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Introduction to the Contest Judging Criteria Business Concepts: Idea Generation Competitive Analysis Business Model The Team Contest Details Schedule.

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Presentation on theme: "Introduction to the Contest Judging Criteria Business Concepts: Idea Generation Competitive Analysis Business Model The Team Contest Details Schedule."— Presentation transcript:

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2 Introduction to the Contest Judging Criteria Business Concepts: Idea Generation Competitive Analysis Business Model The Team Contest Details Schedule Guidelines for business concepts Resources Available

3 Open to all current CSUF students Participants will complete a Business Concept questionnaire 21 questions 200 words or less to respond to each question Semifinalists and finalists will present their business opportunity to a panel of judges Contest winners receive cash prizes and in-kind services (over $10,000 in prizes to-date)

4 Overall attractiveness of the product/service the firm intends to offer Is there a customer that really needs or wants your product/service? Can you make money? Can the team assembled execute on the opportunity? What evidence have you gathered to support your assertions?

5 Everybody sign in with Adrienne Prizes will be awarded throughout the session Stay to the end – the prizes get more valuable as the session continues

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7 Method 1: Observing Trends Source: Entrepreneurship – Successfully Launching New Ventures (Barringer and Ireland, 2011)

8 Method 2: Solving an existing problem Notice a problem and find a way to solve it. Key source or problems: Complaints / frustrations

9 Method 3: Finding gaps in the marketplace A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesnt represent a large enough market to be of interest to mainstream retailers or manufacturers.

10 Is it attractive? Does it have sufficient market potential and profitability? Is it timely? Is there a need for this product now or in the near future? Is it durable? Is it based on a temporary fad? Or more? Does it add value for the buyer? Is there a tangible benefit (preferably financial) to the buyer over the alternatives?

11 See if the idea can … … take advantage of trends … solve a problem/frustration … address a gap in the marketplace Solicit feedback from others about the idea Experts that can provide specific information (people with first-hand knowledge of the areas you are interested in) Family and friends Others who will give you candid feedback

12 Do your ideas … … leverage trends in the marketplace? … solve current customer problems or frustrations? … address gaps in the marketplace? Is it an idea or an opportunity? How can it be refined to make it an opportunity?

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14 Goal: A detailed analysis of your firms competitors. Benefits: Understand the positions of your major competitors and the opportunities available. Help clarify and refine your competitive advantage(s). Source: Entrepreneurship – Successfully Launching New Ventures (Barringer and Ireland, 2011)

15 Step 1: Identity 5-10 competitors Direct competitors: businesses offering identical or similar products Indirect competitors: businesses offering close substitute products Another product or service fulfills the same need and offers a better price-for-performance trade-off (at similar usage levels).

16 Step 2: Understand the strategies and behaviors of your competitors. Sample Methods: Study competitors websites Study other Internet sites containing information about customer perceptions of competitors (e.g., Yelp, amazon, etc.). Read industry-related books, magazines, and Web sites. Read recent news related to competitors.

17 Study your key competitors and substitutes

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19 A plan or diagram for how the firm... competes uses its resources structures its relationships interfaces with customers and creates value to sustain itself on the basis of the profits it generates Generally speaking, a business model is all the activities that define how a firm competes in the marketplace.

20 1 4 3 8 5 2 67

21 Mass Market Company stores Pleasant Environment Quality Ingredients Rent Coffee Drinks Coffee – related products Equipment Convenience Consistency Premium coffee is only available at home Unique drinks Personal assistance Creating a sense of community Coffee connoisseurs No third place Italian-style cafes Employees

22 The canvas can serve as an outline to help you answer many of the questions in the Business Concept paper Download copies of the canvas at: http://blog.diotalevi.com.s3.amazonaws.com/leancan vas.pdf http://blog.diotalevi.com.s3.amazonaws.com/leancan vas.pdf

23 The group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm. The team involves more than paid employees. Usually, the team doesnt come together all at once. Instead, it is built as the new firm can afford to hire additional personnel. Source: Entrepreneurship – Successfully Launching New Ventures (Barringer and Ireland, 2011)

24 Founders qualities that may contribute to ventures success: Part of a team (especially one that has worked together before) Prior entrepreneurial experience Relevant industry experience Quality of network and/or ability to develop a strong network of professional contacts Higher education

25 An entrepreneur recognizes an opportunity gap and creates a business to fill it. Are you passionate about this idea? Does it leverage your skills and experiences? Do you have resources at your disposal that can help turn this opportunity into a successful business? (e.g., social networks)

26 Discuss who is part of the team today and their strengths Discuss who else is needed on the team and how you plan to address these needs Think about what are the most critical skills needed to make the venture successful and whether all of them are possessed by current team members

27 Email tlindsay@fullerton.edu to request a mentortlindsay@fullerton.edu

28 2/21: Competition application closes 3/7: Business concept due 3/14: Semifinalists announced 3/28: Semifinal presentations 4/11: Finals presentations and awards ceremony

29 The Opportunity: What is your company going to make or serve? Why did you pick this idea to work on? Who is the target customer? How do you know people need what youre making? Whats new or different about what youre making? What are your different revenue streams? How much could you make?

30 The Industry: What are the substitutes for your product? Who are your competitors? Name two or three of your most important competitors. What do you understand about your business that other companies just dont get?

31 Current Status: If you have already started working on your business, how long have you been working and what progress have you made? Do you have a prototype yet? Have you tested it? Do you have any intellectual property? Do you have an initial working product or service you can sell? If not, when will you? Have you launched your business yet? If so, how many customers do you have? Do you have revenue? If so, how much? If you are launched, what is your monthly growth rate in customers and revenues?

32 The Team: How long have the founders known one another and how did you meet? Have any of the founders not met in person? Do you have any work experience or expertise in this area?

33 Center for Entrepreneurship Travis Lindsay: tlindsay@fullerton.edutlindsay@fullerton.edu Adrienne Bailey: adbailey@fullerton.eduadbailey@fullerton.edu Phone: 657-278-4589 CSUF Librarians Book: Art of the Start, by Guy Kawasaki

34 Apply for the contest Complete the lean canvas Spend some time looking at competitors Write the business concept paper Good luck!


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