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Step 3

 

Step 3 – 7 Minute 7 Stage meetings (7M7S)

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In the workshop format of the programme there is a further presentation on the components, then all completed passports qualified for a maximum of 3 x 7 minute meetings a day, which may not run chronologically.

The 7 minute 7 stage (7M7S) meeting phase is a key tool on both a teaching and learning basis and for the development of actual business development ideas. This structure aims to show all budding entrepreneurs that their key resource before finances are considered is time, this resource needs to be used as efficiently as possible. ‘Time is money’ is an essential focus, the start-up must allocate time efficiently i.e. all time investment must have clear outcomes linked initially to the passport. Through the 7M7S meetings the fledgling business group are required to focus on how they will use their time, with clear action plans and gathering information pertained to their business and the 7 stages.      

The 7 stages offer the real/notional business start-up the opportunity to develop the platform upon which the business plan and the business will be built, and to consider the viability of the enterprise. These meetings offer an opportunity for clear and focussed activities that build the capacity of the group. The completion of the 7M7S phase will allow the group to engage with stage 4 where a final business plan will be developed.

Step 4