Entrepreneurial Business Plan For Coolmat.io Inc.

In management theories,there are two different ways to start a business—causation approach and effectuation approach.Causation rests on a logic of prediction,effectuation on the logic of control.Effectual entrepreneurs would start with the means available to them.Based on who they are,what they know,and whom they know.I use a small IoT start-up in Silicon Valley as the case study object,it has limited monetary resources,and we need to think creatively to bring its product to market with as close to zero resources as possible.Through the whole process from the start-up founded to fund-raising,effectual approach is applied to design the business plan especially marketing strategy and financial plan.Recently,a new methodology called the “lean start-up” is becoming prevalent.It prefers experimentation to elaborate planning,customer feedback to intuition.Start-ups rapidly assemble minimum viable products and get customer feedback.Then,using customers' input to revise their assumptions,and then start the cycle over again to iterate.I take marketing and financials very important in the case study,we'll reach out and analyze the marketing,get quick feedback and response accordingly following the effectuation and lean theories.And with proper financial tools,we can better manage the company's resources,decide the financial structure,measure the company's profitability and increase the firm's market value.In this case study,I also refer to both sufficient first hand information a lot secondary sources.The primary research method is applied research method along with qualitative research method and predictive researches.The start-up is trying to identify the target clients' problems,as well as the clients' clients – end consumers' problems.We analyze the problems,and design product to solve their problems.During the product design and development period,we try to apply the quick,responsive development process,also known as agile development.It would be perfect process for start-ups to create the minimum viable products they need to test out.We listen to clients' sound,if customer feedback reveals that the business hypotheses are not correct,it either revises them or “pivots” to new hypotheses.Once a model is proven,we start executing,building a model.The prevalent revenue models in Internet of Things are moving from single-time product sales to recurring revenue,and from products to services.I use various analysis tools to analyze the factors in the market,such like competitors,suppliers,clients,new entrants,etc.I also try to prove that the start-up's business is highly feasible,it includes product and development feasibility,marketing feasibility,technical feasibility,organizational feasibility,financial feasibility,and all its competitive advantages.The start-up have adopted a repeatable and scalable business model,the concept of the solution is the core competencies of the business,and the solution is every easy to scale to other geographical markets or other industries.In this thesis also cover the risk factors and harvest(exit)strategy of this business.Through above all,it will form a suitable business plan for the start-up.