Evaluating a New Venture Idea with Four C's

1. Company. Think of your idea in terms of its product/service features, the benefits to customers, the personality of your company, what key messages you'll be relaying and the core promises you'll be making to customers.
2. Customer. There are three different customers you'll need to think about in relation to your idea: purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service).
3. Competitor. Again, there are three different groups you'll need to keep in mind: primary, secondary and tertiary. Their placement within each level is based on how often your business would compete with them and how you would tailor your messages when competing with each of these groups.
4. Collaborators. Think of organizations and people who may have an interest in your success but aren't directly paid or rewarded for any success your business might realize, such as associations, the media and other organizations that sell to your customers.

[Thank you, Aaron Keller and Guy Kawasaki]

Right and Left Brain

You got two brains, use them ... but not both at the same time!


LEFT BRAIN characteristics ...

• ANALYTICAL
• Logical
• Sequential
• Rational
• Objective
• Looks at parts
• Conventional
• FOLLOWS THE RULES ...

RIGHT BRAIN characteristics ...

• CREATIVE
• Intuitive
• Holistic
• Synthesizing
• Subjective
• Looks at wholes
• Transformational
• BREAKS THE RULES ...

[Thank you, Roger Sperry]

[2.09]

Industry Analysis Questions

1. In what industry is your venture? (Use NAICS industry nomenclature)
2. What is your primary NAICS number?
3. What other notable companies are in this industry?
4. What companies are the industry leaders, and why?

The Five (or Six) Forces That Define an Industry

According to Harvard Business School professor Dr. Michael Porter, there are five forces that define an industry ...

• Supplier power
• Buyer power
• The barriers to entry
• The threats of substitution
• The degree of rivalry

Andy Grove, former CEO of Intel, is credited with identifying a sixth force, Complementer Power.

Give It a Good SWOTT

SWOTT is a research, analysis, and planning tool used to evaluate the Strengths, Weaknesses, Opportunities, Threats, and Trends that affect a project or business venture. SWOTT involves defining the key objectives of a business venture or project, then identifying the internal and external factors that are favorable or unfavorable to achieving that objective ...