Blog 17: Third Answer

  EQ: How best can an Entrepreneur turn his into a viable company? 

Answer #3: An Entrepreneur can best turn his start up into a viable company by making an optimal business blue print that is considered a living document.  

The optimal blue print- the optimal business blue print is a business plan that outlines his goals and how they will be achieved. 

     -Many successful startups make a well-written blue print. A great example is the one Fred smith is the CEO and founder of Federal Express best known as FedEx. Even though he received a C on his blue print in business school because, according to his professor, the idea was unfeasible, he was able to execute it properly and create the worlds first overnight delivery company that changed the transportation industry forever. Of course he revised it many times making is a living document.

  A Living document, also known as a dynamic document, is a document that can be updated and edited. One of the reasons startups fail is because when they write their startup they believe once they write it, it is set and stone. In other words, they believe it can't be changed, therefore, follow it until it has reached its dooms day. 
     - One great example is the webvan company who created a business blue print that described a grocery delivery service no one needed. Therefore, because they did not change their ways or change their business plan, they are one of the biggest startup failures of history. 
 The business blue print will determine if investors invest in his startup. 

The business plan is not only created for the startup to acknowledge. It is also created for potential investors who can fund his start up that may determine the longevity of the startup.       
       -There are many successful startups that got funding from investors who gave them the needed capital to expand. There are many great examples a few of which are Netflix and Amazon.
    
My main resources for my third answer are campus CEO, the lean Startup and Startup owner’s manual.

An Entrepreneur can best develop an optimal business blue print by really knowing his industry, having a strategic mind set, having a clear vision of where they want to be and how they will get there, and making it a living document.