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Introduction to Entrepreneurship - Business Plan

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Solvay Entrepreneurs
Solvay Entrepreneurs

Discover what it makes to make a great Business Plan to convince investors, partners and customers of your business.

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GEST-S547 Introduction to Entrepreneurship Session 7 – Business Plan Olivier Witmeur November 2012
Desired outcomes of the session • Understand what a business plan is. • Agenda – Room for deserts – Why a business plan – The content of a business plan GEST-S547 - 2012-2013 © Olivier Witmeur 2
Case #2: Room for desserts 3
4
THE BUSINESS PLAN 5
Main targets of a business plan • Prove the quality of the opportunity • Explain the business strategy • Define realistic and measurable targets • Convince potential partners • Create a benchmark for the management team in charge of implementing the plan • …and prove the quality of the entrepreneur who drew the plan GEST-S547 - 2012-2013 © Olivier Witmeur 6
The big questions • Who is in the management team? • What do you sell? Why is it unique? To what needs do you answer? • Who are the customers? • What are your goals (the strategy)? • What are the main risks? • What are the development stages of the venture? What need to be done (the action plan)? • How do you sell? • How and when go you make profits (the financial plan)? • What is missing before you start? GEST-S547 - 2012-2013 © Olivier Witmeur 7
Typical business plan structure Management Team Vision Strategy Business Model Production & Supply Chain Sales & Marketing Research & Development Organization & Administration Financial PlanFinancial Plan Opportunity Market & Industry Financing scheme Sensibility analysis Milestones Stages Risk analysis Plan B GEST-S547 - 2012-2013 © 8
MANAGEMENT • The people – The management team • Bio (CVs as appendixes) • Individual targets and motivations – Boards • Board of Directors • Advisory Board • The story – Where does the project and the people come from? GEST-S547 - 2012-2013 © Olivier Witmeur 9
STRATEGY 1. Long term vision: BE AMBITIOUS 2. Positioning: BE UNIQUE 3. Core business: FOCUS 4. Market niche: FOCUS + The Business Model: 9 blocks of the business model generation canvas GEST-S547 - 2012-2013 © Olivier Witmeur 10
SALES AND MARKETING • Marketing mix – Product – Price – Place – Promotion • Sales target List your first 10 customers GEST-S547 - 2012-2013 © Olivier Witmeur 11
PRODUCTION • Scheme, cycles, organization and methodologies • Internal resources & partners – Owned production facilities versus subcontracting – Production capacity and bottlenecks GEST-S547 - 2012-2013 © Olivier Witmeur 12
RESEARCH & DEVELOPMENT • Project planning – Deliverables – Risks & potential solutions • Intellectual property • Team and partners involved in the project GEST-S547 - 2012-2013 © Olivier Witmeur 13
ADMINISTRATION • Governance • Future organization chart • Human Resource management – Corporate culture – Wage and benefit policy – Recruitment, appraisal… • Finances and legal – Who’s in charge – The tools GEST-S547 - 2012-2013 © Olivier Witmeur 14
RISK SECTION • Risk types:  Management  Customer  Competition  Technology  Finance  Environment  Legal  … GEST-S547 - 2012-2013 © 15
The perfect business plan? • A dream team: capable, experienced, committed, adaptable and trustworthy • A unique offering with a proof of concept • An in-depth market research section (i.e. incl. demand, industry and competition) • Focus on one niche market and a strong Sales & Marketing plan • Focus on the core business • Ambition and realism • Clear milestones • Ready for execution • Strong governance • Risks analysis and Plan B included • Financial plan based on a limited set of benchmarked assumptions • Keep it simple VC will add: • Fast and scalable business model • Clear exit strategy GEST-S547 - 2012-2013 © Olivier Witmeur 16
Content of a Financial Plan • Profit & Loss statement – Sales – Cost of goods sold or Cost of sales  Gross Margin – Fixed cost structure : S&M, R&D, G&A – EBIT – Net earnings • Balance sheet: Assets & Liabilities • Cash-flow statements + Benchmarking and sensibility analysis  Help to define the security margins GEST-S547 - 2012-2013 © Olivier Witmeur 17
To be continued • Entrepreneurial growth strategies • More on financings GEST-S547 - 2012-2013 © Olivier Witmeur 18
olivier.witmeur@ulb.ac.be Office: J1-107 (Janson Building) If urgent & important: Tel +32.2.650.41.61 - Mob. +32.475.68.62.50 NEVER STOP ASKING GEST-S547 - 2012-2013 © Olivier Witmeur 19

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Introduction to Entrepreneurship - Business Plan

  • 1. GEST-S547 Introduction to Entrepreneurship Session 7 – Business Plan Olivier Witmeur November 2012
  • 2. Desired outcomes of the session • Understand what a business plan is. • Agenda – Room for deserts – Why a business plan – The content of a business plan GEST-S547 - 2012-2013 © Olivier Witmeur 2
  • 3. Case #2: Room for desserts 3
  • 4. 4
  • 6. Main targets of a business plan • Prove the quality of the opportunity • Explain the business strategy • Define realistic and measurable targets • Convince potential partners • Create a benchmark for the management team in charge of implementing the plan • …and prove the quality of the entrepreneur who drew the plan GEST-S547 - 2012-2013 © Olivier Witmeur 6
  • 7. The big questions • Who is in the management team? • What do you sell? Why is it unique? To what needs do you answer? • Who are the customers? • What are your goals (the strategy)? • What are the main risks? • What are the development stages of the venture? What need to be done (the action plan)? • How do you sell? • How and when go you make profits (the financial plan)? • What is missing before you start? GEST-S547 - 2012-2013 © Olivier Witmeur 7
  • 8. Typical business plan structure Management Team Vision Strategy Business Model Production & Supply Chain Sales & Marketing Research & Development Organization & Administration Financial PlanFinancial Plan Opportunity Market & Industry Financing scheme Sensibility analysis Milestones Stages Risk analysis Plan B GEST-S547 - 2012-2013 © 8
  • 9. MANAGEMENT • The people – The management team • Bio (CVs as appendixes) • Individual targets and motivations – Boards • Board of Directors • Advisory Board • The story – Where does the project and the people come from? GEST-S547 - 2012-2013 © Olivier Witmeur 9
  • 10. STRATEGY 1. Long term vision: BE AMBITIOUS 2. Positioning: BE UNIQUE 3. Core business: FOCUS 4. Market niche: FOCUS + The Business Model: 9 blocks of the business model generation canvas GEST-S547 - 2012-2013 © Olivier Witmeur 10
  • 11. SALES AND MARKETING • Marketing mix – Product – Price – Place – Promotion • Sales target List your first 10 customers GEST-S547 - 2012-2013 © Olivier Witmeur 11
  • 12. PRODUCTION • Scheme, cycles, organization and methodologies • Internal resources & partners – Owned production facilities versus subcontracting – Production capacity and bottlenecks GEST-S547 - 2012-2013 © Olivier Witmeur 12
  • 13. RESEARCH & DEVELOPMENT • Project planning – Deliverables – Risks & potential solutions • Intellectual property • Team and partners involved in the project GEST-S547 - 2012-2013 © Olivier Witmeur 13
  • 14. ADMINISTRATION • Governance • Future organization chart • Human Resource management – Corporate culture – Wage and benefit policy – Recruitment, appraisal… • Finances and legal – Who’s in charge – The tools GEST-S547 - 2012-2013 © Olivier Witmeur 14
  • 15. RISK SECTION • Risk types:  Management  Customer  Competition  Technology  Finance  Environment  Legal  … GEST-S547 - 2012-2013 © 15
  • 16. The perfect business plan? • A dream team: capable, experienced, committed, adaptable and trustworthy • A unique offering with a proof of concept • An in-depth market research section (i.e. incl. demand, industry and competition) • Focus on one niche market and a strong Sales & Marketing plan • Focus on the core business • Ambition and realism • Clear milestones • Ready for execution • Strong governance • Risks analysis and Plan B included • Financial plan based on a limited set of benchmarked assumptions • Keep it simple VC will add: • Fast and scalable business model • Clear exit strategy GEST-S547 - 2012-2013 © Olivier Witmeur 16
  • 17. Content of a Financial Plan • Profit & Loss statement – Sales – Cost of goods sold or Cost of sales  Gross Margin – Fixed cost structure : S&M, R&D, G&A – EBIT – Net earnings • Balance sheet: Assets & Liabilities • Cash-flow statements + Benchmarking and sensibility analysis  Help to define the security margins GEST-S547 - 2012-2013 © Olivier Witmeur 17
  • 18. To be continued • Entrepreneurial growth strategies • More on financings GEST-S547 - 2012-2013 © Olivier Witmeur 18
  • 19. olivier.witmeur@ulb.ac.be Office: J1-107 (Janson Building) If urgent & important: Tel +32.2.650.41.61 - Mob. +32.475.68.62.50 NEVER STOP ASKING GEST-S547 - 2012-2013 © Olivier Witmeur 19