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The University of Dayton Business Plan Competition

The University of Dayton Business Plan Competition. Defining the Problem and Framing it for the Judges. www. UDBPC . com. Entrepreneurs solve problems for people. They identify an opportunity They figure out how to develop a business about that opportunity

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The University of Dayton Business Plan Competition

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  1. The University of Dayton Business Plan Competition Defining the Problem and Framing it for the Judges www.UDBPC.com

  2. Entrepreneurs solve problems for people • They identify an opportunity • They figure out how to develop a business about that opportunity • They persuade other people to provide resources for the new business

  3. What is an Opportunity?An Opportunity has four elements • Newness (Product/Service/Process) • Potential for profit/benefit/advantage • Legitimized by society and stakeholders • Technical feasibility DEF: An opportunity leads to the development of something new that society will accept, that has potential to be accomplished in a beneficial manner.

  4. What do judges want to see in a problem?

  5. What do Judges want to see? • An idea they “can get” quickly • --It will seem viable more easily. • A problem that needs solving. The bigger/more severe, the better. • A solution to the problem, that is profitable as well. This is the opportunity. What is the business model? • A solution that can be expanded, replicated, scaled, or otherwise rolled out. • This shows growth • What is the key insight to the idea? • It is what makes the idea really work—why it is clever, novel, useful

  6. Identifying the problem

  7. Start with the problem to be solvedThree questions to be asked • Do people know they have a problem? • Do they need education, are they busy trying to solve it, do they seek out solutions, but are dissatisfied? • How important is it to them to be solved? • How many people does it directly affect? Indirectly? • How do people currently solve the problem? • (the answer could be “they live without it”) • List the current solutions, and describe their pros and cons • Don’t start with the solution, or you’ll waste a lot of time.

  8. Utility and problems • Many problems are really about the hassle of having to make trade-offs • The next slide categorizes three common trade-offs: time, space, money.

  9. People with MORE Time: Will DIY Will sell their place in line Will wait for a bargain Space Will buy in bulk Will not pay a premium Money Will pay for premium brand Will not wait—want it now Will pay for assembly Will pay for customization People with LESS Time: will seek shorter products Will pay a premium Will pay to jump the queue Space Will accept less features Might pay a premium Money Will accept less features Will wait Will DIY Will accept more commodity Time/space/cost: Going high and low

  10. What constraints exist? What types are they? • Legal • Financial • Cultural • Technical • Tradition • Each of the above can drive the three trade-offs

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