Introducing StartMyBusiness123 2011 10
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Transcript of Introducing StartMyBusiness123 2011 10
Introducing
© Prof. János Vecsenyi 2011.
VIEW
© Prof. János Vecsenyi 2011.
A number of wannapreneurs would like to get seed money from our venture capital firm, but they do not know exactly for what and
why. I would like to offer them some help to think their business idea through and come to us with
a well defined and tested concept.
I am already running my small business. It would be great to know why it is not successful enough. I want to find the key
to success.
Being a consultant, I am regularly approached by a number of new
entrepreneurs needing my help to get their basic questions answered. I
would appreciate a professional toolkit to make my job easier.
I have a seemingly great business idea, but I am not sure about it. I would like to check it out before I launch my new venture.
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© Prof. János Vecsenyi 2011.
I am János Vecsenyi, professor of Entrepreneurship at Small Business Development Center of Corvinus University of Budapest.
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• Founded my first consulting firm in 1995, worked for GE for 15 years, consulted start-ups, small and big companies
• Harvard alumni from the EFER Entrepreneurship teaching program
• Lectured at Tulsa University (USA), INSEAD (France), University of Economics and Technical University (Budapest)
• Recently published book‘Starting and Managing New Ventures’
• Launched VJV Consulting to develop and sell StartMyBusiness123
A team of entrepreneurs, venture capitalists, other professionals and I spent much time to develop the StartMyBusiness123 program to facilitate the successful start of new ventures for future entrepreneurs.
Starting a new venture
• Exciting adventure• Conscious preparation
• Making a dream come true• Getting to know the business world
• A journey to independence• Business, profession, management
© Prof. János Vecsenyi 2011. 4
Fit & Sexy
Mark
et need
Prod
uct /
se
rviceCustomer Seller
© Prof. János Vecsenyi 2011. 5
Starting a new venture
Business model
INCOME?
Buyer Advertizer
ProviderTenant
© Prof. János Vecsenyi 2011. 6
Starting a new venture
Operation and management
© Prof. János Vecsenyi 2011. 7© Prof. János Vecsenyi 2011. 7
Starting a new venture
You
Your team Your network
© Prof. János Vecsenyi 2011. 8
Starting a new venture
SelfconfidentWell thoughtSupportedExecution
Why do you need a business plan?
CONCISE
BUSINESS PLAN
VIABLE BUSINESS
CONCEPT
Idea
WHY?
For me, for Family, Friends, Funds, angel investors
For me, for venture fund investors
FOR WHOM? HOW? WHAT?
Concise analysis and plan with a BP template
Convincing thorougharguments
SelfconfidentPlannedSupportedExecutionConvincing,
credible document
9© Prof. Vecsenyi János 2011.
Systematically thinking through with
1)Define 2)Test 3)Act
Define what business you want to start or run.
Test viability and
develop
your business.
3 steps
Act to solve strategic issues and decide on starting.
© Prof. János Vecsenyi 2011. 10
Starting a new venture
Who will be your customers, what are their needs and why?
What product/service do you want to sell at what price?
Where will your income come from directly or indirectly?
How will your business operate? How much money will your
business make? How much money do you need to
launch your business? Who will be your partners?
BUSINESS CONCEPT
Foundation for start-up
Based on your great idea you
need to define a business concept
to succeed.
The business concept will define what kind of you
want to start.
1) Define
11© Prof. János Vecsenyi 2011.
The need
The value proposition
The business model
The operational model
The financials and investment needs
The entrepreneur and the team
© Prof. János Vecsenyi 2011. 12
1) Define
Test against five criteria:Marketability shows whether your product/service can generate real paying customers.Competitiveness tells you how strong your position is among your competitors based on your special offer.Feasibility will focus on the operation of your business; whether the business can deliver on its promise.Profitability tests whether the business can really generate profit.Engagement reflects on your willingness and capabilities, which are prerequisites for a successful start-up.
2) Test
© Prof. János Vecsenyi 2011. 13
Do you want to know how viable your business is?
Developing the business based on viability testing
2) Test
© Prof. János Vecsenyi 2011. 14
3) Act
Identifying strategic issues and solutions
Creating action plan to solve strategic issues
Decision on starting and execution
© Prof. János Vecsenyi 2011. 15
© Prof. János Vecsenyi 2011. 16
What When Who
Strategic issues and action plan for starting
Viable Business Concept
Start-up Action
Plan
Elevator Pitch
OUTPUT
DECISION starting, postponing or
stopping the venture
3) Act
The framework
SUCCESS FACTORSSUCCESS FACTORS
RISK FACTORS
RISK FACTORS
STRENGTHENING STRENGTHS
STRENGTHENING STRENGTHS
MANAGING RISKS
MANAGING RISKS
BUSINESS CONCEPT
What When Who
Strategic issues and action plan for starting
DECISION starting, postponing or
stopping the venture
© Prof. János Vecsenyi 2011. 17
Built-in support
Calculation engine
Examples, best practices
Pro tips for risk management
.
© Prof. János Vecsenyi 2011. 18
What else can we tell you about StartMyBusiness123?
If you’d like to learn more, drop us an e-mail: [email protected]
Many of the questions we’ve received are answered on our
FAQ page.
© Prof. János Vecsenyi 2011. 19
© Prof. Vecsenyi János 2011. 20
Personal success
Can be happy
Social success
Can contribute to the sustainable development
Economic success
Can make money out of it
Sales success
Can sell it
Technical success
Can make it
Stair
case
to th
e entre
preneu
rial s
ucces
s
Have a smart and successful journey