7 Summary The Business Plan The method of enterprising is to plan with audacity and execute with vigor. Christian Bovee Summary How are ventures actually formed and what is the role of the business plan? Entrepreneurs respond to attractive opportunities by forming new ventures. One particularly important step is the development of a business plan. We also discuss the benefits of joining a cluster of interconnected enterprises. Chapter 7: Summary Technology Ventures: From Idea to Enterprise

7 The Business Plan Chapter 7: Table 7.1 Technology Ventures: From Idea to Enterprise

The Business Plan 7 The performance of a new venture is a consequence of factors that encompass the dimensions of a new business. Chapter 7: Figure 7.1 – building a new venture Technology Ventures: From Idea to Enterprise

The new venture story… Stories play a critical role in the process of the emergence of a new business. Story helps to: Creates favorable interpretations of the social benefits of the new ventures Wealth-creating possibilities  enabling resources to flow to the new enterprise Attracts financial & human resources, Build industry acceptance A story is a narrative of factual or imagined events – challenges, plan, actions and outcomes. Defines an opportunity, a concept, cause and effect, and outcome.

The Business Plan 7 Stories are an integral part of the process by which founders start and build new ventures, acquire needed resources, and generate new wealth (Lounsbury and Glynn, 2001) Stages of the Story Chapter 7: Table 7.2 - 3 stages of the new venture story Technology Ventures: From Idea to Enterprise

The Business Plan 7 Consider the corporate venture creation process of a firm you know or have worked for. Describe their creation process and their successes and failures. How could they improve the process? Chapter 7: Exercise Technology Ventures: From Idea to Enterprise

The Business Plan 7 A business plan is a document that describes the opportunity, product, context, strategy, team, required resources, financial return, and harvest of a business venture. Chapter 7: concept Technology Ventures: From Idea to Enterprise

7 The Business Plan Chapter 7: Table 7.3 Technology Ventures: From Idea to Enterprise

7 The Business Plan Chapter 7: Table 7.4 Technology Ventures: From Idea to Enterprise

7 The Business Plan Context: Economy, Regulatory, Industry Resources Financial Physical Intellectual Deal Reward, Risks Incentives Ownership Harvest People The Team Capabilities Attitude Reputation Opportunity Customers Strategy Business Model The Plan The business plan serves as the alignment tool for a new business venture. Chapter 7: Figure 7.3 Technology Ventures: From Idea to Enterprise

The Business Plan 7 Entrepreneurs can learn and master a process for building a new venture and they communicate their intentions by writing a business plan. Chapter 7: Principle Technology Ventures: From Idea to Enterprise

BUSINESS MODEL canvas http://www.slideshare.net/esaife/business-model-canvas-101 http://canvanizer.com/how-to-use/business-model-canvas-tutorial http://invcapital.com/pub/BMcanvas/ http://freelanceswitch.com/start/the-business-model-canvas/

The Business Plan 7 VENTURE CHALLENGE Create a draft table of contents for your venture’s business plan. Describe your process necessary for creating a business plan. Write an executive summary for your opportunity. Chapter 7: Venture Challenge Technology Ventures: From Idea to Enterprise

DVD Video 7 “Purpose of a Business Plan” Tom Byers (Stanford) The Business Plan 7 DVD Video “Purpose of a Business Plan” Tom Byers (Stanford) Chapter 7: DVD Video Technology Ventures: From Idea to Enterprise