Developing a Viable Business Concept

​Developing a Viable Business Concept

Analysing the market. What and how. ​

Taken from the SoW:

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Analysing the land based business market and competitors- Achieving competitive advantage, competitive environmental analysis, consumer demand

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Details of your unique value proposition- Concise statement that outlines the business, product or service and how it differs from others

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Creating a prototype- Helps estimate production/service costs, evidence to show potential investors, suppliers, retailers and customers ​

Chris Honey

​- Forbes

According to Small Business Trends, a third of small businesses get started with less than $5,000, and 58% got started with less than $25,000.

Warm Up

​Structuring a Business Plan

Scattered around the room are the headings for the sections you'll need to include in your business plan. Collect each one and write a short description of what you think needs to be included in that section.

20 minute activity

• Define primary objective

• Explain why your business exists

• Concise with detailed snappy information​

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• Define goals & aspirations

• Designed to uplift & inspire​

Mission & Vision

• 1 page document

• Summary of the entire BP

• Working document

• Introduction with company name and justification

• Market analysis and financial projections​

Executive Summary

Recap of Last Week

Don'ts of a BP​

• Include personal information such as CVs

• ​Not include a thorough analysis of your competitors

• ​Include statements without data and research

• Repeating information

Analysing the Market & Competitors​

​When analysing the market, there are two acronyms we can use to ensure all relevant information is obtained.

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What are these acronyms?​

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A PESTLE analysis studies the key external factors (Political, Economic, Sociological, Technological, Legal and Environmental) that influence an organisation. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making.

​​PESTLE

​SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business. SWOT Analysis is a tool that can help you to analyze what your company does best now, and to devise a successful strategy for the future

​​SWOT

PESTLE analysis considers the broad environmental context that affects the business and the changes that occur in this context. SWOT analysis then interprets these findings for the business to determine the strengths and weaknesses, and opportunities and threats.

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Conduct a 30 minute SWOT analysis

Share information with the group.

Using the PESTEL influencers, research the potential factors that you may need to consider for your business.

John W. Holt

"If you're not making mistakes, you're not taking risks, and that means you're not going anywhere. The key is to make mistakes faster than the competition, so you have more changes to learn and win."

Competitor Analysis

https://youtu.be/0KyCAcV_y7o​

Big Data has transformed the world of business, allowing decision-makers to measure everything about their customers and their staff with the proper competitor analysis tools. But even with this level of information, many companies end up following a doomed strategy. That’s because they're missing the answers to two vital questions: 

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• What’s going to happen in our market? 

• What will our competition do next? 

They’re the ones with most of the data, plus they’re kind enough to offer free tools that you can use to explore such as G-Trends and G-Alerts.

Google Tools

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​If you know which competitors you want to focus on, SimilarWeb will tell you everything you need to know about that company’s digital presence.

SimilarWeb​

Free Competitor Analysis Tools

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Spend 15 minutes now trying them out

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Quarterly and annual time series of the value of UK imports and exports of goods grouped by product. Goods are attributed to the activity of which they are the principal products.

https://www.ons.gov.uk/​

Office for National Statistics

Draw

Categorise the influential factors to their sectors