Mckinsey business plan

By using this site or clicking on "ok", you consent to the use of to improve strategic this article on this article on this article on ad this can be a frustrating exercise, but there are ways to increase its conference rooms everywhere, corporate planners are in the midst of the annual strategic-planning process. For the better part of a year, they collect financial and operational data, make forecasts, and prepare lengthy presentations with the ceo and other senior managers about the future direction of the business. But at the end of this expensive and time-consuming process, many participants say they are frustrated by its lack of impact on either their own actions or the strategic direction of the sense of disappointment was captured in a recent mckinsey quarterly survey of nearly 800 executives: just 45 percent of the respondents said they were satisfied with the strategic-planning process. Given these results, managers might well be tempted to jettison the planning process for those working in the overwhelming majority of corporations, the annual planning process plays an essential role. The operative question for chief executives is how to make the planning process more effective—not whether it is the sole mechanism used to design strategy. Ceos know that strategy is often formulated through ad hoc meetings or brand reviews, or as a result of decisions about mergers and research shows that formal strategic-planning processes play an important role in improving overall satisfaction with strategy development. That role can be seen in the responses of the 79 percent of managers who claimed that the formal planning process played a significant role in developing strategies and were satisfied with the approach of their companies, compared with only 21 percent of the respondents who felt that the process did not play a significant role. There are many ways to conduct strategic planning, but determining the ideal method goes beyond the scope of this article. These steps cannot guarantee that the right strategic decisions will be made or that strategy will be better executed, but by enhancing the planning process—and thus increasing satisfaction with the development of strategy—they will improve the odds for with the ceos what they think strategic planning should involve and they will talk about anticipating big challenges and spotting important trends. In our experience, the first liberating change managers can make to improve the quality of the planning process is to begin it by deliberately and thoughtfully identifying and discussing the strategic issues that will have the greatest impact on future business d, an approach based on issues will not necessarily yield better strategic results. The music business, for instance, has discussed the threat posed by digital-file sharing for years without finding an effective way of dealing with the problem. For instance, the ceo of one large health care company asks the leaders of each business unit to imagine how a set of specific economic, social, and business trends will affect their businesses, as well as ways to capture the opportunities—or counter the threats—that these trends pose. Only after such an analysis and discussion do the leaders settle into the more typical planning exercises of financial forecasting and identifying strategic consumer goods organization takes a more directed approach. The corporate-strategy function summarizes the results, adds appropriate corporate targets, and shares them with the organization in the form of a strategy memo, which serves as the basis for more detailed strategic planning at the division and business-unit levels. Every december the corporate senior-management team produces a list of ten strategic questions tailored to each of the three business units. The leaders of these businesses have six months to explore and debate the questions internally and to come up with answers. We recently worked with a sales company to design a strategic-planning process that begins with in-depth interviews (involving all of the senior managers and selected corporate and business executives) to generate a list of the most important strategic issues facing the company. We found that survey respondents who were satisfied with the strategic-planning process rated it highly on dimensions such as including the most knowledgeable and influential participants, stimulating and challenging the participants’ thinking, and having honest, open discussions about difficult issues. In contrast, 27 percent of the dissatisfied respondents reported that their company’s strategic planning had not a single one of these virtues. Such results suggest that too many companies focus on the data-gathering and packaging elements of strategic planning and neglect the crucial interactive gic conversations will have little impact if they involve only strategic planners from both the business unit and the corporate levels. The key strategy conversation should take place among corporate decision makers, business unit leaders, and people with expertise essential to the discussion. In addition to leading the corporate review, the ceo, aided by members of the executive team, should as a rule lead the strategy review for business units as well. The head of a business unit, supported by four to six people, should direct the discussion from its side of the table (see sidebar, "things to ask in any business unit review"). To ask in any business unit major trends and changes in your business unit’s environment affecting your strategic plan? Specifically, what potential developments in customer demand, technology, or the regulatory environment could have enough impact on the industry to change the entire plan? If your business unit plans to take market share from competitors, how will it do so, and how will they respond? What are your business unit’s distinctive competitive strengths, and how does the plan build on them? Beyond the immediate planning cycle, what are the key issues, risks, and opportunities that we should discuss today? Pharmaceutical company invites business unit leaders to take part in the strategy reviews of their peers in other units. This approach can help build a better understanding of the entire company and, especially, of the issues that span business units. The risk is that such interactions might constrain the honesty and vigor of the dialogue and put executives at the focus of the discussion on the ate senior-management teams can dedicate only a few hours or at most a few days to a business unit under review. So team members should spend this time in challenging yet collaborative discussions with business unit leaders rather than trying to absorb many facts during the review itself. This reading material should also tee up the most important issues facing the business and outline the proposed strategy, ensuring that the review team is prepared with well-thought-out questions. In our experience, the right 10 pages provide ample fuel to fire a vigorous discussion, but more than 25 pages will likely douse the level of energy or engagement in the planning cycles to the needs of each rs are justifiably concerned about the resources and time required to implement an issues-based strategic-planning approach. One easy—yet rarely adopted—solution is to free business units from the need to conduct this rigorous process every single year. In all but the most volatile, high-velocity industries, it is hard to imagine that a major strategic redirection will be necessary every planning cycle. In fact, forcing businesses to undertake this exercise annually is distracting and may even be detrimental. Managers need to focus on executing the last plan’s major initiatives, many of which can take 18 to 36 months to implement companies alternate the business units that undergo the complete strategic-planning process (as opposed to abbreviated annual updates of the existing plan). One media company, for example, requires individual business units to undertake strategic planning only every two or three years.

This cadence enables the corporate senior-management team and its strategy group to devote more energy to the business units that are “at bat. More important, it frees the corporate-strategy group to work directly with the senior team on critical issues that affect the entire company—issues such as developing an integrated digitization strategy and addressing unforeseen changes in the fast-moving digital-media companies use trigger mechanisms to decide which business units will undergo a full strategic-planning exercise in a given year. One industrial company assigns each business unit a color-coded grade—green, yellow, or red—based on the unit’s success in executing the existing strategic plan. Although many of the metrics that determine the grade are financial, some may be operational to provide a more complete assessment of the unit’s g business units from participating in the strategic-planning process every year raises a caveat, however. When important changes in the external environment occur, senior managers must be able to engage with business units that are not under review and make major strategic decisions on an ad hoc basis. Indeed, one advantage of a tailored planning cycle is that it builds slack into the strategic-review system, enabling management to address unforeseen but pressing strategic issues as they ent a strategic-performance-management the end, many companies fail to execute the chosen strategy. More than a quarter of our survey respondents said that their companies had plans but no execution path. All this suggests that putting in place a system to measure and monitor their progress can greatly enhance the impact of the planning companies believe that their existing control systems and performance-management processes (including budgets and operating reviews) are the sole way to monitor progress on strategy. As a result, managers attempt to translate the decisions made during the planning process into budget targets or other financial goals. One industrial corporation tracks major strategic initiatives that will have the greatest impact, across a portfolio of a dozen businesses, on its financial and strategic goals. The corporate-strategy team assumes responsibility for reviews (chaired by the ceo and involving the relevant business-unit leaders) that use an array of milestones and metrics to assess the top ten initiatives. Each business unit, in turn, is accountable for adopting the same performance-management approach for its own, lower-tier top-ten list of designed well, strategic-performance-management systems can give an early warning of problems with strategic initiatives, whereas financial targets alone at best provide lagging indicators. Yet only 36 percent of the executives we surveyed said that their companies’ strategic-planning processes were integrated with hr processes. One way to create a more valuable strategic-planning process would be to tie the evaluation and compensation of managers to the progress of new gh the development of strategy is ostensibly a long-term endeavor, companies traditionally emphasize short-term, purely financial targets—such as annual revenue growth or improved margins—as the sole metrics to gauge the performance of managers and employees. For example, one north american services business that launched strategic initiatives to improve its customer retention and increase sales also adjusted the evaluation and compensation targets for its managers. Otherwise, managers all too often sweep the debris of a failing strategy under the operating rug until the spring-cleaning ritual of next year’s annual planning business leaders have found ways to give strategic planning a more valuable role in the formulation as well as the execution of strategy. To create an agile in the workplace fifty: evaluate an oil and gas giant outmaneuvered low oil from the mckinsey tions and deceptions in strategic ry 2006 – companies are vulnerable to misconceptions, biases, and plain old lies. By using this site or clicking on "ok", you consent to the use of of strategic planning? This article on this article on this article on ad this companies get little value from their annual strategic-planning process. As a result, most companies invest significant time and effort in a formal, annual strategic-planning process that typically culminates in a series of business unit and corporate strategy reviews with the ceo and the top management team. Yet the extraordinary reality is that few executives think this time-consuming process pays off, and many ceos complain that their strategic-planning process yields few new ideas and is often fraught with the mismatch between effort and result? Evidence we culled from research on the planning processes at 30 companies (see sidebar, "about the research") and work with more than 50 additional companies points to a common dispiriting explanation: the annual strategy review frequently amounts to little more than a stage on which business unit leaders present warmed-over updates of last year's presentations, take few risks in broaching new ideas, and strive above all to avoid embarrassment. Rather than preparing executives to face the strategic uncertainties ahead or serving as the focal point for creative thinking about a company's vision and direction, the planning process "is like some primitive tribal ritual," one executive told us. Began our research by looking in depth at the strategic-planning processes of 30 companies, listed below. The companies come from a variety of industries and represent a range of approaches to strategic planning. Other companies we analyzed "outside-in" using public information, interviews with former executives, earlier mckinsey research, and academic then tested the findings from these cases in workshops and discussions with people from approximately 50 additional companies around the world. Finally, mckinsey has worked quite intensively over the years with a number of companies to transform their strategic-planning processes, and in this article we have synthesized the lessons learned from that collective ies analyzed:• abb• frito-lay• microsoft• alliedsignal• ge• monsanto• american express• general mills• motorola• boeing• hewlett-packard• pepsi-cola• bp• ibm• philip morris• capital one financial• intel• rubbermaid• coca-cola• j. Goals for strategic of the answer lies in taking a fresh look at the substance of business unit and corporate strategy. Key starting point is the acceptance of the counterintuitive notion that the strategic-planning process should not be designed to make strategy. Henry mintzberg, a professor of management at mcgill university, calls the phrase "strategic planning" an oxymoron. 66– argues that real strategies are rarely made in paneled conference rooms but are more likely to be cooked up informally and often in real time—in hallway conversations, casual working groups, or quiet moments of reflection on long airplane then is the purpose, if any, of a formal planning process? The first is to build "prepared minds"—that is, to make sure that decision makers have a solid understanding of the business, its strategy, and the assumptions behind that strategy, thereby making it possible for executives to respond swiftly to challenges and opportunities as they occur in real time. Part of this success is due to a strategy process ensuring that ge capital's executives have a strong grasp of the strategic context they operate in before the unpredictable but inevitable twists and turns of their business push them to make m&a and other critical decisions in real second goal is to increase the innovativeness of a company's strategies. In addition to formal planning at the business unit level, for example, johnson & johnson uses crosscutting initiatives on major issues such as biotechnology, the restructuring of the health care industry, and globalization in order to challenge assumptions and open up the organization to new our research, we didn't find a single company that was best at achieving both of these goals, although ge came closest. What we will describe is thus not a single company's best-practice process but a composite picture, drawing ideas from a number of companies and focusing on what we have found to be the most transferable companies have an annual cycle of strategic-planning reviews that typically culminate in a presentation to the board. Against that backdrop, it doesn't seem unreasonable to spend 20 to 30 days (that is, 15 to 25 days for business units, plus 2 to 5 days for sector and corporate strategy) in intensive, well-prepared discussions of venue should, if possible, be the site of the business unit; the ceo will get a better feeling for what is going on there, and the spirit of the session will be less "a summons from headquarters" and more a true all, companies should avoid combining strategy reviews with discussions of budgets and financial targets, because when the two are considered together, short-term financial issues dominate at the expense of long-term strategic ones. Thus, the best-practice companies we surveyed organized two clearly demarcated meetings: a full day on strategy with each business unit and a shorter meeting, at a different time of year, to set financial targets. The two are then coupled in a rolling annual cycle; the financial plan is an input for the strategy discussion, which in turn is an input for the next financial plan (exhibit 1 shows a sample calendar). Business unit heads can be supported by staff and consultants but cannot outsource strategy making to them.

On the contrary, the heads of business units and other key line executives must personally invest their time in developing strategy and preparing for the review. Common question is how much guidance the corporate center should give the business units in preparing for these meetings. At the same time, every business unit should be given plenty of latitude, for two reasons. First, each is different, and simply asking all of the business units to fill out the same strategy template is likely to obscure more than it reveals. Many companies put the business units through dress-rehearsal preview meetings with the sector head and the head of strategy to ensure that they are ready. In the most common misstep, the business units see the reviews as interference from headquarters and try to reveal as little as possible. The corporate team responds by playing "gotcha," trying to pull out the skeletons hidden in the business units' closets. Through our research, we identified two mechanisms by which companies increase the odds of promoting creative accidents in strategy: encouraging bottom-up experiments and driving top-down -up: strategy by gic experimentation occurs when a company pursues a variety of strategic options in parallel within a given business. But they are not random experiments; they are all built around the core competencies of the business and designed to test specific hypotheses about where future opportunities may be capital one financial, a high-performing credit card and financial-services company, for example, executives are constantly starting up small new initiatives, trying out different strategies in the market, seeing what works and what doesn't, shutting down the things that don't work, and "swarming behind" and scaling up the things that do. Nor can business units be left to deal, each in its own way, with macro, crosscutting issues, which require the broad engagement of the whole organization and call for new perspectives. During much of the 1990s at johnson & johnson, for example, a process called "frameworks" rotated many employees through a continual debate with senior management on important strategic topics that cut across j&j's business units. Foster and sarah kaplan, creative destruction: why companies that are built to last underperform the market—and how to successfully transform them, new york: currency/doubleday, common ground among the various approaches is that senior corporate leaders identify issues that call for creative thinking and then deliberately disrupt the normal organizational structures in order to encourage focus and new perspectives on these issues. The formal annual planning process must ultimately be owned and driven by the ceo, it is the planning group that should design and run it or, as one executive said, should serve as the "conveners of the conversations. In addition, the strategic-planning group can help identify critical issues for the informal side of planning and assist the senior group in managing top-down planning groups also wish to be internal consultants helping the business units analyze strategic issues and undertake special projects. We found that this role can be played successfully, but the groups doing so tend to be small and have very high quality people—typically, rising stars on temporary rotation from the business units rather than permanent staff. This small pool of strategy talent can also be very useful to the ceo and the top team for executing special projects and for preparing for analyst meetings and board companies can significantly raise their game in strategic planning. To create an agile in the workplace fifty: evaluate an oil and gas giant outmaneuvered low oil from the mckinsey ng the healthy 2005 – it is difficult—but vital—for managers to strike a balance between the short and long is technology taking the economy? See our privacy policy and user agreement for business plan template | by ex-mckinsey this presentation? Related slideshares at business plan template | by ex-mckinsey en domont, mba, ex-deloitte | ceo & founder of slidebooks, marketplace for documents & consultants | venture hed on may 26, you sure you want message goes the first to business consultant at account manager at blink - projetos estratéed xiamen nd business -deloitte | ceo & founder of slidebooks, marketplace for documents & consultants | venture ooks business plan template | by ex-mckinsey consultants. Estimate your market share (in percentage and dollars) based on your unique ition and marketing plan. Now customize the name of a clipboard to store your can see my ey handbook - how to write a business planuploaded by frankie rossenbergrelated intereststech start upsventure capitalbusiness planstartup companyentrepreneurshiprating and stats0. 0)document actionsdownloadshare or embed documentembedview morecopyright: attribution non-commercial (by-nc)download as pdf, txt or read online from scribdflag for inappropriate contentstarting upachieving success with professional business new venture business plan competition preface acknowledgements about this manual part 1: starting up a company – how companies grow part 2: the business idea concept and presentation example: cityscape part 3: developing the business plan introduction 1. 7 8 9 15 29 47 51 53 57 59 65 73 95 111 117 123 151 183 215 217 223 ape business plan part 4: valuing a start-up and raising equity appendix extended table of contents glossary references for further new venture business pl an compet it r), and market researchers, lawyers and accountants, you will not only estimate your idea’s chances of success, but also discover unexpected opportunities. The analyses of this round will eventually end up in your business plan — if your idea proves to have the required potential. Should your idea fail to “pass” this feasibility test, you have at least have been prevented from writing an entire business plan for nothing. A strong business plan meets the requirements of investors in terms of both form and content. In this round, participants again have access to their coaches, and to a wide range of specialists that will help make the business plan a “winner”. Your business plan must answer all questions regarding your future enterprise an investor might have, so it must report your product idea, the profiles and competencies of the management team, the marketing possibilities of your product, the way your company will operate, the detailed time planning of the realization of your company, the risks involved and the financial planning. At the end of this round, there will be a presentation to the jury of the most promising plans. Each for the best business incentive for setting up companies new venture is a business plan competition that gives students, researchers and others in the netherlands the opportunity to set up a company on the basis of an innovative business idea. New venture is an initiative of mckinsey & company and is organized by de baak, management centrum venture is looking for ambitious new business ventures based on promising and viable ideas. New venture provides participants with the ideal environment for learning, refining, and actually setting up a promising business rounds the dutch new venture business plan competition includes the following rounds:Round 1: concept and presentation of a business idea. This is the first step towards the actual writing of a business plan: you have to get a clear picture of what exactly you want to deliver to which customers. With the help of your team coach (onal information you can get additional information about the requirements for each round of the competition at our web site, , and from several kick-off and networking events at part describes how the value of a business can be estimated and how venture capitalists look at the business as a potential investment. If you have picked up this manual because you have a promising business idea and you are thinking of starting up a company to realize it. Instructions are to be found in part 3 of this manual: preparing the business new venture business plan competition offers ongoing support and a wide range of information. Participants can follow the instructions of part 2 of this book: the business concept and its presentation. 4 is intended for management teams of start-up companies – or consultants advising them – that have prepared a business plan and are now seeking to cover their capital requirements with funds from an outside investor. Mckinsey has followed up on its report and taken the initiative to organize a business plan competition to help all potential entrepreneurs start up real businesses based on innovative ideas.

Many of our colleagues from mckinsey switzerland have contributed to this work in one way or another. Mckinsey’s worldwide knowledge and experience of numerous start-up projects have contributed significantly to the content. Olivier k now le d g e m e n manual was originally created on the initiative of the swiss office of mckinsey & company. Read it if you have a new business idea with high-growth potential which you want to develop and realize. The trick is to take advantage of these conditions to achieve a effects on the business. Forces the people setting up the company to think their business idea through those who have had management training. Step-by-step introduction to the concepts needed to prepare a business plan and arrange the financing of a business idea. The necessary business language: all the jargon and technical expressions you need to know are explained and used in the text. To those with no management training this manual offers:Professional investors will only back projects that have a well-prepared business plan. They consider business plans very important for reasons that are relevant to anyone setting up a this r w h o m t h i s m a n ua l i s i n te n d e importance of a business manual is aimed at anyone who wants to set up a business — particularly a high-growth business. And serves to obtain the capital required for setting up and successfully developing a business. No damage is done if the likeliness of a crash landing is revealed in the business planning phase. Which basically matches the stages in the preparation and writing of a professional business plan that could successfully attract venture capital. People without prior business experience will also find some basic business knowledge in this part. It contains eight chapters: one for each of the sections a business plan should include. What began as a start-up should have become an established ich nietzsche essential factors in starting up a successful company how professional investors look at new companies the typical process for starting up a high-growth business. Investors will not be satisfied with a simple description of a business idea — however attractive it may the challenges that the hurdles represent. In stage 2 you will elaborate your business idea and turn it into a detailed business l partnerships or individuals. Business partners and managers who can help you make your business a success ✜ advice on how to realize the success of the company (sale. Your hurdle at this stage might be to get access to the funds necessary to build up the business. Venture capital is invested in projects that offer a chance of high ion from e capitalists will also move into the driver’s seat if the management team fails to achieve its pment of business stage 1 you put your business idea down on paper and analyze its marketability on the basis of a few key indicators. The hurdle that might be facing you as a founder at this stage is getting investors interested in the business idea and convincing them that it is basically worth financing. This setting-up process will provide a structure for your task as the initiator of a business idea. But it may also be an innovation within an existing business for the planning process to decide if the business is really as good as you think. Business plan in 1: developing the idea the starting point is one “bright idea” — the solution to a problem. Your goal in this phase must be to present your business idea and your market – the basis of your new company – so clearly and impressively that ng up starting up a company – how companies need to start putting together a team and finding partners who will develop your product or service until it is ready for the market (or very nearly so – in the case of a product. You and your future investor will together put all aspects of the business through a dry run. The purpose of the business plan is to subject the idea to a thorough examination prior to this ultimate test. Experience shows that out of every ten venture-capital-financed ors would be interested in developing the idea further with 2: preparing the business plan in this phase. The business plan will help you here: you must think through and weigh up the risks in your business idea. And that you and your team are in a position to make the business successful in the marketplace. It’s the idea’s trial run before it faces the realities of the business world. You must prepare plans and initial budgets for the most important functions of the business – for development. Typical important tasks are:The reward for your efforts what began as a risky venture has now become an established business. Technological developments expanding production entering new markets developing new products this phase will show whether your business idea was a good one – and will finally be profitable. You will be able to sell the business with at least the profit envisaged in the business the capital out can be done in various ways. And it is time to put the business plan into g up the company building up the organization and management building up production publicity market entry reacting to threats: competition. Which will leave you better placed for a subsequent if you miss it you will land among the rt business idea concept and brown renowned public is the first milestone in the process of starting up a high-growth robbins business ideas are identified and developed what a convincing business idea must include how to present your business idea to investors. Clearly and business idea – concept and starting point for every single successful enterprise is a convincing business idea.

In this chapter you will find out:You look at any giant cityscape case study at the end of this chapter shows the scope and degree of detail required in a developed business idea. Or simply of the sector concerned to develop a business idea to the necessary level of maturity. A lot of time needs to be invested in the idea for it to develop into a mature business idea: time for further development work involving various parties. Has shown that most original and successful business ideas are developed by people who already have several years of relevant experience. With funds that make no hard and fast demands on the success of the business. I have an idea that offers a business with up to 100 staff cost savings of 3–5%. I have access to a focused publicity ways to present a business long does it take to develop a business idea? Bernd schneider’s vacuvin can be bought in any shop for household tions in the business system are less obvious. Dell • charles schwab • tive business ideas business ideas can be positioned according to two dimensions. The first characteristic of a successful business idea is that it clearly states what need it will satisfy. A business idea only has real economic value if people want the product or service. N te n t o f a co n v i n c i n g b u s i n e s s i d e business idea has to appeal to an investor. The third characteristic of a successful business idea is that it makes clear how money will be made. The second characteristic of a successful business idea is that it demonstrates the existence of a market for the product or service. When describing your business er benefit your business idea must be the solution to a problem that matters to potential customers in a market. Readers with no business experience are therefore recommended to first study the chapter on marketing in part 3 in this manual. The business idea must be offered to the customers in a form (selling proposition) that makes sense to them. They first consider the business idea from the perspective of the market and the customer. An educated guess of the market size and segments will be enough for the business idea. If your business idea is also based on an innovative form of revenue all businesses follow the classic pattern. You will have to set out the business system and the revenue mechanism of your business in more detail (see part 3. A rule of thumb for high-growth businesses is that during the start-up phase they should achieve gross profit (revenue minus direct production costs divided by revenue) of 40 to 50 percent. The business idea is interesting for small and medium-sized businesses that want to have a presence on the internet. And the business makes its money from the fees paid by companies that rent a home page. The classic profit calculation for a business works as follows: a business buys materials or services from suppliers. Business idea – concept and venture will only survive this stage if it meets these “killer criteria”. There will be plenty of time later for detailed descriptions and exhaustive financial presentation of the business page name of the product or service name of initiator/teristics of a promising business idea:Meets a customer need – a problem is solved innovative unique clear focus offers long-term m of two pages of m 4 illustrations or charts. Including:Description of product or service customer benefit innovative characteristics description of customers revenue way you present your business idea to an investor will be the acid test of your efforts so far. Good venture capitalists for ting the business sional investors have clear basic requirements that business ideas must meet to merit their consideration. Order the parts of your plan as they are ordered t of the business plan: your business plan should give clear and concise information on all important aspects of the proposed business. They will take on an important role in starting up the ure of the business plan: the business plan should contain eight sections. Which are extensively discussed in the remaining chapters of this part of the ping the business g a business plan forces you into disciplined thinking if you do an intellectually honest job. This includes practical matters concerning its kleiner venture now have taken the first steps on the way to starting up a business. The business plan for the cityscape case represents one possible practical example of a plan’s development and presentation. The business plan gives you a tool that will enable you to develop your business idea systematically until it is ready for what you write said. Readers with a business education or experience can use it as a guideline for key issues to consider when starting up a high-growth company. The type is at least 11 s g a business plan requires more basic business knowledge than the previous phases. Professional business plan is: effective: it contains everything investors need to know in order to finance the enterprise – nothing more and nothing less. Readers without specific business education or experience will find the necessary basic knowledge in the following chapters.

See the structuring of the chapters in part 3 of this manual and the sample business plan). And provides everything that a reader who is under time pressure must know about your business plan. Producing a clear and concise summary of a business plan in two pages is often more difficult and time-consuming than writing twenty pages of detailed description. So your business plan begins by setting out the customer need and the proposed solution. Considering your business idea from a more practical perspective generally involves an iterative to make your business idea irresistible how to protect your business idea what to keep in mind when presenting your business in a plan. The cityscape case provides an example of the way the business plan takes the problem and solution set out in the business idea a step further in terms of depth and detail. Rote c t i n g yo u r b u s i n e s s i d e very few ideas are ng up developing the business plan – 2. Get an experienced patent lawyer involved: the future success of your business may depend on patent protection. H e i r r e s i st i b le b u s i n e s s i d e does your business idea become a “killer idea” — something that is irresistible in the marketplace? Rapid implementation probably the best protection against “intellectual theft” is putting the idea into practice t idea your business plan answer the following questions? R e s e n t i n g yo u r p ro d u c t i d e this chapter of the business plan you demonstrate in a clear and straightforward way how your business idea solves a particular problem. It is the way that the business plan is put into practice that will make the difference between success and failure — and that will be entirely in the hands of the team. That is why this chapter has such a prominent position in the business management team is thus the crucial factor in a company that is starting up. Team: allocation of tasks based on complementary skills building up a business is a process that requires a wide variety of talents that are rarely all found in a single person. For example: x going off course: changes in direction are necessary in building up any business. Simple matters like having someone there to pick up the phone are more easily arranged when you have a by step through the organization and the business system (see chapter 5). You can answer the questions by drawing a ors would want to be sure that their expectations of the growth potential of the business can be met and so should you. What experiences and skills does the management team possess that would be useful for the realization of your business idea? That is the basic idea of ment team your business plan answer the following questions? You must be able to convince investors that there is a market for your business idea — one that you can serve profitably. It is not necessary to present a ready-to-run marketing plan as part of your business plan — nor would it be possible to do so in the 3-4 pages you have available. A summary of the most important elements of a marketing plan has been key question – how many customers will buy our product? Analyze the market and the competition: at this stage you become more familiar with the market for your business idea. Customers will only buy your product if they believe it offers them greater benefit than buying a competitor’s ping the business plan – 4. Children ✜ refinement of assumption: the population is not distributed evenly across to make an accurate ting is an important part of the planning and decision-making processes. Your marketing plan must answer four questions:Who are your customers or customer groups (“segmentation”)? H o o s i n g t h e ta r g e t m a r k e business idea will not be of equal interest to all customers. The idea is to find a better way ng up developing the business plan – oning vis-à-vis competitors why should a potential customer buy your product rather than that of one of your competitors? The marketing strategy defines the measures you will employ to reach the objectives set out in the marketing plan — which will result in sales. Because the positioning of your product is so important for market success — and consequently for the long-term success of your business — you should pay a lot of attention to it. You should also consider whether you will be able to win away customers from the share and sales volume one of the key questions in business planning is what market share and sales volume you can reach within the first five years. System-related: businesses with high fixed costs must find a large number of customers very quickly if they are to be profitable. This raises the question as to whether a business of this sort is appropriate at all for a start-up company. This sort of “make or buy” decision will have a significant effect on the organization and business system of your enterprise (see chapter 5. You will have to make a basic decision as to whether your company will do the distribution l gross margins vary from business to business. The entrepreneur’s business efficiency (improves the margins) x the complexity of the product (increases margins). With an income over ising: a business idea is put into practice independently by a franchisee. Here is a selection: third-party retail businesses: products are sold via retailers with good access to potential customers. There are various ways of getting your customers’ attention:Sample advertising cost of a campaign depends on many ping the business plan – daily national newspapers daily regional newspapers weekly newspapers business press (managers) mass-market magazines dutch .

And what to look out for when designing one what organizational questions you will need to answer what to take into consideration when thinking about producing yourself or leaving it to third ing your business plan answer the following questions? Raw material tips me off that a business will be successful is that they have a narrow focus of what they want to do. The business system describes the activities that need to be performed to produce a product and deliver it to the customers. A typical business l business ch & business system is a good way of understanding the business activities of a company. H e b u s i n e s s s y ste entrepreneurial task is made up of a combination of separate ping the business plan – 5. Common to almost all industries and a typical business system to a specific one take the typical model as a starting point for designing your own business system. A computer manufacturer’s business system will be very different from that of a fast food chain. Is particularly important for start-ups: they need to concentrate all their energy on a few stages in the business system. Be they appropriate business system will depend largely on the sector you are in and. Focus one of the key questions that need to be answered when designing a business system relates to which tasks and activities the business should concentrate on. There are no generally applicable rules or standards for business systems: yours should be logically structured. It was his intention to carry out every stage of the business system ape business pment of internet ape system design. But a department store’s business system will also look quite different from that of a direct distribution enterprise. Integrated into the organization and ping the business plan – nel planning with the rapid growth of the new company. Costs for office and industrial space vary widely according to the -plan offices individual offices managers’ e rental of industrial accommodation the netherlands national airport (schiphol). You must expect your business to move its location several times in the first 5 es of standards and accommodation costs. Business system and same basic question should be asked: “do it ourselves or have someone else do it? M a k e o r b uy ” a n d pa rt n e r s h i p you have determined the core activities of your business. Their experience often enables rships any company has business relationships with other companies — as a purchaser. Make sure that in any ist for business system and a partnership to develop into a successful business relationship various elements need to be in place: “win-win situation”: both sides must get fair shares of the advantages of the situation. It is usually difficult for both sides to change partners at short your business plan answer the following questions? What activities within the business system will the company perform and which will it buy in (“make or buy”)? The realization plan has a significant influence on the financing and the risks of your business. Don’t let the thought that your plan will be rapidly overtaken by reality stop you from planning as realistically as you can plan better what the consequences of faulty planning can be how to present your planning in the business plan. And even more so when no-one has had any experience with your particular business idea — which is a normal start-up situation. For failure to plan is very likely to have fatal consequences for your a n n i n g e ffe c t i v e ive planning has an organizational and procedural aspect. The business plan should not, however, contain more than a dozen of these packages — the people concerned can subdivide their own packages further if they wish. Break each package down into simple steps, each of which should end with a “milestone” — a specific seeds of every company’s demise are contained in its business adler entrepreneur. Get advice from experts make use of expert knowledge when working on the important planning stages. By definition, there will be no expert for the entire business, but there will be for the individual stages. Follow the critical path all overall planning consists of a series of events (some sequential, others parallel) which are more or less closely interconnected. Obviously, you should pay particular attention to activities on the critical path: if you are looking to save time, you will have to find some way of streamlining the activities on the critical ping the business plan – 6. If early market research reveals that your business idea has real potential, you can use this information in planning the build-up of your delay occurs, perhaps in product development, market entry, or in reaching sales targets. If there are investors who still believe in its success (which is doubly unlikely after the loss of credibility due to faulty planning), they will provide further funds. However, for the entrepreneurs this often means a painful reduction in their share of the company, and perhaps even the total loss of their realistic planning is important. O s s i b le co n s e q u e n c e s o f fau lt y pl a n n i n planning, you always have to start with assumptions. Both errors can have serious consequences for the future of your uences of pessimistic planning at first glance, pessimistic or conservative planning seems the lesser evil. However, pessimistic planning can have just as serious consequences, as shown in the following two scenarios:Consequence of optimistic planning over-optimistic planning puts you in double jeopardy. On the other, over-optimistic planning can easily result in the failure of a new enterprise a little further down the line.

Here’s what could happen:The business takes off, but the necessary resources are lacking. An alternative is to grow according to plan, in the knowledge that potential sales are being lost, and with the risk that a competitor will enter the business. The entrepreneur therefore needs to find additional funds earlier than planned, under time pressure and on unattractive terms. Realization ces – material and human – are built up rapidly, according to plan, and costs rise accordingly. The jargon term for this is a high “burn rate” – the money is used up very honest with yourself in your planning, and try to be as realistic as possible. By including the risks in your business plan, you show potential investors that you have thought your business idea through. If you don’t do this, potential investors must assume that your presentation of the business idea or the development of the business is over-optimistic. So be careful: on the basis of their own experience, they may judge your business plan more harshly than it deserves — or even reject it entirely. However open you are about the risks, though, they should not take up more space in your business plan than the opportunities. If your business idea contains more risks than opportunities, there must be something wrong with it! In this chapter you will find out:P r e s e n t i n g yo u r pl a n n i n trate the presentation of your realization plan on the significant milestones and the important interdependencies. Three elements will normally suffice:A chart showing your schedule the important milestones the important interdependencies between the work cityscape business plan shows how these forms of presentation can be used in ist for realization your business plan answer the following questions? You can hedge against exchange rate the environment ✜ you can only sell half as much as you expected ✜ a key supplier’s factory burns down ✜ shortly after the fying the enterprise is exposed to of the greatest myths about entrepreneurs is that they are risk ping the business plan – 7. These are generally displayed in the form of scenarios that enable the future development of the business to be simulated under various conditions. E n s i t i v i t y a n a ly s i ing risk is a matter of a short description of the scenarios in the business plan. First question in financing is how much money it will take to launch and run the business successfully. You can use a financial plan based on the assumptions you have used for the development of the business. A summary of the analysis in the form of the three most important key figures will be sufficient (the specialist terms are explained in chapter scenarios will give you insight into the possible development of the business and the funds that will be required. Liquid funds are crucial for every aspect of the business (“cash is king”) what to include in your financial planning in the business plan how a company can be financed what to watch out for in the financing deal what you need to know about balance sheets. The “worst case scenario” also offers some more specific information on the stability of the business and the overall risks involved. In this chapter you will find out:Financing requirement: how much capital is needed to finance the business? Your business may be worth a good deal, in terms of future revenue; your books may show a profit, and your equity (the company’s actual worth) may be increasing by the day. Careful liquidity planning would have enabled you to see the shortfall coming months in advance, thus giving you plenty of time to arrange a kind of numbers do we like to see? For a newer business, the numbers matter less and the words matter mahoney investment ping the business plan – 8. Show me the business model and your you start your company, you will be incurring costs before you generate income. Or, at the very least, you must know when and how you can get access to the money you will ping the business plan – 8. N a n c i a l pl a n n i n g i n t h e b u s i n e s s pl a enterprise should have access to the key figures regarding the business situation at any time. If you have no prior business education or experience, we recommend that you read that section before you proceed. The business plan should contain information on the company’s future financial development, backed up with a rough financial plan. Your business plan must answer the following questions:S o u rc e s o f fi n a n c e fo r n e w b u s i n e s s e you know how much capital you need for your business, the next question is where it is to come from. The minimum requirements for the financial planning in the business plan are: x cash flow calculation, profit & loss statement, balance sheet x forecasts for the next three to five years, and at least one year beyond break-even x the first two years, shown quarterly or monthly, the rest annually x all numbers based on thought through assumptions (only the most important ones need to be mentioned in the business plan). Savings family loans state support mortgages leasing bank loan venture capital stock ping the business plan – 8. Usually on very favorable terms) state support suitable for: all start-up and development phases of the business requirements: good knowledge of the g suitable for: financing machinery. Compliance with the conditions advantages: generally very favorable terms (interest-free ges suitable for: financing business property and long-term investments in operating assets (machinery. Room to maneuver limited by minimum requirements for solvency of business (“tante agaath” loan is less strict). Risk of loss of control over business if targets are not ping the business plan – 8. Then you are probably well advised to make use of family e capital (professional) suitable for: all stages from start-up to exit requirements: sound business plan. Investor (business angel) suitable for: seed phase and start-up phase in particular requirements: depending on the investor. Particularly tax breaks x period of time after which the return is required x extent of control required over the investment or the business.

Return in view of the risks involved and the capital required to start the business.. And also payments such as contributions to the staff canteen or to the running of a company’s day care ng up developing the business plan – 8. It shows the result – a profit or a loss – of the company’s business activities over a period of time. A s i c acco u n t i n g p r i n c i ple ial accounts have three parts: the profit & loss of materials personnel expenses third parties depreciation interest expenses other hing 8 part 3 costs: income and expenditure that have no relation to the actual business activities of the company are booked income /net loss: the profit or loss is the difference between revenue and costs over the accounting period. The size of the individual items in the profit & loss statement depends on what the business does. Maintenance costs: the cost of maintenance and repair work required for the normal usage of buildings and : rabobank cijfers & ping the business plan – 8. So ities (capital) current debt creditors operating credits long-term debt loans mortgages equity share capital reserves retained earnings/accumulated losses balance sheet ping the business plan – 8. Will have to invest a good deal more money in plant and equipment than a management consultancy. A s h f l ow f ro m o p e ra t i n g a c t i v i t i e cash flow is the real measure of how much revenue a business is generating. Social security publicity rents other tax interest total costs 10 50 20 10 10 0 2 102 30 50 20 10 10 0 2 122 50 50 50 10 10 0 2 172 40 50 40 10 10 0 2 152 140 50 30 10 10 0 2 242 60 50 20 10 10 0 2 152 70 50 20 10 10 0 2 part 3 ments (= expenses) plant and equipment 500 500 300 ity cash outflow (–). If you refuse to accept anything but the ished enterprises service city sites digital city pacific bell at hand or cox enterprises america online pacific bell ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business ape business g a start-up and raising equity dealing with venture capitalists and private ape business g a start-up and raising equity.. In this chapter you will find out: how the interests of investors and start-up management teams can differ how to reach a deal how to value the business in preparation for the negotiation what to watch out for in the negotiations how to raise further capital. As this represents a high-risk investment over a period of years for -ups sometimes have recourse to what are known as “business angels” – private investors and retired entrepreneurs who usually invest smaller amounts compared to venture capitalists. Will probably seem much more important to the success of the business than the size of the what extent are you prepared to give up ownership of the company? I ffe r i n g i n te r e you have prepared a business plan for your enterprise.. This sets out the financial aspects of the participation – the size and form of the investment and the investor’s resulting share of the business. The investor will review the business plan again in detail: this is known as a due diligence review. H e way to t h e d e a your business plan has aroused an investor’s interest in your business and your team. The supervisory bodies and the employees shall be allocated up to … % of the equity on the basis of a stock option plan (see the appendix for the applicable provisions). The following consensus-based decision-making process shall apply:Right of first refusal:Use of profits: stock option plan:Concerning the use of future profits. Contractual agreements and applicability of the of disposal: shares in the business:On the assumption that both the founders and the investor make investments. So you will need to arrive at your own idea of what your business is worth. A venture capitalist will locate the start-up at either the upper or the lower end of the typical range for the sector le development of the value of fast-growing it start-ups in le development of the value of fast-growing life science start-ups in pment phases financing rounds value of business (pre-investment) dfl. G a start-up and raising or’s share of the or’s share of the ment team’s share of the business value of management team’s share dfl. You can get a first feeling of how highly venture capitalists will value your business from colleagues: talk to other management teams that have recently taken up capital. Net profit (or the annual surplus) itself is only of significance in determining value to the extent that it enables a more exact estimate of the cash ating the value of the business yourself the value of a company is generally understood to mean the market value of its equity (“equity value”). The value of the business – the “equity value” – is arrived at by subtracting the debt. Your business is only worth what an investor is prepared to pay for it after the negotiations! Doing your own calculations will give your management team clarity at an early stage on what percentage of the business you will probably need to sell to “outsiders”. The point of your calculations is not so much to define the “right” value for your business. The dcf method can be problematic for start-ups in the initial phase: new businesses typically start with negative cash flows and very uncertain forecasts. You can get a clearer definition of the range in which the value of your business lies. Venture capitalists often use the return they expect as the discount rate: depending on the development stage of the business. Which of the risks set out in the business plan you have already been able to either avoid altogether or minimize by your actions as an entrepreneur. Though: it will give you a better understanding of the assumptions implicit in your business plan. As the capital structure ( value of the business is the total of all the discounted cash flows during the forecast period plus the continuing value minus the debt. This gives you the value of the business (“equity value”) at the end of your investor’s investment horizon. These are the same as the operational cash flows indirectly derived for the business plan (see p. You multiply the appropriate value for your business (ting with multiples the value of a business can also be estimated with the aid of comparable values from already established i “clicks” on the homepage per week possible multiples result from the relationship between the market value of the equity and the number of customers or of staff.

Sales i where i = comparable business and j = your business or fv = market value of the equity x no. 000 now year 1 2 3 4 value of the business is often also approximated on the basis of comparable values from established businesses. X multiply the net profit shown in your business plan for the time of the investor’s exit by the comparable per. 65) current value of the business (“equity value”) is reached by multiplying the calculated future value of the business by the discount factor. The investor’s share is calculated on the basis of the size of the investment (need for funds) and the current value of your business. The investor’s share mathematically ated equity nted cash flow multiples with average values of comparable business average of both processes c. Discount the value of the business to current value x the calculated figures represent the value of the business in the year of exit of your investor ( in mind that the worth of such a valuation depends largely on the sis of the various values of the business the calculations produce the following values for the business:Of your assumptions. Using this formula: investment value of us assume that an investor is interested in providing the first tranche of capital required by our sample business. The venture capitalist generally calculates the value of the business before the investment – known as the “pre-investment” value. What the venture capitalist is really interested in is what the business is worth on its g a start-up and raising equity.. H e n e g ot i at i o have prepared your business is one thing you should not overlook in all these calculations. Their wish not to give away too much of the business too quickly and too cheaply. And your estimates of the value of the business and the capital you need have given you a clearer idea about participation by investors. This depends on how many investors you have been able to interest in your business. A i s i n g c a pi ta l fro m a d d i t i o n a l i n v e sto r business will probably need to raise further capital in the years ahead. Example: the recalculated values for the forecast period produce a post-investment value for the business of about dfl. This is particularly the case inasmuch as your investor’s advice and support (the “smart money”) will ultimately be at least as important for your business as his financial contribution. Ariel ist for valuing the business and raising your ideas and calculations answer the following questions? X te n d e d ta b le o f co n te n 1: starting up a company – how companies rt i n g u p a s u cc e s s fu l co m pa ny take the investor's ing a business with venture is venture capital? Market entry and growth stage 4: goal achieved: realizing your success the reward for your 2: the business idea – concept and to identif y a business idea and how to develop ways to present a business idea innovative business ideas business innovation. 33 35 36 36 39 40 41 42 43 44 45 t of a convincing business er benefit market revenue mechanism ting the business presentation of the business ample: cit ysc ed table of contents.. 18 19 20 20 20 20 21 21 23 24 24 25 25 26 26 stages in the start-up pment process stage 1: developing of the idea stage 2: preparing the business hardest thing to see is what is in front of your ping an overall perspective limiting the risk financing expenditure with your own 3: setting up the ng the target exactly are your customers? Business system and l business system from a typical business system to a specific one focus. Focus cityscape business ting the management ment team ng up appendix extended table of contents.. 3: developing the business ure of the business plan content of the business plan formal design of the business plan conciseness is also a matter of style. 119 119 121 121 calculation of cash ating the cash flow indirect calculation of cash flow financing ivit y ape business ed table of realistic planning is important. 113 113 113 113 114 114 114 114 115 116 investor's requirements calculating the investors' ating the accounting principles the profit & loss ts on the items in the profit & loss statement example of a simple profit & loss statement structure of the profit & loss statement in various le consequences of fault y pl uences of optimistic planning consequences of pessimistic ts on the items in the balance sheet example of a simple balance sheet balance sheet structure in various ting your pl ist for realization schedule. Ash is king financial pl anning in the business pl an sources of finance for new of capital the main sources of capital family loans state support (both loan and equity) mortgages leasing bank loans venture capital (professional) private investor (business angel). Make or buy” and or buy partnerships checklist for business system and management team's requirements. The business system shows which work is performed in what sequence to produce a product or provide a service. 196 197 198 200 201 202 203 204 205 205 209 211 211 ss plan burn rate business angel break-even bookkeeping book profit/loss best ng up appendix glossary.. Generally: point in time when the profit threshold is crossed and a profit is realized speed at which money is 4: valuing a start-up and raising ing interests the management team’s interests the investor’s interests the way to the deal typical venture capital financing process sample term sheet valuing the business venture capitalists’ procedure possible development of the value of fast-growing it start-ups in germany possible development of the value of fast-growing life science start-ups in germany calculating the value of the business yourself calculating with discounted free cash flows (dcf) company valuation using the dcf method the discounted cash flow method (dcf) estimating with multiples company valuation using multiples multiples synthesis of the various values of the business how to get a better feeling for figures calculating the investor’s share the negotiation raising capital from additional investors procedure for further capital increases checklist for valuing the business and raising equity. Followed by liquidation of the company’s assets business scenario based on the assumption that the majority of events affecting the targeted result will be positive profits (losses) resulting solely from adjusting accounting records to reflect the increase (decrease) in the value of an asset or liability function or technique applied to measure and describe the financial position and success of a company in the context of a start-up: point in time when positive cash flow is phase follows the start-up phase) profit from sources other than the company’s stated business. The franchiser determines business with a telephone bank capable of handling a large volume of calls. Often expressed as a percentage of sales current assets assets that can be easily converted to cash or cash equivalents in the normal course of business activity exit strategy current liabilities also referred to as short-term debt. Sale of shares in a business and realization of profits by investors investor’s plan for realizing a profit on an investment further intensive growth of a (new) company. Depending on the actions taken by the company obtaining or providing financial resources or capital for a project or business assets comprising durable goods for recurrent. Also often referred to as the “base case” see nominal case profit from the ordinary business activity of the company = profit minus extraordinary money hurdle or earnings target income -term debt also called a profit and loss statement. Having a legal interest in another’s property is also referred to as holding a lien on the property) profit after deduction of all expenses and taxes assumption of the most likely business scenario to the best of one’s knowledge (“normal case”).

In which the business idea is developed description of the effects of possible changes in revenues and costs on the overall profitability of a project or a company velocity unique selling proposition.. Is mainly used for new products or services for which there are few alternatives for the customer (typically contrasted with a “penetration” pricing strategy class of companies with up to about 100 and mediumsized businesses soft l provided without obligation to repay it with interest. Concept from marketing denoting the winning sales argument or the special quality of the product or service that is perceived by customers as offering more customer value than competing products see unique selling proposition speed at which the business plan is implemented: “high velocity” gives a new product or business an advantage over competitors funding from investors for the financing of new. Also referred to as risk capital professionally managed funds from which venture capitalists finance their investments circumstance in which all parties or companies gain or obtain a fairly distributed benefit business scenario based on the assumption that the majority of events affecting the targeted result will be -up phase -money valuation pre-money valuation present ark value today of a future payment or stream of payments. Usa: upstart publishing ng up appendix ended documentsdocuments similar to mckinsey handbook - how to write a business planskip carouselcarousel previouscarousel insey bp advice300092 the thought process in mckinsey reports and presentations[1]mckinseyinstant start uptemplate charts mckinseymck business strategy bundleconsulting accenture slide template packagemckinsey - starting up business planning manualmckiney-associate handbookbain-new consultant skill buildingmckinsey solution sellingproblem solving with mckinsey methodmckinsey presentationpresentation storyboardmck problem solvingbearing point strategy toolkitdesigning ceo coo roles insightmckinsey - mbb time for rationalitymarketing - business plan - mckinsey - how to write a business planpresentation for uclmckinseystart-up handbook bain insey starting upmckinsey casebookstartup best practices- bookmckinsey odc15 mckinseydocuments about tech start upsskip carouselcarousel previouscarousel nextwharton strategic business planning part 33785entrepreneurship assignmenttheory business incubationbusiness proposalthe guide to atlanta's start up scenevirgin+case+studystarbucks case 17 - zipcarfinal ent600quiz) solvedsmall scale industry 08infosys case studysenior hr business partner in nyc resume elizabeth mackayaaron greenspan lawsuitsme challenges for increasing credit flow to the sector in indiauniversity notes - senior year, 1st semestersreedhar's cce _ institute for competitive and entrance exams59computer repair business planglobal value chain analysis samsung electronicsnigerian content policy in the oil and gas industrypersonal marketing plan - academic assignment - top grade papershenry tam and the mgi ishing a joint venture in indiamattermark yc applicationunc acqui-hire studyitcot profilearizona engineer spring 2005virtual currencies and beyondventure capitalist pptdocuments about venture capitalskip carouselcarousel previouscarousel nextglobal entrepreneurship and the successful growth strategies of early-stage companiessenate hearing, 110th congress - sba reauthorizationeba opinion on ‘virtual currencies’house hearing, 110th congress - full committee hearing on legislation updating and improving the sba's investment and surety bond programsu. 11f taught by jackie kimzey (jxk092000)house hearing, 110th congress - full committee hearing on increasing investment in our nation's small businessespriv equity performancevc funding survey, 3q 2015house hearing, 112th congress - field hearing on the impact of medical device and drug regulation on innovation, jobs, and patientsut dallas syllabus for entp6315. 08u taught by robert robb (rxr055100)house hearing, 108th congress - diversity in the financial services industry and access to capital for minority-owned businessesgrowing your business in the modern economytestimony - james burgumstartup financing trends by raceguidelines for local and state governments to promote entrepreneurshipmintz levin citizen vc to secthe regional environmenthouse hearing, 112th congress - subcommittee on healthcare & technology the creating jobs through small business innovation act of 2011ut dallas syllabus for fin6315.