personal assessment to start a business 1.2 © 2004 ewing marion kauffman foundation control my...
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Personal Assessment to start a business
1.2 © 2004 Ewing Marion Kauffman Foundation
• Control my destiny
• Accommodate my personal values
• Engage in activities I want to do
“Buying a job”
• Life style
• Growth business
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Business assessment: Bright Horizons
Is the market big enough?
Is it profitable enough?
Is it the right team?
Does it requires outside investment?
What is the exit strategy?
Why was it worthy?
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Bright Horizons: Why was it worthy? Industry Bright Horizons No investment - + Recognized, established market + + Perceived need for product + + Dependable source of input supply - + No governmental regulation - + No labor - - 100 percent gross margin - - Buyers purchase frequently - + Favorable tax treatment Receptive, established distribution system
+ -
Great news value - + Customers pay in advance - + No product- or service-liability risk - - No product obsolescence + + No competition - + No fashion obsolescence No physical perishability Impervious to weather Workable and feasible product/service Proprietary rights - + Continuous revenue flow - + No legal entanglements - - Exit potential - +
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Focus group on Business Concept
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Business concept
Gilbert International
A hairdressing salon also offering skin care and massage services (WRONG)
A moderately prized beauty care salon offering high quality hair, skin, and fashionable jewelry and complements. Located in an easy access close to home location.
9.1 © 2004 Ewing Marion Kauffman Foundation
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Characteristics of the Ideal Business• No investment
• Recognized, established market
• Perceived need for product
• Dependable source of input supply
• No governmental regulation
• No labor
• 100 percent gross margin
• Buyers purchase frequently
• Favorable tax treatment
• Receptive, established distribution system
• Great news value
10.2 © 2004 Ewing Marion Kauffman Foundation
• Customers pay in advance
• No product- or service-liability risk
• No product obsolescence
• No competition
• No fashion obsolescence
• No physical perishability
• Impervious to weather
• Workable and feasible product/service
• Proprietary rights
• Continuous revenue flow
• No legal entanglements
• Exit potential
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Business Concept: Kimo’s Katering
What triggered the idea to expand the offerings of kimo’s katering?
Why did the idea present a business opportunity?
What other opportunities exist for kimo’s to expand and growth its
business?
Think of your current jobs. Can you identify a problem in the
business operations? What are some possible solutions to that
problem? If you were to start a business implement one or more of
these solutions, would your business have a competitive
advantage?
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Burt Bees
What do we know about its growth path form the case?
What do we know about what makes them unique and their market positioning?
What is easier, cheaper selling to businesses or selling to individuals?
Why go retail?
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Business model
Making something that satisfies an unmet need (PRODUCT & ENOUGH
MARKET)
CLEAR WAY OF REACHING CUSTOMERS (DISTRIBUTION): Sometimes easier to reach businesses than individuals
Profits are important because they tell you whether the business concept works (CLEAR COSTS: BOTH INVESTMENT AND OPERATING)