The Planning stage follows- looking at the implementation of an idea
• The Launch stage- including growing and sustaining a business

This blog post will look at the discovery stage in a little more detail, as this is the starting point for all business ideas.

 

 

 

There are two approaches that can be taken to develop an idea the "Inside Out" approach and the "Outside In"

 

 

Inside Out

• Problem solving
• Skills and expertise
• Good communication
• Collaboration
• Dealing with limited information
• Team Player

 

Outside In

•  Market trends
• Changes in technology
• Friends and Family
• Things that annoy you
• Social trends
• Political Trends

A Good Idea

 

A good idea will have three interlinked characteristics, viability, feasibility and desirability

 

 

 

 

Desirability

• what someone wants and will pay for
• something that solves a problem
• provides a customer gain
• something they don't know they need yet. provides a "nudge"
• solve it well and customers will pay a premium for it

Feasibility

 

• technically and operationally possible
• Someone who wants it can get their hands on it

Viability

 

• what can you do financially?
• is there a revenue stream to be made from it?
• Can you afford to implement it?

All this might sound like it requires a great deal of work...don't let it put you off and join us next time where we will look at Design thinking for all things new  

 

 

 

   

 

 



What tv show do Katie Hopkins and Donald Trump have in common?

Reality TV

 

Have you ever watched The Apprentice? or Dragons Den?

These shows seek to foster the entrepreneurial spirit, competition is fierce in The Apprentice over many weeks. Dragons Den offers the chance to pitch an idea to the dragons for investment.

 

When I watched The Apprentice, before I attended university, or had any inclination to be entrepreneurial, I suppose I enjoyed watching it. It was like other reality programs...moderately entertaining. As time as progressed though I found it less entertaining and didn't even watch the last series at all.

 

Look at this video for one of the worst ever Dragons Den Pitches

 

Now is that because its ran its course as far as entertaining goes? After all Big Brother, Xfactor, Britains Got Talent, The Voice they have all suffered a similar fate with viewing numbers plummeting. Or is it because I began to see it in a different light, rather than inspiring for entrepreneurs I found it edited in such a manner that we were left feeling sorry for the unfortunate person who stumbled through their pitch in "the den" and never made anything make any sense. Then theres the rise of the media celebrities, such as Katie Hopkins of Apprentice fame.

 

I despise Katie Hopkins she has made a name for herself, I would argue through her inability to keep her stupid opinions to herself. She rides on waves of contrives and gains more "followers" in doing so. Like Marmite, people either love her or they hate her. I digress, however an individual that generates more bad press than good is not a good advertisement for entrepreneurial television shows.

 

 

Worse still, Donald Trump?

 Is when you consider that the American version of the show is hosted by Donald Trump (now if anyone was looking for controversy personified then here it is. Trump is a millionaire by default, his empire is huge. his campaign to be President of The USA though, well it will have two camps the lovers and the haters.

 

 

 

Personally I would love to see a documentary  that featured real life entrepreneurs that didn't create overnight  celebrities  or media monsters. I don't think its the way to inspire anyone through bad television. Although Levi Roots of Dragons Den Fame is worth a look in my opinion, its more of a business success than Kate Hopkins.      

                  

 

Lanarkshire Business Week, will we see a change?

Its been running how long???

Following on from my previous posts about The Lanarkshire Business Week that is in its 5th Year. In that time I have only just heard that such an events week existed.

This is disappointing as the chooselanarkshire website boasts of Lanarkshire having two colleges and a university. Why do the promoters not take this to the colleges and university to the students? They would surely gain more support and momentum? South Lanarkshire College for example offers a lot of practical courses such as plumbing. Now whilst there course will focus on the practical skills for their trade- could more not be done to encourage these students to become entrepreneurs and start their own business? It frustrates and disappoints me in equal measures.

Reinvented?

Lanarkshire is not without its unemployment problems, many struggle to find work. Why is this event not opened to job seekers and the unemployed? They could gain valuable skills and networking opportunities.  Chooselanarkshire speaks of a Lanarkshire that had industry but has now reinvented itself. It fails to say what it has reinvented itself into? I live in Lanarkshire and I fail to see what we have been reinvented into?

Maybe the answer will become clear once the M74 is fixed

 

South Lanarkshire's High Street

The high streets (or what sorry states remain of them) . Where once we had family businesses we now have only the shell like remains.

Lanarkshire chooselanarkshire tells us has good connectivity links. There is both the blessing and the curse of the situation. Lanarkshire is an ideal area to commute from. This is what the residents do on a daily basis, they get up, they travel to work. Like creatures of habit, they will also now head to retail parks and shopping centre, all within their reach for the price of a small commute and they leave the high streets in droves.

A big criticism of mine, would be that the choose Lanarkshire website mentions that that Lanarkshire has a university (UWS) but does nothing to promote the business week directly to the students. Despite UWS offering business courses. I cant help but feel let down by Lanarkshire Business Week.

Has it helped you? or anyone you know? Please pop your comments in the box and let me know.

Apply for a Start Up Loan? The Business Plan: Finance (Part 6/6)

Finance, the numbers game

One of the critical parts of any business plan is the numbers, if they don't add up to a profit then there is a critical problem. It has been known for people assessing a business plan to move straight to the numbers section, so be warned that this area needs plenty of time spent on it.

What to include

All financial considerations in the business plan should include:

• Best case sales/ worst case sales
• Average spend per customer
• Start- up adjustment
• Seasonality
• Payment terms
• Funding package

 All of this will be demonstrated through the production of some key documents, which are:

• The cash flow- it tells you the flow of cash in and out of your business
• The Profit and Loss- it tells you if you are making a profit
• The Balance Sheet- it tells you where the money is in your business at a given moment in time  

There are a number of places that start-ups can look for financial assistance, try these as a starting point.

Start Up Loans
Banking, start up account 
Start Up Information
Scottish Institute for Enterprise

Lastly

You will also need to consider other information such as;

• Premises- location, lease, purchase, costs, business rates
• Assets- vehicles, equipment and other assets required to trade
• Inventory- list of what you own (market value)
• Shopping list- list of what you need to buy for the business (get quotes)
• Legal- issues, insurances, compliances etc.
• CV's of management and key employees may be provided (Appendices)
• Market Research- any surveys conducted (Appendices)
• Letters of intent- any correspondence between customers and suppliers (Appendices)
• Property Lease- copy for any premises to be rented (Appendices)
• Highly technical info- for example product specifications and blueprints (Appendices)

And now its time to give it a go and create your first business plan with the help of this business plan template: Business Plan Template  (Good Luck!)

Looking for more content? Check out this YouTube Video

 

The Business Plan: Promotion (Part 5/6)

The Market: Promotion

The marketing section of your business plan is extremely important as it will help persuade the reader that you have a viable business model. In general terms this should cover;

Message: Other than telling the world that you exist what message do you want to give the about your business?

Audience: What are your various customers profiles?

Channels: What different methods of promotion will you use to attract these customers?

Budget: How much will this cost? (obtain quotes if possible) and will you have a dedicated marketing budget?

 

The Market- SWOT Analysis

It may also be a good idea to carry out a SWOT Analysis of the Market. This is similar to SWOT analysis discussed in previous posts. Some example pointers that you may find in your market.

Strengths

• Expanding Sector
• Your experience in the sector
• lower overheads
• keen pricing structure
• your enthusiasm

Weaknesses

• others see opportunities
• new skills to learn
• no trading history
• limited capital
• no customer base

Opportunities

• to become leading provider
• to expand business
• to develop new markets
• to employ others
• to franchise the business

Threats

• competitors undercutting
• running out of cash
• not enough customers
• too many customers
• changes in the market
• emerging technologies

It is really important to get to grips with the market that you want to be active in.

Join us next time for the conclusion to the business plan, the finance part. I will also provide a template for the business plan, which might be an ideal starting point to write your first business plan.

Looking for more content? Check out this YouTube Video

The Business Plan: Products and Services And The Market (Part 4/6)

 

Products and Services

When writing the section of your business plan that considers products and services, you will want to consider things like:

• Price
• Quality
• Distribution
• Range
• Service
• Design and Packaging

This section should be written by the person who has the most knowledge about the business. You will need to think clearly about what makes your business different to everyone else- what is your unique selling point (USP) more information on unique selling points can be found here:

Looking at each of the above points in a little more detail. 

 

Price

Give examples of what you will charge customers for your products

explain how you arrived at this price

state how your costs and margins compare with your sector

 

Distribution

Explain how you will get your goods and services to customers

Design and packaging

Describe your logo, branding, design ideas etc

if packaging is required, how will you package your product

Range   

How many different products will you have?

 

Service

How do you interact with your customers?

 
 




Quality

What level of quality will you offer and how will you ensure quality is maintained?

The Market

When considering all of these points, it is more than likely that you will start to think about the market that you are trying to break into. At this point you should start to undertake some market research. 

You many for example:

• Read journal articles
• Read industry reports
• Speak to potential customers
• Mystery shopping
• Talk to friends and family
• Watch competitors at work
• Test trade
• Get a job in the sector
• Look at competitors promo material
• Use social media
• Read articles in the media
• Speak to potential suppliers      

You may find that the market research aspect will be quite time consuming, Be prepared and plan for this, Taking the time to know the market will strengthen your business plan. Please join us next time for further Market exploration in The Business Plan: Promotion (Part 5)

Looking for more content? Check out this YouTube Video