Step by step description of the activity / content

Instructor, lays out what a business plan is and he emphasize how and why entrepreneurs need to keep it simple.
Generally, failed entrepreneurs fail when they overplan things instead of doing. However, entrepreneurship is based on mainly experiential learning.
WOW Business plan is a simplified version of ‘traditional business plans’ and it focuses on pushing the students into application as soon as possible. A business plan is never complete. Entrepreneurs always iterate the plan as they get signals from the market and consumers. The most important thing in a business is to produce a product and market it as soon as possible. The final product does not have to be perfect. It will be perfect when consumers give feedback and entrepreneurs re-shape the product after that feedback.

Instructor makes this introduction and then explains the process. Student work
in groups and each answer for questions should not be more 2 sentences.
Groups answer each 5 sessions in 5 minutes.
Overview:
1. What will you sell?
2. Who will buy it ? (Who is your target group? Age, gender, location, what
they like, what they do not like, how their daily life look like etc)
3. How will your idea will help them?
Pricing and Payments:
1. How much will you charge for your product? (A comparison with
competitors would be a good idea).
2. How will you get paid? (Is it through direct payment, PayPal, credit cards or
will you get paid by your channels – supermarkets etc-?)
Marketing:
1. How will your customers learn about your business? (Will you do it on social
media? Will you build a website? Will you set up partnership with schools or
other companies? Will you print flyers and distribute it?)
2.How will you encourage your customers to refer your products to their
friends? (Will you provide discounts for people who refer? Will you send small
gifts to them?)
Targets:
1. How will you define whether your project is successful or not:
Number of customers (how many customers will you have at the end
of 1 year?)
OR
Annual income (how much will be your revenue?)
Obstacles / Competition:
1. What is the number 1 reason that can cause your business fail? How will you eliminate that reason?
2. What is the number 2 reason that can cause your business fail? How will you eliminate that reason?
3. Who are your competition? How will you differentiate from them? ( Will you charge less? Will you produce better quality? Will you distribute to place where they can not?)

Feedback

Assessment & Evaluation

After each session, instructor asks the questions to the large group and everyone hears each groups answer. They re-write their answers according to the feedback. Each group will have their one page WOW business plan.