So next let's talk about market entry and growth strategy. So how are you going to be starting off in this market? And how are you going to grow your business? Well, it's often said, and it's a cliche that a journey of 1000 miles begins with a single step. But this is the important step. So in the same way that your organization's entry into the market, is that important, just to tie that back to the analogy.

So how will you enter the market? Are you going to launch with a national campaign and open a number of stores across the country? Or would you start the business from home? Or do you start the business with a small online presence only? So there's a number of questions that you need to start thinking about and you need to answer and articulate in this business plan and in your business plan documents? And these are going to be driven by a number of factors such as your revenue model.

What's your target? customers and your target market is, what your available funding is. And of course, what your longer term strategy is for the business. So from a pragmatic point of view, there's a number of options that your organization or your business has to choose from. Firstly, and this is really gonna describe a number of, of, I guess models that your your company or your startup can follow for entering the market. So firstly, we have a Greenfield strategy.

And a Greenfield strategy is really a route that many entrepreneurs take. And this involves the business or building the business from the ground up from a base of essentially nothing, it means developing your own products, developing your own services, developing your customer base, developing your sales, and developing your your your distribution system, etc, etc. So, obviously, there's a lot of effort involved in this but it does have the benefit. I'm having few constraints, so finding Assad is really He is up to your imagination in terms of how you want to structure this. And yet, like I just said, the really the big constraint is funding. So how much can you afford to do?

That that's what you got to think about. Secondly, you might want to consider licensing. So that is essentially where the owner or licensor of a certain piece of proprietary technology, or service or a product or intellectual property, grants your business the last and see a license to use or sell that specific proprietary item or service or brand or whatever it is. And this is often done as a route for a license to enter a new or untapped market. And it's got the advantage that you are able to sell, or use a tried and tested product or service as the basis for your business. However, this can be a complex fear because you need to consider a number of things, such as licensing costs, The length of the licensing agreement, the exclusivity of the last and so will this last month or so and technology also be made available to your competitors or directly to customers?

And what about the territories or areas that you can sell it in? So, you know, do you have exclusivity across the single geography, a country, a continent, the world, these are important things to think about. So, one of my recommendations is you start negotiating and signing license agreements, you should have the assistance of a legal adviser with experience in this field. It's really complex. But beyond the scope of this, this lecture, and but something to consider. Next, franchising is a model, which is extremely popular, both for intrapreneurs and more established businesses to start new businesses.

So what is franchising? Well, it involves a franchisor or a supplier. That is allows a franchisee OR operator to buy the franchise and use the franchises trademark. This has got the advantage of having an instantly recognizable and respected brand such as McDonald's. And many franchises also include things like startup equipment, branding, and signage as well as management expertise that will help you run and start your business. However, this does come at a cost and the process of this is usually purchasing a franchise, especially the larger brands and this cost can be significant.

You know, we're talking kind of millions. In addition to this, the franchisee you'll also be required to pay a portion of the profits to the supplier. So for example, in some fast food organizations, part of the agreement is that you pay 6% of your revenues to the to the supplier. Next, forming an alliance and essentially, this means working with another organization. So this happens when two organizations work together to pursue a common set of objectives. The two organizations might share resources, capabilities, funding, expertise, or even intellectual property, but they still essentially remain independent organizations.

And this allows both organizations to grow more than they might individually. And at the same time, it doesn't exactly mean forcing them into a kind of merger or an acquisition. Next to think about is joint venture. And this is essentially where you form a new organization. So it's where you enter into an agreement with another party. It's a viable route to market.

And this is an approach that's often taken by large international corporations who wish to enter local market, but often lack that local experience and the network to do business. So they'll often partner with a local business and work together as this new this new joint venture. And this is not to say that this route to market is exclusively for large corporations, it can work very well for small businesses whose skills and abilities are complimentary. ie you've got a synergy by working together and forming this new joint venture. For example, a manufacturing concern and a product marketing agency. Joint ventures are formed in response to requests for proposals sometimes issued by large corporations and government agencies.

So in this example, you know, typically a small organization might not be able to satisfy the necessary requirements and partnering with another organization makes this possible. The new business typically is formed and each party owns a shareholding in the new business. The next thing to think about or the next kind of market entry or model is a turnkey solution. And this is an approach where method is used and involves having the third party establish a business operation gets everything to the point where the key literally needs to be turned to start the business at which point it's handed over to, to yourself or the operator, for example. So this type of approach is not that common in small businesses, and all the entrepreneurial space because it's often employed in the mining and utility sectors where operations in the form of man or power or power generating plans are built, and then handed over to the business for for operation.

So, again, something to think about something to know about that potentially not the best way, or the most cost effective way for you to enter the market. Next, an acquisition and you've obviously heard a lot about acquisitions in the press that happens every day. Because these are popular ways in the corporate world. For starting a business or extending a business and they have happened for a number of reasons. The to be parent company for example, will usually want To acquire a skill or a specific technology, or they want to enter a specific market, or they want to address or target a group of customers. And instead of building any of these things themselves, it's sometimes cheaper and quicker for them to go out and body so either bothers those skills, by that technology, acquire that market or by that group of customers.

This can become quite complex as integrating companies is a slow and risky process. Acquisitions generally, therefore, therefore, the domain of a larger type of business, you know, acquiring smaller ones, but sometimes it's not unheard of small organizations acquiring larger ones. So many of these options might not be viable or attractive to you as an intrapreneur. But it's important to understand the type of options that are available and how these might prompt a creative approach or the creation of a new business model in order to enter market or get your business started.