Putting a Business Idea into Practice

Idea Generation

What is the initial step in concept development for a business idea?

Market Validation

What method involves testing the market demand for a product or service through customer feedback?

Surveys

What research method uses structured questionnaires to gather customer feedback?

Interviews

What involves one-on-one or group discussions to understand customer needs and perceptions?

Focus Groups

What technique involves a small group from the target market to provide qualitative insights?

Industry Trends Analysis

What analysis examines market trends and competitor offerings to identify opportunities?

Competitor Analysis

What analysis assesses the strengths, weaknesses, pricing strategies, and market positioning of competitors?

Identifying Target Market

What process involves segmenting the market based on demographics, psychographics, and behavioral factors?

What analysis involves recognizing direct and indirect competitors within the industry?

Competitive Analysis

Pricing Strategies

What involves studying competitor pricing models to determine pricing competitiveness?

Customer Perceptions

What analysis includes assessing customer feedback and sentiments towards competitors?

Business Model

What defines the fundamental approach through which a company generates revenue and sustains its operations?

Subscription-Based.

What type of business model involves customers paying a recurring fee for access over time?

Business Plan

What document serves as a roadmap for the organisation's development and growth?

Executive Summary

What part of the business plan provides an overview of the business concept, goals, and key highlights?

Financial Projections

What part of the business plan includes forecasts of revenue, expenses, cash flow, and profitability?

Capital Requirements

What estimate involves calculating the financial resources needed to start and operate the business?

Angel Investors

What are individuals who invest their own money into startups called?

Venture Capitalists

What are investment firms that provide capital in exchange for equity called?

Corporation

What business structure offers limited liability protection to shareholders?

Limited Liability Company (LLC)

What business structure combines elements of partnerships and corporations, providing limited liability and operational flexibility?

Business Licence

What general licence is required by most local governments to operate a business?

Health Permits.

What permits are required for businesses involved in food service, healthcare, or other health-risk industries?

Zoning Permits

What ensures a business location complies with land use and building codes?

Prototype

What preliminary version of a product is used to validate the concept and gather feedback?

Customer-Centric Design

What term describes aligning product features with customer needs and preferences?

Iterative Improvement

What process involves improving product quality based on real-world usage and feedback?

Brand Identity

What is defining the brand's personality, values, mission, and vision that resonate with the target audience?

Unique Selling Proposition (USP)

What is identifying and communicating what sets the product or service apart from competitors?

Marketing Plan

What comprehensive plan outlines strategies to attract, engage, and retain customers?

Direct Sales

What involves selling directly to customers through online platforms, physical stores, or sales teams?

Operational Plan

What involves defining operational processes and workflows necessary to deliver the product or service efficiently?

Team Building

What is the process of recruiting, hiring, and onboarding skilled employees for executing business operations?

Revenue Forecasting

What is estimating future sales and revenue streams based on market research and customer demand projections?

Cash Flow Forecast

What involves projecting the inflow and outflow of cash over a specific period?

Budgeting and Control.

What is preparing a budget outlining planned expenditures and revenue targets?

Pre-launch Activities

What is the process of building anticipation through teasers, promotional content, and engaging with potential customers before launch?

Marketing Campaigns

What involves executing targeted marketing campaigns to create awareness and drive initial sales?

Geographic Expansion

What is the process of expanding into new geographical markets to reach a broader customer base?

Tracking progress and evaluating success.

What are key performance indicators (KPIs) essential for?

Market Trends Monitoring

What involves monitoring industry trends, consumer behavior shifts, and emerging technologies?

Customer Feedback Analysis

What involves analysing customer feedback to identify pain points and opportunities for enhancement?