Business Plan Preparation Choosing Opportunities

1
Business Plan PreparationChoosing
Opportunities

• Frank MoyesLeeds School of BusinessUniversity
  of ColoradoBoulder, Colorado

2
Concept Team Selection Process

• Identify Concept
• Conduct Idea Exercise (download from website)
• Sept 5 email 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

3
Concept Team Selection Process (continued)

• Sept 7 (Friday) 100pm email 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 email 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

4
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

5
Unique/Different
0

• You must differentiate your business its
  already being done by someone
• More than unique product/service design
• Marketing positioning
• Operations process or value chain
• Channels create a new channel

6
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

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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.

8
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

9
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