Phase I

Testing the Feasibility of Your Business Idea

Green and grey timeline illustrating Phase I of Launch Your Business in 11 Weeks online course

Limited enrollment to ensure maximum quality of individual feedback

Phase I

Testing the Feasibility of Your Business Idea

What to expect

  • Learn how to conduct a Feasibility Analysis for any business idea
  • Conduct a thorough Feasibility Analysis for your business idea with direct guidance and individualized feedback
  • Determine with confidence whether or not to proceed with your business idea
  • Weekly group Google Hangout to address questions and to help keep you on track
  • 24/7 email access to us with same-day response
Green rectangle with black text that reads "60 Day Money Back Guarantee"

Requirements

  • An idea for a product/service you may want to create and develop into a business
  • Plenty of energy, enthusiasm, and determination

Description

Phase I of Launch Your Business in 11 Weeks will guide you through the process of evaluating and clarifying your initial business idea over the course of three weeks.  You will begin by defining the problem that your product/service/idea solves (or the need that it fulfills), which will then allow you to create a clear Value Proposition.  Your Value Proposition should distill the full breadth of your business idea into a powerful and concise statement of 25 words or less–think of this as your elevator pitch.  During the remainder of Phase I, you will strengthen and modify your Value Proposition through conducting rigorous primary and secondary research spanning the major areas of a Feasibility Analysis.  This will consist of contacting and interviewing industry experts and potential customers as well as carefully researching your industry online. The significant value of a Feasibility Analysis is that it can protect you from launching a business prematurely and subsequently investing all of your time and savings into an idea that has little or no chance of succeeding–unfortunately, too many entrepreneurs fall into this trap.  From your research, you will be able to determine confidently and without bias the likelihood that your product/service/idea will succeed in the marketplace. Finally, you will summarize the results of your primary and secondary research as well as any modifications you have made to your Value Proposition formally in writing–this will serve as the foundation of your Business Plan. Throughout Phase I, I (Terry Cornelison) will provide you with guidance and feedback to ensure that you not only emerge with a strong Feasibility Analysis but also master the process of thoroughly evaluating any business idea.

After completing Phase I, you will be ready to continue to Phase II of Launch Your Business in 11 Weeks, which will guide you through developing the bulk of your Business Plan.  Note that I have separated my 11-week program into three independent, but successive phases (i.e. in order to enroll in a later phase, you must first complete all previous phases).  This helps to split the total cost of enrollment into three more affordable blocks and gives you the option to proceed through my program at your own pace (sometimes life can get in the way, and you simply may have to postpone enrolling in the next phase until you are ready).

A large part of the value in going through Launch Your Business in 11 Weeks is that you will be receiving the same training and feedback offered to graduate students enrolled in an accredited MBA program.  So do not be discouraged if, by the end of Phase I, you have determined not to move forward in developing your idea into a full-fledged business.  Do not give up–the skills you will have learned in performing a Feasibility Analysis are invaluable, and you will know exactly how to proceed in evaluating any business idea you might have in the future.  When you finally have a product/service/idea that you feel confident can succeed in the marketplace (because you have refined your Value Proposition and completed a thorough Feasibility Analysis), I invite you to continue with Phase II to build the rest of your Business Plan. 

Timeline

  • I will host a group Google Hangout open to all current students where we can meet each other, introduce ourselves and our business ideas (if you wish), and discuss our expectations from this program.  You will be able to ask me any questions you might have about business and business plans.
  • We will start out by taking a closer look at your product/service/idea.
  • I will email you my Feasibility Analysis templates/guidelines that we will use throughout Phase I.
  • You will define the problem that you are planning to solve (or the need that you will fulfill) and detail how your product/service/idea will solve it.  Your solution will become your Value Proposition.
  • You will select 5-10 mentors and 5-10 potential customers to help you analyze the feasibility of your product/service/idea and refine your Value Proposition.  We will call these mentors and potential customers your Advisors (do not worry if this sounds intimidating–I have had hundreds of students and small business owners go through this process with 100% success).  I will provide you with suggestions on how to choose your Advisors, where to find them, and how to work with them.  Your Advisors will be invaluable in helping to generate and test your business model.
  • There will be nine areas covered in your Feasibility Analysis that in total will provide you with the information you need to determine whether your product/service/idea stands a good chance of succeeding in the marketplace.
  • I will provide you with the nine areas to address and the kinds of questions that you should be asking in order to get the best input from your Advisors.
  • You will create questions to ask your Advisors specific to your product/service/idea for the various areas of your Feasibility Analysis.
  • You will contact your Advisors, thank them for being willing to help you, give them an idea of what to expect, determine the best way to communicate, etc.
  • You will prepare a timeline for interacting with your Advisors, and for completing your feasibility analysis.  Your goal will be to complete your Feasibility Analysis and provide a short report to me with your decision to either move forward with your original product/service/idea, move forward with a modified version of your product/service/idea, or to abandon your plans altogether by the end of Week 3.
  • Group Google Hangout #2.  I will recap your work from Week 1 and introduce your new tasks for Week 2.  We will talk about the entire process of working through your Feasibility Analysis and Initial Research, and you will be able to ask me any questions you might have up to this point.
  • This week will be filled with Primary and Secondary Research.  Primary Research requires you to speak with your Advisors while Secondary Research requires you to search the internet for information about your industry, competition, market, etc.
  • What you are looking for from your Advisors are their candid thoughts and feedback concerning your Value Proposition that either confirms your product/idea/service (as you previously defined it) or specifies ways of modifying and improving it.
  • I will review the questions you have prepared for your Advisors and provide you with feedback and suggestions for modifying them if needed.
  • I will also recommend strategies for asking follow-up questions and open-ended questions in order to extract maximum value from these interviews.
  • You will arrange times to speak with your Advisors.  Each situation may be a little different, but you do not want to wear out your Advisors in one sitting, so you may propose two or three shorter interviews over the next 10 days–this will be your decision.
  • As you receive feedback from your Advisors, you will organize and evaluate these results.  I will provide you with instructions on how to do this.
  • As you evaluate these survey results from each of the nine areas of your Feasibility Analysis, you will need to determine if you should change/modify your Value Proposition.
  • I will be available, as needed, to review and discuss the results of your interviews and to help you think through your decisions regarding possible changes to your Value Proposition.
  • In addition to interviewing your Advisors, you will also be doing some of your own Secondary Research.  I will provide you with suggestions on how and where to go about doing this research.
  • Group Google Hangout #3.  I will recap your work from Week 2 and introduce your new tasks for Week 3.  You will be able to ask me any questions you might have up to this point.
  • This week you will wrap up your interviews with Advisors and complete your Secondary Research.
  • As you evaluate your survey results from each of the remaining nine areas of your Feasibility Analysis, you will need to determine whether or not to change or modify your Value Proposition.
  • I will be available, as needed, to review and discuss the results of your interviews and to help you think through your decisions regarding possible changes to your Value Proposition.
  • When this whole process is completed, you will write a narrative account of the experience (i.e. your Feasibility Report).  This should not be more than two pages briefly describing the experience with a short paragraph for each of the nine areas. You should reference your findings and any changes made to your Value Proposition based on the feedback from your Advisors and/or the results of your Secondary Research.  This report will conclude with your decision to either move forward with your original product/service/idea, move forward with a modified version of your product/service/idea, or to abandon your plans altogether.
  • I will review your Feasibility Analysis, and we will discuss your findings and decision about whether or not to move forward.  If you decide to move forward, your Feasibility Analysis will become the foundation of your Business Plan.  

Limited enrollment to ensure maximum quality of individual feedback

Additional phases

Continue to Phase II & Phase III

Limited enrollment to ensure maximum quality of individual feedback

Phase II

Building Your Business Plan

Phase III

Funding Your Business

Frequently Asked Questions

Since Launch Your Business in 11 Weeks combines individual coursework with personal guidance and feedback, this is not your typical online course.  Once you have enrolled in a phase, I will reach out to you via email to set up a 1-on-1 Google Hangout during which I will introduce myself, explain the objectives and timeline for that phase, and discuss your initial business idea or current progress in my course.  From there I will send you the relevant course materials and instructions necessary for accomplishing each week’s tasks, and we will proceed through my course following the Timeline.  

Your computer, an email account, software for editing documents and spreadsheets (Microsoft Office or Google Docs and Google Sheets), along with plenty of energy and determination.

While I cannot guarantee that your business will succeed in the marketplace, that is what we will be striving for throughout this course.  At any rate, a large part of the value in going through Launch Your Business in 11 Weeks from beginning to end is that you will be receiving the same training and feedback offered to graduate students enrolled in an accredited MBA program.  The skills you will learn in each phase are invaluable for operating your business strategically and efficiently and will enable you to confidently proceed in developing your current business idea as well as any future idea you might have.

Although you should strive to follow the Timeline as closely as possible (so that you can launch your business without delay), I understand that sometimes life can get in the way.  My goal is to help you prepare your business for a successful launch, so in the event that you fall behind schedule in completing the weekly tasks, I will work with you to get back on track and on pace to completing my course as swiftly as possible.

If you need help with something related to this course, please contact me right away at terry.cornelison@bizactually.com–I will respond within 24 hours (but probably far sooner).

I will do everything in my power to accommodate your schedule when selecting a time for the weekly group Google Hangout.  However, if for any reason you are ultimately unable to attend, I will email you a recording of any session you miss. I will also be available 24/7 via email to answer any questions you might have (I will always respond to your emails within 24 hours).

Of course, I hope and believe that you will gain great value from working together with me.  However, if you are unhappy or unsatisfied with this program for any reason, I will provide you with a full refund, no questions asked.

Limited enrollment to ensure maximum quality of individual feedback

Close Menu
×
Copy link
Powered by Social Snap