the start-up process | Quizlet

To come up with an idea for a new business you don't always need to

innovate, you can:

• Simplify an existing product.

• Take a product from one market and adapt it to another market.

• Change materials used in a product to make it less expensive to produce.

• Take a product with multiple features and spin off one feature.

• Combine two or more products into one product.

• Add new services that are either missing or deficient in the current

market.

When evaluating a market opportunity, marketplace research is needed.

There are two types of research:

• Quantitative research and evaluation—the balance of numbers.

• Qualitative research and evaluation—satisfaction to humans.

Quantitative research and evaluation

the balance of numbers.

Qualitative research and evaluation

satisfaction to humans

Before you launch a business, you must do your research to gain insight into the business and market.

1. Read about business (in general) and your prospective business.

2. Talk to knowledgeable people.

3. Get experience.

What is a Business Plan?

A business plan is a document that outlines a proposed firm's goals, the methods for achieving them, and the standards for measuring success.

There are two important reasons for writing a business plan:

• To help you obtain financing.

• To help you think through important details.

Some experts think a business plan is not necessary if:

• You need to act fast.

• You can get financing without it.

• You need to protect your key strategic and competitive information.

Analyze Potential Competition

By conducting competitive evaluations, an entrepreneur can:

• Minimize risk.

• Refine strategies.

• Potentially turn the competition into a strategic partner.

A comprehensive business plans includes these seven components:

• Executive Summary.

• Introduction.

• Marketing.

• Manufacturing.

• Management.

• Legal.

• Financing.

a pitch deck typically contains 12 components

Intro

Meet the team

problem

your solution

product differentiation

the product

traction

market

competition

your business model

intestment

contact info

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