Entrepreneurship Assignment
Yes, you should use the company from the Entrepreneurship Assignment, but do not copy and paste from that assignment. You are building from that assignment.
Picking a business plan format that works for you
What’s important is that your plan meets your needs. Most business plans fall into one of two common categories: traditional or lean startup.
Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.
Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.
What Does Having a Lean Business Model Mean?
Business and Workplace Author, Speaker, and Consultant, AlexandraLevit.com
SUMMARY
Running a lean business has been a rallying cry for many entrepreneurs and business owners. But what does a lean business model look like in practice?
The days of spending months strategizing the best path forward are over for most businesses. Imagine proudly presenting a 100-page business plan to your stakeholders only to realize that half of your material was already outdated and your customers had moved on? Considering the current pace of change in today’s marketplace, a lean business model has become more and more attractive.
Traditionally, being “lean” has meant doing more with less, but the concept has expanded.
Today, a lean business model is a strategy that streamlines processes to rapidly address customer requirements. It involves fast cycles of surveying customers about their needs, developing and prototyping new products and services accordingly and adapting to shifts in demand.
A Lean Business Model Focuses on What Works
Many business owners would like to embrace a lean business model, but aren’t sure how to do it. Having an agile mindset is a key component.
Lloyed Lobo’s company Boast Capital helps North American businesses recover research and development costs from the government, and automates the R&D tax claim process. The secret to lean business model success involves business professionals leveraging the right software in daily business processes, perfecting business process flows, creating market pull and scaling to grow the business.
—Deep Chakraborty, CEO, Enact Systems
“To be lean, you need to make it a part of your company’s DNA to prioritize ideas based on ROI as well as continuously test your assumptions and make adjustments based on the results,” Lobo says.
“For example, when we started out, we used several marketing channels,” he continues, “but eventually zeroed in on direct sales and in-house events based on our hypothesis of the potential ROI. Hosting large events has not only allowed us to generate new clients, it has also generated revenue via ticket sales and sponsors and helped us barter for business services with several vendors.”
A lean business model often rewards experimentation and can be more cost-effective because they avoid lengthy implementations of unproven strategies and investments.
“Although the road to success with a lean business model might take longer, it beats spending on growth frivolously while you lose time and money planning. As the saying goes, ‘nail it before you scale it,'” says Lobo.
A Lean Business Model Puts Value at the Center
Your Task:
Think of a business you are interested in… You are to create a new business you want including a non-profit business if you decide. Then complete this Lean Business Plan and submit it as a pdf. Every aspect should be covered like the plan identifies. Put effort into this as we will use this to build on in future weeks. You should not just copy and paste from the internet as this is your idea and requires your thought and originality. As such, Plagarism checker will be used and your work should be less than 30% similarity
