Entrepreneurship: Incubation Stages, Business Model Canvas & Branding

What defines a business's identity in the incubation stage?

It includes how the business wants to be perceived, the origin story of the idea, the vision connected to the product, and the value the product provides.

What are the key components of a business concept or model?

Business scope, business model, and initial product sketch.

What is the purpose of planning and research in the incubation process?

To identify the market through customer insights, improve the product, prepare for start-up with a budget, and establish the best version of the product through prototyping.

What characteristics should a business name have?

It should align with the business identity, be memorable, relevant, simple, legally sound, and easy to pronounce and spell.

What is the difference between a vision and a mission in a business context?

Vision is the long-term aspiration (e.g., becoming a market leader), while mission describes how to achieve that vision (e.g., delivering convenience via quality goods).

What are core values in a business?

3-5 principles that guide the business, such as Trust, Community, and Affordability.

What does the Business Model Canvas summarize?

It summarizes a company's core strategies for profitability and how it plans to create value for customers.

What is a value proposition?

A unique offer to customers that differentiates the business from competitors.

What are key activities in a business model?

Crucial business activities that are essential for operations and profitability.

What are key resources in a business model?

Internal assets needed to perform key activities, including physical resources.

What role do key partners play in a business model?

They are external networks and partnerships necessary for the business to operate.

How is cost structure defined in a business model?

It includes explicit measurable costs and implicit non-measurable costs or losses in operating the business.

What are customer segments?

Groups of prospective customers sharing similar characteristics such as demographics, psychographics, geographics, and technographics.

What types of customer relationships can a business establish?

Transactional, emotional, community-based, and value-added relationships.

What are the channels in a business model?

Ways the company interacts with customers, including advertising, purchasing experiences, feedback, and contact methods.

What are revenue streams in a business model?

Specifies the explicit and implicit value the brand receives from customers, including payments and recommendations.

What is branding?

The process by which a company and its products become associated with a set of values and aspirations.

What is brand identity?

The visual expression of consumer perceptions and associations about a company.

What elements contribute to brand identity?

Business name and logo, product value propositions, use of color, and product design.

What is a Product Value Proposition (PVP)?

A marketing statement that summarizes why consumers should buy and prefer a company's product or service.

What are the key elements of a product sketch?

Functionality, appearance (color, size, shape), and quality delivered to customers.

What is the purpose of a basic sketch in product design?

To create a visual image that includes labels for measurements, ingredients, and variations.

What are floorplans used for in business design?

To visualize relationships between spaces, ensure suitability for intended purposes, and address potential challenges.

What is service design?

The planning and organization of a business's resources to enhance employee and customer experiences at each touchpoint.