Entire Part 2

  1. The processes of determining whether a business idea is viable
    Feasibility analysis
  2. Product/Service feasibility
    • An assessment of the overall appeal of the product or service being proposed
    • Main components:
    • Product/service desirability
    • Product/Service demand
  3. 1 page description of business that is distributed out to people who are asked to provide feedback on the idea
    Concept test
  4. A detective or investigator that scrounges around for information or clues wherever they can be found
    Gumshoe researcher
  5. a group of firms producing similar products or services
  6. Stages of customer development
    • ask customers for feedback on business model
    • Create minimum models and ask for feedback
    • Revise assumptions & get feedback
    • Redesign and test again
    • Make small or large adjustments to things that aren't working
  7. 3 key methods of lean development
    • Don't engage in months of planning and research
    • Use the get out of the building approach, customer development
    • Practice agile development
  8. Components of industry/target market feasibility analysis
    • Industry attractiveness
    • target market attractiveness
  9. Biggest challenge in attractive markets
    Find a market that is large enough for the proposed business but small enough to avoid larger competitors
  10. Conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch a business
    Organizational feasibility analysis
  11. Components of organizational feasibility analysis
    • Management prowess
    • Resource sufficiency
  12. Four "ingredient of the interactive process
    • Analogs
    • antilogs
    • leaps of faith - hypotheses
    • dashboards
  13. Key components of financial feasibility analysis
    • Total start up cash needed
    • financial performance of similar businesses
    • overall financial attractiveness of the proposed venture
  14. Why bootstrapping
    • Conforming to the big $$ model
    • Confirmation on bias and strategic failue
    • Execution before validation
    • forgetting that your goal is to find product-market fit, not prove the viability of the initial business plan
  15. Dashboards
    • identify in advance where you think you are going and what you hope to learn along the way
    • Focuses you to think strategically, create testable/measurable hypotheses, give you objective evidence that you need to pivot, gives others objective evidence that we need to pivot
Card Set
Entire Part 2