Session 1, Part 1: Introduction and Overview of Business Plans

MIT 15.S21 Nuts and Bolts of Business Plans, IAP 2014
View the complete course: ocw.mit.edu/15-S21IAP14
Instructor: Joe Hadzima
What is it, why do I need it and what is it used for? Practical do's and don'ts in preparing a Business Plan. Things to keep in mind in writing a Business Plan which will improve your chances of obtaining funding and running a successful business.
License: Creative Commons BY-NC-SA
More information at ocw.mit.edu/terms
More courses at ocw.mit.edu

[@zelalemmekonnen8030]

160 people attended, but 150k+ watched.

[@mssn3166]

I'm so glad the teacher was attentive to that that 1 customer. We are now the customers.

[@gguitarp1]

Thank you for making this publicly available!

[@Coffeeisnecessarynowpepper]

What business did you start

[@RinkuDevi-gc6cl]

@@Coffeeisnecessarynowpepper hai to ek din me bhi nhi hota h to thoda time hai na hai rat 🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁🐁 by Min

[@kevinfisher5723]

Nice

[@nicholasmalama3845]

The level of BUSINESS insight in this is astonishing. Am surely revisiting this... again and again.

[@allmoneyin6845]

This guy is fire teaching this course !

[@Luis.Barrueta]

This is pure gold. Thanks for sharing.

[@user-uu4dx6yh5x]

🎯 Key Takeaways for quick navigation: 00:27 *📉 Strategic planning is often mistaken for strategy but involves merely listing activities without coherent choices.* 01:25 *🎯 Strategy comprises integrated choices positioning a company for competitive advantage, unlike planning focused on resource allocation.* 02:23 *💰 Planning involves controlling costs, while strategy aims for desired outcomes reliant on customer response.* 04:20 *🏆 Southwest Airlines succeeded by implementing a winning strategy focused on cost efficiency and customer convenience.* 06:39 *😨 Embrace the discomfort of strategic uncertainty; strategy entails risk, while planning offers false comfort.* 08:03 *📝 Clearly articulate your strategy's logic, monitor its unfolding, and adjust as needed to stay relevant and effective.* Made with HARPA AI

[@MaiFast]

If you have a great idea, great product, great team and great execution then you are successful, these the are main 4 pillars of successful business/startup simple

[@NazriB]

Lies again? Bio Perine

[@arifhossain1277]

Investment also a main component

[@periklisspanos7185]

He’s forgot to say 25 millions inheritance

[@MaiFast]

Hahaha, I got some interesting replies. It depends on a lot of factors. I want to start my own business, it's been more than 1 year but still unable to start. Now I believe that it's not that easy, luck matters a lot too

[@dopemusic6414]

@@MaiFast 😂😂😂👏🏽👏🏽 this comment is absolutely gold.

[@EvanToutz]

Thanks for making this available!

[@tanveeralihaidery5792]

Thank you so much for sharing it. Highly appreciated.

[@stevenmusielski9100]

Great formula H=R/E. I never thought of the formula that way before.

[@garrettburleigh7754]

This is amazing to be able to listen too.

[@sakariavlogs]

Thanks you sir !! Fabulous video

[@mdekramuddinreza6974]

thanks for making this online

[@honeybee6978]

Thank you sooooo much MIT. Can't thank you guys enough for this!

[@ipedia3821]

Good video for Business students and men

[@samuelnzekwe2895]

Great content, thanks guys. please continue this, i cant wait to have the full course

[@mitocw]

The full course is available. See the course materials on MIT OpenCourseWare at: ocw.mit.edu/15-S21IAP14. Best wishes on your studies!

[@hibudy]

@@mitocw you guys are great... in India we can't even get these content with huge amount of money from any university, may be i don't have the capability to get into MIT but hope this free super high quality lecture will help to do something. Love for you guys straight from the heart.. Thank you.

[@abdukadirhassan1937]

@@mitocw where the slides please

[@MrKaugaban]

May The God All Mighty bless MIT OCW for spreading the Knowledge.

[@sammyjus]

Good explanation of what business plan should be.

[@aaronc9687]

Well yeah, that's what we expected

[@dohminkonoha3200]

Thank you.I will begin some business in this terrible recession era.

[@abelcenturion]

Dw

[@kumargovind525]

Thanks for sharing your views. Greetings from India

[@amrsh5711]

Thank you for making this course available online, greetings from Port Said, Egypt.

[@mohammedmosa2264]

I am also working in a port, thought it would be helpful if we can have some chat

[@user-un1ci7cq1e]

@@mohammedmosa2264 Port Said is a city name .

[@0o0o0123]

@@user-un1ci7cq1e 😅😅😅😂

[@ericray9961]

1:11 love this momment

[@dAviD-wt1wm]

48:23 was really nice

[@zaccomusic]

great contents, Thanks!

[@samhussein9100]

thank you so very much

[@GeorgeALavas]

wow wow it was great for me and my mind

[@arrowb3408]

Even Harverd School kids came here for the Class . Impressive for the Class.

[@xxxholic4071]

Thank you please continue it

[@arrowb3408]

Will come back to attend this lecture again... WHY I feel lethargy when I am listening this class... Hahaha....STF

[@tetyanahnatyk7756]

Thank you

[@rahmanshamsi302]

Amazing

[@ipedia3821]

Good video👍👍

[@santlal4518]

Thanks respectful

[@uchiha2619]

Anybody knows what does "the show has got to you" mean (13:53)

[@hamnporkgamer]

Business plan basics 20:28

[@meichuyang1872]

It’s 20:25

[@ray-hj1do]

THAnk you

[@namasaya8963]

Yeah

[@mariansuciu4866]

The moment when he says infected and it's the year of corona virus

[@camillabikeyeva3311]

Guys, could you please explain what is the IAP , which has been mentioned on 2.30?

[@mitocw]

From the IAP About page ( web.mit.edu/iap/about/ ), "The Independent Activities Period (IAP) is a special term at MIT that runs from early January until the end of the month.... IAP provides members of the MIT community (students, faculty, staff, and alums) with a unique opportunity to organize, sponsor and participate in a wide variety of activities, including how-to sessions, forums, athletic endeavors, lecture series, films, tours, recitals and contests. During IAP, students are encouraged to set their own educational agendas, pursue independent projects, meet with faculty, or pursue many other options not possible during the semester. Faculty are free to introduce innovative educational experiments as IAP activities. All members of the MIT Community, are encouraged to create offerings aimed at sharing a particular talent, expertise or interest with others at the Institute."

[@faizhadiyanfirza3261]

@@mitocw Wow MIT is so serious with its open course sharing. That's awesome 👍👍

[@incrediblepassion154]

It starts at 19 20

[@pacifiquebusiness]

🥰🙏

[@jake9705]

10:40 -- What does the prof mean here? Won't mention company names to "protect" the companies?

[@qijialiao5228]

maybe higher eduction institute does not want to promote business related issues inside the classroom, and this is a euphemistic expression. Or, it is better to protect privacy for the salary employees who have the ambitions to start up their business outside the companies they are currently in. (just my guess)

[@ihabziyad8611]

THANK YOU FROM REFUGGEES PEOPLE

[@18font]

It'd be great if the camera guy would focus on the material instead of only following the lecturer.

[@alxndrdg8]

That H = R / E, is a form of Buddhist principle, put mathematically.

[@jamesharding6758]

0:51 It’s not a problem, it’s a ME problem!

[@adebiyidayspring2834]

you forgot University of Obanikoro

[@gggg-cr9ze]

14:35

[@ziddishehzadi9039]

It's not only famous for infra however profesor too

[@susanbuckley2970]

add to homescreen

[@h.t.7310]

2:20 min in and nothing has been said. Normal in class, not on KZbin….many….bye…at 2:20min….hope it’s not my loss

[@GrowTheLabel]

The first 20 min were valueless

[@user-qx6eb1zo7m]

Dominican University of California

[@raulmacias647]

So uncivilized - General kenobi

[@CageFreeLowFatSugarFreeRange]

Someone get grandpa some water i can hear him wetting his lips every 5 seconds holy f

[@DrJohnnyJ]

This is 1940's-level teaching.

[@thomaslibbey5694]

John Ireland wdym lol

[@elliot1784]

@@thomaslibbey5694 he means that in the 1940s the internet and open access courseware existed. Don’t you get it :)

[@expwritefreelancegmail.com2297]

Basically, the proposal needs to identify a problem, outline a solution for that problem, show why the solution is necessary, provide a budget, and profile who will do the work within a specific time frame. Need help with your assignments? Email me.

[@carolagerbrick5008]

In case anyone else is looking for the business plan outline he recommends, go to kzbin.info/www/bejne/kJSzf5aliceef7c

[@donaldgriffin6108]

Thank you for making this publicly available!

[@fago9546]

Thank you