Industries
What is an industry?
A category of businesses that sell similar products/services or work in a similar market.
What is a target customer?
The specific group of people most likely to need, use, or buy a product or service.
What is the difference between a feature and a benefit?
A feature is what the product has or does. A benefit is why that feature matters to the customer.
s this a problem or preference? “I wish my backpack came in a cooler color.”
Preference.
Complete the opportunity statement formula: “[Customer] needs a better way to _____ because _____.”
Customer] needs a better way to [solve a problem] because [why the problem matters].
A company sells custom sneakers and sportswear. Which industry could this fit?
Sports, fashion, or both. Some businesses can fit more than one industry.
Why is “everyone” usually NOT a strong target customer?
It is too broad. A business needs to know exactly who has the problem and what they need.
a backpack has padded straps. What is the benefit?
It is more comfortable to carry and can reduce shoulder pain
Is this a problem or preference? “The lunch line takes so long that students have little time to eat.”
Problem.
Turn this complaint into a How Might We question: “Students forget chargers.”
How might we help students remember or access chargers when they need them?
Name THREE industries we explored in Junior Shark Tank.
food & beverage, fashion, sports, technology, entertainment, education, beauty, gaming, pets, travel, home products, school products, services, social impact.
Who could be the target customer for a lunch box that keeps food cold all day?
Students, parents packing lunches, athletes, or people who bring food from home.
“Made of waterproof material” is a feature or a benefit?
Feature.
Is this a problem or preference? “I wish my pencil case had glitter.” Explain.
Mostly a preference. It may be fun, but it does not solve a clear need
Write an opportunity statement for this problem: sports equipment gets mixed up after practice.
Student athletes need a better way to organize equipment because items often get lost or mixed up after practice.
A tutoring app helps students practice math after school. Which industries could it fit?
Education and technology.
Name THREE details you can include in a customer profile.
age, habits, needs, interests, routines, frustrations, budget, where they use the product
Turn this feature into a benefit: “The app sends homework reminders.”
It helps students remember assignments and avoid missing deadlines.
What makes a problem strong enough to become a business opportunity?
It affects a specific group, happens often, is frustrating, and people care enough to want a solution.
Name TWO questions from the Opportunity Filter.
How many people experience it? How frustrating is it? How often does it happen? Is a solution realistic?
Why can the same product sometimes fit more than one industry?
Because one product can serve different uses or customers. Example: a water bottle could be school products, sports, home products, or travel.
Why should entrepreneurs understand the customer before building the product?
So the solution actually fits the customer’s needs, pain points, habits, and reasons to buy.
Why do the Sharks care about benefits more than only features?
Benefits explain why the customer wants the product and why they might pay for it.
Cool idea: shoes with flashing lights. Turn it into a real opportunity.
visibility lights for runners or cyclists who exercise at night so drivers can see them.
mprove this raw idea so it solves a problem: “A pencil that changes color every five minutes.”
A pencil that changes color to remind students to take study breaks, organize notes, or track time during tests.