小企业管理第4讲.ppt

SmallBusinessManagementProfessorHornaday,Lecture4,SmallBusinessSourcesofCommercialCredit,CommercialBankLoans-36%CommercialBankMortgages-25%FinanceCompanies-23%VentureCapital-10%SBALoans-6%,Source:SBA,1996,GoalsofGovernmentAssistance,EconomicGoalsIncreaseEconomicEfficiencyIncreaseEconomicGrowthProvideFinancingnotAvailablefromthePrivateSector,PoliticalGoalsProvideEmploymentIncreaseBusinessOwnershipNarrowIncomeGapProvideaForumforSmallFirms,1995SmallBusinessAdministration(SBA)LoanPrograms,504DevelopmentLoans-$2,5007(a)LoanGuarantees-$7,700SBICSeedMoney-$375,Source:SBA,1996,($millions),SBAGuaranteedLoans,LenderofLastResortIndependentlyOwnedandOperatedNotDominantInFieldMax$500K,Average$175KSBAGuarantees85-90%ofLoanRequireCollateralandPersonalGuaranteesPrimeRate+2.75%for10-25Years,Source:SBA,1996,1995SBAGovernmentLoans,UsedbyLessthan1%ofSmallBusinesses55,600LoansGuaranteedValuedat$9BillionDefaultRateof19%,RisksofBankLending,50%ofU.S.Start-UpsGoneafter3yearsBanksUseDepositorFundsforLoansBanksnotVentureCapitalistsLackofBankIndustryandMarketExpertiseBankTransactionCosts,The“5Cs”ofBankLending,CharacterCapacityCapitalCollateralConditions,SmallBanksLendtoSmallBusinesses,Source:WSJ,1996,%ofSmallBusinessLoans,OutstandingLoansin1995,LargeBanks-$71.9BillionSmallBanks-$212.3Billions,Source:SBA,1996,EarlyFinancingStagesNoRevenues,NoProfits,SeedExpansionLateStage,HigherRisk,LowerRisk,ConceptDevelopmentCommercialization,InflowsintoUSVentureCapitalFunds,Source:TheEconomist,2000,Billions,1995VentureCapitalSeedMoney,Source:BusinessWeek,1996,$Millions,Communications,Information&Software,Distribution,Products,HealthCare,U.S.Start-UpVentureCapital1stQuarter2000,Source:WSJ,2000,Billions,VentureCapitalandtheInternet,Source:WSJ1999,Billions,IrreducibleUncertainty,Investment,BhidsInvestment-Uncertainty-ProfitDiagram,Note:SizeofMoneyBag=PotentialProfit,IrreducibleUncertainty,Investment,PROMISINGSTART-UPS:MicrosoftBASICfortheAltair(1975)SamWaltonfranchisedvarietystore(1945),TRANSITIONALINITITATIVES:MicrosoftExcelfortheMacintosh(1985)Wal-Martdistributioncenters(1968-69),CORPORATEINITIATIVES:MicrosoftWindows95Wal-MartJVinMexico(1991),BhidsInvestment-Uncertainty-ProfitDiagram,Note:SizeofMoneyBag=PotentialProfit,IrreducibleUncertainty,Investment,DistributionofSignificantInitiatives,OpportunisticAdaptationRisktransfer/syndicationPersonalabilities,ResearchandplanningUnderwritingotherrisksTeamwork,Note:SizeofMoneyBag=PotentialProfit,CORPORATEINITIATIVES,PROMISINGSTART-UPS,IrreducibleUncertainty,Investment,FiveArchetypalInitiatives,MARGINALBUSINESSESLawncare,hairsalon,PROMISINGSTART-UPSHewlett-Packard(1948)EDS(1962),VC-BACKEDSTART-UPSIntel,Lotus,Compaq,Staples,Genentech,CORPORATEINITIATIVESWindows95,Pentium(Intel),MachIII(Gillette),Prozac(Lilly),REVOLUTIONARYVENTURES:FederalExpress,Iridium(Motorola),Note:SizeofMoneyBag=PotentialProfit,ProfessionalManagementMajorOutsideFinancing,IrreducibleUncertainty,Investment,StagesofFunding,2ndSTAGEVCCisco(1987),BOOTSTRAPPEDSTART-UPSCisco(1984),VC-BACKEDSTART-UPSCompaq(1982),PUBLICMARKETSCisco(1990)Compaq(1983),Note:SizeofMoneyBag=PotentialProfit,ProfessionalManagementMajorOutsideFinancing,IncrementalGoals,FirmSizeandMaturity,Goals-AudaciousorIncremental,AudaciousGoals,PROMISINGSTART-UPSSurvivalCashFlow,TRANSITIONALINITITATIVESJustifyInvestmentSecureResourcesPromoteCooperation,CORPORATEINITIATIVESLimitedbyHistoryandSize,FormalPlanning,FirmSizeandMaturity,OpportunisticAdaptationorFormalPlanning,OpportunisticAdaptation,PROMISINGSTART-UPSExperimentationUnexpectedSituationsLimitedPlanningResources,TRANSITIONALINITITATIVESJustifyInvestmenttoOutsiders,CORPORATEINITIATIVESSystematicResearchPlanningResourcesCompeteforCorporateFunding,FirmSizeandMaturity,RisksFacedbyTopDecision-Maker