Posted: February 16th, 2022
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Learning Goal: I’m working on a entrepreneurship multi-part question and need support to help me learn.Submission #3: Early Adopters Check-InBack to: arrow_back_ios EXEC: EXPERIENTIAL ENTREPRENEURSHIPOverviewYou’ve been working to identify the following:A group of people (i.e., customers)
you can resolve an emotional need for (i.e., value proposition)
and where to find them (i.e., channels).
These are the crucial first steps of a process called “opportunity identification,” and it’s a process you can use repeatedly in your career to find success, even if you don’t become an entrepreneur.Entrepreneurs, of course, search for new business opportunities, and the most successful ones use a process like this to ensure there’s a real demand for the product they want to launch—before they launch it. At the same time, the most innovative corporations do the same thing. Apple, Amazon, Nike, and Disney, for example, all have opportunity identification processes that start with customers’ needs and inspire successful new products. The most effective non-profits, and even government organizations, use this process to identify new ways to serve their constituents.Every organization, no matter its size, needs skilled people to identify new opportunities.This process you’re learning, customer-centric opportunity identification, will help you become one of those people–someone who is able to find innovative ways to solve a problem, before anyone else thinks to solve it.For this submission you’ll create a Business Model Canvas documenting the 3 most important hypotheses (i.e., assumptions, guesses) of the opportunity you’ve identified. In particular, you’ll write up your:Customer segment
You’ll also document how you developed those hypotheses and reflect on why they are important steps in the entrepreneurial process.Step 1 Customer SegmentsFirst, you’ll document all of the business model “hypotheses” (i.e., assumptions, guesses) you have about your new company on a new Business Model Canvas.Every hypothesis you write on your canvas should be categorized as either of the following:Validated: You have personally run an experiment to prove your hypothesis (i.e., assumption, guess) is true.
Needs Validation: You think your hypothesis is true, but you haven’t personally run any experiments to prove it’s true.
Because you’re developing a brand new business model, every hypothesis you make “Needs Validation” (i.e., You haven’t proven anything about your business model yet; you’ve just been theorizing at this point.), and that’s okay. Over time, you’ll run experiments to determine whether business model hypotheses are correct. If they are, you’ll continue to define new hypotheses and test those. If your original hypotheses are incorrect, you’ll change them and test them again until you find one that is true.NOTE: To denote the difference between hypotheses that have been “Validated” and hypotheses that “Need Validation,” put a question mark (?) on your new Business Model Canvas after every assumption that “Needs Validation.”In your previous work identifying Your Early Adopters, you’ve already generated several business model hypotheses that you can now add to your canvas. In particular, you defined your Ideal Customers as follows:My Ideal Customers are Nutrition enthusiasts who feel Discouraged when because Process is too long and effort is high.Because you haven’t validated it yet, add a “?” to the end of the “Role” of your Ideal Customers definition so your first “Customer Segments” hypothesis becomes:Nutrition enthusiasts ?Now, copy this hypothesis in the “Customer Segments” box of your first Business Model Canvas, the one in the top right corner.Key PartnersKey ActivitiesValue PropositionCustomer RelationshipCustomer SegmentsType here…*RequiredKey ResourcesChannelsCost StructureRevenue StreamsSet the start date of your Business Model Canvas to today. This will be the first of several Business Model Canvases you create. Adding a start date will help your business model’s evolution.COLLAPSE expand_lessStep 2 Value PropositionTypically the “Value Proposition” section of the Business Model Canvas is where you will write in your company’s solution to your customers’ problem (i.e., your product or service). In your case, you haven’t validated your customers’ problem yet, so it’s not clear what kind of solution it makes sense to create.For now, write in the problem you hypothesize your customers are trying to solve. Once you validate their problem, you can hypothesize and then validate a potential solution.As you write in your problem, end it with a “?” to indicate this hypothesis needs to be validated.Recalling again the definition of your Ideal Customers from the Your Early Adopters exercise—My Ideal Customers are Nutrition enthusiasts who feel Discouraged when Not achieving a good looking body because Process is too long and effort is high.—you can describe the problem hypothesis with this format:When “Trigger” (context of the problem)
I feel “Negative Emotion” (evoked by the problem)
because “Root cause” (of the problem)
Again, because you haven’t validated it yet, add a “?” to the end of your problem hypothesis so your first “Value Proposition” hypothesis then becomes similar to the following (please edit as necessary):When Not achieving a good looking body I feel Discouragedbecause Process is too long and effort is high?When filling in the “Value Proposition” box of your first Business Model Canvas, state your problem hypothesis as an “I” statement (e.g., “I’m afraid” or “I feel”) instead of a generic statement (e.g., “There isn’t a way to . . . ”).Key PartnersKey ActivitiesValue PropositionCustomer RelationshipCustomer SegmentsProblem:Type here…*RequiredKey ResourcesChannelsCost StructureRevenue StreamsCOLLAPSE expand_lessStep 3 ChannelsThe channels section of the Business Model Canvas describes where you’ll find and interact with your customers.Looking at your Primary and Secondary Interviews channels from your Interviewing Action Plan exercise, add your Channel hypotheses to your Business Model Canvas.As you have with your previous assumptions, end both your Channel hypotheses with “?” to denote that you still need to validate that you can find your customers here. Your first “Channels” hypotheses should look like these:Email ?Zoom?Now, fill in the “Channels” box of your Business Model Canvas.Key PartnersKey ActivitiesValue PropositionCustomer RelationshipCustomer SegmentsProblem:Key ResourcesChannelsType here…*RequiredCost StructureRevenue StreamsCOLLAPSE expand_lessStep 4 Entrepreneurial StepsThis is your opportunity to demonstrate that you are learning what steps are necessary to validate new business models and why those steps are important in developing your entrepreneurial skills.What kind of work have you done to define your business model so far?Describe what actions you’ve taken since your previous submission.Type here…*RequiredHint: Steps takenchevron_rightBased on your understanding of the importance of identifying early adopters, why does a successful entrepreneur take the entrepreneurial steps you outlined above?Base your answer on theory presented in the exercises you’ve completed here, and in class, since your last submission.Type here…*RequiredCOLLAPSE expand_lessStep 5 Build Your PresentationOnce you have answered all the previous questions, click the “Create/Update Your Presentation” button below, and a slide deck will be created for you.This presentation will be automatically embedded in the submission you’ll turn in to your instructor.warning WARNING: All fields must be completed before proceeding. Please complete the following fields:Customer Segments
Value Proposition (Problem)
Your Entrepreneurial Steps
Why These Entrepreneurial Steps?
Requirements: No words length requirement but please make sure to provide me with a high-quality finished work.
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