Business plans: everybody has a plan until they get unched in the mouth, no one besides VCs and Soviet union wants a detailer BP, startups need to go quickly, always adapting from customers feedback and not being constrained by a BP

business model - key difference between a company and a starpup :: startups a temporaray organization designed to search for a repeatable and a scalable busines smodel

1st key principle: instead of a BP, fill uot a business model canvas - sketch your hypothesis

2 key principle - validate the BMC from partners and customers - customer development listen to cusomers

3rd key principle - agile developemnt - **quick responsie developemt - create minimum viable products to test and they nadogradnja based of off market feedback

entrepreneurs realize that the future depends so much on how people shape it that there is no need for predicting it, rather than just making it. --- to the extent that we can predict the future, we can control it vs to the extend that we can control the future, we do not need to predict it

approach to the customer: causal approach - (1)market definition (2) segmentation (3) targeting (4) positioning (5) customer
effectual approach (1) customer identification (through the 3 means) (2) customer definition (through startegic partnerships & selling) (3) adding segments / strategic partners (4) definition of one or servl potentil markets

firms & customer as resource integrators - value creation through resource integration

Co-creation of value as distinguished from co-production - customer is co-creator of value; (goods are distribution mechanisms for service provision

Central role of networks and interaction in value creation and exchange - since service-for-service implies both parties are both value-creators and value-beneficiaries, the implication is that offerer/customer, supply/demand distinction vanishes

effectual logic (1)relational (2)network oriented (3) equity driven (4) cocreational (5) human centered (6) operant source based

resources su valuable, difficult to imitate, rare and cannot be substitued, and as such are the primary source of company's competetive advantage

effectual logic is recource based but it differs from the; ne odbaciuje resources na početku iako njihov percieved value moze biti nizak, jer ono što se radi s njima matters ( kava u 70-im<Starbucks danas)

(1) executive summary (business concept, business opportunity & strategy, target amrket & projections, competetive advantage, team, offering) (2) industry, company, products/services, entry & growth strategy (3) market research & analysis (customers, market size and trends, competition a, est market share and sales, ongoing market evaluation (4) economics of the business (gross & oeprating amrgins, profit potential and durability, fixed, variable, semivariable costs, months to breakevem. months to reach positve CF) (5) Marketing plan (mktg startegy, pricing, sales tactics, service & warranty policies, advertising & promotion, distribution) (6) design and development plans (development status and tasks, difficulties and risks, prodcut improvement and new products, costs, proprietary issues) (7) manufacturing and oeprations plan (operating cycle, geo location, facilitires, startey and plans, regulatory and legal issues (8) management team (9) sustainabaility & impact (sustainability issues, environment, impact on community (10) overall schedule (11) critical risks, problems and assumptions (12) the financial plan (13) proposed company offering (desired financing, offering, capitalization, use of funds, investors return)