Entrepreneurial Opportunity Assessment & Go to Market Plan
Lead Author(s): Cheryl Mitteness
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This textbook focuses on the very beginning of the entrepreneurship process. Students will learn about idea generation and how to conduct market research to validate their opportunity.
Ch 1: Introduction
What to Expect
This textbook focuses on the very beginning of the entrepreneurship process. Individuals often know they want to be an entrepreneur but some don't know where to start to even come up with an idea. Those with an idea may wonder "Is this the right idea?"
Next, you will learn about the opportunity identification process and then we focus on evaluating those ideas. Once you have decided which idea is your best, you will learn about the ways you can protect your intellectual property. You will continue along the entrepreneurship process by learning how to develop a product or service and create a business model.
At this point you have a well thought out business idea. Next, you need to do a thorough customer-driven feasibility analysis to create your go-to-market strategy. A go-to-market strategy specifies how a new venture will deliver a product or service to customers and achieve competitive advantage.
The first step in determining the feasibility of your idea is to examine the information that already exists by conducting an industry analysis and market analysis. Next, you will create a market research plan to collect information needed to further validate your idea.
The text continues by examining the customer purchase decision making process, then how to segment the market of customers and select the target market.
The remaining chapters discuss all the components of a go-to-market strategy: Positioning the product/service, pricing and distribution.
The textbook closes with a discussion of branding and promotion.
The final chapter discusses how to create a pitch deck to attract investors, employees and customers to your startup.
How the process of bringing a product or service to market is differs for startups and established corporations?
Startups and established corporations both go through the process of bringing a product or service to market. However, the process differs depending on the type of company. Established corporations already have at least one product or service, a brand with at least some recognition, existing customers and distribution channels. This gives them a tremendous amount of information which may provide them with an advantage. Entrepreneurs start with a blank slate. This may seem like a disadvantage but can be viewed as a positive thing if you think of it as not being constrained by existing products/services, customer base or resources. For example, employees at Coca-cola may have a great idea about solving an unmet need involving bicycles but because of their existing products and capabilities, Coca-cola management would likely not be open to expanding their product line into bicycles.
The downside of having a blank slate is that entrepreneurs don't have information regarding what customers want, how much they will pay or what distribution channel is best. Therefore, in addition to developing a new product or service, entrepreneurs need to build a brand and make assumptions regarding what customers will buy and how much they will pay for it.
Apply the Concept: G-Force Shoes by Athalonz
Explain why Nike may find it easier than Athalonz to bring the G-force shoe to market.
Apply the Concept: The Connected Cocktail by Altitude
Explain why an entrepreneur may find it easier than Ford Motor Company to bring the Connected Cocktail to market.