商业计划-企业家培训-M麦肯锡

1、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 SchwabFedEx020607MVA1_ZXK_265_V5商业计划的用途Source:McKinseyStart-up compan

2、ies:Application for venture capitalSearch for management team membersCommunication with partners, suppliers, Established, developed businesses for investment decisionsIn-house budget allocationsExternal financingHigh insecurity concerning technology, timing, and cash needDifficult data situation due

3、 to newness of innovative productsNecessity of external know-how transferLack of skills/motivation/time标准用途Complications forNew Venture projectsStart-up business plans to be tailored to new venture needs020607MVA1_ZXK_265_V5GENERIC REQUIREMENTSSource:McKinseyConstantly adaptingImpressing by clarityC

4、onvincing 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 clarity and preciseness of the pack are importantNo

5、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 presented must fit together and generate a well r

6、ounded impressionA clear, precise structure is a courtesy to those investing their time in reading the proposal020607MVA1_ZXK_265_V5Source:McKinseyMilestonesCompletion of financingStep 3:VC-tailored business planStep 2:Rough business planStep 1:Idea descriptionExternal evaluation (due diligence)Deal

7、 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 BUSINESS PLANS020607MVA1_Z

8、XK_265_V5AGENDAShort introduction to the use of business plansPreparation guidelines for business plansWrap-up020607MVA1_ZXK_265_V5CHAPTERS OF COMPLETE BUSINESS PLANSource:McKinsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImple-mentatio

9、nplanFinanc-ingOpportunities andrisks020607MVA1_ZXK_265_V5CONTENT 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 mo

10、st important aspectsDescribes idea 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 read020607MVA1_ZXK_265_V5EXECUTIVE SUMMARY KEY QUESTIONSSource: McKinseyIdea descripti

11、onWhat 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 development are needed?How

12、much investment is necessary (estimated)?What long-term goals have you set?Most important questions an investor asks!STEP 1020607MVA1_ZXK_265_V5EXECUTIVE SUMMARY ADDITIONAL QUESTIONS*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow high do you

13、 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 approach?What distribution channels will you use?What partnerships would you like to enter into?What opp

14、ortunities and risks do you face?What is the picture on patents?Most important questions an investor asks!*STEP 2020607MVA1_ZXK_265_V5RUSMAR EXECUTIVE SUMMARY*See following blank form sheetsSource:Inc. MagazineProduct/servicePotential foam plus applicator to replace expensive and space consuming ear

15、th that must be spread over garbage dumps every daySpace savings of 30% for dump operatorsCosts 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

16、: 3M/Sanifoam (application takes longer and is more complicated)Marketing and sales1997: Investments 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

17、 risksNecessary approval from authoritiesProof of systems operational efficiencyExercise 1: Training participants check quality of executive summary with key questions* CASE EXAMPLE020607MVA1_ZXK_265_V5EXERCISE 1 EXECUTIVE SUMMARY (1/2)Source: McKinseyKey questions for idea descriptionWhat is your b

18、usiness 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 development are needed?How much investment

19、is necessary (estimated)?What long-term goals have you set?Evaluation of Rusmar summary Answered questionsMissing elementSee appendix for proposed solutions EXERCISE020607MVA1_ZXK_265_V5EXERCISE 1 EXECUTIVE SUMMARY (2/2)*In addition to key questions answered by idea description (step 1) Source: McKi

20、nseyAdditional 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 customers have you approached/ could you approach?What distribution channels will

21、 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 questionsMissing elementSee appendix for proposed solutions EXERCISE020607MVA1_ZXK_265_V5CONTENT OF PRODUCT/SERVICE SECTIONSource:McKi

22、nsey Executive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ingDescribes the function the product/service fulfills and the benefits the customer will gain from itProduct/service descriptionCustomer val

23、ueExplains status and next steps of product/service developmentAddresses patents/IP protection issuesProduct/service section has to prove that entrepreneur can integrate the customers perspective020607MVA1_ZXK_265_V5PRODUCT/SERVICE KEY QUESTIONSSource: McKinseyIdea descriptionWhat end customers will

24、 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 necessary to achieve full customer value?What competitor products already exist or are under development?What stage of develop

25、ment 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 1020607MVA1_ZXK_265_V5PRODUCT/SERVICE ADDITIONAL QUESTIONS*In addition to key questions answered by idea description (step 1) Source: McKi

26、nseyRough 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/maintenance will you offer?What product or service guarantees will you grant?Compare the strengths and weaknesses

27、 of comparable products/services with yours in an overview!STEP 2020607MVA1_ZXK_265_V5DESCRIPTION OF THE PRODUCT/SERVICESource:The American Heritage Dictionary,DudenA device that converts incident electromagnetic radiation of mixed frequencies to one or more discrete frequencies of highly amplified

28、and coherent ultraviolet, visible, or infrared radiationHigh-performance device for the creationof a narrowly bundled beam of lightBetter:Technical description of lasers:EXEMPLARY020607MVA1_ZXK_265_V5SUCCESSFUL PRODUCT POSITIONINGSource:McKinseyIdentify relevant customer needs and problemsAddress su

29、bjective perception of customersDefine uniqueness and position offering vis-vis competitionDefine clear, sufficiently large customer segments020607MVA1_ZXK_265_V5EXERCISE 2 CUSTOMER VALUE IN RUSMAR CASE*See Appendix for proposed solutionSource:McKinseyCustomer needs of dump operatorsDegree of fulfil

30、lment by Rusmar foamFulfilledNot fulfilledExercise 2:Training participants describe needs of Rusmars customers*CASE EXAMPLE020607MVA1_ZXK_265_V5CONTENT OF MANAGEMENT TEAM SECTIONSource:McKinsey Outlines educational background and professional experience of foundersDescribes how existing skill gaps c

31、an 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 com-petitionMarketing and

32、 salesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ing020607MVA1_ZXK_265_V5MANAGEMENT TEAM KEY QUESTIONSSource:McKinseyComplete business planWho are the members of your management team and what distinguishes them: education, professional experience, success, standing in the busine

33、ss 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 is th

34、e motivation of the individual team members?020607MVA1_ZXK_265_V5REASONS 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

35、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 firms experienced in biotechnology venture capital*Multiple responses givenSource:Coopers and Lybrand, McKinsey020607MVA1_ZX

36、K_265_V5TEAM RAMP-UP EXAMPLESCEOTechnologySalesFinanceMarketingIdea and team devel-opmentVenturebeginsProof of economic viabilityExplosive revenue growthTechnol-ogy & mkt. validationSustained earnings growthXXXXXXSource:McKinsey analysis, external interviewsEXEMPLARY020607MVA1_ZXK_265_V5PERCENTAGE O

37、F FOUNDERS OF FAST GROWING COMPANIES* Unemployedor 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 includeIntelMicr

38、osoftLotusSun MicrosystemsMattelCompuServeAdvanced Micro DevicesRaytheonFairchild SemiconductorTRWCondeNastNews Corp020607MVA1_ZXK_265_V5Traditional corporate experience does not fit new venture needs Skills aligned to achieving near term earnings and sustained revenue growthProcesses based on inter

39、nal milestonesStaff support allows extensive delegation (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

40、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 & Joh

41、nson expansion into Europe and JapanBusiness building roles, e.g.,Led expansion into new geographic marketsBuilt new product line or divisionProvided marketing leadership to develop a new brandRelevant industry sector experienceSource: Executive search firm and VC interviews but corporate experience

42、 is valuable when it includes NECESSARY EXPERIENCE FOR VENTURE MANAGEMENT020607MVA1_ZXK_265_V5SKILL SET OF TEAM MEMBERSHigh skill levelMedium skill levelTeam membersTechnologyFinanceProject managementContactsMarketing/salesProductionHuman resourcesSocial competenceInitiativeCommunicationSales/negoti

43、ation skillsHard factorsSoft factorsObvious skill gaps to be filled with additional team membersEXAMPLEJ. ChapuisS. FischerM. TscharnerSource: Planen, grnden, wachsen (McKinsey)Skill gaps020607MVA1_ZXK_265_V5CONTENT OF MARKET AND COMPETITION SECTIONSource:McKinsey Provides thorough understanding of

44、markets and competitors:Market size and growthMarket segmentationCompetitionPositioning 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 s

45、alesBusiness systemImplemen-tationplanOpportuni-ties andrisksFinanc-ing020607MVA1_ZXK_265_V5MARKET AND COMPETITION 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 d

46、o the individual market 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 1020607MVA1_ZXK_265_V5MARKET AND COMPETITION ADDITIONAL QUESTIONS (1/2)*In addi

47、tion to key questions answered by idea description (step 1) Source: McKinseyRough 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 fut

48、ure profitability of 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 2020607MVA1_ZXK_265_V5Most vertica

49、l specialty market-places expected to consolidateAttractiveMARKET CHARACTERISTICSMarket size and growthMarket competitivenessMarket growthpercentPotential market sizeUSD millionsTotal revenues of B2B marketplaces estimated to grow at over 100% per year revenue potential USD 50 bnin 2004Number of B2B

50、 marketplaces19992009 100 - 200 1.000 - 2.0001005001010010001UnattractiveSource:McKinsey EXAMPLEROUGHESTIMATES020607MVA1_ZXK_265_V5RUSMAR, INC. TARGET CUSTOMERS*Basic data on following pageSource:Inc. MagazineTarget customers: OperatorsOperators of one or more larger dumps for household garbageEaste

51、rn USA (approx. 300 to 500), beginning 2002, whole USAThroughput of 500 to 10,000 tons per dayFee of USD 65 per tonTarget customers: AgenciesEnvironmental Protection Agency (federal regulatory body)Department of Natural Resources (state regulatory body)Local licensors Consent required of three addit

52、ional agenciesExercise 3:Training participants estimate market volume for Rusmars foam*CASE EXAMPLE020607MVA1_ZXK_265_V5Potential market volume for Rusmar foam?*Assumption*See appendix for proposed solutionSource:Inc.-MagazineEXERCISE 3 MARKET VOLUMENumber of dumps: 300 to 500 (eastern USA)Daily cap

53、acity 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 per m2Price of garbage transportation: USD 150 per household per yearPrice of applicators: USD 150,000 per applicatorCASE

54、EXAMPLE020607MVA1_ZXK_265_V5MARKET AND COMPETITION ADDITIONAL QUESTIONS (2/2)*In addition to key questions answered by idea description (step 1) Source: McKinseyRough business planHow does the competition operate? What strategies are pursued?What are the barriers to market entry and how can they be

55、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 your competitors use?How will competitors react to your market launch? How will you respond to this re

56、action?Profile the strengths and weaknesses of your major competitors with your own in the form of an overview!STEP 2020607MVA1_ZXK_265_V5COMPETITIVE ADVANTAGERevolutionary improve-ment in performanceSteep drop in priceCreation of unusuallyemotional bond withcustomerNumber of hypergrowth companies*w

57、ith unique competitive advantageSource:McKinsey Uniquecompetitiveadvantage020607MVA1_ZXK_265_V5RUSMAR, INC. ANALYSIS OF THE COMPETITION Source:Inc. MagazineFulfilledNot fulfilled Rusmar 30 min./3M 60 min.3M two componentsRusmar 6 cents per sq. ft.,3M 13 cents Rusmar 1.5 days/3M 3 days3M USD 12 billi

58、on 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 regardingOdor absorptionErosion from weatherProtection from pestsConstant availability of f

59、oamApplicator 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 leading020607MVA1_ZXK_265_V5CONTENT OF MARKETING AND SALES SECTIONSource:McKinsey O

60、utlines planned marketing and sales activities (four Ps framework):ProductPricePlacePromotionMarketing and sales section has to explain how market is developedExecutive summaryProduct/serviceManage-ment teamMarket and com-petitionMarketing and salesBusiness systemImplemen-tationplanOpportuni-ties an