From Forbes: “De-Risk” Your Idea Before You Quit Your Job

Let’s face it: traditional business plans are becoming more of an academic exercise and less of a useful practice in this era of concise, visually-based communication. At Darden, we’re asking our students to effectually “de-risk” their business ideas in a new competition that challenges them to prove their product idea can overcome the “TMF Risks”…technology risks, market risks and funding risks. We ask them to PROVE they can do this with, for example,  a working prototype, a customer order and a funder prepared to commit. Our three-step competition process – concept, business plan, de-risking — provides a useful framework as you launch your business. I encourage you to “de-risk” your business idea – as successful serial entrepreneurs do – so that if you fail or succeed, you do so fast and for the least amount of money.

 

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