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Section 1 - Title

Business Planning Dr. Tim Meldrum. Section 1 - Title. Student Start-Up Event Wednesday 28 th March 2012. ‘Ideas are ten-a-penny. Execution is everything’. Felix Dennis. The causal route to execution …. £. £. £. Product. Analysis. Plan. Investor Cash. T eam. . 3.1 minutes.

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Section 1 - Title

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  1. Business Planning Dr. Tim Meldrum Section 1 - Title Student Start-Up Event Wednesday 28th March 2012

  2. ‘Ideas are ten-a-penny. Execution is everything’ Felix Dennis

  3. The causal route to execution … £ £ £ Product Analysis Plan Investor Cash Team

  4. 3.1 minutes 2.0% …can be a very rocky road 250 hours….

  5. Why do we need an alternative? • ‘Most start-ups fail because they • didn’t develop their market, not because • they didn’t develop their product.’ • Steve Blank (2005)

  6. The effectual route to execution Pivot …

  7. Four steps to validation • Market – customer discovery: what do they need? • Product – customer validation: meet that need • Venture – company creation: make & sell • Future – company sustainability: it lives & grows • The DOT Principle: Do, Observe, Think

  8. Steps One & Two Problem- Solution fit Product- Market fit Proposed MVP Business Model Proposed Channel Marketing Roadmap Pivot

  9. What is ‘MVP’? Problem- Solution fit ‘The product version that allows you to get maximum proven learning about customers with the minimum effort’ Proposed MVP Proposed Channel

  10. What is ‘Product-Market Fit’? Product- Market fit ‘a big-enough set of passionate customers who are positive enough to pay’ Business Model Marketing Roadmap

  11. What is ‘Pivot’? Problem- Solution fit ‘you change a bit of your solution based on iterative learning’ Proposed MVP Proposed Channel Pivot

  12. The CitySpark plan • The Problem: market opportunity • Whose Problem? customers or clients • The Solution: product or service • The Team: who and why • The Business Model: delivering the solution • Irresistible: different from your competitors • The Future: growth plans

  13. Effective business planning • Accept this is the first, not the last, plan • Be ready to iterate and change • First discover customers then validate demand • And Do, Observe, Think • Avoid being wedded to your 1st idea! • Write that plan for the right audience: who are your partners & investors?

  14. CitySpark Summer School • 11th to 13th June 2012 • Northampton Square • www.city.ac.uk/cityspark

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