(New unit) Class 1

Question 1

Why should you plan:

Answer 1

To take inventory what you know and don’t know– helps you see your idea for what it is, plans help clarify thoughts.
To organize/prioritize your actions—linear, some plans require actions to take place in a specific order, iterative, some ideas can be done in any order whats important is having forward momentum.

Question 2

Critical path:

Answer 2

Shortest path to accomplish your goal.

Question 3

Bottleneck:

Answer 3

Any inefficiency that constrains how fast you can accomplish your goal.

Question 4

Why create business model canvas (BMC):

Answer 4

Helps visualize all 9 dimensions required for an effective business.
Useful for identifying gaps in the business idea– will key partners support it.

Question 5

Stages of entrepreneurial plans:

Answer 5

Idea generation, business model canvas, business brief, feasibility study, pitch deck, business plan.

Question 6

Feasibility study:

Answer 6

Test the assumptions of your BMC to see if it’s worth pursuing—Does it solve a big problem, is there short term and long term market potential, who are the customers what are they willing to pay, can you get necessary key partners, can you provide something unique, is it feasible, is it viable, is it something you really want to do.