Welcome to Module 3, Business Plan. Well, if you want to start a business, of course you have to write a business plan, but what is it? If you have not actually written one before, it's quite a big task. So let's go through some of the business plan basics. Well, first of all, it requires a lot of discipline. You have to spend time on it, but it is a good process because it helps you to think about your business really thoroughly. It's very likely that you're going to create a PowerPoint. You will do a lot of research, and you might even conduct a SWOT analysis, which stands for strengths, weaknesses, opportunity, and threat. Well, you must do it yourself. Well unless you are a big company, where you are doing an entrepreneurship, you can outsource this if you want. But if you are an entrepreneur, you have to spend time yourself. It cannot be outsourced, and it might take weeks or even months. It will be a very iterative process. You have to do it, and write again and again. And you get a lot of feedback. Now, by the time you have finished writing your business plan, I can tell you, it's already too old. However, you become an expert in the process. By the way, the business plan is meant to be changed. Nobody follows the business plan completely. So, be prepared to be very flexible. You will receive a lot of very, very harsh criticism, but those are good points. People want to help you, they tell you what they really think about it. These comments can be very, very harsh, but do listen and try to adapt. And of course, you should get a lot of help. If you have advisors, professors, or even angel investors, remember, they're here to help, and don't worry about the criticism. Because in their mind, they are always thinking about two things. The first thing is whether you are actually very coachable. But at the same time, they want you to be very strongly opinionated. What do I mean by that? Well first of all, if you are the entrepreneur, you should be very opinionated because you are going to run your company. People expect you to be strong and expect you to stick with your ideas. Now that's a good thing for entrepreneur because you are the boss. You're running a business. However, from the investor's or advisor's perspective, on the one hand, they really like the fact that you're very, very strong. But on the other hand, they're here to give you advice. So they want you to listen, and they want you to change when appropriate. That's when they want you to be a little bit flexible and coachable. Now, I must say, these are two conflicting ideas. So you have to decide at what point you stick with your ideas and at what point you actually listen to the others.