In one of the most rewarding and dynamic projects of my academic journey so far, my classmates and I took on a challenge that mirrored the high-stakes environment of Dragons’ Den. Tasked with crafting a business idea from the ground up, we didn’t just brainstorm we built a brand, shaped a strategy, and pitched it as if it were going live.
We anchored our work around two foundational tools: the Lean Canvas and the Value Proposition Canvas. These frameworks helped us distil our business idea into its core components clearly defining the problem we aimed to solve, the solution we proposed, and the unique selling proposition that would set us apart. We also dove into market research, sizing up the opportunity and ensuring our concept aligned with real-world demand.
From Frameworks to Foundations
Beyond the canvases, we explored the deeper psychological and practical needs of our audience. We mapped out:
- Customer pains and gains
- Customer jobs
- A well-rounded persona representing our ideal user
These insights helped us refine both our messaging and product direction. Understanding not just what our customer wanted, but why, proved to be a crucial step.
Strategy, Structure, and Scalability
To ensure our business idea was viable and scalable, I analyzed our strategy through several key frameworks:
- Porter’s Five Forces (to examine industry competitiveness)
- Resource-Based View (RBV) (to assess internal capabilities)
- SWOT Analysis (to identify strengths, weaknesses, opportunities, and threats)
- Blue Ocean Strategy (to find whitespace in the market)
Each model gave us a different lens to evaluate the strength of our idea and refine our path forward. It was about much more than having a great product it was about building a sustainable, differentiated business in a crowded market.
Our group applied Porter’s Five Forces to assess Slick N Stick’s competitive landscape and market potential. We examined the threat of new entrants in the beauty industry, the bargaining power of suppliers for clean, sustainable ingredients, and the rivalry among existing competitors offering single-function haircare products. This helped us identify key areas where Slick N Stick could differentiate and defend its market position.
We used the Resource-Based View (RBV) to evaluate Slick N Stick’s internal strengths, focusing on resources that offer a competitive edge. Our hero product’s innovative design, clean formulation, and strong branding were identified as valuable, rare, and hard to imitate key traits that support sustained competitive advantage in the beauty market.
We applied a SWOT analysis to assess Slick N Stick’s strategic position. Strengths included our multifunctional, portable product design and early influencer traction. Weaknesses involved limited brand recognition and early-stage operations. Opportunities were seen in the growing demand for clean, on-the-go beauty solutions and international expansion. Threats included established competitors and market saturation in the beauty industry.
Blue ocean Strategy was applied to the business concept we analyse the marketed and discussed what type of market it is and acknowledge it was what is known as a red ocean.
Lessons That Last
What stood out most in this project was how it combined creativity with critical thinking. It pushed me to move from theory to action and gave me real insight into the world of entrepreneurship. The process showed how rigorous planning, sharp storytelling, and data-informed decisions can turn an idea into a compelling pitch.
I’m excited to carry these frameworks and lessons into future projects, knowing they’ve given me a deeper understanding of not just how to build a business but how to tell its story powerfully.
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