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CSUF Business Plan Competition Boot Camp Dr. Atul Teckchandani February 5, 2014

CSUF Business Plan Competition Boot Camp

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CSUF Business Plan Competition Boot Camp. Dr. Atul Teckchandani February 5, 2014. Agenda. Introduction to the Contest Judging Criteria Business Concepts: Idea Generation Competitive Analysis Business Model The Team Contest Details Schedule Guidelines for business concepts - PowerPoint PPT Presentation

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Page 1: CSUF Business Plan Competition Boot Camp

CSUF Business Plan CompetitionBoot Camp

Dr. Atul TeckchandaniFebruary 5, 2014

Page 2: CSUF Business Plan Competition Boot Camp

Agenda

Introduction to the ContestJudging Criteria

Business Concepts:Idea Generation

Competitive Analysis

Business Model

The Team

Contest DetailsSchedule

Guidelines for business concepts

Resources Available

Page 3: CSUF Business Plan Competition Boot Camp

Business Plan Competition

Open to all current CSUF studentsParticipants 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 judgesContest winners receive cash prizes and in-kind services (over $10,000 in prizes to-date)

Page 4: CSUF Business Plan Competition Boot Camp

Judging Criteria

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?

Page 5: CSUF Business Plan Competition Boot Camp

Raffle

Everybody sign in with AdriennePrizes will be awarded throughout the sessionStay to the end – the prizes get more valuable as the session continues

Page 6: CSUF Business Plan Competition Boot Camp

The Story of Starbucks

Page 7: CSUF Business Plan Competition Boot Camp

Generating Business Ideas

Method 1: Observing Trends

Source: Entrepreneurship – Successfully Launching New Ventures (Barringer and Ireland, 2011)

Page 8: CSUF Business Plan Competition Boot Camp

Generating Business Ideas

Method 2: Solving an existing problemNotice a problem and find a way to solve it.

Key source or problems: Complaints / frustrations

Page 9: CSUF Business Plan Competition Boot Camp

Generating Business Ideas

Method 3: Finding gaps in the marketplaceA gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.

Page 10: CSUF Business Plan Competition Boot Camp

How do you know if your idea is an opportunity?

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?

Page 11: CSUF Business Plan Competition Boot Camp

Tip #1: Refine your idea till it becomes an opportunity

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

Page 12: CSUF Business Plan Competition Boot Camp

Let’s talk about your ideas

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?

Page 13: CSUF Business Plan Competition Boot Camp

Starbucks: In the beginning

Page 14: CSUF Business Plan Competition Boot Camp

Competitor Analysis

Goal: A detailed analysis of your firm’s 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)

Page 15: CSUF Business Plan Competition Boot Camp

Performing a Competitor Analysis

Step 1: Identity 5-10 competitorsDirect 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).

Page 16: CSUF Business Plan Competition Boot Camp

Performing a Competitor Analysis

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.

Page 17: CSUF Business Plan Competition Boot Camp

Tip #2: Know the key players in your industry

Study your key competitors and substitutes

Page 18: CSUF Business Plan Competition Boot Camp

The Starbucks Business Model

Page 19: CSUF Business Plan Competition Boot Camp

Business Model

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.

Page 20: CSUF Business Plan Competition Boot Camp

The Lean Canvas

1 4

3

8

5

2

67

Page 21: CSUF Business Plan Competition Boot Camp

Mass Market

Company stores

Pleasant Environment

Quality

IngredientsRent Coffee Drinks

Coffee –related

productsEquipment

Convenience

Consistency

Premium coffee is only available at

home

Unique drinksPersonal

assistance

Creating a sense of

community

Coffee connoisseurs

No “third place”

Italian-style cafes

Employees

Page 22: CSUF Business Plan Competition Boot Camp

Tip #3: Complete the canvas for your opportunity

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/leancanvas.pdf

Page 23: CSUF Business Plan Competition Boot Camp

New Venture Team

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 doesn’t 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)

Page 24: CSUF Business Plan Competition Boot Camp

The Founder(s)

Founders’ qualities that may contribute to venture’s 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

Page 25: CSUF Business Plan Competition Boot Camp

Tip #4: Show why you should be the one pursuing this opportunity

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)

Page 26: CSUF Business Plan Competition Boot Camp

Tip #5: Be honest about the quality of your team

Discuss who is part of the team today and their strengthsDiscuss 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

Page 27: CSUF Business Plan Competition Boot Camp

Tip #6: Request a mentor’s help with your business concept paper

Email [email protected] to request a mentor

Page 28: CSUF Business Plan Competition Boot Camp

Business Plan Contest Schedule

2/21: Competition application closes3/7: Business concept due3/14: Semifinalists announced3/28: Semifinal presentations4/11: Finals presentations and awards ceremony

Page 29: CSUF Business Plan Competition Boot Camp

Business Concept Questionnaire

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 you’re making?

What’s new or different about what you’re making?

What are your different revenue streams?

How much could you make?

Page 30: CSUF Business Plan Competition Boot Camp

Business Concept Questionnaire

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 don’t get?

Page 31: CSUF Business Plan Competition Boot Camp

Business Concept Questionnaire

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?

Page 32: CSUF Business Plan Competition Boot Camp

Business Concept Questionnaire

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?

Page 33: CSUF Business Plan Competition Boot Camp

Resources Available

Center for EntrepreneurshipTravis Lindsay: [email protected]

Adrienne Bailey: [email protected]

Phone: 657-278-4589

CSUF LibrariansBook: Art of the Start, by Guy Kawasaki

Page 34: CSUF Business Plan Competition Boot Camp

Next Steps

Apply for the contestComplete the lean canvas

Spend some time looking at competitors

Write the business concept paper

Good luck!