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The Idea and Choosing the Product or Service
“A mediocre idea that generates enthusiasm will go further than a great idea that inspires no one.”- Mary Kay Ash, businesswoman
First, you need to decide what you want to achieve with your mini-enterprise and which product/service you want to sell. It’s understood that this idea should add value to the national or even international market. However, it is even more important that this idea resonates with you, excites you, and, above all, adds value to society and the planet. You’ll find that a product or service you sell with motivation, conviction, and integrity will sell like hotcakes.
Well, hotcakes sell well, but we can do better. In this section, you’ll find advice and tips to discover “the million-dollar idea”!
We have outlined a few major stages in the life of a mini-enterprise. The first major step is finding a good product or service. Sometimes mini-entrepreneurs already have a clear idea before starting. In many cases, they do not, and brainstorming techniques are used. However, before diving into the search for a product or service, it’s advisable to first practice small “team-building” exercises. This will strengthen the team spirit of the mini-enterprise and will undoubtedly contribute to greater success during the project.
Finding the Idea
During a brainstorming session, mini-entrepreneurs gather and freely express all their ideas, even the most outlandish ones, as they often lead to other ideas. These ideas are written on the board, and after an initial analysis, unrealistic ideas are eliminated. The business’s focus could be on either a product or a service, and it may be useful to note that the service could potentially operate in a social, cultural, or sustainable development domain.
The selected ideas are then analyzed in more detail and tested for feasibility and potential success with the target audience.
Note: Jonk Entrepreneuren Luxembourg (JEL) prohibits the sale of alcohol-containing products. Additionally, a mini-enterprise must ensure it complies with all hygiene and health regulations when selling food products (see the hygiene practices guide below). Jonk Entrepreneuren Luxembourg reserves the right to accept or reject the final choice of the product.
Feasibility Studies, Surveys, and Polls
Given the work involved in this process, it is highly recommended to limit the number of ideas selected and study them in detail.
Feasibility studies (technical study, financial study, sustainability analysis) help make a better choice of the product. It’s important to ask several questions before choosing your product or service.
Technical Study
- What will the manufacturing process be?
- Who will the suppliers be?
- What will the production time be?
Financial Study
- What will the variable costs be?
- What will the fixed costs be?
- What will the cost price be?
- What will the selling price be?
- How many products can be sold?
To determine if the product appeals to the public, it is recommended to conduct a market study through a survey or poll among a certain number of people, showing them the potential prototype. Generally, a product is successful with the customer if it can:
- Create the benefits your customer expects, desires, or would be surprised by, including functional utility, social gains, positive emotions, and cost savings (“gain creator”).
- Relieve customer “pain” by eliminating or reducing negative emotions, costs, and undesirable situations (“pain reliever”).
Is your product capable of making your customers’ work or lives easier? Fulfilling their dreams? Creating positive social consequences that your customer desires? Limiting or eliminating common mistakes your customers make?
Sustainability Analysis
- What is the ecological footprint?
- What resources are used?
- What sustainability criteria are taken into account?
- Is there any innovation regarding better resource utilization, not only in production but also in usage?
- What are the working and production conditions?
Before starting the production of a product, it’s advisable to create a prototype and test its success with the future customers.
Choosing a Name
When can we talk about a ‘good’ business name? The following sites provide you with some tips:
Wydden.com: Comment trouver le nom idéal?
The following sites (and others) provide ‘name generators‘ and offer a variety of possible names for your small business, based on keywords provided by you/the students (activity, product strengths, etc.):
Search for a logo
When can we talk about a “good” logo? The following sites provide some tips:
Startworks: 10 Tipps für ein gutes Logo
Instead of drawing a logo by hand, you can check out “logo generator” sites that create logos based on your instructions (type of activity, company name, positioning, etc.). Some sites offer logos for free or at a reasonable price if you want to get a “vectorized” format (useful for printing on T-shirts, for example):