3-sentence business plan for engineers - Learn Online

You got an idea, now what? 3-sentence business plan

Lesson Details:
February 28, 2020

Video Transcription – Now let's cover what happens after you get your business idea what are the next steps and we're gonna go through a few examples and then I'm gonna give you an exercise at the end of the video so I would recommend that you create a little business plan and please bear with me because I know that maybe your impulse is to get feedback on your idea and actually I'd like to flip it a little bit so you'll make your little business plan and your little business pitch that is what you're going to take to go and get feedback so that the feedback that you gather is those conversations are more productive so we're flipping it a little bit and so we're just injecting a couple of steps just to add organization to your process and bear with me this will make total sense so a business plan sounds daunting I do not want you to write a full business plan what I've developed over after working with over a thousand entrepreneurs in coaching them what I've seen is so many different businesses and having what I've noticed is this every business has three components that are always present some businesses have other components and they interchange but there's three core things that are always there and so what I've done is that I've created the content of a three sentence business plan I teach you this in everywhere I go everywhere I go I some of my books are used in the universities and this concept is really seeing seeing adoption because it makes things so easy and helps you date that initial planning it really helps you to get organized so what are these three sentences number one obviously it's your product okay you have to explain what it is and don't worry I'll give you examples in a second so the first is product the next is how you're gonna promote your product make sense right and then how you're gonna make money from this and the caveat is that all of these have to make sense together for example you have a product and you know how to promote it but maybe it's gonna be hard to make money it doesn't work or if you have a product you know make money but there's no natural marketing strategies for it then it's not gonna work so all of these three have to online and I know that right now sitting there it's hard for you to tell how to align them because maybe you're beginning in marketing maybe you're beginning and modernization meet your this is this course is for engineers so it's for first-time marketers so bear with me I know it's hard but we're going to improve on this as we go let me give you a couple of examples of how I would do this maybe for a mobile app okay so it's the first sentence is it's a Productivity app for goal-setting you explain exactly what the product is how it helps people you don't get too much into it and you see in five words of the first sentence I essentially explain what the product is I didn't get into differentiation that's for later the next sentence is I'm gonna promote the product the marketing I'll promote in essentially Google Play and Apple App Store that's where a lot of the downloads for apps come and because it's a Productivity app I'm also going to promote in productivity communities and even though you can list a ton of things Instagram Facebook blah blah blah because just because I know the app marketing space most downloads will come from these two sir these two strategies so it's actually once you know what you're doing it's very easy to create a basic plan and of course the last sentence is the monetization the app will make money by charging subscription fees for long term goals you see how my monetization is specifically curated to what the app is so that's an example for an app of a three sentence business plan essentially I just gave you my entire business plan for a certain app enough for people to understand and be able to ask further questions now next example software for business ok it's a new software that helps HR teams promotion will be done through search getting publicity and business-to-business sales since this sense this is obviously for businesses you're gonna do promotion for b2b sales including cold-calling called emailing though those are typically how to sell software to companies now if you don't know what the marketing strategy for you would be you can always post your three sentence business plan in the course and/or send it to me privately if you don't want to share it to the rest of the students and just get feedback or you can always hire a marketing coach to help you there's ways to solve this if you're a first time marketer don't worry and of course just to finish this up you would say okay you know we obviously it's a business-to-business software a very common way to charge us to charge per user of the software you know so in one company if you have a big company using it you can get a lot of users quickly so that those are the examples for you to kind of just see how the three centers business plan really easily lays out and takes a lot of the fat out of your explanation okay and then your exercise is to create your business your a310s business plan like I said if you're private about your three sentence business plan you welcome to send me a private message on you you know on   and I'll reply and if you're not private you're welcome to post it as you know as you know in the course come in in the course discussion area so that other students can reply and they'll also reply and see you know that would be sort of it don't worry this doesn't have to be your complete business plan it doesn't have to have the greatest ideas but at least it's a beginning for you from which to improve upon and we're going to improve later as we go through this course.

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