This presentation gives a brief outline of the important issues to consider when setting up a business. These issues include business modeling, revenue, partnerships, vendors and

1. START-UP DEVELOPMENT PROCESS
DEMETRIS C. HADJISOFOCLI
DIRECTOR, LIAISON OFFICE UNIVERSITY OF NICOSIA
COORDINATED INTRODUCTION OF ENTREPRENEURSHIP EDUCATION IN CYPRUS SCHOOLS
EXECUTIVE DIRECTOR, ENTREPRENEURSHIP FRONTIER NETWORK, LTD.

3. CRITICAL POINT
• You don’t invent product/service
• You solve problems

4. SETUP THE RIGHT GOALS
• How good/thorough do you know customer’s needs?
• Does your product/service solve that need?
• How much are they willing to pay for your solution?
• How much is this problem a priority to the customer?
• Does it solve a significant problem?

5. CUSTOMER DISCOVERY
• Who can be the customers?
• Target
• Profile
• Can they afford the product/service?
• Can they access it?
• Location
• Legal
• Weather

6. GO THROUGH THE PROCESS
• You’ll get plenty of doubt: Analyze data
• It’s all about speed and control

7. CUSTOMER SEGMENTS
• The People & Organizations targeted by the company
• For whom are we creating value?
• Who are our most important customers?
• Not all customers are created equal

8. VALUE PROPOSITION
• Services and products that provide value to customer
segments
• Product
• Satisfies a new need/creates a need
• Solves a problem
• Offers better performance
• Is more customized
• Costs less
• Has a better design
• KNOW Numbers
• KNOW Markets
• WHAT is the Monetization of the Solution
• Who is the TEAM

9. CHANNELS
• How does company reach customers to tell them about value
proposition?
• Through which Channels Customer Segments can/want to be
reached?
• How are Channels integrated?
• Which ones work best?
• Which ones are most cost-efficient?
• How are Channels integrated with customer habits/routines?

10. CUSTOMER RELATIONSHIPS
• Types of relationships established between the
company and customer segments
• What types of relationships does the company have
with customers?
• Direct or relying on others
• Customer facing
• Loyalty Schemes

11. REVENUE STREAMS
• Represents the income of the company for every customer
segment
• For what value are customers willing to pay?
• For what value do they currently pay? If they do!
• How are they currently paying?
• How would they prefer to pay?
• How much does each stream contribute to overall revenue?

12. KEY RESOURCES
• Strategic assets that the company need to maintain its business
model
• What Key Resources does the…
• Value Propositions require to be delivered?
• Distribution Channels?
• Customer Relationships?
• Revenue Streams?
• Resources type: Physical, Intellectual, Human, Financial

13. KEY ACTIVITIES
• Strategic activities to deliver the value proposition, reach customers and
nurture relationships
• What Key Activities does the
• Value Propositions require?
• Distribution Channels?
• Customer Relationships?
• Revenue streams?
• Types of Key Activities: Production, Problem Solving, Platform/Network

14. KEY PARTNERS
• Define contractors and partners that are supporters/critics for company’s
business model
• Who are the Key Partners?
• Who are the key suppliers?
• Which Key Resources is the company acquiring from partners?
• Which Key Activities do partners perform?

15. COST STRUCTURE
• What are all the costs required for the company in order to have its
business model up and running
• What are the most important costs inherent in the business
model?
• Which Key Resources are most expensive?
• Which Key Activities are most expensive?
• Cash Flow is King
• Cost Rationalization? Why this/that Expense? How does it
Contribute?

16. Thank You for Your Patience
Questions