- Examine the key elements necessary for developing business models.
- Synthesize management, marketing, and financial issues.
You have learned about opportunity recognition. It is equally important for the entrepreneur to also understand the implementation aspect and how to execute their idea. Once you understand your business model, it is time to think about how you will enter the marketplace and grow your firm. During entry, you must prove that your business model is viable and profitable. For example, you may ask the question, “Are our customers buying our product(s) at the prices we need to be profitable?
As you learn more about your customer and business, you’ll modify your original vision. Entry into the marketplace provides a platform to identify new opportunities and to reshape your business so that it is best positioned to grow and thrive. Thus, it’s wise to think about your growth strategy from the very beginning. Today that growth is more likely than ever to mean you’ll consider international expansion.
Address the following questions:
- Describe your business model. What are your primary sources of revenue? What are your primary revenue drivers?
- What is your overall strategy? Why does this strategy help you sell to customers? What tactics can you employ to increase your revenues?
- What is your market entry strategy? How does this create a platform for your business to grow? Are there any barriers to entry? If so, what might they be and how will you overcome them?
- What is your growth strategy? How big do you want your firm to become? How long might it take for it to get there? Do you have an exit strategy? If so, what is it and why?
- Create a PowerPoint (PPT) containing 12-15 slides to discuss your findings in response to the topics above. Be sure to include the speaker’s notes.
- An OPTIONAL video of yourself giving the presentation can also be turned in but is NOT mandatory. You can do this using Kaltura tool and your laptop or mobile device (on the toolbar between the movie clip and the insert table icons).
- In your presentation, make certain that you include at least two credible outside references from search engines or scholarly sources from the APUS Online Library.
- There is NO APA paper required in addition to the 12-15 page PPT. Just make sure your “Speaker’s Notes” are comprehensive and any and all sources are cited in the APA style inside your text and in a References section on the last slide.
- Please name your assignment file as LastnameFirstinitial-BUSN621-AssignWeek #5.