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MS70091E New Venture Development

  47 Download     📄   11 Pages / 2683 Words

This is why understanding and creating a coherent business model around a business plan/idea is extremely important. In the final part of the module, a great attention will be payed to this crucial aspect that allows the progression from a structured idea to a successful functioning business. The module aims to:

  • Highlighting a range of pertinent issues to the understanding and analysis of entrepreneurship and the small business sector.
  • Understanding the importance of creativity and innovation within the small business sector.
  • Developing the ability of creating and presenting business ideas in the form of a business plan.
  • Mastering the process of translating successful business ideas into feasible business plans and models
  • Developing a set of practical skills necessary to operate effectively as an entrepreneur

Upon completion of the module, students will be able to:

  1. Critically evaluate key issues related to the identification process of entrepreneurial opportunities.
  2. Demonstrate evidences of understanding of the role of creativity in the process of creating and developing business ideas.

  3. Show evidences of understanding of the main elements of a business model and its coherency.
  4. Construct coherent business models around a specific business idea.
  5. Create and evaluate appealing and feasible business plans.

What groups of customers are you providing value for?

  • What are your customers’ characteristics and personas?
  • How would you describe your different customer groups?

What problems do your customers have and how are you solving them?

  • How does your product or service meet the needs of your customers?
  • What value do you deliver to your customer segments?
  • How will communicate with your customers (face-to-face or remotely)?
  • How will you manage customer acquisition, convincing your customers to select your products or services over that of others available?
  • Can you retain customers and how will you do this?
  • Can you offer added value and upsell to your customers?

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