Personal Assessment to start a business 1.2 © 2004 Ewing Marion Kauffman Foundation Control my destiny Accommodate my personal values Engage in activities.

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Presentation transcript:

Personal Assessment to start a business 1.2 © 2004 Ewing Marion Kauffman Foundation Control my destiny Accommodate my personal values Engage in activities I want to do “Buying a job” Life style Growth business

Business assessment: Bright Horizons Is the market big enough? Is it profitable enough? Is it the right team? Does it requires outside investment? What is the exit strategy? Why was it worthy?

Bright Horizons: Why was it worthy?

Focus group on Business Concept

Business concept Gilbert International A hairdressing salon also offering skin care and massage services (WRONG) A moderately prized beauty care salon offering high quality hair, skin, and fashionable jewelry and complements. Located in an easy access close to home location. 9.1 © 2004 Ewing Marion Kauffman Foundation

Characteristics of the Ideal Business No investment Recognized, established market Perceived need for product Dependable source of input supply No governmental regulation No labor 100 percent gross margin Buyers purchase frequently Favorable tax treatment Receptive, established distribution system Great news value 10.2 © 2004 Ewing Marion Kauffman Foundation Customers pay in advance No product- or service-liability risk No product obsolescence No competition No fashion obsolescence No physical perishability Impervious to weather Workable and feasible product/service Proprietary rights Continuous revenue flow No legal entanglements Exit potential

Business Concept: Kimo’s Katering What triggered the idea to expand the offerings of kimo’s katering? Why did the idea present a business opportunity? What other opportunities exist for kimo’s to expand and growth its business? Think of your current jobs. Can you identify a problem in the business operations? What are some possible solutions to that problem? If you were to start a business implement one or more of these solutions, would your business have a competitive advantage?

Burt Bees What do we know about its growth path form the case? What do we know about what makes them unique and their market positioning? What is easier, cheaper selling to businesses or selling to individuals? Why go retail?

Business model Making something that satisfies an unmet need (PRODUCT & ENOUGH MARKET) CLEAR WAY OF REACHING CUSTOMERS (DISTRIBUTION): Sometimes easier to reach businesses than individuals Profits are important because they tell you whether the business concept works (CLEAR COSTS: BOTH INVESTMENT AND OPERATING)