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ENT 526 (84)
Sean Wise (51)
Lecture 3

ENT 526 Week 3

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Entrepreneurship and Strategy
ENT 526
Sean Wise

Week 3 Notes Lecture  Business plan – documents which consists of executive summary, opportunity, etc.  Start with independent data o Research o Unbiased to their own idea o Sunk bias – bias increase and your commitment to the project increases  Document must be clear and focused  Business plans are made FOR YOURSELF o Setting goals o Not in the plan – don’t do it o To get organized  Should contain all the information the investor needs to make a decision  Entrepreneur need to be reasonable not right o Cannot predict the future  7 P’s of investment o CAGR – cumulative annual growth rate  Invest in the person not the business o Needs a high adversity quotient  7 P’s  Rated highest to the lowest – harder to change as you go down the list  Find the 7 P’s in the business plan  Domain Knowledge – Knowledge about the industry o Someone who gets the industry o Knows trends  Business Acumen – People who make good judgment and quick decisions o Past experience, owns prior businesses, proven track record  Operational Experience – Warehouse operations, software experts, shipping expert  Pain o Bigger pain the better o Product that is sensitive to price is elastic (shoes) o Product that is not sensitive to price in inelastic (gas, insulin, oxygen)  Placement o CAGR > 25% o Hockey stick growth – start off slow then take off  Need to be 10x  Need to be scalable  Need to be
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