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Ebook Entrepreneurship (2nd edition): Part 2

(BQ) Part 2 book "Entrepreneurship" has contents: Financing entrepreneurial ventures worldwide, raising money for starting and growing businesses, legal and tax issues, debt and other forms of financing, intellectual property, entrepreneurial growth. | C H A P T E R 9 Grameen Bank Managing Director and Nobel Peace Prize Laureate Muhammad Yunus speaks during the lecture ‘A world without poverty’ on February 1, 2010 in Milan, Italy. (Source: Vittorio Zunino Celotto/Getty Images, Inc.) FINANCING ENTREPRENEURIAL VENTURES WORLDWIDE A new business searching for capital has no track record to present to potential investors and lenders. All it has is a plan—sometimes written, sometimes not—that projects its future performance. This means that it is very difficult to raise debt financing from conventional banks because they require as many as three years of actual—not projected—financial statements and assets that adequately cover the loan. And even established entrepreneurs are now finding that their longtime deposit relationships aren’t proving as useful, as many lenders restrict loan and credit terms to keep more cash on hand, says David S. Waddell, the CEO of investment strategy firm Waddell & Associates in Memphis, Tennessee. (According to the Federal Reserve’s most recent Senior Loan Officer Opinion Survey in April 2009, 75% of domestic banks said they tightened credit for small firms—up from 70% in the Fed’s January 2009 survey.) In addition, credit card companies like American Express and Advanta are either tightening their terms or cutting small businesses off entirely.1 Hence, almost every new business raises its initial money from the founders themselves and what we call informal investors: family, friends, neighbors, work colleagues, and strangers; a few raise it from lending institutions, primarily banks; and a miniscule number raise it from venture capitalists, who are sometimes called formal investors. This chapter examines funding from entrepreneurs This chapter is written by William D. Bygrave. 338 CHAPTER 9 Financing Entrepreneurial Ventures Worldwide themselves, informal investors, and venture capitalists in the United States and throughout the world. Chapter 10 will explain how to raise equity capital,