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Ebook Entrepreneurship (10th edition): Part 2

(BQ) Part 1 book "Entrepreneurship" has contents: Sources of capital, strategies for growth and managing the implications of growth, accessing resources for growth from external sources, succession planning and strategies for harvesting and ending the venture. | 4 F R O M T H E B U SIN ESS P LA N T O F U N D I N G TH E V E N TU R E CHAPTER 11 Sources of Capital CHAPTER 12 Informal Risk Capital, Venture Capital, and Going Public 11 SOURC ES OF CAPITAL LEARNING OBJECTIVES 1 To identify the types of financing available for the private firm. 2 To understand the role of commercial banks in financing new ventures. 3 To discuss Small Business Administration (SBA) loans. 4 To understand the aspects of research and development limited partnerships. 5 To discuss government grants, particularly Small Business Innovation Research grants. 6 To understand the role of private placement as a source of funds. OPENING PROFILE MATT FLANNERY AND JESSICA JACKLEY In the fall of 2003, Muhammad Yunus, already well regarded as a pioneer in the field of microfinance, was a guest speaker at Stanford University where Matt Flannery and his fiancée Jessica Jackley were in the audience. Flannery, a software engineer at TiVo, always had entrepreneurial aspirations and “spent a good deal of [his] time dreaming up new business ideas.”1 After hearing Yunus’ talk, Jackley, already www.kiva.org passionate about social entrepreneurship, decided that she wanted to go to Africa to work in microfinance. While visiting Jackley in East Africa for a month, Flannery decided to document small business microfinance stories with his video camera when he was struck by the impact of microfinance. As Flannery notes, “that people like me could have a massive impact and really transform someone’s life with a hundred dollars, and that – when you actually realize that that’s true, it’s pretty hard to stop doing it.”2 It was in Africa that Flannery’s latest idea, “Sponsor a Business a self-regulating lending marketplace where microfinance institutions could raise/loan capital online to fund projects” began to take shape.3 By the fall of 2004, Jackley was busy writing the business plan for what would become Kiva (Swahili for “unity” or “agreement”), the first to .