ED UNIT 2-Updated

CREATIVITY AND ENTREPRENEURIAL PLAN
A plan for your business

Do it for yourself not just for investors
UNIT 2
Slides By
Supreet Juneja Wahee
Learning Objectives
The Business plan as an entrepreneurial tool,
Contents of a business plan,
Idea generation, Screening and Project Identification, Creative

Performance,
Feasibility Analysis: Economic Marketing, Financial and
Technical :Project Planning;
Evaluation, Monitoring and Control segmentation,
Creative Problem Solving:Heuristics, Brainstorming, Synectics,

Value Analysis, Innovation.
Project Feasibility and Project Appraisal
MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 2

B-PLAN

BUSINESS PLAN
A Business Plan is a Selling Document that

conveys the excitement and promise of your
business to any potential backers and
stakeholders

BUSINESS PLAN
A written document that outlines the future activity for
an existing or proposed business venture.
Is the formal written expression of the entrepreneurial
vision, describing the strategy and operations of the
proposed venture.
A business plan is a document that brings together the
key elements of a business that include details about
the products and services, the cost, sales and
expected profits.
Blue Print
Purpose of a Business plan
It forces the person preparing the plan to look at the
business in an objective and critical manner.
It helps to focus ideas and serves as a feasibility study of
the business's chances for success and growth.
The finished report serves as an operational tool to define
the company's present status and future possibilities.
It can help you manage the business and prepare you for
success.
It defines your purpose, your competition, your
management and personnel. The process of constructing a
business plan can be a strong reality check.
What makes a successful business
plan?
Presents a well thought out idea

Contains clear and concise writing
Has a logical structure
Illustrates managements ability to make the
business a success
Shows profitability

BUSINESS PLAN FUNCTIONS
A document showing the information

A starting point
and figures are needed in decision
for starting up a
making
business or a project
An initial outline of the evaluation of A zone of operations necessary for

the company is adjusted in order to
BUSINESS coordinating all the activities
achieve the objectives PLAN
IS:
A tool attracting, informing and A tool for negotiations with

motivating employees suppliers
Curriculum vitae of the

Company,
vital in relations with donors

B-plan process

Analyse the external
environment
Analyse the internal

environment
Define the business

Every planning process and mission
goes through a series of
steps which are as follow;
Set corporate objectives
Formulate strategies
Make tactical plans
Build in procedures for

monitoring and
controlling

Business Plan Components
Executive Summary
Company Summary
Products or Services
Market Analysis
Strategy and Implementation
Summary
Management Summary
Financial Plan

Format of Business Plan
TITLE PAGE
Name of the business
Owner /Owners
Contact Details (Addresses, Phone & email etc)
EXECUTIVE SUMARY(A persuasive summary that will entice a
reader to take the plan seriously and read on.)
Business ideas & Goals : Over view of business

Marketing : Products & services being sold?
Operations : Business Location & staf
Finances : Breakeven period, finance required.

BACKGROUND
Mission and vision Statement
Company history ( existing business)
Business Goals (Short term/Long term)
Type of Business (-Manufacturing/ Services/Trading
Background of entrepreneur
Forms of business ( partnership, proprietorship , pvt ltd, public
ltd)

MARKETING
Market Research
Market Analysis (Industry / Seasonality /Competitors /SWOT )
Marketing Plan (Target market/ distribution channel /pricing)
A-Product ( good or service), segmentation and targeting , packaging,
features, benefits , 5-Production plan ,Manufacturing process,
outsourcing , physical plant , machinery and equipment , raw
materials, warehousing, technology used , know how ,no of products to
be produced per year/month/day etc
B-Price ( penetration strategy or price skimming)
C-Place ( distribution ( M-W-R-C, M-W-A-R-C, M-C) , website , own
outlet, franchise etc
D-Promotion (Pricing, distribution channel , promotion , research ,
patent, lead generation (just dial, google adword, facebook, etc)
Evaluation of Marketing

OPERATIONS & PRODUCTION

Legal & Licensing requirements
Management details
Organization structure & staffing (no of employees needed,
qualification ,experience, skills set etc. HR policy( promotion,
dress code, ), hierarchy, documentation span of control, flow
of communication , dispute settlement , admin ,
Process/System set up , training etc
Insurance & Security needs

FINANCIAL PROJECTIONS
Income & Expenses
Financial forecasts
funds raising (Equity+ debt )i.e Venture capitalist , bank loan,
listing in stock market( IPO) etc
-Budget , cash flow projections, working capital needed,
--Break even analysis
-cost estimation per unit (fixed and variable)
-Expenses details ( rent, machinery, salary, electricity ,
maintenance etc)
IMPLEMENTATION TIME TABLE
Time needed to set up & run the business

Business Supporting Documents
Include any documents that lend support to

statements made in the body of your
company's business plan.
Resumes
Credit information
Quotes or Estimates
Letters of Intent from prospective customers
Letters of Support from credible people who know you
Leases or Buy/Sell Agreements
Legal Documents relevant to the business

An elevator pitch is a short pitch that can be used to quickly and simply define a person or product. In other words a quick
introduction that can lead to sales.

ELEVATOR PITCH
In which it will focus on the most significant points of the business.

Elevator Pitch of the business plan will need to provide the following
information:
to provide a clear, concise and relevant business
to highlight the unique advantages in achieving success
demonstrating why business work-concept to demonstrate simple and clear
management objectives
to be written in a positive tone and confident
to be concise so they can be read in less than 1 minutes
can be seen as a mini plan business within the business plan framework.
Elevator Pitch of the business plan can be completed with a personal touch,
with a message from management, personal assessment of your business.

Funding objective
How much do you
need
What do you need
the money for i.e.
what will you
achieve with this
money, when do
you see profitability
Also mention any fund

raising history, if any

Matrices
being
tracked

Tips for a successful Business
plan

BUSINESS PLAN DRIVERS
Clear Vision of Purpose The direction the business venture wants to
achieve.
A long term view
Satisfy Real Customers Needs & Exceptional customer service that results in
Serve Real Customers
the loyalty of customers, repeat purchases by
them and greater customer retention.
Differentiate from Competitors Positioning unique differentiating factors.

Continuously making improvements to sustain a
leadership position.
Resource Focus, Organization & Resources should be optimally utilized to

Commitment to satisfy Customer
ensure that maximum possible value gets added to
needs
MBA IV :Entrepreneurship Development satisfy customer
Supreet needs.
Juneja Wahee Slide 24
What Investors Look For
How does the team think?

How detail oriented is the team?
How big is this market?
Is there sustainable competitive advantage?
Whats the growth plan?
What does the technology roadmap look like, short
term or long term play

Financial Projections
Build 5 years
Detail near years, extrapolate out years
Build from single unit economics
Document assumptions
Validate with market comparables

10 Must Answer Questions
How large is your addressable market?
How fast is the market growing?
Whos make up your management team?
Whats your secret sauce?
What are the barriers to entry/competitive advantage?
What do your 5 year financials look like?
Whats your path to profitability?
Why is this a company versus a product/service?
Whos your competition and how do you beat them?
Why cant Microsoft or Google do this? (or name any big, established company)

Creating Your Companys Strategy
Building a strategy is harder work than building your

product
Think about
What do you want your business to be when it grows up
Looking back from 5 years in future
Perspectives of all stakeholders
Anything that could go wrong
Hope is not a strategy

Competitive Analysis
You always have competitors
Dig deep, be detailed, be honest
Compare features and benefits
Technology comparison
Whole product offering (pricing, support, etc.)
Channels, funding, customers

Sustainable Competitive Advantage
Create barriers to entry
Continually add value for your customers (and your

investors)
Anticipate competition and make plans for dealing with it
Better widget, price erosion, market share, different business
model..
Avoid the trap of believing that your main competitor is

your exit strategy
Business Plan Benefits
1. Puts a business idea to the test; it fine-tunes it up-

front.
2. Turns a good idea into a viable business or a working
enterprise.
3. Helps you come up with creative ways to make your
business work.
4. Shows you what you are up against with competition.
5. Creates a detailed action plan to keep a competitive
advantage.
6. Specifies what you need to start the business saves
time and money.
7. No nonsense list of equipment needs.

Business Plan Benefits
8. Provides a timetable when you need to finish

the items on your to-do list.
9. Helps you get the funding you need.
10. Tells the world who you are.

Stages for starting a new venture
Creativity ,Innovation and Idea Generation

Opportunity/Product Identification/Scanning the
environment
Opportunity Selection/Product Development and
selection
Feasibility Analysis : Economic Marketing ,Financial
and Technical
Project Report Preparation/Project Planning: Evaluation
,Monitoring and Control, segmentation, Project
Feasibility
Project Appraisal
Resourcing
Creativity
and
the Business Idea

Creativity and the Business Idea
Creativity :is development of novel emphasis is on Ability

and not the activity of bringing something new into
existence.
Creativity is any act, idea, idea or product that changes an
existing domain or that transforms an existing domain into
new one.
Creativity can be described as the discovery of something
that is novel but also useful or relevant or economical ,
valuable
Innovation: is the process of doing new things

Innovation is the specific function of entrepreneurship..... It is
the means by which the entrepreneur either creates new
wealth-producing resources or endows existing resources with
enhanced potential for creating wealth (Drucker 1985)

The creative Process
Stage I:Task Presentation(Seeding process ,the seed
of curiosity takes the form of a focused idea: a
specific problem or an area of study )
Stage II-Preparation (Market research ,gathering
information and knowledge )
Stage III-Incubation ( subconscious assimilation of
information)
Stage IV-Idea Generation(Multiple Ideas and solutions
are generated at this stage. Herein ideas resurface as
realistic creation)
Stage V Idea Validation(ideas generated to be
verified as realistic and useful- redefines knowledge
into application)
Stage Vi-Outcome
MBA IV :Entrepreneurship Development Assessment
Supreet Juneja Wahee Slide 36
Components of Creative performance
Intrinsic Motivation to do the task

This provides internal stimulus for the problem .it's more
conducive for
Processing Diverse Information
Seeing Non Obvious side of an issue
Exploring alternative solution paths
Influences Stage I & II of Creative process
Skills in the Task Domain

This includes Knowledge of the problem area and the technical
skills required in solving it and talents that provide necessary
background to solve the problem
Influences Stage II ,IV and V

Components of Creative performance
Skills in Creative thinking

Provides an ability to
make random association between ideas
See divergent uses of a single idea
Access ones subconscious
Visualize potential solutions
Generate a number of diverse alternatives
Hold back critical evaluation till full range of responsibilities is
explored
Influences stage II and IV of creative process

Qualities of Creative Person
Sensitivity :Sensitive to problems ,needs attitudes and
feelings of others
Fluency: Ability to take continuous advantage of developing
situation
Flexibility: adjust quickly to new developments and changed
situations .
Originality: Uncommonness of individuals responses to a
problematic situation
Redefinitional Skills: Rearrange ideas ,concepts ,people
things in order to use them in new ways
Ability to Abstract: ability to analyze a project component ie:
getting details from the whole
Ability to Synthesis: ability to combine several components
to derive at a creative whole

Barriers to creativity
Searching for the one right answer
Constantly being practical
Fear of committing mistakes and failing
Fearing looking foolish
Avoiding ambiguity
Inability to incubate
Lack of challenge and confidence
Believing that I am not creative

Barriers to creativity
Your concept of self: your self esteem, self confidence,
handling rejections, and the ability to confront difering
opinions
Your need for Conformity-Your inclination to break away

'from tried patterns, to take more risks, to express ideas and
scrutinize traditional values
Your ability to handle the abstract-your tendencies to use

the unconscious mind, to abstract, to view things in a holistic
ways and to rely on gut feelings or intuition
Your ability for Task achievement your work patterns

,persistence, attitude towards others, and resourcefulness.

CREATIVE PROBLEM SOLVING
TECHNIQUES
Brain
storming
heuristic Creative problem solving Synectics
Value
analysis

1.Heuristic
Heuristic is an adjective for experience based

techniques that help in problem solving, learning
and discovery.
This method is used to rapidly come to an
solution that is hoped to be close to best possible
answer.
Heuristics stands for strategies using, readily
accessible, though loosely applicable, information
to control problem solving in human beings and
machines.
Although the solution quality may not be the
best, often they work well in generalized
situation.
Basic Heuristics Directed Towards Creativity
Make it habit to purposely pause and notice things.

Focus on your creative energies on just few topic areas that
you genuinely create about and work on these purposeful.
Avoid being too narrow in the way you define your problem or
topic.
Try to come up with original and useful ideas by making novel
associations among what you already know.
Pause and carefully examine ideas that make you laugh the
first time hear them.
Recognize that your streams of thought and patterns of
judgement are inherently right or wrong, they are just what
you think now based on primarily on patterns from your past.
Make a deliberate efort to harvest, develop and implement at
least a few of the ideas you generate.
2.Brainstorming
In Brain storming group members or individuals

are encouraged to spell out maximum number of
possible solutions of a specific or stated problem.
Under brain storming more emphasis is laid on the
number of possible solutions or ideas.

Characteristics of Brain Storming
This technique is not suitable where the problem
has a unique solution which can be found through
analysis or evaluation.
brain storming can take place only when there is
specific topic.
Brain storming results in generation of numerous
ideas out of which a few ideas are chosen for in
depth investigation.
Brain storming provides ample opportunities to
participants to put forth various suggestions for
solving specific problems.
Brain storming enables participation to freely
share diferent ideas.
Principles Of Brain Storming
During the generation phase of ideas, evaluation
process is deferred.
The second principle is based on quantity begets
quality right environment must be provided for
generating maximum number of ideas.
Brain storming brings forth novel and diferent
ideas. Novels ideas in certain cases may not
appear to be practical ideas.
It is better to appreciate ideas of others as well as
ones own previous ideas.

3.Synectics
The term Synectics has its origins from the Greek language
and means the combining of diferent and supposedly irrelevant
elements.
It is a process for structured problem solving
This idea generation technique approaches problem solving and
creativity in a rational manner.
According to Gordon, Synectics research has three main
assumptions:
Thecreative processcan be described and taught;
Invention processes in arts and sciences are analogous and are
driven by the same "psychic" processes;
Individual and group creativity are analogous.
With these assumptions in mind, Synectics believes that people
can be better at being creative if they understand how
creativity works.
Synectics
Synectics is applied in finding innovative practices to a number
of in traceable technical problems. Major analogies under this
technique are
Direct analogy : it involves discussing analogy of the problem
situation from very diferent field. It involves direct comparison
under discussion with some other similar phenomenon.
Personal analogy : under this problem solver is expected to
project himself into situation and report back his experience of
the particular situation like what he feels, sees, hears, thinks etc.
Fantasy analogy : under this concerned person is asked to
release his imagination from real life constraints. Group members
are used to fantasize some perfect solutions even if it is contrary
to known scientific principles.
Symbolic analogy : it requires group members to poetic or
paradoxical phrases for situation. The leader is expected to take
key word or even undertake some decisions and ask the group
members to come up with short proactive phrases that capture
word under discussion.
4.Value Analysis
Value analysis is important approach to improving

the value of product or process by understanding
its constitutes components and their associated
costs.
Value analysis is a cost reduction and problem

solving technique that analyzes an existing
product or service in order to reduce or eliminate
any costs that do not contribute to value of
performance.

Components Of Value Chain Analysis
Value : the ratio between function for customer
satisfaction and the cost of that function.
Function : the efect produced by a product or by
one of its elements , in order to satisfy customer
needs.
Value analysis : methodology to increase the
value of an object to object to be analyzed could
be an existing or new product or process and it is
usually accomplished by a team following work
plan.
Need : something that is necessary or desired by
the customer.

Value Analysis Process
Orientation / preparation : refers to collecting the basic

information required for the process and various stages at
which value addition is possible in process.
Information : collection of data in detail in relation to every
step in value addition process.
Analysis : of various options of value addition
Innovation and creativity : refers to implementing new or
improved way of performing every step in the process.
Evaluation : understanding efectiveness of change
implemented in process.
Implementation and monitoring : refers to after screening
of improvised method it is to be implemented and monitored
for its working as per expectation.

PROFITS AND INNOVATION
Entrepreneur is one who always searches for
changes and responds to it and exploits it as an
opportunity. Innovation is treated as an
instrument of entrepreneurship. An entrepreneur
innovates and creates resources until someone
finds a use for it and endows economic value to it.

Idea Generation :Sources of New /Business
Ideas
Consumers
Informally monitor potential ideas and needs.
Formally arrange for consumers to express their opinions.
Existing Products and Services
Analysis uncovers ways to improve oferings that may
result in a new product or service.
Distribution Channels
Channel members can help suggest and market new
products.
Government
Research & Development

Methods of Generating New Ideas
Focus Groups
A moderator leads a group of 8 to 14 participants through
an open, in-depth discussion in a directive or nondirective
manner.
An excellent method for generating and screening ideas
and concepts.
Brainstorming
Allows people to be stimulated to greater creativity.
Good ideas emerge when the brainstorming efort focuses
on a specific product or market area.
Rules of brainstorming:
No criticism.
Freewheeling is encouraged.
Quantity of ideas is desired.
Combinations and improvements of ideas are encouraged.
Methods of Generating New Ideas (cont.)
Brainwriting
A form of written brainstorming.
Participants write their ideas on special forms or cards that
circulate within the group.
Problem Inventory Analysis
Consumers are provided with a list of problems and are
asked to identify products that have those problems.
Results must be carefully evaluated as they may not
actually reflect a new business opportunity.

Opportunity/Product
Identification/Scanning the environment
Scanning of environment refers to the understanding of socio-

culture, economic, technological, fashion and even the changing
life style and aspirations of local people.
It is not a matter of just observing the obvious in the

environment but sensing the emerging opportunities out, of the
interaction of such futuristic/emerging needs of goods and
services which otherwise are not perceived by general masses.
Scanning of environment is done by collecting information from

various sources

A. Personal Informal Sources C. Impersonal Written Sources
a. Family a. Magazines
b. Customers b. Journals
c. Friends c. Books
d. Colleagues d. Newsletters
e. Salesmen e. Newspapers
f. Social Contacts f. Catalogues
g. Employees D. Impersonal Oral Sources
B. Personal Formal Sources a. Trade Shows
a. Bankers
b. Seminars / Workshops
b. Business Councilors
Impersonal Written Sources c. Professional Organizations
d. Small Business
Organizations
e. Suppliers/Dealers

Opportunity Selection/Product
Development and selection
The environment scanning as described earlier will result in the
location of a variety of situations out of which product/service can he
selected.
Opportunity selection starts from where project identification ends
After having generated and identified some project ideas, these are
analyzed in the light of existing economic conditions ,the government
policy and so on.
A tool generally used for this purpose is SWOT
The intending entrepreneur analyses his/her strengths and weakness as
well as opportunities/competitive advantage and threats/challenges
offered by each of the project ideas
On the basis of this analysis the most suitable idea is finally selected to
convert it into an enterprise .
The process involved in selecting the project out of some projects is
also
MBA described
IV :Entrepreneurshipas Zeroing in process
Development Supreet Juneja Wahee Slide 59
PROJECT REPORT PREPARATION
Having decided upon the product and organization, the entrepreneur

has to put his ideas and other information sought in black and white.
This should he so well presented that it provides all relevant

information in refer to the project: Accordingly, the task or project
report preparation encompasses information under various heads.
Necessary documents quotations and enquiry should be attached with

the details under the given heads to form a pro report.
It may not be out of place to emphasize that the project report should
he prepared by the entrepreneur himself.
This, not only would save his money, but also clarify many doubts,
thereby, making him more optimistic of the success of the project

PROJECT APPRAISAL
A final view on the proposal is taken which is based on
combination of factors like technical financial, commercial,
managerial and operational.
Weakness or deficiency in any project does not prepare a ground

for its rejection but care is taken to initiate action to minimize its
impact on the project.
In order to overcome or minimize the deficiencies in a project,

promoters are advised to revamp the project or take necessary
precautions.
Suitable conditions are stipulated to ensure that these suggestions

are implemented.
The viability of a project depends on the technical feasibility,

marketability of the products at a profitable price and
management of the unit,
Objectives of Project Appraisal
Project appraisal is a tool for an ex-ante analysis of a designed
scheme: It identities and estimates the expected costs and
benefits to a project.
It is a conscious scrutiny which helps to design a conceptual

framework that helps monitor and evaluate the actions.
Project appraisal undertaken by the financial institutions furnishes

necessary information on the following aspects
The specific and predicted results of a project.

The information necessary to determine the success or failure of a
project.
The standard yardsticks to be applied while determining the rate of
success or Failure of a project.

Aspects of Project Appraisal
A comprehensive analysis of a project can he performed

by covering the following prospect:
Technical appraisal
Financial appraisal
Economic appraisal
Management appraisal
Market appraisal

RESOURCING
The implementation comprises all spade work required to

set up the business venture.
This covers procurement of land, construction of building,
erection of machine obtaining necessary licenses
registration of the enterprise etc.
To set up a business venture, particularly a manufacturing
enterprise, an entrepreneur needs to be a network of
individuals/organizations that can help him in various stages
of setting up an enterprise and running it.

Thank You

Opportunity Selection/Product
Development and selection
The environment scanning as described earlier will result in the location of a
variety of situations out of which product/service can he selected.
There are a number of ways of selection and development of new product
and service.
A. Solving peoples problems
B. Combining two or more ideas
C. New ways of doing old things
D. Improving the product/service
E. Extending somebody elses successful idea to other settings
F. Adding new value to an old product
G. Doing market research
H. Use of hobby
I. Building up the skills
J. Turning waste materials into something useful
K. Bringing ideas home from holidays
L. Brain storming
M. Checking published lists
N. Talking and listening to people
O. Day dreaming and fantasing

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CREATIVITY AND ENTREPRENEURIAL PLAN

A plan for your business

Contents of a business plan,

Idea generation, Screening and Project Identification, Creative

Creative Problem Solving:Heuristics, Brainstorming, Synectics,

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 2

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 3

A Business Plan is a Selling Document that

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 4

Presents a well thought out idea

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 8

A document showing the information

An initial outline of the evaluation of A zone of operations necessary for

A tool attracting, informing and A tool for negotiations with

Curriculum vitae of the

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 9

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 10

Analyse the internal

Define the business

Make tactical plans

Build in procedures for

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 11

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 12

Business ideas & Goals : Over view of business

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 13

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 14

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 15

OPERATIONS & PRODUCTION

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 16

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 17

Include any documents that lend support to

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 18

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 19

In which it will focus on the most significant points of the business.

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 20

Also mention any fund

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 21

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 22

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 23

Differentiate from Competitors Positioning unique differentiating factors.

Resource Focus, Organization & Resources should be optimally utilized to

How does the team think?

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 25

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 26

How fast is the market growing?

Whos make up your management team?

Whats your secret sauce?

What are the barriers to entry/competitive advantage?

What do your 5 year financials look like?

Whats your path to profitability?

Why is this a company versus a product/service?

Whos your competition and how do you beat them?

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 27

Building a strategy is harder work than building your

Hope is not a strategy

You always have competitors

Dig deep, be detailed, be honest

Compare features and benefits

Channels, funding, customers

MBA IV :Entrepreneurship Development Supreet Juneja Wahee Slide 29

Create barriers to entry

Continually add value for your customers (and your

Avoid the trap of believing that your main competitor is

1. Puts a business idea to the test; it fine-tunes it up-