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The 'Big Leap' Competition…

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The 'Big Leap' Competition… Powered By Docstoc
					‘Ravensbourne
Enterprise Awards
The steps to creating a business plan’
     Capturing Ideas?

What to do?
SERVICE V PRODUCT
ONLINE V FACE TO FACE
CREATIVE V FUNCTIONAL

CONSUMER TRENDS
Source: Trendwatching.com




In a traditional consumer society, he or she who consumes the most, the best, the coolest, the
most expensive, the scarcest, or the most popular goods, will typically also ‘gain’ the most
status. In 2007, keep an eye out for:

•TRANSIENT LIFESTYLES - Attractive to consumers driven by experiences
instead of the fixed.
•PARTICIPATIVE LIFESTYLES - Especially for younger consumers,
participation is the new consumption. For these creatives, status comes from
finding an appreciative audience.
CONNECTING LIFESTYLES - From networking sites to buddy lists to
meetup.org to a boom in members-only clubs, social status 2.0 is all about who
you connect to and who wants to connect to you, tribal-style.
•ECO-LIFESTYLES - With the environment finally on the agenda of most
powers that be, and millions of consumers now actively trying to greenify their
lives, status from leading an eco-responsible lifestyle is both more readily
available, and increasing in value.
                            TARGET MARKETING IS KEY
How do they do it?
The Attributes of Entrepreneurs

Creativity and Innovation

1. Explore New Approaches
2. Keep an Eye on the Market
3. Talk to People In the Know
4. Respond to Consumer Demand
                              Productive Relationships
5. Keep pace with Industry Trends


                                   Recognition     Realising Opportunities
                                        Creative
                                       Innovation

• Sao Paulo's Banca de Camisetas, a mix between a
  news stand and a T-shirt store, hawks exclusive designs
  (there are never more than three copies of a T-shirt).

• Like magazines, all T-shirts are changed weekly, and the
  'publishers' are free-lance designers who get to show off
  their work.

• There are five stands in Sao Paulo now, and we can't
  really think of any big city where this would NOT work!
www.springwise.com
      Market
    Innovation
TurnHere -- "Short films. Cool places" -- offers exactly that: short, online
    videos that give viewers an insider's look at destinations around the
                                   world.

 The Offer: Created by experienced filmmakers specifically for
 TurnHere, the website's videos offer an alternative to travel books.
 High quality, 2-5 minutes long and professionally edited.
 Filmmakers are paid USD 500-1000 if their video is featured.

 The USP: Up-to-date, super local, highly personal, free,
 communicate sense of a place more directly than traditional
 guidebooks ever could.
Customer Innovation
- Combining one of today's leading consumer trends (customer-made) with
a continuing trend in interior design, Naked & Angry just launched its line of
user-designed wallpaper.

The USP - Patterns created by the brand's audience. Anyone can submit a
pattern design, which is scored by other Naked & Angry users. The highest
scoring designs are manufactured in limited runs. (The first series featured
silk neckties in five patterns.) Creators of winning designs receive a USD
500 cash prize and 5 free Naked & Angry products.

The wallpaper designs have been hand-screened locally in Chicago, in very
limited quantities, and are priced at USD 60 per double roll.

www.Springwise.com
Source: Springwise.com



   TECHNOLOGY
    INNOVATION




     The Offer: ViTrue is a new type of ad agency that's building a platform to
     encourage consumers to create commercial videos for brands. Producing
     more relevant and engaging advertisements at a lower cost of production.

     The USP: Ad creators will be rewarded through a contest. Submitted ads
     will be judged by the brand’s customers, the Sharkle online video
     community and a panel of the brand's representatives, and the grand prize
     winner will win a prize.

     ViTrue's premier online video sharing community, www.sharkle.com, is the
     destination for more than 1 million unique users each month. Sharkle.com
     enables users to view and share videos, build community, and vote for the
     videos they like most.
      Elements to think about …
1. Market Research
2. Supply Chains
3. Marketing
4. Branding
5. IT
6. Legal
7. PR
8. Communication
9. Finance
10.HR
11.Quality Assurance
How do they do it?
The Business Sense of Entrepreneurs

Market Research - The Market Place
Once you have an idea for a design or service…
what’s next…
1. Recognise Trends
2. Listen to customer needs
3. Refine your product/service                 Commercial Viability

5. Assess Competition
6. Test your designs/service


                                 Client Portfolio                Financial Management
Source: Springwise.com



       MEETING A
       BUSINESS
         NEED
       ADVERTISING



     THE NICHE: ViTrue is a new type of ad agency that's building a
     platform to encourage consumers to create commercial videos for
     brands.

     A need to create more relevant and engaging advertisements

     •Encourages User Engagement and Participation
     •Raises Brand Profile
     •Generates Buy-In
     •Creates In-Tune Advertising
     •Lower cost of production.
   MEETING
CONSUMER NEED
  ECO-FRIENDLY




  THE NICHE Mod Green Pod was founded by two sisters-in-
  law, Nancy and Lisa Mims. When they couldn't find home
  textiles and wallpapers that were both chic and earth-
  friendly, they decided to start making their own.

• Their company, which aims to 'take organic from hippie to
  hip', sells vinyl-free wallpaper without harmful chemical
  finishers.

• Fabrics are available in matching designs and are hand-
  printed on 100% organic cotton, which will please
  consumers who know that conventional cotton production
  uses 25% of the world's insecticides and 10% of the world's
  pesticides.
How do they do it?
The Business Sense of Entrepreneurs

Business Dynamics
Once you have identified your product or service…
what is the viability
1. Start Up and Capital Costs
2. Dynamics of Supply Chain
3. Demand and Price in the Market Place
SWOT – What will be the strengths, weaknesses, opportunities
and threats of the business.
                       Start-Up Costs
Product Costs
• Raw Product
• Packaging
• Distribution Costs – Postage/Wholesale/Retail

Overhead Costs
• Website Design
• Legal Costs – IP/Contracts
• Insurance – Internet, Public, Employment.
• Staff – Designers/Managers/PR
• Equipment – Computers, Printers etc.

From identifying costs you can determine your point of sale price and
profit margin – is this price in line with customer demand?

Plus set a target on how many sales you need to achieve to break
even and desired profit margin – is it possible to sell this many t-shirts?
   Costs and Supply
   Chains


  Ecoist's Bags Supply Chain
• Material that would otherwise end up in landfills is sourced
  from misprinted or discontinued snack bags, soda labels and
  candy wrappers.

• Products are designed by Ecoist's international network of eco-
  fashion designers, and colours change depending on which
  wrappers are available.

• It is then folded into straps and woven into bags and clutches
  by Mexican artisans.

• Ecoist's bags are sold through their website, and are stocked
  by stores in the US, Japan, Puerto Rico and the UK. Candy
  wrapper belts are next. (Sold at USD 28-58)
   MEETING
CONSUMER NEED
  ECO-FRIENDLY




• Mod Green Pod Supply Chain

• Vinyl-free wallpaper without harmful chemical finishers.

• The rolls of paper are silk-screened by hand in the United
  States.

• Fabrics are available in matching designs and are hand-
  printed on 100% organic cotton, which will please
  consumers who know that conventional cotton production
  uses 25% of the world's insecticides and 10% of the world's
  pesticides.

• Sold through retailers in LA, Boston and the New York area.
How do they do it?
The Business Sense of Entrepreneurs
Raising Finance
• Define Investment Needed
• Create an Investment Proposal
• Options:
  – Loan – Friends/Family/Bank
  – Grant
  – Business Angel
  – Share Capital
Financing




   A Swarm of Angels.

   •   A British project, the team behind A Swarm of Angels has set out
       to make a GBP 1 million film and give it away to 1 million people in
       1 year.

   •   The movie will be ‘open source’, using the flexible digital-age
       copyright of Creative Commons so people can freely download,
       share, and remix the feature film.
   •   The project was conceived and is directed by Brighton-based
       digital film pioneer, Matt Hanson

   •   It will be funded and developed with the help of 50,000 Angels
       joining the Swarm to offer feedback, expertise, and funding (GBP
       25 each) to finance the project's execution.
How do they do it?
The Business Sense of Entrepreneurs
 Marketing the Brand
 Once you have established a product or service… what’s
 next…

 1. Protect your brand – IP and Legalities
 2. Define your brand – Unique Selling Points
 3. Website - Market your attributes and values
 4. PR – Communicate your story, product and approach
 5. Marketing Strategy
 Taking the Product to the Consumer – Quality of Service
 Marketing
 Strategy

 TurnHere -- "Short films. Cool places" -- offers exactly that: short, online
     videos that give viewers an insider's look at destinations around the
                                    world.

• Videos are watched online or downloaded to iPods for on the go.
• TurnHere offers businesses the opportunity to be filmed.
• Promotionals are broadcast and displayed both on Turn Here's
  own website and through other channels such as Google Video,
  MSN Video, iTunes and YouTube.
• Using marketing channels such as www.tripadviser.com .
  TurnHere will become prime advertising space for travel
  companies, as well as for local businesses like the ones that
  TurnHere already targets.
Marketing Strategy




 THE OFFER: Ecoist's bags (USD 28-58) are made from
 misprinted or discontinued snack bags, soda labels and candy
 wrappers.


 Partnering with Luna, a maker of energy bars for women, Ecoist
 is producing its first branded bag made from misprinted Luna
 bar packaging. Talks with other major snack brands are likely
 to lead to more limited editions.

 Projected sales for 2006 are USD 1.5 million. Ecoist's bags are
 sold through their website, and are stocked by stores in the US,
 Japan, Puerto Rico and the UK. Candy wrapper belts are next.
                                                                PR Strategy




    HOWIES

•   June '95 We designed four T-shirts and launched them in a mountain biking
    magazine. The T-shirts cost £30. The orders came in.

•   By '96 a BMXer came to us called Simon. He showed us a bunch of ideas which we
    liked. So we started doing some shirts for the BMXers. At this stage we were in
    about 10 shops. But each one kept telling us how well it was selling.

•   We wanted to go to the Bike '96 show but we didn't have enough money. So
    instead we had the idea about painting topless ladies with our T-shirt designs.

•   At first no one thought it was a good idea. But I decided to do it. The press loved
    it. The crowd loved it. The organizers went mad - they banned us. But the
    magazines just wrote and wrote about us.’
    www.howies.co.uk
How do they do it?
The Business Sense of Entrepreneurs

Managing Resources

1. Market Research
2. Supply Chains
3. Marketing
4. Branding
5. IT
6. Legal
7. PR
8. Communication
9. Finance
10.HR
11.Quality Assurance
How do they do it?
The Business Sense of Entrepreneurs

Managing Resources
Once you have established a product or service… what’s
next… Create a Team
1. Identify your own strengths and weaknesses.
2. Stick with what you know and delegate the rest.
3. Identify specialists in your industry
4. Invest to Gain in resources.          Commercial Viability


5. Form good relationships with your team.

                                   Client Portfolio   Financial Management
How do they do it?
The Attributes of Entrepreneurs

Building a Network
1. To share knowledge, experience and contacts.
2. To be inspired and motivated..
3. To connect with like-minded people
4. To meet clients, suppliers or
   business partners.
                                       Productive Relationships




                                Recognition                Realising Opportunities
                                     Recognise
                                      Talent!

• In 1997 Howies met Jeff in a ski resort!
• They took him on at howies and he began to look
  after the shops and the teams.
• He would go off every weekend with the teams and
  spread the word.
• He was larger than life in many ways and the teams
  loved him.
• The magazines were starting to write about us a lot
  and our ads and our teams were getting us noticed
  due to key personalities we had employed. We were
  distributing to 30 shops in 1998.
www.howies.co.uk
                                       Quick Recap
In a nutshell you need a sharp, clear, concise pitch, which highlights the following
points: Who you are?what your business offers? and what YOU are looking for....here
are some top tips to get you started

1. Are you solving a big problem or need, preferably one and is recognised or
recognisable today?

2. Is your solution differentiated, compelling, and sustainable?

3. Does your venture have an understandable and relevant business model given
your solution and the problem it addresses?

4. Have you assembled a team and partners with distinctly relevant experience to
make the business happen?
5. Do you have a reasonable and believable strategy for getting to market and
building a potentially sizable and market-leading business reasonably quickly?

6. What kind of momentum has already been established in the business and in
the marketplace (especially with customers)?

Source: Anthony P Morris: The Six (Just Six!) Questions Investors Ask to Determine Company Value
What you can achieve?

      Confidence                                         Start-up Finance

                              Productive Relationships


                Recognition                          Commercial Viability


Brand Profile                                                       Sustainability



       Realising Opportunities                       Financial Management


                                  Client Portfolio
  Market Niche                                                    Growth
How to make it happen..

              Training and Development

  Networking Events                 Business Coaching




   Information and                  Business Adviser/
     Resources                         Mentor

                 Professional Experts
Thankyou and Good Luck!!

  Links and Resources

   www.stridingout.co.uk
   www.businesslink.gov.uk

				
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