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Lesson 3 of 5Entrepreneurship: From Mindset to Venture
Unit 2 · Lesson 3 of 5

Planning the Venture: KPIs, Market and Brand

Plan the venture by setting KPIs with targets you can measure against, describing the target market and competition, building a brand that captures what the venture stands for, and checking that the logistics, resources and requirements make it feasible.

5 min read1 quick check9 practice questionsAsk AI about this →

Key things to remember

  1. 1A KPI is a number you track to see whether you are reaching a goal; a target is the value you aim for by a set date.
  2. 2Percent of target = actual ÷ target × 100%.
  3. 3Common KPIs: units sold, revenue, profit, customer satisfaction, repeat customers, social reach.
  4. 4Direct competitors sell nearly the same thing; indirect competitors meet the same need another way.
  5. 5Brand elements (name, logo, colours, voice, personality) combine into one consistent brand identity.
  6. 6Feasibility means the venture can realistically be done: check supplies, location, permissions, schedule, people, payment methods and health and safety.

Leila has a refined idea and a prize to help pay for it. Before she spends a dollar, she needs a plan that answers four questions. How will I know if it is working? Who exactly am I selling to, and who else is selling to them? What will make people remember Grad Gear? And can I actually pull this off with the time, supplies and permissions I have? A plan does not need to be long. It needs to be specific enough that you can check your progress against it.

Key Performance Indicators and Targets

A key performance indicator (KPI) is a number you track to see whether the venture is reaching its goals. A target is the value you aim for by a set date. Good KPIs are measurable and tied to what matters: units sold, revenue (all the money from sales), profit (revenue minus all costs), customer satisfaction (how happy buyers are, often a 1-to-5 rating), repeat customers (the share of buyers who come back) and social reach (how many people see or follow your account). To check progress, divide what you actually got by the target.

KPISeason targetAfter market 2Percent of target
Hoodies sold804455%
Revenue$3,600$1,98055%
Followers (social reach)50042084%
Customer satisfaction4.5 out of 54.6 out of 5Target beaten
Repeat customers15% of buyers5 of 40 buyers = 12.5%Below target
Profit$600Not yet (below break-even)See next lesson
Grad Gear's KPI dashboard halfway through the season, with two of four markets done.
Units soldbracelets this month172target 20086% of targetcloseRevenueunits × $8 each$1,376target $1,60086% of targetcloseCustomer ratingaverage review out of 54.6target 4.5102% of targettarget metSocial-media followerstotal on our account615target 500123% of targettarget metRepeat customersshare who bought again24%target 30%80% of targetcloseHow to read it% of target =actual ÷ target × 100e.g. 172 ÷ 200 × 100 = 86%Upright line = target (100%)100%+ met80–99%<80%
Fig 1A KPI dashboard shows each indicator against its target so you can see at a glance what needs attention.
Quick checkTry it before you read on
1
Grad Gear's follower target is 500. It has 420 followers. What percent of the target has it reached? Give a whole number.
%
VideoWatch for what makes a good KPI: a measurable number, tracked against a target, that tells you whether the venture is on course.Watch on YouTube

Target Market and Competition

Your target market is the specific group of customers you most want to reach. It is narrower than "everyone": you describe them by age, location, interests and buying habits. Leila's target market is Grade 12 students and school sports teams and clubs at two nearby high schools, who want a custom design and want it quickly. Next, list the competition. Direct competitors sell nearly the same thing (online custom-hoodie shops, a local print shop). Indirect competitors meet the same need differently (a store-bought plain hoodie, a grad T-shirt). For each, note what they do well and where you can beat them.

Segmentation bases narrow a total market down to a target market and a nicheTotal marketall athletic-wear buyersTarget marketteens who play sportsNicheteen girls'hockey gearDemographicWho are they?age, gender, income, educatione.g. teens aged 13–18GeographicWhere are they?region, city, rural or urbane.g. one Ontario cityPsychographicand socio-economiclifestyle, values, social classe.g. active, competitive teensBehaviouralHow do they buy and use it?usage rate, loyalty, benefitse.g. buy new gear every season
Fig 2Narrowing from the total market to a target market to a niche.
CompetitorTypeTheir strengthGrad Gear's advantage
Online custom-hoodie shopDirectHuge choice of stylesFaster, local, and the class votes on the design
Local print shopDirectProfessional equipmentLower minimum order and student-designed art
Plain hoodie from a storeIndirectCheap and available todayPersonal design that marks the grad year
A simple competitor table. Every row should end in a reason a customer would choose you.

Building a Brand That Captures the Venture

A brand is the overall impression people have of your venture: what they think and feel when they hear the name. You build it with a set of elements that all send the same message. The name should be short and easy to say. The logo is the symbol people recognize. The colours repeat everywhere. The voice is how you write and speak (friendly, funny, formal). The personality is the human traits the brand shows. Together they form the brand identity, the consistent look and feel customers see every time.

TRAILBITFuel the next summit.granola insideLogoMountain-peak symbol peoplecan recognize without readinga word.Name“Trailbit”: short, easy tosay, and hints at trailsnacks.Slogan“Fuel the next summit.”States the benefit in a fewwords.PackagingResealable pouch with awindow: protects and showsthe product.ColourEarthy green on every itemsignals natural and outdoors.Brand promise (what every element repeats)“Real ingredients and steady energy for every outdoor adventure.”Brand equity (built over time)The extra value the name earns: recognition, trust, loyalty, and theability to charge more than an unknown brand.
Fig 3The elements of a brand work together to create one clear identity.
Brand elementGrad Gear's choiceWhy it fits
NameGrad GearShort, says who it is for and what it sells
LogoA mortarboard cap drawn inside a hoodie hoodShows grad and hoodie in one simple shape
ColoursNavy and goldFeels like school pride and works on most hoodie colours
VoiceFriendly and upbeat, like a classmateMatches how the target market talks
PersonalityProud, creative, dependablePromises a design you will love, on time
Every element points to the same identity: local, student-made, on time.

Logistics, Resources and Requirements

Logistics are the practical details of getting the product to the customer. Resources are what you need to use (supplies, money, time, people). Requirements are rules you must follow (permissions, safety). Listing them all lets you judge feasibility: whether the venture can realistically be done with what you have. If any line has no answer, you have found a problem to solve before launch.

AreaGrad Gear's plan
SuppliesBlank hoodies, transfers, heat press, bags and tags, ordered one week before each market
LocationSpring fair at school and three community market tables; online pre-orders
PermissionsSchool approval for the fair table and the logo; a parent helps register for the market vendor tables
SchedulePrint on two weeknights before each market so schoolwork comes first
PeopleLeila designs and prints; Owen runs social media and helps at the table
Payment methodsCash with a float of small bills, e-transfer for pre-orders, and a card reader
Health and safetyHeat-resistant gloves for the press, cords taped down, table weights for outdoor markets
A logistics checklist. Every row has an answer, so the plan is feasible.

Worked examples

Reveal one step at a time and try to beat it to the next line.

Example 1
After two markets, Grad Gear has sold 44 hoodies against a season target of 80. What percent of the target is this, and is the venture on track?
Example 2
Grad Gear's account grew from 350 followers to 420 followers in one month. Find the percent change in social reach.
Example 3
A student wants to start a weekend dog-walking service. Run a quick feasibility check across the seven logistics areas.

Where marks get lost

  • Setting vague goals like "sell a lot" instead of KPIs with a number and a date.
  • Dividing the target by the actual (80 ÷ 44) instead of the actual by the target (44 ÷ 80).
  • For percent change, dividing by the new value instead of the starting value.
  • Describing the target market as "everyone", which makes it impossible to choose a brand voice, a location or a price.
  • Treating a brand as just a logo, so the colours, voice and social posts all send different messages.

Flashcards 8

Key performance indicator (KPI)
Percent of target
Revenue
Profit
+ 4 more

Practice

1
Grad Gear's revenue target is $3,600. Revenue so far is $1,980. What percent of the target is this? Give a whole number.
%
2
A bracelet venture's target is 120 sales. It has made 78. What percent of the target is this? Give a whole number.
%
3
Weekly orders rose from 40 to 50. What is the percent change? Give a whole number.
%
4
Match each KPI to what it measures.
Units sold
Customer satisfaction
Repeat customers
Social reach
5
For Grad Gear, which is an indirect competitor?
6
Which brand element is described by "friendly and upbeat, like a classmate"?
7
Leila realizes she has no plan for how customers will pay if they have no cash. Which logistics area is missing?
8
What word describes whether a venture can realistically be done with the time, money, supplies and permissions you have?
9
Order these from widest to narrowest group of customers.
  1. 1Teens who buy hoodies
  2. 2Everyone who buys clothing
  3. 3Grade 12 students at two local schools who want custom grad hoodies

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