Entrepreneurship Boot Camp Concept Development

1. Entrepreneurship Boot Camp Concept Development

2. This is the simplest and most complex part of Entre • Going from Ideas to testable structures • When people ask for my opinion, they usually start by asking:, “how do you like my idea” • My options: Lie: I love it!!!! Ignore: Nice (with a smile) • My challenge: If I tell them something, good or bad, they change their idea

3. From Idea to Concept • What is a concept? • The clear articulation of • a customer (the person that pays you), • a means of reaching, educating and delivering to that customer (distribution channels) • and the benefit (not to be confused with features) the customer wants you to delivered.

4. What is a concept? • The clear articulation of a customer (the person that pays you), a means of reaching that customer (distribution channels) and the benefit (not to be confused with features) to be delivered.

5. Concept – Articulation of a customer, a means of reaching that customer and then delivering their benefit need. Channel Benefit Customer E Money Business Model Business Model – the actual transactions model(s) that creates the revenue

6. Concept Grid InAction? • Using your knowledge of the industry and your talking to strangers, prepare a Working Concept Grid listing: • Each potential customer • All potential distribution channels • The benefits each wishes to receive • List at least two business models

7. Concept – Articulation of a customer, a means of reaching that customer and then delivering their benefit need. Customer Channels Benefit

8. Tom O’Malia Orfalea Chair for Entrepreneurial Studies 213.821.0917 tom.omalia@marshall.usc.edu Lloyd Greif Center Marshall School of Business University of Southern California Bridge Hall One Los Angeles, CA 90089-0801

9. Vet Select Concept Statement Long Form The Business – Vet Select is a group purchasing organization which serves veterinary members by combining their purchases to increase buying clout through existing veterinary distributors & manufactures to provide discounted pricing on vet products & supplies to its members. Customers - V-S members will be independently owned, small/solo veterinary clinics throughout the U.S., but rolled out initially in So. California. Benefits - The primary benefit to V-S members is increased profitability which will allow them to maintain ownership of their practice by being more competitive with mega-veterinary practices Channels - Members will purchase products through V-S, but be shipped and billed by contract distributors & manufacturers at negotiated/discounted prices. V-S will not take possession of inventory. Lifetime memberships will be solicited via direct selling, direct mail, telemarketing, presence at professional associations and meetings, symposia exhibits and advertising in veterinary journals to the approximately 15,000 solo and small vet clinics in the U.S. Revenue model - There are no membership fees. Contract distributors & manufacturers pays a 2% administrative fee based on total purchases through V-S.

10. Concept Statement Short Form VetSelect is a group purchasing organization that provides products & services for small & solo veterinary practices in Southern California. VS will increase the buying clout of these vets to lower their costs and improve their profitability to allow them to compete with emerging “mega-vet” practices. Members will purchase products through VS, which will be shipped and billed at negotiated prices by participating manufactures and distributors. VS will receive a 2% administrative fees for all products purchased. Test – Delivered verbally in <30 seconds