Welcome to Module Two. Before we begin, let's quickly review what we accomplished in Module One. First of all, we chose an innovation challenge, one that we cared deeply about, where we might be able to create a new product or service that could attract a lot of customers or supporters. Then we wrote a suscinct one-page challenge statement that clearly describes the challenge at hand. After that, we selected a preliminary idea or solution based on our experience and intuition. That will guide us as we build a business model canvas, which is the project deliverable, that we need to complete as part of this Coursera program. We also watched the animated video, From Business Idea To Business Model. It described the story of Beth and Carl, and their idea for a new travel agency that serves baby boomers. We learned that although building a business model isn't going to be a walk in the park. All we're going to need is our creativity, willingness to work, and passion for our idea. So keeping in mind what we learned in module one, let's dive into building block number one, the customer segments. At the basic level, customer segments represent the different groups of people, or businesses, or organizations that we aim to reach and serve. It's important to remember that it is profitable customers that comprise the heart of any business model. As many entrepreneurs already know, not all customers are good customers. To best satisfy customers, it's best to group them into distinct segments based on common needs, problems or behaviors. Successful entrepreneurs and innovators, make conscious decisions about which customer segments to serve, and which segments to ignore. As Jim Collins, the world famous expert and author on the subject of leadership says, what great leaders have in common is the ability to start each day by writing their to do list, and writing a what not to do list. This is why it's highly recommended to choose only one customer segment as a starting point for our new business, or our new innovation. Customer segments typically fall into three categories. Mass market, this is where we focus on one large group with all these similar needs. Niche markets, sometimes it's better to cater to the needs of a specific group with very specific needs. And then the third customer segment is segmented markets. This falls somewhere in between mass and niche markets. This is where we distinguish between groups with slightly different needs. As I mentioned in module one, if you have to complete a project, I thought it would only be fair that I complete a project too. At Kennesaw state university where I work, we're passionate about providing students with practical job ready knowledge and skills. What our challenge with so many students and a limited number of advisors on staff? How can we effectively help 34,000 students find the jobs and careers of their dreams? What is our idea? There's a group of us who are trying to be innovators and intrapreneurs. By the way you're an intrapreneur when you're trying to be an entrepreneur inside of an organization owned by someone else. Gifford Penshaw the Third, who invented the word intrepreneur describes intrepreneur as dreamers who do. So as a team of innovators and intrepreneurs inside of a very big university, we want to develop a career readiness, mobile learning program. That delivers research validated career planning knowledge and skills using an innovative online gamification technology platform. Okay, with this idea in mind, who will be our customer segments? We have tentatively identified seven customer segments. High school students would be an outstanding customer segment to pursue. High school juniors and seniors, we thought maybe need to start the career planning process at this high school level. The thinking is, that if career planning is done at this time, young people will have better odds of choosing the right college, and the right major, that will help them get the job of their dreams. Second, we thought of college Freshman and Sophomores, as another possible customer segment. As well as College Juniors and Seniors, perhaps it's at this stage that a young person is most open to career planing advise. Parents of high school age students, is the fourth possible customer segment. The thinking is that maybe the parents of the students, instead of the student themselves, might be the ones most motivated to buy the new Career Readiness Mobile-Learning Program. Therefore, parents of college-age students would be a customer segment as well. Another customer segment, number six, is to provide career planning services to our military veterans, who are returning to public life after years of military service, and may need help finding the second job or the career of their dreams. And last but not least, customer segment number seven, might be other colleges and universities who are struggling with the same challenge as we are. Okay, it's very tempting to decide, let's try to reach and serve all of these customer segments. They all need help with career planning. However, as we've learned, it's best to start by choosing just one customer segment. And, if we're successful, only then will we consider expanding the business model and reach out to the other customer segments. So for my Business Model Canvas, I've decided to choose Customer Segment number five, The Parents of College-Age Students. I'm thinking that they would be the most interested in buying the Career Readiness Mobile-Learning Program. What this customer segment has in common, is a deep love for their children, a strong desire to help them find a satisfying career, and a keen interest in getting a good return on their investment in their children's college education. Because of these factors, this customer segment might be the most motivated, to pay a fair price for a very high quality career planning program. So our customer segment, would be parents of college-age students. Next, let's talk about your module two assignments. First, make sure you participate in the discussion and answer the question. What is the most important thing I learned, while watching the animated video titled Visualizing your business model? Second, there are two application assignments. Now with your idea in mind, it's your turn to identify the customer segments that might be the most interested in your idea. And then make the important decision of selecting the one customer segment that is most important. Good luck, and we'll get together again at the beginning of module three.
