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1、,Business plan preparation,Training program for Entrepreneurs,020607MVA1_ZXK_265_V5,Business plan preparationTrain,AGENDA,Short introduction to the use of business plansPreparation guidelines for business plansWrap-up,020607MVA1_ZXK_265_V5,AGENDAShort introduction to th,AGENDA,Short introduction to
2、the use of business plansPreparation guidelines for business plansWrap-up,020607MVA1_ZXK_265_V5,AGENDAShort introduction to th,Existing,New,Business system,Existing,New,Product/service,TYPES OF NEW BUSINESSES,Source: Planen, grnden, wachsen (McKinsey),New high-growthventures,EXAMPLES,New productPalm
3、SmartSony PlaystationRollerblades,New industryDirect satellite TVNetscapeMobile telephony,Existing indus-tries and busi-nesses,New business systemDellFotolaboCharles SchwabFedEx,020607MVA1_ZXK_265_V5,ExistingNewBusiness systemExis,USE OF BUSINESS PLANS,Source:McKinsey,Start-up companies:Application
4、for venture capitalSearch for management team membersCommunication with partners, suppliers, Established, developed businesses for investment decisionsIn-house budget allocationsExternal financing,High insecurity concerning technology, timing, and cash needDifficult data situation due to newness of
5、innovative productsNecessity of external know-how transferLack of skills/motivation/time,Standard use,Complications forNew Venture projects,Start-up business plans to be tailored to new venture needs,020607MVA1_ZXK_265_V5,USE OF BUSINESS PLANSStart-u,GENERIC REQUIREMENTS,Source:McKinsey,Constantly a
6、dapting,Impressing by clarity,Convincing by facts,Understandable even for non-experts,Consistent and concise,Optically compelling,Explanation,Business planning is an iterative and adaptive process that requires constant update and adjustment work,Not the quantity of analyses, but the clarity and pre
7、ciseness of the pack are important,No hype, but factual statements. Enthusiasm will be generated by the investor realizing the opportunity on his own,Those who allocate investment resources rarely are technical experts for the technology used in the proposal,The storyline and all the facts presented
8、 must fit together and generate a well rounded impression,A clear, precise structure is a courtesy to those investing their time in reading the proposal,020607MVA1_ZXK_265_V5,GENERIC REQUIREMENTSConstantl,Source:McKinsey,Completion of financing,Step 3:VC-tailored business plan,Step 2:Rough business
9、plan,Step 1:Idea description,External evaluation (due diligence)Deal structuring,Management teamImplementation planFinancing,Marketing and salesBusiness systemOpportunities and risks,New decision on further proceeding when next milestone is reached,Level of maturity of business idea,Time,Product/ser
10、viceMarket and competition,DEVELOPMENT STEPS FOR BUSINESS PLANS,020607MVA1_ZXK_265_V5,Source:McKinseyMilestonesCom,AGENDA,Short introduction to the use of business plansPreparation guidelines for business plansWrap-up,020607MVA1_ZXK_265_V5,AGENDAShort introduction to th,CHAPTERS OF COMPLETE BUSINESS
11、 PLAN,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Imple-mentationplan,Financ-ing,Opportunities andrisks,020607MVA1_ZXK_265_V5,CHAPTERS OF COMPLETE BUSINESS,CONTENT OF EXECUTIVE SUMMARY,Source:McKinsey,Executive summar
12、y,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,Gives a brief overview of the concepts most important aspectsDescribes idea as clearly, compellingly, and concisely as possibleRaises interest of deci
13、sion makersIs not more than 5 - 10 minutes to read,Quality of summary decides if rest of business plan is read,020607MVA1_ZXK_265_V5,CONTENT OF EXECUTIVE SUMMARYE,EXECUTIVE SUMMARY KEY QUESTIONS,Source: McKinsey,Idea descriptionWhat is your business idea? In what way does it fulfill the criterion of
14、 uniqueness?Who are your target customers?What is the value for those customers?What market volume and growth rates do you forecast?What competitive environment do you face?What additional stages of development are needed?How much investment is necessary (estimated)?What long-term goals have you set
15、?,Most important questions an investor asks!,STEP 1,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY KEY QUESTI,EXECUTIVE SUMMARY ADDITIONAL QUESTIONS*,*In addition to key questions answered by idea description (step 1) Source: McKinsey,Rough business planHow high do you estimate your financing needs?What ar
16、e the sales, cost, and profit situations?What are the most important milestones along the way to your goal?What test customers have you approached/ could you approach?What distribution channels will you use?What partnerships would you like to enter into?What opportunities and risks do you face?What
17、is the picture on patents?,Most important questions an investor asks!*,STEP 2,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY ADDITIONAL,RUSMAR EXECUTIVE SUMMARY,*See following blank form sheetsSource:Inc. Magazine,Product/service,Potential foam plus applicator to replace expensive and space consuming earth
18、 that must be spread over garbage dumps every daySpace savings of 30% for dump operatorsCosts of coverage reduced by 50% for dump operators,Market and competition,Customers: household garbage dump operatorMarket: 300 to 500 dumps in Eastern USA with capacity of 500 to 10,000 tons/dayMajor competitor
19、: 3M/Sanifoam (application takes longer and is more complicated),Marketing and sales,1997: Investments of USD 850,000 required1998: Sales of USD 2 million (break-even)2002: Sales of USD 15 million, profit of USD 1.5 million,Business system,Sale of foam and applicators (product business),Opportunitie
20、s and risks,Necessary approval from authoritiesProof of systems operational efficiency,Exercise 1: Training participants check quality of executive summary with key questions*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,RUSMAR EXECUTIVE SUMMARY*S,EXERCISE 1 EXECUTIVE SUMMARY (1/2),Source: McKinsey,Key questi
21、ons for idea descriptionWhat is your business idea? In what way does it fulfill the criterion of uniqueness?Who are your target customers?What is the value for those customers?What market volume and growth rates do you forecast?What competitive environment do you face?What additional stages of devel
22、opment are needed?How much investment is necessary (estimated)?What long-term goals have you set?,Evaluation of Rusmar summary,Answered questions,Missing element,See appendix for proposed solutions,EXERCISE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMARY,EXERCISE 1 EXECUTIVE SUMMARY (2/2),*In add
23、ition to key questions answered by idea description (step 1) Source: McKinsey,Additional questions* for rough business planHow high do you estimate your financing needs?What are the sales, cost, and profit situations?What are the most important milestones along the way to your goal?What test custome
24、rs have you approached/ could you approach?What distribution channels will you use?What partnerships would you like to enter into?What opportunities and risks do you face?What is the picture on patents?,Evaluation of Rusmar summary,Answered questions,Missing element,See appendix for proposed solutio
25、ns,EXERCISE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMAR,CONTENT OF PRODUCT/SERVICE SECTION,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,Describes the functio
26、n the product/service fulfills and the benefits the customer will gain from itProduct/service descriptionCustomer valueExplains status and next steps of product/service developmentAddresses patents/IP protection issues,Product/service section has to prove that entrepreneur can integrate the customer
27、s perspective,020607MVA1_ZXK_265_V5,CONTENT OF PRODUCT/SERVICE SEC,PRODUCT/SERVICE KEY QUESTIONS,Source: McKinsey,Idea descriptionWhat end customers will you address?What are the customers needs?What customer value does your product/service provide?What is the nature of your innovation? Why is it un
28、ique?What partnerships are necessary to achieve full customer value?What competitor products already exist or are under development?What stage of development has your product or service reached?Do you have patents or licenses?What further development steps do you plan to take? What milestones must b
29、e reached?,STEP 1,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE KEY QUESTION,PRODUCT/SERVICE ADDITIONAL QUESTIONS*,*In addition to key questions answered by idea description (step 1) Source: McKinsey,Rough business planWhich versions of your products/services are designed for which customer groups and appli
30、cations?What patents/licenses do the competitors have?What kind of service/maintenance will you offer?What product or service guarantees will you grant?Compare the strengths and weaknesses of comparable products/services with yours in an overview!,STEP 2,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE ADDITIO
31、NAL Q,DESCRIPTION OF THE PRODUCT/SERVICE,Source:The American Heritage Dictionary,Duden,A device that converts incident electromagnetic radiation of mixed frequencies to one or more discrete frequencies of highly amplified and coherent ultraviolet, visible, or infrared radiation,High-performance devi
32、ce for the creationof a narrowly bundled beam of light,Better:,Technical description of lasers:,EXEMPLARY,020607MVA1_ZXK_265_V5,DESCRIPTION OF THE PRODUCT/SER,SUCCESSFUL PRODUCT POSITIONING,Source:McKinsey,Identify relevant customer needs and problems,Address subjective perception of customers,Defin
33、e uniqueness and position offering vis-vis competition,Define clear, sufficiently large customer segments,020607MVA1_ZXK_265_V5,SUCCESSFUL PRODUCT POSITIONING,EXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE,*See Appendix for proposed solutionSource:McKinsey,Customer needs of dump operators,Degree of fulfil
34、lment by Rusmar foam,Fulfilled,Not fulfilled,Exercise 2:Training participants describe needs of Rusmars customers*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,EXERCISE 2 CUSTOMER VALUE IN,CONTENT OF MANAGEMENT TEAM SECTION,Source:McKinsey,Outlines educational background and professional experience of founder
35、sDescribes how existing skill gaps can be closed in the futureConvinces potential investors that both managerial and technological expertise is present to run the venture,Venture capitalist will invest only if the venture is managed by an excellent team,Executive summary,Product/service,Manage-ment
36、team,Market and com-petition,Marketing and sales,Business system,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,020607MVA1_ZXK_265_V5,CONTENT OF MANAGEMENT TEAM SEC,MANAGEMENT TEAM KEY QUESTIONS,Source:McKinsey,Complete business planWho are the members of your management team and what distin
37、guishes them: education, professional experience, success, standing in the business world?What experience or abilities does the team possess that will be useful for implementing your concept and setting up your company?What experience or abilities are lacking? How will the gaps be closed? By whom?Wh
38、at targets do the team members pursue by starting up the business? How high is the motivation of the individual team members?,020607MVA1_ZXK_265_V5,MANAGEMENT TEAM KEY QUESTION,REASONS FOR BUSINESS PLAN REJECTION BIOTECHNOLOGY VENTURES*,Percent*,Weak management team,Not market-driven,Long time frame
39、,Money commitment too large,Not patentable,Inadequate technical expertise,Other,If you find good people, they can always change the product. Nearly every mistake I have made has been picking the wrong people, not the wrong idea Arthur RockArthur Rock & Co.,*Reasons for rejecting business plans by fi
40、rms experienced in biotechnology venture capital*Multiple responses givenSource:Coopers and Lybrand, McKinsey,020607MVA1_ZXK_265_V5,REASONS FOR BUSINESS PLAN REJE,TEAM RAMP-UP EXAMPLES,CEO,Technology,Sales,Finance,Marketing,Idea and team devel-opment,Venturebegins,Proof of economic viability,Explosi
41、ve revenue growth,Technol-ogy & mkt. validation,Sustained earnings growth,X,X,X,X,X,X,Source:McKinsey analysis, external interviews,EXEMPLARY,020607MVA1_ZXK_265_V5,TEAM RAMP-UP EXAMPLESCEOTech,PERCENTAGE OF FOUNDERS OF FAST GROWING COMPANIES*,Unemployedor recent graduate,*4-year growth rate of 573%
42、or higher, 1984 - 1990, 456 companiesSource:McKinsey,Not from business,Running other businesses,Small established companies,Midsize to large companies (including Fortune 1000),Start-ups,Examples includeIntelMicrosoftLotusSun MicrosystemsMattelCompuServeAdvanced Micro DevicesRaytheonFairchild Semicon
43、ductorTRWCondeNastNews Corp,020607MVA1_ZXK_265_V5,PERCENTAGE OF FOUNDERS OF FAST,Traditional corporate experience does not fit new venture needs ,Skills aligned to achieving near term earnings and sustained revenue growthProcesses based on internal milestonesStaff support allows extensive delegation
44、 (e.g., HR, finance, marketing)Decision making enabled by significant capital resources,Catherine Hapka, CEO Rhythms NetConnectionsFormer EVP of US WestResponsible for business and telecommunications units with USD 7.5 billion in revenuesStarted and built US Wests INTERPRISE Networking Services Unit
45、 to USD 400 million in revenueEstablished partnerships with 15 leading hardware and software providersRichard Thompson, CEO AradigmFormer President of Johnson & Johnson subsidiary, LifescanBuilt Lifescan from the ground upLed within Johnson & Johnson expansion into Europe and Japan,Business building
46、 roles, e.g.,Led expansion into new geographic marketsBuilt new product line or divisionProvided marketing leadership to develop a new brandRelevant industry sector experience,Source: Executive search firm and VC interviews, but corporate experience is valuable when it includes,NECESSARY EXPERIENCE
47、FOR VENTURE MANAGEMENT,020607MVA1_ZXK_265_V5,Traditional corporate experien,SKILL SET OF TEAM MEMBERS,Team members,Technology,Finance,Project management,Contacts,Marketing/sales,Production,Human resources,Social competence,Initiative,Communication,Sales/negotiation skills,Hard factors,Soft factors,O
48、bvious skill gaps to be filled with additional team members,EXAMPLE,J. Chapuis,S. Fischer,M. Tscharner,Source: Planen, grnden, wachsen (McKinsey),020607MVA1_ZXK_265_V5,SKILL SET OF TEAM MEMBERSHigh,CONTENT OF MARKET AND COMPETITION SECTION,Source:McKinsey,Provides thorough understanding of markets a
49、nd competitors:Market size and growthMarket segmentationCompetitionPositioning of product vis-vis the competition,The market and competition section has to outline the full economic potential of the venture,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sale
50、s,Business system,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,020607MVA1_ZXK_265_V5,CONTENT OF MARKET AND COMPETIT,MARKET AND COMPETITION KEY QUESTIONS,Source: McKinsey,Idea descriptionHow is the industry developing?What role do innovation and technological advances play?How will you segm
