Entrepreneurship models: Business Models vs Business Plans

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My presentation for the Innovathens and Colab event for New Entrepreneurship Models about the importance of continual learning and researching about your business idea.

Transcript of Entrepreneurship models: Business Models vs Business Plans

  • 1. Business Models vs Business Plans Dr. PhD in Tourism Marketing Adjunct Lecturer OpenTourism Co-Founder Cvexperts Co-Founder Summer Schools Head of Academic Committee INNOVATHENS 9.5.14

2. 75% of all start-ups fail. Harvard Business School 3. 4$ Billion in cash 12$ Billion worth Facebook shares 3$ Billion ESOP (Employee stock ownership plan) Analysis by C. Mulattieri (2014) 4. Reasons of Acquisition Phenomenal growth, Stronghold in mobile market Facebook was getting old (45% over65years-old) Facebook Messenger was only popular in USA Analysis by C. Mulattieri (2014) 5. old school business . 6. www.thebusinessbootcamp.org Traditional Start-Up Model Post- Start Pre-Start 7. See Steve Blank, Four Steps to the Epiphany New Start-up Model www.thebusinessbootcamp.org 8. business model & business plan business model , , business model (proof of value). business plan , business model. 9. Lean Startup Failing fast and continually learning 2013 Harvard Business School 10. Roots of Lean Mode In 2010, Alexander Osterwalder and Yves Pigneur published Business Model Generation In 2011 Eric Ries published The Lean Startup In 2012 Bob Dorf and Steve Blank summarized what wed learned in a step-by-step handbook called The Startup Owners Manual 11. lean start-up experimentation over elaborate planning customer feedback over intuition - iterative design over traditional big design up front development 12. business model (agile development) (hypothesis) . . 13. BUSINESS MODEL CANVAS 14. ; 15. : 1. / value proposition 2. /customer 3. / infrastructure 4. / profit equation 16. VALUE PROPOSTION ( ) ; ; ; ; ? ; ; ; Customer Segments 17. A value proposition is a hypothesis that your offering will bring certain values to a target customer. * * Like any hypothesis, it needs to be rigorously tested in the lab (read: marketplace) before money is put into scaling. Google Valentines Day 18. 3.0 2.0, 3.0 . , 3.0 , 19. 20. . . 21. One probably think his product idea is this cute 22. But this is what it may look like to his 23. 1. : ; 2. : ; 3. : , , 4. 24. 4 1. (Existing Market) 2. (Resegmenting an Existing Market) 3. (New Market) 4. (Clone Market) 25. 3 1. Business to Business (B to B) 2. Business to Consumer (B to C) 3. Business to Business to Consumer (B to B to C) (Multi-sided Markets) 26. How Much Can I Eat? Target Market Who am I going to sell to in year 1, 2 & 3? How many customers is that? How large is the market be if they all bought? How many units would that be? How Do I Find Out? Talk to potential customers Identify and talk to channel partners Identify and talk to competitors Total Available Market Target Market Served Available Market 27. Evaluating Market Segments Segment Size and Growth Analyze sales, growth rates and expected profitability for various segments. Segment Structural Attractiveness Consider effects of: Competitors, Availability of Substitute Products and, the Power of Buyers & Suppliers. Company Objectives and Resources Company skills & resources relative to the segment(s). Look for Competitive Advantages. 28. Options according to Relevant Position - The General Electric Matrix Source: Bowman C & D.O. Faulkner (1997) Competitive and Corporate Strategy,Irwin:New York 29. ; 30. Marketing myopia: A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the needs of the market 31. Mistake #1 Thinking YOUR PRODUCT more than YOUR MARKET 36 32. Build a better mousetrap, and the world will beat a path to your door Emerson in the late 1800s, and maybe that was true 130 years ago 33. Does the world need sth like that? @Lego 34. 35. ; 36. ? 37. 18,4 15,8 13,2 13,2 10,2 7,1 5,3 18,9 32,6 14,7 3,2 17,9 7,4 3,2 0 5 10 15 20 25 30 35 UK French German Greek Italian Spanish Nederlands % NATIONALITY Results Customers In black Tourism services providers 38. These are destinations tourists Providers market for these tourists Results what that means ? but 39. British quickly mark out their territory, fight off the Germans trying to get to their deckchairs and then get the beers in (*). All restaurants must be made to speak English and must serve English 'cuisine' (if you can call it that). The French tourists are most adventurous less interested in shopping less interactive and social Results what that means ? but (*) Britain's official travel and tourism guide 40. British Female Young (19-39) holds a university degree monthly income exceeds 3.000 euros. French Male Older uneducated Poorer that he really is. Results Outline The REAL Tourist of Olympia The PERCEIVED Tourist of Olympia 41. The REAL Tourist of Olympia 42. The PERCEIVED Tourist of Olympia 43. The PERCEIVED Tourist of Olympia The REAL Tourist of Olympia 44. Value Proposition 45. the bundle of products and services that create value for a specific Customer Segment Value Proposition 46. Value proposition type: Newness Performance Customization Getting the job done Design Price Cost reduction Risk reduction Accessibility Usability 47. 4 Positioning 48. all businesses deliver value in one or a combination of categories of differentiation . Disruptive - usually cost, technology and service 49. 50. Ways to get out of the building Interview your customer: Talk to them in person and on the phone, at least 5 that are fairly representative of your user base. Pitch your customer in person: Take what you learned from step 1 and start testing copy by pitching customers in person. Put your office where your customers are. Throw a party. Talk to experts in the field. Find the decision maker. As for the introduction. Steve Blank 51. Social Media, Mobile Offline & Online 52. Online Webographics , Interaction Sensory / Immersive 53. Startups Market Research Tools Clipular Camera for the web/great research clippings Business Research LaunchPad - start here WaybackMachine archive of web pages from 1996 to today archive.org - digital library of old books, recordings, etc. Private pay for market research firms InfoChimps -data marketplace WindowsAzure Data Marketplace Gartner, Forrestor, Yankee - IT Frost & Sullivan mulitple industries NPD entertainment IMSHealth health care MedMix lifesciences CMR chemical API petroleum industry Datasets Amazon AWS public crawl StartupCompass benchmark your core business metrics Data.UN open United Nations Data DataPortal Open data for the E.U. OpenData.gc Open Canadian data Data.gov.UK Open UK data ChineseGovt - Open China data OpenGovData.ru Open Russian data Statistics Eurostat European Statistics EEA European Environment Agency OECD Stat Extracts United Nations Statistics The World Bank - finance International Monetary Fund - data and stats 54. Startups Open Company Data/Stats/API LendingClub - stats on funding and loans Prosper Prosper funding data/API BBYOpen Best Buy open product data/API EbayOdata Ebay open data/API Yelp Academic Dataset access 250 closest businesses for 30 universities for students Reuters/Thompson API Yahoo data for students/academics Public or University library Resources: Standard & Poors Industry Surveys Encyclopedia of Emerging Industries, Gale Research Encyclopedia of American Industries, Gale Research Encyclopedia of Associations, Gale Research (find Trade Associations) Harris InfoSource Business Directory Lifestyle Market Analyst, SRDS used for collecting psychographic data Market Research Resources Online FindTheCompany - corporate and organization data IOS / Android Market Size - Installed base Crunchbase - tech company/people database Edsurge educational software Facebook demographics - strategy labs Alexa competitive website info SimilarWeb discover traffic for any web site Silicon Valley Bank Analytics Compete see competitive website traffic ChangeDetection know when any web page changes SEC EDGAR research on public U.S. firms MarketReseach.com Retailer of private market research reports ZapData.com Dun & Bradstreet offers free statistical industry data Thomas find any company in any industry BizStats.com free business statistics and financial ratios NVCA venture capital industry data PWC MoneyTree more venture capital data Chemical Industry data FDA News medical device and drug data/news Asymco great market intelligence blog 55. 56. ! 57. ; 58. ! 59. Connect with me: http://piraeus.academia.edu/GeorgiaZouni http://www.slideshare.net/GeorgiaZouni http://marketingeorgia.blogspot.com/ http://twitter.com/georgiazn http://gr.linkedin.com/in/georgiazouni gzouni@gmail.com Georgia Zouni