Blog · The Imbedded Mogul

TIM – Week 2

Ahhhhh….. a chair!!  After 3 hours standing on the side of the road with my 4 kids with a very upset (and not drive-able) Mountaineer — I am here!  I was hoping to arrive early to have my Twitter accounts open and ready to go… but, LIFE HAPPENS!  Although, I did make sure to bring my laptop charger this week!

After writing my name [more legibly this week] on a name tag, my seat from last week was still waiting for me!  So, I took my place between Tammie and the projector.  While listening to the introduction and trying to get myself logged in to the WiFi, this is what happened:

Tonight’s session was broken up into two parts:

First, Doug Carleton continued to present The Business Model Canvas.  One of the things that seemed to stand out in his presentation and discussion was that the BMC is designed to help you with what you don’t know.  You think you should fill it up with 100 post-it of things you already have thought of!  But, as you work on the BMC, it really brings to your attention things you haven’t thought of before.  (And, in my case, assists you in taking off some post-it-necessities that you realized are not what you really want to do or what you need.)  To see what we talked about and see The Business Model Canvas for yourself, you can view one HERE.

After a short break with a little curry chicken salad, crackers, fresh fruit, cheese, cinnamon rolls and a little Twitter chatter, Doug led us in an interactive activity.  To begin, he “picked on” Evyette (but, she was very graceful about the situation).  She presented her business concept to all of us.  Then we walked through a blank BMC (not literally) for her business.  We filled up the white board with suggestions, thoughts and ideas, working off of each other’s perspectives, experiences and expertise. Soon, we had a BMC that she could incorporate into the one she is working on.

The process was very interesting!  After everyone’s input, I told her that I thought she wouldn’t be able to go to sleep because her head was probably full of so many ideas!

Also from this activity, I gathered these notes:

  • The Business Model Canvas = thought process (a hypothesis)
  • It is important to not only plan for now, but play your business for what may or may not happen later.
  • Research is VITAL.
  • Be aware that investing time in a “business plan” may give you false expectations and result in failure.
  • Lastly, do MARKET TESTING! Give quotes. Do work. Learn from it!

As Tanner recapped the night and what we could expect next week, he gave everyone a copy of the book Anatomy of a Business Plan:  The Step-by-Step Guide to Building a Business and Securing Your Company’s Future by Linda Pinson… followed by the instructions to read the first three chapters by next week.

As everyone was packing up, Tammie and I commented about how quickly the session went!  It really did!  It was a very informative and interactive night!  Well, it is time for homework… although, maybe I’ll sleep some first.  Today was a big day!  See you next week or before then on Twitter or Facebook!

Thanks for following The Imbedded Mogul!


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