1 / 10

The University of Dayton Business Plan Competition

The University of Dayton Business Plan Competition. Defining the Problem and Framing it for the Judges. www. UDBPC . com. Entrepreneurs solve problems for people. They identify an opportunity They figure out how to develop a business about that opportunity

yamal
Download Presentation

The University of Dayton Business Plan Competition

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The University of Dayton Business Plan Competition Defining the Problem and Framing it for the Judges www.UDBPC.com

  2. Entrepreneurs solve problems for people • They identify an opportunity • They figure out how to develop a business about that opportunity • They persuade other people to provide resources for the new business

  3. What is an Opportunity?An Opportunity has four elements • Newness (Product/Service/Process) • Potential for profit/benefit/advantage • Legitimized by society and stakeholders • Technical feasibility DEF: An opportunity leads to the development of something new that society will accept, that has potential to be accomplished in a beneficial manner.

  4. What do judges want to see in a problem?

  5. What do Judges want to see? • An idea they “can get” quickly • --It will seem viable more easily. • A problem that needs solving. The bigger/more severe, the better. • A solution to the problem, that is profitable as well. This is the opportunity. What is the business model? • A solution that can be expanded, replicated, scaled, or otherwise rolled out. • This shows growth • What is the key insight to the idea? • It is what makes the idea really work—why it is clever, novel, useful

  6. Identifying the problem

  7. Start with the problem to be solvedThree questions to be asked • Do people know they have a problem? • Do they need education, are they busy trying to solve it, do they seek out solutions, but are dissatisfied? • How important is it to them to be solved? • How many people does it directly affect? Indirectly? • How do people currently solve the problem? • (the answer could be “they live without it”) • List the current solutions, and describe their pros and cons • Don’t start with the solution, or you’ll waste a lot of time.

  8. Utility and problems • Many problems are really about the hassle of having to make trade-offs • The next slide categorizes three common trade-offs: time, space, money.

  9. People with MORE Time: Will DIY Will sell their place in line Will wait for a bargain Space Will buy in bulk Will not pay a premium Money Will pay for premium brand Will not wait—want it now Will pay for assembly Will pay for customization People with LESS Time: will seek shorter products Will pay a premium Will pay to jump the queue Space Will accept less features Might pay a premium Money Will accept less features Will wait Will DIY Will accept more commodity Time/space/cost: Going high and low

  10. What constraints exist? What types are they? • Legal • Financial • Cultural • Technical • Tradition • Each of the above can drive the three trade-offs

More Related