IO2-Adaptation of EnterComp Framework

The course materials will be self-study and there will be a need for self-evaluation. This intellectual output will be an adaptation of the EntreComp framework. The end result will be incorporated into the learning materials and will form part of the app.

Self-evaluation of entrepreneurship competence

To start a business you need to identify a business opportunity and create a value proposition for your customers. The value proposition is what the customers are willing to pay for. The value proposition must be adapted to the target group/customer segments and you have to do it better than your competitors.

Levels for value proposition:

Value proposition level 1 - Can explain one simple example with expert help

I have an idea for a product/service that I think people in my local area would buy. I need expert help to find more.

Value proposition level 2 - Can explain several examples simply with peer help

I can explain a simple value proposition for a product/service that people in my local area would buy and have talked to some possible customers about it.

Value proposition level 3 - Can choose the best example in collaboration with peers

I can explain a value proposition for a product/service that people in my local area would buy and have talked to some possible customers about it. I know how and why my product/service would help them.

Value proposition level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I am able to explain in detail a value proposition for a product/service that people in my local area would buy. I have talked to some possible customers about it. I have also used other information sources to find out more about my idea.

We divide the customers into segments and focus on fulfilling each segments specific needs. We need to choose the right segments and adjust the entire business model to meet the customer segment’s needs. One business can serve more than one customer segment.

Levels for customer segments:

Customer segments level 1 - Can explain one simple example with expert help

I have an idea what type of people some of my customers could be. I need expert help to find more.

Customer segments level 2 - Can explain several examples simply with peer help

I know who some of my customers could be and I could divide those into groups.

Customer segments level 3 - Can choose the best example in collaboration with peers

I know who some of my customers could be, can divide them into groups and can decide which group(s) match my business idea best.

Customer segments level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I discussed with relevant people which types of customers match my business best and know ways of finding out more about these groups.

 

To start a business you need channels to communicate and reach your customer segments to deliver value to the customer. The different channels are necessary for communication, distribution and sale. The different channels may have more than one function: Create attention; help the customers see the value they are being offered, help the customer buy the product, deliver value to the customer and more.

Levels for channels:

Channels level 1 - Can explain one simple example with expert help

I know one or two ways in which I could reach customers. I need expert help to find more.

Channels level 2 - Can explain several examples simply with peer help

I know one or several of the ways in which I could reach customers.

Channels level 3 - Can choose the best example in collaboration with peers

I know most of the ways in which I could reach customers and which are the most effective.

Channels level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I discussed with relevant people/organisations all the ways in which I could reach customers, which will be the most effective and how to set them up.

To start a business you need to establish a relationship with your customers. The relationship can be more or less personal or more or less automated. You need to find out which relationship your customers expect. You also need to understand how the customer relations are integrated in the total business model and how it will affect the cost structure.

Levels for customer relationships:

Customer relationships level 1 - Can explain one simple example with expert help

I know one or two ways my business could have a relationship with customers. I need expert help to find more.

Customer relationships level 2 - Can explain several examples simply with peer help

I know one or several ways my business could have a relationship with customers.

Customer relationships level 3 - Can choose the best example in collaboration with peers

I know most of the ways in which I could have a relationship with customers and which are the most effective.

Customer relationships level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I know exactly how I can get in touch with customers. I discussed with the people / organizations concerned how to build relationships and maintain them.

To start a business you need to identify and establish a relationship with your key partners. Your key partners are those you need to make your business model work. You should ensure good relations with your key partners. If your business model includes several key partners you have a higher risk, since trouble with one of the partners can make the whole business model collapse. Often you will need a partnership to optimise the business model, reduce risk and get access to necessary resources.

Levels for key partners:

Key partners level 1 - Can explain one simple example with expert help

I know roughly the type of organisations and people I will need to support me in this business. I need expert help to find more.

Key partners level 2 - Can explain several examples simply with peer help

With the help of my peers, I discovered which partners could be important to my business.

Key partners level 3 - Can choose the best example in collaboration with peers

I know in detail the organisations and people I will need to support me in this business and have made some contacts.

Key partners level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I know in detail the organisations and people I need to support me in this business and have made agreements with them.

To start a business you need to know what the key activities will be to make your business model work. The key activities will help you deliver the desired value proposition, reach the market, distribute the product and get the desired revenue.

Levels for key activities:

Key activities level 1 - Can explain one simple example with expert help

I know in general what needs to be done to run this business. I need expert help in identifying the main areas of my business and identifying a key activity.

Key activities level 2 - Can explain several examples simply with peer help

I know the key activities my business needs to work and with the help of my peers, I could highlight  all the main activities of my business.

Key activities level 3 - Can choose the best example in collaboration with peers

I know in detail what needs to be done to run this business and which type of partners are needed.

Key activities level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I know in detail what needs to be done to run this business and which partners are needed through discusions with relevant partners.

To start a business you will need access to some key resources. The key resources are the one who make your business model work. The key resources can be physical (hardware, tools), financial (capital, access to credit), intellectual (patents, copyrights, customer database) and/or human (typical knowledge-based companies). The resources could be owned by the business or acquired through a key partner.

Levels for key resources:

Key resources level 1 - Can explain one simple example with expert help

I know generally how much labour, equipment and start-up money I need to start my business. I need expert help to find more.

Key resources level 2 - Can explain several examples simply with peer help

I know which key resources are relevant for my company, and I think that I can explore and start to identify them all if I get some help from others.

Key resources level 3 - Can choose the best example in collaboration with peers

I know in detail how much labour, equipment and start-up money I need to start my business. I know generally where I can get these resources from.

Key resources level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I know exactly how much labour, equipment and start-up money I need to start my business. I talked to relevant people/organizations how to get these resources, made a connection.

To start a business you need a revenue stream. The revenue streams are the cash a business generates from each customer segment. A business must ask itself, for what value is each customer segment truly willing to pay? Each revenue stream may have different pricing mechanisms, such as fixed list prices, bargaining, auctioning, market dependent, volume dependent, or yield management. There are several ways to generate revenue streams: asset sale, usage fee, subscription fees, lending/renting/leasing/licensing, brokerage fees, advertising.

Levels for revenue stream:

Revenue streams level 1 - Can explain one simple example with expert help

I know the main ways in which my business will get revenue. I would need expert help to make a full list.

Revenue streams level 2 - Can explain several examples simply with peer help

With the help of others, I know the main ways in which my business will get sales and roughly how much from each different type of customer.

Revenue streams level 3 - Can choose the best example in collaboration with peers

I know the main ways in which my business will get sales and roughly how much from each different type of customer. I also know how I could manage prices, discounts and so on.

Revenue streams level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I have discussed with relevant people/organisations the main ways in which my business will get sales and how much from each different type of customer. I have also discussed how I could manage prices, discounts and so on.

To start a business you need to describe and calculate the costs related to your business model. You will identify many of the costs drivers by looking at the key resources, the key activities and the key partners in your business model. Some businesses are cost-driven while others are value-driven. The goal is to keep the costs down while creating the best possible revenue streams. Important key words are: fixed costs, variable costs, economy of scale and economy of scope.

Levels for cost structure:

Cost structure level 1 - Can explain one simple example with expert help

I know the main costs there will be in my business. I need expert help to identify them all.

Cost structure level 2 - Can explain several examples simply with peer help

I know the main costs there will be in my business and how they might change according to what I do. With the help of others I can calculate them.

Cost structure level 3 - Can choose the best example in collaboration with peers

I can make a detailed plan of all the costs in my business.

Cost structure level 4 - Can evaluate in relation to other BMC sectors and choose best examples in detail supported by contacts with relevant persons/orgs.

I can make a detailed plan of all the costs in my business. I can show how the plan varies if I make changes . I discussed the costs plan in my business with business partners/relevant organizations.

Navigate to other Intellectual Outputs

Business start-up FAQ
Adaptation of Framework
Integrating EU Skills Profile
Course Materials
Facilitation Guide
The App