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The 14th AnnualThe Nuts and Bolts of Business PlansMIT Course 15.975January 2003,Joe Hadzima(MIT S.B.,M.S.in Management;Harvard Law)Senior Lecturer,MIT Sloan SchoolManaging Director,Main Street Partners LLCjghalum.mit.eduJoost Bonsen Yonald Chery MIT Sloan Graduate Student MIT Course 6,PhD CandidateFormer Lead Organizer,MIT$50K Competition$50K Finalist,Founder Virtual Ink jpbonsenalum.mit.edu yonaldalum.mit.edu TA:Jorge Bravo(15975-tamit.edu)entrepreneurship.mit.edu/15975/,Why Should You Be Here?,-14th Year,1,600 to 2,000 people,Multiple companies started-Who Am I?-Why Do We Do This Course?-Who Should Take This Course?-Who Is In The Audience?-Take This Course For CREDIT,The Nuts and Bolts of Business Plans,The Nuts and Bolts of Business PlansCourse Information,MIT Course 15.975 http:/entrepreneurship.mit.edu/15975/3 Credits Pass/FailClass Attendance RequiredWritten Requirement-Executive Summary or-Analysis of Business Plan,The Nuts and Bolts of Business Plans,We Want You To SUCCEED,-Jorge Bravo,TA 15975-tamit.edu-Krisztina Holly,$10K and$50K Winner,Executive Director of the Deshpande Center-Joost Bonsen,Former$50k Entrant,Lead Organizer,Television Personality-Yonald Chery,Course 6,$50K Finalist,Founder of Virtual Ink,The Nuts and Bolts of Business Plans,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Krisztina Holly,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Worthy IAP Entrepreneur Events(This Week),Wed 1/22 10a-12n 2-105:Fostering Innovation w/Prof Vander Sande,American Superconductor(plus bustour)Weekly Wed Muddy 8p+(AgeID)Thurs 1/23 4p Lobby 13:Deshpande$50K DinnerFriday 1/24 1-5p Wong e51:SEBC Technology&Entrepreneurship Forum&VentureFest,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Worthy IAP Entrepreneur Events(Next Week),Mon 127 10a-12noon 4-231:Fostering Innovation w/Sherwin Greenblatt,VMS(and former BOSE President;also a bustour)15.976 Starting-),January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Yonald Chery,A Brief Introduction to Virtual Ink,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Course Schedule6:30pm to 8:30pm Room 10-150,BUSINESS PLAN BASICS-Tuesday,January 21TECHNOLOGY STRATEGY;MARKET IDENTIFICATION Wed,January 22SOLVING THE WEAKEST LINK,SALES-Thursday,January 23*LEGAL ISSUES;PRESENTATION SKILLS-Monday January 27BUSINESS MODELS;FINANCIAL PROJECTIONS-Tuesday,January 28FINANCING SOURCES;EXECUTING THE PLAN-Wed,January 29*In conjunction with the MIT Enterprise Forum Satellite Broadcast-7:00pm-9:00pm in Kresge Auditorium,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS The Business Plan-A SUPPORTED VISION,Technology,IntellectualProperty,MarketAnalysis,CompetitiveAnalysis,Sales andDistribution,Team,FinancialProjections,DetailedSupport/Foundation,1 paragraph,30 seconds,2-5 pages,10-15 minutes,20-30 pages,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,Why Write A Business Plan?What Should Be In A Business Plan?The Business Plan As A Financing Document,What We Will Discuss Today:,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,Because I have to.Needed for financingStrategic partneringTo explain business to customers/suppliersTo attract key people,Why Write a Business Plan?,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,Because I Need to Understand My BusinessThe Business Plan is a result of a PLANNING PROCESSWho are your customers?Why will the buy your service or product?What will they pay?How will you make and deliver the service/productWhat resources(people,money,technology)will you need?Can you make money/create value?,Why Write a Business Plan?,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,Types of PlansOperational plansExternal plansSummary PlanFull Business PlanWho should write the Plan?CEO alone?The team?A hired writer/consultant?,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,Business Plan Targeting,Excerpted from:Gumpert,David E.,How to Really Create A Successful Business Plan,INC Publishing 1990,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,What Should Be In A Business Plan?Size/Packaging Of The PlanAvoid the 3 thick binderSeparate binding of Executive Summary?How to bind?staplespiralVelabindAccubinderAppearance should be professional but not overly slick,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,The Plan is a SELLING DOCUMENTDont lose sight of the visionThe excitement must come throughThe Plan should project your imageBUT:The Plan Must Be Defensible,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,Elements of a PlanExecutive SummaryThe Opportunity and the Company and its Services/ProductsMarket Research/AnalysisEconomics of the BusinessMarketing PlanDesign and Development PlanManufacturing and Operations PlanManagement TeamScheduleCritical Risks,Problems and AssumptionsThe Financial PlanAppendices,Notice That“Technology”Is NOT A Section,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,Cover PageName of CompanyAddressTelephone/fax/emailConfidentiality legendSecurities law legendControl numbering of copies,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,CONFIDENTIAL,This Business Plan has been prepared by Virtual Ink,a Delaware Corporation.It is being delivered,subject to prior execution of a Confidential Disclosure Agreement,to a limited number of parties who may be interested in investing in Virtual Ink Corporation.The sole purpose of this Business Plan is to assist the recipient in deciding whether to proceed with a further investigation of Virtual Ink,Corporation.While Virtual Ink Corporation believes that the financial and other information contained herein is accurate,Virtual Ink Corporation expressly disclaims any and all liability for express or implied representations or warranties contained in,or for omission from,this Business Plan,or any other written or oral representations and warranties which may be made to the investor in a Stock Purchase Agreement when,as and if one is executed,and subject to such limitations and restrictions as may be specified in such Stock Purchase Agreement,shall have any legal effect.This Business Plan shall not be photocopied,reproduced or distributed to others at any time without prior consent of Virtual Ink Corporation.It has been prepared for informational purposed related to this investment opportunity only and upon the express understanding that it will be used only for the purposes set forth above.Upon request,this recipient will promptly return all material received from Virtual Ink Corporation(including this Business Plan)without retaining any copies thereof.In furnishing this Business Plan,Virtual Ink Corporation undertakes no obligation to provide the recipient with access to any additional information.c,This confidential Business Plan is the property of Virtual Ink Corporation and contains proprietary information belonging to Virtual Ink.It is submitted for the sole and confidential use of the person named below.No part hereof may be reproduced,distributed or used for any other purpose.This copy must be returned to Virtual Ink upon request.This confidential Business Plan does not constitute an offer of securities for any purpose.Copy No._ For:_,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,What Should Be In A Business Plan?Table of ContentsPut one inInclude page numbers,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,Executive SummaryAn Executive Summary isNOT an abstract of the planNOT an introductionNOT a prefaceNOT a random collection of highlightsAn Executive Summary IS the Business Plan in miniature,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-Executive Summary(continued),SizeTwo pages(preferable)to five pages(max)The Executive Summary must beLogicalClearInteresting/ExcitingThe Executive Summary is like a RESUMEIf it gets the readers attention,the rest gets readThe Elevator Speech is to the Exec Summary as the Exec Summary is to the Full Plan,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-Executive Summary(continued),The Executive Summary tellsWho you areWhat your strategy/vision isWhat you are doing and/or propose to doWhat is the marketHow many$do you need and what will you do with themWhat your SUSTAINABLE COMPETITIVE ADVANTAGE isWhen the reader is finished he or she should be able to tell someone what you are up to.,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-Executive Summary(continued),The Executive Summary Should Contain:Description of the Business Concept and the BusinessThe Opportunity and StrategyThe Target Market and ProjectionsThe Competitive AdvantagesThe Economics,Profitability and Harvest PotentialThe Team,The Virtual InkExecutive Summary,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,The Body of the Plan-The OpportunityWhat is the Market/Opportunity?How big is it now?What are the trends-how fast is it or will it grow?Why Is This Time The Right Time For Your Product/Service?Convergence of Opportunity and Solution,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Market AnalysisExisting and planned products in marketplaceMarket segmentsMarket players/competitionCompetitive AdvantagesEstimated Market SharesCurrent PlayersYou,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Economics of BusinessWhat Are Your:Expected Gross and Operating MarginsProfit potential and erosionFixed,variable and semivariable costsMonths to breakevenMonths to Cash Flow Positive,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Marketing PlanWhat is your Marketing Strategy?Pricing and DistributionPricing and margin erosionDistribution must match strategy/pricingSales TacticsWho will be the first customer,second customer etc.?How will you reach the customer?Advertising and Promotion,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Development PlanWhere is development today-product statusWhat development is needed?Time and resources needed for developmentDo you have to produce a complete product to get going?Avoid“Nuclear Fusion”Difficulty and RisksProduct Pipeline Plans,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan The Development Plan(cont),Intellectual PropertyDo you have patents?How broad is your intellectual property protection?How do you compare to your competitors?Other technologies?Proprietary RightsDo prior employers have rights?,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Manufacturing and Operations PlanOperating CycleGeographical LocationFacilities neededStrategy and Plansoutsourcing vs.in-houseRegulatory and Legal issuesFDAEnvironmental,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,The TeamThe Internal TeamBackground of principalsHow long has the company been in operation?The External TeamBoard of DirectorsAdvisory BoardProfessional AdvisorsDont“name drop”if the external person has not agreed to be mentioned,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Action PlanWhat Will You Do and When?Identification of“Credibility Testers”Sequencing to build VALUEEliminate or Reduce DependenciesCoordination of Schedule,Value Recognition Events and Financing Requirements,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,Risk Factors and Critical AssumptionsBe sure to address Negatives as well as PositivesThere are always negatives/problemsSet the stage for the readerShow that you have a plan for getting around or minimizing the negativesReduce Dependencies If Possible,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the Plan,The Financial PlanActual Income Statements and Balance SheetsPro FormaIncome StatementsBalance SheetsCash Flow StatementsBreakeven ChartAssumptions should be statedGet these right or defensible,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?-The Body of the PlanThe Financial Plan(cont.),SpreadsheetitisDo numbers balance?Do the numbers tie to the PLANCASH IS KING C I M I T Y MUse traditional financial statement presentation Now is NOT the time to invent new methods of presentationGet help if you arent expertTie to rounds of financing/expansion,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS What Should Be In A Business Plan?,AppendicesSeparately Bound VolumeResumes of PrincipalsProduct LiteratureTrade Press/Business PressPatents(front page)Testimonials LettersTechnical InformationConfidentialityTechnical person to technical person discussion,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICS,Fine Tuning/Targeting the PlanHave an Independent Reader Review the PlanOne or more independent readers for feedback:Retired industry pro?Customer(?)Consultant?Professor?Accountant-yes definitelyLawyer-yes definitely,January 2003,The Nuts and Bolts of Business PlansJoe Hadzima,SESSION 1:BUSINESS PLAN BASICSThe Business Plan As A Financing Document(Excerpts From Materials Prepared By Lita Nelsen,Director of MIT Technology Licensing Office),A.First Reading:Like a ResumeMake The Cut,So That You Get An Opportunity To Tell Your StoryB.Second Reading:Justi