Objective
Being able to clearly describe your idea and convince others that it is worth pursuing is a key part of new venture creation. You may need to make formal and/or informal presentations to management, potential investors, customers, government officials, or others. In addition, public speaking and presentation skills are an important part of success, regardless of your chosen path. Your ability to effectively and concisely make key points and tell your story can contribute to your likelihood of success. The objective of this assignment is to give students the opportunity to ‘pitch’ your business idea to a potential customer.
Completion Instructions
Choose an idea you identified in Module 1 that: you are interested in researching further, has potential customers you are able to connect with to interview and you can sell as a compelling idea.
This idea will form the basis for your course project. There are two parts to this assignment:
- Begin the construction of a Business Model Canvas (BMC) for your business idea. Using the BMC template provided in this module, complete Sections 1 & 2 of the BMC. Note: you will update and complete this BMC throughout this course. Since the nature of new ventures exploration is iterative it’s best to use Post-it notes or an erasable pencil/pen to allow for multiple edits and iterations as you learn more about your your new venture idea.
- Record an ‘elevator’ speech to a potential customer, pitching your business idea. You have 90 seconds (maximum) to present your business idea. While this is recorded due to our asynchronous forum, pretend that you are speaking face-to-face with a potential customer. Be professional and engaging. Do not use supporting visuals since that likely wouldn’t be feasible for an elevator speech. Utilize your favority video app to record. Include the following in your speech:
- Introduction – Who are you? Why should this customer listen? Grab attention
- Problem/Customer Pain – Why does this customer need this solution? What are the negative consequences of this problem? If you are unable to articulate the need you are addressing, it is likely that you do not have a viable business opportunity. True opportunities provide something that satisfies a need or solves a problem for customers.
- Proposed Solution – What is your proposed BUSINESS (as opposed to product or service) and how does it solve the customers problem/need articulated above?
- Customer Benefits/Value Proposition – Why would your potential customer spend money on your solution? What is the benefit to the customer?
- Entrepreneurial Fit – Why is this a great business for you? How do your passions, interests, experiences, skills, make you a great leader for this venture?
- Conclusion – customer call to action or next step. what do you want the customer to do? Finish strong
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