Strategizing for the success of new
enterprises
• Why some new businesses fail?
Well it could be -------------------------------------Or it could be -----------------------------------------
But then as the saying goes
“You fail to --------and you plan to -----------”
And so it is essential to have one of these. Sorry,
I meant to say to have --------------------
But for some of us planning is still not
rewarding enough, or so they argue.
Why?
Well because its rewards are not---------------------------------- but rather-------------------------And because they have never thought of these:
Well! They should.
And so for the success of any enterprise
activity planning is important
• It simply means preventing rights from becoming
wrongs. Wrongs are bad cogs for the spinning of the
wheel of success.
Right---------------------------Right-----------------------Right-----------------------Right-------------------------And when rights become wrongs then you have
made sure that----------- -------------------. After all that
what planning is all about.
But how can we plan for what we
haven’t researched?
• Well the answer is : let’s------------------------Because simply we can’t assume that people will
be automatically interested in the products or
services we offer.
• And so with Market Research in place we can
identify our--------------------, how much they ------------------------------------ and who ---------------------
In other words you will be able to get more
familiar with the market
• You’ll be able to determine what market------------------------------------ ,what-----------------do you have, who
are your-------, what’s your business---------- and
whether the market will-------------------------------------------------------- .
• Lots of questions. True; and answering them would
need ample research. But we can’t do without.
Let’s start with “What are the current market
trends?”
• Answering this will help you to identify how
the market ----------------------------------------------------------------------------.
• It simply helps to tell us which products-----------------------------------------
• Meeting the needs of the industry or market is
the cornerstone of any enterprise success.
•
•
•
•
Market trends are closely linked to customers
expectations and hence “What does it take to
satisfy customers?”
Actually customers expectations and feedback
could help---------------------------------Having customers profiles could help----------------------------------------------------To build good customer profiles we need to
answer some WH questions
What-----------? When---------------? How--------?
Why---------------? Where------------------?
Equally important is the question “What are the
types of customers who we are trying to
satisfy?”
• The financier/purchaser: He/she is the type of customer
who cares a lot about price and so naturally he is aware
of ----------------------------------------------------------------------To target this type business owners in this case should -------------------------------------------------------------------------------------• The influencer/expert: It is that type of customers who
happens to know a lot about the features of a product
and for whom price ------------------------------------------------------------------. He also ---------------------------------------------.
To target this type business owners should----------------------------------------------------------------------------------------------
Types of customers continued.
• End user: It is that type of customer who is
interested in the use of the product or service in
other words what the product/service ---------------------------------------------------------------------To target this
type business owners should------------------------------------------------------------------------------------------------------------------------------.
• You can easily identify them from the pictures
But then your prospective customers could be
doing well with your current competitors and so
“ How can you win them over?”
• Knowing your competitors is knowing -------------------, --------------------, -----------------, and ------------------------------their products.
• Knowing what is being offered on the market by
competitors will be of key importance in deciding
how to --------------------------------------------------------------------------It is this product placement that will help
differentiate your product from others’ and this is
how market research is exploited to the fullest.
Part and parcel of the success of any enterprise
is the financial aspect, the most important of
which is the cash flow forecast
• It is all about prediction; true! But it is prediction
worked out with reasonable degree of certainty.
• It is simply about predicting whether -------------------------------------------------------------------------------------------------------------------------------------• In other words it is to say whether a project will be -----------------------------------------------