Entrepreneurship 20, 30

(a)	Discuss the need for revisiting, updating and revising a business plan throughout the life of a business.
(b)	Launch and operate the start-up.
(c)	Reflect regularly on business progress and success by answering questions such as: What has worked well thus far? Are sales goals being met? Do we have enough supplies to meet production demands? What needs adjustment and why? How can productivity be improved? What has been accomplished in the business to date? Where is the business at financially? Is there a cash-flow problem? What have I personally contributed? How else can I contribute? What have I learned about business and what it takes to successfully operate a business? What have I learned about myself?
(d)	Explain what a pivot is and why a pivot strategy is important for business success.
(e)	Adjust business operations and the business plan as required throughout the life of the business.
(f)	Maintain detailed records (e.g., financial and inventory) throughout the life of the business.
(g)	Conclude operations which may include activities such as: liquidating assets; paying outstanding debts; collecting any receivables; and, paying shareholders.
(h)	Prepare a final written report (e.g., shareholders’ report) that summarizes operations and success.
(i)	Present the final written report to others such as supporters and investors.
(j)	Reflect on business and personal successes and challenges resulting from the operation of the start-up.