Skill building in entrepreneurship (part 3)

INSTRUCTIONS: This is a writing assignment that covers the assigned materials (readings, videos, lectures, etc.) for Module 4. Download the Skill Builder #3 assignment template (the link is found below), then write your answers directly into that template (it is a WORD file). Write a minimum of 200 words for each question. You may keep uploading versions of your assignment until you are satisfied with your TURNITIN Originality Report. Remember, you may only obtain a TURNITIN Originality Report once every 24 hours; so allow yourself plenty of time to resubmit if necessary.

For Skill Builder assignments, focus on thoughts and reasoning rather than spelling and grammar. You will NOT be penalized for incorrect spelling or improper grammar or sentence structure. This is a Socratic exercise – an opportunity for you to think and express your thoughts. This assignment is a reflection of the degree to which you are engaged in the course material, and how well you learned the topics assigned this week. The emphasis of this assignment is synthesis – the connecting of dots – where you tie together in a meaningful way (1) the assigned readings and videos, (2) current business and world events, and (3) your previous knowledge and experience. There is no correct or incorrect answer, but rather YOUR answer, based on YOUR thoughts and understanding of the material/concepts. Please avoid trying to answer what others would say, or copy what someone else has thought or written. There are three fundamental mistakes students often make on these assignments: (1) simply rambling unsupported opinions or simply listing the topics assigned this week, (2) failing to apply one’s personal perspective (i.e. writing as if it were a research paper, with no personal perspective applied), and (3) failing to incorporate all the assigned materials for the week (which demonstrates that the student decided to skip some of the readings and other assigned materials). 

Question #1: 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).

Question #2: 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: 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)?

Question #4: 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: 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: 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?