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Entrepreneurship in Music and the Arts Project Evaluation

My friend, Bob Ellis, a business school professor will be evaluating student projects next week. He has provided them (and me) with this rubric.

Summary
Clear communication of business concept
Good understanding of “what business are we in?”
Good understanding of key success factors
Good understanding of financial aspects
Complete analysis of concept feasibility
Complete analysis of value proposition

Market Analysis
Clear identification of target segments
Clear understanding of customer buying triggers

Competitive Analysis
Clear identification of competitors
Understanding of competitors’ strengths
Understanding of competitors’ weaknesses
Understanding of future threats and opportunities

Product Analysis
Clear description of product
Understanding of role of customer service

Marketing Strategy
Price discussion
Promotion discussion
Placement and channels discussion

Operational Analysis
Personnel discussion
Facilities discussion
Customer service plan
Supplier discussion

Financial analysis
Development of integrated pro formas
Special focus on Cash Flow Statement and ongoing cash position

Comments

  1. Jim:
    Last week, Steve Blank continued his evangelism for the lean launchpad approach, writing “Why the Lean Start-Up Changes Everything” for the Harvard Business Review blog. ( http://hbr.org/2013/05/why-the-lean-start-up-changes-everything/ar/) He advocates using the lean start-up method instead of the traditional business plan on which your colleague’s rubric is based. I teach my students *about* both, but in general they find the lean launch pad a more accessible starting point, because they can “jump right in.” ….Just wanted to call your attention to Steve’s article, if you hadn’t already seen it.
    Best wishes,
    Linda

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