Question #1 – Business Plan Elements (answer a minimum of 100 words for this ENTIRE question – not for each element) The theme this week covers the difference between business plans and business models, and the delivery of the entrepreneurial pitch. Based on the materials this week, and your own personal experience and knowledge, describe the five most important elements of a business plan. List the FIVE elements in order of priority and place an importance factor on each element (a number 0-100, with 100 signifying an enormously important element). Many students argue that it depends on the type of venture described in the business plan, and if you believe this to be true, then select a specific type of venture, identify it, and then answer the question. Element #1: Element #2: Element #3: Element #4: Element #5: Question #2 – Business Models (answer a minimum of 100 words for this question) Based on the materials presented in this course, and your own personal experience and knowledge, describe why business models have become so popular – replacing business plans in so many circles. Question #3 – BMC (answer a minimum of 100 words for this question): Describe the business model canvas (BMC), and explain the difference between BMC and the Lean Canvas. Which do you feel is more appropriate for a new venture startup (and why)? https://www.youtube.com/watch?v=QoAOzMTLP5s Question #4 – Empathy (answer a minimum of 100 words for this question) Many experts argue that Empathy is the most important skill/behavior possessed by, and demonstrated by entrepreneurs when developing a business plan or business model (as well as when an entrepreneur is starting their new venture). Explain why you believe experts feel this way? Do you agree or disagree, and why? Question #5 – Succinct Pitch (answer a minimum of 100 words for this question) Just as Dan Pink explained that a pitch is a story, a business plan and a business model is a story – an understandable story. Explain why you believe it is (or is not) important that business plans, business models, and pitches be succinct (short in duration). Why do so many experts request one-page business plans? Do you agree that a one-page plan should be preferred, and why? Question #6 – Video Favorite (answer a minimum of 100 words for this question) This week there was a large quantity of videos (and readings) assigned to explore the process of new venture creation. Which of these videos most resonated with you in regards to business founding (or management), and why? https://www.youtube.com/watch?v=XvxtC60V6kc
