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1、020607MVA1_ZXK_265_V5,商业计划,企业家培训教程,020607MVA1_ZXK_265_V5,现有的,新的,商业体系,现有的,新的,产品/服务,商业类型,Source: Planen, grnden, wachsen (McKinsey),新的高成长性风险,EXAMPLES,新产品PalmSmartSony PlaystationRollerblades,新产业Direct satellite TVNetscapeMobile telephony,现有产业和系统,新商业系统DellFotolaboCharles SchwabFedEx,020607MVA1_ZXK_265_
2、V5,商业计划的用途,Source:McKinsey,Start-up companies:Application 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
3、, and cash needDifficult data situation due to newness of innovative productsNecessity of external know-how transferLack of skills/motivation/time,标准用途,Complications forNew Venture projects,Start-up business plans to be tailored to new venture needs,020607MVA1_ZXK_265_V5,GENERIC REQUIREMENTS,Source:
4、McKinsey,Constantly adapting,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, bu
5、t 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 his own,Those who allocate investment resources rarely are technical experts for the technology used in the proposal,The storyline and al
6、l 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 proposal,020607MVA1_ZXK_265_V5,Source:McKinsey,Completion of financing,Step 3:VC-tailored business plan,Step 2:Rough business plan,Step
7、 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/serviceMarke
8、t and competition,DEVELOPMENT STEPS FOR BUSINESS PLANS,020607MVA1_ZXK_265_V5,AGENDA,Short introduction to the use of business plansPreparation guidelines for business plansWrap-up,020607MVA1_ZXK_265_V5,CHAPTERS OF COMPLETE BUSINESS PLAN,Source:McKinsey,Executive summary,Product/service,Manage-ment t
9、eam,Market and com-petition,Marketing and sales,Business system,Imple-mentationplan,Financ-ing,Opportunities andrisks,020607MVA1_ZXK_265_V5,CONTENT OF EXECUTIVE SUMMARY,Source:McKinsey,Executive summary,Product/service,Manage-ment team,Market and com-petition,Marketing and sales,Business system,Impl
10、emen-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 decision makersIs not more than 5 - 10 minutes to read,Quality of summary decides if rest of business p
11、lan 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 uniqueness?Who are your target customers?What is the value for those customers?What market volume and growth rates do you foreca
12、st?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?,Most important questions an investor asks!,STEP 1,020607MVA1_ZXK_265_V5,EXECUTIVE SUMMARY ADDITIONAL QUESTIONS*,*In addition to
13、 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 situations?What are the most important milestones along the way to your goal?What test customers have you approached/ could you
14、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 important questions an investor asks!*,STEP 2,020607MVA1_ZXK_265_V5,RUSMAR EXECUTIVE SUMMARY,*See following blank form sheetsS
15、ource: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% for dump operatorsCosts of coverage reduced by 50% for dump operators,Market and competition,Customers: household gar
16、bage 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 and sales,1997: Investments of USD 850,000 required1998: Sales of USD 2 million (break-even)2002: Sales of USD 1
17、5 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 efficiency,Exercise 1: Training participants check quality of executive summary with key questions*,CASE EXAMPL
18、E,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 are your target customers?What is the value for those customers?What market volume and growth rates do
19、 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 Rusmar summary,Answered questions,Missing element,See appendix for proposed solutions,EXERCISE,020607M
20、VA1_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 estimate your financing needs?What are the sales, cost, and profit situations?What are the most importan
21、t 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?,Evaluation of Rusmar summary,Answered qu
22、estions,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 com-petition,Marketing and sales,Business system,Implemen-tationplan,Opportuni-ties andrisks,Fin
23、anc-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 developmentAddresses patents/IP protection issues,Product/service section has to prove that entreprene
24、ur 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 value does your product/service provide?What is the nature of your innovation? Why is it uniq
25、ue?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 be
26、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/services are designed for which customer groups and applications?What patents/licenses d
27、o 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,DESCRIPTION OF THE PRODUCT/SERVICE,Source:The American
28、 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 device for the creationof a narrowly bundled beam of light,Bette
29、r:,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 uniqueness and position offering vis-vis competition,Define clear, sufficiently large cus
30、tomer 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 fulfilled,Exercise 2:Training participants describe needs of Rusmars customers*,CASE EX
31、AMPLE,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 futureConvinces potential investors that both managerial and technological expertise is present
32、 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,Implemen-tationplan,Opportuni-ties andrisks,Financ-ing,020607MVA1_ZXK_265_V5,MANAGEMEN
33、T 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 experience or abilities does the team possess that will be useful for implementing your
34、 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 individual team members?,020607MVA1_ZXK_265_V5,REASONS FOR BUSINESS PLAN REJECTIO
35、N 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 product. Nearly every mistake I have made has been picking the wrong people, no
36、t 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 RAMP-UP EXAMPLES,CEO,Technology,Sales,Finance,Marketing,Idea and team deve
37、l-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 OF FOUNDERS OF FAST GROWING COMPANIES*,Unemployedor recent graduate
38、,*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 includeIntelMicrosoftLotusSun MicrosystemsMattelCompuServeAdvanced Micro Dev
39、icesRaytheonFairchild 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 internal milestonesStaff support allows extensive delegation (
40、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 t
41、o 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 r
42、oles, 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 FO
43、R 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,Soft factors,Obvious skill gaps to be filled wi
44、th 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 size and growthMarket segmentationCompeti
45、tionPositioning 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,Implemen-tationplan,Opportuni-ties andrisks,F
46、inanc-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 market segments have, now and in the futu
47、re (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 questions answered by idea description (s
48、tep 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 the individual market segments?
49、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-places expected to consolidate
50、,Attractive,MARKET CHARACTERISTICS,Market size and growth,Market competitiveness,Market growthpercent,Potential market sizeUSD millions,Total revenues of B2B marketplaces estimated to grow at over 100% per year revenue potential USD 50 bnin 2004,Number of B2B marketplaces,1999,2009, 100 - 200, 1.000