Please take few moments to think about your …...If you’re starting a business, a compelling...
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Javad Jassbi Feb 2016 1 Please take few moments to think about your expectation from this course?! Write few notes down so that you can check at the end if you achieve what was expected.
Transcript of Please take few moments to think about your …...If you’re starting a business, a compelling...
Javad Jassbi
Feb 2016
1
Please take few moments to
think about your expectation
from this course?!
Write few notes down so that
you can check at the end if you
achieve what was expected.
2 Starter!
Plan 4 Today
Introduction and Philosophy 25 Min
Review on Concepts and so on. 70 Min
SME Instrument 10 Min
Q & D 10 Min
Next Meeting Workshop? 5 Min
3
First Meeting
Second Meeting
The procedure ? 10 Min
Workshop 80 Min
Conclusion & Wrapping 30 Min
4
Output / Expectations / Objects / Result
of this class?
Business plan
Table of Content:
1) Introduction
2) Definition
3) Objectives
4) Types of Business Plan
5) Components
6) How to write it?
7) Tools
8) SME Instrument
9) Some Advices!
10)Project!
Business plan 5
If one does not know to which port
one is sailing, no wind is favorable. Lucius Annaeus Seneca
6 introduction
Business Plan
What is Business!!!
What is Plan!!!
7 introduction
Business:
8 introduction
An Organization or economic System where Goods and
services are exchanged for one another or for money.
Every business requires some form of investment and enough
customers to whom its output can be sold on a consistent
basis in order to make a profit.
Businesses can be privately owned, not-for-profit or state-
owned.
From Business Dictionary!
9
Plan vs. Decision
I plan to go back to school in September
I have decided to go to go back
to school in September
introduction
10
Types of Decisions
Level of decision making - Scope
Structured Unstructured
Strategic
Managerial
Operational
introduction
11
Characteristics Operational Managerial Strategic
Accuracy High Low
Level of detail Detailed Aggregate
Time horizon Present Future
Use Frequent Infrequent
Source Internal External
Scope Narrow Wide
Nature Quantitative Qualitative
Information Characteristics
introduction
12
Random Acts of Improvement Aligned Acts of Improvement
introduction
13
• Type of
business
• Competitive position
• Resource development
BUSINESS STRATEGIES
• How to compete in a particular market
• How to achieve competitive advantage
FUNCTIONAL STRATEGIES
• Action plans for each functional area
CORPORATE
STRATEGIES
ORGANIZATIONAL LEVELS OF STRATEGIES
introduction
14
Strategic Managers for All Levels
introduction
15
Corporate-Level Strategies
Vertical integration
Diversification
Strategic alliances
Acquisitions
New ventures
Business portfolio
Restructuring
introduction
16
Business-Level Strategies
Cost leadership
Attaining, then using the lowest total cost basis as a competitive advantage.
Differentiation
Using product features or services to distinguish the firm’s offerings from its competitors.
Market niche focus
Concentrating competitively on a specific market segment.
introduction
17
Functional-Level Strategies
Focus is on improving the effectiveness of operations
within a company.
Manufacturing
Marketing
Materials management
Research and development
Human resources
introduction
Ten Schools of Thought on Strategy Formulation (Mintzberg and Lampell, 1999)
Design, A Process of Conception
Planning, A formal Process
Positioning, An Analytical Process(Porter's 5 forces).
Entrepreneurial, A visionary Process
Cognitive, A mental Process
Learning, An Emergent Process
Power, A Process of Negotiation
Cultural, A Social Process
Environmental, A Reactive Process
Configuration, A Process of Transformation
introduction
19 introduction
Prescription
Top-Down
Planning
Analytical
Perfect rationality
........
Description
Bottom-up
Spontaneous
Visionary
Bounded Rationality
.......
Normative assumptions of prescriptive schools
reconsidered
20
Plan4Plan
Plan4 Understanding
Plan 4 Strategic Perspective
introduction
60s 90s 2010s
21 introduction
Strategic Perspective.....
A detailed plan setting out the objectives of a business, the
strategy and tactics planned to achieve them, and the expected
profits, usually over a period of three to ten years.
World English Dictionary
A business plan is a detailed plan for setting up or developing a
business, especially one that is written in order to borrow money.
Collins
22 Definition
Business plan?
A formal document outlining the foundations, strategies, goals and
tactics of a business or organization and can take many forms, from
a glossy, professionally produced document to a handwritten
manuscript
Used to demonstrate why these plans and goals are attainable both
financially and strategically
The preferred mode of communication between entrepreneurs and
potential investors.
Split up into several sections
23
More…
Definition
To plan for an uncertain future
To help grow your business
To commit to a particular course of action
To manage cash flow
To value a business
To ensure all bases are covered
Why Business Plan (Planning for business) is
Important:
Objectives 24
Objectives
25
“Would you tell me please, which way I ought to go from here?” asked Alice.
“That depends a good deal on where you want to get to” said the cat.
Alice’s Adventures in wonderland,
A primary aim of any business plan is to set out the strategy and
action plan for the business for the next one to three years (sometimes
five to ten years).
By involving your employees in the complete planning process, you
continue to build up a successful, committed team.
Priorities are identified. Non-priorities are dropped, saving time and
recourses!
The plan needs to ‘sell’ the business
&
may need to be tailored to the target audience.
Sometimes the plan is aimed at people outside your business.
For example when you are:
Raising bank or equity finance.
Disposing of a business.
Attracting new senior management.
Attracting business partners, such as distributors and agents.
Objectives 26
Types of Business Plan
• What we may think of as more of a comprehensive traditional business plan, a start-up plan covers all topics relevant to new venture creation, such as company information, markets, forecasts, strategy, management team and financial analysis.
Start-up plan
• This type of plan would be used internally and not for outside parties. It would not necessarily need the management team breakdown and detailed company analysis, but cover where the company intends to go.
Internal plan
• Used mostly as an internal plan, it may include specific benchmarks, such as milestones, dates, deadlines and responsibilities of managers and/or teams.
Operations plan
• Another internal type of plan, a strategic plan focuses on high-level opportunities and setting priorities for the organization, rather than on specific dates/responsibilities of the team.
Strategic plan
• This type of plan may focus on a specific area of business or a subset of the business; new investments or loan applications may require a detailed growth plan as part of the process, while you may want to use a growth plan internally; this plan should include comprehensive forecasts of sales and expenses for the new venture/product/etc.
Growth/expansion plan
• Considering a new start-up, a feasibility plan is used to evaluate the idea and whether it’s worth pursuing; it should include a summary, mission statement, elements of success, market analysis overview and an analysis of costs, pricing, and probable expenses.
Feasibility plan
27
Components
Business plan
Timeline
Executive Summary
Mission Statement
Company Background
………
Product/ Service
Description
Marketing Plan
Competitor Analysis
SWOT
Operations
Financial Planning
28
29
How to write it?
How to write it?
There is no should, it’s all
about could!
Executive Summary
Most important part!
Should touch on all other aspects of the plan in a
summarized, brief and effective manner,
Contains an overview, descriptions, and main conclusions
regarding the key points of the business,
Should be tailored to prospective audience,
30 How to write it?
ه اغ ورب ق
اسب
Mission Statement
31 How to write it?
Frog?
Addresses question:"What business are we in?”
The mission is a written expression of what the owner
stands for and believes in and how the company will
reflect those values and beliefs.
The mechanism for making it clear to everyone the
company touches “why we’re here” and “where we are
going.”
It is “alive”, namely, it should be developed continually.
Mission:
32 How to write it?
9 Components of a Mission Statement
Customers
Products or Services
Markets
Technology
Concern for Survival, Growth, and Profitability
Philosophy
Self-Concept
Concern for Public Image
Concern for Employees
33 How to write it?
34
Low cost airline easyjet’s mission statement is:
“To provide our customers with safe, good value, point-to-point air services.
To effect and to offer a consistent and reliable product and fares appealing to
leisure and business markets on a range of European routes. To achieve this
we will develop our people and establish lasting relationships with our
suppliers.”
Google‘s mission is ‘to organize the world’s information and make it
universally accessible and useful’.
Old Starbucks’ mission is to “Establish Starbucks as the premier purveyor
of the finest coffee in the world while maintaining our uncompromising
principles while we grow.”
New Starbucks’ mission is to inspire and nurture the human spirit – one
person, one cup and one neighborhood at a time.
eBay’s Mission is to provide a global online marketplace where practically
anyone can trade practically anything, enabling economic opportunity
around the world.
How to write it?
35 How to write it?
36
Crafting a mission statement forces you to take a long, hard look at the key
parts of your business, making the process a fundamental part of business
planning:
If you’re starting a business, a compelling mission statement can convince
potential investors that you know who you are and where you want to go.
If you’re a company of one, a clear mission statement keeps you focused
on what you do best.
If you run a growing business, a strong mission statement can help turn
employees into team players.
If your company has run into trouble, a decisive mission statement can
help you set the direction you want to take to turn things around.
If you have to decide between two courses of action, a strong mission
statement can help you.
How to write it?
Company Background
Description of the company
History
Governance and Structure
Past Achievements
…….
37 How to write it?
Product / Service Description
Detailed description of product or service sold by the business
Benefits and ability of product/Service to satisfy needs
Product/ Service Life Cycle
Research and Development
……………….
38 How to write it?
Marketing Plan
Explain the strategy that you and your team have developed and
agreed upon.
Why did you choose this strategy? Why do you feel that it’s the best
possible strategy for the near future?
Description of industry and target market
Size, Characteristics, Trends
Market Research
Surveys, Correlational Studies, Interviews
Competition
39 How to write it?
40
Next step is to put your “Four P’s” down for each product/Service.
Price
Promotion Place
Product
How to write it?
Each product / Service should have its own “Four P’s
41
Product
Branding/Brand Name.
Intended quality of the product (is it a $1 plastic toy fire truck,
or a $30 metal one with real flashing lights and a siren?).
Scope of the product line.
Warranty.
Packaging.
………….
Price
List price.
Discounts.
Bundling.
Payment terms.
Leasing options (if applicable).
………….
How to write it?
42
Place (Distribution)
Distribution channels (do you sell this product yourself, ship it to
retailers or warehouses, etc).
Channel Motivations (what sort of margins should your
distributors expect, if applicable?).
Criteria for evaluating your distributors.
Locations.
Logistics and Supply Chain.
………………
How to write it?
43
Promotion
Advertising (what types? how much of each type? what type
of advertising channels — TV, print, internet, etc. – do you
plan to use?).
Public Relations.
Promotional programs.
Budget, including your break-even point.
Projected results of this promotional program (impact to
customer loyalty, new customer acquisition, etc.).
……………….
How to write it?
Competitor Analysis
44
Resources:
• Annual reports
• Company profiles
• Product brochures
• Press releases
• Articles published in the media
• Presentations
• Data that will require some investigation and research, such as pricing, marketing campaigns, promotions and so on
Financial resources
Staff
Products
Service
Market share
Pricing
Customers
Financial data
Brand recognition
Location
Marketing tactics
Logistics
…..
How to write it?
A situation analysis
where internal
strengths and
weaknesses of an
organization are
examined in line
with potential
opportunities and
threats to chart a
strategy.
45
SWOT
How to write it?
Strengths are the individual qualities that help to
achieve its objectives. These strengths could be
tangible or intangible and through them you can
have continued success. Most of them lie in what
the employees possess and include process
capabilities, competency levels, products and
services, brand loyalty, financial resources and
customer goodwill. The organizational strengths
may include a broad product line, committed
employees, absence of debt and adequate financial
resources.
Opportunities are the avenues for improvement
and success which present themselves in the
business environment. Once recognized and acted
upon, the organization can gain a competitive
advantage over its competitors. The firm should
always be on the lookout to avoid failing to
recognize them. Business opportunities may arise
as a result of competition, from the market, the
nature of the industry and the government.
Weaknesses fall below the line of standards we
want. They include insufficient research and
development for products and services, a
depreciating set of machinery, poor decision
making and a narrow product range. However, the
good news about weaknesses is that they can be
controlled, minimized or eliminated totally
altogether. Organizational weaknesses include
wastage of raw materials, high employee turnover
and huge debts.
Threats arise when the efforts to attain a high
level of profitability and reliability are jeopardized.
They are often incontrollable. They can be seen
when there are excessive price wars in the industry,
constantly changing prices, unfavourable laws and
regulations, cutthroat competition, constantly
changing technology and a lot of undue unrest
among the employees.
46 How to write it?
47 How to write it?
INTERNAL ANALYSIS
Resource Audit : Functional Areas
Environmental inputs
Environmental outputs
Finance
Production
Logistics
R & D
Corporate/ HRM
Marketing
MIS
How to write it?
A Simple Value Chain
Technology Product
Design Manufacturi
ng
Marketing Distributio
n
Service
Source
Sophistication
Patents
Product
Process
Product
Choices
Function
Physical
Characteristics
Aesthetics
Quality
Integration
Raw Materials
Capacity
Location
Procurement
Parts
Production
Assembly
Prices
Advertising
Promotion
Sales Force
Package
Brand
Channels
Integration
Inventory
Warehousing
Transport
Warranty
Dealer Support
Availability
Speed
Prices
How to write it?
Support
Activities
Primary Activities
Value Chain Analysis
helps to identify which resources and capabilities can add value
How to write it?
Support
Activities
Primary Activities
Technological Development
Human Resource Management
Firm Infrastructure
Procurement
Inb
ou
nd
Logis
tics
Op
erati
on
s
Ou
tbou
nd
Logis
tics
Ma
rket
ing
& S
ale
s
Ser
vic
e
Value Chain Analysis
helps to identify which resources and capabilities can add value
How to write it?
52
General
Industry
Relevant Environments
Organization
External
Internal
How to write it?
Organization
Specific Environment Industry-Competitors
Substitute Products
Bargaining Power of Suppliers
Bargaining Power of Buyers
Potential Entrants
Current Rivalry
General Environment
Technological
Political-Legal
Sociocultural
Demographic
Economic
An Organization’s External Environment
How to write it?
Porter’s Five
Forces Model
Industry Competitors
Rivalry Among Existing Firms
Suppliers
Bargaining Power
of Suppliers
Potential Entrants Threat of New Entrants
Buyers
Bargaining Power
of Buyers
Substitutes Threat of Substitute Products or Services
How to write it?
Strengths What do you do well? What unique resources can you draw upon? What do others see as your strengths?
Weaknesses What could you improve? Where do you have fewer resources than others? What are others likely to see as a weakness?
Opportunities What opportunities are open to you? What trends can you take advantage of? How can you turn your strengths into opportunities?
Threats What threats could harm you? What is your competition doing? What threats do your weaknesses expose you to?
Criteria examples Market developments? Competitors' vulnerabilities? Industry or lifestyle trends? Technology development and innovation?
Global influences?
New markets, vertical, horizontal?
Niche target markets?
Geographical, export, import?
New USP's?
Tactics: e.g., surprise, major contracts?
Business and product development?
Information and research?
Partnerships, agencies, distribution?
Volumes, production, economies?
Seasonal, weather, fashion influences?
Criteria examples Disadvantages of proposition? Gaps in capabilities?
Lack of competitive strength?
Reputation, presence and reach?
Financials?
Own known vulnerabilities?
Timescales, deadlines and pressures?
Cash flow, start-up cash-drain?
Continuity, supply chain robustness?
Effects on core activities, distraction?
Reliability of data, plan predictability?
Morale, commitment, leadership?
Accreditations, etc.?
Processes and systems, etc.?
Management cover, succession?
Criteria examples Political effects? Legislative effects? Environmental effects? IT developments? Competitor intentions - various?
Market demand?
New technologies, services, ideas?
Vital contracts and partners?
Sustaining internal capabilities?
Obstacles faced?
Insurmountable weaknesses?
Loss of key staff?
Sustainable financial backing?
Economy - home, abroad?
Seasonality, weather effects?
Criteria examples Advantages of proposition?
Capabilities?
Competitive advantages?
USP's (unique selling points)?
Resources, Assets, People?
Experience, knowledge, data?
Financial reserves, likely returns?
Marketing - reach, distribution, awareness?
Innovative aspects?
Location and geographical?
Price, value, quality?
Accreditations, qualifications, certifications?
Processes, systems, IT, communications?
Cultural, attitudinal, behavioural?
Management cover, succession?
Philosophy and values?
SWOT Analysis Template State what you are assessing here: ____________________________________________________________________________________________________________
(This particular example is for a new business opportunity. Many criteria can apply to more than one quadrant. Identify criteria appropriate to your own SWOT situation.)
Components
Operations
56
Production process
Suppliers
Plant & equipment
Inventory
Technology (Software, Hardware, Thoughtware)
Trading hours
Communication channels
Payment types accepted
Credit policy
Warranties & refunds
Quality control
………..
Operations section of business plan could
include the information for:
57
The Balanced Scorecard is a framework that helps
organizations translate strategy into operational
objectives that drive both behavior and performance.
Balanced Scorecard as an operational Tool!!
How to write it?
58 How to write it?
59
Balanced Scorecard
Lead
ing
Lag
gin
g
So
ft H
ard
Vision
&
Strategy
CUSTOMER “To achieve our
vision, how
should we
appear to our
customers?”
Objectives Measures Targets Initiatives
FINANCIAL “To succeed
financially, how
should we
appear to our
shareholders?”
Objectives Measures Targets Initiatives
INTERNAL BUSINESS PROCESSES
“To satisfy our
shareholders
and customers,
what business
processes must
we excel at?”
Objectives Measures Targets Initiatives
INNOVATION AND LEARNING
“To achieve our
vision, how will
we sustain our
ability to
change and
improve?”
Objectives Measures Targets Initiatives
How to write it?
60
Vision
&
Strategy
CUSTOMER “To achieve our
vision, how
should we
appear to our
customers?”
Objectives Measures Targets Initiatives
FINANCIAL “To succeed
financially, how
should we
appear to our
shareholders?”
Objectives Measures Targets Initiatives
INTERNAL BUSINESS PROCESSES
“To satisfy our
shareholders
and customers,
what business
processes must
we excel at?”
Objectives Measures Targets Initiatives
INNOVATION AND LEARNING
“To achieve our
vision, how will
we sustain our
ability to
change and
improve?”
Objectives Measures Targets Initiatives
Causal Links
How to write it?
61
Financial
Customer
Internal Business Processes
Learning and Innovation
accounts
receivable
return on
capital
employed
operating
expenses
customer
satisfactio
n
rework
employee
morale
employee
suggestion
s
(+) (-)
(+)
(+)
(+)
(-)
(-)
How to write it?
62 How to write it?
63
your business should have a timeline outlining all
the necessary actions you will have to go through,
even before the start of your business.
It is a step-by-step tool that you can regularly look
at and check details in process.
Completing the timeline signifies your business is
ready to begin.
Timeline
How to write it?
64
Business timelines should be used to manage a particular
project or major event, such as start-up of a new business or
client.
Timelines are essential in managing the tasks that need to
occur to reach your goals and determining the feasibility of
your target dates and costs.
A visual at-a-glance document is helpful in explaining the
overall business timeframe.
The timeline will help guide you, keep you on track and
communicate the goals of your business.
How to write it?
65
Instructions
1 Evaluate the timeframe of your business’s end goals. If
your timeline is based on a particular project, such as
implementing a new system or opening a retail store, assess
a realistic end date for this to occur.
2 Meet with other business associates, contractors and
vendors who will assist you to accomplish your business
goals to evaluate how much time they need to accomplish
their tasks
How to write it?
66
3 Gather all dates and begin to draft a business timeline. Assess
how realistic your timeframe appears, the costs associated with
the project and the feasibility of your goals. Prepare for a short-
term timeline and a long-term forecast.
4 Document your business timeline in a software application
such as Microsoft Excel, Project or PowerPoint. Create a
document that is printable, accessible and contains a
breakdown of milestones with target dates.
5 Distribute your business timeline to others involved with
your business and ask them to review and provide feedback on
your proposed timeline. Based on their suggestions, edit and
finalize your timeline as necessary.
How to write it?
67 How to write it?
Financial Planning
The financial part of a business plan shows where your company
currently is financially, and where it intends to be.
This information helps you determine how much financing your
business needs and helps financiers.
68 How to write it?
69
If your business plan is for the expansion of an existing business
your statements will be based on your
business's existing financial data.
If your business is new
your statements will be speculative, but you
can make them realistic by basing them on the
published financial statements of existing businesses similar to
yours.
How to write it?
70
Financial section should prove why fore-mentioned goals
are attainable financially and should include key financial
statements:
Historical Financial Data
Current Balance, revenue , Expenses
Prospective Financial Details
The Income Statement,
The Balance Sheet
The Cash Flow Statement
How to write it?
71
Income Statement
The income statement summarizes your company's revenue and
expenses.
Expenses include items such as the Cost of Goods/ Services sold,
payroll, taxes and interest. The bottom line of the income statement
shows the company's Net Income.
How to write it?
72
Balance Sheet
The balance sheet shows your company's assets and liabilities. It's
called a balance sheet because the assets must perfectly balance the
liabilities. Within each category are numerous subcategories.
For example:
your assets will include things like cash, accounts receivable,
inventory and equipment.
Your liabilities will include things like accounts payable and loan
balances.
The balance sheet is important because it shows the company's
financial position at a specific point in time, and compares what you
own to what you owe.
How to write it?
73
Cash Flow Statement/Cash Budget
The cash flow statement shows the amounts of money you expect to
be coming into and going out of your business in a given time frame.
Cash flow statements not only show potential investors that you know
what you're doing, they also help you to make sure your business
model is financially viable and to establish goals that you want to
achieve.
No business can know exactly what the future holds!
How to write it?
74 Budgeting
Budgeting reduces the level of uncertainty, helping you anticipate problems,
learn from the past and improve your ability to control the business.
• sales history ,
• Sales resources and how to use them,
• Sales forecast from separate forecasts,
• Seasonal patterns,
Forecasting sales
• Costs and relation to sales.
• Forecast your costs,
• Control significant uncertain costs.
Forecasting costs
• Forecast the timing of cash movements
• Include non-operating cash flow
• Prepare a cash budget
• Prepare profit and loss and balance sheet budgets
Preparing budgets
• Cash budget projects future cash position month by month
• Profit and loss budgets let you analyse projected margins and other key ratios.
• Projected balance sheet allows to analyse stock turnover and other key figures.
• Comparing projected figures with previous years
Budget analysis
• Potential effects of changes to budget assumptions.
• Sensitivity analyses on different levels of sales.
• Effects of any changes to significant costs.
• Impact of any other significant risks to your business.
Sensitivity analyses
How to write it?
Components 75
Liquidity Ratios
Current Ratio / Quick Ratio
• Liquidity ratios focus on a company’s ability to pay its bills when they come due. Bankers and suppliers use liquidity ratios to measure a company’s creditworthiness.
Profitability Ratios
Return on Assets / Return of Equity
Return on Sales
• Profitability ratios offer a glimpse into a company’s operational performance and help business owners determine if they are maximizing their bottom line. They also offer insights into the return a company is generating from its assets and invested capital.
Turnover Ratios
Accounts Receivable Turnover
Inventory Turnover
Interest Coverage
• Turnover or efficiency ratios measure the activity or changes in certain assets, including accounts receivable, accounts payable and inventory. Poor turnover generally indicates resources are invested in non-income producing assets.
Leverage Ratios
Debt to Equity
• Leverage ratios indicate how well a company’s uses borrowed funds (rather than stockholders’ equity or investments) to expand its business. The goal is to borrow funds at a low interest rate and invest in a business activity that produces a rate of return exceeding the target rate of return for investments.
Key Figures:
76
Sample Financial Plan
Components
Tools
Mind Map
Spread sheet
Software!
77
10 Must Answer Questions
How large is your addressable market?
How fast is the market growing?
Who’s make up your management team?
What’s your “secret sauce”?
What are the barriers to entry/competitive advantage?
What do your X year financials look like?
What’s your path to profitability?
Why is this a company versus a product/service?
Who are your competitors and how do you beat them?
Why can’t Microsoft do this? (or any big, established company)
Some Advices!
79 What do Investors Look
for in a Business Plan?
A Comparison of the
Investment Criteria of
Bankers, Venture
Capitalists and Business
Angels
Colin Mason
University of Strathclyde,
Matthew Stark
Tenon Limited,
International Small
Business Journal
June 2004 vol. 22 no.
Some Advices!
80
What do Investors Look for in a Business Plan?
Some Advices!
SME instrument
IDEA business coaching throughout the project MARKE
T
Phase 1:
Concept &
Feasibility
Assessment
Phase 2:
Demonstration
Market Replication
R&D
Phase 3: Commercialisation
Procurement
SME window EU
financial facilities
SME Instrument
83 SME Instrument
Evaluation criteria There are three evaluation criteria:
Excellence (relevant to the topic of the call)
Impact
Quality and efficiency of the implementation
Applicants are not required to provide detailed breakdown of costs
The criteria are adapted to each type of action, as specified in the WP
First analysis of reasons for unsuccessful phase 1 proposals:
• Too much project focussed, not enough business opportunity
oriented
• Description of company not convincing (why would this company
succeed and not the competitor?!)
• No information on competing solutions
• Innovation content too low; product exists already on the market
(just incremental improvement)
• Just ideas, no proof of existing commercialisation concept (TRL far
too low)
• Just trying one's luck
SME Instrument
Remember…
Use professional and concise language
Don’t be afraid to “show-off”
Include lots of visuals – graphs, pictures
Have fun and be creative!
85 Some Advices!
86
Short Review!
87 Q & D
Question and
Discussion
88
Workshop:
4 to 5 groups,
Each group will send sample Business plan by tomorrow!
We will analyze them in next meeting in each group
Representative of each group will present result of their
discussion.
Workshop!
