Okay, this first week we're going to be talking about what is a startup, what is a startup's business model and what's the difference between a startup and a mature business. I think the realization that sort of fuels the methodology we're talking about here, is that a startup is not just a tiny business. A business has a product or a service, it has a customer or customers, it has a market where the customers buy the product or services, it has some kind of organization that provides products or services to its customers. And therefore, it has the materials where which a business plan was up. A business plan is a scheme for using your organization to effectively deliver a product or service to costumers in a market place. That's what a business needs. You need a business plan in order to expand its business model. Startups unfortunately don't yet have a business model. That's how you define them. So they don't have a product, generally speaking, although they might be the bits and pieces of the product. They don't have a customer, although they're searching for one. They don't have a market even necessarily where they could sell a product or service to that customer. And there's no pattern, there's no organization to deliver that product or service to that customer. So they're the last organization in the world that needs a business plan. Business plans are for companies that already have all these things, and want to deliver them reliably. A startup is an organization in search of a business and therefore in search of a business plan. A startup in fact we could define as a temporary organization searching for a business model. What, you might ask, is a business model? But a business model, we're going to define here, as a means for exploiting a product-market fit. Product-market fit is something we're going to be talking about in subsequent lectures. So you can just take it for granted now. So a startup is a temporary organization whose main goal in life is to search for product-market fit. And then the other elements of the business model. And once it finds them, if you're lucky, it becomes a business and therefore it will then start to require a business plan. So a startup is an organization in search of a business model, it's not there yet. Now, what is a business model? A business model answers all the questions that you don't have answers to so far, as you start out your venture. A business model tells you how to find, and win, new customers. It tells you who those customers even are. It tells you how to sell them a product or service. It tells you how to deliver it to them, and it tells you how to manage the organization that does all of these things. As we said before, the heart of it is product market fit. Product market fit is where you have something for sale that you're offering that a group of customers wants, and if they want badly enough to take out their wallets and pay for it. We'll talk a lot more about this as we go along.