Today, we're going to talk about value creation, an essential aspect for entrepreneurs.
What type of value are you producing? Who gains from this value? How do you give your consumers value? What new technology do you provide consumers or the market?
Here are some common questions we ask while coaching students. These types of questions are crucial when beginning to construct a business project because they define the project's perspective and may be the basis for your success as an entrepreneur. But most crucially, they aid in the growth of your project's value production.
The article seeks to provide you with an overview of value creation and how Student Innovation work with it.
Understanding value generation is essential for entrepreneurs. It describes the process of increasing something's value in a way that boosts its value to other people. This requires entrepreneurs to think of methods to add value for their stakeholders, consumers, and clients.
If your concept involves developing new technology, it must also address a demand from stakeholders or customers. Otherwise, you'll have a very complicated technology that nobody wants, and no one understands how to use. This may sound extreme, but it is rarer that a product creates a need than a product answering to an already existing need.
Why considering Value Creation in the develop of your project?
Why is value creation crucial for business owners? There are several causes. First, entrepreneurship is centered on creating value. Entrepreneurs are by nature problem-solvers who want to develop new products or services that meet a specific demand or close a market gap. By creating value for their customers, entrepreneurs can build successful businesses that generate revenue and create jobs.
Second, value creation is essential because it distinguishes profitable companies from their rivals. It is insufficient to only offer a good or service that is comparable to what is already on the market in the highly competitive marketplace of today. Instead, business owners need to develop distinctive value propositions that are attractive to their target market in order to stand out from the competition.
You might believe that setting this up is quite easy. But it is very frequent to observe that the value generation part is overlooked while entrepreneurs are establishing their projects. Entrepreneurs are, in fact, more likely to concentrate on the technological part of their idea than the market demand.
“Thinking Value Creation” helps the entrepreneur to consider both innovation part with creating something new but also to include customers and stakeholders point of views’ needs. The innovation should always answer or create a need.
What do we do about Value Creation at Student Innovation?
The first thing we focus while coaching students is value creation! We initially set up a NABC model to help students in outlining the many components of their ideas before helping them concentrate on the component that will add the greatest value. We offer sessions with our coaches to discuss any time to work on the NABC with them as well as various materials to develop a first NABC.
When the initial draft of the NABC is finished, we introduce the students to the various elements we believe need to be improved in order to enhance the creation of value within their project!
The NABC model can be changed as the concept is developed, allowing for the addition of new perspectives and concepts that will increase the project's capacity to generate value. Our coaches are available to discuss with you about these new perspectives and help you maximize their potential.
The support offered by Student Innovation By LiU aims to assist students in the early stages of development in order to enable them concretize their business project. Concretely, before transferring your product to an incubator, we assist you in developing a strong NABC and begin to assess the "readiness level" of your project. We also give you information on several elements that are essential for entrepreneurs, including pricing, market research, and more.
If you are interested by the world of entrepreneurship, if you have an idea or if you want to be part of someone’s else project contact us and we will be glad to help you!