Chapter 8, Problem 1DQ1 Bookmark Show all steps: ON Focus on Small Business: Tim Hayden and the Missed Home Run Tim Hayden, an avowed "sports fanatic," nearly missed the play of his life. He was in a concession stand line with his dad at Busch Stadium in St. Louis on September 8, 1998, as Mark McGwire came up to the plate for his second at-bat in the 4th inning. The crowd began to roar, causing Tim and his dad to rush from the line to see what all the noise was about. Standing at the end of the tunnel, they saw McGwire crush his 62nd home run, breaking a record standing since 1961. It was a remarkable moment of baseball history in the making, but as Tim went back to the concession stand line, he was thinking about how close he came to missing it, and then he saw the television monitors over the concession stand. Tim realized that his friends at home were watching instant replays from every conceivable camera angle, listening to the commentators talk about inside stories, and even checking out the exact positions of each pitch location and the in-depth scouting report on all of McGwire's home runs. At that moment, Tim realized that "the best seat in the house" was no longer in the stadium, but on your couch at home. He realized that was part of the reason baseball attendance was dropping. But Tim believed that technology could make the difference in attracting fans back to the live games. Tim created a business plan in his entrepreneurship classes for a technology company called Vivid Sky, which would make the SkyBOX Personal Sports Network, a mobile device you could rent at ballparks to watch instant replays from any network camera feed, check out all the cool infographics and statistics, and order food and merchandise from your seat-everything a team would need to modernize its ballpark experience. The initial plan described the problem, solution, business model, market, industry, competition, the Vivid Sky team, and the financials. That initial plan became a living document, helping Tim recruit the first programmers to develop the technology and the platform. As the technology rapidly progressed, the plan changed, replacing rental devices with smartphones, changing the business model, the financials, and even the developer team. With an updated version of the plan focused on the business benefits, they were able to secure several pro-teams to test the SkyBOX. With this potential user acceptance added to the plan, a new revision would go out to secure funding, with Tim raising over $700,000 to bring the SkyBOX app to market. Over the course of 18 months, Tim and the = Chegg Study Textbook Solutions Expert Q&A Study Pack Practice New! Chapter 8, Problem 1DQ1 Bookmark Show all steps: ON Tim created a business plan in his entrepreneurship classes for a technology company called Vivid Sky, which would make the SkyBOX Personal Sports Network, a mobile device you could rent at ballparks to watch instant replays from any network camera feed, check out all the cool infographics and statistics, and order food and merchandise from your seat-everything a team would need to modernize its ballpark experience. The initial plan described the problem, solution, business model, market, industry, competition, the Vivid Sky team, and the financials. That initial plan became a living document, helping Tim recruit the first programmers to develop the technology and the platform. As the technology rapidly progressed, the plan changed, replacing rental devices with smartphones, changing the business model, the financials, and even the developer team. With an updated version of the plan focused on the business benefits, they were able to secure several pro-teams to test the SkyBOX. With this potential user acceptance added to the plan, a new revision would go out to secure funding, with Tim raising over $700,000 to bring the SkyBOX app to market. Over the course of 18 months, Tim and the iterations of his plan had achieved their own home runs. Why would you show a prospective employee your start-up's business plan? Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert. Ask an expert Chapter 8, Problem 1DQ2 Bookmark Show all steps: ON Posta Answers homewo Problem Enter What are the reasons to write a business plan? Step-by-step solution My Te There is no solution to this problem yet. Get help from a Chegg subject expert. Solut Che Ask an expert by Ch Entrepr al Small 5th Editic View all