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© G. Guerra 1 Introduction to Business Assessment and Planning -Cl1,l2- © G. Guerra “I2C” Gianni Guerra Incubatore I3P Politecnico di Torino, Tel. 011-5647255;

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Presentation on theme: "© G. Guerra 1 Introduction to Business Assessment and Planning -Cl1,l2- © G. Guerra “I2C” Gianni Guerra Incubatore I3P Politecnico di Torino, Tel. 011-5647255;"— Presentation transcript:

1 © G. Guerra 1 Introduction to Business Assessment and Planning -Cl1,l2- © G. Guerra “I2C” Gianni Guerra Incubatore I3P Politecnico di Torino, Tel ; “ENTREPRENEURSHIP & BUSINESS PLANNING”

2 © G. Guerra 2 › Who has to developed it ? › What is it, what does it do ? › Why is necessary (who benefit)? › How (content and style) ? › When it has to be developed ? › Where it has to be developed ? Business Plan Developing Outline (R. Kipling “six honest servants”) (Developing=Writing)

3 © G. Guerra 3 What is a Business Plan? IT IS A WRITTEN DOCUMENT WITH CONFIDENTIAL AND PROPRIETARY INFORMATIONS WHICH MAP OUT BEFOREHAND A COMPANY BASIC ELEMENTS FROM BUSINESS IDEA TO OPERATIONAL AND ORGATIONAL STRUCTURE OF THE ACTIVITY TO ECONOMIC/FINANCIAL OUTCOMES OVER A SPECIFIC PERIOD OF TIME Business Plan

4 © G. Guerra 4 What does it do? (what the use of it, why write it) Test business assumptions Assure operational coordination Communicate corporate strategy Set management objectives To communicate with board of directors, advisors, consultants Recruit & motivate employees Secure financing Identify weaknesses in a plan that requires further research and analysis…find out where your plan is weak

5 © G. Guerra 5 “3 WHY?’” of a Business Plan I. TO ENABLE THE ENTREPRENEUR TO TAKE THE RISKS RELATED TO CARRYING OUT A BUSINESS IDEA During the plan development, the entrepreneur is compelled to deeply examine every specific issue of the future company: it is probable that doing so, he will discover planty of bad elements and that he try to fix them. If some problems cannot be solved or reveal relevant implications, the fact that have been discovered allow comunque the entrepreneur to adopt the relevant initiatives (comprise not to go on) before take financial engagements.

6 © G. Guerra 6 “3 WHY?’” of a Business Plan II. TO CONVINCE OTHER PEOPLE EXTERNAL TO THE COMPANY TO TAKE PART IN THE RISK INVOLVED IN THE THE IDEA (BP AS A MEAN OF INVESTMENT EVALUATION)  Lifestyle companies  High growth companies

7 © G. Guerra 7 “3 WHY?’” of a Business Plan (BP AS A “MANAGEMENT TOOL”) III. TO PROVIDE THE ENTREPRENEUR WITH A GUIDING TOOL FOR THE UNDERTAKED MANAGEMENT PATH (what else: nothing than to react) TIME AIMS/PURPOSES/ STRAT. OBJECTIVES (GOALS) PRESENT POSITION VISION MISSION VALUES PLANS

8 © G. Guerra 8 THE WORLD BEST BUSINESS PLAN WILL NEVER BE ABLE TO TURN A FLAWNED IDEA IN A SUCCESS COMPANY A GOOD BUSINESS PLAN DOESN’T MEAN THE SUCCESS FORMULA BUT CAN BE DETERMINANT IN REDUCING THE FAILURE PROBABILITIES 1° Consideration: 2° Consideration: “BUSINESS PLAN” NECESSARY BUT NON ENOUGH Plan Execution Idea Results

9 © G. Guerra 9 Who has to prepared it ? THE ENTREPRENEUR HIMSELF It can be helpful, in the process of preparing it, to have professional input and evaluations from accountants, consultants, lawyers... Pg.4 O’Donnell

10 © G. Guerra 10 Entrepreneurs are most often doers rather than proposal writers. They would rather be on the battelfield -the cutting edge of business- than behind the lines planning their assault. In addition, many entrepreneurs have difficulty articulating the business concepts that have often become second nature to them. Whatever difficulty the preparation of a business plan may present, a plan is an absolute necessity for any business.

11 © G. Guerra 11 When? PLANNING is the complete and continous process directed to improve business operations in the light of existing oportunities CONTINOUS IMPROVEMENT CONTINOUS IMPROVEMENT GOALS/ OBJECTIVES EXECUTION GOALS/OBJ. REDEFINITION CONTROLS& RECOVERY A. PLANS

12 © G. Guerra 12 When ? PLANNING NEEDS TO BE DYNAMIC (all the more reason for management control) Rule n° 1: do it in a WORD PROCESSOR and using SPREADSHEETS.

13 © G. Guerra 13 Where ? Planning a new business involve much of the work “on the field”, to speak with potential customers, to gather informations on competitors, to gather the most of possible data related to investment and expenses that have to be supported. The “writing work” means the least part of this activity and mainly deal with the figure translation of gathered informations and the project economic/financial assessment. Planning a new business involve much of the work “on the field”, to speak with potential customers, to gather informations on competitors, to gather the most of possible data related to investment and expenses that have to be supported. The “writing work” means the least part of this activity and mainly deal with the figure translation of gathered informations and the project economic/financial assessment.

14 © G. Guerra 14 All organizations need plans Who need/benefit? High/low/no-tech ventures Profit/non profit organization Start up Expansion programs …….

15 © G. Guerra 15 How? (content and style) Is an art, not a science Every plan is unique There is no “ideal” standard format It is a practiced skill, it can be learned There are some “best practices” “Developing” is different than “writing” It is a never ending process Everyone is an expert; has an opinion

16 © G. Guerra 16 General guidelines  Lenght 20/30 pages +annexes  Period covered: 3/5 years  Data no more old than 3/5 years (theren’t a “perfect” lenght. test: it can and will be easely read in a session? )

17 © G. Guerra 17 Business Plan Reference Content 1-VENTURE DESCRIPTION 2- ENTREPRENEURIAL/ MANAGERIAL TEAM 3-MARKET ANALYSIS 6-OPERATION PLAN (VALUE CHAIN) 7-THE ORGANIZATIONAL/ LEGAL PLAN 8-RISK/VULNERABILITY MASTERING PLAN 9-IMPLEMENTATION PLAN 10-ECONOMIC AND FINANCIAL PLAN 5-PRODUCTS PLAN PURPOSE EXECUTIVE SUMMARY (Synthesis) 5-MARKETING STRATEGY 4-INDUSTRY ANALYSIS

18 © G. Guerra 18 PURPOSE Nothing irritates more than a Business Plan from what it isn’t clearly understandable what is the proposal made to the receiver of it. Therefore it is advisable to avoid gereric positions and to highlight it’s own proposal in a direct way.  WHAT IT IS OFFERED  WHAT IS REQUESTED - Definition of Business objectives and Strategies to achieve them. - Management control guideline definition - Loans/risk capital investments request/proposal support - Baseline definition for agreement with potential partners - Business plans competitions Potential purposes: PURPOSE ENTREPRENEURIAL/ MAN. TEAM ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY EX. SUMMARY MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) VENTURE DESCRIPTION

19 © G. Guerra 19 IT CHARACTERIZES AND HIGHLIGHTS IN A CONCISE AND CONCRETE WAY THE BUSINESS PLAN ESSENCE. IT CHARACTERIZES AND HIGHLIGHTS IN A CONCISE AND CONCRETE WAY THE BUSINESS PLAN ESSENCE. Indeed it is a syntetic version of the whole business plan not a simple foreword not an introduction!!! Executive Summary ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) VENTURE DESCRIPTION EX. SUMMARY ENTREPRENEURIAL/ MAN. TEAM

20 © G. Guerra 20  Fast proposal understanding,  Attention attraction capability,  Immediate interest stiring up capability It must allow the readers to gather a first general idea of the paper : after the reading, the potential interested persons must have in mind a sufficient precise picture of what it will be presented in more details in the plan. Executive Summary ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) VENTURE DESCRIPTION EX. SUMMARY ENTREPRENEURIAL/ MAN. TEAM

21 © G. Guerra 21 Executive Summary  Always gets read first  It’s the “acid test” of your writing skills  Often sent to investors by itself  If it doesn’t create enough reader interest, the full plan is never read  2 to 3 pages maximum  If can’t arouse interest in 2-3 pgs, how can you market & sell your product?  Most VC won’t open attachements (Bob Foster UCLA/ASM) Garage Technology Ventures (www.garage.com) uses a one page summary approach. Tech Coast Angels (www.techcoastangels.org) uses a one page format ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) VENTURE DESCRIPTION EX. SUMMARY ENTREPRENEURIAL/ MAN. TEAM

22 © G. Guerra 22 Executive Summary  Although it come before, executive summary should be prepared after having completed the preparation of BP other parts. (indeed, only after having meditate and defined the whole document we are in a position to make an effective and concise syntesis)  Otherwise it could be a reiterative process: -You first write a “best effort” version -Then you’ll update it as you more fully develop other parts of the plan - Final version will look very different EX. SUMMARY ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) VENTURE DESCRIPTION ENTREPRENEURIAL/ MAN. TEAM

23 © G. Guerra 23 1-Venture/Company Description Also known as “Company/Venture Introduction” Second most important part of the plan Amplifies and expands on what’s in the Executive Summary, but not as detailed as rest of the plan 1-3 pages These few pages together must present an exciting, compelling investment opportunity Condense several pages of each plan section (marketing, operations, financials, etc.) into a single paragraph or two (Bob Foster UCLA/ASM) VENTURE DESCRIPTION ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) EX. SUMMARY ENTREPRENEURIAL/ MAN. TEAM

24 © G. Guerra 24 1-The Value Proposition Technology Product Market Needs (pains/wants) ProblemsBenefits Focus here Value Proposition Most business plans are focused on the entrepreneur, their idea, and why the idea is wonderful. They are me-focused or my-idea-focused rather than customer focused. People do matter -true- but investors don’t really care very much about you and your idea, at least not at the beginning. What investors care about is solving significant customers problems or needs that offer significant profit and growth potential. VENTURE DESCRIPTION ENTREPRENEURIAL TEAM ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) EX. SUMMARY

25 © G. Guerra 25 2-Entrepreneurial Managerial Team Shown that you (team) can deliver results. Many investors pay more attentions to people than in ideas/plan E.M. TEAM  Mission, aspirations, propensity for risk  Ability to execute on CSFs  Connectedness up, down, across value chain TEAM DOMAIN TEAM DOMAIN ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE MARKET ANALYSYS INDUSTRY ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) EX. SUMMARY VENTURE DESCRIPTION

26 © G. Guerra 26 3/4-MARKET&INDUSTRY ANALYSIS  A MARKET consists of a group of current and/or potential customers having the willingness and ability to buy products –goods or services- to satisfy a particular class of wants or needs. Thus, markets consist of buyers -people or organizations and their needs- not products  An INDUSTRY consist of sellers –typically organizations- that offer product or classes of products that are similar and close substitutes for one another. ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE E.M. TEAM VALUE CHAIN (COMPANY STRUCTURE) EX. SUMMARY VENTURE DESCRIPTION INDUSTRY A. MARKET A.

27 © G. Guerra 27 THE STRATEGIC BUSINESS UNIT PAINS/ NEEDS/ WANTS TECHNOLOGIES/ FUNCTIONALITIES CUSTOMERS PRODUCTS MARKETS BENEFITS Value Proposition BUSINESS (SBU) PROBLEMS ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN MARKETING STRATEGY PURPOSE E.M. TEAM VALUE CHAIN (COMPANY STRUCTURE) EX. SUMMARY VENTURE DESCRIPTION INDUSTRY A. MARKET A.

28 © G. Guerra 28 MARKET ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) MARKETING STRATEGY 5-MARKETING STRATEGY - I - MARKET - II - COMPETITION - III - MARKET OBJECTIVES AND STRATEGY - IV - MARKETING MIX ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION PRODUCT PRICING PROMOTION PLACING

29 © G. Guerra 29 Product section of plan must include: Clear description of the product What it does and how it’s made Is it patented or patent pending? Licensed? What stage of development? Alpha? Beta? Why will customers buy your product as opposed to others? Future product plans? When MARKET ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) MARKETING STRATEGY ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

30 © G. Guerra 30 Describe what you’re selling If it’s new, have to give it a frame of reference….”name it and frame it” – Saleslogix example Present advantages over current products Explain why customers will buy it; what’s the value to them? MARKET ANALYSYS VALUE CHAIN (COMPANY STRUCTURE) MARKETING STRATEGY ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

31 © G. Guerra Operation Plan (Value Chain) - M. Porter Model - INFRASTRUCTURAL ACTIVITIES HUMAN RESOURCES MANAGEMENT TECHNOLOGY DEVELOPMENT PROCUREMENT INCOMING LOGISTICS PRODUCTION OUTGOING LOGISTICS MARKETING & SELING SERVICES EC. MARGIN DIRECT ACTIVITIES INDIRECT ACTIVITIES MARKET ANALYSYS MARKETING STRATEGY VALUE CHAIN ORGANIZATIONAL PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

32 © G. Guerra 32 VALUE PLAN 7- ORGANIZATION/LEGAL PLAN  orizontal: activities/processes  vertical: organizational structure MARKET ANALYSYS MARKETING STRATEGY ORGANIZATION PLAN SUSTAINABLE ADVANTAGE IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

33 © G. Guerra 33 8-RISK/VULNERAB. MASTERING PLAN IMPACT low high PROBABILITY low high RF B RF D RF E RF A RF F RF C RF H RF G (risk matrix) VALUE PLAN MARKET ANALYSYS MARKETING STRATEGY RISKS PLAN ORGANIZATION PLAN IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

34 © G. Guerra 34 6 BASIC METHODS FOR RISK CONTROLLING AND REDUCING EVENT DAMAGE FINANCIAL CONSEQUEN. 1 Elusion 2 Prevenction 3 Protection 4 Assurance 5 Transfer 6 Retention VALUE PLAN MARKET ANALYSYS MARKETING STRATEGY RISKS PLAN ORGANIZATION PLAN IMPLETATION PLAN ECONOMIC AND FINANCIAL PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

35 © G. Guerra 35 - Funding agreements - Prototype development - First market test - Production&selling start up - Activity enlargement - ………………….. Milestones 9-IMPLEMENTATION PLAN RISKS PLAN ECONOMIC AND FINANCIAL PLAN VALUE PLAN MARKET ANALYSYS MARKETING STRATEGY IMPLEMENTATION PLAN ORGANIZATION PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION

36 © G. Guerra 36 RISKS PLAN ECONOMIC AND FINANCIAL PLAN VALUE PLAN MARKET ANALYSYS MARKETING STRATEGY IMPLEMENTATION PLAN ORGANIZATION PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS EX. SUMMARY VENTURE DESCRIPTION 9-IMPLEMENTATION PLAN

37 © G. Guerra 37 VENTURE DESCRIPTION EX. SUMMARY WHILE THE OTHER SECTIONS OF BUSINESS PLAN GIVE THE VENTURE GLOBAL PICTURE, THE ECONOMIC/FINANCIAL SECTION ENABLE:  THE RISK CAPITAL INVESTOR TO UNDERSTAND THE RETURN HE CAN OBTAIN.  THE DEBT INVESTOR TO EVALUATE THE COMPANY ABILITY TO PAY BACK THE LOANS. In several ways the economic/financial section of the Business Plan is the least flexible. Even if the figures are different, the schemes or templates put in the plan are always the same and are given in a way that is to a great extent a standard. 10-FINANCIAL PLAN RISKS PLAN IMPLEMENTATION PLAN VALUE PLAN MARKET ANALYSYS MARKETING STRATEGY ECO.FIN PLAN ORGANIZATION PLAN E.M. TEAM PURPOSE INDUSTRY ANALYSYS

38 © G. Guerra Cash flowRisk&Rewards Profitability Probability Time inflow outflow

39 © G. Guerra 39 THE BUSINESS OPPORTUNITY ASSESSMENT (what to do before you write a Business Plan) John W. Mullins, “The New Business Road Test”, FT Prentice Hall Business Plan Target segment benefits and attractiveness Sustainable advantage Market attractiveness Industry attractiveness MACRO LEVEL MICRO LEVEL MARKET DOMAININDUSTRY DOMAIN Mission, aspirations, propensity for risk Ability to execute on CSFs Connectedness up, down, across value chain TEAM DOMAIN TEAM DOMAIN Business opportunity assessment

40 © G. Guerra 40 A well written plan: – Quickly and effectively communicate your vision for a new venture – Excite and motivate people to action – Be selected & read first...before other plans that are poorly written – Increase your chances of funding – Not overcome a “non viable” business venture with a losing business model STYLE

41 © G. Guerra 41 Won’t get read…..period Can ruin an otherwise good, solid business concept Normally results in venture not being funded Reflects negatively on: – the entrepreneurs – their advisors, directors – those who recommend the venture A poorly written plan : STYLE

42 © G. Guerra 42 Pyramid concept of Business Plan Business plan document Main text Appendixes Business plans Have 3 sections 3 ring binder Details plan for: -Market analysis -Sales plans -Financials -Mfg plans -Facilities plans

43 © G. Guerra 43 The business plan document  Typically called the “Business Plan”  Summary of the “Total Business Plan”  Apendix for the important backup detail -financial spreadsheet -management resumes  Don’t bore the reader with every details of all your research results and analysis - no amortization schedules, please

44 © G. Guerra 44 Detail plans (“The 3 ring notebook”)  Where you put the research results  Binder with sections for: - markrt, markrt strategies, sales plan - manufacturing, facilities  Examples sales plan: - sales rep job description - sales rep compensation plan - lead generation plan - sales cycle assumptions - sales rep headcount plan

45 © G. Guerra 45 Marketing &Sales Financials (pyramid concept of Business Plan) Appendices (3/10) One sentence Description Elevator Statement Executive Summary Rest of Business Plan document Company Name STYLE

46 © G. Guerra 46 One sentence description: – “Thomas Bros. Maps produces high quality street maps for metropolitan areas of the western U.S.” Elevator statement: – “TBM produces high quality street maps for metropolitan areas of the western U.S. Unlike Rand McNally and other similar competitors, TBM’s maps are completely updated every year and have the highest positional map accuracy of +/- 10 feet.” – AKA business or positioning statement STYLE

47 © G. Guerra 47 – Detailed analysis & worksheets – Backup data to support plan sections – Example: Sales Section Job description of sales Sales rep compensation plan Sales cycle assumptions Sales rep headcount plan APPENDIX

48 © G. Guerra 48 APPENDIX The appendices may be bound as a separate volume. They will include the following:  marketing support and collateral  CVs of key staff  IPR, patents, etc.  letters of support or contract intent  plans in full  financial projections

49 © G. Guerra 49 TEXT XXXXXXXXXXXXXXXXXX ………………... DIAGRAMS SPREADSHEETS/ TEMPLATES STYLE FLOW-DIAGRAMS

50 © G. Guerra 50 Always: Date plans and Executive Summaries Present on front page: – Name of Company and contact name – Address, telephone numbers – and web site addresses Label each page as “confidential information” STYLE

51 © G. Guerra 51 Common Problems Market research generalization – Too much general, high level overview – Not enough specific target segment data Unclear product/service description Minimal or non-existent compelling value proposition…what makes you different? Why are you going to succeed??????

52 © G. Guerra 52 Exclude data older than 5 years Vary use of company name – Also use “we” and “the company” All plans were wordy All 12 plans were way too long – need to go on a diet…20-25% cut – average 18 pages – range 14 to 26 pages – With rest of plan added…will be too long Don’t use “No-No” words or phrases

53 © G. Guerra 53 What get angry Investors ? Having to read a 50 pages paper in which is never clearly said what is the new venture mission. Not explicity rendering the capital amount required The evident infatuation with the product or service that it is willing to offer instead of familiarity and knowledge of market needs. The stating of growing potential uot of reality. The presence of unjustified economic/financisal forecast. C. Parolini “Diventare imprenditori”

54 © G. Guerra 54 What impress Investors favourably? Evidence of offered product good acceptance by the customers Understanding of investors needs and knowledge of specific objectives in terms of financial return. Evidence of new venture focousing on a narrow number of products. Having intellectual property rights (patents, trate marks, industrial secrets,…) C. Parolini “Diventare imprenditori”

55 © G. Guerra 55 BUSINESS IDEA GOOD POOR DEEPENESS OF DEVELOPMENT GOOD POOR Many words/data few ideas/substance (fried air) What a pity! but whe can remedy it To sum up…… That’s not bad! O.K!

56 © G. Guerra 56 -Business planning deals with risults and the means to reach them. - Plan contents must be coherent with the purpose - Don’t accept a standard, acritically, only because there is it. - Beyond the pointed out specificities, remember that your plan... is yours !!! remember……

57 © G. Guerra 57 -W.A. Salman “How to write a great business plan” HBR -Gate2Growt “Guide to business plan writing” Suggested readings:


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