Entire Part 2

Home

Get App

Create

The processes of determining whether a business idea is viable

Feasibility analysis
Product/Service feasibility
- An assessment of the overall appeal of the product or service being proposed
- Main components:
- Product/service desirability
- Product/Service demand
1 page description of business that is distributed out to people who are asked to provide feedback on the idea

Concept test
A detective or investigator that scrounges around for information or clues wherever they can be found

Gumshoe researcher
a group of firms producing similar products or services

industry
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
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
Components of industry/target market feasibility analysis
- Industry attractiveness
- target market attractiveness
Biggest challenge in attractive markets

Find a market that is large enough for the proposed business but small enough to avoid larger competitors
Conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch a business

Organizational feasibility analysis
Components of organizational feasibility analysis
- Management prowess
- Resource sufficiency
Four "ingredient of the interactive process
- Analogs
- antilogs
- leaps of faith - hypotheses
- dashboards
Key components of financial feasibility analysis
- Total start up cash needed
- financial performance of similar businesses
- overall financial attractiveness of the proposed venture
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
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

Author

Kimmiey

324465

Card Set

Entire Part 2

Description

Entre

Updated

2016-10-12T17:48:41Z

Show Answers