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Chapter 9 - Building your pro-forma financial statements. This chapter examines funding from entrepreneurs themselves, informal investors, and venture capitalists in the United States and throughout the world. Before we examine conventional means of financing startups in medium- and higherincome nations, we’ll begin by looking at how many would-be entrepreneurs eking out subsistence livings in some of the most impoverished regions of the world are being financed by microcredit organizations. | BUILDING YOUR PRO-FORMA FINANCIAL STATEMENTS Chapter 9 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 2 COMMON ENTREPRENEURIAL MISTAKES Not understanding the revenue drivers Underestimating costs Underestimating time to generate revenues Lack of comparables Top-down versus bottom-up forecasting Underestimating time to secure financing Reduced survival chance BUILDING PROCESS 3 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 4 FINANCIAL CONSTRUCTION CHECKLIST Build-Up Method 1. Identify all your sources of revenues 2. Determine your revenues for a “typical day” 3. Understand your revenue drivers a. How many customers you will serve b. How much product they will buy c. How much they will pay for each product d. How often they will buy 4. Validate driver assumptions a. Primary research (talk to customers, attend trade shows, etc.) b. Secondary research (industry reports, company reports, etc.) 5. Recombine. Multiply the typical day by the number of days in a year 6. Determine Cost of Goods Sold (COGS) for a typical day 7. Recombine. Multiply COGS by number of days in a year 8. Determine operating expenses by most appropriate time frame 9. Refine operating costs 10. Create preliminary income statement Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Build-up method Comparable method Integrated financial statements Final Steps BUILD-UP METHOD 5 COGS Operating Expenses Revenue Worksheet COGS Worksheet Operating Expense Worksheet Preliminary Income Statement Revenue Projections Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© UNDERSTANDING YOUR REVENUE DRIVERS 6 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© REVENUE WORKSHEET 7 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© COST OF GOODS WORKSHEET 8 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© OPERATING EXPENSES WORKSHEET 9 Zacharakis, Bygrave & . | BUILDING YOUR PRO-FORMA FINANCIAL STATEMENTS Chapter 9 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 2 COMMON ENTREPRENEURIAL MISTAKES Not understanding the revenue drivers Underestimating costs Underestimating time to generate revenues Lack of comparables Top-down versus bottom-up forecasting Underestimating time to secure financing Reduced survival chance BUILDING PROCESS 3 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© 4 FINANCIAL CONSTRUCTION CHECKLIST Build-Up Method 1. Identify all your sources of revenues 2. Determine your revenues for a “typical day” 3. Understand your revenue drivers a. How many customers you will serve b. How much product they will buy c. How much they will pay for each product d. How often they will buy 4. Validate driver assumptions a. Primary research (talk to customers, attend trade shows, etc.) b. Secondary research (industry reports, company reports, etc.) 5. Recombine. Multiply the typical day by the
