This is the phase where you move from a conceptual to a concrete level. It's all about putting the pieces of the business model into reality. In this phase, you start to plan for execution and you carefully craft the roadmap ahead. As the future is unpredictable, you lay out critical risks that you or others need to be aware of. It's still possible you have to revise the business model as you discover new things along the way. The major output of this phase is a business plan and/or business presentation/pitch.