Copy - Class 1- Concept Overview-V3

Why are Problems Important?

Develop Macro Industry- Problem Perspective

How to Understand Problems?

Objective: Learn why is it important to develop macro-industry-problem perspective

Techniques for Spotting Problems

Finding your Problem-Passion Fit

Your Tool to Explore - Industry Case Study 1

DELIVERABLE:Find your Team using Your Problem - Passion Pitch

CONCEPT PRIMER

Why are Problems Important?

Problem Solving – Key Leadership Skill

“95% of all new products fail” (including those launched by large corporations) Clay Christensen, HBS e.g.,

Equally Critical for Startups, Small businesses & Corporations.

Manifestations of WRONG PROBLEMS

It is the Foundation of Innovation

42% of failed start-ups identified the “lack of a market need for their product” as the single biggest reason for their failure Forbes

People often get problems wrong

Difference between perceived and actual problem is THE willingness of customer to pay

Understanding Problems

What are the key characteristics of problems?

Problems are Ubiquitious

common NeedsCommon Industries

Specialised Solution Providers

human & business Needs

Ideas are Solutions & their Root Porblems Must be Validated

Many problems cluster around specific needs, which in turn form industries

Different problems are tackled by different expert entities each playing a unique role in the ecosystem. Governments focus on public service issues, startups on pioneering new ideas, SMEs on community-based solutions, and corporations on industry-wide challenges.

Everywhere we look, there are challenges to be found. Just like hidden treasures, problems are embedded in every situation, waiting to be discovered

Problems may manifest themselves as different symptoms. Most of us come up with a solution on seeing a symptom without uncovering the root cause of the problem -there can be colossal but avoidable wastage of time, effort, money and failure (of reaching a real solution) when that happens.

Problems often stem from the needs and desires of people and businesses.

Techniques for Spotting Problems

“How Great Entrepreneurs See What Others Don’t” – Stanford Graduate School of Business

GLITCHES ARE OPPORTUNITIES

UPDATED OLD IDEAS

COMBINING IDEAS

BE AN ARCHITECT

How Starbucks put a twist to an existing idea”

How Google updated old Ideas”

Chipotle: Combining ideas to create New opportunity”

“Look for open Spaces…Elon Musk”

Time stamp:1:00 – 3:15

Time stamp:3:16 – 4:13

Time stamp:7:15 – 9:37

Time stamp:4:13 – 7:15

Amy Wilkinson, Lecturer in Management, Stanford Graduate School of Business

Finding Your Problem + Passion: An Approach

WHY?

HOW?

SUPPORT TOOL

To explore & validate

SANDEEP MAHESHWARI

Entrepreneur (Images Bazaar.com), guide, mentor, role model and a youth icon. 25 M subscribers on Ytube

RECOGNIZE YOUR PASSION

DIP INTO PERSONAL EXPERIENCES

Use Industry Case Study 1 (Tool) to Identify your PROBLEM-PASSION fit

OBSERVE ACTIVELY

VALIDATE WITH CURRENT FACTS

Source: ‘Question Approach’ - youtube

Your Tool to explore: Industry Case Study I

For identifying your problem-passion fit (what industries and problems intrigue, interest and excite you?

Preview of the interactive Industry case study I (tool)

HOW CAN IT HELP YOU?

Personalized: Explore an Industry of your liking – pick from a wide range. Interactive: Non-linear flow that allows you to interact with the content and watch and read what you want to. Overview: Provides you with a snapshot of the industry without drowning you in endless detail. Current: contains key Industry data and trend from reliable sources to help you understand reality. Relevance of data: Helps you understand the type of data and research that is meaningful to consider when evaluating an industry.

Steps to Take

Explore 1-2 Industries that interest or intrigue you; or those in which you may already have some 'Great' Ideas

• Understand what those industries are about - Use the industry Case Study I
• Look at the reasons why they are strong and have a future
• Look at the types of exciting innovations startups in those industries are building

Your Deliverable – Find Your Team

From members of your cohort that share a passion for the same industry (as yours).

Find your area of interest (Passion Cv)

• Use the Passion CV t to note down your interets & problems - it will help you structure to your thoughts
• Jot down what personal connects, motivations or reasons you have that make that problem/problems interesting
• Note the industry that the problems are in
• Note the top 3 reasons why you believe the industry is an attractive one

Now use your pitch to impress and join like minded individuals in a team

• Remember just as you are looking for the most energetic, impressive individuals to join your team, they are doing so as well. So prepare well to make an impression

Example

Whether it's a door that's hard to open or a phone battery that drains too quickly, each annoyance is a problem seeking a solution.

Example

Governments might tackle air pollution through regulations, startups may innovate with new air-filtering technology, SMEs could offer pollution control services, while corporations might lead global initiatives for cleaner energy.

Example

Whether it's the need for warmth leading to better insulation materials or the need for efficiency driving faster internet speeds, problems are tied to improving our lives and work.

Example

Assuming that providing job training is the answer to a lack of livelihood risks overlooking the root issue: the absence of electricity, which restricts the productive hours in a day.

Example

Just as different plants grow from the same soil, industries like healthcare, education, and transportation sprout from our common needs for health, knowledge, and movement