Writing a Winning Business Plan ◾ 283
◾ “I think there is a world market for maybe ve computers.” —T.J.
Watson, Chairman, IBM, 1943.
◾ “There is no reason for any individual to have a computer in his home.”
—Ken Olson, founder and Chairman, Digital Equipment Corporation
(DEC), 1977.
◾ “But what … is it good for?”—Engineer at Advanced Computing Systems
Division of IBM, commenting on the microchip, 1968.
◾ “Computers in the future may weigh no more than 1.5 tons.” —Popular
Mechanics, forecasting science trends, 1949.
◾ “A cookie store is a bad idea. Market research reports say America likes
crispy cookies, not soft and chewy like yours.” —Response to Debbi
Fields’ inquiry on her business potential.
◾ “Drill for oil? You mean drill into the ground and try to nd oil? You’re
crazy.” —Drillers when Edwin L. Drake tried to enlist them to drill for
oil in 1859.
◾ “This ‘telephone’ has too many shortcomings as a means of communi-
cation. It is inherently of no value to us.” —Western Union internal mes-
sage in response to Bell’s proposal, 1876.
◾ “We don’t tell you how to coach, so don’t tell us how to make shoes.”
—Large sporting goods shoe manufacturer to Bill Bowerman, co-
founder of NIKE, Inc.
◾ “The concept is interesting and well formed, but to get better than a C
grade, the concept must be feasible.” —Yale University professor to Fred
Smith’s paper for overnight delivery service. Smith subsequently found
Federal Express Corporation.
◾ “Who the hell wants to hear actors talk?” —H.M. Warner, Warner
Brothers, 1927.
◾ “The television will never achieve popularity; it takes place in a
semi-darkened room and demands continuous attention.” —Harvard
Professor Chester L. Dawes, 1940.
◾ “What’s all this computer nonsense you’re trying to bring into medi-
cine? I’ve got no condence at all in computers, and I want nothing
to do with them.” —Distinguished medical professor in England to
Dr. John Alfred Powell, eventual developer of the revolutionary CT
scanner.
The laughs are on me, my fellow entrepreneurs.
284 ◾ The Guide to Entrepreneurship: How to Create Wealth for Your Company
14.8 Milestones Make Your Plan Real and Believable
“Completing your business plan would be a milestone in itself.”
Your milestones table is one of the most important in your business plan.
4
It
sets the plan into practical, concrete terms, with real budgets, deadlines, and
management responsibilities. It helps you focus as you are writing your busi-
ness plan, and plan-vs.-actual management analysis helps you implement
your plan as you grow your business.
Milestones are points or deliverables in your plan that help you to know
that you are making progress and moving in the right direction. Otherwise,
without them, you really don’t know if things are happening as predicted.
Funding sources look at the milestones primarily for answers to the crucial
questions concerned with the heart of the plan:
◾ Is the business model solid and attainable?
◾ Is the market large enough to sustain the business as proposed?
◾ Do you have an unfair competitive advantage?
◾ Are there signicant barriers to entry?
◾ Is key management experienced and capable?
◾ Are the nancial projections realistic?
◾ Does the plan describe the exit strategy?
14.9 The Value of Your Plan Will Be Measured
by Its Implementation Potential
“Don’t develop paralysis of the analysis.”
The milestones should be one of the most important sections of the entire
business plan. Each marketing and sales-related program you plan should
be listed in the table and explained in the accompanying text, along with
relevant details. You want to cement your sales strategy with programs that
make it real.
◾ How is this strategy to be implemented?
◾ Do you have concrete and specic plans?
◾ How will implementation and success be measured?
Writing a Winning Business Plan ◾ 285
14.10 Example of a Winning Business Plan
References
1. Building a Business Plan. http://www.fdic.gov/about/diversity/sbrp/12.ppt
2. Joyner, M. The Irresistible Offer. Hoboken, NJ: John Wiley & Sons, 2005.
3. Lencioni, P. The Five Dysfunctions of a Team. http://pbs.fmhi.usf.edu/pdfs/
Five%20Dysfunctions%20of%20a%20Team.pdf.
4. Barry, T. Milestones Make Your Business Plan a Real Plan. http://articles.bplans.
com/writing-a-business-plan/milestones-make-your-business-plan-a-real-plan/44.
286 ◾ The Guide to Entrepreneurship: How to Create Wealth for Your Company
POLYMEDICA INDUSTRIES, INC.
(Advanced Polymer Technology)
BUSINESS PLAN
JANUARY 1991
CONFIDENTIAL
Document Number
Two Constitution Way Telephone: 617/933-2020
Woburn, MA 01801 Telecopier: 617/933-7992
Writing a Winning Business Plan ◾ 287
TABLE OF CONTENTS
In
vestment Summary
e Company and Its Products
Mitraflex
..................................................................................................................................
.1
................................................................................................................. 3
TM
Wound Care Products ...............................................................................................5
Biostable Polyurethanes ...................................................................................................................9
Chronosphere
TM
Microparticulates ............................................................................................12
Chronothane
TM
Photopolymers ...................................................................................................1
5
Po
lyurethanes .............................................................................................................................................21
Table I: Polymers Accepted for Use
in Medical Applications .....................................................................................
23
Table II: Device/Function/Biomaterial
..............................................................................
24
Table III: Synthetic Polymers ..................................................................................................
25
Ma
nagement ...............................................................................................................................................27
Pa
tents ..........................................................................................................................................................32
Ca
pitalization .............................................................................................................................................
36
Table IV: Issued and Outstanding Shares
as of November 30, 1990 ....................................................................................37
Table V: Fully Diluted Capitalization
after Series B Preferred
Stock Financing ...................................................................................................
38
Ca
pital Requirements ...............................................................................................................................39
Opera
ting Plan ...........................................................................................................................................
44
Append
ices:
Appendix A: Financial Statements and Auditors
Opinion
Appendix B: Detailed Financial Projections:
FYE March 31, 1992 –1996
Pro Forma Sales
Pro Forma Statements of Operations
Pro Forma Balance Sheets
Pro Forma Cash Flows
Appendix C: Glossary of Terms
PolyMedica Industries, In
c.
Confidential
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