Question

In this week 2 you are asked to use all of your entrepreneurial visionary passion to think/create a product or service that you believe is/will be needed as a result of inevitable societal changes brought about by the COVID-19 pandemic. Remember, no idea is too far-fetched. Think about the Wright brothers positing the notion of humans flying. They began with an idea coupled with the principles of Lift, Thrust and Drag and humans have been flying ever since.

When the Wright brothers began engineering their aircraft they may have envisioned the jet liners of today carrying hundreds of passengers, at high speeds, from one place to another, but they did not initially build a multi-passenger aircraft. Rather they built a basic flying structure that would accommodate only the pilot.

There are not many steadfast rules in entrepreneurship however, one that you should adhere to as you think about the product or service. and keep it simple. There are many dangers in creating the ultimate product first. To begin with it is costly. Additionally, without market research you don’t know if all the bells and whistles are needed or wanted by customers. If all the extras do not add value to the customer they will not pay for them. The result is that you have spent money needlessly. This situation burns investment capital very quickly. If there are little sales, new investment capital will be difficult if not impossible to attract and the startup will fold.    

So, start with a basic stripped down model for your product or service, even though you may have a huge vision for it. I look forward to seeing your ideas. REMEMBER NO IDEA IS TOO FAR-FETCHED!!     

Answer 1

Airports and various points on road travell should start building basic infrastructure of health checkups before travelling. It would be costly for the airlines, government and for the people travelling over the globe, however the cost would be much less than the cost the world is incurring right now due to the pandemic. If the source of problem is solved, there would be no further issues.

I would focus on preparing and inventing immunity building product as people have relaised the value of health in this pandemic. After all health is wealth. Lot of market research would be involved along with capital, however it will be helpful in the long term.