For the OEP project, you will continue testing the assumptions in the various pieces of your business model. You've tested the value proposition with customers as part of the OAP.
Now you should start testing the other critical assumptions in your business model. You can also begin creating a prototype or beta version of the product/service/website to help as you continue testing.
The last set of videos covered the sales and marketing aspects. You could brainstorm several sales and marketing strategies and begin testing them.
The session 7 videos discuss Partnerships. You can begin contacting and talking with the potential partners that you might (or might not) need for your venture. Under what conditions are they willing to work with you?
You can move on subsequently to testing the other assumptions in the business model ... the revenue model, etc.
The Opportunity Execution Project is a chance for your team to think about how to take your idea from a business plan on paper and turn it into a real company. For this part, your analysis should include all aspects of your business model, including the following:
Deliverables: All teams, regardless of which day they are presenting, must post their PowerPoint deck or presentation video.
July 6th, Post your OEP written analysis (1500 words) to your team website and link in the discussion comments. Your team is strongly encouraged to keep your written analysis to 1500 words, as this is a good opportunity to learn how to be succinct in business communications.
REMINDER: As has been mentioned in class, the key to the OEP (like the OAP) is the depth of your analysis and what you learned from it. If after careful research you have determined that your business idea is not as promising as you originally thought, it is totally acceptable to present an OEP that describes why your idea WON'T work rather than why it is the next big thing. An honest, rigorous analysis of an idea that didn't survive further scrutiny is preferable to either (a) a half-baked presentation of an idea you're unsure of, or (b) an enthusiastic pitch for your current idea, even though you know it is problematic.
Now you should start testing the other critical assumptions in your business model. You can also begin creating a prototype or beta version of the product/service/website to help as you continue testing.
The last set of videos covered the sales and marketing aspects. You could brainstorm several sales and marketing strategies and begin testing them.
The session 7 videos discuss Partnerships. You can begin contacting and talking with the potential partners that you might (or might not) need for your venture. Under what conditions are they willing to work with you?
You can move on subsequently to testing the other assumptions in the business model ... the revenue model, etc.
The Opportunity Execution Project is a chance for your team to think about how to take your idea from a business plan on paper and turn it into a real company. For this part, your analysis should include all aspects of your business model, including the following:
- Fundamental Problem. What is the fundamental problem you are solving for the end user of your product? What is the fundamental problem you're solving for your customer (if it is different from the end user)? Give a quick recap of your OAP - just a reminder of your key points and the takeaway.
- Business Model. You now have had some more time to think about your opportunity. Do you have any additional thoughts/changes about the business model?
- Sales & Marketing Strategy. How would you sell your product? What distribution channels would you use? How would you create demand for your product?
- Risk. Regarding financial, technical, people, and market risks; which one is of most concern? Which would you choose to address first and why? How would you manage or minimize each of the high-priority risks going forward?
- Partners and Allies. Who will be your major partners? How will your product be made? Will your company produce all of the parts, or will it use external suppliers? How would you go about attracting these partners and allies to work with your company?
- Funding. How would you fund your venture? Would you bootstrap, take money from venture capitalists, take funding from a corporate investor, etc?
- Team. Who would you need on your team in order to make this venture a success? What kind of experience and skills would your team need? How would you go about attracting them to your company?
Milestones
Opportunity Execution Presentation. Presentations are limited to 10 minutes per team including Q and A. The best presentations are often the shortest and most succinct. A summary at the end of the presentation is often very powerful.Deliverables: All teams, regardless of which day they are presenting, must post their PowerPoint deck or presentation video.
For this assignment you will upload a 5-10 minute video to YouTube and tag it with "Chuck Eesley Technology Entrepreneurship class OEP" and then post the link to the video so that other students can watch these.
REMINDER: As has been mentioned in class, the key to the OEP (like the OAP) is the depth of your analysis and what you learned from it. If after careful research you have determined that your business idea is not as promising as you originally thought, it is totally acceptable to present an OEP that describes why your idea WON'T work rather than why it is the next big thing. An honest, rigorous analysis of an idea that didn't survive further scrutiny is preferable to either (a) a half-baked presentation of an idea you're unsure of, or (b) an enthusiastic pitch for your current idea, even though you know it is problematic.