New Venture Creation: Entrepreneurship for the 21st Century
Stephen Spinelli
Language: English
Pages: 608
ISBN: 0078029104
Format: PDF / Kindle (mobi) / ePub
New Venture Creation: Entrepreneurship for the 21st Century is about the process of getting a new venture started, growing the venture, successfully harvesting it, and starting again. The book presents the substantial body of knowledge about the entrepreneurial process in a pragmatic way – through text, case studies, and hands-on exercises – to help readers compress their learning curves, reduce their ultimate risk and pain, and allow them to gain more from their subsequent entrepreneurial experiences.
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complementing the entrepreneurs’ personal jet that utilized the same airframe structure—was fly- own weaknesses and strengths and the needs of the venture. ing for another $20 million. By the fall of 2007, the A-700 As will be seen, they seek people who fit. Not only can an was nearing FAA certification, and the company was report- entrepreneur’s weakness be an Achilles’ heel for new ven- ing an order backlog for the jet of just under $800 million. tures, but also the whole is almost
considered basically risk free had yields of 3 percent to 8 percent. Copyright © The McGraw-Hill Companies, Inc. Free Cash Flow Characteristics Free cash flow is a way of understanding a number of crucial financial dimensions of any business: the robustness of its economics; its capital requirements, both working and fixed assets; its capacity to service external debt and equity claims; and its capacity to sustain growth.23 We define unleveraged free cash flow (FCF) as earnings before interest
mix was becoming. As manager at Tatanka, she had done a great job building on our vision. We gave her a credit line of $80,000 to cover raw materials and rent a more appropriate manufacturing space. We wanted to see how she’d do, and we left the door open for more funding down the road. That season, fry bread sales and customer feedback were encouraging to the point where Laura was sure they could scale the business into a year-round operation. At the end of the summer, she resigned from Tatanka
with the aim of discovering the best path for Lakota Hills. Her first iteration proved to be more trouble than it was worth: Our rented manufacturing space in Spearfish had a real rustic look, so in October we set up a small shop in front and started selling gift baskets for the holidays. Our baskets featured 100 percent Native American specialty foods: teas, jams, sweets, and our fry bread mix. We actually did really well with the business through the holiday season, but I knew at that point I
Volume/207/es/MH01495/spi29104_disk1of1/0078029104/spi29104_pagefile The Opportunity Conclusion Quimby walked around the empty North Carolina factory. She tried to imagine the empty space filled with machinery and workers, humming with activity and production. Her mind kept reflecting back to the old schoolhouse in Maine, though. Was her ambiguity about this move merely a temporary sentimentality or should she listen to her instinct, which hadn’t failed her to date? She had to make a decision