19. 2. 新企业的分析
生存能力的评估
竞争优势的基石
投入承诺 ( Commitment )
创造力 ( Creativity )
核心能力 ( Competence )
外部变化 ( Change )
需要分析的问题 ( P. 37)
What competitive hurdles must the start-up overcome?
What are the quantitative and qualitative dimensions of the competitive edge the start-up seeks to establish?
Finance dimensions --- investment, cost, asset
Time dimension
How and why is the entrepreneur’s commitment, creativity, or competence special?
Can the start-up’s combination of Cs overcome the competitive hurdles it faces?
20. 吸引力的评估
DCF (Discounted expected cash flow)是评估财务吸引力的标准方法
DCF方法不完全适用于创业的企业家
不能恰当地估计风险与回报
投资组合可以分散风险,但对创业阶段的企业家却不适用
企业家更倾向于 --- 高回报,低退出成本,战略灵活性
需要分析的问题:( P. 41 )
What is the size and growth of the potential market?
How much capital is required?
Can the investment be phased?
How complex are the operations and technology?
Is the competitive edge sustainable?
How long is the payback period?
What is the margin for error in covering fixed costs?
What growth rate can internal funds sustain?
原型企业特征矩阵 ( P.45)
72. 6. 短期刺激计划全部奖励基金 (The Total Bonus Pool )
建立奖励基金的几种方法:
按未分配利润的一定比例提取
按经济增加值的(EVA)一定比例提取
经济增加值(Economic Value Added)
EVA = 税后净经营利润 – 债务和股权的资本成本
EVA的优点:
它是比利润更准确的绩效度量指标,且越多越好
真正使管理者与股东的利益一致
促使管理者更有效率地使用资本
是一种治理公司的内部控制制度
EVA与奖金池
84. 案例:Body Shop的受许人申请表Additional Information
What do you do when you are nor working?
What are the good things about your present occupation?
What have you done to feel proud of ? …and not proud of ?
……