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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Small Business ManagementProfessor Hornaday,Lecture 4,Small Business Sources of Commercial Credit,Commercial Bank Loans-36%,Commercial Bank Mortgages-25%,Finance Companies-23%,Venture Capital-10%,SBA Loans-6%,Source:SBA,1996,Goals of Government Assistance,Economic Goals,Increase Economic Efficiency,Increase Economic Growth,Provide Financing not Available from the Private Sector,Political Goals,Provide Employment,Increase Business Ownership,Narrow Income Gap,Provide a Forum for Small Firms,1995 Small Business Administration(SBA)Loan Programs,504 Development Loans-$2,500,7(a)Loan Guarantees-$7,700,SBIC Seed Money -$375,Source:SBA,1996,($millions),SBA Guaranteed Loans,Lender of Last Resort,Independently Owned and Operated,Not Dominant In Field,Max$500K,Average$175K,SBA Guarantees 85-90%of Loan,Require Collateral and Personal Guarantees,Prime Rate+2.75%for 10-25 Years,Source:SBA,1996,1995 SBA Government Loans,Used by Less than 1%of Small Businesses,55,600 Loans Guaranteed,Valued at$9 Billion,Default Rate of 19%,Risks of Bank Lending,50%of U.S.Start-Ups Gone after 3 years,Banks Use Depositor Funds for Loans,Banks not Venture Capitalists,Lack of Bank Industry and Market Expertise,Bank Transaction Costs,The“5 Cs”of Bank Lending,Character,Capacity,Capital,Collateral,Conditions,Small Banks Lend to Small Businesses,Source:WSJ,1996,%of Small Business Loans,Outstanding Loans in 1995,Large Banks-$71.9 Billion,Small Banks-$212.3 Billions,Source:SBA,1996,Early Financing StagesNo Revenues,No Profits,Seed Expansion Late Stage,Higher Risk,Lower Risk,Concept Development Commercialization,Inflows into US Venture Capital Funds,Source:,The Economist,2000,Billions,1995 Venture Capital Seed Money,Source:Business Week,1996,$Millions,Communications,Information&Software,Distribution,Products,Health Care,U.S.Start-Up Venture Capital,1st Quarter 2000,Source:WSJ,2000,Billions,Venture Capital and the Internet,Source:WSJ 1999,Billions,Irreducible,Uncertainty,Investment,Bhids,Investment-Uncertainty,-,Profit Diagram,Note:Size of Money Bag=Potential Profit,Irreducible,Uncertainty,Investment,PROMISING START-UPS:,Microsoft BASIC for the Altair(1975),Sam Walton franchised variety store(1945),TRANSITIONAL,INITITATIVES:,Microsoft Excel for the,Macintosh(1985),Wal-Mart distribution,centers(1968-69),CORPORATE,INITIATIVES:,Microsoft Windows 95,Wal-Mart JV in,Mexico(1991),Bhids,Investment-Uncertainty,-,Profit Diagram,Note:Size of Money Bag=Potential Profit,Irreducible,Uncertainty,Investment,Distribution of Significant Initiatives,Opportunistic Adaptation,Risk transfer/syndication,Personal abilities,Research and planning,Underwriting other risks,Teamwork,Note:Size of Money Bag=Potential Profit,CORPORATE,INITIATIVES,PROMISING,START-UPS,Irreducible,Uncertainty,Investment,Five Archetypal Initiatives,MARGINAL,BUSINESSES,Lawn care,hair salon,PROMISING START-UPS,Hewlett-Packard(1948),EDS(1962),VC-BACKED,START-UPS,Intel,Lotus,Compaq,Staples,Genentech,CORPORATE INITIATIVES,Windows 95,Pentium(Intel),Mach III(Gillette),Prozac(Lilly),REVOLUTIONARY,VENTURES:,Federal Express,Iridium(Motorola),Note:Size of Money Bag=Potential Profit,Professional Management,Major Outside Financing,Irreducible,Uncertainty,Investment,Stages of Funding,2nd STAGE VC,Cisco(1987),BOOTSTRAPPED,START-UPS,Cisco(1984),VC-BACKED,START-UPS,Compaq(1982),PUBLIC MARKETS,Cisco(1990),Compaq(1983),Note:Size of Money Bag=Potential Profit,Professional Management,Major Outside Financing,Incremental,Goals,Firm Size and Maturity,Goals-Audacious or Incremental,Audacious,Goals,PROMISING,START-UPS,Survival,Cash Flow,TRANSITIONAL,INITITATIVES,Justify Investment,Secure Resources,Promote Cooperation,CORPORATE,INITIATIVES,Limited by,History and Size,Formal,Planning,Firm Size and Maturity,Opportunistic Adaptation or Formal Planning,Opportunistic,Adaptation,PROMISING START-UPS,Experimentation,Unexpected Situations,Limited Planning Resources,TRANSITIONAL INITITATIVES,Justify Investment to Outsiders,CORPORATE INITIATIVES,Systematic Research,Planning Resources,Compete for Corporate Funding,Firm Size and Maturity,Risks Faced by Top Decision-Makers,Personal,Risk,PROMISING,START-UPS,Low Initial Capital,Founders Time,Founders Reputation,TRANSITIONAL,INITITATIVES,Founders Equity,Personal Guarantees,CORPORATE,INITIATIVES,Corporate Risk,Only One CEO Decision of Many,
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