METHODOLOGY ASSESSMENT 7 - Venture Creation: Documenting the Business Model and Concept Document

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The process of developing your business model includes identifying potentially helpful people and resources during early stage venture development. Thus your need for early stage cash or other direct financial support is reduced, because _____________________________________________________________________.

Entrepreneurs need to be stewards not only of their tangible resources but also of their stakeholder ___________________________.

Your approach to developing a business model should be primarily centered around what?

When developing your business model, you should try to answer all applicable questions of those we recommend for every component (Problem, Solution, Stakeholders, etc.).

Stakeholders are not just customers but many other people as well. You should describe all applicable internal and external stakeholders in your business model.

In your business model, you should address not only your own business's or venture's value chain but also the value chain for your broader _________________ (energy, retail, manufacturing, agriculture, or travel and tourism, for example).

Suppose your venture is to develop a food distribution process for a certain region. When you work on your business model, which of these are ecosystem variables you should address?

Your ecosystem will not become vibrant and work for you unless you ______________ it, which allows it to grow so you can leverage it to support your business model.

A/an _______________ is a collection of linked industries, each of which consists of several companies and other organizations that are in the same geographic area, are linked by certain commonalities, and may complement one another in various ways.

An industry cluster can include not only companies, but also _______________________________________________________.

Industry clusters relevant to your venture are an important part of the _____________________ to be identified in your business model.

You do not need to do a full environmental analysis for your business model, but you do need to address some high-level questions related to key environment variables.

When describing environment variables in your business model, sometimes gaining an understanding of the history of a specific environment (for example, the political or cultural or social environment) can help you see potential _____________________________ that may benefit your venture.

One of the best ways to address geographic variables (international, regional, national, and local levels) is to identify connections between ____________________________________________ and your venture at different geographic levels.

Knowing the geographic location of the elements in your business model will affect ______________________________________________.

What is the purpose of the concept document for a venture?

The concept document for a venture should be ______________________ pages in length.

What does the "executive summary" summarize when you are working through early stage development activities?

The concept document is also known as a business ___________.

The concept document serves as key input to what document?

The concept document explains the logic of your business model, which is the logical basis of your ________________.

Concept documents and executive summaries are typically released publicly, with the exception that rarely you may require people to sign a/an ____________________________________________ to review the concept document if you think it may be easy to replicate.

After you produce your business model, concept document, and executive summary, you will not need to go back and make updates to them.

Which of these documents provides the least detailed view of the logic that explains how your venture will create value?

To create your concept document, you pull all the components you identified at a high level from your __________________________ and describe them in more detail.

The purpose of the _______________________ in early stage development is to show detailed effects of your venture, financially and in other ways, both for now and projected several years into the future.