NEW VENTURE CREATION: FROM FEASIBILITY CONCEPT TO BUSINESS PLAN Simply stated, feasibility is about the business idea and testing the business concept. The business plan is about the execution strategy that will bring that idea to market. The business plan serves three purposes: (1) it serves as a reality check...
Business
WHY BUSINESS MODELS FAIL Developing a Business Concept A business concept is a concise description of an opportunity that contains four essential elements: The customer definition; the value proposition (or benefit to the customer) and the compelling story; the product/service; and the distribution channel or means of delivering the benefit...
IMPORTANCE OF CROSS-FUNCTIONAL TEAMS IN NEW PRODUCT DEVELOPMENT The simplest definition of cross-functional teams (or CFTs) is teams that are made up of people from different functional areas within a company – marketing, engineering, sales, and human resources, for example. These teams take many forms, but they are most often...
METHODS OF ACHIEVING ECONOMIES OF SCOPE Economies of scope are cost advantages that result when firms provide a variety of products rather than specializing in the production or delivery of a single product. Economies of scope also exist if a firm can produce a given level of output of each...
STEPS IN CREATING A DISASTER PLANNING AND RECOVERY STRATEGY Business owners are strongly encouraged to make contingency plans for responding to and recovering from disasters that may befall them. Analysts note that disasters – whether they take the form of floods, fires, or power outage – can have a devastating...
STEPS TOWARD IMPROVING CORPORATE IMAGE AND IDENTITY Corporate image, or reputation, describes the manner in which a company, its activities, and its products or services are perceived by outsiders. In a competitive business climate, many businesses actively work to create and communicate a positive image to their customers, shareholders, the...
STEPS IN WRITING A SUCCESSFUL BUSINESS PROPOSAL Business proposals are documents that attempt to persuade targeted clients to buy a particular service or product. These documents which are used in academia and government as well as business and industry, may range from relatively short (a few pages) proposals to “formal”...
WHEN AUTOMATION BECOMES NECESSARY FOR A SMALL BUSINESS Automation refers to the use of computers and other automated machinery for the execution of business-related tasks. Automated machinery may range from simple sensing devices to robots and other sophisticated equipment. Automation of operations may encompass the automation of a single operation...
DECIDING WHETHER TO HIRE A CONSULTANT A consultant is an individual who possesses special knowledge or skills and provides that expertise to a client for a fee. Consultants help all sorts of businesses find and implement solutions to a wide variety of problems, including those related to business start-up, marketing,...
STEPS TO SUCCESSFUL INVESTOR PRESENTATIONS Investor presentations are an important but often overlooked aspect of entrepreneurial efforts to secure financing for their businesses. Presentations are particularly important to business owners hoping to raise money from private investors. Whereas institutional investors such as banks rely primarily on financial statements, business plans,...
