Quick Slide: Why Business Plans Fail
This is a fun slide to..
Introduce the difference between business plans and business experiments.
This is a great slide when you’re introducing:
- The Business Model Canvas. You can tell students, “Like boxing, entrepreneurship isn’t about how well you plan; it’s about how well you respond when your plan doesn’t work. That’s why in this class you’ll learn how to use the Business Model Canvas to identify the weaknesses of your business model early so you can learn how to test and strengthen it from day one.”
- Minimum Viable Products (MVPs). You can tell students, “Instead of planning an expensive and elaborate first product launch (that will most likely fail), Minimum Viable Products let you launch small, inexpensive experiments to quickly test elements of your business model. Their low cost and fast development time mean in the very likely scenario that your original assumptions are wrong, you’ll have plenty of time and money to build multiple MVPs and incorporate what you learn from the market in real-time.”
In upcoming posts, we will share exercises to engage your students.
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