1、1Table of Contents1.The Route from Concept to Company.21.1.Success factors.21.2.Stages of development.32.The Business Idea.62.1.Developing a business idea.62.2.Elements of a promising business idea.72.3.Protecting your business idea.102.4.Presenting your idea to investors.113.The Business Plan.133.1
2、.Advantages of a business plan.133.2.Characteristics of a successful business plan.133.3.The investors point of view.153.4.Tips on preparing a professional business plan.174.Structure and Key Elements of a Business Plan.194.1.Executive summary.194.2.Product or service.214.3.Management team.224.4.Mar
3、ket and competition.244.5.Marketing and sales.274.6.Business system and organization.324.7.Implementation schedule.364.8.Opportunities and risks.384.9.Financial planning and financing.382Exhibit 2KEY FACTORS FOR SUCCESS OF INNOVATIVE START-UPSIdeas Degree ofinnovation Scope PatentCapital Availabilit
4、y/amount Needs/responsibilities Exits for investorsPeople Inventors Entrepreneurs TeammembersTraditional serviceproviders Attorneys Patent lawyers Tax consultants/accountants MarketresearchersNetwork and exchange Coaching Networking Team building Innovative service providerVenture capitalistsHeadhun
5、tersAngel investorsHigh-tech start-upconsultants1.THE ROUTE FROM CONCEPT TOCOMPANYNew,innovative companies generally try to grow from start-ups into established companieswithin 5 years.But they can seldom finance their activities alone along the way.Rather,theyare dependent on professional investors
6、 with considerable financial clout.For entrepreneurs,financing is a critical question the business plan must thus be considered from the point ofview of potential investors right from the outset.1.1.Success factorsSuccessful companies arise from a combination of five elements(Exhibit 2).1.No busines
7、s concept,no businessHaving an idea is just the beginning of the creative process.Many entrepreneurs are initiallyinfatuated with their inspiration,losing sight of the fact that their idea is the point of departurefor a long process of development which must face and withstand tough challenges befor
8、e itcan enjoy financing and market success as a mature business concept.2.Money mattersWithout somebody who invests money into the idea to grow it into a viable business,thisbusiness will never become a reality.From early on,therefore,much attention must be paid toconvincing investors to provide the
9、 necessary funding.3Exhibit 3STAGES OF START-UP DEVELOPMENTBusiness ideagenerationBusiness planpreparationStart-upand growthEstablishedcompanyInterest ofinvestorsFinancingdecisionsExit ofinitialinvestors3.No entrepreneurs,no enterpriseGrowing new firms is not a one-person job.It can only succeed wit
10、h a team of,usually,three tofive entrepreneurs whose talents are complementary.Putting together well-functioning teamsis a difficult process one that takes time,energy,and an understanding of human nature.Donot lose any time in putting your team together and work on perfecting it throughout the enti
11、restart-up process.The characteristics of a high-performance management team are discussed inmore detail in section 6.3 of this Guide.4.Traditional service providers will help you clear the first hurdlesYou will often need the advice of professional service providers,such as patent lawyers,taxadviso
12、rs,and market researchers-especially at the beginning.Getting the right informationearly(e.g.,for registering a patent)can have consequences for later success or failure.5.Strong networks are a shot in the arm for every new companyProfessional guidance for potential entrepreneurs through a network o
13、f sponsors,entrepreneurs,venture capitalists,and service providers is decisive in transforming viable ideas into realcompanies.Prime examples for such regional networks can be found in Silicon Valley and theBoston area.1.2.Stages of developmentThe typical progression of the start-up and development
14、of growing companies into establishedfirms can be subdivided into three stages.The end of each stage serves as a milestone forventure capitalists by which to gauge the status of their investment.Being familiar with eachstage and the challenges it poses may spare you wasted energy and disappointment.
15、Pleasenote,however,that the three stages in the development of a functioning start-up do not matchthe three phases in the development of a business plan within the framework of thiscompetition(see Exhibit 3).If you intend to be successful,this start-up process should influence both your activities a
16、s theinitiator of a business concept and your path toward forming your own company.To a largeextent,it is the demands of investors that will determine how you must approach the individualstages of the start-up.4Stage 1:Business idea generationThe beginning is the inspiration your solution to a problem.It must be evaluated todetermine if it delivers an actual customer value,whether the market is big enough,and justhow big it will be.The idea itself has no intrinsic economic value.It acquires econ
