Outline five benefits of a business plan (Slide 14)
Forces founders to systematically evaluate their business idea, enhancing its impact.
Identifies knowledge gaps and offers structured solutions to address them.
Drives founders to make decisions, ensuring focused progress.
Serves as a primary communication tool among various stakeholders.
Dry run for the real case.
Name and briefly explain three elements which successful company start-ups have in common
Capital
Business idea: No business without an idea. Ideas are starting points, requiring development and testing to become viable market propositions.
Founding team: The management team is vital for start-ups. High-growth companies require a skilled founding team. Assembling it demands time and sensitivity
Which four key questions need to be answered by a business idea?
Problem Solving – Which problem will your business idea seek to overcome? What
precisely is so innovative about your business idea? In what way is your business idea
unique? Is it perhaps even patented?
Market – Who will buy this product? Why should the customer buy the product? What
need does it satisfy? How does the product get to the customer?
Competition – What is the new company's competitive edge, and what is there to stop
an employee simply copying the benefits? Why is the product better than equivalent
products?
Profit mechanisms – Is the product suitable to make money? What costs are involved,
and which prices are feasible?
Differentiate eight elements/chapters in a typical structure of a Business Plan
Executive summary
Product/service
Founding team
Marketing
Business system and organization
Implementation roadmap
Risks
Financial planning
Name and briefly explain four points to be addressed in the chapter Product/service in a business plan. (Slide 18)
Problem solving – Which problem do you solve with the idea? Which customer need is satisfied? Which (quantifiable) customer benefit do you achieve?
Offer – What kind of product or service do you want to sell? What does your actual offering look like? What makes it innovative? Where/how can it be used?
Stage of development – At what stage of development is your product or service? When will it be ready to market?
Life cycle – For how long is your product likely to make good sales? Which stages of development do you plan? How will the product or service be developed (successors or upgrades)? Which development costs have been incurred so far?
Name and briefly explain at least four Features to be addressed in the chapter Founding Team in a business plan. (Slide 19)
Complementary characteristics and strengths
A shared vision – and common thirst for success
At least three, rarely over six persons
Flexibility in the face of difficulties
Strong personal bonds – even in tricky predicaments
Does not give up after set-backs. Instead it reforms to overcome obstacles the second or third time round.
Name and briefly explain four points to be addressed in the chapter Marketing in a business plan.
Market overview:How large is the market potential, Which factors influence the market
Market Segementation: Which are the most important customer groups, Whose needs do you address with your offer
Costumer Structure: Persona, Why is this target audience particularly interesting to your company
Market trends: noticeable market trends, growth rates in your target markets
Competition: Who are your toughest competitors, In which target markets will you operate
Marketing strategy: How do you set yourself apart from the competition? USP?
Asumptions: Do your sales plans and production capacities concur
Marketing Mix: Product, Price, Place, Promotion
Check Slide 23-30 very interesting!
Name and briefly explain four points to be addressed in the chapter Business system and Organization in a business plan.
Business system – What kind of business system will your company apply? Which activities by your company will create added value? Where is your company domiciled?
Organization – Which business divisions are there in your company? How is the organization structured?
Values and standards – Which values and standards define your organization (corporate culture)?
Partnership – What do you produce yourself ('make'), and what do you source elsewhere ('buy')?With which partners do you intend to cooperate? How do you and your partners benefit from this collaboration?
Name and briefly explain seven different sales channels.
External retailers
External agents
Franchising
Wholesale
Own distribution centers
Own sales agents
Direct mail
Internet
Outline the consequences of an over-optimistic business plan (Slide 34)
Over-optimism erodes credibility.
Resources are built up, increasing costs.
Delays in product launch or sales lead to cash shortfalls.
Emergency fundraising becomes necessary.
Risk of company folding if new investors aren't found.
Potential loss of equity for the entrepreneur.
Outline the consequences of an over-pessimistic business plan (Slide 35)
Conservative planning can lead to positive surprises.
Risks of overly pessimistic planning:
Lack of resources when business booms, risking quality and viability.
Potential loss of revenue and market share to competitors.
Rapid growth requires liquid funds and potential investments.
Running out of money despite accounting profits.
Emergency fundraising can result in unfavorable terms.
Risk of "growing your business into bankruptcy."
Draw a cash flow chart showing cumulative cash flow over 5 years for three different risk scenarios and sensitivities of a startup company. Briefly describe each of the three scenarios.
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