Starter Toolbox – Turning an Idea into a Business

Turning an idea into a business

Finding a business idea, developing an idea into a product, and selecting a business model

Learning methods: Virtual class / Autonomous learning

Content:

• Creating a business: the key stages
  

• Confirmation of the project: state of mind to adopt to make progress and take action in stages
  

• Conventional project design vs Lean Start-up: what you need to remember about this method
  

• Introduction to the Business Model Canvas (BMC): validating the activity model using nine building blocks and a few post-its
  

• Practical implementation and review of participants’ value propositions
  

Validating your market  

Knowing one’s clients and competitors, and finding out if there is a market for one’s solution

Learning methods: Virtual class / Autonomous learning

Content:

• “I know nothing”: the right state of mind for discovering your market
  

• •  Why projects fail
    

  •  The conventional way of launching a project
    

  •  The cognitive biases that are extremely frequent among entrepreneurs
    

  •  Some theory: quantitative study vs qualitative study
    

  •  Scientific entrepreneurship
    

• Defining the hypotheses to be validated
  

• •  Client hypotheses and problem hypotheses: Who are your clients? What kind of problems can you solve for them?
    

  •  The three golden rules for a problem that needs to be solved
    

  •  Exercise: drafting your hypotheses
    

• Analyse your environment
  

• •  Documentary research, desk research
    

  •  Analysis of your competitors
    

  •  Examples of using online tools
    

• Constructing your questionnaire and finding respondents
  

• •  Creating your client/problem questionnaire
    

  •  Exercise: drafting your questionnaire
    

  •  Identifying your first clients or early adopters
    

  •  Finding respondents: release the power of your network and take advantage of online opportunities
    

  •  When should you stop your interviews?
    

  •  Measuring the validation of your hypotheses
    

  •  Creating your solution questionnaire
    

  •  Present your solution: measure how closely your solution matches your clients’ problems
    

  •  Test your sales price
    

Business Plan

Drafting a solid business plan and knowing what aid is available for creating a business

Learning methods: Virtual class / Autonomous learning

Content:

• Know how to draw up a business plan: when? why? how?
  

• Structure of a business plan (market study, marketing strategy, financial plan, etc)
  

• Adapting your business plan to your objective (obtaining funding, convincing your boss, see where it takes you…)
  

• The prerequisites of a good business plan
  

• Case analysis: good and bad practices in a business plan
  

Financing your activity

Defining a financial plan and convincing your bank

Learning methods: Virtual class / Autonomous learning

Content:

• Defining a financial plan and convincing your bank
  

• •  Aim of the financial plan, and the stakeholders: why draw up a financial plan and who for?
    

  •  Understanding the business plan tool  
    

  •  Foreseeable direct and indirect charges  
    

  •  Foreseeable investments  
    

  •  Turnover construction and forecast  
    

  •  Carrying out the financing plan
    

  •  Analysis of the financial plan: profitability, cashflow and financing
    

• Interview at the bank - introducing yourself and your business, present your case, convince your banker
  

• •  Preparing for the interview
    

  •  Presenting the project, the need, etc.
    

  •  How to present well (personal SWOT analysis)?  
    

  •  Presenting your case at the interview in order to convince the other party
    

  •  Brief presentation of financing solutions
    

  •  Tips and recommendations on maintaining good relations with your banker
    

Selling and defending the value of your offer

Better presentation of the value of what you sell when you are prospecting

Learning methods: Virtual class / Autonomous learning

Content:

• What is a good approach to sales?
  

• Assessing a sales conversation
  

• Matching purchasing cycles with sales cycles
  

• How does a client buy?
  

• Exercise: Selling the value of one’s own company
  

• Face-to-face sales skills
  

• Concrete action plan
  

Marketing & Sales

Setting up a commercial strategy for finding clients

Learning methods: Virtual class / Autonomous learning

Content:

• How to create online and social media presence
  

• Which channels to use, depending on segment
  

• How to distribute the product
  

• The stages a prospect goes through before generating income (AARRR and Sales Funnel models)
  

• How to sell in the digital era
  

• Which client relationship to set up? How do you want to serve the client?
  

• How to deliver the product
  

Accounting and Finance

Bookkeeping and knowing the basics of financial analysis

Learning methods: Virtual class / Autonomous learning

Content:

• Understanding accounting and bookkeeping entries
  

• Drawing up a balance sheet and a profit and loss account
  

• Commenting on one’s balance sheet notes
  

• Analysing a financial situation
  

• Knowing the basics of management control
  

• Assessing an investment or an opportunity
  

• Budgeting, drawing up a financial plan
  

• Knowing the main management software suites
  

Regulatory framework

Knowing the main legal obligations of the entrepreneur and acquiring basic knowledge of company law

Learning methods: Virtual class / Autonomous learning

Content:

• Introduction and general principles
  

• Liability of the executive
  

• •  Who is liable?
    

  •  Liability of the executive/the business
    

  •  Distinction between the different types of liability (civil, criminal, fiscal, in the event of insolvency)
    

• Basics of commercial law
  

• Law of contract: basic principles and commercial contracts
  

Regulatory framework - specifically in relation to taxation

Acquiring basic knowledge of business taxation in the Grand Duchy

Learning methods: Virtual class / Autonomous learning

Content:

• Definition of ‘tax’ and difference from other deductions
  

• Sources of Luxembourg law, legal and regulatory framework
  

• Organisation and role of tax authorities
  

• When is a company liable to pay taxes in the Grand Duchy? Start of tax obligation, residence for tax purposes, and substance
  

• The tax year and important tax events for the company in the course of the year:
  

•  Accounting and estimate of tax provisions
  

• •  Tax return
    

  •  Advance payments
    

  •  Tax statement
    

• Corporate income tax (IRC) and municipal business tax (ICC): determining tax + overview of the tax return
  

• Net wealth tax (IF): determining tax + overview of the tax return
  

• Some of the tax advantages available
  

• •  tax relief
    

  •  intellectual property
    

• Topical points: BEPS - ATAD - Transfer Pricing - DAC6
  

• Basic VAT mechanisms*
  

• •  Detail of operations covered by VAT
    

  •  Rules on location and taxation
    

  •  Administrative formalities with regard to VAT