[MUSIC] In our last module, we talked about the fifth phase of the entrepreneurial life cycle. Supporting your big idea. While we talked about sources of funding and how much you should ask for, hopefully you took away the more important lesson, that making a realistic assessment of your own strengths and weaknesses, and then assembling a team that fills in the gaps is what will dictate you're success. Having a team you trust with the right skill set will make everything else easier. Also, having an experienced adviser who can provide wisdom when things aren't going smoothly, will help you stay objective and realistic as you hit the inevitable bumps in the road. And having an emotional support system is invaluable to keep you grounded through the difficult times you will encounter. With that we've now covered all the components of our entrepreneurship life cycle. Thinking about your big idea. Listening to your customers and partners. Planning your strategy. Clarifying your business model and supporting your big idea. Today we're going to talk about the fact that whatever you think your business or enterprise will be when you first plan it, if it survives it'll be radically different than what you expect. Moreover, it will continue to evolve and change as long as it exists. Entrepreneurship isn't a linear path from A to B. But it's a cycle that never ends. In particular, you constantly need to be trying new things, seeing your customers respond, and incorporating that information into your business model and the activities you adopt to implement it. This approach is called lean startup, and Buck's going to work you through this recent approach to entrepreneurship. The key to lean startup is what's known as a minimally viable product or MVP, which less, let's you test your ideas inexpensively to determine what works, and more importantly what doesn't work. As we work through this module, you'll see how everything we've done up until now It's just a first iteration of a process that will continue, over and over. In fact, you'll find a lot of the work you did creating your business model canvas, is initially more of a guess until you have your MVP, and test it with real customers. This last module is to help you learn that and entrepreneurship, is a journey, not a destination. A lean startup is a way to make sure you don't get lost or stuck in a ditch along the way.
