Session 1: Introduction to New Ventures;
Marketing and Sales: Finding Your Customer
Tuesday, January 24, 2017
6:00pm to 9:00pm, Room: 10-250
Part 1: Introduction to New Ventures
What is a Venture Plan, why do I need it and what is it used for? Practical do's and don'ts in preparing a Plan. Things to keep in mind in creating a Plan for a New Venture which will improve your chances of obtaining funding and running a successful venture.
Introduction to Virtual Ink. During this course we will be referring to the Virtual Ink Business Plan as an example. Yonald Chery, a co-founder of Virtual Ink will present the plan in more detail in Session 6
and will discuss how the Virtual Ink idea became a company with products and what happened along the way.
Reading: In preparation for the class skim through the Virtual Ink Business Plan. Focus on the Executive Summary and the Table of Contents. This is a real plan submitted in the MIT $50K Competition (now $100K) which resulted in a real business which received substantial funding.
Part 2: Marketing and Sales: Finding Your Customer
Many entrepreneurs, especially technology based entrepreneurs, are accused of being too in love with their technology or concept. They rationalize that if they develop a better mousetrap then the product will sell itself. However, a good technology or product idea is a necessary but not a sufficient condition to establishing and growing a successful business venture. Who will buy the product? How will you reach buyers? How much will they pay?
If you have an idea for a product or service how do you determine whether there is a market for it? How do you develop a marketing strategy? How do you turn your idea and market research into sales? What do you need to do to convince potential investors that there is a market and that your idea is viable? If you don't have a specific product or service idea but you see a potential need, how do you turn the need into a product or service?
This session will discuss these issues and provide guidance on how to approach the marketing section of your business plan.
Founder and CEO, Scientific Nutrition Products, Inc.
Serial Healthcare Industry Entrepreneur
Read his bio here.
Bob Jones at his Other Job - www.bluesdogsboston.com