Category Archives: Entrepreneur Startups

Prism Business Development - Aligning to Achieve Sales

Marketing Responsibilities

Marketing’s Responsibilities include:

Strategic

  • Identify New Market Opportunities
  • Perform Market Research Proof-of-Concept for each Market Opportunity
  • Assist in Selecting Best New Product/Service or Initiative

Operational

  • Joint New Product/Initiative Chartered Team
  • Company Identity / Branding
  • Go-To-Market Plan
  • Product Identity / Branding
  • Sales & Sales Support Model
  • Assist Field Operations Channel Engagements
  • Target Ideal Customers
  • Demand Creation à Drive Migration from Unknown to Awareness, to Consideration, and to De-Facto Standard Customer Industry Recognition
  • Manage Lead Tracking
  • Arm/Enable Field Operations Channels
  • Assist in Field Operations Execution
  • Monitor Market Acceptance & Drive Corrective Action
  • Assist Field Operations in Problem Escalation
  • Management Reporting

When Does Marketing Lead the New Product/Service Initiative

  • Prove New Idea / Innovation
  • Marketing & Product Development
  • Early Sales & Manufacturing
  • Selling but not yet turning a profit
  • Expansion investments for Profitable Company
  • Going Public

Hardcopy version

Need additional information, contact Prism Business Development Marketing@PrismBusDev.com(720) 304-2784

Business Development Services for Entrepreneurs & Intrapreneurs

 

Prism Business Development Services is comprised of the following essential elements:

  1. Bring High Customer Value Products to Market – Identifying & Engaging Ideal Customer Industries (BeachHead Market) & Ideal Customers (Market Makers)
    1. Validating, Verifying Need/Fit, Value Proposition, Business Model, Go-To-Market Plan, Sales/Support/Implementation & Maintenance Services Model(s)
    2. Capture Strategic Customer Partnerships – Product Improvement, Beta Test, Reference, Success Story Publishing & Strategic Partner Investments
    3. Provide Proof of Concept
    4. Enable Field Operations to Achieve Objectives & Goals – Identifying & Engaging Field Operations – Sales, Support, Implementation & Maintenance Channels – Enabling Field Operations
      1. Mapping Go-To-Market channel requirements to channel capabilities
      2. Marketing – Go-To-Market execution, launch, marketing programs…
      3. Engage channels new/updated contracts – aligned business models, aligned sales models, compensation, commissions or margins, reporting, problem escalation/resolution, training requirements
      4. Responsibilities – territories, reporting, market acceptance, problem escalation/resolution
      5. Marketing – channel specific packaging, pricing & promotion, plus communicate company mission, direction, objectives, goals & values (set customer trust & experience expectations)
      6. Product Training – Features, Functions, Value Proposition & Financial Models (Costs, Savings, ROI, Payback etc.), Competitive Analysis, Channel Specific Marketing Lead Generation & Follow-Up Monitoring, Marketing Programs & Feedback Processes & Procedures
      7. Sales, Support, Implementation, Maintenance & Field Operations Management Model Training
      8. Lead & Manage Field Operations - Driving Field Operations to achieve Business Objectives
        • Real-Time Field Operations execution monitoring, problem escalation/resolution, management feedback
        • Validating, Verifying Business Model, Market Acceptance & Marketing Programs Effectiveness
        • Keeping Management Informed Periodically & Problem Escalation/Resolution

These services are provided as one or more of the following roles:

  1. Business Development Field Operations Leadership
  2. Coach or Mentor
  3. Training
  4. Field Operations Outsourcing

Where Product can mean Products and/or Services

Hard Copy

Need assistance, then contact Prism BusDev@PrismBusDev.com (720) 304-2784

Entrepreneurship/Intrapreneurship Step 1 – Innovation & Serving Ideal Customer Communities

Step 1 – Providing Innovative Products and/or Services to Ideal Customer Communities!

What is an entrepreneur?  The entrepreneur is the person who can take a seed of an idea and create and orchestrate a new (startup) enterprise to apply the idea to serve a customer community by providing a solution to a problem the customer community has to make a profit.

A CEO is the person responsible for leading an organization to achieve business objectives, typically profitable revenue growth.  The CEO must lead his/her organization to apply their assets to bring new products and/or services to market to serve customer communities for a profit.

The only difference between an entrepreneur and an established enterprise’s CEO is the available assets, degree of focus and degree of organizational agility their respective organizations have.

We have observed that startups and enterprises wrestle with the question, “which comes first the seed of an idea or the identification of a customer communities’ problem”.

The answer is obvious when the entrepreneur or CEO is a member of the customer community, knows the customer community operation, recognizes the problem and perceives the seed of an idea that provides the solution to the problem “Necessity is the Mother of Invention”

The answer is not so obvious when the seed of an idea comes from technologists that have discovered a disruptive breakthrough in the current thought/belief framework in order to bring about improvements.  Sometimes this situation is referred to as a “solution in search of a problem”.

More often than not, even when the seed of an idea comes from a technologist, the research and development that the technologist is involved in has its roots in the scientific endeavor to form hypothesis to overcome limitations and solve a technological problem.  This includes Thought Experiments to hypothesize operational (functional) improvements to be derived.  Whether the seed of an idea and eventual invention solves the R&D problem fostering the R&D work or not, is where Necessity is the Mother of Invention may lose the thread of the logic back to a customer community to be served.  Oftentimes, the invention has multiple uses and it becomes the entrepreneur’s responsibility to identify ideal customer communities that can be served that provide economic justification for starting a new successful business.

So we are back to the fundamental (chicken or the egg) question, which comes first the seed of an idea or the identification of an ideal customer community to be served by providing a solution to their problem (a purpose).  We submit that innovation is always couched in the context of ideal customer communities ability to improve their operations.

Startups typically come from the perspective of a seed of an idea that may or may not have an ideal customer community identified, whereas established enterprises start from the perspective that they already serve one or more ideal customer communities and are looking to expand their ability to further serve their existing customer communities and/or penetrate new customer communities with the a new version of the products they make.

Either way, having a seed of an idea and not being able to identify ideal customer communities that will use your invention or product, is like the proverbial question “If a tree falls in a forest and no one is around to hear it, does it make a sound?”

Entrepreneurs are looking to create a new highly successful business enterprise, whereas high growth established enterprises are looking for the opportunity to apply their assets to expand penetration and business expansion in serving their ideal customers.  Both are looking to serve ideal customer communities with innovative new products and grow their businesses (make a sound).

Whether you are an entrepreneur developing a new business and/or a strategic business developer of an established high-growth enterprise, your objective is to foster innovation to be able to deliver high customer value products to serve ideal customer communities.  To be able to achieve this objective requires that you perceive an innovative way (use of your product) for an ideal customer to perceive sufficient value (realize improved operations) to be willing to pay for your product such that you can earn a profit.

Angel Investsor Due Diligence Examinations

Angel Investor Due Diligence Examinations

Angel investors are interested in making investments in their area of interest (industries) and are looking for entrepreneurs who demonstrate confidence in their ability to build the successful new business.  Angel investors have a series of questions they ask entrepreneurs to determine if they are interested in investing (fits in their portfolio of investments), that the entrepreneur has a viable business opportunity, and whether they trust that the entrepreneur has the ability to build the new business.

Once it has been determined that the entrepreneur’s new business fits in the angel investor’s portfolio, the entrepreneur is given the opportunity to present to the Angel that they have a viable business opportunity.  Angel investors ask entrepreneurs their Due Diligence questions, note how confident the entrepreneur is that they have a viable business opportunity, and that assess whether the entrepreneur has the ability to build a successful new business enterprise.  The angel investor must be convinced that the entrepreneur can create and capture market share dominance, derive a profit with a significant ROI, and all within a reasonable payback period timeframe.

Angel Investor Line of Questioning includes:

  • Founders (Backgrounds, Expertise, Build New Business Motivation)
  • Stage & Historic Funding (R&D, Personal/Friends & Family, Angel Investments)
  • What is Your Product (Technology/Process Improvements, Unique/Better than Alternatives, IP Protection)
  • Who is Your Customer & Why Would They Buy (Ideal Customer Communities, Personas & 1st Degree Benefits)
  • How Does Customer Acquire Your Product (B2C/B2B, Direct/Indirect Sales, Demand Creation, WOM)
  • Competition (Barriers to Entry, & How Defend Against Major Brands)
  • Monetization (Channel Productize/Price/Promote, COG, COS, Revenue & Profits)
  • Scale Business Leverage Successes (Account Penetration, In-Depth, Broaden, Economy of Scale
  • Use of Funds – Overcoming Constraints (Supply Side, R&D, Distribution, Fulfillment, etc.)

Proven Preparation Process to pass the Angel Investor Due Diligence Examination

Prism has worked with entrepreneurs, cross-functional teams, strategic partners, channel partners and the investment community to develop its proven step-by-step process to be able to answer the Angel investor Due Diligence questions and to convince them that the entrepreneur has a viable business opportunity.  Prism invested in developing this process in order to enable entrepreneurs to obtain stakeholder commitments at each step that leads to a final determination that they indeed, have a viable business opportunity.   Prism works with the entrepreneur to pair their new business opportunity to angel investor portfolios, to provide the angel investor with the information to pass the Angel Investor Due Diligence Examination, and instill the trust in the ability of the entrepreneur to be able to build the new business.

If you need assistance in being able to pass Angel Investor Due Diligence Examinations

Contact Prism to get immediate results to enable you to pass Angel Investor Due Diligence Examinations AngelDueDiligence@PrismBusDev.com  or call (720) 352-3407

Process to Convince Stakeholders You Have a Viable Business Opportunity and to Commit Their Resources!

Entrepreneur – Process to Convince Stakeholders You Have a Viable Business Opportunity and to Commit Their Resources!

As an entrepreneur you must convince yourself and other stakeholders that you have a business.  Stakeholders include customers, engineering, manufacturing, distribution, marketing, channel, service, finance and funding partnerships.  Stakeholders expect the entrepreneur to have done all the homework necessary to provide them the information they need to be able to commit that they can perform their necessary tasks to build the business.  For instance, once a high-level product functional specification has been developed, then and only then, can engineering determine if they can commit to design such a product.

As an entrepreneur, you need in know in which order to convince each stakeholder to commit to be able to perform their specific tasks.  This requires that you understand the sequence of steps and the information needed at each step, to enable each stakeholder to commit to be able to perform their specific tasks.  When you complete the journey, having obtained commitments from each stakeholder, you will have arrived at the point where you can defend with confidence that you have a viable business opportunity to the entire stakeholder team.

Proven Step-By-Step Process to Convince Stakeholders

Prism has worked with entrepreneurs, cross-functional teams, strategic partners, channel partners and the investment community to develop its proven step-by-step Process to Convince Stakeholders that a Viable Business Opportunity exists.  Prism invested in developing this process in order to enable entrepreneurs to obtain stakeholder commitments at each step that leads to a final determination that they indeed, have a Viable Business Opportunity.  Once the final step is completed, and all stakeholders agree that “You Have a Viable Business Opportunity” worthy of investing their resources, the next step is to charter, staff, fund and give the go ahead to execute the new business venture.

Prism provides services to guide entrepreneurs through the Process to Convince Stakeholders as well as assistance at each and every step as needed.  These assistance services are provided as needed based upon the background experience and expertise of the entrepreneur.  For instance, dialogue with customers involves delving into each customer’s unique situation to determine if the innovation would improve their business, what the impact would be and what the value would be to that customer.  In addition, the customer dialogue would include refinement of the product requirements, preferred method of acquiring, supporting, installing and maintaining the product.  Lastly, the customer dialogue would include Beta Test, agreement to be a customer referral, success story PR releases and possibly even customer financial partnership investments.  Prism provides entrepreneur assistance for dealing with strategic customer, engineering, manufacturing, distribution, marketing, sales/support/service channel and angel investor relations.

If you need assistance in convincing stakeholders “You Have a Viable Business Opportunity”

Contact Prism to get immediate results to “Convince Stakeholders You Have a Viable Business Opportunity” ConvinceStakeholders@PrismBusDev.com or call (720) 352-3407