Chapter 10 a) Flashcards
Planning
Process of envisioning future for a business, what one plans to do and how one plans to do it
Planning helps you see your idea, crystallize thoughts, organize actions and think in a……
structured way/ framework to breakdown steps in to actionable processes
Planning vs Plan
Planning pushes you to move forward and take action, a plan keeps your actions organized
Planning Starts with a…….?
Vision
Vision
Goal for what a business will be in the future
Vivid Vision
ask entrepreneur to imagine what business could be three years into the future
Dr Emmet Thompson
- what did business did he start?
- what did he say about term planning?
- what pays off overtime x2 ?
- if you____to plan, you are ______ to ___
AFC Management – corporate fitness management, real estate, book production
Need to plan for long-term, not just short-term gains
Gratification and patience pay off overtime
If you fail to plan, you are planning to fail
5 Plan Objectives:
develop vision, gain clarity, answer important questions, estimate timelines, and set goals
Plan Process 6
Idea Generation, Business Model Canvas, Business Brief, Feasibility Study, Pitch Deck, Business Plan
Idea Generation
Chapter 4 – Design Thinking – Ideation
Business Model Canvas
with 4 parts
visualize plan and how various parts work together: value created for customers, processes to deliver value, resources required and how to make money.
Business Brief
what is it? Outline 4 components
How is it different that business canvas
How does it describe business
- Brief Document (2-3 pages) outlining the company overview, value proposition, customers and milestones.
- Less visual, outline most important information to deliver
- Describe business in concise way, something in writing for someone interest in business
Components of a business Brief: Company Overview
Description of Business idea and company summary
Components of a business Brief: Value Proposition
highlights problems being solved or need being met
Components of a business Brief: Market
market size, target market, projections
Components of a business Brief: Customers
profile and target customers, end user distributor, retailer
Components of a business Brief: Actions Taken
signals entrepreneur is taking action, future plans and decision
Components of a business Brief: Description of the team
connections, contact, personable, backgrounds
Components of a business Brief: Financial Projections
Business can see profitability, solvency and liquidity of company, are they financially stable, profitable?
Components of a business Brief: Future Milestones
Goals of the organization, initiative, future aspects
Components of a business Brief x8
Company Overview, Value Proposition, Market, Customers, Actions Taken, Team Description , Financial Projections, Future Milestones
Feasibility Study:
- what is it?
- what is the format and 2 main ideas
- Planning tool that test possibilities of an initial idea to see if it is worth pursuing or has marketing potential
- Written document (no more than 10 pages) testing the possibilities of an initial idea, whether it is workable and profitable
Feasibility Study: Resources for Workable x4
Skills, time, suppliers, and distributors
Feasibility Study: Resources for Profitable x2
Financial Capital and Size of Market
