Here is a potential one-page concept description for the business plan: - Concept: Face to Face Research (F2F-R) is a market research firm that provides in-depth customer feedback through in-person interviews and focus groups. - Opportunity/Need: The market research industry is growing as companies seek deeper customer insights. F2F-R addresses the need for qualitative research that explores customer motivations, pain points, and perceptions of new products/services. - Target Customer: F2F-R targets B2B companies in various industries seeking to validate new concepts, refine value propositions, and test messaging before product launches or marketing campaigns. - Unique Value Proposition: F2F-

1. Business Plan
Face to Face Research (F2F-R)
Step 1: Gut Check - Determine concept potential
 Entrepreneur to answer 25 questions to determine if concept is worth pursuing or
has fatal flaws. (Attachment #1)
 Draw conclusion: is concept is feasible. If not, can it be modified?
Step 2: Reality Test I - Get preliminary feedback on your concept from experts
 Prepare Written Concept Description. (Attachment #2a)
 Ask 5 questions of 5 experts in market or industry. (Attachment # 2b)
 Draw conclusion: is concept is feasible. If not, can it be modified?
Step 3: Sniff Test - Determine target customer interest
 Survey 10 potential customers on whether they will buy the product/service.
(Attachment #3)
 Draw conclusion: do customers like the concept? Will they actually buy?
Step 4: Reality Test II - Get feedback on the entire business venture from experts
 Prepare a short summary of business as it stands at this stage of the planning
process.
 Establish 3 to 5 objectives for each interview. What do you need to know?
 Determine what you need to know to give yourself confidence that you are on the
right track. Prepare a list of questions, e.g. Is this market attractive? Is the timing
right to enter the market now? Is the proposed product/service needed in the
selected market segment? Have you indentified the right target customer? Is the
value proposition clear? What is the sustainable competitive advantage? What
are the key drivers of success? What are the risks? What are potential fatal
flaws? What am I not understanding or missing?
 Conduct in-depth interviews with 15 experts, including industry experts and
organizations, competitors, distributors, investors, bankers, company CEO’s, real
estate companies, product and service designers, marketing experts, distributors,
engineers, vendors, suppliers, manufacturers, subcontractors, consultants, etc.
Ideally you should talk to people in the same industry that you are considering,
but should not be limited to these; talking with successful entrepreneurs can
provide great insights.
 Complete a type-written Call Report. (Attachment #4)
Step 5: Customer Surveys – Develop an in-depth understanding of your target customer
 Prove that the target customer understands the benefits of your product/service
and will buy it.
o Conduct an in-depth customer survey of the target market, or
o Conduct focus groups sessions, or
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

2. o Lurk and Listen
 Get purchase orders from customers (or letters of intent), or
 Obtain confirmation or testimonials from experts in your market.
 At the end of this step you should have identified your first 10 customers
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

3. Gut Check Questions
Determine Concept Potential
Instructions:
There are five sections with questions that you should address. For each item circle the most
appropriate answer and make note of the (-1), (0) or (+1) score. Add up the scores for all five
sections. You should use this exercise to determine the initial feasibility of the concept, i.e. will or
won’t this work. A low overall score does not mean that the concept is not viable. Rather you
should consider how it can be modified.
This is not intended as an in-depth analysis of the market or industry. It requires you to think
about the key issues that your venture faces to become viable.
It would be a very unusual concept that would score at the extremes. If there is a section with a
very high score, then this may be the core on which you build the business. A very low score
requires you to rethink the concept. Can the product /service be redesigned? Is there a different
target market? How can the concept be differentiated? You must be intellectually honest with
yourself – do not try to force the answer that you would like to see. Is there a fatal flaw that no
matter how much you would wish otherwise, the concept should not be pursued.
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Part 1: Strength of the Business Idea
Moderate
Low Potential Potential High Potential
(-1) (0) (+1)
1. Extent to which the idea: Weak Moderate Strong
 Takes advantage of a
trend
 Solves a problem
 Addresses an unfilled
gap in the marketplace
2. Timeliness of entry to market Not timely Moderately timely Very timely
3. Extent to which the idea Low Medium High
“adds value” for its buyer
or end user
4. Extent to which the Very satisfied Moderately Not very or
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

4. customer is satisfied by satisfied ambivalent
competing products that
are already available
5. Degree to which the idea Substantial Moderate Small to no
requires customers to changes required changes required changes required
change their basic practices
behavior
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Part 2: Industry Related Issues
Moderate
Low Potential Potential High Potential (-1) (0)
(+1)
1. Number of competitors Many Few None
2. Stage of industry life cycle Maturity phase Growth phase Emergence
or decline phase phase
3. Growth rate of industry Little or no growth Moderate growth Strong growth
4. Importance of industry’s “Ambivalent” “Would like to “Must have”
product/services to have”
customers
5. Industry operating Low Moderate High
Margins
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Part 3: Target Market and Customer Related Issues
Moderate
Low Potential Potential High Potential
(-1) (0) (+1)
1. Identification of target Difficult to May be able Identified
market for the proposed identify to identify
new venture
2. Ability to create “barriers Unable to May or may Can create
to entry” for potential create not be able
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

5. competitors to create
3. Purchasing power of Low Moderate High
Customers
4. Ease of making customers Low Moderate High
Aware of the new product
or service
5. Growth potential of target Low Moderate High
market
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Part 4: Founder (or Founders) Related Issues
Moderate
Low Potential Potential High Potential
(-1) (0) (+1)
1. Founder or founders No experience Moderate Experienced
experience in the industry experience
2. Founder or founders skill No skill Moderate Skilled
as they relate to the
proposed new venture’s
product or service
3. Extent of the founder or None Moderate Extensive
founders professional
and social network in the
relevant industry
4. Extent to which the Weak Moderate Strong
proposed new venture
meets the founder or
founders personal goals
or aspirations
5. Likelihood that a team can Unlikely Moderate Very likely
be put together to launch
and grow the new venture
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

6. Part 5: Financial Issues
Moderate
Low Potential Potential High Potential
(-1) (0) (+1)
1. Initial capital investment High Moderate Low
2. Number of revenue One Two to three More than
drivers (ways in which the three
company makes money)
3. Time to break even More than One or two Less than one
two years years year
4. Financial performance of Weak Modest Strong
similar businesses
5. Ability to fund initial pro- Low Moderate High
uct (or service) develop-
ment and/or initial startup
expenses from personal
funds or via bootstrapping
Note: Adapted from Bruce Barringer’s Preparing Effective Business Plans, 2009, Prentice Hall
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

7. Attachment #2a
Reality Test I
Concept Description
Prepare a brief one-page write-up of your idea that could be the basis of the business
plan. Use bullet points to address each of the following issues (see next page for
format).
Concept
What is the essence of the business?
Opportunity/Need
What is the size of the market? What are the trends? What problem is being solved?
Product or Service
Describe the product/service. What is unique about your product or service?
How will it by produced or delivered? How will it be sold?
What are the benefits to the target market? Why should they care?
Target Market
Describe the segment of the market that you plan to enter (demographics,
psychographics, industry sector, etc)
Competitive Advantage
Who is the competition? How will you differentiate your venture?
Profitability
What is the revenue model? What is the contribution margin?
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

8. Reality Test I
Concept Description Write-up Format
Concept
Opportunity/Need/Problem
 Point 1
 Point 2
 Point 3
Product or Service
 Point 1
 Point 2
 Point 3
Target Market
 Point 1
 Point 2
 Point 3
Competitive Advantage
 Point 1
 Point 2
 Point 3
Profitability
 Point 1
 Point 2
 Point 3
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

9. Attachment #2b
Reality Test I
Survey Questions
What are 3 things do you like about the concept?
Can you provide 3 suggestions to make it better?
Do you think this concept is viable?
What risks do you see?
Any additional comments or suggestions?
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

10. Attachment #3
Sniff Test Questions
Prepare a one paragraph description of the product/service.
How likely are you to buy this product/service?
__________Definitely would buy
__________Probably would buy
__________Might or might not buy
__________Probably would not buy
__________Definitely would not buy
How much would you be willing to pay for this product/service?
Where would you expect to find this product/service for sale?
Are you buying this product/service now?
___________ (Yes or No). If yes, whose product/service are you currently
using?_________________
How would you decide whose product/service to buy?
(Provide a choice of the most important purchasing criteria, e.g.)
Location
Durability
Speed
Design
Price
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

11. Attachment #4
Call Report
Company Name ______________________ Date ___________
Person Interviewed ___________________ Interviewer ___________
Title/Position ________________________
Why is this person relevant to your
understanding of the venture? ______________________________________
________________________________________________________________
________________________________________________________________
Address ________________________________________________________
Telephone Number ___________________
Email address _______________________
Objectives of Interview
1. ______________________________________________________________
2. ______________________________________________________________
3. ______________________________________________________________
4. ______________________________________________________________
5. ______________________________________________________________
Etc.
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

12. Company/Person interviewed ___________________________
Questionnaire
Describe your business concept to the interviewee. Explain the purpose of the meeting,
i.e. to get feedback on your business concept. Prepare a type-written list of questions to
ask to guide the discussion and provide the necessary feedback.
Q1.
Q2.
Q3.
Q4.
Q5.
Q6.
Etc.
Face to Face Research © 2008 Regents of the University of Colorado FL Moyes

13. Company/Person interviewed ___________________________
Conclusions
After each interview summarize here what you have learned. What additional
information do you now need? What are your conclusions about the business concept?
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Face to Face Research © 2008 Regents of the University of Colorado FL Moyes