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1、商业计划企业家培训M某咨询商业方案的用途商业方案的用途Source: McKinseyStart-up companies: Application for venture capital Search for management team members Communication with partners, suppliers, Established, developed businesses for investment decisions In-house budget allocations External financingHigh insecurity concernin

2、g technology, timing, and cash needDifficult data situation due to newness of innovative productsNecessity of external know-how transferLack of skills/motivation/time标准用途标准用途Complications forNew Venture projectsStart-up business plans to be tailored to new venture needsGENERIC REQUIREMENTSSource: Mc

3、KinseyConstantly adaptingImpressing by clarityConvincing by factsUnderstandable even for non-expertsConsistent and conciseOptically compellingExplanationBusiness planning is an iterative and adaptive process that requires constant update and adjustment workNot the quantity of analyses, but the clari

4、ty and preciseness of the pack are importantNo hype, but factual statements. Enthusiasm will be generated by the investor realizing the opportunity on his ownThose who allocate investment resources rarely are technical experts for the technology used in the proposalThe storyline and all the facts pr

5、esented must fit together and generate a well rounded impressionA clear, precise structure is a courtesy to those investing their time in reading the proposalSource: McKinseyMilestonesCompletion of financingStep 3:VC-tailored business planStep 2:Rough business planStep 1:Idea descriptionExternal eva

6、luation (due diligence)Deal structuringManagement teamImplementation planFinancingMarketing and salesBusiness systemOpportunities and risksNew decision on further proceeding when next milestone is reachedLevel of maturity of business ideaTimeProduct/serviceMarket and competitionDEVELOPMENT STEPS FOR

7、 BUSINESS PLANSAGENDAShort introduction to the use of business plansPreparation guidelines for business plansWrap-upCHAPTERS OF COMPLETE BUSINESS PLANSource: McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImple-mentationplanFinanc-in

8、gOpportunities andrisksCONTENT OF EXECUTIVE SUMMARYSource: McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingGives a brief overview of the concepts most important aspectsDescribes idea

9、 as clearly, compellingly, and concisely as possibleRaises interest of decision makersIs not more than 5 - 10 minutes to readQuality of summary decides if rest of business plan is readEXECUTIVE SUMMARY KEY QUESTIONSSource: McKinseyIdea descriptionWhat is your business idea? In what way does it fulfi

10、ll 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 development are needed?How much investment is necessary (estimated)?What long-term

11、 goals have you set?Most important questions an investor asks!STEP 1EXECUTIVE SUMMARY ADDITIONAL QUESTIONS* In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow high do you estimate your financing needs?What are the sales, cost, and profit situati

12、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

13、ant questions an investor asks!*STEP 2RUSMAR EXECUTIVE SUMMARY*See following blank form sheetsSource: Inc. MagazineProduct/servicePotential 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

14、 of coverage reduced by 50% for dump operatorsMarket and competitionCustomers: 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 and sales1997: Invest

15、ments of USD 850,000 required1998: Sales of USD 2 million (break-even)2002: Sales of USD 15 million, profit of USD 1.5 millionBusiness systemSale of foam and applicators (product business)Opportunities and risksNecessary approval from authoritiesProof of systems operational efficiencyExercise 1: Tra

16、ining participants check quality of executive summary with key questions* CASE EXAMPLEEXERCISE 1 EXECUTIVE SUMMARY (1/2)Source: McKinseyKey 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 valu

17、e 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 Rusmar summary Answered questionsMissing el

18、ementSee appendix for proposed solutions EXERCISEEXERCISE 1 EXECUTIVE SUMMARY (2/2)* In addition to key questions answered by idea description (step 1) Source: McKinseyAdditional questions* for rough business planHow high do you estimate your financing needs?What are the sales, cost, and profit situ

19、ations?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?Evaluati

20、on of Rusmar summary Answered questionsMissing elementSee appendix for proposed solutions EXERCISECONTENT OF PRODUCT/SERVICE SECTIONSource: McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFina

21、nc-ingDescribes the function the product/service fulfills and the benefits the customer will gain from it Product/service description Customer valueExplains status and next steps of product/service developmentAddresses patents/IP protection issuesProduct/service section has to prove that entrepreneu

22、r can integrate the customers perspectivePRODUCT/SERVICE KEY QUESTIONSSource: McKinseyIdea 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 unique?What partnerships are n

23、ecessary 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 reached?STEP 1PRODUCT/SERV

24、ICE ADDITIONAL QUESTIONS*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planWhich versions of your products/services are designed for which customer groups and applications?What patents/licenses do the competitors have?What kind of service/maintenan

25、ce 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 2DESCRIPTION OF THE PRODUCT/SERVICESource: The American Heritage Dictionary,DudenA device that converts incident electromagnetic rad

26、iation of mixed frequencies to one or more discrete frequencies of highly amplified and coherent ultraviolet, visible, or infrared radiationHigh-performance device for the creationof a narrowly bundled beam of lightBetter:Technical description of lasers:EXEMPLARYSUCCESSFUL PRODUCT POSITIONINGSource:

27、 McKinseyIdentify relevant customer needs and problemsAddress subjective perception of customersDefine uniqueness and position offering vis-vis competitionDefine clear, sufficiently large customer segmentsEXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE*See Appendix for proposed solutionSource: McKinseyCust

28、omer needs of dump operatorsDegree of fulfillment by Rusmar foamFulfilledNot fulfilledExercise 2:Training participants describe needs of Rusmars customers*CASE EXAMPLECONTENT OF MANAGEMENT TEAM SECTIONSource: McKinsey Outlines educational background and professional experience of foundersDescribes h

29、ow existing skill gaps can be closed in the futureConvinces potential investors that both managerial and technological expertise is present to run the ventureVenture capitalist will invest only if the venture is managed by an excellent teamExecutive summaryProduct/serviceManage-ment teamMarket and c

30、om-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingMANAGEMENT TEAM KEY QUESTIONSSource: McKinseyComplete business planWho are the members of your management team and what distinguishes them: education, professional experience, success, standing in the bu

31、siness 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?What targets do the team members pursue by starting up the business? How high i

32、s the motivation of the individual team members?REASONS FOR BUSINESS PLAN REJECTION BIOTECHNOLOGY VENTURES*Percent*Weak management teamNot market-drivenLong time frameMoney commitment too largeNot patentableInadequate technical expertiseOtherIf you find good people, they can always change the produc

33、t. Nearly every mistake I have made has been picking the wrong people, not the wrong idea Arthur RockArthur Rock & Co.52383125151217* Reasons for rejecting business plans by firms experienced in biotechnology venture capital* Multiple responses givenSource: Coopers and Lybrand, McKinseyTEAM RAMP-UP

34、EXAMPLESCEOTechnologySalesFinanceMarketingIdea and team devel-opmentVenturebeginsProof of economic viabilityExplosive revenue growthTechnol-ogy & mkt. validationSustained earnings growthXXXXXXSource: McKinsey analysis, external interviewsEXEMPLARYPERCENTAGE OF FOUNDERS OF FAST GROWING COMPANIES* 422

35、1141364Unemployedor recent graduate *4-year growth rate of 573% or higher, 1984 - 1990, 456 companiesSource: McKinseyNot from businessRunning other businessesSmall established companiesMidsize to large companies (including Fortune 1000)Start-upsExamples includeIntelMicrosoftLotusSun MicrosystemsMatt

36、elCompuServeAdvanced Micro DevicesRaytheonFairchild SemiconductorTRWCondeNastNews CorpTraditional 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 delega

37、tion (e.g., HR, finance, marketing)Decision making enabled by significant capital resourcesCatherine 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 U

38、nit 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 JapanBusiness buildi

39、ng roles, e.g., Led expansion into new geographic markets Built new product line or division Provided marketing leadership to develop a new brandRelevant industry sector experienceSource: Executive search firm and VC interviews but corporate experience is valuable when it includes NECESSARY EXPERIEN

40、CE FOR VENTURE MANAGEMENTSKILL SET OF TEAM MEMBERSHigh skill levelMedium skill levelTeam membersTechnologyFinanceProject managementContactsMarketing/salesProductionHuman resourcesSocial competenceInitiativeCommunicationSales/negotiation skillsHard factorsSoft factorsObvious skill gaps to be filled w

41、ith additional team membersEXAMPLEJ. ChapuisS. FischerM. TscharnerSource: Planen, grnden, wachsen (McKinsey)Skill gapsCONTENT OF MARKET AND COMPETITION SECTIONSource: McKinsey Provides thorough understanding of markets and competitors: Market size and growth Market segmentation Competition Positioni

42、ng of product vis-vis the competitionThe market and competition section has to outline the full economic potential of the ventureExecutive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingMARKET AND COM

43、PETITION KEY QUESTIONSSource: McKinseyIdea 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 future (rough estimates)?Who are your target custome

44、r groups?What major competitors offer similar products/services?How sustainable will your competitive edge be?STEP 1MARKET AND COMPETITION ADDITIONAL QUESTIONS (1/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planWhat market volume (value and am

45、ount) 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?What market shares do you hold in each market segment?What segments are you

46、 targeting?Who are your reference customers? How do you plan to get reference customers?What are the key buying factors for customers?STEP 2Most vertical specialty market-places expected to consolidateAttractiveMARKET CHARACTERISTICSMarket size and growthMarket competitivenessMarket growthpercentPot

47、ential market sizeUSD millionsTotal revenues of B2B marketplaces estimated to grow at over 100% per year revenue potential USD 50 bnin 2004Number of B2B marketplaces19992021 100 - 200 1.000 - 2.0001005001010010001UnattractiveSource: McKinsey EXAMPLEROUGHESTIMATESRUSMAR, INC. TARGET CUSTOMERS* Basic

48、data on following pageSource: Inc. MagazineTarget customers: Operators Operators of one or more larger dumps for household garbage Eastern USA (approx. 300 to 500), beginning 2002, whole USA Throughput of 500 to 10,000 tons per day Fee of USD 65 per tonTarget customers: Agencies Environmental Protec

49、tion Agency (federal regulatory body) Department of Natural Resources (state regulatory body) Local licensors Consent required of three additional agenciesExercise 3:Training participants estimate market volume for Rusmars foam*CASE EXAMPLEPotential market volume for Rusmar foam?*Assumption* See app

50、endix for proposed solutionSource: Inc.-MagazineEXERCISE 3 MARKET VOLUMENumber of dumps: 300 to 500 (eastern USA)Daily capacity of garbage dump: 500 to 10,000 tons per dayCapacity per truck: roughly 5 - 10 tons*Average distance between cover layers: 5 m* Used area per day?Price of foam: 54 US cents

51、per m2Price of garbage transportation: USD 150 per household per yearPrice of applicators: USD 150,000 per applicatorCASE EXAMPLEMARKET AND COMPETITION ADDITIONAL QUESTIONS (2/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow does the compet

52、ition operate? What strategies are pursued?What are the barriers to market entry and how can they be overcome?What market share does your competition have in the various market segments?How profitable are your competitors?What are your competitors marketing strategies?What distribution channels do y

53、our competitors use?How will competitors react to your market launch? How will you respond to this reaction?Profile the strengths and weaknesses of your major competitors with your own in the form of an overview!STEP 2COMPETITIVE ADVANTAGE27193Revolutionary improve-ment in performanceSteep drop in p

54、riceCreation of unusuallyemotional bond withcustomerNumber of hypergrowth companies*with unique competitive advantageSource: McKinsey UniquecompetitiveadvantageRUSMAR, INC. ANALYSIS OF THE COMPETITION Source: Inc. MagazineFulfilledNot fulfilled Rusmar 30 min./3M 60 min.3M two componentsRusmar 6 cent

55、s per sq. ft.,3M 13 cents Rusmar 1.5 days/3M 3 days3M USD 12 billion companyRusmar 0.5 h/3M 4hCustomer requirementsCovering layers with low volumeShort application times (longer dumping time)Simple applicationCost advantage per applicationEqual performance as layer of earth regarding Odor absorption

56、 Erosion from weather Protection from pestsConstant availability of foamApplicator licence available quickly, at low cost, and without concern (without reassessment of the dump by regulators)Rapid and high-quality maintenanceDegree of fulfillmentRusmar3M/SanifoamReasonRusmar leading3M leadingCONTENT

57、 OF MARKETING AND SALES SECTIONSource: McKinsey Outlines planned marketing and sales activities (four Ps framework): Product Price Place PromotionMarketing and sales section has to explain how market is developedExecutive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and sal

58、esBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingMARKETING AND SALES KEY QUESTIONSSource: McKinseyIdea descriptionWhat final sales price do you want to charge (estimated)? What criteria did you use to arrive at this final sale price? How high is the profit margin (estimated)?What

59、 sales volumes and sales revenues are you aiming for (estimated)?Marketing and sales only briefly touched in idea description; more details in rough business plan (stage 2)STEP 1QUANTIFYING THE CUSTOMER VALUEDimensions of customer valueTimeQualityCostEvaluate and quantify customer value for all3 dim

60、ensionsDisplay value clearlyQuantify wherever possibleSource: Profitable pricing: guidelines formanagement, T.Nagle, R. HoldenAdvantages of new product (customers point of view)Reference price (currently available product)Switching cost and dis-advantages (customers point of view)Incentive for buyin