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1、1Table of Contents1.The Route from Concept to Company.21.1.Success factors.21.2.Stages of development.32.The Business Idea.62.1.Developing a business idea.62.2.Elements of a promising business idea.72.3.Protecting your business idea.102.4.Presenting your idea to investors.113.The Business Plan.133.1
2、.Advantages of a business plan.133.2.Characteristics of a successful business plan.133.3.The investors point of view.153.4.Tips on preparing a professional business plan.174.Structure and Key Elements of a Business Plan.194.1.Executive summary.194.2.Product or service.214.3.Management team.224.4.Mar
3、ket and competition.244.5.Marketing and sales.274.6.Business system and organization.324.7.Implementation schedule.364.8.Opportunities and risks.384.9.Financial planning and financing.382Exhibit 2KEY FACTORS FOR SUCCESS OF INNOVATIVE START-UPSIdeas Degree ofinnovation Scope PatentCapital Availabilit
4、y/amount Needs/responsibilities Exits for investorsPeople Inventors Entrepreneurs TeammembersTraditional serviceproviders Attorneys Patent lawyers Tax consultants/accountants MarketresearchersNetwork and exchange Coaching Networking Team building Innovative service providerVenture capitalistsHeadhun
5、tersAngel investorsHigh-tech start-upconsultants1.THE ROUTE FROM CONCEPT TOCOMPANYNew,innovative companies generally try to grow from start-ups into established companieswithin 5 years.But they can seldom finance their activities alone along the way.Rather,theyare dependent on professional investors
6、 with considerable financial clout.For entrepreneurs,financing is a critical question the business plan must thus be considered from the point ofview of potential investors right from the outset.1.1.Success factorsSuccessful companies arise from a combination of five elements(Exhibit 2).1.No busines
7、s concept,no businessHaving an idea is just the beginning of the creative process.Many entrepreneurs are initiallyinfatuated with their inspiration,losing sight of the fact that their idea is the point of departurefor a long process of development which must face and withstand tough challenges befor
8、e itcan enjoy financing and market success as a mature business concept.2.Money mattersWithout somebody who invests money into the idea to grow it into a viable business,thisbusiness will never become a reality.From early on,therefore,much attention must be paid toconvincing investors to provide the
9、 necessary funding.3Exhibit 3STAGES OF START-UP DEVELOPMENTBusiness ideagenerationBusiness planpreparationStart-upand growthEstablishedcompanyInterest ofinvestorsFinancingdecisionsExit ofinitialinvestors3.No entrepreneurs,no enterpriseGrowing new firms is not a one-person job.It can only succeed wit
10、h a team of,usually,three tofive entrepreneurs whose talents are complementary.Putting together well-functioning teamsis a difficult process one that takes time,energy,and an understanding of human nature.Donot lose any time in putting your team together and work on perfecting it throughout the enti
11、restart-up process.The characteristics of a high-performance management team are discussed inmore detail in section 6.3 of this Guide.4.Traditional service providers will help you clear the first hurdlesYou will often need the advice of professional service providers,such as patent lawyers,taxadviso
12、rs,and market researchers-especially at the beginning.Getting the right informationearly(e.g.,for registering a patent)can have consequences for later success or failure.5.Strong networks are a shot in the arm for every new companyProfessional guidance for potential entrepreneurs through a network o
13、f sponsors,entrepreneurs,venture capitalists,and service providers is decisive in transforming viable ideas into realcompanies.Prime examples for such regional networks can be found in Silicon Valley and theBoston area.1.2.Stages of developmentThe typical progression of the start-up and development
14、of growing companies into establishedfirms can be subdivided into three stages.The end of each stage serves as a milestone forventure capitalists by which to gauge the status of their investment.Being familiar with eachstage and the challenges it poses may spare you wasted energy and disappointment.
15、Pleasenote,however,that the three stages in the development of a functioning start-up do not matchthe three phases in the development of a business plan within the framework of thiscompetition(see Exhibit 3).If you intend to be successful,this start-up process should influence both your activities a
16、s theinitiator of a business concept and your path toward forming your own company.To a largeextent,it is the demands of investors that will determine how you must approach the individualstages of the start-up.4Stage 1:Business idea generationThe beginning is the inspiration your solution to a probl
17、em.It must be evaluated todetermine if it delivers an actual customer value,whether the market is big enough,and justhow big it will be.The idea itself has no intrinsic economic value.It acquires economic valueonly after it has been successfully transformed into a concept with a plan and implemented
18、.You will need to start putting together your team as soon as possible,finding partners who candevelop your product or service until it is ready for market(or at least until shortly before).Inthe case of products,this stage usually involves a functioning prototype.You will most likelyhave to do with
19、out venture capital during this stage.You will still be financing your plan withyour own money,help from friends,perhaps state research subsidies,contributions fromfoundations,or other grants.Investors refer to this as seed money,as your idea is still aseedling,not yet exposed to the harsh climate o
20、f competition.Your objective at this stage is to present your business concept and market which forms thefoundation of your new company so clearly and concisely as to pique the interest of potentialinvestors in helping you cultivate your idea further.Stage 2:Business plan preparationAt this stage,it
21、 is most important to focus on the big picture:Dont lose sight of the forest for thetrees!The business plan itself will help you to focus as you must consider and weigh the risksinvolved,prepare for any contingency,and learn to anticipate a variety of possible situations orscenarios.You will need to
22、 lay down plans and create a budget for the key activities of thebusiness for development,production,marketing,distribution,and finance.Naturally,youwill need to make many decisions,such as which customers or segments will you target?Whatprice will you ask for your product or service?What is the bes
23、t location for your business?Willyou handle production yourself or outsource it to third parties?And so on.In preparing the business plan,you will come in contact with many people outside your start-up team.In addition to investors,you will talk to many specialists,including attorneys,taxadvisors,ex
24、perienced entrepreneurs,and experts.The business plan competition organizerswill help you get in touch with just the right people.You will also have to begin reaching out toyour potential customers(i.e.,by means of consumer surveys)to make initial assessments ofyour market.Always keep in mind that c
25、ustomer acceptance is an essential prerequisite to thesuccess of your company!Scout about for possible suppliers and perhaps close your firstagreements.You will also want to become aware of who your competitors are.This whole process will not come cheap.The team must continue to earn a living while
26、runninga rudimentary operation and perfecting a prototype.Yet at this stage,you should also be ableto estimate your expenses.Financing will generally still be provided from the same sources yourelied on during stage one,although some investors may be willing to make the occasionaladvance.This stage
27、concludes successfully for you as a new entrepreneur when an investorexpresses a willingness to finance your undertaking.Stage 3:Start-up and growth5Now that the conceptual work is largely complete,it is time to start implementing yourbusiness plan.Your role now changes from that of architect to tha
28、t of builder.Business successmust now be sought and achieved in the market.The day of reckoning has come when you willlearn whether your business concept was a good and,ultimately,profitable one.Investor exit en route to becoming an established companyThe pullout of your initial investors is a compl
29、etely normal step in the development of a start-up.For if everything has gone well,your risky venture will have gradually become a stableenterprise(see Exhibit 4).In the course of its short life,you have created a number of jobs andwooed many customers with your innovative solution to their problem.
30、Your commitment ispaying off as the value of your business increases.A profitable exit has been the objective for the venture capitalist from the outset.Capitalrecovery can happen in very different ways.Normally,the business is sold to a competitor,supplier,or customer.Or it is listed on the stock e
31、xchange(the initial public offering or IPO).It is also possible for investors who want out to be paid off by the other partners.62.THE BUSINESS IDEAThere is nothing in the world aspowerful as an idea whose time has come.Victor HugoThe above statement undoubtedly applies to ideas for starting a new b
32、usiness.But how do youcome up with such an idea?And how can you know if the idea for the business will have apromising future?Studies show that the lions share of original and successful business ideas were generated bypeople who had already had several years of relevant experience.Gordon Moore and
33、RobertNoyce,for example,had a number of years at Fairchild Semiconductors behind them beforeteaming up with Andy Grove to form Intel.But there are also examples of revolutionary ideasbrought to life by mere novices as Steve Jobs and Steve Wozniak demonstrated when theydropped out of college to start
34、 Apple Computer.2.1.Developing a business ideaIn economic terms,a spark of genius is worthless,no matter how brilliant it may be.For an ideato grow into a mature business concept,it must be developed and refined,usually by manydifferent people.The initial idea must first pass a quick plausibility ch
35、eckBefore you follow up on an idea,you should evaluate it in light of its(1)customer value,(2)market chances,and(3)degree of innovation,as well as considering whether it will beboth(4)feasible and profitable.Talk your idea over with friends,professors,experts,and potential customers.The broader the
36、support you find for your idea,the better you will be able todescribe its benefits and market opportunities.You will then be wellprepared when the time comes to discuss your project with professionalinvestors.Is your idea really novel?Has someone else already developed it or evenapplied to patent it
37、?Will it be possible to develop your idea in a reasonable period of time andwith a justifiable level of resources?It takes at least four weeks to develop a business ideaConsidering the multiple stages of development,it is improbable and fairly unrealistic thatyou will spend fewer than four weeks dev
38、eloping your concept.Generally,a business idea isnot worthy of being financed until it is so concrete that it can be launched in the market in theforeseeable future at reasonable risk.Investors talk of the seed phase of a business concept,75ELEMENTS OF A PROMISING BUSINESS IDEAExhibit 5Clearcustomer
39、valueMarket ofadequate sizeFeasibilityandprofitabilitySufficientdegree ofinnovation1243which usually has to be financed with soft money(i.e.,from sources that as yet place no hardand fast demands on the success of the idea).The seed phase can take longer,in particular if the idea is ahead of its tim
40、e.Although theperfect product has been found,it cannot yet be marketed because the development ofcomplementary technologies or systems is still in the works.One example is the Internet.Theideas for marketing products and services came early,but a lack of security in the availablepayment systems hamp
41、ered and delayed its commercial exploitation for some time.2.2.Elements of a promising business ideaA business idea can be considered promising if it has the following four elements(Exhibit 5):1.Clear customer valueThe key to success in the marketplace is satisfied customers,not great products.Custo
42、mersspend their hard-earned money to meet a need or solve a problem.The first principle fordeveloping a successful business idea is that it clearly shows which need it will fulfill and howit will do so.Initially,many entrepreneurs have the product and the technical details of designand manufacture i
43、n mind when they speak of their solution.Not so for the investor theinvestor first looks at the idea from the perspective of the market.For investors,customer valuetakes top priority,and everything else is secondary.Whats the difference?If innovators say,our new device can perform 200 operations per
44、 minute,or our new device has 25%fewerparts,they are focusing on the product.By contrast,saying,our new device will save thecustomer a quarter of the time and,therefore,20%of the costs,or our new solution can boostproductivity by up to 25%,adopts the customers point of view.The product is merely ame
45、ans of delivering value to customers.The customer value of a product or service expresses what is novel or better about the itemwhen compared to competitive offers or alternative solutions.As such,it plays a key role in8setting your product apart from others a core issue in marketing,as we will lear
46、n and isessential to the market success of your business concept.Try,whenever possible,to alsoexpress the customer value in figures.Marketing theory states that the customer value must be formulated into a unique sellingproposition,or USP.This means two things:First of all,your business concept must
47、 bepresented in a way that makes sense(selling proposition)to the customer.Many start-ups failbecause the customer does not understand the advantage of using the product or service and,asa result,does not buy it.Secondly,your product must be unique.Customers shouldnt choosejust any solution that hit
48、s the market they should choose yours.You must,therefore,persuade them that your product offers a greater benefit or added value.Only then will your customers give you an edge.In describing your business concept,you neednot present a fully formulated USP,but it should be more or less obvious to pote
49、ntial investors.2.Market of adequate sizeA business idea will have economic value only when it succeeds in the market.This secondprinciple of a successful idea demonstrates how big the market is for the product offered,whichtarget group(s)it is designed for,and to what degree it will differ from the
50、 competition.A detailed analysis of the market is not yet necessary at this point.Estimates,derived fromverifiable basic data,will suffice.Sources could include official statistics,information fromassociations,articles in trade journals,the trade press,and the Internet.It should be possible todraw a