Term project product idea generation journal
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Purpose: This exercise is to assist you to start exploring entrepreneurial ideas for your term project as early as possible. These ideas will serve as a perfect starting point for you to brainstorm with your teammates further for a much mature and solid entrepreneur idea!
Skills development: Observation of global consumer trends, global market exploration, market potential assessment, strategic thinking skills
Instruction:
To facilitate the generation of creative and good quality term project ideas, you are asked to start this idea generation process as early as possible by:
- Review and explore the assigned newsletters weekly to:
- Recognize current consumer trends
- Acknowledge the newest technologies and cool ideas. (See Bonus Assignment 2 [B2] for a list of newsletters).
- Visit some of the crowdfunding sites (e.g., kickstarter and indeogogo) for new product ideas.
- Document your ideas (at least 3 product ideas) in the idea generation table on the second page and submit it by the due date.
- Make sure that the product idea that you proposed should be NEW to the three countries that you selected. (See the term project guidelines for the requirement.)
Application:
- For market potential assessment, you may reference these resources:
- https://globaledge.msu.edu/ (apply what you learn in your Bonus Assignment: Web-based research resources)
- Library workshop video (on iLearn)
- It is important to pick a product idea that creates benefits valued by the customers.
- Now you have three valuable ideas. Discuss with your teammates, analyze, evaluate, and then choose one best product idea for your term project.
- Remember your team needs to make a 5-minute project idea approval presentation on the date indicated on the course schedule.
Term Project Idea Generation Table
Purpose: This exercise is to assist you to start exploring entrepreneurial ideas for your term project as early as possible. These ideas will serve as a perfect starting point for you to brainstorm with your teammates further for a much mature and solid entrepreneur idea!
Skills development: Observation of global consumer trends, global market exploration, market potential assessment, strategic thinking skills
Instruction:
To facilitate the generation of creative and good quality term project ideas, you are asked to start this idea generation process as early as possible by:
1. Review and explore the assigned newsletters weekly to:
a. Recognize current consumer trends
b. Acknowledge the newest technologies and cool ideas. (See Bonus Assignment 2 [B2] for a list of newsletters).
2. Visit some of the crowdfunding sites (e.g., kickstarter and indeogogo) for new product ideas.
3. Document your ideas (at least 3 product ideas) in the idea generation table on the second page and submit it by the due date.
4. Make sure that the product idea that you proposed should be NEW to the three countries that you selected. (See the term project guidelines for the requirement.)
Application:
1. For market potential assessment, you may reference these resources:
a. https://globaledge.msu.edu/ (apply what you learn in your Bonus Assignment: Web-based research resources)
b. Library workshop video (on iLearn)
2. It is important to pick a product idea that creates
benefits valued by the customers.
3. Now you have three valuable ideas. Discuss with your teammates, analyze, evaluate, and then choose one best product idea for your term project.
4. Remember your team needs to make a 5-minute project idea approval presentation on the date indicated on the course schedule.
The Idea Generation Table:
|
Term Project Product Idea 1. Describe the idea 2. Provide a photo |
Value of the Product Idea 1. Observed consumer needs/trends for this product 2. Product/idea competitive advantages |
Market potential 1. Target customers 2. Identify potential markets (counties) for this product 3. Estimate size of the market |
|
Idea #1 |
||
|
Idea #2 |
||
|
Idea # 3 |
||
|
Idea #4 (optional) |
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