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北邮国院大二电商在读,随课程进行整理知识点。仅整理PPT中相对重要的知识点,个人认为相对不重要的细小的知识点不列在其中。如有错误请指出。转载请注明出处

Topic 13 – Start-ups and Entrepreneurship

初创企业和企业家精神

Introduction

Free enterprise is the economic basis for all entrepreneurial activity.It means that any individual is free to transform an idea into a business

自由企业是所有创业活动的经济基础。这意味着任何个人都可以自由地将想法转化为业务

The opportunities for potential entrepreneurs are unlimited

潜在企业家的机会是无限的

Product development in a small company

We have talked about Product Development in large companies.The same processes need to be used in small companies such as start-ups

我们已经谈过大公司的产品开发。同样的过程也需要应用于小型公司,比如初创公司

BUT:        但是

        There will be less people involved, and they may each have multiple roles

        会有更少的人参与其中,他们每个人可能都有多个角色

        You may need to simplify some of the processes

        您可能需要简化一些流程

Do not make the mistake of thinking “we are too small to bother with a proper process”

不要犯这样的错误:“我们太小了,不需要为正确的过程费心。”

You need to understand the special challenges of starting a company to exploit your ideas

你需要理解创业的特殊挑战,才能充分利用你的想法

What is a ‘startup’

A startup company or start-up is a company with a limited operating history

初创公司是指运营历史有限的公司

These companies, generally newly created, are in a phase of development and research for markets

这些公司通常是新成立的,正处于市场开发和研究阶段

Typically it involves some novel technology, or use of technology, but crucially a coherent means for making money from the technology

它通常涉及一些新技术,或对技术的使用,但最重要的是,它涉及一种从技术中赚钱的连贯手段

High-tech (e.g. telecom, software) is very different from bio-tech or medical

高科技(如电信、软件)与生物技术或医疗非常不同

Startup vs. spin-out

初创 vs. 分拆

A spin-out implies that some part of the enterprise is owned by some third party, typically a university or a larger company

分拆意味着企业的某些部分由第三方拥有,通常是一所大学或更大的公司

A startup isn’t necessarily a spin-out, but a spin-out is a startup

初创公司不一定是一家拆分的公司,但拆分的公司就是一家初创公司

 

The entrepreneur

An entrepreneur is a person who has possession over a new enterprise or venture and assumes full accountability for the inherent risks and the outcome

企业家是一个拥有一个新的企业或风险,并承担内在风险和结果的全部责任的人

Entrepreneurship is the practice of starting new organisations or revitalizing mature organisations, particularly new businesses - generally in response to identified opportunities

创业精神是一种建立新组织或振兴成熟组织的实践,特别是新企业——通常是对确定的机会的回应

Two types of entrepreneurship

1. Social

2. Technological

Social

Aim is to create social change rather than make money

目标是创造社会变革,而不是赚钱

Often involves business, public & charity organisations

通常涉及商业、公众和慈善组织

Examples:poverty relief,environment,arts & culture

例如:扶贫、环境、艺术和文化

Technological

Aim is to gain independence to exploit a technology

目的是获得独立开发一项技术

Often results from being frustrated in a large company

通常是因为在大公司里受挫

Factors influencing the successful creation of startups

1. home context        家庭背景

        family commitments        对家庭的责任

        supportive family        支持的家庭

2.technology & markets        技术与市场

        uncertainty        不确定性

        capital needed        需要资金

        product lead time        产品交货期

3.institution support        制度支持

        incubators        育成中心

        venture capital        风险资本

        government        政府

4.work environment        工作环境

        experience        经验

        frustration        挫折

        redundancy        裁员

5. background        背景

        parent self-employed        父母教育

        cultural values        文化价值观

        education        教育

6.personality        性格

        high achiever        取得高成就的人

        high control        高控制要求

        independence        独立

Supporting entrepreneurship

Many kinds of organizations now exist to support would-be entrepreneurs, including 

现在有许多类型的组织支持未来的企业家,包括

specialized government agencies        业务领导机关

        e.g. in the UK, Business Link is a free business advice and support service, available online and through local advisers.

        例如,在英国,Business Link是一个免费的商业建议和支持服务,可以通过网络和当地顾问获得

business incubators        企业孵化器

science parks        科技园区

Non-Government Organisations        非政府组织

        e.g. Chambers of Commerce in the UK        例:英国商会

Challenges of a small business

Hard work, making most decisions on your own

繁重的工作,大部分决定都是自己做的

Considerable risks involved        相当大的风险

Costly to raise finance        融资成本高

No economies of scale        没有规模经济

Advantages and Disadvantages of starting a new business

Advantages

Independence        独立

Financial opportunities        金融机会

Community service        社会服务

Job security        工作保障

Family employment        家庭雇佣

Challenge        挑战

Disadvantages

Sales fluctuations        销售波动

Competition        竞争

Increased responsibilities        增加的责任

Financial losses        经济损失

Employee relations        员工关系

Laws and regulations        法律法规

Risk of failure        失败的风险

Some early decisions

【ps:这个看看就行】

You need to take some early decisions about your company:

What type of business – e.g. life style?

What form of ownership – e.g. sole trader?

Are you driven by the technology or the market?

Who are your customers?

Types of business

Scalable, global technology player        可扩展的全球技术参与者

Biotech business with long-term R&D plans        具有长期研发计划的生物技术业务

Manufacturing facility with medium growth plans        有中等增长计划的生产设施

Service provider        服务提供部门

Lifestyle business        生活方式型企业

What form of ownership?

1. Sole Trader        专营商/独资企业

2. Partnership        合伙企业

3. Limited Company        有限公司

sole trader

Most basic form of organisation        最基本的组织形式

Not a legal form of organisation – the individual and the organisation are indistinguishable (they are similar)

不是一个合法的组织形式-个人和组织是不可区分的(他们是相似的)

The ‘sole trader’ is responsible financially and legally for any debts, outstanding unfulfilled contracts etc.

“专营商”对任何债务、未履行合同等负有财务和法律责任。

Very easy to establish        很容易建立

Sole trader can have employees (despite the name)

自营商可以有员工(不管名字是什么)

Examples – hairdressers, newsagents, window cleaners

例如:美发师,报摊,窗户清洁工

partnerships

Two or more people combine resources and form a partnership

两个或更多的人结合资源并形成合伙关系

Contract exists between the two (or more) parties; terms include:

合同存在于双方(或多方)之间;条款包括:

        The amount of capital subscribed by each partner

        每个合伙人认缴的资本数额

        How profits will be determined and allocated between partners

        如何确定利润并在合伙人之间分配

        Salary allocation for the partners

        合伙人的工资分配

        Procedure for dissolving the partnership

        解除合伙的程序

Examples – solicitors, accountants etc.

例如:律师、会计师等。

Limited companies

Limited in this instance meaning that the owners no longer have unlimited liability for the debts of their companies

有限在这种情况下意味着所有者不再对其公司的债务承担无限责任

In the US, these are known as incorporated companies

在美国,这些公司被称为法人公司

All companies have shareholders who have invested in the company

所有公司都有股东在公司投资

All companies have directors who are selected by the shareholders to run the company

所有公司都有由股东选出来经营公司的董事

Technology- or market- driven company?

技术还是市场驱动型公司?

Technology push

技术推动型

Invent technology → identify market opportunity → design product → tell customer how wonderful it is

发明技术→发现市场机会→设计产品→告诉客户它有多棒

Market pull

市场拉动型

Identify market need → identify compelling product for customers → design product → select or invent technologies

识别市场需求→为客户识别有吸引力的产品→设计产品→选择或发明技术

↑ You need a mix of both of these! ↑

Who are your customers?

End-users, i.e. consumers        终端用户,即消费者

        i.e. you are B2C (business to consumer)        即你是B2C(企业对消费者)

Business that has its own customers        有自己客户的企业

        i.e. you are B2B (business to business)        即你是B2B(企业对企业)

You must know who your potential customers are        你必须知道你的潜在客户是谁

How a hi-tech start-up comes together

The Ingredients:        要素如下:

        Technology        科技

        Intellectual Property (Protection)         知识产权(保护)

        The Vision (Where can the technology lead? Is there a market for it)

        愿景(技术将走向何方?有市场吗?)

        Personnel        员工

                Scientific leaders        学术带头人

                Business managers        企业管理人员

                Fund Raisers        资金筹措人

                Scientists/Engineers        科学家/工程师

        Money        钱

The stages for creating a hi-tech start-up

1. Assess the opportunities - generate, evaluate & refine the business concept

评估机会-产生,评估和完善业务概念

2. Develop the business plan and decide on the structure of the venture

制定商业计划,决定企业的结构

3. Acquire the necessary resources and funding

获得必要的资源和资金

4. Grow and harvest the venture

成长和收获企业

Raising capital

筹措资金

Why?

        Growth        成长

        Maintenance of operations        运营维护

        Survival        生存

How?

        Re-mortgage or loan        再抵押或贷款

        Venture Capitalists or Angels        风险投资家或天使投资人

        Grants        补助金

        Family and friends        家人和朋友

Fund-raising Stages

融资阶段

1. Pre-investment         投资前活动

        University fund, friends, bank loan        大学基金,朋友,银行贷款

        £5k-£50k

        build demonstrator, build business plan        建立演示程序,建立业务计划

2. Round A

        Angels, or special startup funds        天使投资,或特殊的启动基金

        £100k-£500k

        Establish board, partial executive team        建立董事会、部分执行团队

        5 - 10 employees        5 - 10名员工

3. Round B

        Venture Capital        风险资本

        £1M-£5M

        Complete board and exec team. Expand to 20+        完善董事会和执行团队。扩大到20 +

4.Exit

What are VCs (Venture Capitalists)?

什么是风险资本家?

A company that collects funds (e.g. from pension funds) and then invests those funds in startups

募集资金(如从养老基金),然后将这些资金投资于初创公司的公司

Go for high-risk, high reward

去做高风险,高回报的事

Need very large uplift in value, 10 times or more

价值需要大幅提升,10倍或更多

Take large stake in company equity

持有公司的大量股份

Expect only 1 in 10 to succeed

预计只有十分之一的人会成功

The fund-raising process

融资过程

Elevator pitch/executive summary        电梯游说/执行总结

Business plan, presentation, management team        商业计划、演示、管理团队

Business survey        商业调查

Due diligence        尽职调查

Valuation, ownership, control, legal issues        估价,所有权,控制权,法律问题

FUNDING        拨款

Two Essential Functions of Business Plan

商业计划的两个基本功能

1. Guiding the company by charting its future course and defining its strategy for following it.

通过规划公司未来的发展方向和制定公司的战略来指导公司的发展。

2. Attracting lenders and investors who will provide needed capital.

吸引提供所需资金的贷款机构和投资者。

What a Business Plan is

The entrepreneur’s road map for a successful enterprise

企业家成功创业的路线图

Describes:        描述了:

        The market you plan to enter         你计划进入的市场

        The unique and compelling features of your contribution to this market

        你对这个市场贡献的独特和引人注目的特点

        Intellectual property        知识产权

        Business model and Financials        商业模式和财务

        Team and Company development and strategy        团队和公司的发展和战略

        Investment proposition        投资建议

        Exit strategy        退出策略

Features vs. Benefits

产品特点 vs. 好处

Feature – a descriptive fact about a product or service

产品特点——关于产品或服务的描述性事实

        eg:“an ergonomically designed, more comfortable handle”

        例如:“符合人体工程学的设计,更舒适的手柄。”

Benefit – what a customer gains or a satisfaction received from the product or service feature

好处——客户从产品或服务特性中获得的或满意的东西

        eg:‘better fuel consumption by a new car engine which reduces overall costs and increases efficiencies’

        例如:“一种新的汽车引擎能更好地消耗燃料,从而降低整体成本并提高效率。”

Why do you need a Business Plan?

A business plan…        一份商业计划

        provides a formal agreement between the founders of a company about the direction to be taken

        提供公司创始人之间关于公司发展方向的正式协议

        can reduce self-delusion amongst the founders

        能减少创业者的自欺欺人

        defines responsibilities & rewards

        定义职责和奖励

        helps to translate abstract goals into explicit operational needs

        帮助将抽象的目标转化为明确的操作需求

Without a business plan…        没有商业计划的话

        nobody will invest in your company        没有人会投资你的公司

        you will wander aimlessly        你会漫无目的地游荡

Business Model

商业模式

The Business Plan must describe your Business Model        商业计划必须描述你的商业模式

This shows how you will make money from your business, e.g.

这表明你将如何从你的生意赚钱。例如:

        Selling software        销售软件

        Selling services        销售服务

        Licensing software        许可软件

        Selling hardware        销售硬件

        Selling/licensing Intellectual property        销售/许可知识产权

                e.g. the ARM processor (CPU based)        例如ARM处理器(基于CPU)

        Some mix of the above        以上的一些混合

Will be supported by Revenue predictions        会被收入预测支持

Key Elements of a Business Plan

Title Page and Table of Contents        标题页和目录

Executive Summary         执行摘要

Vision and Mission Statement        使命陈述

Company History        公司历程

Business and Industry Profile        工商业简介

Business Strategy        商业策略

Description of Products/Services        产品/服务描述

Marketing Strategy         市场战略

        Document market claims        记录市场索赔

        Show customer interest        显示客户兴趣

Competitor Analysis        竞争者分析

Description of Management Team        管理团队描述

Plan of Operation        业务计划

Projected Financial Statements        预计财务报表

Loan or Investment Proposal        贷款或投资建议书

Exit strategy

退出投资策略

VC wants to know how it will get a return on investment (ROI)

VC想知道如何获得投资回报(ROI)

        Company sale (e.g. to Microsoft, Google, Philips, etc)

        公司销售(如微软、谷歌、飞利浦等)

        IPO (Initial Public Offering), i.e. making shares publicly available via a stock exchange (SSE – Shanghai Stock Exchange; AIM (London) – Alternative Investment Market, NASDAQ – New York, etc.)

        IPO(首次公开发行),即通过证券交易所

In how many years?        多少年内?

If you get this right, you are now getting 10% of the value of a company worth £50M or more!

如果你做对了,你现在得到的是一家价值5000万英镑或更多的公司价值的10% !

Guidelines for Preparing a Business Plan

Remember: No one can create your plan for you.

记住:没有人可以为你制定计划。

Potential lenders want to see financial projections, but they are more interested in the strategies for reaching those projections.

潜在的贷款人希望看到财务预测,但他们更感兴趣的是实现这些预测的策略。

Show how you plan to set your business apart from competitors; don’t fall into the “me too” trap (copying other businesses – no advantage to this).

展示你计划如何将你的业务与竞争对手区分开来;不要陷入“我也是”的陷阱(复制其他业务——这没有任何好处)。

Identify your target market and offer evidence that customers for your product or service exist.

确定你的目标市场,并提供证据证明你的产品或服务的客户存在。

Tips on Preparing a Business Plan

Make sure your plan has an attractive cover. (First impressions are crucial.)

确保你的计划有一个吸引人的掩护。(第一印象至关重要。)

Rid your plan of all spelling and grammatical errors.

去掉你的计划中所有的拼写和语法错误。

Make your plan visually appealing.

让你的计划在视觉上吸引人。

Include a table of contents to allow readers to navigate your plan easily.

包括一个目录,让读者可以轻松浏览您的计划。

Make it interesting.        使它有趣。

Your plan must prove that the business will make money (not necessarily immediately, but eventually).

你的计划必须证明你的业务会赚钱(不一定是马上,但最终)。

Use spreadsheets to generate financial forecasts.         使用电子表格生成财务预测。

Always include cash flow projections.         一定要包括现金流预测。

Keep your plan “crisp” – between 25 and 40 pages long.        让你的计划“简洁”——25到40页。

Tell the truth – always.        说实话——一定要这样

Causes of business failure

Business failure is caused by a number of reasons but the most common of these are detailed below:

导致业务失败的原因有很多,但最常见的原因如下:

        lack of skills        熟练程度不够

        sales problem        销售问题

        financial control        财务控制

        lack of funds        资金不足

        high cost of finance        high cost of finance

        insolvent customers        破产的客户

        overtrading development        过量交易发展

        marketing issues        营销问题

        red tape (bureaucracy)        繁文缛节(官僚主义)

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