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Technology Ventures

From Idea to Enterprise

Chapter 7: The Business Plan

How are ventures actually formed and what is the role of the business plan?

Entrepreneurs respond to attractive opportunities by forming new ventures. In this chapter, we consider the five-step process for establishing a new enterprise. One particularly noteworthy step in the process is the development of a story and business plan. The story is a compelling synopsis of why this venture is needed at this moment of time and how it can achieve success. We then detail the task of writing a business plan, which is a significant and challenging effort for entrepreneurs.

To see these talks in their entirety or to access related materials, go to Stanford Entrepreneurship Corner

Other Materials

Business Plans that Work - Timmons, Zacharakis, & Spinelli Plans That Work arms entrepreneurs and small business owners with an easy-to-follow template for writing persuasive business plans, along with proven models that can be used to analyze potential business opportunities from initial idea to viable venture. This value-packed book will show both entrepreneurs and current business owners how to:

• Determine what to include in each plan, why, and for whom
• Recognize and avoid common pitfalls in the process
• Use the renowned "Timmons Model" to analyze potential business opportunities

How to Write a Great Business Plan A great business plan is one that focuses on a series of questions which relate to the four critical factors critical to the success of every new venture: the people, the opportunity, the context, and the possibilities for both risk and reward. This is a condensed version of Sahlman's longer article in book 'The Entrepreneurial Venture'

Frank Moyes - Colorado Leeds School of Business Professor Frank Moyes has a number of useful business plans templates and references available on his web site. There also many complete business plans from a breadth of different industries that can be leveraged as additional examples or case readings.

Financial Modeling for Startup Companies

Peter Kent of Insight Business Tools provides a slide deck on how and why financial models can help entrepreneurs in the business planning process.

Introduction

Book contents.

• Table of Contents
• ...................................
• Part I: Venture Opportunity, Concept, and Strategy
• Ch 6: Risk and Return
• Ch 7: The Business Plan
• Ch 8: Types of Ventures
• Ch 9: Knowledge, Learning, and Design
• Ch 10: Legal Formation and Intellectual Property
• Part III: Detailed Functional Planning for the Venture
• Part IV: Financing and Building the Venture
• Chapter Video Clips

Additional Resources

• Sample Syllabi
• Authors Blog
• Entrepreneurship Blogs
• Testimonials
• Schools Using this Textbook
• Entrepreneurship Corner

Planning for Business School

Main navigation.

Business school is often considered a way to develop effective leadership capabilities in the for-profit and non-profit sectors. Many people move back and forth between both sectors during the course of their careers. There is a great deal of flexibility with designing academic plans that prepare them for business school. Most business schools welcome all majors, so pursue something that you find intellectually exciting.

• Consider taking at least one calculus course (many schools prefer a year of math). Also consider classes in economics, computer science, statistics, or organizational behavior (psychology or sociology).
• Consider taking time off to work in the business or non-profit sectors. Most MBA students spent two to five years working before attending business school.
• Join the  Stanford Pre-business Association , a group of more than 500 undergraduates interested in business. The club sponsors activities and services designed to expose its members to various aspects of the business world.
• Consult an Academic Advisor .

For more information, please review these FAQs.

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Give yourself the freedom to learn and grow in 2021. The Stanford Innovation and Entrepreneurship certificate teaches you how to think and act differently so that you can solve your biggest business challenges. With topics spanning from design thinking and entrepreneurship to operations and leadership, you can customize your learning track to meet your personal and professional goals.

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Where Entrepreneurs Find Inspiration

Ideas and Research from Stanford University

Business Plan Beliefs

Founder Brent Constantz says his firm, Calera, has never had a written business plan. As a serial entrepreneur, Constantz has developed a few ideas about business plans: 1) Only competitors read business plans, and 2) A business plan is the only thing that is never going to happen.

Video clips from: Following Your Startup Vision [Entire Talk]

Starting avalanches and building fires, big visions are right visions, advisory boards and operating plans, be your only board member, make cleaning the environment a prosperous opportunity, tension between goals and roi.

The Ethics of Innovation [Entire Talk]

Video clips.

Leadership in a Digital World

The duty of digital leaders, ethics in emerging technologies, disproportionate job displacement.

A Brainy Approach to Innovation [Entire Talk]

Embodying Innovation

Mind control of machines, pivoting toward impact, automating legal consulting, confessions of a ‘cyber-optimist'.

Taking a Lead From Tech [Entire Talk]

‘What Would Different Look Like?'

Realities of startup life, essential but unsung skills, a blank invitation, choose your peers wisely.

Welcome to Sustainable Stanford!

This is the main hub for sustainability information at Stanford, as well as resources to be involved with sustainability efforts on campus.

Stanford University works to model sustainability across all aspects of campus life, and activates the campus as a living laboratory for scaling sustainable solutions. Together, collective efforts across academia, operations, and individuals accelerate university goals and a better future for all.

Earth Month Events 2024

Looking forward to the 54th anniversary of Earth Month, check out our list of upcoming events to celebrate here on campus.

Internship Positions Now Open

Apply for Sustainable Stanford internships today. Paid roles open for Stanford undergraduate and graduate students of all majors and backgrounds. Applications due April 3rd!

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Join the Living Lab Fellowship Program by applying to lead an impactful project for academic year 24-25. Paid roles open to Stanford undergraduate and graduate students of all majors and backgrounds. Applications are being reviewed and accepted through April 3rd.

Year in Review

Year in Review has been released for the 2022-23 year! Read more about Stanford’s sustainability progress in the last year.

Latest News & Stories

Stanford achieves Climate Registry Platinum

The Climate Registry is a non-profit organization that empowers North American organizations to be climate leaders in measuring and reducing carbon emissions. Stanford earns 2021 Climate Registered Platinum for the fourth year in a row.

Stanford Energy Systems Innovations (SESI)

SESI powers the university with innovative solutions that result in the most sustainable and efficient use of resources. Check out the new site for more info!

Stanford launches the Living Lab Fellowship Program for Sustainability

The inaugural program is supporting 16 students working on interdisciplinary projects that directly contribute to the university’s sustainability objectives.

Expanding Waste Sorting Stations Across Campus

As part of improvements to its waste management infrastructure, Stanford is transitioning to shared waste, recycling, and composting stations. Half of the university has made the switch; the second half will make transition in the coming year.

Outstanding Waste Prevention

Stanford has won an award for Outstanding Waste Prevention from the California Resource Recovery Association for the innovative Cardinal Clean Program. Learn more about Cardinal Clean, and how you can use it, at the link below!  

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Stay updated on upcoming sustainability events, staff and student involvement, and opportunities to get involved with sustainability efforts around campus by signing up for the e-newsletter.

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Does your group, department, organization or dorm want to share a sustainability story? Submit it here to be highlighted on the Sustainable Stanford newsletter, the 2022-2023 Sustainability Year in Review, or Sustainable Stanford social media!

Sustainability Events Around Campus

Questions or suggestions? Contact us here: Sustainable Stanford Contact Form

Welcome to our returning majors and potential majors!

Economic Majors have diverse interests. To provide guidance, we have grouped courses into  Focus Areas:  Behavioral & Experimental, Finance, International & Development, Government Policy Analysis, Quantitative Methods, Business Strategy and Regulation. Students can focus on a specific area or take a range of courses to meet the following requirements for a Bachelor of Arts in Economics (80 units).

The Department encourages students to complete the core courses before undertaking the upper division courses, and if possible by the end of the sophomore year.

• Econ 1 (5 units). This is the only Econ core course that may be double-counted .  
• Econ 102A (5 units): it is recommended that students satisfy this basic statistics requirement before proceeding with the rest of the program. Prerequisite: Math 20 or equivalent. Please note: results from the Math Department placement diagnostic exam cannot serve as a substitute for completion of the math prerequisite.**  
• Econ 50 (5 units): basic price theory. Prerequisite: Econ 1 and Math 51 (or CME 100 or CME100A)**.   
• Econ 51 (5 units): intermediate micro. Prerequisites: Econ 50.  
• Econ 52 (5 units): intermediate macro. Prerequisites: Econ 50.  
• Econ 102B (5 units): econometrics. Prerequisites: Economics 102A.

The material in Econ 102B is used in a number of field courses. Students are advised to take Econ 102B early in their program.

**Students interested in receiving transfer credit or AP score waivers for Math prerequisites should submit the Econ Math Requirements Waiver Petition. 

* Students may only count units from one of the following towards their major as the courses are too similar in content: Econ 141, Econ 140, or Econ 135.

**Students may count toward the econ field course requirement Econ 160, Econ 167G, or 180. The others may count as electives.

***Students enrolled in the Econ BAH may take up to 10 units of 199D. The successful completion of an honors thesis and at least five units of credit in Econ 199D may replace the requirement for Economics 101 (WIM). The remaining units of ECON 199D may be used to meet the minimum field requirements for the major, as long as the number of units for the BAH is at least 85.

Choose from any Econ courses taken for a letter grade.  Up to 10 units of this requirement may be fulfilled by upper division math, statistics and computer science courses. Approved courses include: MATH 113, 114, 115, 118, 120, 136, 151, 161, 163, 171, 172, 175 and STATS 200, 202, 206, 207, 208, 209, 209A, 217, 218, 219, 221, 222, 237, 240, 315B and CS 161, 221, 224M, 227B, 228, 229, ACCT 152, GSBGEN 336 and PoliSci 110C. Click here for a full list of Approved Course Petitions

• A maximum of 10 elective units may be made up of some combination of the following: transfer credit, Econ 139D: Directed Reading, approved non-econ courses, or approved BOSP/SIW/SINY courses.
• Suitable transfer credit must be approved in writing by the Director of Undergraduate Studies.
• Students may only count Econ 135 or 140 toward major requirements because they are very similar.
• Students may only count Econ 143 or 148 toward major requirements because they are very similar.
• Students may count only Econ 160 or 180 toward field requirements, the other may be counted toward elective requirements.
• Advanced undergraduate majors with strong quantitative preparation may enroll in graduate (200-level) courses with the permission of the Director of Undergraduate Studies and the course instructor.
• The department does not give credit for internships. Thus Econ 139D: Directed Reading, cannot be used to obtain credit for internships.

Econ 101 (5 units). This course fulfills the Writing in the Major requirement. Any WIM course for Economics may be taken only after completing Econ 51, 52, 102B and at least two field courses.

The Economics Capstone is comprised of two parts: 

1. During their junior year, declared Econ students will be required to complete an ePortfolio of their work in the major. They will then need to meet with their advisor to discuss their ePortfolio and receive a grade for their work. More information about this requirement is available in the ePortfolio Student Guide.

2. Graduating seniors are required to enroll in ECON 101 as their final capstone course. This class fulfills the WIM requirement, as well as completing the Capstone project. Enrollment in ECON 101 is by permission only. Students who anticipate that they will be graduating in the following year will be asked to submit their preferences for the ECON 101 sections in late Spring-Early Summer of the year before. Preference forms will be available on the Economics Department Website, and students will be notified by email when they are available. 

More information and form links can be found under the Capstone Page of the Economics Department Website.

The  Economics Common Syllabus  explains econ course management policies.

• At least 55 of the 80 units required for the major must be taken at Stanford in California.  
• No courses receiving Department of Economics credit under the preceding requirements may be taken CR/NC.
• Math 51 (or CME 100 or CME100A) is a prerequisite for an Economics degree. It may be taken for credit to meet the Econ 50 prerequisite.
• Students scoring a 5 on both the advanced placement (AP) microeconomics and macroeconomics tests or a score of 7 on International Baccalaureate (IB) higher level economics test may petition the Director of Undergraduate Studies to have the ECON 1 course requirement waived.  Students do not receive units credit for placing out of ECON 1.  
• A grade point average (GPA) of C= (2.0) or better must be received for all units applied toward the Major.  
• To use transfer credit in partial satisfaction of the requirements, the student must obtain written consent from the department's Director of Undergraduate Study, who will establish the amount of credit to be granted toward the department requirements.  
• The maximum time limit for satisfactory completion of a course is one year from the date a grade of incomplete ("I") is given. Instructors may require that a course is completed anytime up to the one-year time limit. Students are responsible for seeing that all grades of incomplete are cleared within the time limit. The university's rule is that a grade of incomplete that is not cleared within the time limit becomes a grade of NP.  
• Students must complete their declaration of the major no later than the last day of the quarter, one quarter before anticipated degree conferral.

You are encouraged to read the  Information Book for Econ Majors for detailed information about the program.

Learn together with your colleagues

Participants report that enrolling in a program with colleagues fosters collaborative learning and amplifies their impact.

Please provide your details to get more information about the group-enrollment pricing.

The benefit of learning together with your friend is that you keep each other accountable and have meaningful discussions about what you're learning.

Congratulations!

Based on the information you provided, your team is eligible for a special discount, for Sustainability Strategies starting on June 20, 2024 .

We’ve sent you an email with enrollment next steps. If you’re ready to enroll now, click the button below.

Sustainability Strategies: Develop Initiatives to Transform Your Business

Get your brochure.

June 20, 2024

8 weeks, online 4–6 hours per week

PROGRAM FEE

US$2,800 and get US$280 off with a referral

For Your Team

Enroll your team and learn with your peers

Sustainability Leadership Starts with You

A survey of recent headlines and research reports reveals the ways that consumers, employees, investors, and other stakeholders are using their influence to demand solutions to our global climate crisis. The majority of business leaders have sustainability on their radar, but what do sustainability initiatives look like in practice, and how can we make progress when the challenges seem insurmountable?

of S&P 500 organizations publish ESG reports in some form, as do approximately 70 percent of Russell 1000 organizations.

(SOURCE: MCKINSEY SUSTAINABILITY) August, 2022

of millennials consider an organization’s social and environmental commitments when deciding where to work.

(SOURCE: DELOITTE) May, 2022

of global consumers are willing to pay higher-than-average prices for products made with sustainable materials, and demand for sustainable products is expected to grow exponentially in emerging markets.

Key Takeaways

• Develop an understanding of the impacts and root causes of climate change to communicate the value of sustainable business practices to key stakeholders.
• Learn to identify business opportunities that arise by transitioning to an environmentally sustainable organization.
• Understand the interdependence between innovation and sustainability as a guiding force for developing your own sustainability initiatives.
• Develop a proactive mindset to lead change effectively, with an eye toward positioning the organization as an agent of change.

This Program Is Ideal for Professionals and Leaders Who Are:

Building strategies that move the needle on sustainability efforts within their organizations or industries

Developing and communicating the vision and value of a sustainable business future

Striving to be on the leading edge of environmental sustainability or transitioning from a legacy business model to a more innovative approach to business

Driving strategies at the business unit or organizational level, where maintaining a competitive advantage is critical

Program modules.

• Develop your understanding of the climate challenges at hand and key terminology, including the carbon cycle, energy buildup, tipping points, and cumulative emissions.
• Reflect on how climate change is impacting your organization and what you can learn from your competitors.
• Make a pitch for sustainability as part of a communication exercise.
• Understand the components of a business model using the business model architecture framework.
• Examine Tesla’s business model as part of a case study deep dive.
• Explore where your business model intersects with sustainability issues and identify opportunities.
• Learn how Little’s law—a numerical theorem—is applied to understanding circular economies and their relationship to the value chain. Map your organization’s value chain in relation to sustainability.
• Propose short and long-term actions that impact your organization's value chain as it relates to climate change.
• Identify opportunities to lead sustainability change at any level of your organization and learn how to become an agent of change.
• Understand how leadership can be leveraged to support and grow sustainability goals across the organization.
• Explore the interdependency between innovation and accomplishing sustainability goals.
• Understand the role of leadership in managing the risks associated with change.
• Examine several use cases, including Toyota Prius, Boeing 787, and Tesla, using the DICE framework—a unified framework for business model innovation.
• Analyze the impacts of political risks from private political groups, such as nongovernmental organizations, individual activists, and the media, using Citigroup's case study as a practical example.
• Investigate the influence of location-based political risks on business decision making through Tata Motors' case.
• Apply practical tools to mitigate and manage political risks in various business contexts.
• Utilize a structured framework to systematically assess the responses of various interest groups to environmental policies.
• Examine the intricacies of global environmental policy development and implementation and evaluate an organization's existing sustainability strategy.
• Use the triple bottom line framework to measure, evaluate, and communicate sustainability performance for your organization.
• Analyze sustainability-related strategic performance and how it relates to your organization’s value creation activities and create your action plan for sustainability.

Program Walk-Through

Access to Stanford Graduate School of Business proprietary strategy tools and frameworks

Manageable time investment (four to six hours/week)

Live sessions with faculty

Assignments for you to apply learnings to your own role or industry

Networking with global peers

Featured case study and cross-industry examples

Feedback on assignments to ensure the relevance of the program material

Certificate of completion from Stanford Graduate School of Business

Featured Program Elements

Capstone project designed to jump-start your sustainability efforts

Create an action plan that will positively impact sustainability in your organization. Using your weekly workbook exercises, you will identify your priorities based on where you can make an immediate difference for your organization.

Original strategic frameworks and tools from Stanford faculty

The proprietary frameworks are tools that help leaders support an organization's value chain and become efficient in leading sustainability initiatives and driving business change.

Featured case studies

Gain insights from Tesla, Lego, General Motors, and Citigroup’s business models and other successful businesses through case studies.

Testimonials

“I appreciated the way each module was shown as part of a bigger theme and how the concepts built on top of and across each other to provide a wide understanding of sustainability from different angles. The required workbooks and the capstone project helped put everything together.” — Nadia Szeinbaum, Innovation Scientist at Beyond Meat

“The program content was taught by faculty with impressive expertise and a diversity of teaching methods that helped us to learn new concepts and immediately put them into practice.” — Marco Luchsinger, MBA Candidate

“The module workbooks really forced me to think deeply about my organization.” — Andrea Wong, board member at Liberty Media

Meet the Faculty

William Barnett

The Thomas M. Siebel Professor of Business Leadership, Strategy, and Organizations

Chris Field

The Perry L. McCarty Director of the Stanford Woods Institute for the Environment and the Melvin and Joan Lane Professor for Interdisciplinary Environmental Studies at Stanford University

Saumitra Jha

Associate Professor of Political Economy

Haim Mendelson

The Kleiner Perkins Caufield & Byers Professor of Electronic Business and Commerce, and Management

Joseph Piotroski

The Robert K. Jaedicke Professor of Accounting

Erica Plambeck

The Charles A. Holloway Professor of Operations, Information and Technology

Stefanos Zenios

The Investment Group of Santa Barbara Professor of Entrepreneurship and Professor of Operations, Information & Technology

William Barnett The Thomas M. Siebel Professor of Business Leadership, Strategy, and Organizations

Chris Field The Perry L. McCarty Director of the Stanford Woods Institute for the Environment and the Melvin and Joan Lane Professor for Interdisciplinary Environmental Studies at Stanford University

Saumitra Jha Associate Professor of Political Economy

Haim Mendelson The Kleiner Perkins Caufield & Byers Professor of Electronic Business and Commerce, and Management

Joseph Piotroski The Robert K. Jaedicke Professor of Accounting

Erica Plambeck The Charles A. Holloway Professor of Operations, Information and Technology

Stefanos Zenios The Investment Group of Santa Barbara Professor of Entrepreneurship and Professor of Operations, Information & Technology

Certificate

Upon completion of this program, you will receive a certificate of completion from Stanford Graduate School of Business that you can share with your professional network.

How do I know if this program is right for me?

After reviewing the information on the program landing page, we recommend that you submit the short form above to gain access to the program brochure, which includes more in-depth information. If you still have questions on whether this program is a good fit for you, please email [email protected] , and a dedicated program advisor will follow up with you very shortly.

Are there any prerequisites for this program?

Participants must be 18 years old or above to apply to this program. Some programs do have prerequisites, particularly the more technical ones. This information will be noted on the program landing page and in the program brochure. If you are uncertain about program prerequisites and your capabilities, please email us at [email protected] for assistance.

Note that, unless otherwise stated on the program web page, all programs are taught in English, and proficiency in English is required..

What is the typical class profile?

More than 50 percent of our participants are from outside the United States. Class profiles vary from one cohort to the next, but, generally, our online certificates draw a highly diverse audience in terms of professional experience, industry, and geography—leading to a very rich peer learning and networking experience.

At what other dates will this program be offered in the future?

Check back to this program web page or email us at [email protected] to inquire whether future program dates or the timeline for future offerings has been confirmed.

How much time is required each week?

Each program includes an estimated learner effort per week. This is referenced at the top of the program landing page under the Duration section as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page.

How will my time be spent?

We have designed this program to fit into your current working life as efficiently as possible. Time will be spent among a variety of activities, including:

• Engaging with recorded video lectures from faculty
• Attending webinars and office hours as per the specific program schedule
• Reading or engaging with examples of core topics
• Completing knowledge checks/quizzes and required activities
• Engaging in moderated discussion groups with your peers
• Completing your final project, if required

The program is designed to be highly interactive while also allowing time for self-reflection and demonstrating an understanding of the core topics through various active learning exercises. Please contact us at [email protected] if you need further clarification on program activities.

A dedicated program support team is available 24/5 (Monday to Friday) to answer questions about the learning platform, technical issues, or anything else that may affect your learning experience.

How do I interact with other program participants?

Peer learning adds substantially to the overall learning experience and is an important part of the program. You can connect and communicate with other participants through our learning platform.

What are the requirements to earn the certificate?

Each program includes an estimated learner effort per week, so you can gauge what will be required before you enroll. This is referenced at the top of the program landing page under the Duration section as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page. All programs are designed to fit into your working life. This program is scored as a pass or no pass; participants must complete the required activities to pass and obtain the certificate of completion. Some programs include a final project submission or other assignments to obtain passing status. This information will be noted in the program brochure. Please contact us at [email protected] if you need further clarification on any specific program requirements.

What type of certificate will I receive?

Upon successful completion of the program, you will receive a smart digital certificate. The smart digital certificate can be shared with friends, family, schools, or potential employers. You can use it on your cover letter or resume or display it on your LinkedIn profile. The digital certificate will be sent approximately two weeks after the program end date, once grading is complete.

Can I get a the hard copy of the certificate?

No, only verified digital certificates will be issued upon successful completion. This allows you to share your credentials on social platforms, such as LinkedIn, Facebook, and Twitter.

Do I receive alumni status after completing this program?

No, there is no alumni status granted for this program. In some cases, there are credits that count toward a higher level of certification. This information will be clearly noted in the program brochure.

How long will I have access to the learning materials?

You will have access to the online learning platform and all the videos and program materials for 12 months following the program start date . Access to the learning platform is restricted to registered participants as per the terms of the agreement.

What equipment or technical requirements are there for this program?

Participants will need the latest version of their preferred browser to access the learning platform. In addition, Microsoft Office and a PDF viewer are required to access documents, spreadsheets, presentations, PDF files, and transcripts.

Do I need to be online to access the program content?

Yes, the learning platform is accessed via the internet, and video content is not available for download. However, you can download files of video transcripts, assignment templates, readings, etc. For maximum flexibility, you can access program content from a desktop, laptop, tablet, or mobile device. Video lectures must be streamed via the internet, and any live stream webinars and office hours will require an internet connection as well. However, these sessions are always recorded, so you may view them later.

Can I still register if the registration deadline has passed?

Yes, you can register up to seven days after the published start date of the program without missing any of the core program material or learnings.

What is the program fee, and what forms of payment do you accept?

The program fee is noted at the top of this program web page and is usually referenced in the program brochure as well. Flexible payment options are available (see details below as well as at the top of this program web page next to FEE).

What if I don’t have a credit card? Is there another method of payment accepted?

Yes, you can do a bank remittance in the program currency via wire transfer or debit card. Please contact your program advisor or email us at [email protected] for details.

I was not able to use the discount code provided. Can you help?

Yes! Please email us at [email protected] with the details of the program you are interested in, and we will assist you.

How can I obtain an invoice for payment?

Please email [email protected] with your invoicing requirements and the specific program you’re interested in enrolling in.

Is there an option to make flexible payments for this program?

Yes, the flexible payment option allows participants to pay the program fee in installments. This option is made available on the payment page and should be selected before submitting the payment.

How can I obtain a W9 form?

Please email us at [email protected] for assistance.

Who will be collecting the payment for the program?

Emeritus collects all program payments, provides learner enrollment and program support, and manages learning platform services.

What is the program refund and deferral policy?

For the program refund and deferral policy, please click the link here .

Didn't find what you were looking for? Write to us at [email protected] or Schedule a call with one of our Academic Advisors or call us at +1 401 443 9709   (US) / +44 127 959 8043  (UK) / +65 3129 4367 (SG)

Still Not Sure?

Continue exploring available programs.

Early registrations are encouraged. Seats fill up quickly!

Flexible payment options available. Learn more.

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