Strategizing for the success of new enterprises

1. Strategizing for the success of new enterprises • Why some new businesses fail? Well it could be -------------------------------------- Or it could be -----------------------------------------

2. But then as the saying goes “You fail to --------and you plan to -----------” And so it is essential to have one of these. Sorry, I meant to say to have --------------------

3. But for some of us planning is still not rewarding enough, or so they argue. Why? Well because its rewards are not----------------------------------- but rather-------------------------- And because they have never thought of these: Well! They should.

4. And so for the success of any enterprise activity planning is important • It simply means preventing rights from becoming wrongs. Wrongs are bad cogs for the spinning of the wheel of success. Right---------------------------- Right------------------------ Right------------------------ Right-------------------------- And when rights become wrongs then you have made sure that----------- -------------------. After all that what planning is all about.

5. But how can we plan for what we haven’t researched? • Well the answer is : let’s------------------------- Because simply we can’t assume that people will be automatically interested in the products or services we offer. • And so with Market Research in place we can identify our--------------------, how much they ------------------------------------- and who ---------------------

6. In other words you will be able to get more familiar with the market • You’ll be able to determine what market------------------------------------- ,what-----------------do you have, who are your-------, what’s your business---------- and whether the market will--------------------------------------------------------- . • Lots of questions. True; and answering them would need ample research. But we can’t do without.

7. Let’s start with “What are the current market trends?” • Answering this will help you to identify how the market -----------------------------------------------------------------------------. • It simply helps to tell us which products------------------------------------------ • Meeting the needs of the industry or market is the cornerstone of any enterprise success.

8. Market trends are closely linked to customers expectations and hence “What does it take to satisfy customers?” • Actually customers expectations and feedback could help---------------------------------- • Having customers profiles could help------------------------------------------------------ • To build good customer profiles we need to answer some WH questions • What-----------? When---------------? How--------? Why---------------? Where------------------?

9. Equally important is the question “What are the types of customers who we are trying to satisfy?” • The financier/purchaser: He/she is the type of customer who cares a lot about price and so naturally he is aware of -----------------------------------------------------------------------To target this type business owners in this case should ---------------------------------------------------------------------------------------- • The influencer/expert: It is that type of customers who happens to know a lot about the features of a product and for whom price -------------------------------------------------------------------. He also ---------------------------------------------. To target this type business owners should-----------------------------------------------------------------------------------------------

10. Types of customers continued. • End user: It is that type of customer who is interested in the use of the product or service in other words what the product/service ----------------------------------------------------------------------To target this type business owners should--------------------------------------------------------------------------------------------------------------------------------. • You can easily identify them from the pictures

11. But then your prospective customers could be doing well with your current competitors and so “ How can you win them over?” • Knowing your competitors is knowing --------------------, --------------------, -----------------, and -------------------------------their products. • Knowing what is being offered on the market by competitors will be of key importance in deciding how to ---------------------------------------------------------------------------- It is this product placement that will help differentiate your product from others’ and this is how market research is exploited to the fullest.

12. Part and parcel of the success of any enterprise is the financial aspect, the most important of which is the cash flow forecast • It is all about prediction; true! But it is prediction worked out with reasonable degree of certainty. • It is simply about predicting whether ---------------------------------------------------------------------------------------------------------------------------------------- • In other words it is to say whether a project will be ------------------------------------------------