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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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CSUF Business Plan CompetitionBoot Camp
Dr. Atul TeckchandaniFebruary 5, 2014
Agenda
Introduction to the ContestJudging Criteria
Business Concepts:Idea Generation
Competitive Analysis
Business Model
The Team
Contest DetailsSchedule
Guidelines for business concepts
Resources Available
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)
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?
Raffle
Everybody sign in with AdriennePrizes will be awarded throughout the sessionStay to the end – the prizes get more valuable as the session continues
The Story of Starbucks
Generating Business Ideas
Method 1: Observing Trends
Source: Entrepreneurship – Successfully Launching New Ventures (Barringer and Ireland, 2011)
Generating Business Ideas
Method 2: Solving an existing problemNotice a problem and find a way to solve it.
Key source or problems: Complaints / frustrations
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.
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?
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
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?
Starbucks: In the beginning
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)
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).
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.
Tip #2: Know the key players in your industry
Study your key competitors and substitutes
The Starbucks Business Model
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.
The Lean Canvas
1 4
3
8
5
2
67
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
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
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)
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
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)
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
Tip #6: Request a mentor’s help with your business concept paper
Email [email protected] to request a mentor
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
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?
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?
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?
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?
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
Next Steps
Apply for the contestComplete the lean canvas
Spend some time looking at competitors
Write the business concept paper
Good luck!