M $2$ New Entry Analysis and the Lean Canvas Framework

In chapter two of the text, Entrepreneurship, the authors share information about what they consider to be New Entries; Offering a new product to a new or existing market, offering an established product to a new market, or creating a new organization $($Hisrich$,$ et al$.,2024).$ It is important for an entrepreneurial leader to consider the resources available when creating a new entry. These resources might include knowledge, funding, infrastructure, talent, technology, and customers.

How can the resources be leveraged to help ensure success of the venture? Many entrepreneurial thought leaders embrace the Business Model Canvas $($and the Lean Model iteration$).$ In this model there are clear steps to business creation. Step three addresses how the new entry is unique and valuable. Step nine addresses the advantage$($s$)$ of the business that are exclusive to the entrepreneurs that can$$t be found with other options to solve the problem. Using the Business $($Lean$)$ Canvas model can provide a good framework to develop a new entry.

Instructional Materials

Lean Canvas Framework

Image Description: This is a matrix with nine compartments, each representing a step of the Lean Canvas Model. Users will follow the order of the steps and add information to answer the questions in each one. Box $1$ is Customer Segments $($List your target customers$)$ and Early Adopters $($List the characteristics of your ideal customers.$)$ Box $2$ is Problem $($List top $1-3$ problems of your customers and Existing Alternatives $($List how people are solving this problem right now.$)$ Box $3$ is Unique Value Proposition $($Single$,$ clear, compelling message that states why ou are different and important$)$ and High$-$Level Concept $($List your X and Y analogy $[$e$.$g$.$ YouTube $=$ Flickr for videos$].)$ Box $4$ is Solution $($Outline a possible solution.$)$ Box $5$ is Channels $($Your path to customers.$)$ Box $6$ is Revenue Streams $($List your sources of revenue.$)$ Box $7$ is Cost Structure $($List your fixed and variable costs.$)$ Box $8$ is Key Metrics $($List the numbers that demonstrate success.$)$ Box $9$ is Unfair Advantage $($What you do that others can't buy or copy.$)$

Instructions

Using the idea for a new product, service, system, or organization from Module One, complete the table below. This table can be accessed online and downloaded for your use. It is also available as an Excel file. Refer to pages $58-63$ in the text to identify possible resources. When considering advantages, pages $64-70$ in the text can serve as a guide. To evaluate disadvantages and how to address them, please review pages $72-75$ in the text.