We have recently attended a presentation and workshop on what are the best strategies to be a successful entrepreneur in European Union. They also presented ways we can integrate the good practices in our business.
After a recap on business model canvas concepts, we have analyzed the extended business plan and the importance of the target market and user persona. We have learned some new ways and questions to ask in order to find out user persona. We have polished our chosen niche, analyzing all main types of users: donors, beneficiaries and campaign creators.
Other important topics that we've addressed were: sales and marketings strategies, milestones and performance indicators, key partnerships and collaborations, elevator pitch, investments opportunities. A series of analysis was also addressed, such as income analysis, client analysis, performance analysis, cashflow analysis, processes analysis, customer satisfaction analysis. The importance of entrepreneurial connections was also mentioned, so we decided to re-connect with some old business friends.
However, the main and most relevant aspect for us was the market evolution indicators and competition analysis. We understood the true importance of knowing our competitors extremely well, to study their business models, their income strategies, their teams, partnerships, press releases, to focus more on our direct local competitors, to find more market surveys regarding humanitarian fundraising platforms.
We will thoroughly analyze the following aspects regarding our competitors: profit, profit evolution, number of employees, number of employees evolution, turnover, marketing strategies, their service and functionality, the identified problems and how we solve them better and so on. Market evolution indicators are also essential: market size, business dynamics (how many businesses have entered vs how many have left), net profit ratio, employees productivity etc.
Last but not least, we noticed the importance of a long term vision, concrete goals and objectives. They presented different ways to go past Startup level and reach Scale Up level. We decided to make a comprehensive 5 year business plan that will encapsulate our vision and values and keep us flexible at the same time. We're planning to be adaptable but solid at the same time.
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