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1、020607MVA1_ZXK_265_V5,Business plan preparation,Training program for Entrepreneurs,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plansPreparation guidelines for business plansWrap-up,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plansPreparation guid
2、elines for business plansWrap-up,020607MVA1_ZXK_265_V5,Existing,New,Business system,Existing,New,Product/service,TYPES OF NEW BUSINESSES,Source:Planen,grnden,wachsen(McKinsey),New high-growthventures,EXAMPLES,New productPalmSmartSony PlaystationRollerblades,New industryDirect satellite TVNetscapeMob
3、ile telephony,Existing indus-tries and busi-nesses,New business systemDellFotolaboCharles SchwabFedEx,020607MVA1_ZXK_265_V5,USE OF BUSINESS PLANS,Source:McKinsey,Start-up companies:Application for venture capitalSearch for management team membersCommunication with partners,suppliers,Established,deve
4、loped businesses for investment decisionsIn-house budget allocationsExternal financing,High insecurity concerning technology,timing,and cash needDifficult data situation due to newness of innovative productsNecessity of external know-how transferLack of skills/motivation/time,Standard use,Complicati
5、ons forNew Venture projects,Start-up business plans to be tailored to new venture needs,020607MVA1_ZXK_265_V5,GENERIC REQUIREMENTS,Source:McKinsey,Constantly adapting,Impressing by clarity,Convincing by facts,Understandable even for non-experts,Consistent and concise,Optically compelling,Explanation
6、,Business planning is an iterative and adaptive process that requires constant update and adjustment work,Not the quantity of analyses,but the clarity and preciseness of the pack are important,No hype,but factual statements.Enthusiasm will be generated by the investor realizing the opportunity on hi
7、s own,Those who allocate investment resources rarely are technical experts for the technology used in the proposal,The storyline and all the facts presented must fit together and generate a well rounded impression,A clear,precise structure is a courtesy to those investing their time in reading the p
8、roposal,020607MVA1_ZXK_265_V5,Source:McKinsey,Completion of financing,Step 3:VC-tailored business plan,Step 2:Rough business plan,Step 1:Idea description,External evaluation(due diligence)Deal structuring,Management teamImplementation planFinancing,Marketing and salesBusiness systemOpportunities and
9、 risks,New decision on further proceeding when next milestone is reached,Level of maturity of business idea,Time,Product/serviceMarket and competition,DEVELOPMENT STEPS FOR BUSINESS PLANS,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plansPreparation guidelines for business
10、plansWrap-up,020607MVA1_ZXK_265_V5,CHAPTERS OF COMPLETE BUSINESS 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,CONTENT OF EXECUTIVE SUMMAR
11、Y,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,Gives a brief overview of the concepts most important aspectsDescribes idea as clearly,compellingly,and concisely as
12、 possibleRaises interest of decision makersIs not more than 5-10 minutes to read,Quality of summary decides if rest of business plan is read,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY KEY QUESTIONS,Source:McKinsey,Idea descriptionWhat is your business idea?In what way does it fulfill the criterion of u
13、niqueness?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?,M
14、ost important questions an investor asks!,STEP 1,020607MVA1_ZXK_265_V5,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 are the sales,cost,and profit situati
15、ons?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 is the picture on patents?,Most import
16、ant questions an investor asks!*,STEP 2,020607MVA1_ZXK_265_V5,RUSMAR EXECUTIVE SUMMARY,*See following blank form sheetsSource:Inc.Magazine,Product/service,Potential foam plus applicator to replace expensive and space consuming earth that must be spread over garbage dumps every daySpace savings of 30
17、%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:3M/Sanifoam(application takes longer and is more complicated),Marketing
18、 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),Opportunities and risks,Necessary approval from authoritiesProof of systems operational effi
19、ciency,Exercise 1:Training participants check quality of executive summary with key questions*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMARY(1/2),Source:McKinsey,Key questions for idea descriptionWhat is your business idea?In what way does it fulfill the criterion of uniqueness?Who
20、 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?,Evaluation of
21、Rusmar summary,Answered questions,Missing element,See appendix for proposed solutions,EXERCISE,020607MVA1_ZXK_265_V5,EXERCISE 1 EXECUTIVE SUMMARY(2/2),*In addition to key questions answered by idea description(step 1)Source:McKinsey,Additional questions*for rough business planHow high do you estimat
22、e 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 customers have you approached/could you approach?What distribution channels will you use?What partnerships would you like to enter into?What opportunities
23、and risks do you face?What is the picture on patents?,Evaluation of Rusmar summary,Answered questions,Missing element,See appendix for proposed solutions,EXERCISE,020607MVA1_ZXK_265_V5,CONTENT OF PRODUCT/SERVICE SECTION,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and co
24、m-petition,Marketing and sales,Business system,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,Describes the function the product/service fulfills and the benefits the customer will gain from itProduct/service descriptionCustomer valueExplains status and next steps of product/service developm
25、entAddresses patents/IP protection issues,Product/service section has to prove that entrepreneur can integrate the customers perspective,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE KEY QUESTIONS,Source:McKinsey,Idea descriptionWhat end customers will you address?What are the customers needs?What customer
26、value does your product/service provide?What is the nature of your innovation?Why is it unique?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 pate
27、nts or licenses?What further development steps do you plan to take?What milestones must be reached?,STEP 1,020607MVA1_ZXK_265_V5,PRODUCT/SERVICE ADDITIONAL QUESTIONS*,*In addition to key questions answered by idea description(step 1)Source:McKinsey,Rough business planWhich versions of your products/
28、services are designed for which customer groups and applications?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 overv
29、iew!,STEP 2,020607MVA1_ZXK_265_V5,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 radia
30、tion,High-performance device for the creationof a narrowly bundled beam of light,Better:,Technical description of lasers:,EXEMPLARY,020607MVA1_ZXK_265_V5,SUCCESSFUL PRODUCT POSITIONING,Source:McKinsey,Identify relevant customer needs and problems,Address subjective perception of customers,Define uni
31、queness and position offering vis-vis competition,Define clear,sufficiently large customer segments,020607MVA1_ZXK_265_V5,EXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE,*See Appendix for proposed solutionSource:McKinsey,Customer needs of dump operators,Degree of fulfillment by Rusmar foam,Fulfilled,Not fu
32、lfilled,Exercise 2:Training participants describe needs of Rusmars customers*,CASE EXAMPLE,020607MVA1_ZXK_265_V5,CONTENT OF MANAGEMENT TEAM SECTION,Source:McKinsey,Outlines educational background and professional experience of foundersDescribes how existing skill gaps can be closed in the futureConv
33、inces 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 team,Market and com-petition,Marketing and sales,Business system,I
34、mplemen-tationplan,Opportuni-ties andrisks,Financ-ing,020607MVA1_ZXK_265_V5,MANAGEMENT TEAM KEY QUESTIONS,Source:McKinsey,Complete business planWho are the members of your management team and what distinguishes them:education,professional experience,success,standing in the business world?What experi
35、ence 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?What targets do the team members pursue by starting up the business?How high is the motivation of the ind
36、ividual team members?,020607MVA1_ZXK_265_V5,REASONS FOR BUSINESS PLAN REJECTION BIOTECHNOLOGY VENTURES*,Percent*,Weak management team,Not market-driven,Long time frame,Money commitment too large,Not patentable,Inadequate technical expertise,Other,If you find good people,they can always change the pr
37、oduct.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 firms experienced in biotechnology venture capital*Multiple responses givenSource:Coopers and Lybrand,McKinsey,020607MVA1_ZXK_265_V5,TEAM RA
38、MP-UP EXAMPLES,CEO,Technology,Sales,Finance,Marketing,Idea and team devel-opment,Venturebegins,Proof of economic viability,Explosive 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,PERCENTAGE
39、 OF FOUNDERS OF FAST GROWING COMPANIES*,Unemployedor recent graduate,*4-year growth rate of 573%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 includeIntelMi
40、crosoftLotusSun MicrosystemsMattelCompuServeAdvanced Micro DevicesRaytheonFairchild SemiconductorTRWCondeNastNews Corp,020607MVA1_ZXK_265_V5,Traditional corporate experience does not fit new venture needs,Skills aligned to achieving near term earnings and sustained revenue growthProcesses based on i
41、nternal milestonesStaff support allows extensive delegation(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
42、and built US Wests INTERPRISE Networking Services Unit 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 e
43、xpansion into Europe and Japan,Business building 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 va
44、luable when it includes,NECESSARY EXPERIENCE FOR VENTURE MANAGEMENT,020607MVA1_ZXK_265_V5,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,
45、Soft factors,Obvious 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,CONTENT OF MARKET AND COMPETITION SECTION,Source:McKinsey,Provides thorough understanding of markets and competitors:Market s
46、ize 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 sales,Business system,Imple
47、men-tationplan,Opportuni-ties andrisks,Financ-ing,020607MVA1_ZXK_265_V5,MARKET AND COMPETITION KEY QUESTIONS,Source:McKinsey,Idea descriptionHow is the industry developing?What role do innovation and technological advances play?How will you segment the market?What market volumes do the individual ma
48、rket segments have,now and in the future(rough estimates)?Who are your target customer groups?What major competitors offer similar products/services?How sustainable will your competitive edge be?,STEP 1,020607MVA1_ZXK_265_V5,MARKET AND COMPETITION ADDITIONAL QUESTIONS(1/2)*,*In addition to key quest
49、ions answered by idea description(step 1)Source:McKinsey,Rough business planWhat market volume(value and amount)do you estimate for your individual market segments over the next five years?What will influence growth in the market segments?What is your estimate of current and future profitability of
50、the individual market segments?What market shares do you hold in each market segment?What segments are you targeting?Who are your reference customers?How do you plan to get reference customers?What are the key buying factors for customers?,STEP 2,020607MVA1_ZXK_265_V5,Most vertical specialty market-
