ENTREP: Lesson 6

Businesses require an equally elegant business model, with the right price, messaging and delivery channel to the right target customers to keep the dream alive and growing.

• True

• False

• Customers often complain that existing approaches are not intuitive or integrated, but old solutions may be familiar and locked in.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Estimate your costs including a 50 percent gross margin, as a lower bound on a price. 

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Products too expensive for the market won't succeed, and prices too low will leave an exposure. Match with competitor prices and market demographics.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Once the prototype or alpha version is available, expose it to real customers to see and feel the same excitement and delight.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Look for feedback on how to make it a better fit. 

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• If it doesn't relieve the pain, or doesn't work, no business model will be saved.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Now is the time to pitch the entire business model to a group of customers or a specially selected focus group.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• This is not just a product pitch, but must include all elements of your pricing, marketing, distribution and maintenance.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.

• Here again is a chance to make pivots for almost no cost.

• Size the value of the solution in the target segment.

• Confirm that the product or service solves the problem.

• Test the channel and support strategy

• Talk to industry experts and investors.