00:08 - Opening 01:52 - Outline 02:54 - 1) What is the company? (Intro) 05:54 - 2) Who am I giving $$ to? (Mgmt Team/Bio) 08:50 - 3) How does it work? (Operations/User Experience) 20:10 - 4) Where does it belong? (Marketplace) 29:29 - 5) Why hasn't this been done? (Competition) 23:23 - 6) How quickly will I know if I will make or lose my money? (To Market Strategy/Roadmap) 33:12 - 7) What are the numbers? (Revenues) 37:55 - 8) How much do you need? (The Ask) 40:11 - Questions
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Most people simply enter the foreign exchange market without comprehending matters like this. The first stage in building money is determining your goals and risk tolerance, which you may do on your own or with the assistance of a financial counselor who works with a verified Finance agency. And also you can learn the facts about saving and investing and create a clear plan, you should be able to acquire financial security over time and enjoy the benefits of income management.
That is why I work with John Desmond Heppolette, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
I've been making more than six figures passively investing with John Desmond Heppolette, who showed me the right community to join and grow mv finances and I don't have to do much work. It doesn't matter if the market is crashing, I will always make returns.
Working with a financial advisor who has worked in a solid financial firm for a long time, such as John will actually set you up for success in life. I'm delighted I was able to reach out to "John Desmond Heppolette" earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy, I was busy learning from him and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.
Great information, finding John Desmond Heppolette, was a simple process. Before we planned our phone call, I made a research of his full names online, based on his online resume he appears to be knowledgeable and well accredited..
there is the classic store let's call it 1.0 products almost never change the owner chose the products it is boring now, there must be a new store let's call it 2.0 products always change people choose the products there will be via an app on the app, there is a huge catalog, people choose the products that will show up in the store the store is constantly being supplied with the products people choose
It's funny how no one in the room really has any idea of what they want to do. This is why studying entrepreneurship in a classroom is ironic. I wouldn't be here if I didn't have a crystal clear vision of what I'm building. This is the beauty of youtube. As someone who couldn't afford a Wharton degree and probably wouldn't get in any way I'm able to access the same resources as those who did. Stay hungry. May you all build the companies that shape the future of our great country.
God Bless the guy who came up with recording it!! By getting a degree in Business I still have never received such a good lecture. Thanks from the bottom of my heart!
This video just helped me land a deal for larger manufacturing space, additional mid-volume manufacturing contracts, and 6 months of working capital in an equity deal. All in one day! Great work y’all!
"You are going to build it and no one is going to come. How are you going to get people to use your product/service?" This whole seminar was fantastic. I loved the audience engagement throughout- thank you a ton!
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made 460,000k in 4 months from 160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
@@Gracej34 I’ve been on both end of the spectrum, I was investing on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@@jamesclay234 The adviser I'm in touch with is ''Elizabeth Pan Holt'' she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on
@@FeliciaJudge I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
6. Competition - Why hasn't this been done? - be careful, an idea without a competitor means there's not enough traction - try to find competitors even if it's loosely connected, highlight strengths+weaknesses, 4-5 max competitors - show that it's a healthy space, not a brand new space - what could be a competitor? try to find people you think could acquire you - industry competitors (not exactly what you're doing, but in your space, could do what you do with some capital) 7. Revenue - What are the numbers How are you going to make money? - revenue stream: core/ancillary - core revenue stream has to be clearly defined What are your costs? 8. The Ask - How much do you need X amount of money to do the things in the roadmap, to fund user experience, simple, basic BE CLEAR: ex) $400,000 for 18mths, looking to achieve 4 things in roadmap hire with equity and options, hire slow and fire fast. don't necessarily need to hire, can give options not equity. - don't mention the deal, (structuring) gotta get them excited, don't throw ppl off The ME Test: test it against yourself, The WE Test: go out into the world once you can nail the 2-sentence pitch, the rest you should be able to do in 8 sentences.
There are so many different variables in running a business. One of the biggest issues is how diverse that business may be with the people/employees and how they can make up a solid foundation for any type of business. Strategies, meetings, decisions, etc… All of this comes from a group of individuals that have their own way of viewing and doing business. Their diversity is what makes them strong. Thanks for sharing this amazing post.
How are you going to make money? What are your costs? How are you going to grow? How are you going to take your company to the next inflection point? Deceptively simple questions. Thank you for this insightful video!
I answered the opening challenge question successfully. It gives me confidence knowing that I am on the right path to financial security combined with being of service to others with my new business venture. This is a phenomenal video for all. Thank you Patrick.
Is it me or he looks slightly like Chandler? Great video anyway. Very informative, real life example but yet not boring. That's exceptional. Plus he looks really a humble guy. Like if i meet him and ask "Sir can you help me with this busniess plan, he will actually sit and help me write it."
Excellent advice, I’m actively involved in the financial market, since I got to understand how trading works better. I follow these general simply rules and this has worked amazing for me. Diversify, dollar or pounds cost averaging investing method, portfolio re-balance every quarter and I’ve found a mix of managed and index funds has worked out the best for me.
@Kimothy Olsen about 78% of my portfolio is in passive index funds and ETFs. I’ve an account manager with a taxable brokerage that I invest in stocks and commodities. It’s comfortable for me this way, I made another purchase in September. We’ll see how it does over time I feel like even if 20% of my portfolio underperforms, I’ll still generate income from other spreads. Better than spending my money on an expensive car or vacation lol.
@@davegustavo4726 I have considered putting into practice this investing method. Without doubts i believe a financial consultant is preferred. How do I get to begin with your help?
@@andrescastillo2043 Don’t try to time the market, don’t think you’ll be able to sit in cash until stocks are a good buy. Just dedicate yourself to a managed service, stick with it, rebalance annually and get colossal profits.
@@Leshgetit2025 - Thanks for asking. I just saw this in my email and forgot all about this seminar. I have a business that I started in 2018 and last year we did 16 million in Revenue - currently facing some challenges and some great opportunities for new growth.
I recommend charlhack on instagram. He helped me to get 50k instagram followers on my instagram business account. If you wish to get yours too. Dm charlhack on instagram
Even the student knew "Fiverr" was on to something special just by her mentioning the company in its infancy. Impressive on Fiverr's part & the keen "eye" of the student.
Teachers who really know their xxxx usually go to the business, "no one has time to repeatably comfort that ignorant teen." as one of my favorite lyrics goes.
How do you fill your advisory board? How do you pay them? From what I got you give equity or options to the day to day employees in the begining if you cant pay them, but I missed how to attract the advisors? Do you give them equity or options as well?
A diversified, future-looking portfolio can set you up to have guaranteed income in retirement. It all starts with identifying your goals and getting clear about your finances.
Forex has plenty of opportunities to earn some decent payouts. But embracing losses, and dealing with patience is what most investors lack. My first loss 2 years ago was over $2,000 but today my trading profits yearly is over $500k, and my portfolio consist of high dividend paying stocks
@@liamjohn2756 wow this is some really great achievement, the master tuning for such successful trades requires great skills and expertise. How did you achieve such trade earnings??
@@ethansmith2499 well I made the right moves as a beginner by investing with a reliable brokerage where all my trades are being handled by a financial expert Dan Raziel. His well structured trading strategy generates such trade earnings, and he ensures proper allocation to my assets to more profitable ventures. It’s been 2 years and I’m still making great profits under his guidance.
5:54 You're always selling as an entrepreneur. If you're not a good salesperson, find someone who is and hire them _tomorrow._ The first thing you're selling is _yourself,_ constantly & all the time. 6:15 Team section in pitch decks is one of the most important components. Who are they? What are they made of? Go very heavy on the team when you're building a business plan, because it's what people flip to right away. If you're weak on team and experience, bring on an advisory board. 7:25 Education - use it, shout it from the mountaintops. Don't undersell the fact that you went to a pretty good school. 15:25 Failure
Awesome educational (simple) instruction. Enjoyed. My son wanted to watch too. I chuckled watching the late student in stealth mode with a few on Facebook during class, lol. 😉 Facebook wasn't even developed during my college years, lol.
I could see this being helpful if I were starting a business with a product I created selling to a market I have to also create. If you're starting up a toy store in a city with no toy stores I dont know why you'd need a one sentance pitch or an advisory team
SO HELPFUL. Wish he didn't skim over sections that were relevant to launching a product as opposed to a tech-based business idea, but very valuable information with a lot of applicable ideas.
people have various idea that they wanna try business. but in school, generally speaking, we cant learn how to start, operate, manage the business in real. because in school a few real entrepreneur is in school. but here, i can write my thoughts based on this '8 things that need to be in a business plan' so i will gradually fill out my business documents for futrure.
@44:05 the woman mentioned the repayment of the investors and the response was to not mention it in the BP. However, my "consiglieri" from SCORE told me that the person/entity who makes the investment into the project should get a 25% share of the business. Is that the usual rate for investment reimbursements? TIA.
🎯 Key points for quick navigation: 00:08 *📝 Importance of having a business plan* - Writing a business plan is valuable preparation for investor or customer meetings - Debate on whether a business plan is necessary - Examples of successful companies with and without business plans 02:02 *🗒️ Elements of a business plan* - Importance of clearly defining the company - Crafting a concise pitch for the company - Highlighting the key components that should be included in a business plan 05:54 *🚀 Emphasizing the importance of team and selling as an entrepreneur* - Selling yourself as an entrepreneur is crucial - Building a strong team or advisory board compensates for lack of experience - Leveraging educational background and personal connections in business pitches 18:25 *📊 Business Plan Content: Business plan content should focus on what you've built, how you will build it, and the future impact.* - Business plans need to address how the company will execute its ideas. - Assumptions and intentions should be clearly outlined in the business plan. 19:50 *💡 Becoming an Expert: To succeed, become an expert in your industry.* - Being an expert in your industry builds credibility. - Understanding industry trends and insights is key in business planning. 23:49 *🛤️ Building a Roadmap: A detailed roadmap is essential in a business plan.* - A roadmap outlines plans to move a business forward. - Clearly defined milestones and strategies for success are crucial in a roadmap. 36:06 *💰 Business plan length and financial projections* - Business plans for competitions are generally under 25 pages. - Financial projections should focus on telling a story of how the business can make money. - Ancillary revenue streams can be included for experimentation but should not be the main focus. 37:06 *💸 Asking for capital and setting clear goals* - A business plan should end with a clear ask for the amount of money needed. - The ask should be specific and focused on funding key activities outlined in the plan. - Avoid making unrealistic promises about returns or terms in the ask section. 41:00 *🚀 Starting a business plan early and hiring decisions* - Start working on a business plan early to solidify goals and roadmap. - Hiring should focus on building a team as early as possible. - Consider offering equity and options to attract talent when starting up. 44:25 *💡 Validating ideas and team building* - Validate business ideas through customer feedback before proceeding. - Focus on what you can't do and build a team to complement your skills. - Do not base decisions solely on personal beliefs; seek validation from the market. Made with HARPA AI
I love how I can get educated without bundling up in the schlepping to class in the freezing cold, sneaking behind the professor because I'm late and paying copious amounts in tuition.
10:07 Anybody watching this in 2024 and just got taken way back by the mention of those TerraCycle Capri-Sun pencil pouches at Target? Lol! Wow, when did I become this old?
00:08 - Opening
01:52 - Outline
02:54 - 1) What is the company? (Intro)
05:54 - 2) Who am I giving $$ to? (Mgmt Team/Bio)
08:50 - 3) How does it work? (Operations/User Experience)
20:10 - 4) Where does it belong? (Marketplace)
29:29 - 5) Why hasn't this been done? (Competition)
23:23 - 6) How quickly will I know if I will make or lose my money? (To Market Strategy/Roadmap)
33:12 - 7) What are the numbers? (Revenues)
37:55 - 8) How much do you need? (The Ask)
40:11 - Questions
Thank you for the timestamps. They really helped me revise the lecture.
This should be pinned.
Yeah good idea
or just watch the video... what a concept....
Not all hero’s wear capes
it's 2024 and I'm only 7 minutes in and I'm learning so much 💕💕 This is getting me pumped!
Its great videos like this that I love YT for .
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Most people simply enter the foreign exchange market without comprehending matters like this. The first stage in building money is determining your goals and risk tolerance, which you may do on your own or with the assistance of a financial counselor who works with a verified Finance agency. And also you can learn the facts about saving and investing and create a clear plan, you should be able to acquire financial security over time and enjoy the benefits of income management.
That is why I work with John Desmond Heppolette, who introduced me to a better Financial community, a verified agency where I learned how money works and how to create it, as well as free books, courses, and daily lectures. You also get to meet new people, which was the best decision I ever made.
I've been making more than six figures passively investing with John Desmond Heppolette, who showed me the right community to join and grow mv finances and I don't have to do much work. It doesn't matter if the market is crashing, I will always make returns.
Working with a financial advisor who has worked in a solid financial firm for a long time, such as John will actually set you up for success in life. I'm delighted I was able to reach out to "John Desmond Heppolette" earlier this year because while others were grumbling about the downturn in the markets due to the state of the economy, I was busy learning from him and eventually made over seven figures in the first quarter alone, which is why it's always good to join the correct community.
Great information, finding John Desmond Heppolette, was a simple process. Before we planned our phone call, I made a research of his full names online, based on his online resume he appears to be knowledgeable and well accredited..
FINALY, A VIDEO THAT REALLY EXPLAINS HOW TO MAKE BUSINESS PLAN!!! THANK YOUUUUUUUUUUUUUUUUUU!!!
Nice
THANK you!!!!!!
Is there a part 2?
thankl you samir
there is the classic store
let's call it 1.0
products almost never change
the owner chose the products
it is boring
now, there must be a new store
let's call it 2.0
products always change
people choose the products there will be via an app
on the app, there is a huge catalog, people choose the products that will show up in the store
the store is constantly being supplied with the products people choose
It's funny how no one in the room really has any idea of what they want to do. This is why studying entrepreneurship in a classroom is ironic.
I wouldn't be here if I didn't have a crystal clear vision of what I'm building.
This is the beauty of youtube. As someone who couldn't afford a Wharton degree and probably wouldn't get in any way I'm able to access the same resources as those who did.
Stay hungry.
May you all build the companies that shape the future of our great country.
The girl with the Fiverr comment was ahead of her time. Big ups
God Bless the guy who came up with recording it!! By getting a degree in Business I still have never received such a good lecture. Thanks from the bottom of my heart!
SERIOUSLY!!
Writing a business plan, plain and simple. An information video for those starting up.
This video just helped me land a deal for larger manufacturing space, additional mid-volume manufacturing contracts, and 6 months of working capital in an equity deal. All in one day! Great work y’all!
Congratulations Tyler. That's amazing stuff. All the best!
"You are going to build it and no one is going to come. How are you going to get people to use your product/service?" This whole seminar was fantastic. I loved the audience engagement throughout- thank you a ton!
that is what advertisings for.
Lies again? Powered By AWS
This was perfect. This guy can start an online class he would kill it.
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made 460,000k in 4 months from 160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
Investing in stocks is a good idea, a good trading system would put you through many days of success..
@@Gracej34 I’ve been on both end of the spectrum, I was investing on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@@FeliciaJudge
@@jamesclay234 The adviser I'm in touch with is ''Elizabeth Pan Holt'' she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on
@@FeliciaJudge I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
This guy is a great teacher. He gave me the same feeling that I get from watching Shark Tank.
6. Competition - Why hasn't this been done?
- be careful, an idea without a competitor means there's not enough traction
- try to find competitors even if it's loosely connected, highlight strengths+weaknesses, 4-5 max competitors
- show that it's a healthy space, not a brand new space
- what could be a competitor? try to find people you think could acquire you
- industry competitors (not exactly what you're doing, but in your space, could do what you do with some capital)
7. Revenue - What are the numbers
How are you going to make money? - revenue stream: core/ancillary
- core revenue stream has to be clearly defined
What are your costs?
8. The Ask - How much do you need
X amount of money to do the things in the roadmap, to fund user experience,
simple, basic BE CLEAR: ex) $400,000 for 18mths, looking to achieve 4 things in roadmap
hire with equity and options, hire slow and fire fast. don't necessarily need to hire, can give options not equity.
- don't mention the deal, (structuring) gotta get them excited, don't throw ppl off
The ME Test: test it against yourself,
The WE Test: go out into the world
once you can nail the 2-sentence pitch, the rest you should be able to do in 8 sentences.
Appreciate it
There are so many different variables in running a business. One of the biggest issues is how diverse that business may be with the people/employees and how they can make up a solid foundation for any type of business.
Strategies, meetings, decisions, etc… All of this comes from a group of individuals that have their own way of viewing and doing business.
Their diversity is what makes them strong.
Thanks for sharing this amazing post.
diversity is not a strength. this is a b-school platitude. businesses require 100% alignment of vision.
An important aspect of entrepreneurship that tends to go undiscussed. Thanks for sharing.
My compliments to Wharton School for this concrete video related to business plan writing, that touches all main aspects of business planning
How are you going to make money?
What are your costs?
How are you going to grow?
How are you going to take your company to the next inflection point?
Deceptively simple questions. Thank you for this insightful video!
This is awesome. Thank you. I will probably watch this video several times over as I write my business plan.
Have you completed it by now?
@@sourabhparit5491 Yup. And I live in a different state now. I have one of my very good friends help me run it. He's my manager.
@@jackiechan6460 Good for you👍👍
@@sourabhparit5491 Thanks. Put in the work and you'll eventually enjoy it.
Did u finally write your business plan?
I guess "a student surfing on facebook" is a must for these kind of educational videos.
The diagram has life u see everything a business need to come alive, genius work done by a genius. Thanks
Best presentation ever. Experience was priceless. So helpful. Amazing!
I answered the opening challenge question successfully. It gives me confidence knowing that I am on the right path to financial security combined with being of service to others with my new business venture. This is a phenomenal video for all. Thank you Patrick.
I wish I could have watched this video 10 years ago. However, I hope it will not be too late. Well explained!
Is it me or he looks slightly like Chandler?
Great video anyway. Very informative, real life example but yet not boring. That's exceptional. Plus he looks really a humble guy. Like if i meet him and ask "Sir can you help me with this busniess plan, he will actually sit and help me write it."
I believe he really would!
Excellent advice, I’m actively involved in the financial market, since I got to understand how trading works better. I follow these general simply rules and this has worked amazing for me. Diversify, dollar or pounds cost averaging investing method, portfolio re-balance every quarter and I’ve found a mix of managed and index funds has worked out the best for me.
I’m aware it liquidates cash easily on different capital spreads, What are your thoughts on a developed market for long term growth potential?
@Kimothy Olsen about 78% of my portfolio is in passive index funds and ETFs. I’ve an account manager with a taxable brokerage that I invest in stocks and commodities. It’s comfortable for me this way, I made another purchase in September. We’ll see how it does over time I feel like even if 20% of my portfolio underperforms, I’ll still generate income from other spreads. Better than spending my money on an expensive car or vacation lol.
@@davegustavo4726 I have considered putting into practice this investing method. Without doubts i believe a financial consultant is preferred. How do I get to begin with your help?
@@andrescastillo2043 Don’t try to time the market, don’t think you’ll be able to sit in cash until stocks are a good buy. Just dedicate yourself to a managed service, stick with it, rebalance annually and get colossal profits.
*Afx_solution* on telegram
Very Happy I came across this video. I am sure I will watch this more than once in achieving my written my business plan as well.
I'm in the process of doing this right now. This was super helpful!
Excellent presentation. Just wrote a business plan while watching this presentation. It is simple and has impact.
How’s the business going
@@Leshgetit2025 - Thanks for asking. I just saw this in my email and forgot all about this seminar. I have a business that I started in 2018 and last year we did 16 million in Revenue - currently facing some challenges and some great opportunities for new growth.
I’m starting a business while I’m in undergrad! Very helpful :)
I recommend charlhack on instagram. He helped me to get 50k instagram followers on my instagram business account. If you wish to get yours too. Dm charlhack on instagram
A lot of great info they NEED to teach in school.
Even the student knew "Fiverr" was on to something special just by her mentioning the company in its infancy. Impressive on Fiverr's part & the keen "eye" of the student.
Very, informative. Suggestion- I would love subtitles for the questions from the students or raise up the audio volume for their voice.
Cecilia Kim I appreciate speakers who specifically repeat the entire question prior to answering it.
This was FANTASTIC. Thank you for sharing this high-level knowledge and experience.
Wish all my teachers were like this guy
hjjjkkoppppp
Teachers who really know their xxxx usually go to the business, "no one has time to repeatably comfort that ignorant teen." as one of my favorite lyrics goes.
Cant believe how greatly detailed this was. Simply Amazing. Thank you.
I’m here too. Let’s see
35:12 summarizes it perfectly
36:49
Apparently there is someone in the front row who cares more about their Facebook account than your lecture.
@10:58 in case you were wondering.
Stephen Allen who cares?
I feel like I'm back in school :) Great advice and ideas to start off with.
Comprehensive. Educational and effective planning. Thank you 🙏🏼 for this.
Thank you just wish the audio for question from the class was better it was hard to hear, but that's minor. Thank you again.
How do you fill your advisory board? How do you pay them? From what I got you give equity or options to the day to day employees in the begining if you cant pay them, but I missed how to attract the advisors? Do you give them equity or options as well?
A diversified, future-looking portfolio can set you up to have guaranteed income in retirement. It all starts with identifying your goals and getting clear about your finances.
Forex has plenty of opportunities to earn some decent payouts. But embracing losses, and dealing with patience is what most investors lack. My first loss 2 years ago was over $2,000 but today my trading profits yearly is over $500k, and my portfolio consist of high dividend paying stocks
@@liamjohn2756 seeing people make this much money on the stock market amuses me, got me wondering what I’m doing wrongly.
@@liamjohn2756 wow this is some really great achievement, the master tuning for such successful trades requires great skills and expertise. How did you achieve such trade earnings??
@@derrickadams8416 Understanding the fundamentals is the first step to success in the financial market
@@ethansmith2499 well I made the right moves as a beginner by investing with a reliable brokerage where all my trades are being handled by a financial expert Dan Raziel. His well structured trading strategy generates such trade earnings, and he ensures proper allocation to my assets to more profitable ventures. It’s been 2 years and I’m still making great profits under his guidance.
what a brilliant presentation! Wow! i've been looking at samples for the past week but the way he explains it is so simple and easy to do. Thank you
This was great. I’d love to see a lecture on product pricing. What to consider in the price tag of your services
Very nice presentation from Patrick FitzGerald. So clear and well managed disscusion. Felt like I was back at Uni! Thanks.
Seriously first 2:41 seconds has helped more than any other video on this platform!!!
Would have completely this some time ago.. 🥴😐🤔😭
5:54 You're always selling as an entrepreneur. If you're not a good salesperson, find someone who is and hire them _tomorrow._ The first thing you're selling is _yourself,_ constantly & all the time.
6:15 Team section in pitch decks is one of the most important components. Who are they? What are they made of? Go very heavy on the team when you're building a business plan, because it's what people flip to right away. If you're weak on team and experience, bring on an advisory board.
7:25 Education - use it, shout it from the mountaintops. Don't undersell the fact that you went to a pretty good school.
15:25 Failure
This is incredibly helpful and precise. Thank you so much!
just out of curiosity... how the heck would be sending and receiving mail to put it on carpets be a profitable business (discussed at about 16:00) ??
Wow. If you every decide to come to Florida to lecture, I'd be the first one to sign up.
Love this video it really helped me set up my steps and cut it in half my top 500 start-up is close to being finished thanks to your video
Awesome educational (simple) instruction. Enjoyed. My son wanted to watch too. I chuckled watching the late student in stealth mode with a few on Facebook during class, lol.
😉 Facebook wasn't even developed during my college years, lol.
Awesome lecture! Thanks for sharing!
A business plan is essential before starting any social media marketing campaign.
I could see this being helpful if I were starting a business with a product I created selling to a market I have to also create. If you're starting up a toy store in a city with no toy stores I dont know why you'd need a one sentance pitch or an advisory team
Great video - You can tell the guy has had a lot of real world experience
SO HELPFUL. Wish he didn't skim over sections that were relevant to launching a product as opposed to a tech-based business idea, but very valuable information with a lot of applicable ideas.
Wish this guy had a brighter audience
Shared video with my college business class, this video was very informative.
people have various idea that they wanna try business. but in school, generally speaking, we cant learn how to start, operate, manage the business in real. because in school a few real entrepreneur is in school. but here, i can write my thoughts based on this '8 things that need to be in a business plan'
so i will gradually fill out my business documents for futrure.
Thank you very much. Very informative and helpful.
@44:05 the woman mentioned the repayment of the investors and the response was to not mention it in the BP. However, my "consiglieri" from SCORE told me that the person/entity who makes the investment into the project should get a 25% share of the business. Is that the usual rate for investment reimbursements? TIA.
Never wrote a business plan... But my financial strategy was strong as fluck. Later I learned it was an actual alternative.
This video was well worth checking out for aspiring entrepreneurs, like myself.
Great info! Needs more views.
glad i found this. very helpful. especially being a philly resident it's nice to know Patrick is in the area. thank you
🎯 Key points for quick navigation:
00:08 *📝 Importance of having a business plan*
- Writing a business plan is valuable preparation for investor or customer meetings
- Debate on whether a business plan is necessary
- Examples of successful companies with and without business plans
02:02 *🗒️ Elements of a business plan*
- Importance of clearly defining the company
- Crafting a concise pitch for the company
- Highlighting the key components that should be included in a business plan
05:54 *🚀 Emphasizing the importance of team and selling as an entrepreneur*
- Selling yourself as an entrepreneur is crucial
- Building a strong team or advisory board compensates for lack of experience
- Leveraging educational background and personal connections in business pitches
18:25 *📊 Business Plan Content: Business plan content should focus on what you've built, how you will build it, and the future impact.*
- Business plans need to address how the company will execute its ideas.
- Assumptions and intentions should be clearly outlined in the business plan.
19:50 *💡 Becoming an Expert: To succeed, become an expert in your industry.*
- Being an expert in your industry builds credibility.
- Understanding industry trends and insights is key in business planning.
23:49 *🛤️ Building a Roadmap: A detailed roadmap is essential in a business plan.*
- A roadmap outlines plans to move a business forward.
- Clearly defined milestones and strategies for success are crucial in a roadmap.
36:06 *💰 Business plan length and financial projections*
- Business plans for competitions are generally under 25 pages.
- Financial projections should focus on telling a story of how the business can make money.
- Ancillary revenue streams can be included for experimentation but should not be the main focus.
37:06 *💸 Asking for capital and setting clear goals*
- A business plan should end with a clear ask for the amount of money needed.
- The ask should be specific and focused on funding key activities outlined in the plan.
- Avoid making unrealistic promises about returns or terms in the ask section.
41:00 *🚀 Starting a business plan early and hiring decisions*
- Start working on a business plan early to solidify goals and roadmap.
- Hiring should focus on building a team as early as possible.
- Consider offering equity and options to attract talent when starting up.
44:25 *💡 Validating ideas and team building*
- Validate business ideas through customer feedback before proceeding.
- Focus on what you can't do and build a team to complement your skills.
- Do not base decisions solely on personal beliefs; seek validation from the market.
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"Hire slow and fire fast" that's gold.
Thank you for this video. I got lot of value from it. Love from India :) Great proffesor!
Thank you so very much! Very helpful as I write my business plan
Awesome and very clear explanation of a topic! Brilliant! Thank you, Patrick!
Great lecture! I wish I saw this years ago.
Great video! Thanks for posting this wonderful classroom lecture.
You can see this info bro! Clear and concise.
I was looking for this past month... nicely explained
you have no idea how many times I've raised my hand and said "ME!"
Wonderful workshop. Thank you.
Wharton is the top in business
I love how I can get educated without bundling up in the schlepping to class in the freezing cold, sneaking behind the professor because I'm late and paying copious amounts in tuition.
Massively helpful information. Thanks!
Hoo.This is it.Bring it on.Let’s learn.
Thank you this was great and soo different from what I have seen before. Wendy South Africa
Great video, how do you get people on an advisory board? It is a paid position or is the equity given?
10:07 Anybody watching this in 2024 and just got taken way back by the mention of those TerraCycle Capri-Sun pencil pouches at Target? Lol! Wow, when did I become this old?
This is great material. 4 step process very good idea
very excellent presentation for me!
finally i now know how to make business plan. thanks
Great video, you went in depth on the topics !
This was excellent! Thank you
Its very informative Post Thanks for Shearing this idea
The lecture is lovely and practical.
I have learnt a lot. This is an ar I have a lot of interest@Shi
"So, you're a serial entrepreneur....." I won't bother with the rest but VERY. GOOD. QUESTION by the black student at the end with the glasses.
thank you for sharing this informative video would love to see the whole series on business 101 and advance level.
Thank you very much, great explenation.
Is there a follow up lecture? Would love to see it!
26:57 Book is called Outsmart Waste: The modern idea of garbage and how to think our way out of it.
Belmont brought me here.
Well worth the watch
Enjoyable lecture, I learned a lot. Thank you for uploading this to youtube @Wharton School