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1TableofContents1.TheRoutefromConcepttoCompany...............................................................................21.1.Successfactors............................................................................................................21.2.Stagesofdevelopment..............................................................................................32.TheBusinessIdea..................................................................................................................62.1.Developingabusinessidea......................................................................................62.2.Elementsofapromisingbusinessidea...................................................................72.3.Protectingyourbusinessidea................................................................................102.4.Presentingyourideatoinvestors..........................................................................113.TheBusinessPlan................................................................................................................133.1.Advantagesofabusinessplan...............................................................................133.2.Characteristicsofasuccessfulbusinessplan.......................................................133.3.Theinvestor’spointofview...................................................................................153.4.Tipsonpreparingaprofessionalbusinessplan..................................................174.StructureandKeyElementsofaBusinessPlan..............................................................194.1.Executivesummary.................................................................................................194.2.Productorservice....................................................................................................214.3.Managementteam...................................................................................................224.4.Marketandcompetition.........................................................................................244.5.Marketingandsales.................................................................................................274.6.Businesssystemandorganization........................................................................324.7.Implementationschedule.......................................................................................364.8.Opportunitiesandrisks..........................................................................................384.9.Financialplanningandfinancing..........................................................................382Exhibit2KEYFACTORSFORSUCCESSOFINNOVATIVESTART-UPSIdeasDegreeofinnovationScopePatentCapitalAvailability/amountNeeds/responsibilitiesExitsforinvestorsPeopleInventorsEntrepreneursTeammembersTraditionalserviceprovidersAttorneysPatentlawyersTaxconsultants/accountantsMarketresearchersNetworkandexchangeCoachingNetworkingTeambuildingInnovativeserviceprovider–Venturecapitalists–Headhunters–Angelinvestors–High-techstart-upconsultants1.THEROUTEFROMCONCEPTTOCOMPANYNew,innovativecompaniesgenerallytrytogrowfromstart-upsintoestablishedcompanieswithin5years.Buttheycanseldomfinancetheiractivitiesalonealongtheway.Rather,theyaredependentonprofessionalinvestorswithconsiderablefinancialclout.Forentrepreneurs,financingisacriticalquestion–thebusinessplanmustthusbeconsideredfromthepointofviewofpotentialinvestorsrightfromtheoutset.1.1.SuccessfactorsSuccessfulcompaniesarisefromacombinationoffiveelements(Exhibit2).1.Nobusinessconcept,nobusinessHavinganideaisjustthebeginningofthecreativeprocess.Manyentrepreneursareinitiallyinfatuatedwiththeirinspiration,losingsightofthefactthattheirideaisthepointofdepartureforalongprocessofdevelopmentwhichmustface–andwithstand–toughchallengesbeforeitcanenjoyfinancingandmarketsuccessasamaturebusinessconcept.2.MoneymattersWithoutsomebodywhoinvestsmoneyintotheideatogrowitintoaviablebusiness,thisbusinesswillneverbecomeareality.Fromearlyon,therefore,muchattentionmustbepaidtoconvincinginvestorstoprovidethenecessaryfunding.3Exhibit3STAGESOFSTART-UPDEVELOPMENTBusinessideagenerationBusinessplanpreparationStart-upandgrowthEstablishedcompanyInterestofinvestorsFinancingdecisionsExitofinitialinvestors3.Noentrepreneurs,noenterpriseGrowingnewfirmsisnotaone-personjob.Itcanonlysucceedwithateamof,usually,threetofiveentrepreneurswhosetalentsarecomplementary.Puttingtogetherwell-functioningteamsisadifficultprocess–onethattakestime,energy,andanunderstandingofhumannature.Donotloseanytimeinputtingyourteamtogetherandworkonperfectingitthroughouttheentirestart-upprocess.Thecharacteristicsofahigh-performancemanagementteamarediscussedinmoredetailinsection6.3ofthisGuide.4.TraditionalserviceproviderswillhelpyouclearthefirsthurdlesYouwilloftenneedtheadviceofprofessionalserviceproviders,suchaspatentlawyers,taxadvisors,andmarketresearchers-especiallyatthebeginning.Gettingtherightinformationearly(e.g.,forregisteringapatent)canhav