Entrepreneur’s Master Class (Module 1) Overview
Entrepreneur’s start with a business idea or opportunity they perceive as having potential. Depending on their experience and knowledge they approach the opportunity in different ways. This master class is designed to provide entrepreneurs with an overall approach that will minimise risks and optimise their ability to succeed. It will outline what are the important deliverables and things to do to move from idea/opportunity to the next stage of starting to create a proposition in a way that is sustainable. It will provide approaches, tools and advice so that they can follow some proven processes, and they will learn to avoid early stage pitfalls.
What are some of the pitfalls?
- An interesting idea but too difficult or expensive to create.
- “This is a new market” there is no competition
- A solution to a known problem but not practical for the customer.
- “One we have the product it will run off the shelves”
- An innovative opportunity but only a small niche market for it
- The entrepreneurs enthusiasm exceeds the competence required to deliver
- The available expertise and resources are not sufficient to support investment required.
- Where do I start?
- Who can help me?
Objective of Module
Participants on completion of the Module will have a clear understanding of what is important at each stage of creating a new business. They will have the knowledge to decide what is important for them to focus on at the start of a business in the context of their own business. They will have a set of tools to enable them confirm the viability and practicality of their business idea/opportunity and they will have created some foundations for the business.
Some topics that will be covered
- The proposition/solution creates the opportunity but what problem does it solve, or what is the true opportunity.
- Is there a market and how big is that market? (How to find out?)
- What will be required to bring the product/service to market?
- Competitive analysis (How will we compete?)
- Research versus Development
- What resources & competencies are required (Where can they be sources?)
- How can I get help? (Advice and support available)
- Sources & Types of finance
- Some things to do now, that do not have immediate payback but have long term benefit