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1、TheFirstBusinessPlan MBA EntrepreneurialManagement PurposeofBusinessPlanning PrincipalMotivationForDevelopingABusinessPlan CriticalResearchLtd February 1996 TheInitialBusinessPlan Informsoutsidersofyourintentions Guidesyourearlymonthsoftrading Mustshowinvestorstheexpectedrateofreturnandthatthereisag
2、oodchanceofbeingpaidback Mustdemonstrateyourmanagerialcompetence Mustassessthestrengthsofyourteam Mustdemonstrateagoodmarketforyourproductorservice Focusesuponcriticalsuccessfactors Should grabtheattention ofthereader TheWrittenPlan ExecutivesummaryDescriptionofbusinessPersonnelMarketingOperationsHu
3、manresourcesCapitalresourcesFinancialstatements DefiningtheMarket ConsumerMarketintermsofage sex familysize income maritalstatus importanceofsocialclass importanceoflocalarea likelyusagerates importanceoflifestyle importanceofprestigeandimage customers preferredpointofsale balanceofpriceversusfeatur
4、esgivingvalueformoney IndustrialMarkettypeofindustry sizeofpotentialcustomersrequiredfrequencyofdelivery pricesensitivity after salesserviceand ormaintenance specialcharacteristicsofmarketandexistingsuppliers ifany WhyWillCustomersBuy Whatarethecustomersneedsandwants TheOfferPackage appearance colou
5、r packaging style materials deliverytime maintenance performance speed reliability noise vibration quality valueformoney SourcesofdifferentiationRemember customersrarelyactrationally emotionandperceptionmattersignificantly WhatQuantityWillCustomersBuy Marketsize segmentation share volumeandvalue Mar
6、ketstructuredistributionchannels howdoestheproduct servicereachthecustomer Marketcompetition seenextslide Markettrendshistoricaldevelopments predictedfuturechanges responsetouncertainty Marketinvestmenttimeandmoneytoachieveviablesaleslevels MarketCompetition Whoareourpotentialcompetitors Howmuchdoth
7、eysell Howhavetheyperformedrecently Howaretheyorganised Howdotheysell Whoaretheirmaincustomers Whatistheirpricingpolicy Docustomerswantsomethingwhichtheydon tprovide MarketResearch Marketbreak downsizeofmarketoverall sizeofsegment ourlikelyshareMarketbuild upcustomerspurchasesxnumberofcustomersdeskr
8、esearchdirectories literature surveys Internetprimaryresearchinterviews questionnaires testandtrialsRemember BeSystematicandLogical EvaluatingBusinessPlans Criteriasometimesusedbycommercialbanks C A M P A R I CharacterAbilityManagementPurposeAmountRepaymentInsurance P A R S R PersonAmountRepaymentSe
9、curityReward PresentingtheBusinessPlan IdentifywithaudienceKeepitshortCatchattentionConfidentbutnotpresumptiveBepassionateMaintaineyecontactClearvisualaidsAllkeypersonnelpresentGivedemonstrationAnticipatequestionsPractice practice practice SmallFirmOwner managerAttitudesTowardsExternalSourcesofFinan
10、ce Sources AlexLawrie BCC WheelofFinance Institutionalfunds Grants Publicfunds Privatefunds Personalcontributions Businesscontributions Banklending Technologyfunding Awards REG Localauthorities developmentagencies Innovationgrant Sponsoredawards SMART SPUR R Dcollaborativeprojects Seed developmentca
11、pital Venturecapital Standardproducts ECloans Specialschemes Businessangels Corporateventuring Partnerships RSA SFLGS NatWestBank UseOfExternalSourcesOfFunding SmallBusinessResearchCentre Cambridge1992 BarclaysBankPLC 1996 DurationOfLoans SmallFirmProblemsWithBanks CreditRationing refusaltofundhighq
12、ualityprojectOversupplyofCredit fundingpoorqualityprojectAdverseSelection risinginterestratesmeanlowriskborrowersgoelsewhereleavingonlyhighriskborrowersMoralHazard banksabilitytomonitorprogressofaprojectBankcharges levelandunpredictabilityCollateral amountsneededandformtakenleadtoerosionoffutureborr
13、owingpotentialandlimitedliabilityAdvice advisersdon tknowthebusiness don tknowtheindustryandcan tgivehelpfuladviceInterestRates toohighanduncertain RejectionOfApplicationsForVentureCapitalFunding Boococketal 1993 Bridge Bridge Mezzanine Secondstage Start upcapital Firststage Seedcorn StagesinFinanci
14、ngaNewVenture Volume Time Introduction Growth Maturity Decline NegativeCash flows NegativeBecomingPositiveCash flows PositiveCash flows PositiveBecomingNegativeCash flows FinancingStagesofGrowth DavidIrwin 1999 Source AlexLawrie 1999 FinanceforStart ups FinancingNewSmallVentures Sources ISSA FDA BVC
15、A1999 SmallFirmsAndExternalFinance GeneralIssues 1 Sizeexcludesmanysmallfirmsfromcertainsectionsofexternalcapitalmarkets Thisleadstoequitygaps e g Boococketal 1993 Debtisconsideredtobetheprincipalsourceofexternalfinance Hall 1989 Owner managersclaimbanksdonotprovidesufficientfundsandarenotsympatheti
16、ctowardsexpansionplansorstart ups Bankarealsoconsideredtobemaledominatedanddiscriminateagainstwomenapplicantsforloans e g Wilson 1979 SmallFirmsAndExternalFinance GeneralIssues 2 Banksclaimthereisnoshortageoffunding onlyashortageofgoodproposals Banksnowprovideintegratedproductsandservicesincludingadvisoryschemes start uploans freebanking interestbearingaccountsandsoon e g Cressey 1993 Banksnowseesmallbusinessasaviablemarketsegment
