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.
