Utility of crowdsourcing for the evaluation of business ideas and their market potential in the context of creation of a business plan

Table of Contents

1 Introduction

1.1 Motivation

1.2 Problem definition

1.3 Research question and objectives

1.4 Structure and methodology

2 Framework and theoretical background

2.1Crowdsourcing

2.1.1 Evolution

2.1.2 Term and definition

2.1.3 Concept

2.1.4 Delimitation from other terms

2.1.4.1 Open innovation

2.1.4.2 Open source

2.1.5 Process

2.1.6 Motivation of the crowd

2.1.7 Types

2.1.7.1 Intermediaries platforms

2.1.7.2 Company owned platforms

2.1.7.3 Collective Knowledge

2.1.7.4 Market places for own ideas

2.1.7.5 Public initiatives

2.1.8 Opportunities and Risks

2.1.8.1 Opportunities

2.1.8.2 Risks

2.1.9 Interim summary

2.2 Business plan

2.2.1 Definition and purpose

2.2.2 Evolution

2.2.3 Structure and content

2.2.3.1 Executive summary

2.2.3.2 Business model

2.2.3.3 Market and competitor analysis

2.2.3.4 Objectives and strategies

2.2.3.5 Service and product portfolio

2.2.3.6 Marketing and distribution

2.2.3.7 Management, Human Resources and organization

2.2.3.8 Opportunities and risks

2.2.3.9 Financial planning

2.2.4 Consultants, guides and tools

2.2.5 Critical review

2.2.6 Interim summary

3 Empirical Investigation

3.1 Method of data collection

3.2 Survey

3.2.1 Design of survey

3.2.2 Population and sample of the survey

3.2.3 Execution of the survey

3.2.4 Evaluation and presentation of data

3.3 Interpretation and results

4 Initial stages for implementation of crowdsourcing

4.1 Utility of established provider

4.2 Creating a new crowdsourcing platform

5 Conclusion

5.1 Summary

5.2 Answering the research question

5.3 Critical review

5.4 Recommendation for further research

5.5 Outlook

Objectives and Topics

The primary goal of this master's thesis is to evaluate whether the "Wisdom of the Crowd" can be effectively harnessed through crowdsourcing to assist entrepreneurs in the professional preparation of business plans. It addresses the common difficulties founders face in the planning process and explores how crowdsourcing might alleviate these challenges.

• Fundamentals of crowdsourcing, including evolution, concepts, and risks.
• Structural requirements and best practices for creating a comprehensive business plan.
• Empirical investigation of startup founders' needs and their attitudes toward using external crowd support.
• Analysis of existing crowdsourcing platforms for their applicability in the business planning process.
• Development of approaches for implementing crowdsourcing within the startup venture lifecycle.

Extract from the Book

Summary of Chapters

1 Introduction: This chapter defines the motivation behind the research, identifies the problem of creating business plans for startups, and outlines the methodology used.

2 Framework and theoretical background: This section provides a review of literature concerning crowdsourcing and the essential elements of a business plan.

3 Empirical Investigation: This chapter details the quantitative research design, including the survey methodology and data analysis conducted with startup founders.

4 Initial stages for implementation of crowdsourcing: This part explores practical ways to apply crowdsourcing to specific components of the business plan using existing platforms.

5 Conclusion: The final chapter summarizes the research findings, answers the central research question, and provides recommendations for further academic work.

Keywords

Crowdsourcing, Business Plan, Startup, Innovation, Entrepreneurship, Web 2.0, Wisdom of the Crowd, Market Analysis, Financial Planning, Business Model, Empirical Research, Outsourcing, Collective Intelligence, Strategic Planning, Venture Creation.

Frequently Asked Questions

What is the core focus of this master's thesis?

The thesis examines the utility of crowdsourcing as a supportive tool for entrepreneurs specifically during the business planning and venture creation process.

What are the key thematic areas covered?

The work covers the evolution and concepts of crowdsourcing, the standard structure of a business plan, the empirical needs of founders, and potential implementation strategies for crowdsourcing in the startup phase.

What is the primary research question?

The study investigates whether it is possible to use the "Wisdom of the Crowd" through crowdsourcing for the effective and efficient creation of parts of a professional business plan to assist the founder within the startup process.

Which scientific methods are employed?

The research uses a mix of literature review for the theoretical framework and a quantitative web-based survey for empirical data collection among German startup founders.

What does the main body of the work treat?

It provides a comprehensive review of crowdsourcing categories, business plan components, and an empirical analysis of founder challenges in areas like financial planning and market analysis.

How is the work characterized by keywords?

The work is characterized by terms like crowdsourcing, business plan, entrepreneurship, innovation, and strategic planning.

Which parts of a business plan are considered most challenging by founders?

According to the empirical findings, financial planning is cited as the most difficult aspect, followed by business management knowledge and marketing.

Are there existing crowdsourcing platforms suitable for business plan creation?

While the study finds no platform dedicated solely to business plans, it identifies several intermediaries that can support specific tasks, such as market analysis or generating creative ideas for business models.

What is the author's stance on using the crowd for a total business plan?

The author concludes that creating an entire business plan via the crowd makes little sense, as the founder should possess deep, personal insight into the core of their business and environment.