Developing a Business Idea

The key objective of this project is to offer You a learning opportunity in understanding how to develop one’s business idea and pivot it towards the market consumer needs. In this project, You will develop the business idea into an initial business plan, interview and receive feedback from potential customers, and practice pivoting the business plan according to what they have learned from the customers. you will present the learning progress and final business plan to the class.General Points/Guidelines● The key objective of this project is to offer You a learning opportunity in understanding how to develop one’s business idea and pivot it towards the market consumer needs.● Delivery format: Detailed Business Pitch Presentation (~20 minutes + Q&A).● There are three key steps that You need to take to complete this project:1. Idea generation:In this step, You will develop the description of an offering, identify customers, and design the development of the prototype and initial business model.Description of Offering:You will summarize the key customer value proposition (CVP), which describes exactly what products or services the business offers and sells to customers. Specifically, the value of the business as a product or service to the market. You should justify why the new CVP is better than current offerings and how the CVP can benefit the market customers long-term.Identify CustomerYou should describe the types of customers that they are looking to deliver the offering to, the action plan on how to reach the target market, and the plan to maintain relationships with the market. You should have a clear definition of the market segment they are looking to address and describe the general background of the market segment, why they choose this segment, who are the potential clients, and the plan to reach the clients in the market segment. Additionally, You should try to describe or quantify the market segment, what is the potential market for them, how much is the potential client willing to pay.Design of the prototype and business modelYou should provide a detailed description of what is the porotype, how does it work and what are the key functionality of the prototype. Subsequently, You will outline the initial business model, which includes the initial CVP, the profit model, the channel where You want to recruit customers and the key resources (i.e. money, skills, etc.) they need to deliver the business model.2. Consumer researchThe key goal of the consumer focus research is to realize the wrongful assumption that an entrepreneur has for his/her consumers. This step is where entrepreneurs find out which part of the business matters to customers, and which part does not. In this step, You should outline the research design (i.e., interview format: open en), provide rationality for each mechanism of the design (i.e., groups versus individual), the background of your participants, and the key takeaways from the study. You will summarize the key findings, then support the findings using both quantitative analysis (numbers, charts, frequencies, or averages) and qualitative analysis (quotes from participants, etc.).Pivoited Business Model and Financial ViabilityThe goal of this step is to describe the process of pivoting the business model and demonstrate the model’s financial viability.Pivoted Business ModelBased on what You have found in the experiment, propose a pivoted business model that are fully developed and perhaps counterintuitive. If the You feel that no change is required for the original business model, provide proper justification for why. You have to demonstrate a clear link between the data and suggested changes, and those changes are logical in light of what was conveyed in the other section of the paper.Financial ViabilityYou will first analyze and outline physical resources and relationships (so all non- financial resources) that they must have in order to deliver the CVP. In this case, You might include prototype development, manufacturing, enlisting designers, suppliers, and distributors to support the creation, promotion, and sales of the product or service.Subsequently, You will describe the revenue channel: how will the firm make money given the cost structures of the resources and processes? You should address who will buy (based on the customers) and how much they will pay. Additionally, You should specify the rudimentary pricing and revenue model for the offering (specified in the CVP section). On the other side of the coin, You will also outline the cost structure, the fixed and variable costs that a business incurs. In this project, You will list the top five expenses the firm will incur just to get the product to market (to make the first sale).Portfolio BEntrepreneurial InterviewThe general format is:1. Tell me who the person is and the business2. Tell me about your interview: your questions, the perspectives, attitudes, and demeanor3. Explain how you are going to incorporate your new-found insight4. What your biggest take-aways are from the interviewHere are some questions to get you started. Ask as many of these questions as you can, but feel free to add your own. These questions should give you an excellent interview:1. What makes you successful? Why do you believe that?2. Did you become successful on your own, or did you have help? Who helped you and how did they help?3. There’s a saying that it’s always darkest before the light. Did things ever become so difficult that you were going to give up? What happened and what did you do? Was there a defining action that cause the break through?4. What do you like and not like about success?5. What habits and characteristics should I develop to become successful?6. Did you have to sacrifice anything for your success? What did you sacrifice? Do you regret sacrificing it?7. Would you have done things differently? If so, what and why?8. How long did it take you to become successful?9. Did you notice that you went through stages of development on your path to success? What were they?10. Did success come all at once or was it gradual?11. What advice would you give to a budding entrepreneur (me)?12. Besides hard work, what other advice would you give?13. Why did you choose this business?4. Tell me how you became an entrepreneur?15. What’s the difference between you and your competitors?16. What was the hardest lesson you learned as an entrepreneur?17. What are your goals, both personally and in your business?