Idea Selection and Business Pitch

Running head: IDEA SELECTION AND BUSINESS PITCH
1
IDEA SELECTION AND BUSINESS PITCH
Name
Institutional Affiliation

IDEA SELECTION AND BUSINESS PITCH 2
Idea Evaluation
The four categories model which focuses on which idea is the most rational,
delightful, and darling and one with the longest short is used in the process of selecting which
idea to implement. On the basis of the above mentioned, idea one which is concerned with
the establishment of an online service retailer named Overstock in the USA is chosen. The
business will fundamentally be engaged in the selling of home decors and furniture. This
business is the most rational compared to the other two idea because it is the most innovative,
unique, offers an immediate and bigger problem and most importantly its profitability
potential is not in doubt(Afuah, 2014).
Idea Selection
Compared to idea 2 which is concerned with the creation of Afterpay.com, it is clear
that idea two is not rational enough because it does not specifically pin point which product
it will be providing to the potential clients. Its rationality is therefore in doubt. Equally for
idea three which is concerned with the Minimus idea that seeks to compromise and provide
diverse and exclusively packed merchandises, there is no clear product or service mentioned
that the business aims to provide a solution for. There is therefore no uniqueness to it and
neither does it appear to be promising from a profit point of view (Abdou, etal.2016). On the
aspect of which idea is most delightful, idea one whose intention is to provide an online
service retailer with a specific bias in the selling of home decors and furniture provides the
most excitement to customers and investors. It is precise and clear which something is not
associated with idea two and three which do not specifically state the service or problem to be
solved (Håkansson & Waluszewski, 2017). In terms of how darling it is and overall
feasibility, business clearly seeks to entrench its self in the minds of its customers (Kim and
Min, 2015). Focus is put on creating mechanisms on how best to reach the customer by
exploring the benefits the customer is likely to experience and how best to communicate with
each other(Malarkey, 2014). Idea two and three’s customer benefit model are not elaborate
enough to generate enough endearment with the customers compared to idea one. On the
basis of the above analysis, Idea one whose focus is on the provision of online service retail
services with a specific focus on selling of home decors and furniture is chosen for pitching
(Carayannis, etal.2014).
Improvements

IDEA SELECTION AND BUSINESS PITCH 3
There are a few improvements which are proposed for the idea before pitching it to
the investors. There is a management and personnel gap within the business idea. It shall be
important for the company to put in a well-defined management team including the bios of
the company managers and executives(Pantano, 2014).This should include an explanation of
how their expertise will be essential in meeting the organisation’s business goals (Visnjic,
etal.2016). The investors are always interested in risk evaluation and usually prefer to invest
in a company whose management team has the necessary experience and expertise to execute
the business goals and objectives (Hvass, 2015). The other issues left undressed which
needs fixing for this idea before it’s presented before an investor is the competitive analysis.
The idea must present a clear and well defined comparison of the business’s direct as well as
indirect competitors. It is important to for the business to demonstrate that it knows the
strengths and weaknesses of the competitors and that it will work it out (Autio, etal.2014).
The other aspect which needs to be addressed concerns the financial aspect of the
business. It is necessary for the business to provide financial numbers to help back up
everything described within the marketing as well as organisational sections (Winston, 2016).
These are important elements for the investor to look at to try and assess the viability of the
project to be undertaken. The project will have to include a conservative projection of the
profit and loss statements, the cash flows as well as balance sheet for at least the first two
years of business operation (Chesbrough, 2010).
Revised Canvas Business Model
Key partner
 Wood
makers
 Delivery
firms
 Trucking
and
transport
ation
companie
Key Activities
 Modular
furniture
design
 Modular
Furniture
manufacturing
 Service
 Marketing,
Product
Value
Proposition
 House
Holds
(Bed,
Amirah
, Sofa
as well
as other
home
Customer
relationship
Email,
Social
Media,
mobile
contact,
newsletters.
Customer
segment
 Local
Area
Custo
mers.
 Small
busin
esses
 Colle

IDEA SELECTION AND BUSINESS PITCH 4
s
 Manufact
uring
companie
s
 Product
Supplier,
retailer.
 Outfitting
companie
s
 delivery
 Supply chain
management
and customer
support.
furnitur
e).
 Cheap
home
furnitur
e( it
will be
easy to
transpo
rt and
assembl
e)
 Oversto
ck
experie
nce( di
ning
options,
full
family
experie
nce and
child
care
venues)
ge/
unive
rsity
stude
nts
 Cost
cogni
zant
client
ele
Key Resource
 Human
resources,
Equity and
manufacturer.
 Infrastructure
including tools,
furniture, mega
stores, and
equipment for
lifting
Channels
 Physi
cal
Store,
onlin
e
servi
ce.
 Over
stock
email
subsc
riptio
ns
 Over
stock
catal
ogues
 Over
stock
super
stores
Cost Structure
 Production, Marketing and manufacturing
costs
 Costs for raw materials
 Cost of labour
Revenue Streams
 Selling offline product and
enhance the cost effectiveness.
 Accessories selling (towing
equipment, tools and Yarn).
 Fees for services( assembly and