. .

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f : • • I- ..a'

:tC-· ~~Vriting a Business la~--,' i~

·• ., .:d._a~

- - - - - -- - -- -- - - - - - - - --

Key Topics Covered in This Chapl<'r

11'!1y ro11 111:cd ,1 hwi11,-·s.i Jili1,1

aform,11 f/,,t{, £dis (1'1t dcrs ,,,t,,,r titL')I 1/ 'tlllf

to f-W()IV

the importrrnce or rlir cxewti,,e Slllll//1(1Y)I

, s£yle_li:at1-1res 1/1,11 will 11wke your 111 cs.,aQ1'

s£(111d n111

__j
 f!U S T/'.:r:ss f'L ,,.-1/'•.i 1s a do cum en t that explai ns ,t

busin ess opportunity. iden tifies the market to ht"

\nvnl. ,111Ll 1,rovidL·~ dl't.1ils about how th e e nll·L• pn
11 c·u 11.il (lr~.1111 1..1lH>11 pl.11 1, 10 pur,uc- it. Ideall y. tl1L· hu , i11 c~, pL111 ll.- -
\L.riho tlw u111que qualitic,1tions th.a_L the ma11age111cnt team hr111:!,~•
to the effort, explains the res<?mces required for success, and provid ,~s
a forecast of results over a n;asonabl e time horizon.
Every entrep reneLir is encouraged to write a business plan. am l
1110~( r;1ke that good advice; those who don 't quickly learn that oh
L.1i11 i11g out~ide funding is almost impo,sible w ithout it. Lenders am t
i11 vcstors wallt to sec a logical and coherent plan before putting th ei r
mo ney at risk. Who wouldn't?
Few entrepreneurs, unfortunately, arc skilled at creating a wri c-
lc11 Jocu1rn:11t th at simul taneo usly ( l) makes the best e1s c for th l
1·rnmre, (2) .1void, burvi11 g th L· exc iting o pp Cl rtu11ity U11d c r ,1 111 0 111 ,
t,un o Cd.1r:i. (:-) i\ l·11g;1gi11 g to read , and (..J) g1w, prospu.: t1VL' fi11.u ,
(')LT\ th e 11tlo r111,1ci u 11 they n ee d to 111,1ke a dcci si u11.
There are pl enty of bu sin e\s plan services available, both i1 ,
111 ,1jor citi e~ and on.line. that c111 hdp yo u develop a document . J=(l r
~ l ,2fHl .11,d up, d1L·~.: ,:011 sult.111 t~ will take your i11forrnatio11 a11, I
,,·, ,rk w ith \'P U 1,i l'l"l>JU lL' ,1 u1111pkr,·. eye-...:,1tchi11g pbn. Th l'rc· ,.,
,d \n pit-my o( Jo-1t- yo1 1r,L·ll . \o trv-,.1n: available fo r tl1e businL'SS pl:i 11
\\Tiler. Th (._'se pb11 s, hmNL'\·er, are on ly as good as the ideas and fo n· ·
1,;a~ts you put into them. Th ey are 11 0 substitute for the subst;iuti ii
thi11k.ing 0 11 which good plans are based, and that is why so111e Cl
11e1·c, ~uggeq ch.it th e entrepreneur take control of the entire: j~1 b
 I\ nl111g Hu, wr,, f'l.,n

Th is short ch;iptrT Cd OllOt 11 npan ~11 th e 11Jfc,ril lJIIOll \ '1Jll ll c'\'1 1

.-" wricc an inve~n ncnr-w,nn ing pl,111. nur can 1t <Jffc:r dcc.111 , o(wli~c
, ·- 1ery pla n secti on , houlJ coma in. You 'll fi nd rho,.: ,lec:1j l•- 111 rb c:

h, ,n k, .111 d .,rncl c:, 111 c: 11t1 ,)11 ed 111 rhe "Fnr r: urrhc-r IZ.c·. 1cl111µ-" ,,· c n 0 11
01 lh1' vuli111 1,· Thi , ch.q11 ,-r ,1111 1<1 1111p.1n rlw ,n 11 111 , p11rp<>,c, .i i
, h11 ,111 t·" pl.1 11 .111 d ,·,pl 1111 rl1c· k,·y p,11111\ rh.1r r,·.,,k r, lu,,k ltl1 111 rlw
·11,,11 v pl.11 1, ch .ir Lr<"' ch c,r cl ,·,b II \'1H1 . in· 11o1 1 ., ,k.i!J tid 111,r,·1 . 1hL·
,i,1. d sccc1on nn sryk w1U hel p you gc· r chose po111ts acros,.

The Pu q10-.<'.'> of a Bu.c; inc.<,<, Plci n

"i5k J ny t·nCITp rt'm: ur why he or she m·eJs a good btl\ll lc"SS pl.111 .111<!
you arc: Ji kdy co rc:cc:ive th is answer: "You can't gc:r fimdi og: without
)11 e." T his is crue, .md it expb ins why many book,, advisory strvicc,,
.o tt"l-va re, and eve n M.B.A. cour,es have been developed to hdp
,1nl pk wncc: bulk rp ruof, k.nock-'em-J eml bi1si11 <',, pl.111s. M:111y lt-.1d-
.1,~ M .ll.A. pr01.i;1~1111\ a11,l 1\: 11ru n: ,.1pitah,r, c'\'l' II ,prn1,,irrn111 1·,1, rh.1r
Jtri:r fund ing ro whoe1•cr wri res the 111 osr compt'l li11 g pl.111. T he be,r
1J bn ghresr sn1 de11 ts flock ro rl1e;c co 11 rc·st!,, hop111g to leave ca rn p11~
11
n ch .i degree ,111(/ ti n:rn ci,tl b.1c:k-inQ Cur ,1 ,care- up ,·,>111 p.1n\'
Ye·,. ,1 , ,,lid hu , 111 c,, pl.11 1 ,~ ,·,"· 11 t1 .d l<>r .1111 hu, 11w" ch,1r "·,·k,
llfC\J <.k llll lLii ll :,.! fro m b~11k,. --.,11:,.!<' 1,." 1·,·11 t11 1<' t.q11c.d1,r,-,l'c·11 1,·l.,-
,1 ·,;, Al,,c:1 1[ ., .~•'"'' pl.111, , rc,lin11 , 11 1d 1111·L,r ,ot , \\'1 >11 °1 1.,kc· y.. u " '-
-1,,usly. Th ey wi ll cc1 nc:li 1dt' (p.: rh.1p., LU1-rc:ccl y) rh .1 t y,n1 h,ll\ '11·1
denci.t'i ed vour cusrom r r<or figured out how yo u \\'d i ueJI pr(l ti r 1hly
.\flrh rhc·m. Th ,· rn ns c ro k 1~111 r funckP; wil l , :iy, " C:orn l· h.1ck .rn d we·
, 1-. wJ1 c11 yo u ·w pur toc'.rthc-r cu rn plecr hu,in es, pl.in " T ht' It" to l-
· r.111r will 11 or. g11 ·c )'ll ll l' h11 , 111 t',~ .1,c·co11 ,I i< •Ok
]J111. ,n·k11 1g t'11 11tl111g 1, 11 01 chc unh' ro:,1 ,11 11 lo Llt·v,-1.,p .1 "lli d
,1.111. Th ere' .ire ,r ,·er:d o th r rs:
1

• T he' ,ict of ,ni ting cbe pla n will forc e you and your tc:arn ru
think rh ru 11 gh all key ckm cnc, ot yo ur bllli nt:-,,.

T, 11\l" I .11 1d c\ jl1.' l' lt' l , cl' ,I •HJl , 1,kr, \I Ii ,, r,·1 lc' \I \ 11 111 11 ,1 11. ,I
1,L1n II di li ,·11, \ ,111 1d, ·1,r1ti II il-.11< ·,,,, 111 1s.,,·, I •'l' i' " ' 111 11111 , ,
 Enlrcprt·n<·ur·~ loolld l

.
, ·1sst111J11t1ons. . 1d overlv, ontirni
,·ll ~ti c proj t·ctiom .
llll \llpi70l't,I)11 t ' . .
t
t ·11 . · VC ',7O UI'
I ·ix11w tl1 L',L' proh lc- 111 \ on p;1pcr w 1 1111p1u
t
I
l 111 , 111t.: ,III L ' :-, ff ·•
. ···c· ,,·1th ti.111lkr~ ,111d ,1·il] 1-.:du L'L' r!1L· L' h.1 11 cc o utu1 c
l' i t >' [l l\, ·'
,ipc-r,1 11011.il i',1dt1rL· .

. - _ your bmine~s over

. .. · -a
• r\ ,olid pla11 L',111 he .1 hlucprmt to1 ope1,1ni1 :, . - . .,
thc> tir,t one or two ye:i rs, i11neJsi11 g the l1 ke'.1h oo_d of succe ~s.
- d n_01·d to r pnso1111t·L
T lil· pl.111 wi ll cell yc,u how 111ucli yo u c,111 . .
.,ilwrci,i 11g. ,111 ,I ur I1L·r nq 1c11 ,c,. Ir ,~-·111 11.L: L·1ly ta r<rc
t- t Cll\[(llll
· L'I'~
,111d succcs, t~1ctors.

• The plan 's financial projections can he used :ls a budget. Acru;d
res ults that fall short of plann ed resu lts will prompt you torn-
:-, te Jn d t.1ke corrective action .
vestia:i

Th c,c· \l,11'10ll , purpmc'\ tu r tht.: 1Jrni11 e~s plan , 11 ggL'\[ th;1t YPll l'. 11-
lnr 11 !.111 \ 1; 1r tl iffc1\· 11 t pur 11llse\ T he inrc·nd ecl ,1 udi L'llt'L' \ hn uld Lk -
fcT 111111 c how the pL111 is written and pre~e nted.

~uggcskd Formc1l

1\1 ,11,y 1·l'l1turc c.1p1r.il fir111 , l'L'VIL'\\" ll Hlt\' th ,111 ,1 thou ~,111d bu \ lll L'' '·
1il,11 1, l' Vi:r y yc,1 r-- -a11d fund 01il y ,I lew. Tim l11L',IIJ~ th ,1t they Jon 'r
l1.1vt· t1111e to figure out what yo u're trying to say. Nor do th ey h,tve
t1n1 c· to cle;d with people who haven't given th em th e infor111ati o,1
tlwy need . T he sa me is tru e of banks and angel investors. Assurnirn!
LlJ ;1t yo,, h~ve ~' wo rthv id c·,1. you will 1111prow th e odds ot" sucn:,, i i·
yo 11 , .11 1gr;1h the re ader·•, attcmion ;111d keep it. 'fo do chi~. yo u lll Ll'. C

addrc,, rc 1dcrs' co 11 ce1-r1s 111 a we ll-organized w,1y.

Fi gur(' S- 1 contains a prototype format fo r a co mp any we w ill
c.tl l I o- C.1 rho Food:, C ompany, a 111 anufacturcr of packaged break
r,-.1 .111d \ll ,l( k fo ods ha1,111 g low etrhohydr,1ce leve ls. It ,1i111~ [I\ ( ,1p 1-
t. il 11,· 011 til L' grnw 11 1~ 11op ul.1r1 rv 111 N< ,rth A111 n 1c.1 ,11Jd fatr\ 1pc <,i -
i,1
\' · -( ,1rl ·, di et\ T lw L< 1111p.111y·, n.:,c.1rch c,t1111al'L'~ th.it cwcnry-11 111 1
111 il li o 11 A 111 e r1,: .111 , ,111d ei~ht mi ll ion Euro peans ,ire now fo llow,n ~·:
ltlw- c,1rh diet, . wl1i Lh US gove rnm ent ~tud1 es h,1ve co nfi r111 ed rr,
h, · 1r,• e1 IVl' Ill V.'I. 1glir n:d1 1cLtnn and \\IL' 1ghr cn ntrol.
I
I G U R E 5· 1

Prototype Business Plan Format

1_0- Carbo Incorporated Business Pl an

---- --- -- - ----·--- -
Conl enl s
' ... ' ' . ' '' .' . ' ' . '' . ' . '' ' .,,
1·.xecu \1 ve Su mm ;iry . . . . . . . . . . . . . . . . • • . .
I. . ' . ... ... . .. . . .' .... ..
·11.
n,o Opport unity . . . . ... . . .. ... ... . .... . .
V. Th e Com pany and l\s Produc\s (or Servi ces) and S\rategy .. . .. . •. • . . . . , .. . 12

Th e M anagem enl Team . . ... . . . . .. . .. ... . ... . .. . . . . .. .. . • . .... . •.. . . 15

JI. Marketing Plan .. . . . . .. .... . .. • • . .. . ... ... ... • . , • . .. . .. .. ... . . .. . . . 18

/I I. Opera11ng Plan . . . .•.. . . .. . . . .. .• • . ... .. . . . . . . . ... . . . .. • . . . . .• . . . . . 27

' ' .. ' '' ' . . '' .. . ' . '' ' ' '' ' . ' . . ' . . ' ' ' '' ' ' . . ' . ?5
Fi nanc ial Plan ... . .. . .. .
/11\.

'\ppend1x . . . .. . , . . . . .. . . .. 3 0
l-'losumes of m anagem ent 1eam members .. . .. . . .•• • ..
Supportin g m arke\ researcl1 .. . . . ..... .. . .. . . . . . . . . . . • • . • .. .. . . . . . .. . . 3?
. . .... .. .. . ... ,rn
Sales pro1ec\1 ons tor initial procl uc\s . . . ... .. ... . . . . . .

T \ : n; ,~ noch111 g , 3crcd ::ih o ut th e fo rin.,c sh o w1 1 h e r e . ln fa..: t, you

~•0 u ld
11
he w i~c ro [:iilo r vo ur pbn fo rm at to th e
cad e r, . 111 ~t .,s yo 11 wo uld c11srn nn zc th e·
li kely inte res ts at -your
n'.:sllln i: yo u develo p when
I1
l l· k 11 q.!,

'" 11 1

,th l·r
ol
,·nq, \..vrn cnt. T h u, . \·,, u , h oul d fu lh,w till' ti r,t ru k ni' C\'l ' l"'V
w ri t 11 t,-': : K n ll'W V<'•ll r c1 ud 1l· 11 c l·. Th e: ~l,.il in even ' c,t~c " c,,

s2;1\ e rt>ackr, th e
fo r111 :1t
111 fo r111 J t1 o n

and [i\)~ o n phn

th ey 11 ec: cl

w rici11 g,
ro make a ~k cisio n . (For an -
see th e C lT /SBA tut 0 ri .il :,t 1
l
vww.snullbizlending.co rn / reso urc es/ worb h op / ~b :i. h trn. or co , 1su lt
,h e ap prop ri ~re publica rio n, cited in th r "f,1r Fu rrh n l-l...e.1di n ~-, , l ·C-

.i u 11 .,( rl n, h,,.,k _)
L-:r \ ,· , 111 , 1d l' r l' ,tlli 111. t1 1·>1 , ,· , r 1, >11 ,1 \ r\1 i , J, ,l· u n1 c· 1Jl 111 ~1,·.1t,·1

l ,,.1 1I

Co n tent s and E.'l:ecutivc Summa r)'

n 1, ( ·.. 11 r c' i \! ' s. ' c'l ll1 l l \t l[ 1.1hk · ·

, , i° l • l l l [ l' lll , ) I l l tk l '' I\ l ' t,\ ,·,1,· 1l ·,I \ \ l ' I ' \< 1

, I [ .I ~ \.11 1, c' , ·: h.1 r 1h c

•
11l.u t \u , l •' 1,tr~·r .11 1cl \ \-h l'l'l ' 1t · I... , 11I ...
\, • \ l ' l , l f l \.
\
 Ii Enlrt'fJr<.:nnrr , Juo 11<J·1

I tld be to . II owt•c·IL)'
L' •~111 c:,:ccuti11e .i 1111111111ri1, :i sh u1 !
T he co11te11ts s 10l t· ,/1' 7 0- vo ur plan to Fin a n--
. ·ii l"Cl' ) , Jgl''i. f 11 CL'rlll \ 0 ,\ L II :-, J
,cd1l>l1 Ill rwo tot f , . .. ) trt o ( th e en tire dncu111 cn L
.... I ' b the ,,w~t ,111p u 1t.1 11t I , . -, -
c1.d li,tl kl, ' · r 11. . I . ·1~1l LLXLL
'l l ll"l " ll
, - .. ·urivc .~urn111 ,1ry IS not p1 (. I
.i
',l >t,1kL· tl1l· t1111c rn g L :-, . . . . h lt u ( the entire· pl.11 ,,
. . I Ltiu11; imte,1d, tt t., ,1 , 11.1p, L .
,1l·L• ur ,111 lllll(.lL u I . . . 1 in t dli• •·t· nt rL·,1d c r 111 (1 111':
. 1 • . /·11·ns yuur 1u s1n c: s~ to •11 ::-- .
, ,,111L·d1111 g t Lit L :\ fl ' . , . ry c , rurcs th e 11 1 -
1 . . . A ···IJ-,vrittc11 exc c uttvt ,umm .1 1t 1J
kw 111111utu. \\ t · - ( II •·
.
lc'l l '\ I ,ll ll I . l
,iltl'II 1011 11 1· r --11.kr, .tnd j1 l"l'p:1rcs Ll1crn /or w 1ar Cl O v\
L , .

llw Oppor111nilr
I Ti1LTl' 1, 11 0 p1.1i111 111 .~urc111 · ~ o r cx p.111 d.111 n" 1 bu., i11 cs., u1iless
. th. l' L I I-
lT1.· 11rc11 n 1r l1.1\ id c11tif1c1. ,1
- I I ucr.1t1 vc
.. opp o1 . ·}' . . . . · ·
·tt1ni tv U \c th1 ~ Sl' d1011 t i
d l·,1.-r1hl· tl1.1t l)j)po rn111ity: tl1 l· nu rk,:t liK t<>rs dri v 111)c:' it, it, c u -r<·
111 1 111
\l h , , d ,c., /11"(1.JL'ctcd ,1 zc 111 the yc:i rs .dwa d. The po illr i.\ co g et rc:td-

n, t \1 ' l'l' .md .,pprl' u .1tc rh l' busiu t's~ op po rruni ty yo u h;:i vc id e 11titi L·ll.
So 1. bn ihe till· op portuoi ty in rnrn ~ th at arc cle::ir and c ompelU11 g .
the Lu-C.irbu Foods Co 111p;111 y, for example, y ou would u.,,:
F11 r

d1, , ,ectio 11 to describe tb e l.1tcst fo1di11 gs abo u t rampant o besity in di t

U 111 rcd St. ,tc·s .111d \l!-;11~ of th e , ,1111 1.· in \,Vl·s tLTl1 EuropL·. Yu u W()1 d,I
1111 i11 r t1> rL·.~e.1rL" h L', t1111 :1a 11~ th.,c rwL· 11 t;.'- 1n11 L' 1111ll1u 11 A111 L' r1c111 , .111 I
L' 1g l1t 11111!1 0 11 E urDpL·:111s ,ire l! U \,\' ti.lU ow 111g low- c 1rb din,, a11d yu, ,
\\ Ptdd Uf\' 111depend ent SCientiti c scudi e~ that co nfirm the e ffe cri ve-
lh '\S(l /.-.l mv-c1rho hydra tl.' diL·ts. An OVLTVI L'W of co n sumer spend in ~: o , 1
lil·.dr h fo\1d, .111d weight rn11trol /11r,ds lllig hc .il.\o he pro\·iLbl h c rL·.
u,,,· rl1i s W'\'1: 10 11 .d., o ( Cl h, g ldi g lll rlH· \.'\ ()IJ Oilli c~ llll J cri\·11,~ t h ,
1
1 'o rt t11111 .11 ,d 11, L· 1:1r1 11r, 1l1.11 ,v ,11 d r 1vL· ,, , \ II C C \ ' \\ . , 11 c h .1., 111 :1rk l',
n1'/
f e1,L·t r,1cin11 . 11rn dun 11111ov,1t1 0 1, , .11,d \o 0 11. l·h 1t d o 11'r g n <"Jrr ,eil
,l\V.1y R l'l' fl It bri ef, fo c used, anJ u p heat.

Th is " , !so ,, .rn i ta hie place to ci tc th c n, ,gnitu de of th c fi, n d in ,',

b,,,,~
1 , uu~lu < ,,,,1 to explai n how it w ill he lLsc d in pu,.suing th ,, " i'
l' "'
rh 111il11
g 111tv.
1kt, t hFor
,\ :
ex.1 m plt', rlw Lo-C.i rbo pL111 mi g ht includ e S\ •llJ t .

L,-c ,,,,,, '·' '""'"~ E 75 mil/,,,,, "' f, n,din<i lo P"'""'' //, is Oppo,,,,.
"" I' JJ,,, 1,,, Ik ,f Il,<>g f, "'d, u,,H 1,, "·"'d t,, exI>lo,'/ it, m ' " "' s, " " ·"
 .,
I

t111,I t)/"(ll
, /1/1/il , r 1//
, 11/f l .,.l.' 1/ /( . tLl /1// 111 1/ )':, ('.\' /:, /1111!_ ,,n,, /1/(i :, /1y ti )1 ./(/ ( 1// ril

11c11 do 1 4 /1 (~li -prNci11 / /()11 ·-c,ul>,1/1 )'r11"flft•.Ji1ods.

Although it is imporcam to do cum ent d1 e o pporrun_ity w ich ob-

1ccrive d:ita, do n't turn chi ; sectio11into a bori ng " d:ira dump." Do 11 ·r
1lkY,,v y0u r co mp clli11 g sto ry ro be bur ied u11dcr ,1 m o u11 cai 11 o f t:,cts.
111 , rc.1LI. , umrn .irizl· thL· ltir,1 .111 LI t·x pl.1111 ,r, 1rnpli cati<l11 ~ tc, r 111•
v,·, ro rs. 1-' ut th e aL·tu,d d o n 1m L· JH.1tw11 111 .111 .1ppe11 di x:.

Th e Compan y. It s Produds (or S<"n1in·.s), and Stl"ah-'gv

U-, L rh" ,L•L"fi,H1 r<1 dL·,tTih L' rhL· l

0

LH llp .1!l\'. L':S: }'b i11 1111\\· ir , , • ll'!.!'. ,1 -

,n , ..: ll. .111d ,c 11 c ,c~ C\\c11ti,il l'llrpu~L'. 1-k re ,~ .111 ..:-x.1111p k ·

L 1- C 11 rl1,1 is (I c,,/,mu/,, -L,11sed ,,1rpomtion. lt 11111s_(c1u11t!ed Ill 2UO I

.,,;,/, 1/1c .!!.'' '" ,fscr,,i11.~ " .l/ro1.1,111',/ i11tercsr i11 a h(l!h-pro 1c·i11 11 11 d loll'-
,-,,r/1 til1 ydri11 c dicr . Its npcrie11ced 111,111,1~e111mt te,1111 has dc·l'clopcd ,111d
rt·s r-1 11t1rkcrct! ., <'l'Cr,1' /,,/1' -(,ll'hPhydr,llt' priiduos, J'l'i111c1ril y hrc,1~/:1., r ,1 11,/
s1111ck_1;,,,d., 1·/u ·,,· 1m,d,-w ,· ,ire 11,>r nwrel)' /,,u• in .-,,rhohJ dr.11, ·,·; r1·s1, 1

/1 ,111c (t11!fir111cd 1/,,,r they t1rt? ,1'.w 1,1sq 1 ,111d s,11i.,fri11_~q11,,liril's 1/,,11
d{[Tcr('IITinte r/1 ,·111.fi-u111 orher /n111-cnr/J_{c)()tfs. 77,e products arl' ,1., _[i>/11>11,s:

• .'\, /r/Jt, 111 ;\ f ,,mi11.~. ,1 111/1 ,1 /, · 11'11 !'<1/ ,111 d /J,1rlt?)' hrl'n½{c1st (<'f<'nl wif /,
-:/-8 l"'m•11 r Jr11 •cr c<1rh,1/1yd1111,· , 1!, ,111 l<-,11/i11_<,! n 1 11 r•, ·u1 ir111,1/ /,n·.rkt:,sr
tl'rc.1/.,. I Icll,•11 · .\ /,1r1 1111 ~ 111, ·.-1 , r/1.- ' /''' r/i11 rT1 ,> 11 ,· ,~/ 1/1,· /rt1 rl111 ~ l,>l('-
r(11 b ,/1 ,·0.

• Cmt"klt' tfrt1(klt', ,1 m .1 11,·d, _; 1t·c/-.:,c1 ,,,11111, ,1/ f",, r/ 11ct ,;,, /11r.1~·/,1s1
e,11i11_1t c111d J•r /,,1 /.:111_!!, Lil-<1' H,·/1011' .·\,f.1 mi11.~. Crr1rklc H1t1rkl1· 11 1, ·,·rs
//,t' .'i /' r'(i/ir,111n11., ,,(l, ·.idi11 ~ ft>w -,·,1r/1 ,lit'1'.

• <,,,
11 ,p,lih,· / ,,-t .,11 /, , .-/,it' '· r/1, ,, 11 111,11 1)' °' 1,,,,i//,1 ,li ,t•· It ,, ,,, ,ic, , ,.
1

f,,11•-(,1r/, ,/,,·, n•,111i1c111 c11r., 11'/11/c /i,·,11.~_//,11 •, 11/ 11 / ,111,I .,,,,,J,·,11_~.

Enc/1L!f rl,csc JJmducb u·.is u•rll rccri1 1ed i11 11111 rl~cr rc., rs (5,'t' 1!1t·
.'IJJJll'l'ldix ( •r ,/,·r.1iH ,111.I i, , 111'/'! 'll/ l)I heiu~ .,(1 /11 r/m ,11.~/1 111 111 11:~ 1,iu,1 /
/1 •,1/i/1 _/;i()d ,,,,,.., . 1\'111m 11,1r/.:,·1 .'\1,11 1•.,. I,u., 1111d P/n 1s,1111 l ;,/1,·,• h,ri w.
1

/11, < )t/T('r 11u,,l11cr , .r n· 111 ,!t·1•cl,11H11, ·11 r

 b1lrqin·m·u1.'.~ lo olkil

' .. ' . (() lll Cllli k ,I · 11 .,bour tli l· gu.il ,

~11h,,·d10 ,,r
I.I
,• \I, . j \111 l illl),-, ll
. '•"\' I , \\' 1II \ \ ' l il t [(\ "' " "
I '11 1,111,'" q 1,lll ~' 11\'L'\ l<l l ' · 111
i ii , ' ,,1111 1,11 i1 ·'' " ,1, -I . rh.1t dll' u , 111paJl\' \\' 'L
11 tl in ,· ", 1 l 1.II ILl
'" '" , ,,11 l'l.111 (11 ;~n lll t 'I ,r~n Ins 11 111ovac1vl' C('ll l
' ILljUl\ ltll ll ] t.1rgcc 0 1 . . ' .
L<'ll ll' ., rc 11 qit111 µ. . . hiliry I lne '' ,11 1 c x,1111plc:
i.ll'lll 1>r, IIIL'llllOll tl 11, po,\I .

·i;, 1,,.,,,,l.•11 , 1)
1,,-,,d,,,, /111, ·

) ·1·
ti , ·.,
I .(f,>rc.,
I'• ' I 1' I 111 ' ,,.," ,,., 111·111•1r,11i,•11 th1< •11~'
'
, . ,111, / rhrouo/1
, ' ,, .i r11ri11i1I 1.c
/, 1/,,- /111,~ ' (~ff1'111 c 111 11•11 /1 i•111' •'.I t/if 111 , 111 •r diet co111pi1111 n (mrn·111 l
Ill 111:~t!/1 11/lt>IIS/

·1;, r.1 11,11,cl t/1,· hw1111·.,_, r, , the /!1•1111 where it c1tl1 a /il'(,'lll('S a do11 1i
11i1,11 1•i,1r,·1 '" ii,,. 1,,,,,_,,,,/i,>l1 ydm ir j(),>d 111 ,111' or i_, .i111111n·rl h)' ,111 ,
,,( ,!,, 1,,,,-(,, 1~,·,I f,,, ,,I 111d11.11ri• l'11111 1,. /11 rhi.1 111,l11s11T, ., 111,,I/ ,-,,11 11 •, 1-
" " , ,,,11/, ,,11,· ,,,- 111 11 -i 1cccs.)f11/ ,,,,,r/11,1s ,,re 1!/il'11 /i1>11.~/11 illl t .it /H-. ·-
11//1/ /1/ /1/'I (('_,,

If vo ur c1)1111:i:111y\ prod uct~ art> 11 o t ye t 111 :irket-ready, you , h ou l1I

r1·1 ,·.ii y, ,m pl.111s fo r l'roduct rollou c,. Abu inclu de ,Ill ,1rt1 sc's re11Jcri11 ~,
11!" ii ll' li 11.d plir,1c d produn . Ir yn 11 r 1mid11..:t~ .lrt ' I11 :i rk er-rl·,1dy, g () hc -
\111,d tli l' writtl'11 lbnipt1011 ; i11 clud c hi gh-qu .tliry photogr;1p hs.

l'O l ' I< .'> r H,IHG \'. In cl ude in this o r .1 5eparate secti o n a di sc m -
, ion of the co1np.my \ ~tratcgy. Strategy i, about diflere11ti..1tion ~1 11 ,!
c(\)llj1L' titiw .1d1·.111r,1gc. E:-.: pla111 w h.1t i\ ditle re11t .,bo u t your l l ll ]I
p,1111·\ appni,tl Ii t(, tl1 l' 111 ,1rk1: tJ' l.i ll: .111d ho\\ tl1.1t d1tl-~T\'lll 1' \\'1ll ~\" ,.
11 .i , 1h1 ,1i11 .1li k l Ullljl \' Cltl\'l' Jdv,1 11 t,1gc· . I )ll'lL'l'L'l1t1.1t1u11 lllJ)' rL·,id l 11 1
th e- prnd un o r ,ervice---fo r examp le, .1 teclrnic ally wpe ri or ,t·1111 .
cu1 1d11cror Lh ;1c provid e, g reater v.ilue to LUStomers. O n th e nrli, 1
h.md, ,lifl ,T,·111i ,1L11111 11 1.1y rc, idc in yllur .1pprn,1ch tu cu\rum e rs, ,1• i,1
I l. 11 ·., 11 111 1.il dl', l\l rn1 111 \L' ll , ll\1t1111- 1·1i 111·igured pL-r,u 11.tl 1·111111,u 1c1 ·
d 11 ,·, 1h· 111 ll\1·r, . h1·p.1,, 111 g liw r1 ·1.1il l h.11 11 1d .
\Vl1.11 Ill.I~ \'\ Yllllr pn ·,dllL'\ \II" \cT\l ilL , Ill" lll c',111\ ,1r dclt,-.T y, .! 11
k 1rn t- ,11 1d 1111m: dl'sir.1hlc-i11 th e eyes o( cusco111 cTs: H ow will

l.
tli ,11 dt1 frrc 11ce tr.111 sl,1te i11to ,1 <:o mp i.: c1 tivr ,1dvant,1ge th at will p n -
 I Vril mg a Flu,11 ,r., Pl;in ()

duce profits and growmg ,·qu irv v.1lu c; ln n ·, co r~ w.mr clt·.1r .1m11·c r<
t<..> chc:.c qm:~ri o m . Spell rhc m ou r he re.

O W N ER~ll I P. T his " C ornp,111~, .. sccrio n is also ., firri nf!; l0 Latio11

lcl r o,vn c rsh 1p 111l o r111 a n o1r

• Wh o ,1rc th L· c ur re n t 1>\\'ll t· r, .. ,11d w h.1 c pc rLl' llt.1g es , IP rh n

co n croP

• H ow i, ownership evidenced- fo r exampl e, in rei:ms o( com -

m o n .m d p rde rred srod :?

• H;1\T :111y uprio n,, v.,ar r;111 r, . nr co 11Ycrribk ho11d, that could
e'q, ,11 1d n,v11 e rsh ip hcc· n i, , ucd ;

• Whi c h ownc:rs are invo lved m th c day- to- day \lvorkings of rhe
busi ness?

T h e , ,1a n ag 1'111enl Tl',tlll

l nve,cn r, .ire kc:en ro k now c1 ho 11 t the pcopk hc h i11J rl w hu ,11 1c-,.

wh o m th ey see .1s key as~e rs. Specifi c.i ll y, w hJr ,·xpt'rll" llC<", o r q 11.d-

Is your cmup eu tive :1dva11 c;1ge bJsed on a propr ie tary tccl111 ,1l-
ogy 0 1· process' ls du t tec hn o logy o r process pate nted o r
'·pa te ntabl e"' D o es the co m pany own paten ts, copyrig h ts. o r
v:duah lc- tr:1cl e111 :1 rks' If it do cs . w hen wi ll th ey expire'
/Vl:11, y hu , i11 c,st·, .,re fo rm ed .,ro und 0 11 t· o r .111 o ch t: r p k cc ul'
illtl' il ccc ual p ro pe ri:y. S t Hll t: ,1n· kL'y a~sc c, ch.11 i111p.1c l 1,:0 111p t· t 1

civc· advJ n rn ge o ve r J pc' rio d o f rn11 e. R e,1dc: rs o f yo ur pl.in v,:i ll

wa n t to kn uw w hat seeps yo u've taken to pro tect th :lt p ro p t' 1T v
:rncl co kee p techni cal ;rn d 111 ,irkec kn ow- how w ithin th e ,, r~: 111
1,,1ri o 11. \\·li n e II 1n ll p ro, li 1< ,. r, ·l'l' IHI L' ~ .111 d p n >ti r, t: , r 111 vn rn r,
Ill Enlrcp rc.:m:ur· 1·oo \kil

· .0 the· c· ntnp1.,,~.,· '' W hen I rt'ceiw :\ hus111 c:,\

tlir.1non, do thc·v bnn!s l .. I' II" h\111 .111 . " l ,1\w :1v~ re.id th ,·
. . . •- ,r.1c111 1, 111, 1 ' 1 · '1 • • •
pl.111.· ,n11 ,·, ,,1 ,I\ , ,"' ' I ·I . , - ,,k",1rt,,tt h c nc\,1, l' lltll1 L
. . l N()t hc·r,llh,' t H \ c, \ t
'"''11 111'' ,,· rtl(n 1 t11 , . .· I i t the ri,,hc team, none ' t
' ll)rl,ll\t
rliL· 111 u, t 1111\ . , l1LI t h
. L'(,lll, C \\ l[ l\\ l :--,
1' "I
the ,,thn p:1rt, rc:,lly ,natter.

1
· • Where ,ire the fo unders fro rn?

• \V here have th ey heen edu c:1tecl?

• W hl'rl' h.,w th ey workcd•- ,111d for who m;

, Wh.,t h.ivt· thc·y .1crn111plishcd- profrssio nally and perso11-

.dly-i11 the past?

• Wh.1t is their reputatio n within th e business co mmunity?

• W h.,r ro: prri e11rc do thL'Y haw that i, din:ctly relevant lo tlw
''l'\'orn1111l')' tl 1,·y arc \' t1 r, u111 µ}

• Wlw ,kill~..1h1lit1es. and k110wlt'dt',e llo they have?

• How re,ilistfr ,Ire they about the venture's chances fo r success

.1 11d thl· tribulatio ns it will fau.:'

• Arc they prepared tu recruit high-LJllality people'

• How will they respund tu adversity?

• l)ll they h.,w the mettle to m.1ke th e incvitab\e lurd choice~

rh a1 11 111\1 h,· 111 ,Hk?

• Wh,n ,m: thcir 1not1v.1tions?

, ,,1 •u11
\uh 'J.',11,.,,.,r/ I\\u I\ .,h\111
.~\t•~H\l I 1J
1
U,\'d.11 1,with
" ll 11" ,., W1111
\" l'1·111 1"h'II
., ,,,_.,,, llu""''" \ll.111 :· H.,,,,.,,f '~'" "<•'

J
 11

H1._-r1._: , how Lo-l :.,rhu \ hm i11 L·~~ plan lk~lTih c, 1b 1wu1) ll··

Tl,r 11111111~\!C'llll'llr rri 1111 is 111i1dc 11/J ,fjo,11111r G1l/ow,1y, Dr. Phili11
Li1tdsrni111, G 1111ter Sc/111111rtz, ,11,rl C.1rlos 'fii/,111crc1. Ti:c,:ethe,; they brit(e
t'XCP ptionnl tPdmir-ol rx71rrtisP c111rl business rxpffil'll(C' to rht mterpnsr.

• Jo ,11111 1· G c1//1lll'cf)' ,,.,)_nfi,·1·11 )lt'tl l'S <f1nw/11(( ,1111f.l!l'IICl'c il //1 (/ //, (C,:< '-
/l/(' I/( 1'.\ )1crin1 ff 111i1/, 11i1d:,11fcrl J;i,>d 1"<>111111111i.--s, 111 ,isl rc-(c11tly 11'1f/,
C ,;~,mlic f 1ior/s C.1 1pomlio11 .

• Philip Li11rlstro111 /, as c1 P/i.D. i111111tritio11. Ifcjoi11erl the rv n1p<1F1 )'

i11 2002 nftrr 11wki11_1!.fi1r frn yC<1rs i11 prod1-1ct de11rlop111r11 t_{,ir /3e-

/,,·,,,()//1 ,..,,,,r/.,.
• ( ;,,,,,/,,.,. .'--:r/111 •.irr:: . 1/,c 1,·,1111 '., 111,11111/0,·t,,11·111.lf ,'.Y/'1'1'1 . !,, ,.- f, ,·,·11 111
1/1, · pnin·~sl'l i./P<',/-' li11.,i11,·ss.fr t11·r/11e yeo1rs ll'it/, hoth J-fr /,n r,, 1/,
1

h111ds ,111(/ F()or/ Scie11rc Ln/Jomrrries, ,1 co11tre1crJ1od rc.,cc1r,·h ,>r1f,111 -

iz ,1tio11 . llm ,111.~ !Vfr Scl,wnrrz 's ,momplis/,mc111s is t/,c exm1s1011
1iroces., 11se,/ /() 111i1 n1!f.1w1rc Snnch1ri1'1(l., mid Co!t1rirn-',
ill" ' /,(lf/1I)'
,11rr1•.,_;/i1I 11i1rlc<11f('(/ s11c1r/..· /,mnrls 011m c:d /, y Ht h1·11wrh h1<1rls,

• ,'.ir/,1s ·1,i la11Pr,1 lt:J i his JJllotTio11 cl.i 1•1 ff }'1'('51d,·1,r ,:/ 11111r/.a·1111.~ i11
<

H('(l/ tl,wn e, (l J,,od i11g p(lck,1,~cdJiirds (Cl ll/J)(l1'1)', tr jri1·1 Collnll'/l)I

,111d Lind.,1m111 i11 _[<,u 11di11_1f Lo-Cnrho.

No te: C"mplere res11111 rs cr111 /1e (01111d i11 th e 11ppc11di.Y.

l'v1o,t l'l.1rn u,c· .111 org.1 11i 7;1tiu11 c· h.,rr to i11di c,1tc thl' rqHlrtill <a!;
rd .1tiornhips ;1m o11 g key pcrso11 11 cl. A t,1hk i11cli i: .1ti11 g 11:imc,. rid l', ,
,11,J ,aLll'ies is ::i lso use ruL as in rahle 5-1 .
A~surni ng rh :1t yuur co mp:,n v i, a i:o rp,.1ratiu11, rh1, i, al,1\ ,111 .,p-
pn •pri.ai:e pla, c r,1 ickll(i l~· rhc' ho:ircl \l i' t.li ,·ci:tur, . Y11u , h,1ulcl i11d 1-
,;. 1rt. rh , 11.111, n ,,1' h11.11 ll 11 1< ·111 l 11 ·r, . rl1r 1r 1°0 ·,1r1011 , ,1 11 r\1 ,· hu.1rd , cl1<·11
p 1·11 fc " 1u11.il h ,H-k1-.?.n •u 11, I-.. .111 , I rh 1: 11· h1 ,r u r\' nl 11 1\'oh·l·11 h ·11 r -., Hl1 rlh·

,:, 1111p,1 11y.

Marketing Plan

l1 rl 1,· ·'pl·opl ,·" , cn1n 11 ot v\i ur hu ,i11 L·" pl.111 gn, th,: nw ,t .1n,·1 1r1,111
ri-11 111 rL· .1d i: - rs. ril l ' 111:irkd111~ pl.111 rum .1c losl· 'il'l'1nH1. l1 1,·,·,r1 1r, k11u\l·

._.
r AlJLL 0-1
- -- - - --
Lo-Ciubo Inc., Key Personnel

Jo:1111h J Gnlhiwuy
CEO
--- -
1,1111ip L111dst1 urn
VP Prod11c t DllVOlopn1u11t
Gu11 ll1l'1SGhw. 11 t,
VP M,mt1lt1c l111\110
,:,111, ,~ l.1lav,•1,1 Vt' S.ilus /!. M,\Yl<l\lllllJ

I UW, 11\J J pl 111~o n 1-iltd!ICl,t l Cul\~111111111

IJfly rat u
l)l, 11 1u Wulh1 AL1111it1 s trallv11 dil:ll~l.1111
$110,000
·-- - --
th.11 111,1rk,·1111 µ " th l' ,IL'tiv1i\' 111,1,1 ,l\,1 lLl,\I L'd ll' ttlt ' LI CL'L',5 ur 1:li lu rc
i\ 11 .1u 1.1,11 ,·I' 11111d11 , t m ~l' t ,·11. ,• " ,·~,l' n11 ,tl . hut ,1 L0 11 1p,11 1y w ill l.1 tl
1
11· 11 1.1 111 1111 , , 11 11L·11,v1li1 1m10111cr,. 1\ , ,H111 d ,111 ,l 1l',d1, u ,· 11 1.1rk L·t 11q ,
Jl l.11 1 1, tli i.: k ·,t .1,, ur,111 ci.: that ,1 , u li d ,._ u, to 111 1.: r r L11in cc tiQ11 wi ll Ii,
11 1.id ,·. Tl, ,· p l.11 1 sh,,u ld he ck1r nhout .111 .1s11i.: ct~ \)f markcti 11g, i11
<'lu d11 1g Lhc l"u ll uw i1 1g:

• ld i.: 11 ti l·i,._ ,,ri t1n \l f custu 111crs

• l'lt c rcqu in.: uH:11L,; or v.1rinu, c11, 1,1 111 ..: r s1..:g1nL·11t,
• ' l'lw i111 1,o ru11 1c1.· ui' llLll't: h.1,c c1111vc 11 ii.: 11 cL·. r;q,id dclivn y, prn d-
11 n l' Ll\ lill lll 7;\l io11, ,111d \ \I i) II rm li 1,·,,· " ').(ll ll' lll ,
' \V,1y, l\l l'n, l li \'L' I) , I L \ \' \, l' ,1 r li li'!>\111 \' lll· -lim,u gli di , l'rd ,ut u r: ,
,1 1".1pt1,·l· ,.d1.·, I111, L', d1 r,·, 1 111.1ii , ,·- u 111 111 11.TL,._ 1,1· w l1.11vv,• r

• /\p1 •r11 pri ,1Lc ,,tk, .111 d prn 111 1Jt 1,u1 ·ll' l'l'\ 1,1cht·,

• i\1 1 .111.il y~ i, u1·1w w 1•mvl1 :i, c d,·1 1\1 111 1, ,11 c 1n:ide

• \ ' t1, l11il lL'r pr1 cl' \l' ll , 1t11·1ry

• T he: C<J\\ uf acquir i11~ a11 J n: ta 11 11 11 g L: L\\tu in cr,

• Tlw ~l1 1: n 1:1,t.h s ,111d w c:11 k11 es:,es uf c1) 111 petiLor~ aud w,,y~ li 1,11 u ,111
pt·tJlu r~ :lt'e li. kely t o rc.1Lt w 11u. i ti,'-• " 0 1111);111y l' nt,· 1·~ 1h(· 111.11 l,,•1

j
 Writing i1 Bu.)ines.) Plun l '.1

\ Every corporation must, by law, have a board of directots. But

\ the entrepreneur should go bey0nd th e requirements of the la\.v
in en listin g memb ers . A bo;_m l shouldn't be just ,1 hunch of
w,n-m bodi l'S. lnsrl'ad. it should lw an L'nl:'c ti w so uudi11 g ho .ml
\~)r idea'- a11d ;1 -.,uun: c qf ~agl· .1dvi1.·c.
Rec ruitin g. huard 11ll'111hl-r~ should hl' .1 111 ,1ttcr of rhe hwh
'
L· \r .
unportance . Yo u want p e ople w h0 havl:' abundam busim-ss L'X -

p cri cncc and. if te chn o logy i~ cs~cn tial to th e bmin css, 1.·011-,id-
crah\1..' scientifi c or en gi ne erin g know- how. Board 111 crnh c rs
--.houl...\ ,1\so l:w re~r L'CL1..·d in rl w bro,1 ckr bu siness co rn111u1nry.
Their 1.: .1µ:1hiliLi es ,111d i11t 1.: µ_ri( y will ,11L·ak vo li1111 c~ to ,v li oc\'lT
rc:1...-ls y o ur busin ess plan, financiers in particular.

f-or your plan co be c1-cL~ihl e, these issue~ should h e supp orted

,Yith solid m ark et inccUigcnc c. S umi.n ari zl: th .it supp o rtin g inrelli-
.1/.'ll C l'. h e re , and refer readers to w h ;1t t'\.'l:T lllarkct r c,c:1n:li \'OU vc
,)rnvidcd in th e appendi x .

Opernl ing Pinn

\X! i ,n l iu· , ·ou ·n· i11 tlll' hu , 111\.",~ t, 1- ,k, i,.!;lli1 1~ pn,duc ts . 111.111ui'. 1c n1r -
· , 1,, rli ,· ni , ,1L·n1 1~ .,s a d1 , n- 1h11 tnr . \.lr r11 1111i11 ~ .111 1.·-L o1 1111llTl'l ' ,1rt·. \' t11 1
,r,· r·.1L·,_- d with .1 h m r o f o p cr:irni 11.1I 1~~lll'S. Wh .1r ,uppliL'r n: l.1ti o 11-
.hi p~ do yo u h .wc o r e nvi sion ? How mu c h inve ntory wi ll h e re-
•1uir1..·di If you ;1rL- :1 111anufo cturLT, will yo u follovv a j ob sh op or
Am,· , >p er:1riun ) Whi c·h day- ru-d.1y tip c1~1ri11 g c h u rL·, w ill
, it h.111dkcl ilHLTll .il h·. .111d " ·h ,,·h ,ydl he nur-;nurc c d:
An ' ']' cT.ttH) ll~ pl.111 c n1 ,sid c-r , t h l' 111,111,· Lkr.1iL o f Cl)ll\'l' rti11 g 111 -
.-1,1r-., ru l)uq111c, th :1c CLhtu rncr, v:tlu c . Wh:1t i-., your plan ?

financial Plan

11· ,1 ,_1,rn11 ,lll y 1:, .il re,1dv ,1p,; r.1rin !--'.. 1t will h:w,: (or , hou\d h.1w) .1, L·t ol
, ,1 1: 111L 1.t1 , r:irL·111 L·1~r , : ., /,11/i1,,11 · ,/,, ·, , . .111 111, ,1111,· .'1,11,-,,1a11 ..111d :1 ,.id, r/, 11'1
11 [iilrqin·i1< ·ur' ., l uu l k 1l

: I 11ut, hl'II , iii,· l '· 1I ·111" · •' li e' <'\

' ,.k,c rib c" w h ,11 tl 1e c o 1111 1 ,11 1
f 1/1 ( 111 II .I . I (I \
,,., '
1 \1\ 11 v - l\ \ ,! " 1' [ , -•, ltl \ I I \ I )\ \ tl1 u ·, ,· •" '<' l •, 11 .1\ c· h l' l' II I 111 .1 11<. t: l . t 1ro
, u ;:.. ,
It ,I ,i\ 111 •: , 11 1, I I I I\ ' lll tll \' '' I 1h \ · ' 1111 .,·11 1 11w 11 ,T,) ·" n' l ·' l',11 tJ u tl.11 LLtLc
I. Ill' l ll < <' ll 1<. ' t ,I l L- 111 ' •11 1 t'l' \
c·,d, tliL· c'll lll\ 1..1 11y'
' rl'\ enn cs , w h ,u l l
' l'c'tl l t., 1 ~ ,\ ·Ill l II<) >l • , ITn·1 n1 v, • ,llld t h e 11 it cn~, t ,111 J t,1x es i t p ,1id over ,
, pv , t t·ll:< I I'll .. ·, <1-1
l · 1 =·1,n1ty
' ' tl1L' c:1sh 11mv state m .e n t td \s n,·a dcrs t h ,

\ l ll l l l L' \ ,\ I I \ I ll
' •s <11° L. ' 1sh
· t..: . ·
dun,, ~ •
th e s,1111 e ~1 e r1ud . l o g '
e th e r, th L·\
,111 , ,: l ttt.ll l Ll ,il ,t.11 c 111L·111, r c ve ,i\ 11111 <. h tu t h e u·,1i ,1 L·d eye t) t \'Otc 11 u ,•I
ttt \·,·, t11r , . (N, 1\c' : If y o u ,ll'L' not l:1111i \i,1r w 1rh t h t·,lc' ~ta t L'l1 l l' llt, , sc
·'l ' l' c· 11 d 1, /\ li.n .111 e xpt111.1ri o 11 o f t h L· b .1, ic, .)
G,·11e r.tlly. 1t\ b es t to p lact· th e· fu ll tin anc ia1 st.1.te m c nts in th e ,1p
p rn d 1x to yo ur b u siness p\.111 . U se th is sp ace fo r key dat,1 fro m th <>s•.
, 1.1 11·111 ,·11t , - cl,1t,1 l\1 ;11 \\'i ll ~1\'C l'l' ,td c r, th ,· hi !,!; p in 11 r t· nr y n 111 h11 si
11 n , .111,I 11 , tll l l' ttckd li11u1 1·. l<n· .1 111 ,) 11 ~ Ll1 c:,1· d.1 t,1 ,\I'\: yo ur , ,1k , ,11 1< I
,· \ 11,·11 " · p ru 1l'Cl1, 111s . 1l<-su 1lwd e ,1r\i l'l· 111 t h 1~ h uo k .,, a p rq t'o n11 ,1 111
t u 111,· ,r.,c c 111,·11t . h lr a l·u 111pan y such a, Ln- C arhu, rea ders Wc>uld b ,
11 tl l' l l'\ lcd 111 .1 hre ,1ku ut , >f kcy item s .in th e state m c ut , su ch as th e an
11, q, .1tnl r,·v,: 11u1:·s fi-o lll v;1rious ck .111 n d , n f d i~tr ih u ti o n , a~ sh o wn i11
t. 1h k :., _,:i I ln,: We , c c a11ti L·i1, atl·d ,.,k, .11 1d , ,d ..:, ~rt>\; th hy ,·\1,1111 11 I
.11 1.! th,· l' LTL' e 11 t,1)..!L' u l· , .ti e~ r e pr l ' \ L' IH n \ l)\' c .1 c h .

TABLE 5- 2

Forecast Revenues by Distribution Channel

(i n $000 and % of Sale s)

Ne l' s ;a /e s
- --- - - ------ 2005 % 2006 % 2007 %

H8a\i1 1food stores

11 2 100 160 80 200 :111
~ UIJ!; t n k t rl<o l :,
0 (/ 110 ;,,o BO /')
I 'nv<1 I,, ldhol bu sin ess
0 u 0 0 ? 40 ,/ (1

fo la\ Sales
11 2
-·--·----
IOU 200 100 520
----- fr~
 1 / 1
\\ 'r1l111~ I H1 1, 1111 , ·, 1 !.111

fl ALE 5 - 3

>: orecast Marketing Expenses (in $000 and % of Sales)

2007 %
2006 %
2005 %
-- - - --- ... - - --
'\ft>1rl<oting exponsos
')
9 !,''I
,'(I
11 f (/
'-;:::110" , c< >JT1nltS<,10n•
fi!1 / .'•
1n (i.'! nn .?fi
n <'soarc/1 g
15 50
32
------ ·- ·-. -· -----·187
18
Promotion ------
20
60
33
91 1:l?.
101
rota! expense

C il 11,1d,·r ,loi11 g the ,, 111 1<' fo r k\' \' L. 1r,· c:n1 i,·, oi' n1wr.1r 111 ~ ,·, -

1,. .1,, ,·, .., 1, Ii ·" 11 1.11k ,·1 111 ~ ,n, c.. ,, , how11 111 r. d,/, 1- '•
1
N. ru ,. illy. ,,k, 111 •>1coi,111 , .,n, 1 ,, i/1 \' 1 ,r,·1 11, 111 1' 1,·" I'' " l,>1 111,
1
r.,1,-1 1,·111, .,re l;:1,1·d 011 ·" ' u111pri o 1" - l.:-:1"-rw 11 ,·,·,l 11 1\ L'' '"' ' .11 ,· L, ·1il1
1
" v r,· f rh" a11d w il l w .1n r ro know w h.1r cho ,c· ·"' u 11 1pu ,1 11 , .ire .111 .I

\
1 0
vhy you 11L1,.k d1<•111. M,1kc th ,1r p .1n ot" yo m d 1, .-u"1rn 1

::<• cr y l1t1, i11n '> 11h1 1 ,1 cornh1 11 ,111 n1 1 o( -. 1yk ,Jll d , 11h, 1. 11i r, ·. f'\l "i
is

l,, 111 ,'. w unh 11111 '1 , , 11H•' ' t: 111 1•·1)\'1 ·1 1<: llr, cu111 ,·111 r•1r•·· ,l11 rli l . , 11 I "I. I I 1< ,•
-

ll l. 111 . ,_ t . 11!.ll l i' l l { lli l l ll t

1,d , '1<> 1l, h .1 11.~• · rl 1•· " ' ' '' 1·11.11' 11 1dn rt1 111 .,1,·. I
11. J<l .,I ·,, '1,l ,1, ,Ji ,1 1 11, ,I 1,1 1,, ,, 1, Ill , ,· , , !

f 11 \\ "1 11 1 \1 111 , I \ \] I! • I ,,·Iii, ! 1, 1 1' 1 11· 1 11 1 11 II '

I I II fl , ,I. ,11 \ \ ' I I I 111 •~ ,\ I 1< ,ii I< I I

I I
(I
j lo . \ < ll I ,o \\ I I \I' II, I Ii II iJ I
,I , · 1 v,: 111 , rnl n ,, 1 t'' '" I ' l'I ' ' " ' .'. ' I J, ,_. 11·,,,-d , ' l'-1111 1", h I , •' I ' ' II

I ,;, "1111 ,I ,·. II \.I ~ Ii 11

I
111 I \ I '
t I I l .., l I !L 1I I l ' I ! I ' . 11 1l I 11' ~I .I) 11 ,
lfi En Lrcprenc·u r' foo lkil

Slllll l' l) l· opk k.1r11 lH· ) t li-u111 ,vr 1u e11 111.it l·ri ,tl . Others :11T 111 0 n:
1
in L·pLi\·l· to cl1L· ~pnkrn v\urd. St ill ochn', - ·;111d Ll1.1t 111<: lucl c-.
llll)St uf us-\e;1rn from picture~ :111d gr;.1 phi c representations of
11u111 n 1c,il d.1ta. Sn it \ ;i good icl e.1 to use g raphi cs to sum1 nari ll' ,
,·,,u1 ti11.111ci.il d:11.1.
I l.1 n ·,1rd l'rn t~·\, ur Bill S.d1li11 .11 1 \ ll ~!,~~L':-. l:-. c1 '' t i111 e to pm1t1\·l'
'·"" 11 m\" ~\ r.q )li lik l· ll1 l· l> lll' \ li ow 11 h L-rc. Tli i:-, im age li L· lp:-, tl1 l' ,
111 vc,t or , c,· .,t a µ; L11H. L' the cxp cnL·d depth and durati011 u f n cg-
.1Li w c ,~h fl ow, ;i s well as che rel.1 tiu 11::,h ip between th e invcs c-
1n e11t and the p ote nti .il return. "Th e id e;i l, needless to s:ty," says
\ ;1hlm ;m, " i, to have cash Am:v c;1rly and ofr c 11 . l3 u t 111 ost i n,-
,·c~ror:-, .ire i11tngu t'd hy th e pi n urc evell , .vh e11 the c,1sh o u tflov,·
1~ h igh ,111d lo n~- ,1!:, lo ng ,1s th e cas h infl ow is more so.''

m o ney

15%

c
ii
ro
.0

/ po1 enli al
ea.
/ 1eward

U")lh
.J · lune lo po s 1l1ve
01
car.Ii fl ow - 10 0 % ·15% 45% 200 %
lio le
(t o ta l lo s s) (big 1 ,it,
\ ra te or r e turn p er y ear
'
\ n th \.' bu~m ~ss '-'-.'O r\ d. -.honer 1, alwJys b<.·m:r if 1c communic.m·-. rh~
r i:: L\uir e-d infonn ation . So h t>ed Ruh~ 17 m Strunk and White's rlllle-
\ ~s,;, Fle11 1culs lf ., t yle. ,md o mi t n eedless w o n.I<:..
l 7i_~tir,>11s r 11ri ri11_{! 1:-: (1 lJl cis r . . --1 jt'1t ln 1n· _,/1,llllcl r ,1111,1111 110 111111n ,· ,,,ry
tl'llrtf~; 11 p.rrt1_1! rt1 pl1 Ill' 111111c(1')~ ,,ry )i°/ll l'ltt"1');_J1•r 1/,c :-,,me rc<1.• i •11 i/1,JI"
dn111 •i 11_\! s /111 11 /d 11 ,Wl' r,cl 1 /111c, .rnd ,, 11ul(hin.: 1111 u11111·,·,-, -
1111111•ffs s ,11 1

s1 1ry p11 r rs . T l,is requi res 11111 1!1111 the writer 111,ike ,,II l11s ::en1,•11ff• ""'" ·
,1r 1l,,11 f1t· ,111,,id 111/ tlc1 11il ,111.I 1n-i11 l1i5 ::11l1ica_, ,,11/y i11 ,,111/mc, b111 1/1,11
1'l '1'f)' ll 'l' rt/ /1 ·1/_, ;

\ h,, q u ,,r•: tr, ,111 " rr 111 1k .11u l \X: h li •· i-. u,dt ., \'l-rl~, 1 111nd,·I .. t
the ir n ih : . 1 ·1icy u ,c 11t• u111 1cL·L·,,,1ry \\·o r&;: even · w ord 111.1kt·, ., ~<11,
tTibu ti o n . Ec o 11 0 1ny o f wonb h as tv.-o bi ~ ht" nefi cs Ii.ff th e b11 ... 11 1,:,,
p Ltn "vr icc r: Yo u r k ey' 111 L'!,,\Jges w ill sca11d o u t , ;1 1111 c· cwh• lllY ul

•w n rd-. , .,v-:, y n u r r c ,1~kr \ \:alu abk rime.

{. l_,e S imp h- Scn kn n·!>

l "h c ~e uce n ce is ch e- h ~, ic u 111 r 0 C\,\T in c 11 expre~~ion. Mn,r ''-·11n- 11cc ,

rn ,d,;.c , , c,1r c: rn e 11r. T h e- q ,1tl·11H: 111 L ,111 hl' , i m pk o r LOlllJ' kX. ( ·,>11-
1

'"kr tl i,·:,v·

' l \i ,_. ~ ro w 11 1g l' " l' 11 l.1rirv .,1 In,,·-, .1rli, , h vdr.1rv cl 1L·ts 11.1 , , r. .11,·d
,1 hu ~i.ll L'" <l \' \l 'ir 1u 111 l\, 11,r 111.1kL·1, 111 l11w- c:. 1r\, ln o ck

0 11 rhr .i 11L· \i ,111d '-' '1• \V H tl L", , r 1, i n~ k n ·I, ,,t ,,h,-,ll,· 11 11"11!.'.
1
Ll11ldn ·11 .11 1'1 .1dt1lt · . l 11 )r l1 111 :'1 " rrl1 /\ 111,· r1, .1 .11 1t 11 1 \ \ 1 , ,,., 11
~:u 111 1w , , ·\11 1 \1 111 111r 11 11. 1\ , 111 , n- .h, ·, \ 1\i ,· \' P \• t1l. 1r 11,· , ,I \,,,,
, ,i\, L\1,·1 · \\ hH 11 111 , 111 11 11. 11·, , r ,.· _i l\· , \ .1 h u, 111 , , · "\ ' \'"l t t111 11,
1111 \ 11 -C .,il, l ' 111 1q 1,111\ .11 i.l 11d 11• 1 111 .1~·.·1, o l l, 1\\ - , .,rh 11 111-I,

T hL· tir, 1 , t- 11rc ll LL' , u1il1 ~ l- 1h 1· ,cL 11 1tLI. i, , p:irl· .11 1d t n d1 ,· l' ' 'llH.
I, w il l 11111 11· l1 k , \\ I• '.', l \ \ 1 ·r \\ 1rl1 1v,1,k1 , \t tl, w, IHll c'lll\f.1 11 1 .il l Ill<'
I,·,
l·11l r(' prrn\'u 1's lou lkit
111 11
1, 'I 1.111,i11 l,H1 11d 111 tlt 1· ,1·1·1111d . II tl 1.1 r i111; 1rr11at 10 11 I\ 1111pnn, 1t ,
•, l111t 1ld \,, l' ltl\'l(kd Ill ,I \('l'. ll ,il l' \\'Ill \ II ( l ', 11 11

l'.1, k11 1g 111 1,rr 111l i,r 11 1.1 11<1 11 111l " 1',1L lt ,1· 11 tc 11 l l' 11 11ut lll'n•,,.ti-ih
11
\,. 1, 1h1 1 d11 v, n v1 o l.1tc rule1 of gr.1 11 11 n ,1 r 11' drn tl' pro 1) crly. Hnwrvn,
u 1111p k x , c1ttl' llcL', 111akc th e IT,1tkr work hard er ,Ind n1ay create
rn nli.h1n11. A, ,I writer, ym 1r challen ge is to know when ,1 senten cL
11.1\ n·,1 l ill' d it, npt1111,d l'.11T,·ii-1g L,q.1.1citv.

l \1· Unig11 l'h•n11·nh lo 1.igh tn1 the R1·,11k"•~. Load

\\1·.1dn~ iii" Vll ur hu , i11l·,s 1)\,111 are bu,y \)l'o pk who h,tve kamcd ti,
, k,111. tit<·,· drill dll\\' 11 u1tl y tll rl' ll• ,·.111( der,1d, . Yo u r.1n [ ici lttat!' tlll' 1r
,k 1111 111 111'..'. 11 111111 ,L'. h tl 1l· 11,v 11 t' il L'11g11 •: k 111 c11h I )t·, i~11 ck 11 tl'l1 l\ 111-
, 111,I, l1,·. 1, l1 11(•, . , 1tl ,l1,·.hl •, . ,1 11.I , lio n \,l11, k,, qi t1·, 1 L,·,· 11 1,·h1t l' ' l'- ll t'
, .111 I,, 11s, d .1, ,1 d,·, 1g11 t·lv1 11e11t. All ;11·, · u1cti.tl 11 1 lt 111g d1 ,1u11 H·11 r1
l l,1• d ,11 1d1 , it, u, ly, th,·y ,·a11

• 111.i kc vo ur w ritteu dnc u1nents 111ore inviting to th e rc,1dcr

1
l ',\I llr ,\111 ,-..:r. ,1 ,\N r, ll 1111 u 1, ~. H e.idi1 1gs ,111d , ubh ea ds sig11JI
1l 111 ;i Il l'\\' 11r l''.' l.tt l'd t11p i1 i, ,1hu 11 r [() ht·gi11 . Th l'I' g11·l' yn ur \\'url,
'. '.' • \1 1· 1 ,·w ,q,µ,·,d .111d ",k 111 1111.1hil11,· Yo 11 l,111,tl\() \\\(.' l1 ,-.1d111:;, ,111d
\1 1hh, · 1d, Ill li ll\ l,11'1 "l'Y 1,l, ,I\ h ,r l'\ ,iillpk-, l' llr lt l',lll 111 g · u \ \' I /t- 1d-
li l·.,'.•, .11 1d '.:l uhl·1l',llk. \\ .d~11 ,1 kl'y 11k,1. /\ t11t1 L'-q111\ rr,1111 l·d rt·,1dn L,11 1
g.1tl 1n tl1,· kl'\· 110111 c, or
,111 y \l·ct1011 1n yo11r hu, in es~ pl.m hy sim ph
rl'.1./111 g 1h "'c l1 ,·.1 d111g, .111 il , 11hh c.1d1

HRt 1i; t I' 1c1 \/ t, 111 0, h\ 01- 11 \ 1 I 1111 g, 11111 11tn n1 1)rL· d hl!l, k,,
, ,1 lt' \ I .1rL· 11 IJ:-- 11 urt1 11g ro n·.1Jn, ,1 11d ,1n• d1thuil t to , ki111. l-k ,1di11!-'
.11 1d , 1il,l1 l·.id~ c,u1 l1 L· lp y11u hrL·ak tit. mt· hloc ks 1nrn 1dcntifia hlc m1,11l
1111 1·, So L.1 11 ~hurr p,1r:1gr,q.1 hs. So m e expnt~ n.:co m mcnd that p;ira
 I !/
I \ 'r1l111g ,, llu,111,·,., l'l,11 1

~r.,ph\ ,1\'1Taµ:<· 111 ) 111 on· rh.,n n\'<, hundrc·d ,,·ord,- .1h11 11r ti, ,· "'"
rL· 111·L·,, or I .S in r hc~ ul ,1111-.J ·-,p.tl'L'd ryp 111g.
N 111nben:d li sts ,trc· ,111()rh n dfr ccivc way rn hrl'.tk up !cu r~. 111-
Li11 1id,ni11 µ: hloL'h or rL'X[ ,11 1d (() im:rl',l~l' rii l' i1 11 p.ll' C. Yo11 (,.Il l l ht '

1n1111 l ,,·rcd list , 10 , 11111111.11 i71' kl·, · 1111i 111 , or rn !'1· 1 1·011 r ,, k .1, .1CJ'll "

q 11 1, kh·. ,1, 111 rh, · 11 111 ,,11111 ~ ,", .lllll'k

<)11 r ., 111d )' d

1
i!, e 111, n~•cf f,>r /,,,,,.,-, 11b f,,,,cf, 11 1111•1·,·r, ·d.J, 11r p11111,11 )'
,·J, n1111cls.f;,,. rco,-/ii11 ~ <'11d-w1· cw 101111•ri:
1 1
·J. l fr,1/tli (i1,,d rl'l oil ,,,,rc, /(l(rJ'c'll fl)' .1-J.f}l)(I in tl1 c ( ,'> . ,,l, 111·/
1
, ,-.; , ,l -.il,,,11· J,,,, .. ,.,,·/, _1;,,,d .r,,,, .. 11111 re,,1/y ,,11/r -I ! l,11 1 ~11 •11 •11 ~

1 111
,1111 c' kl)' Ill JIJl/1{/• 1' 1'.'I

./ . 'Ji-11di1i1JJt11' -~(()({'f)' Sf()J'CS f/, c, i/rli Jood srrtion)

4. PriJJale /,1/J e/i11 ~ 4 prod11rfs sold ri, rou}!h 011c or 111,,rt o( 1/,,· loll'·

<', irl• dil'f 111,111 '

Nt1t l c •. h ow th , 1111111i Jl' i'l' d h, t l,rc·.1b ' 'i' dh' i'· '!:,· .111 , I ~,· 1, ,<> 11 -

, 1u, io11 , .1< rn,, in . 1 11·.11· rh.,r rhn· ,·,111111 ,r hl' 111i " cd .
l\1il kr, c':1 11 ,c n ·c thL· s. ,nw 11urpml"• .1s 1n1111hL·rc,I li, r, . llu ll cr,
,ir e· , n 11 1L· r1111 ,·, Lii ,: hl·, t w. ry l t> ~,·r 111 li ,n 11.1t 1<> II .ll r• >" , k .1r h .11 1J
, , . . ·111 r 1il'- 1( 1J1•f l' iq:r 11, rl,· 1~11, cx.1111p k . ,·11 11 1111 ~h r II " ,1 h11i l.-1 ,·, l
1
11·, I 11 •h c· 11 \ l ll l

• nee d r,1 11, 1 \' ·'I " ,,/ ., w ho \,·

H11 lkr, (or 111 11 11 !1 ,· r,; .,ri · 1111 1 1,n ·,k d 11·11 ,· 11 ,·11111· I1, 1 \ I. I\ " " I\ ' ' " '-'
tJ I I \\ ( • ,· '1- 111 1' JH\ . 11 1 rl1 1· ,1• L , I \• ' , \ ti l l I ,Ill ll \ l l , ill 1· •.' l ' I Il \'. \ ,I\ I ll ! ' , 11 11 1, ·-
•'

rl11 111, li kL· elm:

/·,,,11 _. 11ro1111s /ll,·11(1/il'd ,,,.,, 111,,/1/,·111· 11 •11/1 ,•11 r ,<'111 /'l'llf ,,r ' /, n1•-, ,11 /,
l,•1 /1//,1 ,fu t• . 'J I,, )' '",, /11' ,, 11,/11,,,11, f .11/ d ,,111 ,· ., ,,, 111, /1 111"
 'll

I l' I C.r, q' l111 , 11-11 l',1.-I o l llw \I on·

li t l\l l h " ,1111 , 111 , , ·11. d,1' , , >11 t. 111 1 Int , ,,! 11u 11 1n 1l ,il dJt.-1 . \X/t n·n 11
1
,·, ,, , r1. u 1, 11 11 1t11 1~ 111 11 11n 11.d d .1\.1 qu 1dJ y. b.1r ,li,1rts ,1ud 111
1
,
111 11 1
,·li ., r,, .11 ,· Ii.ml (() 1,,-.1(. l ~L'.id LT\ \ ,I ll \ L'\.' ,l t ,I g l.Ul L'L' \\' h .1r d1L'Y w,,ulL
11 il1 ,·111·1, c 11.1\\' r,1 , , rr.1, r ln)ll f 111 ,11 1,· k d tP l1' lttt l'\ ut· ,·,Th t.t!-,'.L' .11n l
1111 111' • T , \\' l11 L· lt 111· rl 1c · 111ll11\\ 111~ 11 P1tld ,·11u r.1 d 1,.: r r,·.,d~ \VI,, , 11 , , ,
ti ,, 1, ,!l,,11 111 !.'. 11·, 11 ,ld 111.11-.,· ., 111 , ,i,· 11 1,· 11111r.d1k 111q >t L'~\ILllt :
k , l - <ll t h l' \,llllf'k :

1 )111 -' 11 11 1(' )'./(' 11 11 , / 1/,,u .? pcrrrnt ,f r/, c J>C<'/'lc w/i,, c,i 111 r d, H1111t1'1t '11 111
,I l)'/'l(di dd )' r/,, :i(I /1i • /11( )'f ie. s. ,11 ,c (/ J '(/'((' /1/ ,11'/'l /1(' hv 1111hlit /rtll /S -
1
J'• '' '"" ' '" · '/'/: 111 )' •/il'I' J'1' /1i'II I /'1'.' /'•' ll, f //, ,JI //,1 ')' 11•,,//_, /, 1 1/,,· ,/cll/'/1 /, 1/ 'I/,

11'/11 /.- 1/ 11 /,1 r1;r.,1 " ".\! /!' ~'•'"!'- -- , -J 11n ,, •11;--- ,11 111·1' l•r 1 1
c111 11 111, /i1 /1' .

. l,·11 11d1u~ ,,, ,,111· _\ /1/'l'C Y, /J<'Opl,· dlT/ /'(' r/11 11 111/1'1/ 11/ /,)' / 1,lf/c ll/S /1/ ('11/I),

,, ,. ,, , '')' ,111 1, ,,,,, ./,,/,

i]
~-~--~·
:. ~kl. .

I 1011 ·1 :~L· t L,t rrtL·d .,w,I\· w 1tl I Lk, 1~•.fl L' lt' 111 c1H~ . \.Vnrd prn n·,, 111 1:
" d t\\'.1rc S" 'L'' yo u ,111 .,r,,· 11 ,tl 0 1· , k , i~1 1 k,illlrn : hold1·:1l'l'. 11 ,tl1 , \ ,
,l ,11,·m u l 1-ll llt , ti'L'\ ,11,d , ryln ,, Ii [' .1 rt, , li ,1rt 111 ,1ki11 ~•. tL JUI\, .11 1d
, n (urd1. U \ c dJ 11dH.: io11 ~l),, tlt L'~L· .1dd Lu cill' .ipp ~·.1r.111cL' aml rt',1d-
:1b ility ur' ylrn r fL'X l. Ovn u\ l' th c: rn . h,iweve r, and yu u w ill crc--
,1l L' the u ppo, 1LL' clfccr and 111 .ik l" y,,ur \l'(>rk ,q, p e.1r ,m1 ,1tl' Uri ,h .
\ 11 k,·, ·1, 11 , 11111 1 1,·
. l l1L" t1. "11, , !~1.·11,· 1,il rnk ,il ,.,111 i\ 1,· 'l 'lll,11 1 r1.1t ,·11 ,·,, .11,d 111 ,q,.
1>11 11111.1 11.·11 L•, ., "' d L·, 1i~11 il', 11u r1.·, I .,n~ 111 ,·n · 1, llllllJllL'. Wltl't1 111
duuht. ,,h L. 1111 ,1 prni'L·, , io11.dl v l' l'•1Ll11 c,·d hm111c, , 11la11 of.1110tlin ,
, (>1111u11 y .111.I 11 , L, 1l :1, a rnud c l.
 \ \'11 11111 1 ,I l\1 1, 11 11 •-s Pl.111 'I

FIG URE 5 -::>

How People Reach the Downtown

Public Transport Bike

9% \ / 2%

/
Walk -
"')_Auto 54%
35 %

_ __/

Nil!i ce ch.it tl' lli11 ~ ch ,· ,wry with a µ; r,,phi c: d, ),·, 11 ·t 11 c·,c·",1rih·

~.,v,· ~p., cc:-. hu t 1t !! IV<'' your .1udi,·nce a hrc.,1-: frrn11 r,-, lll i1 1~ r,· :-- \ 111 ,I

1 ~c·11 ,· r.i\h·•h ,1, ,11, 1r,· 1111p.1, I

1

1~i11al Thought:,

A, vnu ckvcl n p vn ur b11 ~i11 ,·~, \'l.111. ,1l\\',1\·, k1·q, th,· i11tn,· , r, ,,1· \'cH 1r
rL·.1d cr~ 111 111i111I. 1'11r ,·\lu r,c·II 11 1 d1 c1r 1,l:i,·L· Y,1111 .n1di,·11 ,·1· i, l,,11ki11 '.',
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