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The University of Dayton Business Plan Competition. Defining the Problem and Framing it for the Judges. www. UDBPC . com. Entrepreneurs solve problems for people. They identify an opportunity They figure out how to develop a business about that opportunity

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the university of dayton business plan competition

The University of Dayton Business Plan Competition

Defining the Problem and Framing it for the Judges

www.UDBPC.com

entrepreneurs solve problems for people
Entrepreneurs solve problems for people
  • They identify an opportunity
  • They figure out how to develop a business about that opportunity
  • They persuade other people to provide resources for the new business
what is an opportunity an opportunity has four elements
What is an Opportunity?An Opportunity has four elements
  • Newness (Product/Service/Process)
  • Potential for profit/benefit/advantage
  • Legitimized by society and stakeholders
  • Technical feasibility

DEF: An opportunity leads to the development of something new that society will accept, that has potential to be accomplished in a beneficial manner.

what do judges want to see
What do Judges want to see?
  • An idea they “can get” quickly
    • --It will seem viable more easily.
  • A problem that needs solving. The bigger/more severe, the better.
  • A solution to the problem, that is profitable as well. This is the opportunity. What is the business model?
  • A solution that can be expanded, replicated, scaled, or otherwise rolled out.
    • This shows growth
  • What is the key insight to the idea?
    • It is what makes the idea really work—why it is clever, novel, useful
start with the problem to be solved three questions to be asked
Start with the problem to be solvedThree questions to be asked
  • Do people know they have a problem?
    • Do they need education, are they busy trying to solve it, do they seek out solutions, but are dissatisfied?
  • How important is it to them to be solved?
    • How many people does it directly affect? Indirectly?
  • How do people currently solve the problem?
    • (the answer could be “they live without it”)
    • List the current solutions, and describe their pros and cons
  • Don’t start with the solution, or you’ll waste a lot of time.
utility and problems
Utility and problems
  • Many problems are really about the hassle of having to make trade-offs
  • The next slide categorizes three common trade-offs: time, space, money.
time space cost going high and low
People with MORE

Time:

Will DIY

Will sell their place in line

Will wait for a bargain

Space

Will buy in bulk

Will not pay a premium

Money

Will pay for premium brand

Will not wait—want it now

Will pay for assembly

Will pay for customization

People with LESS

Time:

will seek shorter products

Will pay a premium

Will pay to jump the queue

Space

Will accept less features

Might pay a premium

Money

Will accept less features

Will wait

Will DIY

Will accept more commodity

Time/space/cost: Going high and low
what constraints exist what types are they
What constraints exist? What types are they?
  • Legal
  • Financial
  • Cultural
  • Technical
  • Tradition
  • Each of the above can drive the three trade-offs