BU121 Lecture 2: 2. Business Planning.docx
Document Summary
The most important things an entrepreneur must accomplish . If your organization never existed the world would be worse off because . Money should not be the main focus, focus on value and the revenue will fall in place: make mantra. A phrase that is often repeated, usually a truism: get going. Trends may change/others might do it before you so take action quickly: define a business model. Understand how the business will generate revenue/sustain itself: weave a mat (milestones, assumptions, tasks) If you understand what you must do, it allows you to keep yourself focused/cost-efficient. Milestones: finish prototype, raise capital, reach breakeven. Tasks: renting space, finding suppliers, filing legal papers. The art of writing the business plan: write for the right reasons. Makes the team consider issues it glossed over in the euphoria. Uncovers holes in the founding team: the process is more important than the destination, write deliberately, act emergently.
