商业计划工具包英文版

BusinessPlanToolKitContents

WhatisaBusinessPlan

WritingaBusinessPlan

BusinessPlansample(tobecomplementedlater)

1

Definitionofabusinessplan

Theroleofa

businessplaninnewbusinessdevelopmentprocess

Thesignificanceofabusinessidea

Developingabusinessidea

Elementsofapromisingbusinessidea

PrioritizingabusinessideaProtectingyourbusinessidea

WhatisaBusinessPlan

2Definitionofabusinessplan

Abusinessplanmusthaveadetailedplanforthefollowingeightfactors;

1)Product/Service2)MarketandCompetition3)Marketing4)BusinessSystem5)OrganizationandHR6)OpportunitiesandRisks7)ImplementationSchedule

8)FinancialPlanning

Whatisabusinessplan

Developingabusinessidea(ideawhichcanmakemoney)intoadetailedplanthatcanbeimplemented3RoleofabusinessplaninnewbusinessdevelopmentprocessNewbusiness

promotionstageMethodologyInternalsupportorganizationOnlineIdeaDBIntangibleWorkshopBenchmarking/MegatrendAnalysisBusinessPlanCompetitionStage1Stage2Stage3IdeaGenerationBusinessplanwrite-upImplementationandgrowthIdeaGenerationManagementTeamBusinessPlanDevelopmentTeamInvestmentCommitteeVentureTeam(TFT)WhatisabusinessplanAbusinessplancanbedefinedastheintermediarystagebeforeabusinessideacanactuallybeimplementedasanewbusiness4SignificanceofabusinessideaTherearemanydifferentwaystogenerateabusinessidea.Thefollowingarerecommendationstocomeupwithwell-organizedbusinessideas-bestifimplementedatthesametime

IntangibleWorkshop:Holdworkshopstogenerateideastofacilitatecompanyintangibles,asthe significanceofintangiblescontinuetogrowundertheneweconomy

Benchmarking/MegatrendAnalysis:Studymegatrendsofotherindustriestogenerateideasor

conductbenchmarkinganalysis

OnlineIdeaDB:MakeanideaDBonlinetoenablereview/postingofideasasawaytohelpdevelop businessideas

BusinessPlanCompetition:HoldbusinessplancompetitionstogeneratebusinessideasWhatisabusinessplan

‘Nobusinessidea,nobusinessplan’‘Nobusinessplan,nobusiness’Abusinessideaisthestartofabusinessestablishment.YoumusthavemanycreativeideaswhichcanbetransformedintoabusinessinordertocreatevalueDevelopingabusinessidea5

Elementsofapromisingbusinessidea

Thekeytosuccessinthemarketplaceissatisfiedcustomers,notgreatproducts.(ex)“Ournewdevicecanperform200operationsperminute.”(X)“Ournewdevicehas25%fewerparts.”(X)“Ournewdevicewillsavethecustomeraquarterofthetime.”(O)

Makevaluepropositionstothecustomer

Presentcustomerswithuniquevalues.ClearcustomervalueMarketofadequatesizeFeasibilityandprofitabilitySufficientdegreeofinnovation1243

Whatisabusinessplan

ClearCustomerValue

Whowillbuyyourproduct/service?

Whyshouldthecustomerbuytheproduct?(Whatneedsdoesyourproductfulfillthatthecompetitorproductscannot?)

Whatismostuniqueaboutyourbusinessidea?KeyQuestions6

Doesthemarketyouplantotargetwithyourproducts/serviceshaveadequatesize

(nopreciseanalysisneeded,statisticsorestimatescanbeused)

Knowwhoyourcompetitorsare.ClearcustomervalueMarketofadequatesizeSufficientdegreeofinnovation1243Whatisabusinessplan

MarketofadequatesizeFeasibilityandprofitability

Whatisthemarketsize?

Isthemarketgrowing?

Whatisyourtargetmarketandmarketshare?

Whoareyourcompetitors?

Whatareyourstrengths/weaknessescomparetoyourcompetitors?KeyQuestions7

Abusinessideashouldhavethefollowingfourelementsaccordingtoproduct/servicetypeandbusinesssystem-MustspecifywhereinnovationistakingplaceNewproduct(Microsoft)Newindustry(Netscape)ExistingindustryNewbusinesssystem(Dell)BusinessSystemConventionInnovationProduct/serviceConventionInnovationClearcustomervalueMarketofadequatesizeSufficientdegreeofinnovation1243Feasibilityandprofitability

SufficientdegreeofinnovationWhatisabusinessplan

Howisyourproduct/serviceinnovative?

Howisyourbusinesssysteminnovative?KeyQuestions8

Considerfeasibility(legalconstraints,time/resourcelimits,etc)

Calculateoverallprofitability(simple

cashflow,etc)ClearcustomervalueMarketofadequatesizeSufficientdegreeofinnovation1243Feasibilityandprofitability

FeasibilityandProfitabilityWhatisabusinessplan

Whataretheconstraintsinimplementingyourbusinessidea?Whyareotherpeoplenotimplementingthiskindofbusinessidea?Whatisthegrossmarginrateofyourplannedbusiness?Howmuchinvestmentisnecessary?Howmuchisthevariablecost?Doestheprofitincrease?Whatistheoverallcashflow?KeyQuestions9Prioritizationofabusinessidea-InsearchofakillerideaAprocesstoprioritizegeneratedideasPositioningofideasonthebelowchartbasedonthepotentialmarketanditsfeasibility※KillerIdea:Anideacapableofcreatinganewmarket(ex.walkman,mobilephone,Dialpad,45min.photographprinting,etc.)SeeksolutionsforobstaclesinimplementationImmediatelylaunchbusinessplanwrite-upPostponeSeekwaystoexpandmarketsizeFeasibilityLowHighMarketsize(allowgrowth)LowHighWhatisabusinessplan10ProtectingabusinessideaWaysofprotectingabusinessideaPatenting:PatentingabusinessideatoensurelegalprotectionConfidentialityagreement:MaintainingaconfidentialityagreementwithrelatedpartiesworkingonthebusinessideaQuickimplementation:ImplementingyourbusinessplanassoonaspossibleWhatisabusinessplanInnovativeideasaretheresultofhardworkandcreativethinking.ItisimportanttoprotecttheideasufficientlysothattheideaisnotexposedtootherindustriesThebestprotectionistoimplementyourbusinessideaasquicklyaspossiblesoastobuildanentrybarrier11TheneedtowriteabusinessplanElementsofagoodbusinessplanBusinessplanstructureWritingabusinessplanSummaryProduct/ServiceMarketandCompetitionMarketingBusinessSystemOrganizationandHROpportunitiesandRisksImplementationScheduleFinancialPlanning12Theneedtowriteabusinessplan“Writingabusinessplanforcesyouintodisciplinedthinking,ifyoudoanintellectuallyhonestjob.Anideamaysoundgreat,butwhenyouputdownallthedetailsandnumbersitmayfallapart.”WritingabusinessplanThebusinessplanwasfirstusedintheUSAbystart-upandventurecompaniesasmeansofacquiringfundsfromprivateinvestorsandventurecapitalists.Evenmajorcorporationsrelyonbusinessplanstohelpthemmakeinternalinvestmentdecisions.Cansystematicallyexaminefeasibilityofthenewbusinessfromvariousangles

-Canprovidesolutionstoproblemsandheightenefficiencyofthenewbusinesswithclearanalysisofthesituation―ProvidesaninvaluabletoolformanagementandevaluationoftheprojectBenefitsofwritingabusinessplan13Elementsofagoodbusinessplan

Clarity:Mustclearlylayoutthekeypoints(strengths)ofthebusinessplan

Objectivity:Mustbebasedonobjectivedata

Simplicity:Shouldbecomprehensiblebytechnicallayman

Consistency:Musthaveuniformvisuallayoutandconsistencyineditingofthefinalversion

Well-defined,quantifiablecustomervalue:Loweringthecostofdeliveringanexistingvalueorcreatinganewvalueifthiscanbeachievedatreasonablecost

Innovativeproduct/service:Theproduct/serviceand/orbusinesssystemmustpossessahighdegreeofinnovation

Thepossibilitytoprotect/sustaintheinnovation

Agrowingand/orlargemarket:Thetargetmarketshouldgrowatafastpaceorshouldbealargemarket

Afar-sightedanalysisofthecompetition:Provideacompleteandobjectivedescriptionofexistingandpotentialfuturecompetitors

Acarefulweighingoftherisksandopportunities:Providearealisticdescriptionoftherisksinvolvedinthebusinessandplanstoovercomethem.ExplainwaystomakeuseofpotentialopportunitiesGeneralprinciplesMain

ContentsWritingabusinessplan14ChecktoseeifyourreaderscanreadandcomprehendthesummaryinfivetotenminutesevenifthepersonhasnopreviousknowledgeofyourbusinessconceptoritstechnicalorscientificbasisWritingabusinessplanSummaryThesummaryshouldbeabletodeliverthemostimportantaspectsofthebusinessplantothedecision-makersFocusonthesefourelementswhenwritingyoursummary―Clarityofthebusinessidea―Valuetheproduct/serviceprovidestothecustomer―Marketsizeandgrowth―ReturnoninvestmentDescribeyourbusinessideaasclearly,compellingly,andconciselyasyoucan15Product/serviceDevelopmentstatusoftheproduct/serviceExplainthestageofdevelopmentyourproduct/servicehasreachedIdentifytechnical/legal/consumerbehavioral/partnership(needtopartnerwithotherindustries)/socialandculturalconstraintsindeliveringproductorservicetocustomersandprovidesolutionmeasures“Ifyoudon’tknowwhatthecustomervalueis,thewholethingisawasteoftime.””WritingabusinessplanClearlyindicatehowyourproduct/servicediffersfromthosethatarenoworwillbeonthemarketCustomerValueThebusinessplandoesn’tmakeanysenseiftheproductorservicefailstoprovidebettervaluetothecustomercomparedtocurrentmarketofferingsAnalyzethevaluethecustomergainsfromyourproduct/serviceWeightheadvantagesanddisadvantagesofthenewproduct/servicefromthecustomer’sperspective16CheckList(Product/service)Haveyouexplainedplanstoretrievethevaluedeliveredtothecustomer?(howwillyougetyourmoneyback)□Developmentstatusoftheproduct/serviceHaveyouaccuratelyexplainedthecurrentstageofdevelopmentofyourproduct/service?Haveyouindicatedwhatresources(time,personnel,funds)yourequireforeachsubsequentdevelopment?□CustomerValueIsthereacleardefinitionofwhatcustomervalueyourproduct/serviceprovides?Haveyoudefinedwhoyoucustomersareandwhoarenot?Haveyouidentifiedwhythecustomerbuysyourproduct/service?(Haveyouexplainedwhataddedvaluethecustomerreceivescomparedtootherproducts/services)Haveyouweighedthestrengths/weaknessesofyourproduct/serviceovercomparableproducts/servicesfromthecustomer’sperspective?Haveyouconductedpilottestsorsurveystoseeiftheproduct/servicefulfillscustomerneeds?(ortriedothermeanstofindout)Haveyouexplainedthetechnicalbarriersandsolutionmeasures?Haveyouexplainedtheinstitutional/legalconstraintsandwaystoovercomethem?Haveyouexplainedthecustomary/consumerbehavioralconstraintsandsolutions?Haveyouexplainedthecultural/socialconstraintsandwaystoovercomethem?YesNoWritingabusinessplan17MarketandCompetitionMarketsizeandgrowthArapidincreaseinthevalueofthecompanycanbeexpectedonlyifthemarketholdsagreatpotentialThemarketsizeshouldbepresentedinfiguresi.e.numberofcustomers,ofunitsales,totalsalesYourexpectationsformarketgrowtharecritical;showwhatfactorswillaffectdevelopments(e.g.technology,legislativeinitiatives)ForecastingmarketsizeandgrowthDefinefactorsinfluencingmarketsizeandgrowthSethypothesisonfuturedevelopmentsCollectfactsneededtoverifyhypothesis(pasttrends,expertopinions)Estimatemarketsizeandgrowthbasedontheprovenhypothesis“Ifthereisnocompetition,thereisprobablynomarket.””Writingabusinessplan18PointstofollowwhenmakinganestimateBuildonsolidfoundation:RelyoneasilyverifiablefigureseventhoughtheremaybemanyunknownsThinklogically:AnestimateshouldbealogicalconclusionandshouldnothaveanyleapsinlogicordependonunspecifiedassumptionsCompareyoursources:Checkyourfactswithothersources(interviews,statistics,expertopinions)toensureobjectivenessBecreative:LookforasubstitutevariablethatrelatestoyourneedwhenavariableisunknownCheckforplausibility:CheckifeachestimatemakessenseWritingabusinessplan19MarketSegmentation-Segmentthemarketandexplainyourtargetmarket-Therearemanywaystosegmentthemarketbutthefollowingthreeelementsneedtobepresent1)Determinethenumberofcustomerineachmarketsegmentandtheirbuyingpower(Measurability)2)Identifycustomerbehavioralpatternineachsegment(Homogenous-within)3)UsethesamemarketingstrategyforcustomerswithineachsegmentCustomersegmentationcriteriaforconsumergoodsmarketsCustomersegmentationcriteriaforindustrialgoodsmarketsLocation:country,urban/rural(populationdensity),climateDemographics:age,sex,income,profession,religion,educationlevelBehavior:Frequencyofproductpurchase,productusage,brandloyalty,pricesensitivity,purchasingvariablesPsychologicalfactors:Lifestyle(behavior,interest,opinion)Demographics:companysize,industry,locationOperations:technologyemployed(e.g.,digital,analog)Buyinghabits:centralizedordecentralizedpurchasing,purchasingcriteriaSituationalfactor:urgencyofneed,ordersizeWritingabusinessplan20CompetitionComparekeycustomervalue,targetcustomers,salesrevenue,marketshare,costpositioning,productlines,anddistributionchannelsofyourcompanywiththoseofyourcompetitorsComparestrengths/weaknessesofyourproductwiththatofthecompetitorsConsiderwaystomaintainyourcompetitiveedgeCompareyourintangibleassetswiththoseofthecompetitorsAnalyzeyourpositioningstrategyinthemarketwiththatofthecompetitorsPositioning:transferringthecustomer’’smarketpositionoftheproduct/servicetoapositionthatthecompanywantstotake(ex.Lowqualityproduct⇒highqualityproduct,babyproducts⇒adultproducts)Mapsfordesigningpositioningstrategy(samples)QualityLowHighPriceLowHighProductlineLowHighDeliverytimeLowHighCredibilityLowHighConvenienceLowHighWritingabusinessplan21Haveyouexplainedfactorscrucialforsuccessinyourtargetmarket?□CompetitionHaveyouidentifiedyourcompetitorswithcomparableproducts/services?Haveyougivenananalysisofyourpotentialcompetitors?□MarketsizeandgrowthHaveyouexplainedthegeneraltrendofyourtargetmarket?Istherearationaleforpresentmarketsize?Istherearationaleforfuturemarketgrowthrate?□MarketsegmentationHaveyoudefinedthecriteriaformarketsegmentationanditsrationale?Haveyoucomparedthestrengthsandweaknessesofyourmajorcompetitorswithyourown?Haveyoucomparedyourstrategieswiththoseofyourcompetitors?Whatisyourcompetitiveedge(especiallyintangible)overyourcompetitorsandhaveyouexplainedifyourcompetitiveedgewillbesustainable?Haveyougivenarationaleforcharacteristicsofeachmarketsegment(profitability,size,growthrate)andtheirfutureprospects?Isthereacleardefinitionofthetargetcustomerandcustomerexamples?Haveyoudeterminedthetargetmarketshareforeachmarketsegment?WritingabusinessplanCheckList(Marketandcompetition)YesNo22MarketingPriceDeterminetheattainablepriceforyourproduct/serviceandevaluateonwillingnessofcustomerstopaytheaskedprice(newbusinessesoftenencounterproblemsbecauseoftheconventionalwisdomthatpriceisderivedfromcost)Quantifythecustomervalueofyourproduct/serviceanddefinethepricebracket.VerifyandrefineyourassumptionsthroughdiscussionswithpotentialcustomersThepricingstrategydependsonyourgoal;thechoicecanbeeitherpenetratingthemarketquicklybygoingwithlowprice(PenetrationStrategy)orgeneratingthehighestpossiblereturnfromtheoutset(SkimmingStrategy)SkimmingstrategyPenetrationstrategyAnewproduct/serviceispositionedasbetterthanpreviousoptions,soahigherpricecanbejustified.Youcanalsocreateasuperiorimageoftheproduct/serviceHigherpricesgenerallyleadtohigherprofitmargins,andallowthenewcompanytofinanceitsowngrowthCansetanewstandardintheearlystage(e.g.Netscape,Explorer)CansubstantiallylowerfixedcostsperunitifthefixedcostishighintheinitialstageofthebusinessCanpreventmarketentrybycompetitors“Marketingisfartooimportanttobelefttothemarketingdepartment.””WritingabusinessplanMarketingisakeyelementinasuccessfulbusinesslaunching.Thisrequiresaclearstrategyfortheso-called4Ps(Product,Price,Place,Promotion)(Forproduct,refertotheproduct/servicesection)23PlaceHowtodeliveryourproduct/servicetothecustomerisakeymarketingissueandrequiresconsiderationofvariousfactorsThemainfactorstoconsiderare;thenumberofpotentialcustomers,rangeofproduct/service,arethecustomerscompaniesorindividuals,wheredotheyprefertoshop,doestheproductrequireexplanation,whatisthepricebracket,whatisthefrequencyofpurchase,whataretheinstitutional/legalconstraintsAnothersignificantmarketingdecisioniswhetheryourcompanywillhandlethedistributionitself,orwhetheraspecializedoperationwillhandleitforyou.Technologicaldevelopmentshavegreatlyexpandedthespectrumofdistributionchannelsandthechoicesareasfollows;1)Third-partyRetailers:Productssoldtotheendcustomerviaretailers2)OutsideAgents:Specializedcompaniesactingasagentsforthedistributionofproducts(don’’tacquireownershiprights)andchargingcommissionforsales3)Franchising:Franchiseespayinglicenseorfranchisefeesandsellingtheproduct/service(e.g.McDonalds,Seven-eleven)4)Wholesalers:Amiddlemanspecializinginre-salestoretailers5)Stores:Sellingproductsdirectlytocustomers6)Ownsalesstaff:Companymarketingemployeesinchargeofdirectsales7)DirectMail:Sellingproductsbymailtocustomers8)CallCenter:Invitingconsumerstoorderproductsbytelephonethroughadvertising9)Internet:UsingInternetasamarketingchannelWritingabusinessplan24PromotionAdvertisingyourproducts/servicesinordertoattractcustomer’sattention,informing,persuadingandinspiringconfidencePromotioncanbedefinedas‘marketingcommunication’.Communicationmustexplainthevalueofyourproduct/servicetoyourcustomers,andconvincecustomersthatyourproductmeetstheirneedsbetterthancompetingoralternativesolutionsWaystoattractthecustomer’’sattention1)ClassicAdvertising:newspapers,magazines,TV,radio2)DirectMarketing:directmailtoselectcustomers,telephonemarketing,internet3)PR(PublicRelations):articlesinprintmediaaboutyourproduct,businessorthemanagement4)Exhibitions5)CustomerVisitsBesuretofocusonthepeoplewhomakethepurchasingdecisionorhavethegreatestinfluenceonthepurchasingdecisionWritingabusinessplan25Isthepriceofyourproduct/servicereasonablecomparedtocurrentmarketofferingsfromthecustomer’’spointofview?□PromotionHaveyouanalyzedwho,withineachcustomergroup,ultimatelymakesthepurchasingdecision?Haveyouidentifiedwaystodrawattentionofyourtargetgroupstoyourproduct/service?□PriceHaveyouspecifiedwhatyourpricestrategyisandreasonsforadoptingthestrategy?Doesthepriceaskedcovercostsandensureafairreturn?□PlaceHaveyouexplainedthereasonsforyourchoiceofdistributionchannel?Haveyoudeterminedhowmuchresources(time,investment)willbeusedtoattractandmaintaincustomers?Haveyoudescribedstepsrequiredforlaunchingyourproduct/serviceinthemarket?Haveyouspecifiedthetargetsalesvolumeforeachdistributionchannel?Haveyouexplainedthetypicalprocessofsellingyourproduct/service?Havealternativedistributionchannelsbeencomparedandstudied?WritingabusinessplanCheckList(Marketing)YesNo26R&DProductionMarketingSalesServiceWritingabusinessplanBusinessSystemAbusinesssystemmapsouttheactivitiesnecessarytoprepareanddeliverafinalproduct/servicetothecustomerThreeelements,namelythevaluechain,make-or-buydecisionsandtheneedforpartnership,mustbeconsideredwithinthebusinesssystemValueChainDescribestheentireprocessofproduct/servicedeliverytoend-users(usechartstoenhanceunderstanding)Definethekeyvaluecreatingactivitieswithintheprocesse.g.)InthecasewhereR&Dandmarketingarethekeyactivities27NeedforpartnershipDeterminewhetheritisnecessarytoforgeapartnershipforapartorwholeofthebusinesssystemPointstoconsiderwhenmakingapartnershipWin-Winsituation:DeterminewhetherbothsidescangainafairadvantagefromtherelationshipNeedtodisperserisks:Determinewhetherthereisaneedtoavoidriskswithincertainpartsofthebusinesssystem(e.g.massiveinitialinvestment)TypesofpartnershipNon-bindingpartnership:BothpartiescanendthepartnershipquicklyandeasilyClosepartnership:CanendthepartnershiponlyunderagreementfrombothpartieswhenthereisahighdegreeofinterdependenceSelectfieldforpartnership:ExplainwhythereisaneedforpartnershipintheselectfieldSelectpartnercompany:Comparestrengths/weaknessesofthepartnerMakeorBuyDefinecoreskillsforeachprocessinthevaluechainDecidewhetheritisbesttocarryouttheindividualactivitiesbyyourselforwhetheroutsourcingisabetteroptionbasedonthesecriteria;strategicsignificance,suitability,andavailabilityIfoutsourcingisyourchoice,comparepotentialvendorsorsuppliersWritingabusinessplan28Hasthekeyvaluecreationfactorinthevaluechainbeenindicated?□PartnershipHastheneedforpartnershipbeenclearlyexplained?Haveyoucomparedpotentialpartners?□ValueChainIsthevaluechainfullyexplained?Isthecostineachvaluechainobjectivelyexplained?□MakeorBuyHaveyouspecifiedwhichactivitiesyouwanttohandleyourselfandwhichshouldbecarriedoutbythirdparties?Haveyoucomparedpossiblewaystoforgepartnership?Haveyouexaminedwhetherthepartnershipgivesequalbenefitstobothsides?Haveyouexaminedfeasibilityofyourbusinessfromtheviewpointofstrategicsignificance,suitabilityandavailability?Haveyoucomparedpotentialsuppliersforoutsourcing?CheckList(BusinessSystem)YesNoWritingabusinessplan29OrganizationExplainorganizationalstructurenecessaryforeachstageofthebusiness(showorganizationalchart)MaintainTFTformatduringtheincubatingstageofthebusiness.SeparateintoanindependentbusinessunitoncetheoperationisinfullswingDescribemissionsandfunctionsofeachorganizationalunitHRDescribeskillsandqualificationsrequiredoftheteamleadersandmembersSetupKPIforperformanceevaluationofteamleadersandmembersSuggestwaystorewardoutstandingteamleadersandmembersShowrequirednumberofpersonnelaccordingtoeachorganizationalunit/rankWritingabusinessplanOrganizationandHR30Isthereenoughbackgroundfortheorganizationalstructure?HaveyouselectedKPIforperformanceevaluationofteamleaders/members?DoestheKPImatchthemissionsandfunctions?Haveyoupresentedanorganizationalchartaccordingtoeachbusinessstage?Haveyoudetailedfunctionsandmissionsforeachorganizationalunit?□HRHaveyoudescribedtheskillsandqualificationsrequiredofeachbusinessunitleader?Haveyousuggestedwaystorewardoutstandingteamleaders/members?Istheorganizationstructuresuitableforspeedydecisionmaking?Haveyoudescribedtheskillsandqualificationsrequiredofeachunitteammember?Haveyouindicatedwhetheryouwillutilizeyourownoroutsidepeopleasteamleaders/members,andgivenrationaleforyourchoice?Havethenumberofranksbeenminimizedasmuchaspossible?WritingabusinessplanCheckList(OrganizationandHR)YesNo□Organization31AnalyzetheopportunitiesandrisksinvolvedinthenewbusinessandpromoteriskmanagementandopportunityuseRiskanalysisAnalyzethefundamentalrisksrelatedtothemarket,competitionandtechnologicaldevelopmentforthenewbusinessQuantitativelymeasuretheimpactontherisksSeekwayshedgeormanagetherisksOpportunitiesanalysisAnalyzeadditionalopportunitiesrelatedtothemarket,competitionandtechnologicaldevelopmentforthenewbusinessQuantitativelymeasurethevalueoftheoptionsSeekwaystoenhancethevalueoftheoptions“Oneofthegreatestmythsaboutentrepreneursisthattheyareallriskseekers.Allsanepeoplewanttoavoidrisk.”WritingabusinessplanOpportunitiesandRisks32Aretherisksrelatedtothemarket,competitionandtechnologicaldevelopmentquantitativelyevaluated?□RiskanalysisAretherisksinmarket,competition,andtechnologicaldevelopmentrelatedtothenewbusinessaccuratelydefined?Haveyousuggestedwaystohedgetherisks?□OpportunityanalysisArethepotentialopportunitiesinmarket,competitionandtechnologicaldevelopmentrelatedtothenewbusinessaccuratelydefined?Aretheoptionsrelatedtothemarket,competitionandtechnologicaldevelopmentquantitativelyevaluated?Haveyoupointedoutwaystoheightenthevalueoftheoptions?WritingabusinessplanCheckList(Opportunitiesandrisks)YesNo33Drawingupyourimplementationschedule1)Ganttimplementationschedule:CheckmajortasksontheGanttchart2)Majormilestones:Indicateeventsthatshouldbedefinedasmilestones3)ImportantconnectionsandinterdependenciesbetweentheworkassignmentgroupingsWritingabusinessplanImplementationScheduleArealisticfive-yearplanenablesyoutoconsiderinter-relatedissuesinpromotingyourprojectandaboveall,helpyoutoavoidpossiblerisksfromattemptingtoreachyourtargetswithanoverlyoptimisticplanning34SampleGanttChartTask2000123456789101112200120022003DevelopmentSoftwaredevelopmentHardwareSet-upTestMarketingEstablishcustomerrelationshipAdvertisingRegionalexpansionOrganization/HRTFTorganization/managementRecruiting/trainingMilestoneNewproductcompletionLaunchadvertisingBusanoperationsKwangjuoperationsTaeguoperationsSeouloperationsWritingabusinessplan35Areallmajortasksincludedintheschedule?□GanttchartimplementationscheduleIstheimplementationscheduleintheformofaGanttchart?Istheimplementationscheduleconsistentwithothersections(organization,personnel,financialplanning)ofthebusinessplan?□MilestoneHaveallthemajormilestonesbeenindicated?ArethemilestonesconsistentwiththeGanttimplementationschedule?Isthescheduleoverlyoptimistic?□InterrelationandinterdependencyIstheorderoftaskslogicallylaidout?Isthereareasonableexplanationfortheinterdependenciesbetweentasks?WritingabusinessplanCheckList(Implementationschedule)YesNo36Minimumrequiredforfinancialplanning1)Cashflowstatement,incomestatement,balancesheet2)Forecastsoverfiveyears,atleastoneyearbeyondthegenerationofpositivecashflow3)Detailedfinancialplanningforthefirsttwoyears(monthlyorquarterly),thereafterannually4)Allfiguresmustbebasedonreasonableassumptions(thebasisforallassumptionsmustbeprovidedinthebusinessplan)5)Analysisoftheeconomicalefficiency(NPV,IRR,Paybackperiod)andsensitivityanalysisofmajorvariablechangesWritingabusinessplanFinancialPlanningFinancialplanningisaconsolidationofallelementsinthebusinessplanandassistsyouinevaluatingtheprofitabilityofyourbusinessFinancialplanningisusedasabasicdataforforecastingtheamountoffinancingneededtosetupabusiness“Planningsubstituteschaosformistakes.”37IncomestatementTheincomestatementshowswhetherthebus