StartMy Business is an online toolkit to support to be entrepreneurs in making their decision on starting anew venture.

1. Introducing
VIEW
© Prof. János Vecsenyi 2011.

2. 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 I am already running my small
venture. business. It would be great to
know why it is not successful
enough. I want to find the key
to success.
A number of wannapreneurs
would like to get seed money from
our venture capital firm, but they Being a consultant, I am regularly
do not know exactly for what and approached by a number of new
why. I would like to offer them entrepreneurs needing my help to
some help to think their business get their basic questions answered. I
idea through and come to us with would appreciate a professional
a well defined and tested concept. toolkit to make my job easier.
© Prof. János Vecsenyi 2011. 2

3. I am János Vecsenyi, professor of Entrepreneurship at Small Business
Development Center of Corvinus University of Budapest.
• 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.
© Prof. János Vecsenyi 2011. 3

4. 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

5. Starting a new venture
Fit & Sexy
Customer Seller
© Prof. János Vecsenyi 2011. 5

6. Starting a new venture
Business model
Buyer Advertizer
INCOME?
Tenant Provider
© Prof. János Vecsenyi 2011. 6

7. Starting a new venture
Operation and management
© Prof. János Vecsenyi 2011. 7

8. Starting a new venture
You
Your team Your network
© Prof. János Vecsenyi 2011. 8

9. Why do you need a business plan?
WHY? FOR WHOM? HOW? WHAT?
Convincing For me, for Systematically VIABLE
thorough Family, Friends, thinking through BUSINESS
arguments Funds, angel with Selfconfident
CONCEPT
investors Well thought
Supported
Execution
Idea
Selfconfident
Planned
Supported
Convincing, For me, for Concise analysis Execution
CONCISE
credible venture fund and plan with
document investors a BP template BUSINESS PLAN
© Prof. Vecsenyi János 2011. 9

10. Starting a new venture
3 steps
Define Test viability Act to solve
what business and strategic issues
you want to start develop and
or run. your business. decide on starting.
© Prof. János Vecsenyi 2011. 10

11.  Who will be your customers, what
Foundation for are their needs and why?
start-up  What product/service do you want
to sell at what price?
Based on your  Where will your income come from
great idea you directly or indirectly?
need to define a  How will your business operate?
business concept  How much money will your
to succeed. business make?
 How much money do you need to
The business launch your business?
concept will  Who will be your partners?
define what kind
of you want to
start. BUSINESS CONCEPT
© Prof. János Vecsenyi 2011. 11

12. 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

13. Do you want to know how viable your business is?
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.
© Prof. János Vecsenyi 2011. 13

14. Developing the business
based on viability testing
© Prof. János Vecsenyi 2011. 14

15. Identifying strategic Creating action plan Decision on starting
issues and solutions to solve strategic and execution
issues
© Prof. János Vecsenyi 2011. 15

16. Viable Elevator Start-up
Business Pitch Action
Concept Plan
OUTPUT
DECISION
starting, postponing or stopping the venture
What When Who
Strategic issues and action plan for starting
© Prof. János Vecsenyi 2011. 16

17. DECISION
starting, postponing or stopping the venture
What When Who
Strategic issues and action plan for starting
STRENGTHENING MANAGING
STRENGTHS RISKS
SUCCESS RISK
FACTORS FACTORS
BUSINESS CONCEPT
© Prof. János Vecsenyi 2011. 17

18. Built-in support
Examples, best practices
Pro tips for risk management
Calculation engine
.
© Prof. János Vecsenyi 2011. 18

19. What else can we tell you about
StartMyBusiness123?
If you’d like to learn more, drop us Many of the questions we’ve
an e-mail: received are answered on our
info@startmybusiness123.com FAQ page.
© Prof. János Vecsenyi 2011. 19

20. Have a smart and successful journey
Personal
Can be happy
success
Can contribute to
Social
the sustainable
success
development
Economic
Can make money out of it
success
Sales
Can sell it
success
Technical
Can make it
success
© Prof. Vecsenyi János 2011. 20