FEASABILITY AND BUSINESS PLANNING MR KUHN

Developing a Business Concept Once you have an idea for a new business, you must turn it into a business concept A business concept is a clear and concise description of the opportunity you have decided to pursue It must contain four elements: The product or service The customer The benefit Distribution

Example: A Sports Store What is the product or service? Sporting goods and clothing Supplying local sports teams with jerseys Who is the customer? People paying for sporting goods Most commonly people interested in playing sports and local sports organizations What is the benefit? A local neighborhood option to buy sporting goods More convenient than going into city to buy products Better customer service Distributions Retail store What other options could there have been?

The Concept Statement When you have answered these four questions dealing with your business concept you must write a concept statement Your statement must be clear and concise and answer “What is a compelling reason for my business to exist?” An example using the same sports store: “Chilliwack Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood”

Coming Up With the Perfect Idea Ask yourself, “What’s Next?” Don’t just follow the latest trends and technologies, stay ahead of the curve Sergio Monslave uses the example of companies like android and apple changing how people watch TV, how else could you transform traditional household entertainment? Mr Ross Pro Tip: You don’t need to know anything about technology. If you have a good idea you will get people with knowledge on your side

Coming Up With the Perfect Idea Do something about what bugs you When Colin Barceloux was in college, he thought textbooks cost far too much In 2007, two years after graduating, he decided to take action and founded Bookrenter.com, a San Mateo, Calif.-based business that offers textbook rentals at about a 60 percent discount. What began as a one-man operation created out of frustration now has 1.5 million users and 200 employees. "You just have to look at what frustrates you," he says. "There's your business idea right there."

Coming Up With the Perfect Idea Make a cheaper version of an existing product Enter a market by immediately offering lower prices Warby Parker offered prescription sunglasses that were typically priced around $300 for the low price of $95 The company now employs over 100 people

Coming Up With the Perfect Idea Mix and Match Take two existing ideas and combine them Example: Mooyah Burger shops have existed but didn’t offer the freedom of Subway and “freshness” of subway Mooyah bakes bread daily and offers never frozen fresh meat Mooyah also lets you choose what goes on your burger like Subway

Coming Up With the Perfect Idea Stop thinking about your problems, think about the world’s problems Energy How can we produce clean renewable energy at a cheap price? Again find the idea and people will come Example: Elon Musk Powerwall Hunger and Thirst How can we produce enough food and water for those that don’t have it? Example: The Life Straw Poverty How can we help the poor? Is it possible to profit and help the poor? Example: Toms Environment How can you make a positive impact on the environment with a simple company such as clothing Example: Ten tree

What to Do Now? Find: What are you doing? Remember Who you want to work with in your group What is your business going to be? What are you doing? When you have an idea, create a business concept Remember to include the four elements: The product or service The customer The benefit Distribution Write a concept statement Remember Your business idea will grow and change! So will your concept! Think big! Money and associates will come if you have a good idea! Pick what you are passionate about! If you don’t care, you wont do well! Working in teams always has a benefit