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Lesson 7

Lesson 7. Check-in : Business model. You should have completed the business model page in your workbook. You’ll need this for the Business Plan. . Agenda. Topics Business Plan Activity Writing Your Business Plan . What is a business plan?. A formal document that shows:

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Lesson 7

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  1. Lesson 7

  2. Check-in: Business model • You should have completed the business model page in your workbook. You’ll need this for the Business Plan.

  3. Agenda • Topics • Business Plan • Activity • Writing Your Business Plan

  4. What is a business plan? • A formal document that shows: • Main employees • Product • Market • Business model • Long-term goals, etc. • It’s what you would show a potential investor in order to convince them to give you $$ • Can be as long and detailed as you like (~3-4 pages)

  5. Components of the Business Plan • Team Name, App Name, and Member Names • Executive Summary • Company Summary • Product Description • Market Analysis • Strategy & Implementation Plan • Financial Analysis

  6. 2. Executive Summary • Summarizes the major points for the rest of the plan

  7. 3. Company Summary • List individuals on the team and any relevant experiences in their backgrounds

  8. 4. Product Description • What is the product or service? • What does it do? • What is the value proposition? • How will it benefit customers? What needs are you addressing?

  9. 5. Market Analysis • Who is the customer? • What are their needs? • What were the results of your customer surveys? • How big is your market? • Describe any competitors • How do you plan to differentiate yourself from them?

  10. 6. Strategy & Implementation Plan • How will you bring the product or service to the market? • How will you build awareness amongst customer base? • List actions you will take to launching your product or service • List your distribution channels – where will customers get access to your app • Highlight how you will draw customers to it

  11. 7. Financial Analysis • How much money will you make? • Profit = Revenue – Cost. How much money will your app make, and how much will it cost? • Realistically, how many customers do you think you will have this year? Next year? • Multiply the number of customers by how much each person will spend on your app. That will be your revenue. • Who might purchase your app? • For example, a Technovation team in the UK sold their emergency response app to their local city government. • Who might buy your app, and how much might they pay?

  12. Activity: Design The First Half of Your Business Plan • Team Name, App Name, Member Names, Executive Summary, Company Summary, Product Description • You’ve already answered most of these questions • To get started: go through your workbook pages 21- 24 • Refer to pages 19 and 20 in the workbook • Type a finalized version of your business plan from your workbook Record your ideas in your workbook

  13. Task List • Complete at least half of your business plan (typed!) • Team Name, App Name, Member Names, Executive Summary, Company Summary, Product Description • Prototype Development • Continue working on adding functionality to each screen

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