创业金融课件3

•Lecture3TheBusinessPlanEntrepreneurialFinanceWhydoweneedaBusinessPlan?•BusinessPlan–Abusinessplanisawrittennarrative,typically25to35pageslong,thatdescribeswhatanewbusinessplanstoaccomplish.•Dual-UseDocument–Formostnewventures,thebusinessplanisadual-purposedocumentusedbothinsideandoutsidethefirm.TheBusinessPlan•Therearetwoprimaryaudiencesforafirm’sbusinessplan•AFirm’sEmployees–Aclearlywrittenbusinessplanhelpstheemployeesofafirmoperateinsyncandmoveforwardinaconsistentandpurposefulmanner.•Investorsandotherexternalstakeholders–Afirm’sbusinessplanmustmakethecasethatthefirmisagooduseofaninvestor’sfundsortheattentionofothers.TheBusinessPlan•StructureoftheBusinessPlan–Tomakethebestimpressionabusinessplanshouldfollowaconventionalstructure.–Althoughsomeentrepreneurswanttodemonstratecreativity,departingfromthebasicstructureoftheconventionalbusinessplanisusuallyamistake.–Typically,investorsarebusypeopleandwantaplanwheretheycaneasilyfindcriticalinformation.TheBusinessPlan•StructureoftheBusinessPlan(continued)–SoftwarePackages•Therearemanysoftwarepackagesavailablethatemployaninteractive,menu-drivenapproachtoassistinthewritingofabusinessplan.•Someoftheseprogramsareveryhelpful.However,entrepreneursshouldavoidaboilerplateplanthatlooksasthoughitcamefroma“canned”source.–SenseofExcitement•Alongwithfactsandfigures,abusinessplanneedstoprojectasenseofanticipationandexcitementaboutthepossibilitiesthatsurroundanewventure.TheBusinessPlan•ContentoftheBusinessPlan–Thebusinessplanshouldgiveclearandconciseinformationonalltheimportantaspectsoftheproposedventure.–Itmustbelongenoughtoprovidesufficientinformationyetshortenoughtomaintainreaderinterest.–Formostplans,25to35pagesissufficient.•TypesofBusinessPlans–Therearethreetypesofbusinessplans,whichareshownonthenextslide.TheBusinessPlanTheBusinessPlan•RecognizingtheElementsofthePlanMayChange–It’simportanttorecognizethattheplanwillusuallychangewhilewritten.–Newinsightsinvariablyemergewhenanentrepreneurorateamofentrepreneursimmersethemselvesinwritingtheplanandstartgettingfeedbackfromothers.TheBusinessPlanTheBusinessPlan•OutlineofBusinessPlan–Asuggestedoutlineofabusinessplanisshownonthenextseveralslides.–Mostbusinessplansdonotincludealltheelementsintroducedinthesampleplan;Iincludethemhereforthepurposeofcompleteness.–Eachentrepreneurmustdecidewhichelementstoincludeinhisorherplan.•ExecutiveSummary–Theexecutivesummaryisashortoverviewoftheentirebusinessplan–Itprovidesabusyreaderwitheverythingthatneedstobeknownaboutthenewventure’sdistinctivenature.–Anexecutivesummaryshouldn’texceedtwosingle-spacedpages.ElementsoftheBusinessPlanElementsoftheBusinessPlanTheExecutiveSummaryInmanyinstancesaninvestorwillaskforacopyofafirm’sexecutivesummaryandwillaskforacopyoftheentireplanonlyiftheexecutivesummaryissufficientlyconvincing.Theexecutivesummary,then,isarguablythemostimportantsectionofabusinessplan.ElementsoftheBusinessPlan•CompanyDescription–Thissectionbeginswithageneraldescriptionofthecompany.–Itemstoincludeinthissection:•Companydescription•Companyhistory•Missionstatement•Productsandservices•Currentstatus•Legalstatusandownership•Keypartnerships(ifany)ElementsoftheBusinessPlan•MarketAnalysis–Themarketanalysisbreakstheindustryintosegmentsandzerosinonthespecificsegment(ortargetmarket)towhichthefirmwilltrytoappeal.–Itemstoincludeinthissection:•Marketsegmentationandtargetmarketselection•Buyerbehavior•CompetitoranalysisElementsoftheBusinessPlan•TheEconomicsoftheBusiness–Thissectionaddressesthebasiclogicofhowprofitsareearnedinthebusinessandhowmanyunitsofabusiness’sprofitsmustbesoldforthebusinessto“breakeven”andthenstartearningaprofit.–Itemstoincludeinthissection:•Revenuedriversandprofitmargins•Fixedandvariablecosts•Operatingleverageanditsimplications•Start-upcosts•Break-evenchartandcalculationsElementsoftheBusinessPlan•MarketingPlan–Themarketingplanfocusesonhowthebusinesswillmarketandsellitsproductorservice.–Itemstoincludeinthissection:•Overallmarketingstrategy•Product,price,promotions,anddistribution•Salesprocess(orCycle)•SalestacticsElementsoftheBusinessplan•DesignandDevelopmentPlan–Ifyou’redevelopingacompletelynewproductorservice,youneedtoincludeasectioninyourbusinessplanthatfocusesonthestatusofyourdevelopmentefforts.–Itemstoincludeinthissection:•Developmentstatusandtasks•Challengesandrisks•Projecteddevelopmentcosts•Proprietaryissues(patents,trademarks,copyrights,licenses,brandnames)•OperationsPlan–Outlineshowyourbusinesswillberunandhowyourproductorservicewillbeproduced.–Ausefulwaytoillustratehowyourbusinesswillberunistodescribeitintermsof“backstage”(unseentothecustomer)and“frontstage”(seenbythecustomer)activities.–Itemstoincludeinthissection:•Generalapproachtooperations•Businesslocation•FacilitiesandequipmentElementsoftheBusinessPlanElementsoftheBusinessPlan•ManagementTeamandCompanyStructure–Themanagementteamofanewventuretypicallyconsistsofthefounderorfoundersandahandfulofkeymanagementpersonnel.–Itemstoincludeinthissection:•Managementteam•Boardofdirectors•Boardofadvisers•CompanystructureElementsoftheBusinessPl