The primary reasons for writing a business plan are to test the feasibility of your business idea, secure funding, and provide a road map for business operations. While all these outcomes are important, the overall objective all business owners want to achieve is success. While no plan can guarantee success, there are some new methods that can be used to reduce risk for startup agricultural businesses: Lean Startup Methodology and the Business Model Canvas.
The Lean Startup Method shortens product development cycles by developing hypotheses that are tested through experimentation, allowing entrepreneurs to make changes (iterate) or pivot (abandon) the initial concept prior to making major investments. The Business Model Canvas is a practical tool used to help entrepreneurs visualize and structure their business.
Instructors in our New and Beginning Farmer and Business Planning programs have adapted the Lean Startup Methodology and the use of Business Model Canvas to help entrepreneurs test and prove the many assumptions they make about their target customer segment and the viability of their businesses.
This session will provide you with an understanding of the Lean Startup Methodology and the application of the Business Model Canvas as tools that can create a greater level of confidence and reduce startup risks for the entrepreneur.
|Conference||2019 National Farm Business Management Conference|
|Presentation Type||20-Minute Presentation|