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Harvard Case - The Start of the Start: Entrepreneurial Opportunity Identification and Evaluation

"The Start of the Start: Entrepreneurial Opportunity Identification and Evaluation" Harvard business case study is written by Hovig Tchalian, August Comstock. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Jul 24, 2023

At Fern Fort University, we recommend that [Insert Name of Protagonist] proceed with developing and launching [Insert Name of Product/Service] as a [Insert Type of Business Model] venture. This recommendation is based on a thorough analysis of the opportunity, the market, and the potential for success in the [Insert Industry] sector. We believe that by focusing on [Key Success Factors] and leveraging [Key Resources and Capabilities], [Insert Name of Protagonist] can establish a strong foothold in the market and achieve significant growth.

2. Background

This case study focuses on [Insert Name of Protagonist], a recent graduate of Fern Fort University with a passion for [Insert Passion Area]. [Insert Name of Protagonist] has identified a potential opportunity in the [Insert Industry] sector, specifically targeting [Target Market]. The opportunity lies in developing and launching [Insert Name of Product/Service], which leverages [Key Technology or Innovation] to address a specific need within the target market.

3. Analysis of the Case Study

To analyze the opportunity, we employed a combination of frameworks, including:

• Business Model Canvas: This framework helped us understand the key elements of the proposed business model, including value propositions, customer segments, channels, customer relationships, revenue streams, key activities, key resources, key partnerships, and cost structure.
• Porter?s Five Forces: This analysis helped assess the competitive landscape and identify potential threats and opportunities. The analysis revealed [Insert Key Findings from Porter?s Five Forces].
• SWOT Analysis: This framework helped identify the strengths, weaknesses, opportunities, and threats associated with the venture. The analysis highlighted [Insert Key Findings from SWOT Analysis].
• Financial Projections: We developed financial projections to assess the potential profitability and viability of the venture. The projections indicated [Insert Key Findings from Financial Projections].

4. Recommendations

[Insert Name of Protagonist] should take the following steps to successfully launch and grow the venture:

1. Develop a Minimum Viable Product (MVP): Focus on building a functional MVP to test the product/service with early adopters and gather valuable feedback. This will allow for rapid iterations and adjustments based on market feedback.
2. Validate the Market: Conduct thorough market research and customer discovery to validate the product/service?s fit with the target market. This includes understanding customer needs, pain points, and willingness to pay.
3. Secure Funding: Explore various funding options, including bootstrapping, angel investing, venture capital, or crowdfunding. The chosen funding strategy should align with the venture?s stage of development and growth objectives.
4. Build a Strong Team: Assemble a diverse and experienced team with complementary skills and expertise. This includes individuals with strong technical, marketing, and business development capabilities.
5. Develop a Scalable Business Model: Design a business model that can be scaled efficiently to meet increasing demand. This may involve leveraging technology, optimizing operations, and building strategic partnerships.
6. Focus on Growth Hacking: Employ innovative marketing and growth hacking strategies to acquire customers and build brand awareness. This could include leveraging social media, content marketing, influencer partnerships, and targeted advertising campaigns.
7. Embrace Agile Methodology: Adopt an agile approach to product development and business operations, allowing for flexibility, continuous improvement, and rapid adaptation to changing market conditions.

5. Basis of Recommendations

These recommendations are based on the following considerations:

1. Core Competencies and Consistency with Mission: [Insert Name of Protagonist]?s passion for [Insert Passion Area] aligns with the venture?s mission to address a specific need in the [Insert Industry] sector.
2. External Customers and Internal Clients: The venture targets a specific customer segment with a clear need for [Insert Product/Service?s Value Proposition].
3. Competitors: The analysis of Porter?s Five Forces reveals a competitive landscape with [Insert Key Findings Regarding Competitors]. The recommendations aim to differentiate the venture and establish a competitive advantage.
4. Attractiveness ? Quantitative Measures: The financial projections indicate [Insert Key Findings Regarding Financial Projections], suggesting a strong potential for profitability and growth.

6. Conclusion

[Insert Name of Protagonist] has a unique opportunity to create a successful venture in the [Insert Industry] sector. By focusing on developing a strong MVP, validating the market, securing funding, building a capable team, and adopting a scalable and agile approach, [Insert Name of Protagonist] can capitalize on the growing demand for [Insert Product/Service?s Value Proposition] and establish a strong position within the market.

7. Discussion

While the recommendations outlined above represent a strong path forward, there are alternative options to consider:

• Pivot Strategies: If the initial market validation reveals a need for adjustments, [Insert Name of Protagonist] could consider pivoting the product/service to better align with customer needs.
• Partnerships: Exploring strategic partnerships with other businesses or organizations could provide access to new markets, resources, and expertise.
• Acquisition: If the venture demonstrates significant growth potential, it could be an attractive acquisition target for larger companies in the [Insert Industry] sector.

Key Assumptions:

• The market for [Insert Product/Service] will continue to grow.
• [Insert Name of Protagonist] will be able to successfully develop and launch the MVP.
• The venture will secure sufficient funding to support growth.
• The team will be able to effectively execute the recommended strategies.

8. Next Steps

[Insert Name of Protagonist] should take the following steps in the coming months:

• Month 1-3: Develop the MVP, conduct market research, and finalize the business plan.
• Month 3-6: Secure funding, assemble the team, and begin marketing and sales efforts.
• Month 6-12: Launch the MVP, gather customer feedback, and iterate on the product/service based on market insights.
• Month 12-24: Focus on growth hacking, scaling the business, and expanding into new markets.

By diligently executing these steps, [Insert Name of Protagonist] can transform their entrepreneurial vision into a successful and impactful venture.

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Case Description

Twelve entrepreneurs were interviewed to understand the most effective paths that founders can take to identify and evaluate promising opportunities. We uncover six behaviors exhibited primarily by the successful founders, fitting them into three categories: Network, Curiosity, and Industry Experience. We detail why these behaviors correlate most to venture success, utilizing quotes from the founders interviewed as supporting evidence. New entrepreneurs should be able to glean patterns of effective behavior for the early stages of their ventures.

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