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In our last module we talked about the fourth

phase of the entrepreneurial life cycle, clarifying your business model.

After planning your strategic position it's crucial

to work through the elements of you business

to uncover the strategic initiatives you'll need

to make your big idea a sustainable enterprise.

To work through your business model

we recommended utilizing the business model canvas.

That canvas is structured in four major sections.

Your offering, customers, infrastructure, and finances.

And divided further into your

value propositions, customer segments, channels, customer

relationships, key resources, key activities, key

partnerships, cost structure, and revenue streams.

By working through different business models that are aligned

with your strategic identity, you can find the best

strategic fit to ensure that you maintain your defendable position.

Once you found this fit, the pattern of your business

should become clear, which will be central to your elevator pitch.

Remember, most of your initial pitches will last less than 30 seconds.

So, you need to clearly be able to tell potential investors for whom

your value proposition appeals, what their wants and needs are, what your product is,

what benefit it provides to your customers, who your competitors

are, and how your product is different from your competitor's product.

With an effective elevator pitch, a focused strategy, a

clear business model, and a deep insight into your

customers' needs, you're ready to take the next big

step in entrepreneurial life cycle, supporting your big idea.

Today Buck's going to talk about how you obtain

the resources you'll need to get your business off

the ground.

Please don't think we're just talking about money.

While Buck will definitely talk about the financial aspect of starting a venture,

some of the important resources you'll need have nothing to do with money.

As we work through the module, you'll see how important it is

that you've committed to the earlier stages of the entrepreneurial life cycle.

It's very difficult to figure out what support you'll need if you

don't have a clear idea of your strategy and the business model you

plan to use to implement your strategy.

It's also extremely difficult to ask for resources

if you don't have a clear understanding that your

big idea will actually offer a value proposition

that your customers would be willing to pay for.

With that, let's get into the moment you might have

been waiting for, finding out how to support your big idea.

Support Your Big Idea