Lesson 4: Your business Snapshot

Value Proposition

Value Proposition are the features and benefits that make the product or business unique.

Marketing Plan

Your friend is developing a marketing plan for her new business. She should put in these her plan: where she wants to sell her product; AND a description of the people in her target market.

Part of a consumer profile is

Demographics;Psychographics; And buying patterns.

Creative thinking exercises entrepreneurs use

They challenge the usual, think backwards, and draw idea maps.

Start-up expenses

For Maria´s food truck are: Kitchen appliances and other equipment needed to conduct her business

Fixed expenses

For Maria´s sandwich food truck are: salaries for her employees, truck insurance, and advertising.

Business Pitch

Important points to include in a business pitch are: The problems that the product or service solves or demands it meets; How the product or service is different; Clear reasons why the potential customers and investors should care about the business.

Market research

It is important to conduct market research on your target audience before building your marketing plan because: You need to consider who your potential customers are before deciding on marketing strategies

For your business to break even

It means you have covered your fixed expenses and are becoming profitable.

Business Pitch

The main purpose of developing a business pitch is: To briefly share the most important information about your business to people in an engaging way.