Assignment Instructions
Introduction
The purpose of this assignment is to apply the concepts discussed in this course to the real world.
One outcome of this class is to create a business plan for a potential business. A business plan is utilized for planning the specific details of a business such as operational strategies, market identification, financial benchmarks, and much more. When crafting your business plan you can think about it as if it were a road map. Much like a map, a business plan guides the entrepreneur in the direction of his/her final goal. Also like road maps, some journeys are short and simple and some are long and complex.
Business plans can range from a single cocktail napkin to dozens of pages with formal sections, including a table of contents and a title page. However, the exact requirements will depend on purpose and for whom you are preparing the plan. For this class, you will create a business plan using the Lean Canvas Business Model. The Lean Canvas modeling system is open source and there are many resources available on the internet for additional information. It is an excellent resource for those new to the business planning process or wanting to utilize a fresh approach for conceptualizing the components of a business and putting them on paper.
We will approach the business planning/modeling process in four parts: three assignments over the next few weeks that will help you develop your content and a final business plan project that will incorporate each section of the Lean Canvas plan into a 3-5 page business plan document. The following video by Ash Mayura, the developer of the Lean Canvas Business Model, will help you begin planning your business through this process.
First, please review the whole video for an overview of the Lean Canvas process (Note: don’t worry about stopping to complete sections of the canvas during your initial overview/review. The exact time stamps for the overview and supplemental Lean Canvas videos will be posted during subsequent weeks in order to complete each section of the canvas):
Lean Canvas Business Model – Compete
To begin, please visit leancanvas.com to create an account that will allow you to enter details directly onto their template. Enter your email address and click “Get Started Free.” Alternately, you may download the following file to use for filling out details for each section by hand if you prefer:
LeanCanvas Template.pdf
For this week, concentrate on completing the Customer Segments, Problem, Solution, and Unique Value Proposition sections. This will be from 1:19-13:45 in the video. Feel free to pause the video as you go along to create entries for each section. These entries will either be phrases or short sentences describing your customer segments, aspects of the problem you are attempting to solve with your proposed solutions, and the unique value proposition you will present for your business. This “outline” will help you develop a one to two page writeup, going into further detail regarding your business plan and each of the topics brainstormed on the template.
By the due date, you should submit a one to two page summary describing each of the sections. This will eventually be used to develop the complete business plan/model for your final project (likely at least 3-5 pages for the final). Submit the assignment in either PDF or Word format. You will receive feedback that will help you develop your final business plan which is due in module seven.
Acceptable Length
Your written response should be content-rich using proper written business communication. The summary of this section of the business plan will one to two pages or more.
Formatting Requirements
Write the subject at the top of your document as a title.Include an Identifying header. Identify who you are as detailed in the syllabus and the date of submission.Save your document as a Word file (or Rich Text Format, if you don’t have MS Word) or as a PDFAttach the file to this assignment’s submission link. DO NOT type your submission in the text Submission box.
Grading Criteria
To receive a high score your assignment must:
Demonstrate an understanding of the module material by the correct use of termsBe free of grammatical, spelling, and punctuation errors
To Submit
Save the document with a filename that includes the assignment title, your first initial, and your last name. Submit the assignment by clicking on the assignment link and attaching the file.
