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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.
2
© Prof. János Vecsenyi 2011.
I am János Vecsenyi, professor of the Entrepreneurship of Small Business Development Center at Corvinus University, 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 Entrepreneurship teaching program
• Lectured at Tulsa Univerity (USA), INSEAD (France), University of Economics and Technical University (Budapest)
• Recently published ‘Starting and Managing New Ventures’
• Launched VJV Consulting to develop and distribute StartMyBusiness
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 businesses 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
The big fit
Mark
et need
Prod
uct /
se
vice
Customer
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
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. 9
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
10© 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. 11
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.Personal fitness reflects on your willingness and capabilities, which are prerequisites for a successful start-up.
2) Test
© Prof. János Vecsenyi 2011. 12
Do you want to know how viable your business is?
Developing the business based on viability testing
2) Test
© Prof. János Vecsenyi 2011. 13
3) Act
Identifying strategic issues and solutions
Creating action plan to solve strategic issues
Decision on starting and execution
© Prof. János Vecsenyi 2011. 14
© Prof. János Vecsenyi 2011. 15
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. 16
Built-in support
Calculation engine
Examples, best practices
Pro tips for risk management
.
© Prof. János Vecsenyi 2011. 17
From the idea to the launch
Concise
BUSINESS PLAN
For
Start-Ups
18© Prof. János Vecsenyi 2011.
Viable Business Concept
Elevator Pitch
Start-up Action
PlanExecution
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
A smart journey
to a start!
© Prof. János Vecsenyi 2011. 20