[MUSIC] In our last module we talked about the fourth phase of the entrepreneurial life cycle, clarifying your business model. After planning your strategic position it's crucial to work through the elements of you business to uncover the strategic initiatives you'll need to make your big idea a sustainable enterprise. To work through your business model we recommended utilizing the business model canvas. That canvas is structured in four major sections. Your offering, customers, infrastructure, and finances. And divided further into your value propositions, customer segments, channels, customer relationships, key resources, key activities, key partnerships, cost structure, and revenue streams. By working through different business models that are aligned with your strategic identity, you can find the best strategic fit to ensure that you maintain your defendable position. Once you found this fit, the pattern of your business should become clear, which will be central to your elevator pitch. Remember, most of your initial pitches will last less than 30 seconds. So, you need to clearly be able to tell potential investors for whom your value proposition appeals, what their wants and needs are, what your product is, what benefit it provides to your customers, who your competitors are, and how your product is different from your competitor's product. With an effective elevator pitch, a focused strategy, a clear business model, and a deep insight into your customers' needs, you're ready to take the next big step in entrepreneurial life cycle, supporting your big idea. Today Buck's going to talk about how you obtain the resources you'll need to get your business off the ground. Please don't think we're just talking about money. While Buck will definitely talk about the financial aspect of starting a venture, some of the important resources you'll need have nothing to do with money. As we work through the module, you'll see how important it is that you've committed to the earlier stages of the entrepreneurial life cycle. It's very difficult to figure out what support you'll need if you don't have a clear idea of your strategy and the business model you plan to use to implement your strategy. It's also extremely difficult to ask for resources if you don't have a clear understanding that your big idea will actually offer a value proposition that your customers would be willing to pay for. With that, let's get into the moment you might have been waiting for, finding out how to support your big idea.
