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How to Develop a Successful Business Concept: Insights from the FIU Entrepreneur’s Webinar

Join us for insights from Robert H. Hacker on developing effective business concepts in this FIU Entrepreneur’s HOW TO Webinar series. Discover essential keys to success, including choosing the right industry, the importance of mentoring, and understanding capital stages from proof of concept to professionalization. Learn about customer needs and innovative approaches, such as the Nintendo strategy. This comprehensive session prepares entrepreneurs for critical business model development and financial analysis necessary for sustainable growth.

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How to Develop a Successful Business Concept: Insights from the FIU Entrepreneur’s Webinar

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  1. FIU’s Entrepreneur’s HOW TO Webinar Series How to Develop the Business Concept ROBERT H. HACKER January 20, 2009

  2. Sales 6 Years After Start-up

  3. Out of Business in 5 Years 55 %

  4. Keys to Success • PICK RIGHT INDUSTRY AND OPPORTUNITY • MENTORING • CAPITAL

  5. Stages of Development • PROOF OF CONCEPT 0-$1MM • COMMERCIALIZATION $1-3MM • SCALING $3-10MM • GROWTH $10-30MM • PROFESSIONALIZATION $30-100MM

  6. The Process

  7. Austin on Creativity

  8. 1.Customer Needs Gerald Zaltman's seven metaphors for the subconscious that explain 70 percent of human behavior • Balance (equilibrium) • Transformation (changing states or status) • Journey (as in life) • Container (keeping things in and keeping things out) • Connection (feelings of belonging or exclusion) • Resource (providing survival) • Control As quoted from HBS Working Knowledge)

  9. 1. Customer Needs NINTENDO APPROACH • DO NOT FOCUS ON PRODUCT--GAMEBOY • DO NOT FOCUS ON COMPETITION--MICROSOFT, SONY • FOCUS ON DEFINING THE NEED--WHAT TO DO IN SPARE TIME

  10. STEP 1: Customer Needs New Business Types • Do something better (market exists) • Do something in a new way (disruptive technology) • Do something new (highest risk)

  11. A THOUGHT

  12. 2. Solution • Hypothesis • Iterative process • Evolving • Stalking horse

  13. STEP 3: Industry AnalysisPorter’s Strategic Analysis Source:http://www.quickmba.com/strategy/porter.shtml

  14. STEP 3: Deliverables • DIFFERENTIAL ADVANTAGE • UNIQUE, SUSTAINABLE OR PROPRIETARY • TARGET CUSTOMER • CHARACTERIZE IN DEPTH WHO YOU ARE GOING TO SELL TO

  15. Differential Advantage • Unique or • Proprietary or • Patentor • Barrier to entry or • Regulation

  16. Target Customer (Market Segmentation) METHODS • Demographics • Market research • Talk to customers • Alpha/Beta test • Profitability analysis • Use them all

  17. STEP 4: Business Model • REVENUE MODEL • PRICE MODEL • SALES & DISTRIBUTION • CAPEX • HEADCOUNT

  18. STEP 4: Business ModelRevenue Model • WHAT DRIVES THE BUSINESS AND CREATES THE GROWTH

  19. STEP 4: Business ModelPricing Model 18 PRICING MODELS

  20. STEP 4: Business ModelSales & Distribution • THE TACTICS FOR HOW TO GET A CUSTOMER AND CLOSE • CONFUSED WITH "MARKETING" • NOT TAUGHT IN SCHOOLS

  21. STEP 5: Financial Model • PURPOSE OF FINANCIAL MODELS • DEMONSTRATE MARKET OPPORTUNITY (SIZE) • CLARIFY/REINFORCE BUSINESS MODEL • DEMONSTRATE INDUSTRY KNOWLEDGE • PRESENT BUSINESS LOGIC • UNDERSTAND CASH FLOW

  22. STEP 5. FINANCIAL MODEL • PARTS OF A FINANCIAL MODEL • BUSINESS MODEL ASSUMPTIONS • SOURCES AND USES • P&L • BALANCE SHEET • CASH FLOW STATEMENT

  23. MY CONTACTS AND ON-LINE RESOURCES • rhhfla@mindspring.com • BLOG http://sophisticatedfinance.typepad.com • EXCEL SEARCH ENGINE http://tinyurl.com/6nw9c5 • LINKED IN • FACEBOOK • TWITTER (rhhfla) • DELICIOUS (rhhfla)

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