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In this chapter, we have illustrated a model for quickly crafting a business plan. The key points are the following:
Strategic planningThe process that determines the steps required to reach an objective, making the best use of available resources. is often criticized as taking too long, being too complex, and even being counterproductive. The Ten–Ten approach alleviates many of these criticisms by its conciseness and the way it focuses on learning-by-doing. It is still hard work. However, the author has actually had groups of people complete a Ten–Ten plan in one night. This includes conceptualizing a new business model up through the completion of the business templates. The feedback was generally positive from the experience, although the participants were exhausted.
The business planThe primary goal is to foster communication with business founders, partners, confidants, and funding sources. serves many purposes. But the primary goal is to foster communication with the business founders, partners, confidants, and funding sources. The Ten–Ten business planPresents a succinct overview of the what, how, when, and why of the business. presents a succinct overview of the what, how, when, and why of the business. It provides a concise overview of what the business is about and how money can be made. In many ways, the Ten–Ten documents are a prototype of the business model. This is in essence a scaled-down business model that describes how the business will function and serve as a platform for the business founders to communicate with each other and identify strengths and weaknesses of the emerging firm. In Chapter 12 "Developing a Business Plan", we will present the infrastructure for a full-blown business plan that can be used as a blueprint for operating the business the first year.