Presentation on theme: "How To Win the StartUp Cup Business Model Competition! www.uganda.startupcup.com."— Presentation transcript:
How To Win the StartUp Cup Business Model Competition!
Starting A Company Is A Lot Like Making Sausage
Not For Faint of Heart
Never, Ever Give Up!
Business Plans = Static The Business Plan is Dead A well written plan that projects an unknown future with detailed graphs and pretty pictures, generally, focused on raising money Typically not connected to reality of current market conditions
Business Model = Dynamic Long Live the Business Model Supports going to market quickly and testing assumptions Securing customers and generating revenue as fast as possible
The goal for an entrepreneur with a new business concept is to identify a business model, test assumptions, secure customers, and evolve their model as they grow revenue and market share.
What used to take years now takes months Ask, How can I get my product or service to market faster?
What took lots of money now takes less Ask How little money do I need to get my company off the ground? What is the quickest path to generating repeatable revenue?
Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled. Andy Timmons, Harvard University
Def_Business Model A business model describes the rationale of how an organization creates, delivers, and captures value.
Utilize the Business Model Scorecard. Self-Guided Visual Thinking Tool Specifically Designed to Accelerate StartUp Business Model Design
Step I: What is the Value Proposition? How Are You Different? What Need Are You Filling?
Step II: Customer Development Customer Who is your target customer? Everyone is NOT your customer Why will they buy your offering? Product/Service What are you selling? Be specific Market How big is your market? What is the growth potential? Vehicle/Channel How are you going to get your product or service to your customer?
Step III: Revenue Development Revenue How will you generate revenue? How many revenue streams are there? Expenses What will you spend money on? Phone, travel, legal, tech, design, etc. Resources What connections can you leverage? What resources do you need?
Step IV: Team Development Team What talents and skills do you require? Legal, designer, developer, marketing? Promotion Getting your message and story out Internet, events, direct marketing? Sales How are you going to close the deal? How will you turn potential into sales? Funding How are you funding your startup? Friends, family, fools, credit cards?
Step V: Action and Testing
Your Job Remain open to different thinking Look for solutions that increase value Search for ways to accelerate to market Experiment on different ways to create revenue Celebrate successes