Idea assessment- examine a need in the market/ developing solution/ determining ability to make it happen
Business ideas- conducting idea assessment- feasibility assessment- business model- business plan- strategy plan- launch business
5 parameters: Customers/ Offering/ Value proposition (importance)/ Core competencies (originality)/ people (launch)
Feasibility analysis- determining if idea is a viable foundation to create successful business/ is there a sustainable competitive advantage?
Industry/ market analysis: industry attractiveness from macro-environment/ market changes lead into new industry
Global changes in market/ Demographic/ Socio-cultural/ Technological/ Economic/ Political & legal
Porter's Five Forces Model:Focus on Immediate Competition Environment/ Industry More Attractive when:
Rivalry among companies competing in the industry (strongest-dynamic/ competitive market)
large number of competitors (or fewer than 5) not similar in size or capacity
industry is growing at a fast pace/ opportunity to sell differentiated product
Bargaining power of suppliers to the industry (greater leverage of raw materials)
many suppliers sell products to companies in it/ substitute products available for items suppliers provide/ easy to switch suppliers or substitute products
items suppliers provide industry account for small portion of cost of the finished product
Bargaining power of buyers
customers switching costs to competitors or substituting products
large number of buyers/ differentiated products demanded over commodity products from any supplier (pin one company against the other to drive down price)
customers find it difficult to gather info on suppliers costs/ prices/ features
Threat of new entrants to the industry
advantages of absent economies of scale (exist when low average costs with high volume)
low capital requirements to enter/ cost advantages not related to company size
Low brand loyalty in industry/ governments don't restrict new entrants
Threat of substitute products or services
quality substitution products are not readily available/ high cost of switching
substitute products prices are not significantly lower than the industry products
Market Niches (requires adaptability in initial plan/ niches change, go away and grow)
Product/ Service analysis: determines attractiveness to potential customers/ identifies necessary resources
primary research (collecting/ analyzing data) secondary research (gathering data compiled)
customer surveys/ questionnaires/ focus groups/ prototypes
In home trial: observe customers in their homes using products of that company
Windshield research: observe customers interaction with similar business/ seeing preferences
Trade associations and business directories/ industry databases/ demographic and census data
Forecasts interest rates/ market research/ articles/ local data/ internet market research
Financial analysis: determining economic sufficiency to stay afloat
Capital requirements: needs capital to start up business (equipment/ buildings/ technology/ hire/ market products)
Estimated earnings: forecast earning potential/ gives investors expectations for upcoming year
Time out of cash: divide available cash by the operating costs each month
Return on investment: divide estimated earnings by the capital invested
Entrepreneur analysis: how ready is the entrepreneur/ team to launch venture successfully (entrepreneur readiness)
Developing/ testing business model
Customer segments: use demographic/ geographic/ socioeconomics to define target market
Value proposition: collection of products/ satisfy needs over competition (pricing/ features/ quality/ availability)
Customer relationships: not every business has the same level of customer service. competitive edge
Channels: communication (promotion)/ distribution channels (product placement)
Key activities: activities necessary to ensure long term success
Key resources: human/ capital/ intellectual resources needed for the business to be successful
Key partners: suppliers/ partners/ investors/ advisers to make the business model work
Revenue streams: Value proposition brings one site sale/ ongoing fees/ advertising/ or influx of cash
Cost structure: fixed and variable costs necessary to make business work
The four phase process: 1- develop business model 2- test value proposition
3- test with prototype
4- pivot model to expand
business prototyping- test business models on small scale before committing resources to an uncertain venture
minimal viable product- simplest version of product in which to build off of
pivots- making adjustments to business model on basis on customer feedback
Product pivot- may not match customers needs/ unnecessary features for more money is bad
Customer pivot- model targets wrong segment/ market
Revenue model point- deciding on a high margin/ low volume model or the opposite
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