- Your business plan has to spell out…what the threats are to your product.…And one of the biggest threats you'll face…is substitute products.…What can replace your product…what can solve the customer's problem…just as easily and do it cheaper?…What substitutes are competing for the same…dollars that you are?…And remember, it may not be a direct…competitor to you.…Be able to articulate what those substitutes are…and why your customer's going to choose…your product versus that substitute.…
A few examples,…I had a guy come to me one time…with his awesome business idea,…and the problem he articulated was…when he gets his socks out of the dryer…they're not matched and he takes him a lot…of time to match his socks together.…He shared his business idea was for…RFID pairing of his socks,…so he would put a small device in each sock,…and then when he held them close together…they would beep.…Now, I looked at him and I said,…"You know the substitute to your product, right?"…And he said, "No, I'm not sure.…"We don't have any competition."…
Author
Released
9/17/2015- Define the problem your business solves.
- Determine a product and revenue model.
- Build a go-to market strategy.
- Describe the components of a product development roadmap.
- Explain how to brand and market a product.
- List criteria for choosing suppliers.
- Identify common pitfalls of business plans.
Skill Level Intermediate
Duration
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Introduction
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Welcome1m 11s
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1. Defining Your Business
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Sizing the market1m 55s
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2. Understanding Your Market
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How you rank vs. competitors2m 48s
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3. Defining Your Product
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Protecting your market2m 41s
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Developing your product2m 23s
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Delivering your product2m 4s
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4. Selling Your Product
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Pricing your product2m 36s
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Selling your product2m 20s
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Supporting your product2m 11s
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5. Running Your Operations
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Managing production2m 3s
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Managing suppliers2m 20s
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6. Managing Your Business
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Leading the organization1m 52s
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Getting advisors2m 2s
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Compensating leadership2m 13s
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Administration1m 20s
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7. Projecting Your Financials
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Financial assumptions1m 47s
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Financial forecasts2m 20s
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Capital requirements2m 27s
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Financial risks1m 50s
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Exiting your business1m 53s
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Conclusion
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Business plan pitfalls1m 54s
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Next steps1m 18s
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Video: Knowing the threat of substitutes