Motivation to Master

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Do curso por Michigan State University

Planning: Principled, Proposing, Proofing, and Practicing to a Success Plan

19 classificações

Michigan State University

Planning: Principled, Proposing, Proofing, and Practicing to a Success Plan

19 classificações

Curso 3 de 6 em Specialization How to Start Your Own Business

According to Steven Blank a business startup, or any new venture startup is essentially a proto-type. Thus the startup process essentially becomes a learning process to refine that business proto-type into a scalable, replicable finished 'product'. At the end of this course learners will be able to: -complete a business model summarizing assumptions about what value they will offer to whom, and how they will make money. - systematically test and validate these assumptions within the constraints of their available resources, and - use these validated assumptions to generate financial projections that are based on actual resources and efforts expended. The days of the 40 page business plan have certainly passed, but the role of planning in the business creation process is one of extreme importance. In this course we will explore the important components that you need to explore in detail prior to business creation. Action without planning is a recipe for disaster and we will make sure you have a rock solid foundation for future actions. The planning here is focused on learning. It is unrealistic for anyone to document in detail all of the actions they should take to make a new venture or activity successful when they (and often no one else) has any experience with the new venture and the conditions which it is likely to face. Thus the business plan based largely on assumptions and aggregate, non-applicable data is replaced with the business model which organizes the key assumptions determining what value the business will offer to whom, and how it will make money. The course will guide learners through the process of systematically testing and validating these assumptions, and obtaining specific, applicable data. It will then show learners how to use these validated assumptions to generate pro-forma financial statements directly tied to actions and resources based on this business model.

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The Business Model and Launch Plan

This module continues with the milestones of the Quad-P planning process presented in this course. It presents lessons that guide the development (proposing) and testing (proofing) of the Business Model and Launch Plan milestones. These milestones transition the business concept into a profitable business. After successfully completing this module you will 1) be able to recognize and categorize various business models in terms of their impact on financial documents, their narrative, or their infrastructure; and 2) be proficient in developing a business model canvas.

The Good News6:05

Motivation to Master7:52

Conheça os instrutores

Ken Szymusiak
Managing Director, Burgess Institute for Entrepreneurship & Innovation
Broad College of Business
Forrest S. Carter
Associate Professor, Faculty Director of Institute of Entrepreneurship and Innovation
Marketing
David Wheeler
Creative Research Faculty, The Hub for Innovation
Media and Information

[SOUND] Hello again,

learner.

In the last lesson of this third course in our specialization how to build

a business, we learned the good news that business success through

business model innovation is well within your wheel house.

This is because this is innovation that most of us are more than capable of.

In this lesson, we will try to motivate you to spend the time and

effort to master the business model concept.

Specifically, in this lesson, we will identify a business model and

its characteristics.

In essence so that you could pick it out of the proverbial lineup of

business terms that we have bandied about throughout this course.

At the end of this specific lesson, you will know

what the business model concept is and why it's so important for you to master it.

The business model concept is actually what changes

your great idea into a great business that generates dollars.

Steve Blank, in most of the literature, defines a business model

as a description of how a company will take action to create,

deliver, capture value in order to make a profit.

Explaining how, though, and why execution.

This is more in line with what a business plan is.

What is really missed is that a business of model describes or

illustrates the resources and actions of associating with a business.

And how they fit together in order to put it into a position to make a profit.

Here is a model of a cylinder associated with a combustion engine.

Like a business model it identifies the parts of a cylinder and

how they fit together.

It doesn't necessarily give you a detailed explanation of how it works,

nor can you actually build one simply from this diagram.

But it does identify the parts, and how they fit together, again,

to put this cylinder in the position to operate within a combustion engine.

Again, a business model is a statement, or

sometimes a diagram, describing the narrative,

number and infrastructure of an organization.

It specifically identifies how that organization creates

value both physically and psychologically.

How it delivers and communicates that value.

And then, how it captures that value through generating

revenue producing relationships.

It defines the underlying logic of the company's operation

such that the pulse to actually produce the targeted value,

and the cost to acquire customers and

form relationships is less than what customers are willing to pay for

that value such that profits will generate.

There are three reasons why it's so

important that you master the concepts of a business model.

The first reason is that the business model, as we have said,

is where the innovation gold is.

A Boston consulting group study done in 2009 showed that about

6% of the most innovative companies at that time were business model innovators.

And that really hasn't changed in the seven years since that study was done.

Identifying the business model is the key to sustain success in both cases.

But entrepreneurs must have the ability to construct and assess a business model.

Be able to initially design one or, as a company move on, be able to redesign.

The second reason, that is also important for

you to master this business model concept is be called that's

where the money is, it's where [INAUDIBLE] are hid.

That same study, conducted by the Dolphin Consulting Group,

along with the Sloan Business Group, at the Massachusetts Institute of Technology,

done in 2013, found that more than 60% of companies still,

that had implemented business model innovation, reported increases in profit.

Those profits typically averaged 6% or

greater than companies that had failed to innovate the business model.

Again, profits don't just happen.

Their engineer was having a deep understanding

of the inner relationships between all aspects of the business model.

Resources can be eliminated or leveraged or

shifted in ways that the product can produce the same or

greater values with less resources, or more efficient use of resources.

An example is the way Uber shifted the cost and

resources of vehicles to the driver and away from the company.

The third and final reason, and it's so important an aspect of business model

concept, is because that is where the fight is.

The individual market battles that take place every day between competitors for

every customer are won and lost, to a large extent, based on

the competitive advantages, or lack thereof, inherent in their business model.

Entrepreneurs must be able to assess industries business models

the way a sports team scouts another team in order to find strengths and

weaknesses, upon which to establish some competitive advantage and

formulate some competitive strategy.

You, as the entrepreneur, must be able to look beyond a specific product or

service a competitor might be providing, and

look underneath the hood at the business model.

Be able to identify ways in which you can create some

advantages over that particular competitor.

So in summary, you must develop a functional capability to recognize and

build business models.

This understanding is critical to tap into

the greatest source of business innovation.

To be able to build the operational effectiveness and

efficiency that's going to allow your company to generate profits.

And finally, to asses the market intelligence that's available

to build the competitive advantages into your operations to continually win,

so day-to-day customers buy customer market.

[SOUND]

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