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Roopa Reddy

BU121 1/9/2013 11:31:00 AM Discount code for THM counivjawlassok – register BEFORE lab - do lab prep, take academic integrity form and coupon from lab manual Key concepts from the readings - why write a business plan?  Model of business planning - components of a business plan  key questions answered  characteristics of a well-prepared plan  the executive summary  critical risks  milestones  seven deadly sins awake chocolate – founded by 2 laurier grads and a york grad  caffeinated chocolate bar  only kind in north America  “imagine what you’re missing when you’re not awake” remember a time before fortification  fortification (strengthening)  yogurt used to be just about flavors – now it’s about probiotics and health  soft drinks used to just be about coke and pepsi – now they’re expanding to energy drinks etc  bottled water was all about price – now is about nutrients and vitamins etc awake’s fortification is based around taste  to taste like chocolate but perform like energy drinks/caffeine most important things an entrepreneur must accomplish:  make meaning and fill a need, how are you making the world a better place  make mantra o mantra – a sacred verbal formula repeated in prayer, meditation, or incantation, such as an invocation of a god, a magic spell, or a syllable or portion of scripture containing mystical potentialities  get going o don’t worry about being embarrassed. Don’t wait to develop the perfect product or service. Good is good enough. There will be plenty of time for refinement later. It’s not how great you start – it’s how great you end up o dragons ask the sales that the businesses already have first  define a business model o how will your business or your venture make money o “who has your money in their pockets? How are you going to get it into your pocket?”  weave a MAT (milestones, assumptions, tasks) o organization and control o to understand the scope of what you’re undertaking, test assumptions quickly, and provide a method to find and fix the large flaws in your thinking” o assumptions are those things that you are banking on to succeed. The art of writing a business plan  business plan is a living document, it changes and evolves with the business  write for the right reasons o due diligence stage of courting an investor o forces the founding team to work together o makes the team consider issues it glossed over in the euphoria o uncovers holes in the founding team  if you have miscommunications, you need to figure that out in the beginning process before bigger problems come along  process is more important then the destination  write deliberate, act emergent Pitch then Plan  10/20/30 rule – 10 slides, 20 minutes, 30 point font o title
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