Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Lecture Notes
Chapter 9: Planning for Entrepreneurs
Learning Objectives
• Define “planning” from an entrepreneurial perspective.
• Define TRIM and explain its importance to entrepreneurial planning.
Notable Quote
• “Failed plans should not be interpreted as a failed vision. Visions don’t change, they are
TRIM
• Team
• Resources
• Idea
• Market
Notes:
The TRIM (Team, Resources, Idea, Market) framework (Table 9.1) is a planning tool that identifies the
types of people needed for the team, the resources available and needed, the details of the idea, and
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Team
• Who needs to be on the team at the start?
• What skills does each person bring to the table?
• Are there any skill gaps? Can these gaps be outsourced?
• What type of work experience is related to the idea?
• What is the network of each member?
Resources
• What do you currently have that you can use to get started?
• What cash resources do you have at your disposal?
• What people resources can you use beyond the founding team?
• Do you need to rent space or can you leverage your apartment, a garage, or an
incubator?
Idea
• What is the clearest and most simple description of the idea?
• How is the idea unique or differentiated?
• What problem is being solved? How do you know this is a problem?
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
• Is there anyone doing what you’re doing? If yes, how are you doing it better? How can
you learn from what they’ve already done? If no, how are people solving the problem
currently?
Market
• Who is your primary customer?
• What do they care about?
• How will you reach them?
• How will they hear and learn about your product/service?
Critical Thinking Questions
• Can you think of instances when the quality of a product or service was exaggerated and
Forms of Planning
• Back of a napkin
• Sketches on a page
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
• Feasibility study
Back of Napkin
• Primary Audience—Friends and prospective team members
Sketches on a Page
• Primary audience—Team members and early employees
Business Model Canvas (BMC)
• Primary audience—Team members and advisors
• Purpose—To identify gaps and evaluate business integration
The Business Brief
• Primary audience—Friends and family investors, advisors, other interested stakeholders
Point to Include in a Business Brief
• Description of the business idea (company overview)
• Value proposition that highlights the problem being solved or need being met
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
• Simple pro forma income statement (up to 3 years)
Feasibility Study
• Primary audience—Team members and early investors
The Pitch Deck
• Primary audience—Early investors, incubators, and accelerators
The Business Plan
Critical Elements of Feasibility Study
Notes:
To produce a feasibility study there must be action, testing, information gathering and analysis in order
to reduce uncertainty and gain greater confidence about the opportunity and your approach. For
Business Plan Outline
• See Table 9.6: Components of a Traditional Business Plan
Instructor Resource
Neck, Entrepreneurship
SAGE Publishing, 2018
Why Write a Business Plan?
• Business plans are complex and time consuming, but they also…
• Help to gain clarity
• Help organize thoughts
• Establish a core message
• Create alignment
Notes:
A business plan can be useful at the stage when you have partners or team members on board.
Critical Thinking Questions
• What value do you think a business plan adds to an early-stage venture?
• Do you think writing a business plan is a worthwhile exercise for every entrepreneur?
Tips for Writing a Business Plan
• Be direct (remove ‘fluff’)
Business Plan Resources