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スタートアップMBA~スタートアップ戦略の極意

 スタートアップMBA~スタートアップ戦略の極意

masa tadokoro

April 21, 2020
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  1. S .BSLFUJOH 'JFME 4BMFT $VTUPNFS 4VDDFTT *OTJEF 4BMFT )3૊৫ઓུਓࡐͷ੒௕ $VTUPNFS3FMBUJPOTIJQ&OHBHFNFOU

    .JTTJPO7JTJPO7BMVF 'JOBODJBM $VTUPNFS *OUFSOBM 1SPDFTT )3 0SHBOJ[BUJPO .77 4USBUFHZ ίʔϙϨʔτϓϩηεʢ஌ࡒɾ๏཯ɾΨόφϯεFUDʣ 4UBLFIPMEFS3FMBUJPOT 69ઃܭ ϓϩμΫτ։ൃϓϩηε 0& %BUB ׆༻ 'JOBODF7BMVBUJPO ઓུʢ1.''FBTJCJMJUZ4DBMBCJMJUZ%FGFOTJCJMJUZ
  2. 4DBMBCJMJUZ )JHI -PX .JEEMF )JHI 1.' 'FBTJCJMJUZ .JEEMF -PX -PX

    )JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ
  3. 4DBMBCJMJUZ )JHI -PX .JEEMF )JHI 1.' 'FBTJCJMJUZ .JEEMF -PX -PX

    )JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ ऑ͍4NBMM #VTJOFTT ڧ͍4NBMM #VTJOFTT
  4. 4DBMBCJMJUZ )JHI -PX .JEEMF )JHI 1.' 'FBTJCJMJUZ .JEEMF -PX -PX

    )JHI .JEEMF %FGFOTJCJMJUZ ݚڀܕ εϞʔϧ Ϗδωε μϝμϝ ࣄۀ ໪ମͳ͍ ઓུͳ͠ ελʔτ Ξοϓ ແ๳ͳ ελʔτ Ξοϓ
  5. 4DBMBCJMJUZ )JHI -PX .JEEMF )JHI 1.' 'FBTJCJMJUZ .JEEMF -PX -PX

    )JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ ;FCSBܕ ελʔτΞοϓ 6OJDPSOܕ ελʔτΞοϓ
  6. 4DBMBCJMJUZ )JHI -PX .JEEMF )JHI 1.' 'FBTJCJMJUZ .JEEMF -PX -PX

    )JHI .JEEMF %FGFOTJCJMJUZ ;FCSBܕ ελʔτΞοϓ 6OJDPSOܕ ελʔτΞοϓ ऑ͍4NBMM #VTJOFTT ڧ͍4NBMM #VTJOFTT ݚڀܕ εϞʔϧ Ϗδωε ໪ମͳ͍ ઓུͳ͠ ελʔτ Ξοϓ ແ๳ͳ ελʔτ Ξοϓ μϝμϝ ࣄۀ
  7. 1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛ໨ࢦ͢ʣ 1SF*10 *10Λ໨ࢦ͢ʣ $1'14'Λ໨ࢦ͢ ʢ1.ୡ੒Λ໨ࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ

    1PTU*10 *10ޙͷ੒௕ʣ ઓུͷ $4' ϚΠϧ ετʔϯ ࣄྫ 1.''FBTJCJMJUZͷߴ͍ઓུ͕͋Δ 4DBMBCJMJUZͷߴ͍ઓུ͕͋Δ 'FBTJCJMJUZͱ4DBMBCJMJUZཱ͕྆Ͱ͖͍ͯΔ 1.'Λୡ੒Ͱ͖͍ͯΔ %FGFOTJCJMJUZͷߏஙʹணख %FGFOTJCJMJUZ͕༗ػతʹ݁߹ͯ͠ڧྗͳ༏Ґੑʹͳ͍ͬͯΔ γφδʔͷ͋ΔϓϩμΫτ ϙʔτϑΥϦΦ͕Ͱ͖͍ͯΔ ϏδωεϩʔυϚοϓ͕ߏஙͰ͖͍ͯΔ
  8. *EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU

    .BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTT3JTL 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL 4USBUFHZͰ ରԠ͢ΔϦεΫ
  9. *EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU

    .BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTT3JTL 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
  10. $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF *EFBUJPO $VTUPNFS 1SPCMFN 'JU 1SPCMFN 4PMVUJPO 'JU 1SPEVDU

    .BSLFU 'JU 6OJU &DPOPNJDT ݈શԽ 4DBMF 4UBSUVQ 4UBHF 4UBHF DIFDL QPJOU ɾελʔτΞοϓ ϝλݪଇཧղΛ Ͱ͖͔ͨʁ ɾૂ͏΂͖ࢢ৔ͷ ݕূ͠1MBO"Λ ࡞੒Ͱ͖͔ͨʁ ɾΤόϯδΣϦετ ΧελϚʔͱͷର࿩Λ ௨ͯ͡ɺ࣭ͷߴ͍ ՝୊ԾઆΛ ݴޠԽͰ͖͔ͨʁ ɾΤόϯδΣϦετ ΧελϚʔͱͷର࿩Λ ௨ͯ͡ɺద੾ͳ ιϦϡʔγϣϯΛఏڙ Ͱ͖ΔϓϩτλΠϓΛ ࡞Ε͔ͨʁ ɾΧελϚʔ͕ ཉ͕͠Δ΋ͷΛ ࡞Ε͔ͨʁ ʢߴ͍ఆண཰ʣ ɾϏδωεΛ εέʔϧ͢ΔͨΊʹ 6OJU&DPOPNJDTΛ ݈શԽʢ-57$1"  Ͱ͖͔ͨʁ ɾ4UBSUVQͷ ݪଇཧղ ɾࢢ৔ͷཧղ ɾΞΠσΟΞݕূ ɾ1MBO"ͷ࡞੒ ɾ՝୊Ծઆͷߏங ɾ՝୊ͷલఏ৚݅ ਅҼͷચ͍ग़͠ ɾސ٬ͱ࿩Λ͢Δ ɾ૑ۀϝϯόʔͱ՝୊ ͕'JU͢Δ͔ݟۃΊΔ ɾސ٬ͷ69ԾઆΛ ཱͯΔ ɾϓϩτλΠϓΛ࡞Δ ɾސ٬ʹΠϯλϏϡʔ ɾϓϩτλΠϓΛ ΠςϨʔγϣϯ͢Δ ɾ૑ۀϝϯόʔΛݻΊΔ ɾ.71Λ࡞Δ ɾΤόϯδΣϦετ ʹϓϩμΫτΛಧ͚Δ ɾఆྔఆੑݕূ͢Δ ɾސ٬ͱର࿩͠69վળ ɾϓϩμΫτΛ ΠςϨʔγϣϯ ɾඞཁʹԠͯ͡ϐϘοτ ɾֶश͢ΔνʔϜΛ࡞Δ ɾ-57Λ࠷େԽ͢Δ ͨΊͷࢪࡦ ɾ$1"ΛԼ͛Δ ʢϑΝωϧͷ࠷దԽɺ ίϯςϯπϚʔέɺ (SPXUI)BDL  ɾϏδωεϓϩηε ͷ࠷దԽ ׆༻͢Δ ϑϨʔϜ ϫʔΫ ϊ΢ϋ΢ πʔϧ ɾ՝୊υϦϒϯ ɾආ͚Δ΂͖͜ͱ Ϧετ ɾ1&45෼ੳ ɾΠϊϕʔγϣϯཧ࿦ ɾϏδωεΞΠσΞͷܕ ɾϦʔϯΩϟϯύε ɾϦʔϯελʔτΞοϓ ɾϖϧιφ ɾΧελϚʔετʔϦʔ ɾδϟϕϦϯϘʔυ ɾΤόϯδΣϦετ ΧελϚʔ ɾ՝୊ΠϯλϏϡʔ ɾ,+๏ ɾδϣϒγϟυʔΠϯά ɾϓϩτλΠϓΧϯόϯ ɾιϦϡʔγϣϯ ΠϯλϏϡʔ ɾΤϨϕʔλʔϐον ɾϖʔύʔϓϩτ ɾπʔϧϓϩτ ɾΧʔυιʔτ ɾแׅత69 ɾϓϩμΫτΠϯλϏϡʔ ɾσβΠϯεϓϦϯτ ɾڞಉ૑ۀऀͷϝϯόʔߏ੒ ɾΠςϨʔγϣϯΩϟϯύε ɾετʔϦʔΧϯόϯϘʔυ ɾ""333 ɾ.71λΠϓ ɾϝτϦΫεઃఆ ɾ.71ΠϯλϏϡʔ ɾ1.'ϑϩʔνϟʔτ ɾίϗʔτ෼ੳ ɾλεΫΧϯόϯϘʔυ ɾ)PPLFEϞσϧ ɾ1JWPUλΠϓ ɾ6OJU&DPOPNJDT ɾϑΝωϧ࠷దԽ ɾίϯςϯπ ϚʔέςΟϯά ɾάϩʔεϋοΫ ɾϚδοΫϞʔϝϯτ ֤εςʔδ ͷ5PEP
  11. *EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU

    .BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTT3JTL 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL ΄ͱΜͲͷ ελʔτΞοϓ ͕͜ͷนʹ Ϳͪ౰ͨΔ
  12. ϓϩμΫτʹର͢Δ ϢʔβʔΤϯήʔδϝϯτ Ϣʔβʔ਺ 5SBDUJPO େϑΝϯ ͦͦ͜͜ ޷͖ 9 $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ͦͦ͜͜޷͖ͳଟ͘ͷਓ

    ΛେϑΝϯʹ͢Δ ύε͸ଘࡏ͠ͳ͍ 4UBSUVQ4DJFODF ଟ͍ গͳ͍ গͳ͍ਓΛ େϑΝϯʹ͔ͯ͠Β ͦͷ਺Λ૿΍͢
  13. ͢Ͱʹେ͖͘ ͳ͍ͬͯΔ ࢢ৔Λૂ͏ ଞͷاۀ΋ େ͖͞Λೝࣝ ࢢ৔͕ڝ߹ ͰࠞΈ߹͏ Ϧιʔε΍ ΦϖϨʔγϣϯɺ ੡඼Ձ֨ͷઓ͍ʹͳΔ

    Ϧιʔε͕ଟ͍ େاۀ͕༗ར Ϧιʔε͕গͳ͍ ελʔτΞοϓ͸ ѹ౗తʹෆར ελʔτΞοϓ͸ ෛ͚ͯ͠·͏ ͢Ͱʹ େ͖͘ͳ͍ͬͯΔࢢ৔Λ ૂ͏΂͖Ͱ͸ͳ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
  14. ݱࡏͷ ࢢ৔ ن໛ ௿͍ ߴ͍ ଘࡏ ͠ͳ͍ ࢢ৔ͷ੒௕ੑ ௿͍ ߴ͍

    ࣮͸ߴ͍͕ ·ͩؾ෇͔Ε͍ͯͳ͍ ౤ࢿճऩ͕ ߦΘΕͨ ੒ख़࢈ۀ େاۀ͕ ੵۃ౤ࢿ ଟ͘ͷ ελʔτΞοϓ ͕ࢀೖ ͍͔ͭ͘ͷ ελʔτΞοϓ ͕ݕূ։࢝ 4NBMM.BTT ·ͩ୭΋໨Λ ͚͍ͭͯΔਓ͸ গͳ͍͕જࡏతʹ େ͖ͳࢢ৔ʣ Πϊϕʔγϣϯ ͷۭന 4UBSUVQ4DJFODF
  15. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ޲ ݱঢ় ҡ࣋ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ޲ ݱঢ় ҡ࣋ όϦϡʔνΣʔϯ ηάϝϯτ
  16. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ֦େ ࢤ޲ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ় ҡ࣋ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ֦େ ࢤ޲ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ় ҡ࣋ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ϓϩοτ͢Δ
  17. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ֦େ ࢤ޲ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ޲ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ় ҡ࣋ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ֦େ ࢤ޲ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ় ҡ࣋ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε
  18. ಄͕௧͍ ಄௧ༀ ৸ෆ଍ ਭ຾ༀ ετϨε ͓ञ ࢠҭͯͱ ࢓ࣄͷཱ྆ͷ ϓϨογϟʔ 8IZ

    ঱ঢ় ॲํ 8IZ 8IZ ద੾ͳ ιϦϡʔγϣϯఏҊ ϕϏʔ γολʔ
  19. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ʣ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ʢ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ࢢ৔αΠζΛ ໌֬ʹ͢Δ
  20. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ೥  ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ࣗ෼͕ͨͪ ࢢ৔Λ੮ר͢Δ࣌ظ ʹࢢ৔؀ڥ͕Ͳ͏ͳΔ͔ ͷղ૾౓ΛߴΊΔ
  21. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ೥  ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ୅ସ ιϦϡʔγϣϯ ͋Γ ୅ସ 9:; ୅ସ 9:; ୅ସ "#$ ୅ସ &'( ୅ସ ιϦϡʔγϣϯ ͋Γ ୅ସ ιϦϡʔγϣϯ ͋Γ ୅ସ ιϦϡʔγϣϯ ͋Γ ࢢ৔αΠζΛ ໌֬ʹ͢Δ
  22. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ೥  ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ୅ସ ιϦϡʔγϣϯ ͳ͠ ୅ସ 9:; ୅ସ 9:; ୅ସ "#$ ୅ସ &'( ୅ସ ιϦϡʔγϣϯ ͳ͠ ୅ସ ιϦϡʔγϣϯ ͳ͠ ࢢ৔αΠζΛ ໌֬ʹ͢Δ
  23. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ೥  ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ୅ସ 9:; ୅ସ 9:; ୅ସ "#$ ୅ସ &'( Ұ൪࠷ॳͰ ૂ͏ࢢ৔
  24. όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ

    খ ηάϝϯτ ू٬ ༧໿؅ཧ υλΩϟϯ ରԠ ױऀ ؅ཧ ױऀ ఆணԽ ࣄ຿ ॲཧ ਓࣄ ࿑຿ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ೥  ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ޲ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ೥ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ޲ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ೥ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ௿9χʔζͳ͠ ୅ସ 9:; ୅ସ 9:; ୅ସ "#$ ୅ସ &'( ͜͜ͷ ղ૾౓Λ ͞ΒʹߴΊΔʂ