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Full Description
Structured around the idea that innovation is at the core of successful entrepreneurship, this insightful guide by Meyer and Crane establishes innovation as a necessary first step before writing a business plan or developing a financial model. With a focus on pragmatic methods for gaining industry and customer insight and translating this insight into innovative product and service solutions, Meyer and Crane help students design robust business models, financial projections, business plans, and investor presentations. New Venture Creation is devoted to helping students develop compelling business ideas. This is based not only on the authors' well-known research in product and service innovation, but also on their extensive experience as successful entrepreneurs and investors.
In the updated Second Edition, part I guides students through six elements that comprise a clearly defined and focused venture: defining your target industry; defining your target customers; defining the needs and wants of those customers; defining winning product and service solutions; carefully designing a strong business model; determining competitive positioning, and then testing the entire concept against a small population of target customers—all before writing the plan. Think, design, test, and learn are the guiding principles. Part II then focuses on different types of investors and the process for raising capital, creating realistic financial projections, writing a concise but powerful business plan, organizing the venture team, and creating a compelling pitch that speaks to the needs and concerns of investors. The book also includes a number of independent case studies that focus on product, service, and business model innovation—all from recent ventures by students as well as recent college or master's level graduates.
Contents
I. DEFINING THE VENTURE
1. Defining Your Industry Focus and the Type of Business You Want to Start
2. Defining the Target Customer: Users and Buyers
3. Defining the Needs of Target Customers: Getting Into Their Hearts and Mind
4. Defining Solutions for Customers: Developing a Product Line and Services Strategy
5. Defining the Business Model for a Venture
6. Positioning and Branding a Venture in the Marketplace
7. A Reality Check on the Venture Concept and the Business Model
II. WRITING THE BUSINESS PLAN AND MAKING THE PITCH
8. Financial Sources for Startups and Corporate Ventures
9. Projecting the Financial Performance and Requirements for the Venture
10. Organizing the Venture Team
11. Writing the Business Plan!
12. Making the Pitch
Cases
