Join Rudolph Rosenberg for an in-depth discussion in this video Confirming business-plan assumptions, part of Entrepreneurship: Bootstrapping Your Business.
- Another great benefit of working…in short cycle is that, you can use…your business activity as a way to test…your business plan assumptions.…When preparing your business plan,…you have laid out the road to success.…You have described in words and in numbers…what you expect to happen from inception to success,…whatever success means to you.…At the business plan stage, those assumptions…are either based on industry statistics,…historical performance, if this venture…is part of an established company, or just guess work…if you're working on something that is completely new.…
Just know though, on this last point,…if your assumptions are guess work,…because you see your product or company…as having no competition whatsoever,…then think again.…Many entrepreneurs see their ideas…as very innovative, which they can be,…but they can always be related…to another form of business that already exists.…Your product could be the evolution…of another product, or the replacement…of a product, and you should then use the statistics…
He shows why beginning with the end is important: framing the venture by anticipating your exit strategy. He explores key resource-planning factors as well as the competencies and considerations required to fund and grow a bootstrapped business. The course then details how to manage the startup and evaluate it realistically to determine whether to stay the course or pull the plug. Finally, viewers will learn how to validate the business-plan assumptions effectively to determine viability and growth trajectory.
- Summarize the five pillars of bootstrapping.
- Determine which type of office space would be most beneficial for a given business.
- Explain the concept of linearizing expenditures.
- Identify the reason why making sales quickly is important to bootstrapping.
- Recall strategies for attracting new customers.
- Recognize the advantages of working in short cycles.
- Explain the importance of having a work-life balance.