Chapter 3: Vision and the Business Model

Tom Byers, Stanford University,
Andrew Nelson, University of Oregon
and Richard Dorf, University of California, Davis

Entrepreneurs must understand what they are trying to accomplish with their new venture and how they intend to execute on these goals. They must have a clear vision for long-term development that can be distilled down to a mission statement capturing the entrepreneur’s intent and objectives. Understanding the intended customers, their needs, and how these needs will be met by the venture is vital to developing the business model. A business model describes the relationship between a venture’s customers, value proposition, differentiating features, scope, organization design, and profit model.

1. “Innovate in Technology and Business: The Founding of Google” with Larry Page and Eric Schmidt, Alphabet

2. “The Principles of Lean” with Steve Blank, Stanford University

3. “Balancing Form and Functionality” with Elon Musk, Tesla, SpaceX

Continue to Chapter 4