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New Venture Opportunity. "Let him that would move the world, first move himself” Socrates. Ian Hardcastle - Zhang Guo – Daniel Caballeros – Nicole Camacho – Kimberly Cafarelli. Recognizing Opportunity: The Key factors that turn a novel Idea into a booming business.
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New Venture Opportunity "Let him that would move the world, first move himself” Socrates Ian Hardcastle- Zhang Guo – Daniel Caballeros – Nicole Camacho – Kimberly Cafarelli
Recognizing Opportunity: The Key factors that turn a novel Idea into a booming business • Good Opportunities address important market needs. • Any Big Problem is a Big Opportunity: No Problem, no solution, no company. • Find a “Long wave”, immutable trend that will last . • Important to match capabilities and interests • Mobilize Resources
Emerging Markets • Innovations in Energy • Information Technology • Bio-Engineering
New Venture Risk • Not all risk can be removable • Entrepreneurs are people that are willing to take risk • Focus on managing risk instead of taking risk • Two types of risk in a new venture: • The risk of the uncertainty surrounding the business • The Market Risk • Operational Model Risk • Financial Model Risk • The risk of what is at stake if the business fail • Opportunity Risk • Financial Risk
Two Types of Risk • External Risk • The risk surrounding the business • Internal Risk • The risk inside the business
External Risk • The Market risk • A large enough market to support the business • Whether the market is growing • What trend exist in the industry • How competition is structure • Distribution of products/services • Operational Model Risk • A business’s internal operation to deliver goods and services to customers effectively • Financial Model Risk • The “number” issue that determines if a business can work or not
Internal Risk • Opportunity Risk • A risk that comes if the business fails and it allows you to do something else with your time and money • Financial Risk • The tangible value that you and the investor lose if the business fails
Marketing a New Venture • Strategic Planning • Rely on subjective assumptions & qualitative marketing research • Interview potential clients & relevant business partners • Information to be collected in order to decrease level of “uncertainty” • Macro environment • Competitive trends • Consumer behavior trend • Partial SWOT
Marketing To-Do’s • Business Model • Branding • Business Website or Webpage • Communication • Public Relations
Business Model • Mission statement • Target audiences
Branding • Develop a logo or company name
Business Websites • “About us” section highlighting the business’s mission statement • Keywords for search optimization
Communication • Send emails or letters to clients, influential third-parties, or customers
Public Relations • Social Media Strategy