What existing factors can you eliminate?. Objectives Introduce value innovation as an approach to entrepreneurial opportunity analysis and new venture.

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Presentation transcript:

What existing factors can you eliminate?

Objectives Introduce value innovation as an approach to entrepreneurial opportunity analysis and new venture creation Explore the impact of eliminating factors on your success as an entrepreneur

Macroeconomic Change Entrepreneurial Motivation Entrepreneurial Behavior Industry Condition Industry Status Opportunity Identification Value Innovation Eliminate Reduce Raise Create Competition The Opportunity Analysis Canvas TM Entrepreneurial Mindset

Where to start with elimination? Are there factors offered by competitors that are not valuable for your target customers? How can you develop and deliver the best product or service for your target customers? Do you have a faster, better, and/or cheaper solution that makes competitors’ features, relationships, brand, etc. less valuable?

Eliminating save resources and improves focus If you are able to identify factors to eliminate, you can save the expenses of money and time Redirect these resources into the factors that are truly valuable to customers

Cirque du Soleil’s application of value innovation Created an innovative entertainment experience worldwide Reinvented the structurally unattractive circus industry by creating a new market Challenged conventional assumptions about how to enter and compete in this market

Cirque du Soleil’s customer Value innovations started by changing the target customer, –shifting from children (as the end-user traditional circuses) –to adults (purchasers of the traditional circus) Focusing on adults instead of children created a new set of wants and needs for Cirque de Soleil to explore

Differentiating the customer clarified what to eliminate and how to compete Customer shift towards adults eliminated –Animals –Candy and beverage concessionaires –Feature performers Reallocated time and resources to integrating the new elements –Live theatre and Broadway shows –Opera and popular music concerts

Summary Explore eliminating factors is step one of value innovation Demands attention to your target customer Requires an industry of the industry’s competitive dynamics Step two is reducing factors