Business 16 Stanford Department of Continuing Education Class

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Business 16 Stanford Department of Continuing Education Class # 1, 9/21/09 What Is A Business 16 Stanford Department of Continuing Education Class # 1, 9/21/09 What Is A Business Plan, And What Good Is It Anyway?

Housekeeping: Doug Kelly, M. D. General Partner, Alloy Ventures doug@alloyventures. com Slides: www. alloyventures. Housekeeping: Doug Kelly, M. D. General Partner, Alloy Ventures [email protected] com Slides: www. alloyventures. com/class. html Business plans due last day of class Partnering on plans encouraged Grades are not; requires BP & final presentation Motivation, Groundrules, Ethics, Politeness, Excuses, & Making Life Easy On Yourselves

Why do start-ups fail? o Poor risk management o o o o o Market Why do start-ups fail? o Poor risk management o o o o o Market risk Technical risk Competitive risk Intellectual property risk Management risk Distribution risk Regulatory risk Financing risk Liquidity risk o Risk is inversely proportional to value and your ownership.

If you are unwilling do enough research to thoroughly assess and quantitate these risks, If you are unwilling do enough research to thoroughly assess and quantitate these risks, and start a company anyway, you are an idiot and you should drop this class right now.

Why are start-ups like helicopters? Why are start-ups like helicopters?

Would you pilot a helicopter without taking lessons first? o Of course not. But Would you pilot a helicopter without taking lessons first? o Of course not. But you have to commit to doing it right. o It takes qualities and skills that you may not have and that you will have to develop. o Everybody is in the same boat here, so don’t get too smug.

Qualities and Skills? o The 2 most important qualities and skills are humility and Qualities and Skills? o The 2 most important qualities and skills are humility and losing your fear of humiliation. o Once you admit that there is a lot you don’t know, and you are not afraid to ask for help, you can begin the tough work of asking a lot of people questions to help you in your risk assessment. o Satisfactory answers to these questions, organized in a compelling way are called a Business Plan.

Portrait of a failed entrepreneur as a young bonehead o “I don’t need a Portrait of a failed entrepreneur as a young bonehead o “I don’t need a business plan” o “My business is growing/changing too fast to write a plan” o “It is obviously such a good plan I don’t need one” o “I’m afraid if it got into the wrong hands someone would steal my idea” o “I’m just the technical guy; I don’t know anything about business. I’ll let somebody else do it. ” o “My mom never bought me that book on how to write a business plan at Borders”

Excuses of a failed entrepreneur as an old bonehead o “Sales just never took Excuses of a failed entrepreneur as an old bonehead o “Sales just never took off. ” o “We ran out of money because our investors chickened out. ” o “I had a board full of idiots who were always wasting time with meetings and stupid questions. ” o “Somebody else had a patent. ” o “The guy that wrote our plan was way over- optimistic. ” o “It was everybody else’s fault. ”

Other reasons for a business plan o It’s more for you than anybody else Other reasons for a business plan o It’s more for you than anybody else such as VCs. o It allows you to organize your thoughts. o It allows you to see what you are missing. o It shows others that you have a rational organized process. o It becomes a historical document to let you see what you were thinking at the time. o It is a recruiting tool.

Why a business plan? o It keeps you honest o It is a starting Why a business plan? o It keeps you honest o It is a starting point for a tactical operating plan o It is a document that justifies the existence of a company o It is a critical document that assesses pros and cons o It is a roadmap for strategic focus

Why a business plan? o It is a money-raising document that represents what kind Why a business plan? o It is a money-raising document that represents what kind of founder you are o It outlines financial & operational milestones and specifies capital requirements for each

What do I need to write a business plan? o Research, research o Honesty, What do I need to write a business plan? o Research, research o Honesty, honesty o Guts, and the aforementioned humility o Determination that if it does not hold together, change the model or kill the plan o Recognition that it is cheaper to kill a marginal idea than to try to make it work

What do I need to write a business plan? o Do your financial homework What do I need to write a business plan? o Do your financial homework o Talk to your customers o Talk to your competitors o Realize you can never do enough work on your plan o Remember that it is a living document

Remember: o You need to determine the criteria that qualify you company as a Remember: o You need to determine the criteria that qualify you company as a success or a failure. Your potential employees and investors sure will. o If your plan doesn’t scream success, KILL IT AND TRY ANOTHER BUSINESS. o Talk to your everybody, customers, competitors. o Realize you can never do enough work on your plan, and that it is a living document. o The better you understand your business and the more external confirmation you have, the higher your odds of success.

What are the parts of a business plan? o Executive summary/use of funds o What are the parts of a business plan? o Executive summary/use of funds o The problem/the market o The solution (your business proposition) o Market and trends o Competitors o Sales strategy and distribution o Intellectual property (patents, trade secrets, unfair competitive advantage) o Government regulation

What are the parts of a business plan? o Exit/liquidity o People (key employees, What are the parts of a business plan? o Exit/liquidity o People (key employees, advisors) o Financials (Capitalization chart, 5 years of income statements, balance sheets, cash flows) o Appendix

Executive summary o 1 or 2 pages o Summary of business plan with all Executive summary o 1 or 2 pages o Summary of business plan with all sections o Your one chance to grab the reader o Avoid hyperbole o The more quantitative you are, the better o Cite your sources o How much you want to raise/use of funds

The problem o Describe what the customers’ itch is o Current solutions o Current The problem o Describe what the customers’ itch is o Current solutions o Current costs/size of market opportunity o Who cares?

The solution o What can you do? o How much does it cost? o The solution o What can you do? o How much does it cost? o Who says it is important? o Discusses specific attributes o Describes the logic behind this solution o Establishes the credibility of your due diligence o Is it a marginal improvement or revolutionary?

The solution o Will competitors get to it if you don’t? o What makes The solution o Will competitors get to it if you don’t? o What makes your solution unique? o Is it a must have or a nice to have? o Does it allow my customer to do it better/faster/cheaper? o How do you keep from getting pulverized? o What makes you so smart? o Developmental milestones, timelines and costs, uses of cash

The solution o Strategy & tactics The solution o Strategy & tactics

The Market o How big? o How is it divided? o Who owns what? The Market o How big? o How is it divided? o Who owns what? o Who are your customers? o How are they organized? o What are the politics of their organization? o Who are your early adopters?

The Market o What are their motivations? o Why should they buy from a The Market o What are their motivations? o Why should they buy from a new supplier and not a trusted brand? o What influences their buying decision? o Where is your niche? o Total vs. Addressable vs. other o Growth o Changes due to technology or other reasons

Competitors o Current competition and their future trends. o Future potential competitors. o Competitive Competitors o Current competition and their future trends. o Future potential competitors. o Competitive response to your success. o Remember, the status quo is a competitor. o If you think you don’t have any competitors, you took your mom too seriously when she said you were the smartest kid in the whole world. Think harder. o Charts, showing the competitive landscape and competitive product attributes are useful.

Sales Strategy & Distribution o How am I going to sell, direct or through Sales Strategy & Distribution o How am I going to sell, direct or through distributors? o How am I going to price? o Can I support my own sales staff? o Can I access my customers? How much will it cost? Alternatives? o How much profit will I have to give to the channel?

Sales Strategy & Distribution o How much will each salesman have to sell? o Sales Strategy & Distribution o How much will each salesman have to sell? o How do my competitors’ salesmen do it? o How are my competitors’ salesmen organized? o What prevents my distributor from competing with me? o What are their incentives? o What prevents them from selling competitive products?

Intellectual property o Patents o Trade secrets o Know-how o Contract/agreements o Unfair competitive Intellectual property o Patents o Trade secrets o Know-how o Contract/agreements o Unfair competitive advantage

Government Regulation o FDA, FCC, others Government Regulation o FDA, FCC, others

Exit/Liquidity o Going public (ugh). o Selling your company/merging/getting acquired. o Participating in an Exit/Liquidity o Going public (ugh). o Selling your company/merging/getting acquired. o Participating in an ongoing revenue stream.

People o Key employees (CEO, CFO, VPs, Sr. technical people, inventors) o Board members/investors People o Key employees (CEO, CFO, VPs, Sr. technical people, inventors) o Board members/investors o Scientific Advisory Board o Business Advisory Board o Lawyers o Accountants

Financials o Should tell you how much money you need to reach your milestones Financials o Should tell you how much money you need to reach your milestones o Should justify why this is a good business/investment o Should allow you to do sensitivity analysis and ask “what if I am a quarter ahead or behind? ”

Financials o Capitalization chart, 5 years of income statements, balance sheets, cash flows o Financials o Capitalization chart, 5 years of income statements, balance sheets, cash flows o Should be able to show why each round of financing is a good investment

Appendix o Technical documents o User illusion/customer scenario Appendix o Technical documents o User illusion/customer scenario




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