Developing Business Plans and Pitching Opportunities

Designed to convey the most critical information about the new venture to a busy listener who's unfamiliar with is

Elevator Pitch

Formal business planning offers benefits that fall into what three categories?

Some investors require a written business plan; the process of writing a business plan helps entrepreneurs debate critical assumptions; projected milestones are used to identify resources needed and to develop cash flow forecasts

Created using an analytical process through which an entrepreneur collects and analyzes information needed to make choices on strategic positioning, capabilities and resources needed to execute the strategy, and the value proposition for all stakeholder

Business model

A business model is created using an analytical process through which and entrepreneur collects and analyzes information needed to make choices on what three things?

Strategic positioning; capabilities and resources needed; value proposition

A document that articulates the proposed venture's business model and provides significant additional detail

Business plan

What are the four types of business plans?

Traditional; mini; go to market plan; operating

A presentation that can be used to communicate the business model to investors, customers, partners, advisers, potential employees, and other stakeholders

Business pitch

According to Ellen Rohr, what's the primary purpose of a business plan?

To help you gain clarity and hold yourself accountable for moving in the direction you want

Financial forecasts are typically projected how long?

3-5 years

Before sharing information with people outside the business, what should founders do?

Discuss how to protect intellectual property

US law states that investors have how long from the time of first public disclosure to file a provisional, design, or utility patent?

1 year

An intellectual property right granted by the US government to an inventor to exclude others from making, using, offering for sale, or selling the invention throughout the US or importing the invention to the US for a limited time in exchange for public disclosure of the invention

Patent

Entrepreneurs shouldn't blindly follow a common format for creating a business plan, but rather focus first on explaining what 4 things?

The key features; the assumptions used to develop financial forecasts; levels of uncertainty and risk; the approaches for mitigating risk

A type of business plan that contains a summary of essential components of a new venture's strategy, its go to market and operating plans, and how these plans translate into financial forecasts

Mini plan

When are mini plans typically used?

To supplement pitches when searching for financing

A type of business plan that contains a more detailed discussion of the strategy and the go to market and operating plans and provide significant detail on how these plans translate into financial forecasts

Traditional business plans

A type of business plan that describes the unmet needs of early adopter customers; the product, service, or solution that will be developed to address these needs; and the value proposition and benefits that will be delivered

Go to market plans

A type of business plan that defines the key activities and milestones that must be accomplished as founders develop, produce, and deliver the venture's first offering

Operating plans

What are the two types of pitches?

Business plan pitch and elevator pitch

A compelling presentation that can be used to pitch a new venture to investors and to customers, partners, advisers or key employees

Business plan pitch

What's the first guiding principle for an entrepreneur preparing a pitch?

Do your homework

What is a common problem in preparing a pitch?

Trying to convey too many facts, but leaving out compelling information an audience needs to make decision

A common problem in preparing a pitch is trying to convey too many facts, but leaving out compelling information that the audience needs to make a decision. How can this pitfall be avoided?

Determining the objectives for meeting and craft the pitch to make sure the objectives are met

When pitching a business idea, entrepreneurs should avoid reading long lists of bullet points and instead use ____________ to convey key concepts

Graphics

Another phrase for "the market's compelling need"

Market pain