Engineering Entrepreneurship and IPR Notes

Semester S2 - Engineering Entrepreneurship and IPR

Module 1: Introduction to Ideation, Innovation, and Entrepreneurship

• 1.1 What is Ideation?

  • Ideation is the process of developing and conveying prescriptive ideas to others, typically in a business setting.

  • It encompasses the sequence of thoughts from the original concept to implementation.

  • Ideas can stem from past or present knowledge, external influences, opinions, convictions, or principles.

  • Ideation can be expressed graphically, in writing, or verbally.

  • It is often derived from brainstorming sessions, online forums, seminars, surveys, social media platforms, and team-building exercises.

  • Anyone within an organization can participate and contribute to the ideation process.

  • Ideation often originates from an attempt to fix a problem and is commonly reverse-engineered.

  • Styles of ideation include problem solutions, derivative ideas, and symbiotic ideas.

• 1.2 Understanding Innovation

  • Innovation is key in entrepreneurship for creating new products and services that meet market needs.

  • It helps entrepreneurs improve existing products, diversify their businesses, and stay ahead of competitors.

  • Innovation can be used to:

    • Identify new markets and opportunities.

    • Create new products and services that meet unmet needs.

    • Improve the quality of existing products.

    • Diversify businesses by developing complementary products or services.

    • Stay ahead of competitors by keeping up with market trends.

    • Foster creativity and problem-solving skills.

• Barriers to Innovation in Entrepreneurship

  • Lack of resources such as time, money, and personnel can hinder investment in research and development.

  • Risk aversion can prevent entrepreneurs from exploring new opportunities.

  • Lack of diversity in the workforce can stifle innovation due to a lack of varied thinking.

  • Bureaucracy in large organizations can slow down or prevent innovation.

  • Resistance to change from customers, employees, or other stakeholders can make it difficult to implement new ideas.

  • Lack of employee recognition can demotivate employees and foster complacency.

• 1.3 Frameworks for Innovation

  • An innovation framework is a structured system designed to guide the innovation process within a company.

  • It outlines the steps and methodologies needed to develop, evaluate, and implement new ideas, ensuring alignment with strategic objectives.

• Key Components of an Innovation Framework

  • Strategy and Vision: Defines the direction for innovation efforts and aligns them with overall business objectives. This includes prioritizing projects and allocating resources efficiently.

  • Process and Methodology: Outlines the steps required to move ideas from concept to reality, such as idea generation, development, prototyping, testing, and implementation. It ensures a disciplined approach that can be replicated and scaled.

  • Culture and Leadership: A supportive culture and strong leadership that encourage creativity, promote risk-taking, and provide support for new ideas.

  • Resources and Capabilities: Includes financial, technological, and human resources needed to execute innovative ideas, with investments in training, development, and new technologies.

• Different Types of Innovation Frameworks

  • Incremental Framework: Focuses on small, continuous improvements to existing products, services, or processes to stay competitive.

  • Disruptive Framework: Involves creating products or services that significantly alter existing markets or create new ones by challenging the status quo.

  • Open Framework: Leverages external ideas and resources through collaboration with customers, suppliers, startups, or academic institutions.

  • Design Thinking Framework: A user-centric approach that emphasizes understanding the needs and experiences of end-users, focusing on empathy, ideation, and prototyping.

• 1.4 The Entrepreneurial Mindset

  • An entrepreneurial mindset helps people identify and take advantage of opportunities, learn from setbacks, and succeed in various situations.

  • Characteristics include:

    • Resilience: The ability to bounce back from failures and view setbacks as opportunities to improve.

    • Risk-taking: Willingness to take measured risks to seize opportunities.

    • Adaptability: Ability to quickly adjust to new circumstances and make changes to stay competitive.

    • Continuous learning: A constant pursuit of expanding knowledge and skills.

    • Solution-oriented: Seeing problems as potential opportunities and being resourceful in finding solutions.

    • Optimistic: An optimistic outlook that sees the world differently.

    • Authenticity: Being genuine and passionate about what they are trying to create.

• 1.5 Starting a Business, Types, Formation, Statutory Compliances

  • Statutory compliance ensures the smooth functioning of a company and the welfare of employees and employers.

  • Considerations include:

    • Business structure (e.g., corporation or partnership).

    • Registering the business name.

    • Obtaining a federal tax ID number (EIN) and registering for state employer taxes.

    • Complying with direct taxes (ITR, TDS) and indirect taxes (GST).

    • Obtaining business licenses and permits.

    • Getting insurance.

    • Opening a business bank account.

    • Preparing legal documents (e.g., Memorandum of Association, Articles of Association).

    • Complying with labor laws (e.g., Employee's State Insurance Act, Employee Provident Fund Scheme, Maternity Benefit Act).

    • Complying with statutory regulations (e.g., Payment of Gratuity Act, Industrial Disputes Act, Trade Union Act).

• 1.6 Resources for Aspiring Entrepreneurs

  • Centre for Entrepreneurs: Offers news, research, tips, and advice on the startup scene.

  • Incubators and accelerators: Provide services and advice on starting a business, such as funding and workspace.

  • Start-Up Mindset: A blog with resources on funding, marketing, business models, and technology.

  • Startup Grind: A community for entrepreneurs with a large global network.

  • Small Business Administration (SBA): Helps entrepreneurs with affordable loans.

  • Small Business Trends: An online publication for small business owners on marketing and management.

  • Customer communication tools: Tools to help entrepreneurs communicate with their customers.

• 1.7 Introduction to Intellectual Property Rights (IPR)

  • Intellectual property includes intangible assets that are legally protected from unauthorized use.

  • Assets include trademarks, patents, and copyrights.

  • Intellectual property infringement occurs when a third party uses the asset without authorization.

  • Legal protections expire after a certain time for some types of IP.

• Types of IPR

  • Patents: Legal rights that protect an invention for a set period, granting the inventor the right to exclude others from using, making, or selling the invention (e.g., medical technology, pharmaceuticals).

  • Copyrights: Legal rights that give the creator of an original work exclusive rights to reproduce, distribute, and perform that work (e.g., books, movies, music).

  • Trademarks: A word, phrase, symbol, design, or a combination that identifies a product or service from a particular source (e.g., Pepsi®, the shape of the Coca-Cola® bottle).

  • Trade Secrets: Confidential information that gives a business a competitive advantage (e.g., formulas, recipes, product designs).

• Trade Secret Criteria:

  • Commercially valuable

  • Known only to a limited group of people

  • Reasonable steps are taken to keep it secret

• 1.9 Strategies for Protecting Intellectual Property

  • Patents: Protect design and unique product features; must be original and non-obvious.

  • Trade Secrets: Protect proprietary information and know-how; use confidentiality agreements.

  • Confidentiality Agreements: Ensure employees' obligations regarding non-disclosure.

  • Security measures: Protect against unauthorized access, data breaches, and cyber threats.

  • IP Audit: Understand and gain visibility into IP assets.

  • IP Strategy: Develop an evolving IP strategy aligned with business goals.

  • Knowing your IP rights

  • Registering your IP

  • Monitoring your IP

  • Enforcing your IP

  • Managing your IP

  • Educating your team

• 1.10 Role of IPR in Securing Funding and Competitive Advantage

  • IPRs help startups and SMEs compete with larger companies, build investor confidence, and attract capital investment.

  • They can convince investors and lenders that a product or service has real market opportunities.

  • IPR assets can be used as collateral for debt finance or as a basis for seeking equity.

  • IPRs can help businesses gain a competitive advantage by:

    • Protecting product look with an industrial design.

    • Protecting the expression of an idea with copyright.

    • Identifying a product as authentic with geographical indications.

    • Protecting commercial information with trade secrets.

    • Capitalizing on emerging market trends and exploiting new revenue streams.

    • Negotiating lucrative licensing agreements and creating barriers to entry for competitors.

• 1.11 Importance of Building a Strong Team

  • Building a strong team improves communication, increases productivity, improves morale, builds trust, fosters creativity and learning, improves problem-solving, and reinforces company culture and values.

  • Key elements include:

    • Having the right people

    • Commitment

    • Shared values

    • Cooperation

    • Conflict management

    • Defining clear objectives

      • Consider strengths

      • Define roles clearly

      • Reassess roles periodically

    • Examples of team roles include:

      • Leader, challenger, shaper, team worker, monitor evaluator, implementer

    • Skill sets:

      • Include communication, active listening, conflict resolution, leadership, problem-solving, and organization.

    • Important skills:

      • Respect, accountability, delegation, open-mindedness, collaboration, goal setting, decision-making, interpersonal skills, time management, and growth mindset.

    • Team dynamics:

      • Involve behaviors and psychological processes that occur within a team.

      • Important factors include clear communication, trust, role clarity, diversity, conflict resolution, active listening, psychological safety, meaningful work, dependability, and structure and clarity.

• 1.12 Identifying Pain Points and Problem Statement

  • A pain point is the emotional impact of a problem or obstacle; a problem statement is a summary of that pain point.

  • A problem statement should be concise and actionable, providing guidance for a project's user experience and user interaction.

  • Identifying pain points can help to:

    • Improve customer experience.

    • Reach your target audience more effectively.

    • Position your business as the solution.

    • Analyze Data: Look at data to measure the performance and outcomes of a process.

    • Conduct Research: Use methods like user research and empathy mapping.

    • Create User Personas: Use fictional representations of typical users.

    • Listen to Employees: Conduct surveys to learn more about your employees' experience.

• 1.13 & 1.14 Developing and Refining Ideas + Develop strategies for bringing your innovation to life

  • Understanding the Problem: Involves a systematic examination and comprehension of the problem the user is trying to solve.

    • Problem Definition

    • Gathering Information

    • Identification of Stakeholders

  • Towards Solving the Problem: Transitioning from understanding the problem to generating ideas and potential solutions.

    • Mind Mapping

    • SCAMPER (Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse)

    • Lateral Thinking

  • Reverse Brainstorming: Generate ideas that could cause the problem or make it worse, then reverse those ideas to find solutions.

    • Define the Problem

    • Reverse the Goal

    • Evaluate and Reverse

  • Mind Mapping: Represent thoughts, ideas, and concepts in a hierarchical and interconnected manner.

    • Central Idea

    • Branches

    • Keywords or Phrases

  • Group Creativity: Collaborate with a diverse group to share ideas and develop new concepts collectively.

    • Diversity of Perspectives

    • Brainstorming

    • Collaboration

  • Focus Groups: Let a small group of individuals freely share their thoughts and opinions on a specific topic.

    • Size of the Group

    • Structured Discussion

    • Interactive Discussion

  • Brainstorming: Encourage each others to come up with new ideas whether their absurd or practical without any criticism.

    • Free Thinking

    • Divergent Thinking

    • Done within a group

  • Using Your Brain Effectively and Absurdly: Stimulate creativity using both rational and unconventional concepts.

    • Effective Thinking

    • Absurd Thinking

    • Thinking Visually and Conceptually

  • Synectics: Establish connections between unrelated concepts/ideas to generate out-of-the-box solutions.

    • Use of Analogy and Metaphors

    • Relaxation and Playfulness

    • No Judgement or Criticism

  • The Gordon Method: Like Synectic Method, but the Gordon method puts emphasis on the organization's goal and objective .

    • Clear Problem Statement

    • Emphasis on Organizational Goal

    • Use of Triggers and Stimuli

  • Develop strategies for bringing your innovation to life

    • Innovation can help companies stand out, attract new customers, and deepen relationships with existing ones.

      • Define objectives: Clearly define your innovation strategy and ensure it aligns with your company's goals.

      • Collaborate: Encourage collaboration across departments to leverage different perspectives and expertise.

      • Make it practical: Create a prototype, show examples, and get customer input.

      • Show customer benefit: Demonstrate how your innovation will solve customer problems or concerns.

      • Build a business case: Show how your innovation will add value, improve efficiency, or reduce costs.

      • Allocate resources: Set aside time and resources for innovation, and budget for these initiatives.

      • Find partners: Look for partners to co-develop your idea, especially if it's too complex for your team to handle alone.

      • Invite your leader: Get your leader to co-own the initiative.

      • Consider timing: Make sure the timing is right for your leader.

Module 2: Problem and Solution Canvas Preparation

• 2.1 Canvas Introduction

  • A problem and solution canvas is a visual tool that helps define a problem, explore its contributing factors, and develop potential solutions.

    • Be open to change.

    • Consider the customer.

    • Ask questions.

    • Don't assume a solution.

  • Orientation and canvas introduction : CUSTOMER STATE FIT

    • Who is your customer?

    • What limits your customers to act when a problem occurs?

    • Which solutions are available to the customer when he/she is facing the problem?

    • What had he/she tried in the past?

    • What are the pros/cons of existing solutions?

  • Orientation and canvas introduction : PROBLEM-BEHAVIOR FIT

    • Which problem do you solve for your customer? How often does this problem occur? There could be more than one, explore it.

    • What is the cause of every problem from the list?

    • What does your customer do about the problem (around / directly or indirectly related to)?

    • How often does this related behavior happen?

  • Orientation and canvas introduction : COMMUNICATION-CHANNEL FIT

    • What triggers customer to act?

    • Which emotions do people feel before / after this problem is resolved? Use it in your communication strategy.

    • Where online does this behaviour happen? Extract online and offline channels from Behavior block.

  • Orientation and canvas introduction : PROBLEM-SOLUTION FIT

    • If you are trying to find a new solution to an existing problem, fill in after you get a better overview of the real situation. When you are working on an existing solution (exploring growth strategies, problem with activation or solution adoption etc.), fill in this first, and then see whether your solution is still relevant after all are filled in.

    • Try to spot patterns and repeated keywords by listing problems and behavior, related to it. For higher chances of solution adoption think of possible solutions that fit the user state limitations, take the best from alternative solutions, resemble natural triggers and tap into existing customer behaviour. Design a solution that is useful, understandable and accessible.

• 2.2 Customer Needs Assessment

  • A customer needs assessment understands the needs and expectations of customers to uncover what they want and need.

    • Identify the customer journey.

    • Collect data: Use user segmentation, primary research, and in-app feedback.

    • Analyze data: Use tools to examine the data and determine customer expectations.

    • Consider multiple sources: Customer needs can be complex and vary between customers, products, and brands.

    • Use multiple methods: Gather feedback through surveys, interviews, focus groups, or casual conversations.

• 2.3 Market Segmentation

  • Market segmentation involves dividing a large market into smaller groups, or segments, of customers with similar characteristics:

    • Improved customer satisfaction by targeting specific groups.

    • Better business performance.

    • Competitive differentiation.

    • Increased campaign performance.

• 2.4 Value Proposition

  • A value proposition explains the benefits of a product or service and why customers should choose it over other options.

    • Identify the product or service's benefits.

    • Communicate the value of those benefits.

    • Identify a problem that a consumer might face.

    • Relate the problem to the value that the product or service provides.

  • Key elements include:

    • Relevancy: How well the value proposition aligns with the customer's needs.

    • Benefit: The positive outcome that the product or service will have on the customer

• 2.5 Competitive Analysis

  • A competitive analysis identifies competitors, researches their strategies, and compares them to your company to identify strengths and weaknesses.

    • Identify competitors.

    • Research competitors: Audit their content, website, and social media.

    • Analyze competitors: Evaluate their marketing efforts, value propositions, business structures, and brand identities.

    • Conduct a SWOT analysis: Identify your competitors' strengths, weaknesses, opportunities, and threats.

    • Compare to your company: Use the information you've gathered to compare your company's strengths and weaknesses to your competitors.

    • Take action: Use the information to derive and implement actions.

  • A competitive analysis report should include:

    • A description of your company’s target market

    • Details about your product or service versus the competitors’

    • Current and projected market share, sales, and revenues

    • Pricing comparison

    • Marketing and social media strategy analysis

    • Differences in customer ratings
      1. Create a competitor overview
      2. Conduct market research
      3. Compare product features
      4. Compare product marketing
      5. Use a SWOT analysis
      6. Identify your place in the market landscape

• 2.6 Market Entry Strategy

  • When developing a market entry strategy, you should consider factors such as:

    • The size and estimated growth rate of the market

    • The level of competition

    • The regulatory environment

    • The company's agility

    • Its financial resources

    • The expected costs and risks

  • Primary factors affecting a company's choice of international market entry strategy:

    • Marketing: Companies consider which countries contain their target market and how they would market their product to this segment.

    • Sourcing: Companies choose whether to produce the products, buy them or work with a manufacturer overseas.

    • Control: Companies decide whether to enter the market independently or partner with other businesses when presenting their products to international markets.

  • Market Entry Strategies: Exporting, Franchising, Licensing, Market Research, Subsidiaries, Turnkey projects, Acquisitions, Direct investment.

• 2.7 Market Validation

  • Market validation determines if a product idea is worth pursuing by presenting it to the target market, usually early in the product development stage.

    • Assess business goals.

    • Research search engine popularity (See how popular related keywords are).

    • Create test questions.

    • Find participants.

    • Conduct interviews or surveys.

    • Analyze data.

    • Test your product: Use methods like A/B testing, alpha testing, or beta testing to get feedback from real users.

  • common market validation methods:

    • Surveys, Interviews, Focus Groups, Observational Research, Testing, Minimum Viable Product (MVP)

• 2.8 Regulatory and Legal Considerations

  • Legal and regulatory considerations are the set of laws, rules, and standards that govern a business's operations.

    • Compliance: Understand and comply with the laws and regulations of the countries they operate in or export to.

    • Risk management: Regulatory compliance is a key part of risk management, and can help ensure that businesses operate safely and ethically.

    • Key concepts: Familiarizing yourself with key concepts like business structures, intellectual property protection, contracts, and compliance issues can help you navigate the legal landscape.

    • Enforcement: Companies should be aware of the enforcement capabilities of the regulatory authorities in the countries they operate in.

• 2.9 Customer Profiling

  • Customer profiling gathers and analyzes data to create a detailed picture of a company's ideal customer.

    • Create products, offers, and messaging that resonate with the target audience.

    • Identify high-quality leads.

    • Improve customer service by tracking behavior.

    • Manage inventory to prepare for consumer behavior.

    • Create personalized shopping experiences.

    • Importance of customer profiling: Identify better fit prospects, Lower Customer Acquisition Cost (CAC), Reduced customer churn and increased loyalty, Improved customer service, Guided product decisions.

  • Customer profiling strategies: Psychographic, consumer typology, and consumer characteristics.

    • Different types:

      • Psychographic strategy

      • Consumer typology method

      • Consumer characteristics strategy

    • Data to be used to create profiles

      • Determine the problem your product or service solves

      • Gather customer information

      • Collect customer feedback

      • Understand customer habits

      • Look at the competition

      • Create a customer profile

      • Keep your customer profile up to date
        Market research: Examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy.

• Customer segmentation

  • Customer segmentation is the practice of dividing a company's customers into groups based on shared characteristics or behaviors.

    • Behavioral segmentation

    • Demographic segmentation

    • Geographic segmentation
      Customer profiling: Relies of data to create a visual representation of existing customers to better understand future customers or market.

• 2.10 Persona Development

  • Persona development involves creating fictional characters to represent the needs, behaviors, and goals of a target audience. *Marketing: *Personas help businesses create more effective marketing strategies and communications by helping them understand their customers.

    • Product development:
      *Personas help design teams prioritize user needs and make design decisions before the product is created.

    • Partner management:
      *Personas help businesses segment their partner networks and tailor their management strategies to improve partner engagement
      Steps for developing personas: Analyze customer research data; Create personas; Create a persona profile; Create a template; The Benefits of Persona Development:
      *Personas give stakeholders an opportunity to discuss critical features of a redesign: This is especially helpful when you have multiple stakeholders with different ideas about what needs to be developed first.

    • They help team members share a consistent understanding of the user group: Personas take data and make the stories more compelling and fun, thus making them easier to remember and consider when the team is working towards a solution – together.

      • Personas help designers develop informed wireframes and site architecture: Since Personas focus on the needs of the users, the team can walk through scenarios and determine optimal placement of content to specifically support the goal of the product.

    • Personas provide a “face” to the user story, creating more empathy and understanding about the person using the product: This prevents designers and developers from applying their own mental models to the product design which may not align with actual user needs. Collecting Data to Make Persona’s The more information you have, the better

    • Collecting Data to Make Persona’s: User Interviews Are By Far The Most Useful
      Leverage stakeholders for more information on who they believe their customer base will be Personas generally include the following key pieces of information: Persona Group (For example; sales manager) Fictional name (For example; “Government Gail”) Job titles and major responsibilities: The goals and tasks these people are trying to accomplish on your website or application ● Pain points or frustrations Casual photos UXPressia AI persona generator

• 2.11 Validation and Feedback

  • Validation demonstrates trust and value in a person's performance or ideas, confirming something as true or correct.

  • Feedback helps people identify their strengths and areas for improvement.

    • Define goals and metrics

    • Choose the right methods and tools

    • Ask the right questions and listen actively

    • Segment and prioritize users

    • Analyze and synthesize the feedback

    • Act and communicate the feedback

• 2.12 Prioritization and Selection

  • Prioritization ranks projects based on certain criteria to determine the order of execution.

• Customer’s request prioritization: Low priority, Medium priority, High priority, First priority.

Best Practices to Prioritize Customer Requests First come, first served (by priority):
Let customers rate urgency: Categorize requests: Consider customer value Acknowledge every request Streamline reassignment Set SLAs (service level agreements Customers selection
Customer profiling: Group Customers by personal characteristics Customer marketing Customer sales Customer support

• 2.13 Communication and Messaging

  • Customer communication builds connections with customers and delivers consistent brand messaging.

    • Proactive communication

    • Customer profile data

    • Customer profile components

    • Communication techniques: Effective communication techniques include using verbal and non-verbal cues, like body language, facial expressions, and tone of voice.

    • Communication channels: Phone Live chat Email
      Online support portals Social media Text messaging
      Video messaging Handwritten notes

• 2.14-2.21 Competitor Analysis

  • A competitor analysisidentifies and researches competitors in a specific industry to help a business understand its strengths and weaknesses relative to those competitors.

    • Identify competitors.

    • Research competitors: Audit their content, website, and social media activity.

    • Evaluate competitors: Examine their business structure, value proposition, marketing efforts, and brand identity.

    • Conduct a SWOT analysis: Identify the strengths, weaknesses, opportunities, and threats of competitors.

    • Compare competitors: Use the information gathered to compare the business to its competitors and identify areas for improvement.

    • identifying competitors : market research, consulting with the sales team, using surveys, seeking customer feedback, and Reviewing customer conversations online.

    • consider: direct and indirect competitors Direct competitors
      Secondary or indirect competitors Substitute competitors

• Elements of Competitor Profiling:

1. understanding the company's business model

2. Knowing the company's competitive environment

3. Understanding the company's products or services

4. understanding the company's target market

5. Identifying the key strengths and weaknesses of the company

• How to Conduct Competitor Profiling?:

Competitor profiling is the process of understanding and analyzing the competition of a business or other entity observin competitors, interviewing their employees, and conducting surveys. Key consideration: What is the business doing that is different from your own? What are their core products and services? What are their competitive advantages? How well are they executing on their strategy?What are the challenges they are facing?

• Analyzing Competitor: What are the main points that the competitor does to try to make points? What types of content does the competitor use on their website? What type of design does the competitor have on their website? How well does the competitor market their website? What types of products does the competitor sell? How well do the products that the competitor sells match the needs of their target audience? What are the competitor's prices? How often does the competitor update their website? What are the competitor's ratings on different review websites? How big is the competition?

• SWOT analysis: list, gather, compare, create swot matrix , Compare & contrast, Components: Strengths, Weaknesses, Opportunities, Threats

How to analysis swot 1: determine ur objectives Find different questions 3; find refining the strategy
What is a market and product manipulation? How to manipulate with consumers
With a high value product/service and brand in relation (Market Positioning):
Price, quality, service, distribution, packaging (related to consumers)

Module 3: Business Plan Preparation

• Business Plan Framework

  • A business plan framework can help guide the creation of an effective business plan.

  • Components typically include: Summary, Company description, Products and services, Market analysis, Marketing plan, Management and organization, Financial plan, Risk management.

    • Scope and tone can vary.

    • Frameworks that can be used :Balance scorecard 4C framework (customer, competition, cost, and capabilities).

• Basic Strategic Planning Model Outline the specific goals for the team performance Write the mission statement Identify the organization’s goals. Outline strategies Creating action plans. Monitor and revise the plan

• Market analysis:

  • Market research examines consumer behavior and trends in the economy to help a business

    • Spot trends and opportunities in your industry

    • Differentiate your business from competitors

    • Reduce the risks and costs of launching a new business (or pivoting an existing one)

    • Tailor products and services to your target customers' needs

    • Analyse successes and failures

    • Optimise your marketing efforts

    • Reach new market segments

    • Monitor your business's performance

    • Pivot your business in new directions
      Steps to market research: Identify potential customer

• Market gaps. Target your research . Analyze different market trends Create a marketing plan. Understand the risk in your company Identify marketing tactics

• Product/service description: It is a marketing copy that describes a business's offerings to customers. Identify your target customers. Relate to your audience. Determine your format Be specific
  Focus on benefits Incorporate quantifiable evidence Tell stories. Engage your customers imaginations
  Provide testimonials Proof read before publishing

• Marketing and sales strategy: sales and marketing strategy is a plan that helps a business reach, engage, and convert potential customers into paying customers. Eliminate silos
  Improve growth and profitability:
  Things to consider: Market research 4ps set goals track metrics use retargeting

• Operations plan: A detailed plan of how to meet organizational goals. Stay organized
  Measuring products 1; Set a timeline 2 departments tracking
  Identify personal and business needs Visualize operation plan Assigner personal and budget Track information progress
  Modify with extra members for new progress

Financial Projections:

*Forge a clear path towards achieving your goals
*Build confidence in investors and lenders in fundraising
*Identify how, where, and when you need to allocate your resources

• 3 key financial statements:

1. Balance sheet

2. Cash flow projection

3. Income statement

• **Major pre-loss objectives: **

1. Economy

2. Reduction of Anxiety

3. Meeting Legal Obligations

Major post-loss objectives:

*Survival of the company
*Continue operating
*Stability of earnings
*The continued growth of the company
*Social responsibility

• 5 Main risk control techniquel: Avoidance, Loss prevention. Loss reduction, Duplication, Separation, and Diversification:

  • Identifyrisks, Risk, analyze, risks

Module 4 Prototype development and stakeholder Engagement Strategies

*   **Investments**: What is a stock? A bound? Commodities? Or Real Estate

• Stakeholder types. Investors, partners, customers Advisors and mentors The steps of a mentor What the best thing is, and a group is Types and categories
  Prototyping is defined as developing a working replication of a product or system
  To test your business before launch the test will provide and insight about what’s to continue.

1) Prototype requirements analysis
Prototyping is defined as the process of developing a working replication of a product or system that has to be engineered. Prototype requirements analysis is a crucial part of the software development process that involves gathering requirements to define a prototype. Phases in phase Model- step one: requirement gathering and analysis, Step 2 quick design; Step 3 build it
Step six: testing is the final product. 4 basic prototype process: Raw prototype, evolutionary, Prototyping, incremental

• Prototype Advangates: Missing functionalities can be easily figured out, Errors can be detected much earlier thereby saving a lot of effort and cost, besides enhancing the quality of the software,

  • Prototype:Disadvantages Costly concerning time as well as money. There may be too much variation in requirements each time the prototype is evaluated by the customer. Poor Documentation.

• Prototype Application the Prototyping Model should be used when the requirements of the product are not clearly understood or are unstable. Technical specifications are detailed documents that outline the requirements and features needed for a product or system to function properly. Development approach Can refer to a variety of methods used in different fields, including software development, project management, and human development.

• Timeline: to see to the point where the new product is released, that requires planning and development
  Generating concepts concept generating; reaserching

• Resource allocation. Assigning and managing resources
  Identify key resources. ( 2. Measure the availability and schedule. 3. Track what’s doing good) a and all location (6 points)
  Stake holders a better understanding

• Testing and quality assurance. Testing and quality assurance: Testing. For example - to test and review. Code or a product and more
  To provide safety

• 4 Iterative development and feedback loop:Iterative development and feedback provide continuous improvement, adapt to changes, enhance team work, identify improvement areas and adjust with the goal.

5-Documentation and version control : Documentation version control is a way to manage and track changes to documents over time. It can help ensure accuracy, maintain an audit trail, and facilitate collaboration between teams collaboration- reduce errors- efficiency