{"id":4992,"date":"2018-07-23T13:04:26","date_gmt":"2018-07-23T17:04:26","guid":{"rendered":"https:\/\/web.uri.edu\/risbdc-draft\/?page_id=4992"},"modified":"2021-01-08T17:02:50","modified_gmt":"2021-01-08T22:02:50","slug":"business-startups","status":"publish","type":"page","link":"https:\/\/web.uri.edu\/risbdc\/business-startups\/","title":{"rendered":"Business Startups"},"content":{"rendered":"<div class=\"fullwidth\">\n<section class=\"cl-wrapper cl-menu-wrapper\"><nav id=\"\" class=\"cl-menu  \" data-name=\"resources-page\" data-show-title=\"0\"><ul id=\"menu-resources-page\" class=\"cl-menu-list cl-menu-list-no-js\"><li id=\"menu-item-5145\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5145\"><a href=\"https:\/\/web.uri.edu\/risbdc\/starting-a-business-pricing-market-research\/\">Starting a Business<\/a><\/li>\n<li id=\"menu-item-5106\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5106\"><a href=\"https:\/\/web.uri.edu\/risbdc\/business-planning\/\">Business Planning<\/a><\/li>\n<li id=\"menu-item-5109\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5109\"><a href=\"https:\/\/web.uri.edu\/risbdc\/small-business-loans-and-financing\/\">Small Business Loans and Financing<\/a><\/li>\n<li id=\"menu-item-5112\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5112\"><a href=\"https:\/\/web.uri.edu\/risbdc\/hiring-hr-employees\/\">Hiring, HR and Employees<\/a><\/li>\n<li id=\"menu-item-5115\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5115\"><a href=\"https:\/\/web.uri.edu\/risbdc\/marketing-pr-design-website\/\">Marketing\/PR\/Design\/Website<\/a><\/li>\n<li id=\"menu-item-5118\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5118\"><a href=\"https:\/\/web.uri.edu\/risbdc\/operations-equipment\/\">Operations and Equipment<\/a><\/li>\n<li id=\"menu-item-5121\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5121\"><a href=\"https:\/\/web.uri.edu\/risbdc\/licensing-paperwork-filings\/\">Licensing, Paperwork and Filings<\/a><\/li>\n<li id=\"menu-item-5124\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5124\"><a href=\"https:\/\/web.uri.edu\/risbdc\/legal\/\">Legal<\/a><\/li>\n<li id=\"menu-item-5127\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5127\"><a href=\"https:\/\/web.uri.edu\/risbdc\/insurance\/\">Insurance<\/a><\/li>\n<li id=\"menu-item-5130\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5130\"><a href=\"https:\/\/web.uri.edu\/risbdc\/taxes-accounting-billing\/\">Taxes, Accounting, and Billing<\/a><\/li>\n<li id=\"menu-item-5133\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5133\"><a href=\"https:\/\/web.uri.edu\/risbdc\/international-trade\/\">International Trade<\/a><\/li>\n<li id=\"menu-item-5139\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5139\"><a href=\"https:\/\/web.uri.edu\/risbdc\/partners\/\">Partners<\/a><\/li>\n<li id=\"menu-item-5142\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5142\"><a href=\"https:\/\/web.uri.edu\/risbdc\/business-startups\/\">Business Startups<\/a><\/li>\n<\/ul><\/nav><\/section>\n<p>Following are several exercises and questions designed to assess your business idea. Included is a process to document the primary building blocks of a business. A meeting with a business counselor at different intervals could help you to plan and build your business.<br \/>\n&nbsp;<\/p>\n<\/div>\n<div class=\"cl-tiles halves\">\n<div><section class=\"cl-wrapper cl-boxout-wrapper\"><div class=\"cl-boxout  \"><h1>The Big Idea \u2013 Self-Assessment<\/h1><p>What is your primary aim in life and will your business help you fulfil that vision?&nbsp;&nbsp;<\/p>\n<p>What core competencies will you bring to the business?<\/p>\n<p>Are you missing any unique skills or resources that are vital to success?<\/p>\n<p>What product\/service are you proposing to offer?<\/p>\n<p>What is the problem \u2013 what is the burning need that needs to be relieved?<\/p><\/div><\/section><\/p>\n<\/div>\n<div><section class=\"cl-wrapper cl-boxout-wrapper\"><div class=\"cl-boxout  \"><h1>Definition: Customer Segments are the group or groups of people and\/or organizations that a business owner aims to reach and create value for with a defined value proposition.<\/h1><p>Who are your customers?&nbsp;&nbsp;<\/p>\n<p>Can you qualify the pain that your customers feel?<\/p>\n<p>How will you make your customers\u2019 lives better?<\/p>\n<p>How is your product\/service different than your competitors?<\/p><\/div><\/section><\/p>\n<\/div>\n<div><section class=\"cl-wrapper cl-boxout-wrapper\"><div class=\"cl-boxout  \"><h1>Exercise: Value Proposition Canvas: You need to tactfully match your value proposition with your customers\u2019 needs in order to attract their attention. <\/h1><p>Watch this <a href=\"https:\/\/www.youtube.com\/watch?v=aN36EcTE54Q\" target=\"_blank\" rel=\"noopener\">four minute video<\/a> and work out the defined concepts.&nbsp;&nbsp;<\/p>\n<p>Who\u2019s on your team and what technology do you have or need to sustain your business? The \u201cteam\u201d can be defined broadly but it\u2019s those people who will help you. They could include business partners, employees, suppliers, family members and others. At this point, getting feedback from some of these folks could be helpful.<\/p>\n<p>You\u2019ve done a lot of work up to this point. You may want to seek out one-on-one counseling to sort through the findings. OR, you could move on to the Business Model Canvas below. The Canvas addresses several important elements needed to plan your business.<\/p>\n<p>Exercise: Business Model Canvas<\/p><\/div><\/section><\/p>\n<\/div>\n<div><section class=\"cl-wrapper cl-boxout-wrapper\"><div class=\"cl-boxout  \"><h1>Exercise: Business Model Canvas<\/h1><p>Watch a <a href=\"http:\/\/youtu.be\/QoAOzMTLP5s\" target=\"_blank\" rel=\"noopener\">You Tube video explaining the Business Model Canvas<\/a>. While watching the video keep in mind the following notes:&nbsp;&nbsp;<\/p>\n<p>Customer Segment: You\u2019ve already worked on this element above<br \/>\nValue Proposition: You\u2019ve already worked on this element above<br \/>\nKey Partners: Partners must be reliable, but always have a backup plan.<br \/>\nChannels: Customers will tell you which distribution methods are most convenient<br \/>\nCustomer Relationships: Talk with the customers to ascertain their expectations.<br \/>\nRevenue Streams: Be proactive to determine what customers\u2019 value.<br \/>\nKey Resources: What assets in the business are indispensable for creating value<br \/>\nKey Activities: Unique activities distinguish you from the competition.<br \/>\nCost Structure: Be judicious with relationships while shopping for value.<br \/>\nThe results of this Start-Up Process will lead to one of two conclusions. Either you will recognize the need to further develop the idea or it will strengthen your confidence about starting the business. If you want to move ahead contact a business counselor to schedule an appointment. A business counselor will work with you on market research, competition and developing financial projections.<\/p><\/div><\/section><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Following are several exercises and questions designed to assess your business idea. Included is a process to document the primary building blocks of a business. A meeting with a business counselor at different intervals could help you to plan and build your business. &nbsp;<\/p>\n","protected":false},"author":0,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-4992","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/pages\/4992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/types\/page"}],"replies":[{"embeddable":true,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/comments?post=4992"}],"version-history":[{"count":7,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/pages\/4992\/revisions"}],"predecessor-version":[{"id":9325,"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/pages\/4992\/revisions\/9325"}],"wp:attachment":[{"href":"https:\/\/web.uri.edu\/risbdc\/wp-json\/wp\/v2\/media?parent=4992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}