- Examine planning from an entrepreneurial perspective
- Define TRIM and explain its importance to entrepreneurial planning


[SLIDE 1]

From an entrepreneurial perspective, planning is a description of the future one envisions for a business, including what one plans to do and how one plans to do it. 

Founders can research their competitors, learn about customers' needs, and develop a better idea of their business strategy before launching the business. By taking action, learning and planning, the founder can prove to themselves that the opportunity is one worth pursuing. 

Every business needs to start with some kind of plan, even if it is just a sketch on the back of a napkin!  It helps to crystallize thoughts, articulate goals and can be the foundation of overall business strategy.

It is important to note that planning is different from a plan! Planning is a verb and therefore implies action. If planning pushes you to take action, then a plan helps you organize those actions. The plan, then, records answers to questions. 

Let's listen to the founder of Loot Crate, Chris Davis, share his tips for making plans in order to avoid pitfalls.


[SLIDE 2]

The TRIM framework is a planning tool that identifies the types of people needed for the team, the resources available and needed, the details of the idea, and the potential market for the product or service.

It serves as a tool for determining the types of people you would like on your team, and how you might go about attracting them to your business, the resources you have available to grow the business and the types of access you may have to other resources, the validity of your idea, and the potential market for your product or service. 

The questions in the TRIM framework deal with issues that you have been tackling up to this point and will continue to deal with on your entrepreneurial journey. The important thing is to recognize that these are the questions that must be answered. The answers to all or a subset of these questions can be formatted into a 'plan' but the plan can take many forms that range far in complexity and purpose.


[SLIDE 3]

The T of the TRIM framework stands for Team. The types of questions that the entrepreneur needs to answer include:<ul>
<li>Who needs to be on the team at the start?</li>
<li>What skills does each person bring to the table?</li>
<li>Are there any skill gaps? Can these gaps be outsourced?</li>
<li>What type of work experience is related to the idea?</li>
<li>What is the network of each member?</li>
</ul>

[SLIDE 4]

The R of the TRIM framework stands for Resources. The types of questions that should be asked relate to the resources already held, as well as those accessible to the entrepreneur. This includes questions such as:<ul>
<li>What do you currently have that you can use to get started?</li>
<li>What cash resources do you have at your disposal?</li>
<li>What people resources can you use beyond the founding team?</li>
<li>Can you tap into advisors or mentors for knowledge and other resources?</li>
<li>What assets (equipment, people, and technology) are needed to start?</li>
</ul>

[SLIDE 5]

The I stands for the idea. Questions that should be asked relate to the concept and the problem it is designed to solve. These questions include:<ul>
<li>What is the clearest and most simple description of the idea?</li>
<li>How is the idea unique or differentiated?</li>
<li>What problem is being solved? How do you know this is a problem?</li>
<li>What needs are being met? How do you know this is a need?</li>
<li>What is the value proposition?</li>
</ul>

[SLIDE 6]

Finally, M means market and is the point where you ask questions about your customers, such as:<ul>
<li>Who are your primary customers?</li>
<li>What do they care about?</li>
<li>How will you reach them?</li>
<li>How will they hear and learn about your product/service?</li>
<li>How much does it cost to acquire a customer?</li>
<li>How will you keep them? How much does it cost?</li>
</ul>