スタートアップMBA~スタートアップ戦略の極意

ελʔτΞοϓઓུͷۃҙ 4UBSUVQ.#"γϦʔζ

Ϗδϣϯ ݱঢ় ʢෆ͕ଘࡏ͢Δੈքʣ Ϗδϣϯ ʢෆ͕ղফ͞Εͨੈքʣ ઓུɹɹ ܦӦऀͷࢥ͍ߟ͑ ܦӦਞͷࢥ͍.JTTJPO 7BMVF νʔϜ
ઓज़ ઓज़ ઓज़ ސ٬ ސ٬΁ͷಠࣗͷՁ஋ఏҊ

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

Ϣχίʔϯͷఆٛ Λ໌֬ʹ͢Δ

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

)JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ

)JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ ऑ͍4NBMM #VTJOFTT ڧ͍4NBMM #VTJOFTT

)JHI .JEEMF %FGFOTJCJMJUZ ݚڀܕ εϞʔϧ Ϗδωε μϝμϝ ࣄۀ ໪ମͳ͍ ઓུͳ͠ ελʔτ Ξοϓ ແ๳ͳ ελʔτ Ξοϓ

)JHI .JEEMF %FGFOTJCJMJUZ μϝμϝ ࣄۀ ;FCSBܕ ελʔτΞοϓ 6OJDPSOܕ ελʔτΞοϓ

)JHI .JEEMF %FGFOTJCJMJUZ ;FCSBܕ ελʔτΞοϓ 6OJDPSOܕ ελʔτΞοϓ ऑ͍4NBMM #VTJOFTT ڧ͍4NBMM #VTJOFTT ݚڀܕ εϞʔϧ Ϗδωε ໪ମͳ͍ ઓུͳ͠ ελʔτ Ξοϓ ແ๳ͳ ελʔτ Ξοϓ μϝμϝ ࣄۀ

IUUQTXXXDCJOTJHIUTDPNSFTFBSDIVOJDPSODPNQBOJFT

ࢀরɿIUUQTCMPHCUSBYDPNKQ[FCSB

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

*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
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.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

ελʔτΞοϓͷઓུʹ ඞཁͳͷ͸̏ͭͷཁૉʹͳΔ

'FBTJCJMJUZ 1.'ͷ࣮ݱՄೳੑʣ 4DBMBCJMJUZ ʢεέʔϧͰ͖Δ͔ʣ %FGFOTJCJMJUZ ɹɹɹɹɹɹʢڝ߹༏ҐੑΛ ɹɹɹɹɹɹɹங͚Δ͔ʣ

4UBSUVQ4DJFODFͷશεςοϓ

$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

ɾͲ͜ͷࢢ৔͔Β࢝ΊΔͱ1.'Ͱ͖ͦ͏͔ ɾͲͷϏδωεϞσϧ͔Β࢝ΊΔͱ1.'͠΍͍͔͢ 'FBTJCJMJUZ 1.'ͷ࣮ݱՄೳੑʣ

ͦ΋ͦ΋ 1.'͠ͳ͚Ε͹࢝·Βͳ͍

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Ͳͷࢢ৔Ͱ1.'Λૂ͏͔ʁ

ઓུͷຊ࣭͸ԿΛ΍Βͳ͍͔ Λબ୒͢Δ͜ͱͩ

࠷ॳ͸ খ͞ͳࢢ৔Ͱ1.'Λૂ͏

zখͯ͘͞΋Α͍ͷͰ ࢢ৔Λಠ઎ͤΑɻ ڝ૪͸ෛ͚ݘͷ͢Δ͜ͱ ͩz 1FUFS5IFJM 4UBOGPSE-BX4DIPPM-FDUVSF $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

("'".͸શͯ খ͞ͳࢢ৔͔Β࢝Ίͨ

'BDFCPPL΋εέʔϧͤͣʹہ஍ઓ ࠷ॳ͸ΞΠϏʔϦʔάͷେֶͰͷΈల։ʣ Ͱѹ౗ͨ͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

zେֶΛ૿΍͠ͳ͕Βɺ ঃʑʹ࠷దԽ͠·ͨ͠ɻ ػೳΛ௥Ճͯ͠ɺͦΕΛ͔֬Ίͯ ͦΕ͕͏·͍ͬͨ͘Β ࣍ͷେֶʹ߈ΊࠐΉɺ ͱ͍͏ϓϩηεΛ౿Έ·ͨ͠z .BSL;VLFSCVSH $&0 'BDFCPL $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
4UBSUVQ4DJFODF

޿ൣғ ΞΠϏʔ Ϧʔάͷେֶ ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ௿͍ ରԠՄೳ
ࢢ৔ͷ େ͖͞ ࠷ॳ͸ΞΠϏʔϦʔά ͷΤϦʔτߍͷΈΛ λʔήοτʹͨ͠

޿ൣғ ΞΠϏʔ Ϧʔά ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ௿͍ ରԠՄೳ ࢢ৔ͷ
େ͖͞ શถͷ େֶ ݶఆࢢ৔ͷ γΣΞΛߴΊ͔ͯΒ पลࢢ৔ʹ߈ΊࠐΜͩ

ొΔࢁΛܾΊΔ ʢͲ͔͜ΒొΔ͔ܾΊΔʣ

େ੎ͷϢʔβʔΛϋοϐʔʹ͢Δલʹɺ ҰਓͷϢʔβʔΛ׬શʹϋοϐʔʹ͢Δʹ͸ Ͳ͏͢Ε͹Α͍ͷ͔Λߟ͑Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

ଟ͍ গͳ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ࠷ॳ͸ Ϣʔβʔ਺Λ ૿΍͢ͷͰ͸ͳ͘ ΤϯήʔδϝϯτΛ ߴΊΔʂ 4UBSUVQ4DJFODF Ϣʔβʔ਺
5SBDUJPO ϓϩμΫτʹର͢Δ ϢʔβʔΤϯήʔδϝϯτ େϑΝϯ ͦͦ͜͜ ޷͖

̍̌̌ສਓͷϢʔβʔ͕ɺ ͦͷαʔϏεΛzͦͦ͜͜޷͖zͱݴ͍ͬͯΔ ͦͷ̍̌̌ສਓΛ େϑΝϯʹ͢Δͷ͸ඇৗʹ೉͍͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

ϓϩμΫτʹର͢Δ ϢʔβʔΤϯήʔδϝϯτ Ϣʔβʔ਺ 5SBDUJPO େϑΝϯ ͦͦ͜͜ ޷͖ 9 $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ͜ͷ
ύε͸ଘࡏ͠ͳ͍ 4UBSUVQ4DJFODF ଟ͍ গͳ͍

ඦਓʹѪ͞ΕΕ͹ ͦͷඦਓ͕ɺͦΕͧΕ͕஌ਓඦਓʹ ϓϩμΫτΛનΊͯ͘ΕΔ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ΤϯήʔδϝϯτΛ ߴΊ͔ͯΒ Ϣʔβʔ਺Λ૿΍͢ 4UBSUVQ4DJFODF Ϣʔβʔ਺ 5SBDUJPO ϓϩμΫτʹର͢Δ ϢʔβʔΤϯήʔδϝϯτ େϑΝϯ
ͦͦ͜͜ ޷͖ ଟ͍ গͳ͍

ϓϩμΫτʹର͢Δ ϢʔβʔΤϯήʔδϝϯτ Ϣʔβʔ਺ 5SBDUJPO େϑΝϯ ͦͦ͜͜ ޷͖ 9 $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ͦͦ͜͜޷͖ͳଟ͘ͷਓ
ΛେϑΝϯʹ͢Δ ύε͸ଘࡏ͠ͳ͍ 4UBSUVQ4DJFODF ଟ͍ গͳ͍ গͳ͍ਓΛ େϑΝϯʹ͔ͯ͠Β ͦͷ਺Λ૿΍͢

Ұͭͷ঎ࡐʢຊʣʹରͯ͠ ѹ౗తͳ඼ἧ͑ʢສλΠτϧʣ Λ༻ҙͨ͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

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ຊ౰ͷΤϒϦγϯάετΞ Λ্ཱͪ͛Δͷ͸ແཧͩɻ গͳ͘ͱ΋࠷ॳ͔Β͸ɺ ͦ͏ߟ͑ͨϕιε͸ɺ ίϯϐϡʔλιϑτ΢ΣΞɺ ࣄ຿༻඼ɺΞύϨϧ ԻָͳͲީิͱͳΔ छྨΛϦετΞοϓͨ͠ɻ ݁࿦zॻ੶͕Ұ൪͍͍zͩͬͨ

޿ൣғ ॻ੶ ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ·ͣݶఆతͳ ࢢ৔Ͱ ಠ઎Λૂ͏ 4UBSUVQ4DJFODF ௿͍
ରԠՄೳ ࢢ৔ͷ େ͖͞ ѹ౗తͳ඼ἧ͑ʹΑΔ ߴ͍ϚʔέοτγΣΞΛ֬อͨ͠

ॻ੶ͷ पลࢢ৔ʹ ޿͛Δ ೥ͷ"NB[PO $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

޿ൣғ ॻ੶ ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ݶఆࢢ৔ͷ γΣΞΛߴΊ͔ͯΒ पลࢢ৔ʹ߈ΊࠐΜͩ 4UBSUVQ4DJFODF ௿͍
ରԠՄೳ ࢢ৔ͷ େ͖͞ पลࢢ৔ $%ɺϏσΦʣ

ॳظͷ"JS#/#͸ΠϕϯτΛλʔήοτ ʹͨ͠ʢΠϕϯτ͕͋Δͱधཁʹൺ΂ͯ ϗςϧͷڙڅ͕গͳ͘ͳΔʣ ͦͷதͰ͍Ζ͍ΖͳωοτϫʔΫ΍ ϊ΢ϋ΢Λ஝ੵͨ͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF https://medium.com/cs183c-blitzscaling-class-collection/scaling-airbnb-with-brian-chesky-class-18-notes-of-stanford-university-s-cs183c-3fcf75778358

޿ൣғ Πϕϯτ ʹ൐͏॓ധ ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ௿͍ ରԠՄೳ ࢢ৔ͷ
େ͖͞ େ౷ྖબɺ8ഋɺϛϡʔ δοΫϑΣεςΟόϧͳ ͲΛλʔήοτʹͨ͠

"JSCOC͸ɺ ࠷ॳʹαʔϏεϦϦʔε͢Δ࣌ͷ ΧελϚʔηάϝϯτΛ େن໛ίϯϕϯγϣϯʹૂ͍ΛఆΊͨɻ ଟ͘ͷདྷ٬͕ݟࠐ·Ε ϗςϧͷ෦԰͕଍Γͳ͘ͳΔ͜ͱ͕ Θ͔͍ͬͯͨͷͰɺͦͷ৔ॴͱ λΠϛϯάΛ౰ͯࠐΜͰͷϓϩϞΛ ల։ͨ͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

޿ൣғ ϚʔέοτγΣΞ ߴ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ࢿۚௐୡ͕ ׬͔ྃͯ͠Β େ౎ࢢΛ߈Ίͨ 4UBSUVQ4DJFODF ௿͍ ରԠՄೳ
ࢢ৔ͷ େ͖͞ χϡʔϤʔΫ ͳͲͷେ౎ࢢ Πϕϯτ ʹ൐͏॓ധ

͢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

4NBMM.BTTΛ ૂ͍ʹߦ͘

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

࠷ॳʹλʔήοτͱ͢Δࢢ৔ͷ͜ͱ ͜͜ʹଐ͢Δސ٬͸ɺ՝୊Λೝࣝ͠ ͍ͯΔੵۃతʹιϦϡʔγϣϯΛ ୳͍ͯ͠ΔΞʔϦʔΞμϓλʔͰ͋Δ ΤϯτϦʔࢢ৔ͱ͸

޿ൣғ ݶఆ ϚʔέοτγΣΞ ߴ͍ ಠ઎ʣ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ·ͣݶఆతͳ ΤϯτϦʔࢢ৔Ͱ ಠ઎Λૂ͏
4UBSUVQ4DJFODF ௿͍ ରԠՄೳ ࢢ৔ͷ େ͖͞

ہ஍ઓʹ ࣋ͪࠐΉʂ Ͳ͜Ͱ ઓ͏͔ʁ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

ૂ͏΂͖ΤϯτϦʔࢢ৔ͷ ղ૾౓ΛߴΊΔͨΊʹ (PUPNBSLFUQMBO ΛཱͯΔ

(PUPNBSLFU͸ ॳظͷεςʔδ 1SF4FFE Ͱͳ͘ ޙͷεςʔδ 4FFE4FSJFT" Ͱ΋ॏཁʹͳΔ

ͲͷΑ͏ʹ΍Δͷ͔ʁ

ࣄྫɿ ࣏ྍӃ޲͚ιϦϡʔγϣϯ

ᶃࢢ৔ηάϝϯτͱ όϦϡʔνΣʔϯʢϓϩηεʣ ΛҼ਺෼ղ͢Δ

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

ϩδΧϧγϯΩϯάY ΫϦςΟΧϧγϯΩϯά Λϕʔεʹ.&$&ײͷ͋Δ ࢢ৔ηάϝϯτΛදݱͰ͖Δ͔ʁ

ᶄχʔζʢ1BJOʣ͕ڧ͍ ηάϝϯτϓϩηε͸ Ͳ͔͜Λϓϩοτ͢Δ

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

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

ࢢ৔ηάϝϯτΛͲ͏දݱ͢Δ͔ɺ ࢢ৔ΛͲͷΑ͏ʹ੾Γ෼͚Δ͔ͷ΋ ۀք஌ࣝΠϯαΠτ͕ඞཁʹͳΔ

ೲಘײͷ͋Δϓϩοτ ʢ(PUPNBSLFUͷԾઆߏஙʣ ͕Ͱ͖ͳ͍৔߹ɺ ސ٬ސ٬՝୊ʹ͍ͭͯ ΋ͬͱਂ͍ཧղ΋ͬͱਂ͍ڞײ ͕ඞཁʹͳΔ

ελʔτΞοϓͷϑΝ΢ϯμʔ͸ ΧελϚʔͷ๊͑Δ՝୊ͷઐ໳ՈʹͳΓ ΧελϚʔʹѪ͞ΕΔϓϩμΫτΛ ࡞Δ͜ͱ͚ͩͰ͋Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

࠷௿Ͱ΋ɺ ΧελϚʔਓͷ ΠϯλϏϡʔΛߦ͏

##ͷ৔߹͸ɺ ʢ͓ۚΛग़͢༧ࢉΛ͍࣋ͬͯΔʣΫϥΠΞϯτ ͚ͩͰͳ͘ɺ࣮ࡍʹศӹΛड͚Δ ΤϯυϢʔβʔ΁ͷΠϯλϏϡʔΛߦ͏

ΧελϚʔͷ੠ͦͷ΋ͷ͸ ΧελϚʔࣗ਎ͷzૉਓ෼ੳz΍ ද໘తͰ͋Δ͜ͱ͕ଟ͍ ͨͩ୯ʹ ΧελϚʔͷ੠Λฉ͚ͩ͘͸/( $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

༏लͳҩऀʹͳΔ

಄͕௧͍ ಄௧ༀ ৸ෆ଍ ਭ຾ༀ ετϨε ͓ञ ࢠҭͯͱ ࢓ࣄͷཱ྆ͷ ϓϨογϟʔ 8IZ
঱ঢ় ॲํ 8IZ 8IZ ద੾ͳ ιϦϡʔγϣϯఏҊ ϕϏʔ γολʔ

ᶅࢢ৔αΠζΛ ໌֬ʹ͢Δ

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

ىۀՈ͸ϛΫϩঢ়گ ʢλʔήοτϢʔβʔͷΤίϊϛΫε΍ঢ়ଶ ͷઐ໳ՈʹͳΔ͚ͩͰͳ͘ɺ ϚΫϩঢ়گ ʢλʔήοτࢢ৔ͷঢ়گࠓޙɺ ࢢ৔͕Ͳ͏ਐԽ͢Δ͔ʣ ͷઐ໳ՈʹͳΔඞཁ͕͋Δ

ਖ਼֬ͳϚΫϩ৘ใϑΝΫτʯΛ ԡ͍͑ͯ͞Δ͔ʁ ໼໺ܦࡁϨϙʔτ

ɾૂ͍ͬͯΔࢢ৔͸Ͳͷ͘Β͍ͷ଎͞Ͱ ੒௕͍ͯ͠Δ͔ʁ ɾۀքશମͱͯ͠Ͳͷఔ౓ͷऩӹྗ͕͋ Δ͔ʁϑΝΫτ ɾݱࡏɺۀքΛڇ͍ࣖͬͯΔϓϨʔ Ϡʔʢۀքେखʣ͸୭͔ʁ ɾͦͷۀքେखͷڧΈऑΈΛݴ͑Δ ͔ʁ

໼໺ܦࡁϨϙʔτzΠϯλʔωοτ޿ࠂࢢ৔z

ΠϊϕʔγϣϯͷδϨϯϚ ΠϊϕʔγϣϯͷۭനΛૂ͏͜ͱ͕Ͱ͖Δ͔ʁ

ࠓ͔Β̍̌೥ޙͷࢢ৔͕ͲͷΑ͏ʹ มԽ͍͔ͯ͘͠Λ૝ఆ͢Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF 1SPEVDU'VUVSF.BSLFU'JU

6CFSͷ೥ͷ1JUDI%FDL IUUQTXXXTMJEFTIBSFOFUSB[JONVTUBp[VCFSQJUDIEFDL

zະདྷʹੜ͖ɺ ͚͍ܽͯΔ΋ͷΛ࡞Εz 1BVM#VDIIFJU $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

ࣗ෼͕࡞ΔϓϩμΫταʔϏε Λݱ࣌఺ͷࢢ৔ʹ࠷దԽ͠ͳ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ࣗ෼͕࡞ΔϓϩμΫταʔϏε Λগ͠ઌͷະདྷʹ࠷దԽ͢Δ

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

ᶆΧελϚʔ͸ݱঢ়͸ͲͷΑ͏ͳ ୅ସιϦϡʔγϣϯ Λ׆༻͍ͯ͠Δ͔ʢڧ͍ΒΕ͍ͯΔ͔ʣʁ

જࡏతސ٬΋ۀ຿ɾΦϖϨʔγϣϯʢ##ͷ৔߹ʣ ͱͯ͠΍͍ͬͯΔɺԿΒ͔ͷิ׬త΋͘͠͸෦෼త ʢෆશͳɺ΋͘͠͸ෆศͳ΋ͷͷՄೳ͕ߴ͍ʣ ୅ସιϦϡʔγϣϯͰ՝୊ʹରԠ͍ͯ͠Δ৔߹͕ଟ͍ ྫ͑͹ɺΤΫηϧͰாථͰ؅ཧ͍ͯ͠ΔͳͲɺ ݱঢ়ͷख࣋ͪͷπʔϧ΍ϦιʔεΛ૊Έ߹Θ͍ͤͯΔ৔߹ ͕΄ͱΜͲͰ͋Δ ʢ#$ͷ৔߹Ͱ΋ɺϦςϥγʔ͕͋Δఔ౓ߴ͍ਓ͸ɺ ୅ସҊͰରԠ͍ͯ͠Δʣ

ݱঢ়ͷ୅ସҊ͸ɺͲ͏ෆศͰɺͲ͏ඇޮ཰Ͱɺ ͲͷΑ͏ͳఆྔతͳۀ຿අ༻͕ൃੜ͍ͯ͠Δ͔Λ ΠϯλϏϡʔͷதͰฉ͖ग़͢ ͦΕ͕ݱঢ়ͷ՝୊ͷ௧Έͷ౓߹͍Λ໌֬ʹ͢Δ ώϯτʹͳΔ ݱঢ়ͷ୅ସҊʹରͯ͠ඇৗʹෆຬΛײ͍ͯ͡Δ ͜ͱΛൃݟͰ͖ͨΒɺϏδωενϟϯεΛ ݟ͚ͭΔ͜ͱ͕Ͱ͖ΔՄೳੑ΋ߴ·Δ

୅ସҊʹର͢Δ ෆશʢෆຬɺෆศɺෆ҆ɺඇޮ཰ʣ Λ໌Β͔ʹ͢Δ

౤ࢿՈͷΑ͘͢Δ࣭໰ɿ z͋ͳ͕ͨղܾ͠Α͏ͱ͢Δ՝୊ͷݱঢ়ͷ ̏ͭͷ୅ସҊΛڭ͍͑ͯͩ͘͞ɻ ͦΕʹରͯ͋͠ͳͨͷఏڙ͢Δ ιϦϡʔγϣϯ͸Ͳ͏༏Ε͍ͯΔͷ͔ʁ ʢఆྔతɺఆੑతʣڭ͍͑ͯͩ͘͞

ݱࡏͰ͸ɺ՝୊ʹର͢Δ ୅ସҊ͸ඞͣଘࡏ͢Δ z୅ସҊ͸ଘࡏ͠ͳ͍z ͱ͍͏ൃݴ͸ z୅ସҊͷ͜ͱΛΑ͘஌Βͳ͍z ͱ͍͏͜ͱΛ࿐ఄ͢Δ

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

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

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৔

ॳظͷ࣮ݧͷ ͠΍͍͢ηάϝϯτ ͸Ͳ͔͜ʁ

࠷ॳ͸ࣗΒ෦԰Λ༻ҙͯ͠΢ΣϒαΠτʹଧͪग़ͨ͠ Ұ൩υϧͰധ·ΕΔΤΞϕοτΛ̏ͭ༻ҙͨ͠ IUUQTXXXCVTJOFTTJOTJEFSDPNIPXBJSCOCXBTGPVOEFEBWJTVBMIJTUPSZ

$PMMJTJPO*OTUBMMBUJPO ܾࡁͷ࢓૊ΈΛఏڙ͢Δ4USJQ૑ۀऀͰ͋Δ $PMMJTPOܑఋ͸ɺ:$ʹೖ͍ͬͯͨಉظ΍ଔۀੜʹ zϕʔλ൛Λࢼͯ͘͠Ε·͔͢zͱฉ͍ͯॳظΧελϚʔΛ ֫ಘͯ͠ճͬͨɻ ൴Β͸0,ͯ͘͠Εͨ૬खʹ zͰ͸ϊʔτύιίϯΛି͠ग़͍ͯͩ͘͠͞z ͱࣗ෼ͨͪͰηοτΞοϓΛߦͬͨɻ 1BVM(SBIBN͸͜ΕΛ l$PMMJTJPO*OTUBMMBUJPOz
ͱݺΜͰ͍Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE IUUQXXXTMJEFTIBSFOFUUBLBVNBEB 4UBSUVQ4DJFODF

ͳͥ͜ͷࢢ৔ηάϝϯτ ʢΤϯτϦʔࢢ৔ʣΛ ࠷ॳʹબΜͩͷ͔Λ આ໌Ͱ͖Δ͜ͱ͕ॏཁ

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

スタートアップMBA~スタートアップ戦略の極意

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