Business Plan Preparation Choosing Opportunities Frank Moyes Leeds School of Business University of Colorado Boulder, Colorado 1
Concept & Team Selection Process Identify Concept Conduct Idea Exercise (download from website) Sept 5 resume to instructor as Word attachment Must have your name & “Resume” on file name Sept 5 discuss your concept in class Use Business Concept Description as a framework for explaining your concept 2
Concept & Team Selection Process (continued) Sept 7 (Friday) 1:00pm Business Concept Description as a Word attachment to instructor Must have your name & concept name in file name and on the attachment Sept 10 (Monday) Instructor to all students which concepts with the greatest potential that have been selected Sept 12 Students whose idea are selected will form a teams of four in class 3
Concept Description Brief description Why is there an opportunity/need? Problem you are solving Trends What is the product/service? What is unique How will it be produced or delivered? Who is the target market? Demographics & psychographics Industry, company size 4
Unique/Different You must differentiate your business – it’s already being done by someone More than unique product/service design Marketing – positioning Operations – process or value chain Channels – create a new channel 5
Concept Description (continued) What are the benefits to the target market? Features are not benefits Who is the competition? Your competitive advantage Profitability Revenue model Contribution margins 6
Benefits Emotional: ambition, power, independence, achievement, ambition, pride of ownership, comfort, love, friendship, security, style, self improvement, etc. Social: status, image, popularity with friends or family members, reputation of brand, personal relationships, style, fashionable, etc. Health: stress, fitness, mental capacity, strength, sex life, quality of life, muse, etc. Financial: revenue, costs, savings, productivity, pricing, profitability, market share, save time, productivity, etc. 7
Concept Description Brief description Why is there an opportunity/need? What is the product/service? Who is the target market? What are the benefits to the target market? Who is the competition? Your competitive advantage. Profitability 8
Next Week Select teams Read Writing a Successful Business Plan from my website Importance of validation Interviews and Call Reports Market research – Gene Hayworth, Leeds School Librarian. Session in Library classroom 9