ENTREPRENEURSHIPANDVENTURECAPITALChapter6.docx
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ENTREPRENEURSHIPANDVENTURECAPITALChapter6.docx
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ENTREPRENEURSHIPANDVENTURECAPITALChapter6
ENTREPRENEURSHIPANDVENTURECAPITAL
Chapter6:
CreatingaBusinessPlan
Manyentrepreneurswonderwhyitisnecessarytospendthetimecreatingabusinessplanwhentheyalreadyknowintheirmindswhattheywanttodo.Infact,theyoftenpointoutthatmanysuccessfulentrepreneursdidnotcreateaformalbusinessplansotheyconcludethatitmustnotbenecessarytocreatesuchaplan.Theresponsetosuchhesitancetowriteaformalplanisnotsomuchadefenseofabusinessplanasitisencouragementforentrepreneurstoputideasonpapersotheycanbemorecarefullyevaluatedanddeveloped.Bytakingthetimetowriteabusinessplan,theentrepreneurcanthoroughlyexaminepossiblealternatives,developmorerobuststrategies,anddiscovernewmarkets.Thefollowingarejustafewofthereasonswhyanentrepreneurshoulddevotesufficienttimetowritingastrongbusinessplan.
∙Abusinessplanisaroadmapfordesireddirectionandactionsthatcanbetakentoachievethegoalsofthebusiness.
∙Theentrepreneurcanconsidertheessentialtasksthatarepartofthestrategybeingpursued.
∙Agoodplaninstillsmuchneededdisciplinetothethinkingoftheentrepreneurialteamandkeepstheteamfocusedonimportantactionswhilegivingthemtheabilitytoconsideradditionalactionsthatbecomenecessary.
∙Investorswillwanttoseethattheentrepreneurialteamhasacleardirectionandhasestablishedmilestonestomeasurethesuccessoftheventure.Investorsalsowanttoseehowtheirinvestmentwillberewardedwithcashflowandgrowththatincreasesthevalueoftheirinvestment.
∙Theteamcanusetheplantoguidetheirthinkinginthefutureasconditionschangeandthecompanygrows.Thisoftenleadstosignificantrevisionsintheplan,buteachplanbecomesasteppingstonetoeventualsuccessforallstakeholders.
Itisthebusinessplanthatconveysthevisionandenthusiasmoftheventuretootherstakeholders.Itisablueprintforthebusinessandneedstorecordtheopportunityandthesolutiontoamarketneedandthenshowthatthesolutionbeingproposedbytheentrepreneurcanbedeliveredeconomicallyandinatimelymannertotheintendedcustomers.Thebusinessplancreateswhatmightbecalled“informedaction”becauseitshowsthattheentrepreneurisawareoftheneedsoftheventure.Theplanwillcarefullyshowtheopportunity,therequirements,andtherisksoftheventure,alongwiththepotentialrewards.Thisplanshouldbepreparedbytheentrepreneurialteamsothatallmembersoftheteamknowthedirectiontheyareheadedandthegoalstheywanttoreach.
BusinessPlanFormat
Thereisnodefinitestructuretothebusinessplanorsequenceinwhichthevariouspartsoftheplanshouldbepresented.Areviewofmanybusinessplanswillshowthateachisgenerallypreparedtomeettheneedsoftheentrepreneursandinvestors.Therearesomecommonfeaturesofalmostallplans,however,andtheywillbepresentedhere.Thischapterisintendedtopresenteachsectioninenoughdetailtoacquainttheentrepreneurwithageneraloutlineofthebusinessplan.Amoredetailedpresentationoftheplan,alongwithhelpfultemplatestoputtogethertheplan,isavailablethroughnumerousonlinesources.Eachinterestedpersonshouldlookattheplansandideasavailablefromthefollowingwebsites.
http:
//www.businessplans.orgThisisanexcellentwebsitetofindsampleplansinseveralkindsofservicesandproductsthatgiveideasonhowtoprepareandpresenttheplan.Youwillalsofindasectiondevotedtoguidelinesforplanningthebusiness,samplemarketingplansandideas,aswellaslinkstoover600helpfulresourcesthatcanaidtheentrepreneurinpreparingandtheplanandthinkingaboutthebusiness.
Alsoanexcellentplacetofindsamplebusinessplanslistedbyover25categories,aswellassamplemarketingplans,andmanyotherusefulresources.
Entrepreneursshouldspendsometimelookingattheseresourcesandthinkingcarefullyaboutthewayinwhichthebusinessplanshouldbedevelopedandpresentedtomaximizeitsusefulnesstobothentrepreneursandinvestors.Rememberthereisnorequiredformattopresenttheplan,onlythatthevarioussectionsareneededtoexplaintheopportunitiesandchallengesoftheventure.Inaddition,investorshavebecomeaccustomedtoseeingthesectionsintheplan,eveniftheformatandsequencemaydifferfromplantoplan.
TheformatgiveninTable6.1issuggestedonlyforconvenienceinpresentingthesectionsoftheplanandexplainingwhattheyareanddo.Eachsectionoftheplanwillbebrieflyexplainedinthischapter.
Table6.1SuggestedBusinessPlanFormat
∙ExecutiveSummary
∙ManagementandOrganizationPlan
∙Product/ServicePlan
∙MarketingPlan
∙OperationsPlan
∙FinancialPlanandProFormaFinancialStatements
ExecutiveSummary1(***Jessica***:
ThepartsinredbelowarethosetakenfromtheKauffmanbookdirectlywhichyouhavealreadytranslated.Youshouldbeabletojustcutandpastethesepiecesandsavetime.)
TheExecutiveSummaryprovidesanoverviewofthebusiness.Itcontainshighlightsofthecurrentstageofdevelopmentoftheventure,managementteam,marketandcustomersfortheproductsorservices,marketingplans,howmuchmoneytheventureneeds,andwhatkindoffinancingisrequired.Sincethisisintendedtobeabriefoverviewoftheentireplan,itshouldbewrittenlasteventhoughitappearsfirstinthebusinessplan.Itshouldbenomorethantwoorthreepagesinlength.
TheentrepreneurshouldrealizethatmostinvestorswillreadonlytheExecutiveSummarytodetermineiftheyhaveanyfurtherinterestintheventure.TheSummaryneedstobethestrongestpieceofcommunicationthattheteamcanwrite.Itisonthebasisofthissummarythatinvestorswillshowinterestanddesiretoreadfurtherintheplan,sothesummaryisthemostimportantpartoftheplan.
Beforewritingtheexecutivesummary,identifytheintendedaudienceoftheplan.Towhomwillthebusinessplanbepresentedandforwhatpurpose?
Ifaplanhasmorethanoneaudience,writeadifferentexecutivesummarytohighlightspecificareasofinterest.Theexecutivesummaryshouldtellthereaderwhatyouwantfromthem.Forexample,ifyouareseekingaloan,itshouldstatehowmuchmoneyisneeded,howthemoneywillbeused,yourdesiredfinancingterms,andhowthemoneywillberepaid.
ThefollowingitemsshouldbeincludedintheExecutiveSummary:
ahistoryanddescriptionoftheventure;managementteamandorganization;intendedmarketormarkets;operations;andafinanceplan.Theintentistocapturetheattentionoftheintendedaudienceandexplaintothemthevisionoftheventurethattheentrepreneurhas.Agoodexecutivesummaryisaconciseandcleardescriptionoftheproblembeingsolved,howitissolved,thebusinessmodelbeingused,andtheunderlyingstrengthoftheproductorservicebeingproposed.
ManagementandOrganizationPlan
Themanagementplanshoulddescribethestrengthoftheteamthathasbeenassembledtoruntheventure.ThisteamideawasdevelopedinChapter5andisthefoundationuponwhichtheventureisbuilt.Strongmanagementisacriticalfactorinthesuccessofabusiness.Thissectionofthebusinessplanliststhekeymanagementpositions,alongwithabriefdescriptionoftheprimaryjobdutiesandresponsibilitiesassignedtoeachposition.Itidentifiesthepersonassignedtoeachofthekeypositionsintheventure.Ifsomeofthesekeymanagementpositionshavenotyetbeenfilled,includeabriefjobdescription,whattypesofbusinessskillsandexperiencesareneededfortheposition,andhowyouintendtohireapersontomeettheneedsofthemanagementteam.
Thissectionmustestablishthecredibilityofthepeopleonthemanagementteam,thatis,theirabilitytosuccessfullyoperateandachievetheoutlinedgoalsandobjectivesoftheventure.Youmustbeabletoprovethatyouhaveaccesstoallthemanagementexpertiseyouneedtooperatetheventuresuccessful.
ManybusinessplanswillshowthissectionasthefirstsectionaftertheExecutiveSummarybecauseinvestorsandotherstakeholdersareoftenmostinterestedinthequalificationofthosewhowillruntheventure.Itisthisteamthatwillshapethemissionandvisionoftheventureanddeterminethestrategythatispursued.Thisteamwillmotivatetheorganizationandprovidetheenthusiasmforachievingthegoalsbeingarticulatedinthebusinessplan.Eventhoughitmightbeasmallone,anorganizationalchartshouldbeincludedthatclearlyshowsthelinesofresponsibilityintheorganization.
AnotherimportantpieceofthemanagementplanistoidentifyoutsideexpertswhowillserveoneithertheBoardofDirectorsortheBoardofAdvisors.BecausethemembersoftheBoardofDirectorshavesomelegalresponsibilityfortheorganization,itisusuallybestforstart-upventurestogetaBoardofAdvisors,expertswhocanhelpgiveadvice,butwhohavenolegalresponsibilityforthefunctioningoftheventure.ThisBoardcanprovideexpertisethatmightbemissingintheteam.Itcanprovidevaluablecontactsinitsextendednetworkofbusinessassociatesthatcangivethenewventureaccesstomarketsandknowledgethatitwouldotherwisenotbeabletoget.AndAdvisorscangivevaluableadviceonthestrategicdirectionandactionsbeingcontemplatedbythecompany.SuchaBoardcanbefromtwotofivepeoplewhoarewillingtospendalittletimewiththeentrepreneursonamonthlyorquarterlybasis.
NosingleCEOcankeepallofthenecessarypartsofanorganizationmoving,especiallyinagrowingventure.Itisimportantt
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