GuanghuaSchoolofManagement，PekingUniversity，WangDong主講人：王東北京大學光華管理學院431室電話/傳真:（86-10）6275-4817電郵：[創業投資

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ENTREPRENEURIALFINANCE?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong2Chapter7NewVentureGrowthManagement創業企業成長管理?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong3CashFutureCashChapter6TheFirmFirmasaCashAmplifier?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongFigure7-1Rapidgrowthrequiresalargerorganization.Economies-of-scopeimplymoreproductlines.FinancialStrategyMarketStrategyOrganizationalStrategyThemoreverticalandhorizontalintegration,thegreaterthefinancialneeds.Outsideinvestmentismorelikelythelargerthefirm.Rapidgrowthreducesfinancialflexibilityandrequiressacrificingcontroltoattractoutsidefinancing.

Outsidev.entrepreneurDebtv.equityLoancovenantsOptionsStagingTypeoffinancingFinancialcontracts

PriceMarginQualityDifferentiationProduct/ServiceTargetedsalesgrowth

ScaleandscopeVerticalboundariesHorizontalboundariesInteractiveFinancialStrategy?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDongFigure7-2FinancialImplicationsofProduct-MarketandOrganizationalStrategicChoices?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong6TimeDollarsRevenueNeteCashFlow00DevelopmentStart-upEarlyGrowthRapidGrowthExitFigure5-1StagesofNewVentureDevelopment?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong7NewVentureGrowthManagement

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AccessingResourcesForGrowthFromExternalSourcesChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong8WhatIsANewEntry? OfferingANewProductToAnEstablished/NewMarketOfferingAnEstablishedProductToAnewMarketCreatingANewOrganization?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong9ResourcesAs

CompetitiveAdvantageResources-Firm’sBuildingBlocks,InputsIntoProductionProcessMustBe:ValuableRareInimitable?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong10CreatingResourceBundleEntrepreneur-HasAbilityToObtain&bineResourcesMarketKnowledge-Information,Technology,Know-How/SkillsThatProvideInsightToMarket/CustomersTechnologicalKnowledge-Information,TechnologyKnow-How/SkillsThatProvideInsightToCreateNewKnowledge?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong11Assessing

NewEntryOpportunityInformationPriorKnowledge/InformationSearchWindowOfOpportunity-TimeWhen EnvironmentIsFavorableDecisionMakingUnderUncertaintyDecisionToExploit/NotExploitNewEntry?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong12StrategyFor

NewEntry-FirstMoversFaceLessCompetitionDevelopCostAdvantageSecureImportantChannelsBetterPositionedToSatisfyCustomersGainExpertiseThroughParticipation?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong13FirstMoverDisadvantagesEmergingIndustriesAdaptationToNewEnvironmentalConditionsDemandUncertainty-DifficulttoEstimateMarketSize,SpeedOfGrowth&ItsKeyDimensionsTechnologicalUncertainty-WillTechnologyPerform,AlternateTechnologiesEmerge?CustomerUncertainty-Newness?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong14ingCustomerUncertaintyInformationalAdvertisingHighlightProductBenefitsOverSubstitutionsCreateFrameOfReferenceForPotentialCustomerEducateCustomer-SetIndustryStandard,CustomerLoyalty?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong15LeadTime&FirstMoverLeadTime-PeriodInWhich1stMoverOperatesWithLimitedCompetitionCreateBarriersToEntryForCompetitionBuildCustomerLoyaltyBuildSwitchingCostsProtectProductUniquenessSecureAccessToSourcesOfSupply&Distribution?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong16RiskReductionStrategiesRisk-ProbabilityOfDownsideLossDerivedFromEntrepreneur’sUncertainties:MarketDemandTechnologicalDevelopmentActionsOfCompetitors……?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong17MarketScopeStrategyScope-ChoiceOfWhichCustomersToServe&HowNarrow-Scope-ReducesCompetitiveRiskFocusOnCustomizedProducts,LocalBusiness,CraftsmanshipBuildSpecializedExpertise/KnowledgeHighEndMarket=HighProfitNiche’Broad-Scope-OfferWideRangeOfProductsToManyMarketSegments,CausesIncreasedExposureToCompetition?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong18ImitationStrategyWhy?

-MinimizeRiskTypesFranchising“MeToo”MinorVariationOfLaunchProductTakeExistingProduct/ServiceToNewMarketDeliverExistingProductInNewWay?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong19LiabilitiesOfNewnessCostsOfLearningNewTasksOverlap/GapsInResponsibilitiesCausesInternalConflictCommunication-Formal&Informal?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong20AssetsOfNewnessCleanSlate-NoEstablishedProcedures,Systems,Etc.HeightenedAbilityToLearnNewKnowledge-CompetitiveAdvantageRespondToChangeMoreQuickly-Flexibility?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong21NewVentureGrowthManagement

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AccessingResourcesForGrowthFromExternalSourcesChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong22GrowthStrategiesProductDevelopmentPenetrationDiversificationMarketDevelopmentMarketProductExistingNewNewExisting?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong23StrategiesPenetration-GrowthBySellingMoreOfExistingProductToExistingCustomersMarketDevelopmentNewGeographicMarketNewDemographicMarketNewProductUseProductDevelopment-SellNewProductsToExistingCustomersDiversification-SellNewProductToNewMarket?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong24ProductIntegrationRawMaterialsProducerRawMaterialsWholesalerManufacturerFinishedGoodsWholesalerRetailerCustomerBackwardIntegrationForwardIntegrationHorizontalIntegrationHorizontalIntegration?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong25PressuresOnFirmGrowthExistingFinancialResourcesHumanResourcesManagementOfEmployeesEntrepreneur’sTime?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong26ing

FinancialResourcesPressureManageCashFlow-Budgetvs.ActualManageInventoryManageFixedAssetsManageCosts/Profits-CompareActualvs.StandardPercentagesTaxesRecordKeeping?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong27InventoryValuationFIFO-FirstItemsInInventory=FirstSoldLIFO-LastItemsInInventory=FirstSoldConvertToLIFOWhen:AnticipateIncreasedLabor,Materials,ProductionCostsBusiness/InventoryGrowingComputer-AssistedInventoryControlBusinessIsProfitable?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong28ing

HumanResourcesPressuresPrepareJobDescriptionsItemizeSpecificationsOutsourceHRResponsibilitiesRecruitingHiringEstablishBenefitProgramsPayrollFiringPermanentvs.Part-TimeCorporateCulture?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong29ing

EmployeeManagementPressureParticipativeManagementEstablishTeamSpiritCommunicate-Open&FrequentProvideFeedbackDelegateContinuousTraining?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong30ingEntrepreneur’s

TimeManagementPressureIncreaseProductivityIncreaseJobSatisfactionImproveInterpersonalRelationshipsReduceTimeAnxiety/TensionBetterHealth?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong31TimeManagementPrinciplesDesire-WillpowerToOptimizeTimeEffectiveness-FocusOnImportantIssuesAnalysis-DetermineWhereTimeIsBeingWastedTeamwork-SmallAmountOfTimeCanBeControlledPrioritize-DealWithMostImportantTasksFirstReanalysis-ReviewProcess,Delegate?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong32GrowthCategoriesConstrainedLittlePotentialActualGrowthUnusedPotentialProfessionalManagementGrowthAspirationsHighLowYesNo?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong33NewVentureGrowthManagement

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AccessingResourcesForGrowthFromExternalSourcesChapter8?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong34ExternalParties

ForBusinessGrowthFranchisingJointVenturesAcquisitionMerger?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong35CompanySinceType#StoresCurves1995Women’sOnlyFitness3,778Subway1974SubmarineSandwich14,8007-Eleven196424-Hr.Convenience3,761TacoBell1964MexicanFastFood5,417Jani-King1974CommercialCleaning7,843FastestGrowingFranchises(2003)Source:Entrepreneur,2003?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong36FranchiseSystemFranchiseAgreementFranchisorFranchisee?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong37Franchising&FranchiseeAdvantagesReducedRiskProductAcceptanceMgmt.ExpertiseBuyingPowerMarketKnowledgeFinancialAdviceControlsDisadvantageHighStart-upCostsFranchisorUnableToPerformFranchisorFailureOrSale?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong38Franchising&FranchisorAdvantagesQuickExpansion&LittleCapitalLargeOperationYetFewHQEmployeesEconomiesOfScaleLargeAdvertisingBudgetDisadvantagesDifficultToFindQualityFranchiseesSingleFranchiseeFailureReflectsOnEntireSystemExpansionCreatesLossOfControl?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong39FranchiseCapitalRequirementsFranchise/RoyaltyFeeConstructionCostsEquipmentPurchase?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong40FranchisorProvidesFacilityLayoutControlStock&InventoryBuyingPowerAdvertising/SalesPromotion-Local&National?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong41FranchiseTypesDealershipName&Image&MethodServices?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong42FranchisingOpportunitiesHealthTimeSaving&ConvenienceEnvironmentalConsciousnessBabyBoom?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong43Franchising

RisksUnprovenvs.ProvenFranchiseFinancialStabilityOfFranchisePotentialMarketProfitPotential?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong44FranchiseContractFranchisor,Inc.FranchiseeBrandedProduct/ServicePerformanceMonitoring$$$$$?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong45FranchisorAssignsTerritoryProvidesFinancialAid/AdviceOffersMerchandise/SuppliesatCompetitivePriceProvidesTraining/SupportBusinessExpansion?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,WangDong46FranchiseePaysUp-FrontCostsMakesMonthlyPaymenttoFranchisorRunsBusinessbyFranchisor’sRules/ProceduresBuysMaterialsfromFranchisor/ApprovedSupplier?GuanghuaSchoolofManagement,2006,EntrepreneurialFinance,Wa