What does this past week look like for Gateway CEO students? Students are currently working through their business plans and focused this past week on learning about their Markets for their products and services through lessons from Doug Villhard, Academic Director for Entrepreneurship at the Olin Business School, Washington University in St. Louis. Students are fortunate to be working through 11 online sessions that help students go from identifying problems and solutions in their business endeavors and working all the way to a full 3 minute pitch competition.
A few areas that students identified -
- Who are your target customers?
- What do you know about this market? What is the size? Is it growing?
- TAM - Total Addressable Market - Wildest Dreams
- SAM - Service Addressable Market - How many do you 'think' you could market to?
- Serviceable Obtainable Market - Initial goal you can service.
This exercise really makes students think through their customers and who are they talking to? If it is a lawn care business, maybe its the homeowner that is very busy, but really wants his yard to be beautiful.
Students did a great job as they keep taking next steps!
