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Chapter 3

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beth carroll

on 26 January 2016

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Transcript of Chapter 3

Talk about your ideas to others and get feedback


prevent yourself from wasting money and time on a bad idea

“Many of life’s failures
are men who did not realize
how close they were to success
when they gave up”

Thomas A. Edison.
Confidential Disclosure Agreement
In consideration of the disclosure by (YOU) of confidential information relating to (YOUR) proprietary (DESCRIBE) products, customers, business practices and/or development techniques, including but not limited to, the writings which describe the product, the symbol of the product, process training templates, and other information (DESCRIBE THE TRULY PROPRIETARY ELEMENTS) relating to the product (“confidential information”), the undersigned agrees that such confidential information is a proprietary product of (YOU) and that such disclosure is made and received in confidence; that the undersigned will make no use of the confidential information except for purposes of considering a business agreement between (YOU) and himself (themselves). The undersigned will maintain the confidential information in secrecy and will not publish or reveal it to any third party without the specific written approval of (YOU) (which may be withheld by (YOU) in his sole discretion) and that the confidential information shall be disclosed by the undersigned only on a need-to-know basis to its agents or employees, who shall be made aware of and be bound by this confidentiality agreement. All confidential information in tangible form together with all copies made thereof shall be returned promptly to (YOU) at (YOUR) request. The undersigned expressly agrees that breach of this agreement would result in irreparable injuries to (YOU), and that (YOUR) remedies at law for any breach or threat of breach by the undersigned of the provisions of this agreement will be inadequate, and that (YOU) shall be entitled to an injunction or injunctions (and temporary restraining orders and preliminary injunctions, as the case may be) to prevent breaches or threatened breaches of this agreement and to enforce specifically the terms and provisions thereof, in addition to any other remedy to which (YOU) may be entitled at law or equity.
Company Name____________________________
Employee Name (printed)____________________
Employee Signature ________________________



NON DISCLOSURE AGREEMENTS Are Documents that Specify That We Are Disclosing Confidential Information and The Reader Agrees To Keep This Information Confidential..
Find out what
your customer wants!
First part of Feasibility Analysis
Entrepreneurs must passionately believe in their ideas and have a ceaseless drive to make them successful.

But, sometimes an idea doesn’t succeed, no matter how passionate and driven its’ creator.
Bulletball
http://www.youtube.com/watch?v=WOOw2yWMSfk
Kauffman sketchbook
Take the leap

http://youtu.be/qpEMiqvahCw



"Even kids cannot stand life unless they have a drink,"
Target Market Attracted?
http://www.people.com/people/archive/article/0,,20084675,00.html
HOP SCOTCH
Industry attractiveness
Secondary Research to determine
3-*
3-*
Is there Demand for your Product ?

Administer a Buying Intentions Survey
using your concept statement
.
3-*
Administer a Concept Test
A concept statement should be developed
(p.80 in your text. This is part of your assignment due Thurs. February 18th

A concept statement is a one page description
of a business.

It is used to survey people who are asked to provide feedback on the potential of the business idea.

The feedback will hopefully provide the entrepreneur
A sense of how people feel about the idea
Suggestions for how the idea can be strengthened or “tweaked” before proceeding further.
Primary research
to conduct product feasibility
3-*

1974
a variety of fruits, vegetables and other entrees packaged in glass jars; targeted to college students and adults living on their own.
Gerber Singles
Timing of Feasibility Analysis

The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business.


Do this before you write your business plan.





Screen your ideas
before a lot of time
and money is spent on them
When To Conduct a Feasibility Analysis
3-*
2-*
Financial Performance of Similar Businesses

There are many reports available at Parrish Library , for free, offering detailed industry trend analysis and reports on thousands of individual firms.

Simple observational research can be conducted.
Financial Performance of Similar Businesses
3-*

Target Market Attractiveness

Find a market that’s large enough for the proposed business but small enough to avoid attracting larger competitors.

Make sure that all of your customer segments will participate in your idea
Target Market Attractiveness
3-*
Industry Attractiveness
Buying Intentions Survey

Consists of a concept statement with a
short survey attached to gauge customer interest
.

Internet sites like make administering a buying intentions survey easy and affordable.


See Pg. 80 in your book

at least:
25 completed surveys per team
3-*
A budget should be prepared that lists all the anticipated costs of starting the business.
What might these costs include?

How long will it take you before you begin making a profit?

Realistic forecasts of income and expenses: How do you forecast income and expenses with a reasonable degree of certainty?


Determine if the proposed venture is worth pursuing given the total start-up cash needed.
Total Start-Up Cash Needed
3-*
One of the most important factors is:
The
passion
and the
talent
that the solo entrepreneur or the founding team has for the business.
Organizational Feasibility
Management Prowess
3-*
One of the most effective
things an entrepreneur
can do is hit the streets and talk to
potential customers.
Concept Statement example
Pg. 80 in your book
Product/Service Feasibility
3-*
Be sure that the product or service is what your targeted customers want.

Does it appeal to enough customers for it to have profit potential?

What is your Value Proposition?
Does it add value to a customers life?
Purpose
Product/Service Feasibility Analysis
3-*
Role of feasibility analysis in developing business ideas.
Feasibility Analysis
3-*
1. Determine whether a business idea has potential for success.

2. Financially, is the idea worth pursuing and how much money will you need to get to success?
Purpose of a Feasibility Analysis?
3-*

http://www.youtube.com/watch?v=bXWazWfG3k8
3-*
Does it make sense? Is it appealing? Is it something consumers will get excited about?

Does it take advantage of a market trend, solve a problem, or fill a gap in the marketplace?

Is this the right time to introduce the product or service to the market?
Product/Service Desirability
15-*
Overall Financial
Attractiveness of the
Proposed Venture
Financial Performance of
Similar Businesses
Total Start-Up Cash
Needed
Components of financial
feasibility analysis
Financial Feasibility Analysis
3-*
Is the final component of a
comprehensive feasibility analysis.

A preliminary financial assessment
is sufficient.
Purpose
Financial Feasibility Analysis
Financial Feasibility Analysis
3-*
Protecting Ideas
Is your idea
something consumers will buy?
Think Gum
After the primary research is complete, the second thing an entrepreneur should do is:
Industry
and
Financial
Feasibility
“The reason so few Companies are successful
is that most people don’t have a lot of common sense about what will sell and what won’t”

Jim Clark
Co-founder Netscape
CONCEPT STATEMENT
Putting it all together
Financial Feasibility
For Tuesday:
Ch 4 and Ch 6 Quizzes
Concept Statement, survey results and 2 pages summarizing what you learned from your surveys
http://shipyourenemiesglitter.com/

https://www.yahoo.com/makers/glitter-bomb-your-enemies-creator-cashes-out-for-108946428125.html
x/274105/the-short-lived-brilliance-of-batter-blaster/
No class on Monday!
Everyone get on survey Monkey
and let's work on our surveys
Who will buy your product?
Quiz 4 due on Thursday
Singles Today
What is
value
to a customer?
Full transcript