What Is Entrepreneurship?
什么是企业家hip？

process by which individuals pursue opportunities without regard to resources they currently control.
个人追求机会而不考虑他们目前控制的资源的过程。

difference inventor vs entrepreneur.
发明家vs企业家

◦ An inventor creates something new.
发明家创造新的东西。

◦ An entrepreneur assembles and then integrates all the resources needed（money, people, business model, strategy, risk- bearing ability）to transform the invention into a viable business
企业家聚集并整合所有所需的资源（资金、人员、商业模式、战略、风险承受能力），将发明转化为可行的业务。

three primary reasons that people become entrepreneurs.
人们成为企业家的三个主要原因

Desire to be their own boss
渴望成为自己的老板

Desire to pursue their own ideas
渴望追求自己的想法

Financial rewards
经济回报

characteristics of successful entrepreneurs.
成功企业家的特点。

Passion for the Business
对业务的热情

Product/Customer Focus
产品/客户关注

Tenacity Despite Failure
失败后的坚韧

Execution Intelligence
执行智能

Types of start-up firms.
初创企业的类型。

The difference between an idea and an opportunity; the window of opportunity.
一个想法和一个机会之间的区别;机会之窗。

An idea is a thought, an impression, or a notion. An idea may or may not meet the criteria of an opportunity.
一个想法是一个想法，一个印象，或一个概念。一个想法可能符合也可能不符合机会的标准。

An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.
机会是一组有利的环境，它创造了对新产品、服务或业务的需求。

A window of opportunity is a short, often fleeting period during which a rare and desired action can be taken. Once the window closes, the opportunity may never come again.
机会之窗是一个短暂的，往往是转瞬即逝的时期，在此期间可以采取罕见的和期望的行动。一旦窗口关闭，机会可能永远不会再来。

Three ways to identify an opportunity.
识别机会的三种方法。

Observing Trends——create opportunities
观察趋势--创造机会

◦ Economic forces
经济力量

determine areas that are ripe for new start-ups and areas that start-ups should avoid.
确定哪些领域适合新的初创企业，哪些领域初创企业应该避免。

◦ Social forces
社会力量

alter behave and set their priorities. provide opportunities for new businesses to accommodate the changes.
改变他们的行为并设定他们的优先事项。为新企业提供适应变化的机会。

Examples
示例

•Aging of the population.
·人口老龄化。

•increasing diversity of the population.
·增加人口的多样性。

•Millennials entering the workforce.
·千禧一代进入劳动力市场。

•Growth in the use of mobile devices.
·移动的设备使用的增长。

•increasing focus on health and wellness.
·更加注重健康和保健。

◦ Technological advances---- create business opportunities
技术进步-创造商机

◦ Political and regulatory changes----basis for opportunities
政治和监管变化-机遇的基础

Solving a Problem
解决问题

Finding Gaps in the Marketplace---represent potentially viable business opportunities.
在市场中寻找差距-代表潜在的可行的商业机会。

Personal characteristics of the entrepreneur:
企业家的个人特征

prior industry experience
以前的行业经验

recognize business opportunities
识别商业机会

Find a undeserved niche market
找到一个不值得的利基市场

social network。 recognize new opportunities.
社交网络抓住新的机会。

cognitive factors
认知因素

entrepreneurial alertness,ability to notice things without engaging in deliberate search
企业家的警觉性，注意事物而不刻意搜索的能力.

social networks
社交网络

The extent and depth of an individual’s social network affect opportunity recognition.
个人社会网络的广度和深度影响机会识别。

creativity.
创造力

recognize opportunities。generate a novel or a useful idea。
认识到机会。产生一个新的或有用的想法。

Strong-tie relationships between like-minded individuals, reinforce insights and ideas that people already have.
在志同道合的人之间建立牢固的关系，加强人们已经拥有的见解和想法。

weak-tie relationships.between casual acquaintances, so one person may say something to another that sparks a completely new idea.
弱关系。在偶然的熟人之间，这样一个人可能会对另一个人说一些话，从而激发出一个全新的想法。

Five steps to generating creative ideas; techniques for generating ideas.
产生创意的五个步骤;产生创意的技巧。

准备 孵化 洞察力（发现 构思商业理念） 评估 细化

Techniques for generating ideas:
产生想法的技巧：

Brainstorming
头脑风暴

Mind Mapping
思维导图

Focus Groups
焦点小组

Library and Internet Research
图书馆和互联网研究

Feasibility analysis:
可行性分析：

definition： process of determining whether a business is an viable idea .
定义：确定一项业务是否可行的过程。

preliminary（初步） evaluation of a business idea, purpose ： determining whether the idea is worth pursuing.
对一个商业想法的初步评估，目的：确定这个想法是否值得追求。

role in developing successful business ideas
在发展成功的商业理念中的作用

proper timing to conduct：
适当的时机进行：

The proper time to conduct a feasibility analysis is early in thinking through the prospects for a new business to screen（筛选） ideas before invest a lot of resources and money。
进行可行性分析的适当时机是在考虑新业务的前景之前，在投入大量资源和资金之前筛选想法。

Feasibility analysis components:
可行性分析的组成部分：

product/service feasibility, industry/target market feasibility, organizational feasibility, and financial feasibility.
产品/服务可行性、行业/目标市场可行性、组织可行性和财务可行性。

1. Product/Service Feasibility Analysis
1.产品/服务可行性分析:

Purpose: Assess the overall appeal and desirability of the product or service.
目的：评估产品或服务的整体吸引力和可取性。

Components
组件:

Product/Service Desirability: Evaluate the basic appeal, feasibility, and timing of the product or service.
产品/服务可取性：评估产品或服务的基本吸引力，可行性和时机。

Product/Service Demand: Investigate the potential market demand through customer interviews, online tools, and research.
产品/服务需求：通过客户访谈，在线工具和研究调查潜在的市场需求。

2. Industry/Target Market Feasibility Analysis
2.行业/目标市场可行性分析:

Purpose: Evaluate the attractiveness of the industry and the target market.
目的：评估行业和目标市场的吸引力。

Components
组件:

Industry Attractiveness: Analyze the industry’s characteristics, such as growth potential, market concentration, and profitability.
行业吸引力：分析行业的特点，如增长潜力，市场集中度和盈利能力。

Target Market Attractiveness: Assess the size and competitiveness of the target market, aiming for a balance between large enough for growth and small enough to avoid major competition.
目标市场吸引力：评估目标市场的规模和竞争力，在足够大以实现增长和足够小以避免重大竞争之间取得平衡。

3. Organizational Feasibility Analysis
3.组织可行性分析:

Purpose: Determine if the proposed business has the necessary management expertise and resources to succeed.
目的：确定拟议的业务是否具有成功所需的管理专业知识和资源。

Components
组件:

Management Prowess: Evaluate the passion, expertise, and understanding of the market possessed by the management team.
管理能力：评估管理团队的激情、专业知识和对市场的理解。

Resource Sufficiency: Assess the availability of critical non-financial resources, such as office space, manufacturing facilities, and key personnel.
资源充足性：评估关键非财务资源的可用性，如办公空间、生产设施和关键人员。

4. Financial Feasibility Analysis
4.财务可行性分析:

Purpose: Evaluate the financial viability of the proposed venture.
目的：评估拟议合资企业的财务可行性。

Components
组件:

Total Start-Up Cash Needed: Estimate the initial capital required to launch the business.
总启动所需的现金：估计启动业务所需的初始资本。

Financial Performance of Similar Businesses: Compare the potential financial performance of the proposed business to existing similar businesses.
类似业务的财务表现：将拟议业务的潜在财务表现与现有类似业务进行比较。

Overall Financial Attractiveness: Consider factors like growth potential, recurring revenue, financial predictability, and exit opportunities for investors.
整体财务吸引力：考虑增长潜力、经常性收入、财务可预测性和投资者退出机会等因素。

Concept statement and concept test.
概念陈述和概念测试。

A concept statement is a one-page description of a product or service idea that is distributed to people who are asked to provide feedback on the potential of the idea.
概念陈述是对产品或服务想法的一页描述，分发给被要求对想法潜力提供反馈的人。

The feedback provide entrepreneur: A sense of the viability of the product or service idea. Suggestions for how the idea can be strengthened or adjust before proceeding further.
反馈给企业家：产品或服务想法的可行性的感觉。在进一步进行之前如何加强或调整这一想法的建议。

Gumshoe research—— demand for a product or service idea.
胶鞋研究--对产品或服务理念的需求。

A gumshoe is a detective or an investigator who search information or clues wherever they can be found.
gumshoe是一个侦探或调查员谁搜索信息或线索，无论他们可以找到。

Business model: definition, importance, proper timing to develop
商业模式：定义、重要性、适当的发展时机

A business model is a firm’s plan or recipe for how it creates, delivers, and captures value for its stakeholders.
商业模式是一个公司如何为利益相关者创造、交付和获取价值的计划或处方。

importance
进口税

for attracting investment, talent, and motivation in new companies, and for adapting to trends in established businesses.
为新公司吸引投资、人才和动力，以及适应现有企业的趋势。

The proper time to develop a business model ：after feasibility analysis stage and before operational details
制定商业模式的适当时机：在可行性分析阶段之后和操作细节之前

Stakeholders: definition; internal and external stakeholders.
利益相关者：定义;内部和外部利益相关者。

A stakeholder is a person, group, or organization with interest in the decision-making and activities of a business, organization, or project.
利益相关者是对企业、组织或项目的决策和活动感兴趣的个人、团体或组织。

Internal stakeholders include employees, management, and owners.
内部利益相关者包括员工、管理层和所有者。

External stakeholders include customers, suppliers, creditors, and investors.
外部利益相关者包括客户、供应商、债权人和投资者。

General categories of business models (standard and disruptive): definitions, differences, examples.
商业模式的一般分类（标准与颠覆）：定义、差异、实例。

Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value.
标准的商业模式描述了企业可以用来确定如何创造、交付和获取价值的现有计划或配方。

Disruptive business models do not fit the profile of a standard business model. change the business operation of an industry or an important niche 。
破坏性的商业模式不符合标准商业模式的轮廓。改变一个行业或一个重要利基的业务运作。

Barringer/Ireland business model template: purpose; components.
巴林杰/爱尔兰商业模式模板：目的;组成部分。

is a visual framework or template so it is easy to see the individual parts and their interrelationships of a successful business model.
是一个可视化的框架或模板，因此很容易看到成功的商业模式的各个部分及其相互关系。

Components:
组成部分：

The most common types of business partnerships.
最常见的类型的业务合作伙伴臀部。

What is industry? Industry analysis: importance.
什么是工业？产业分析：重要性。

An industry is a group of firms producing a similar product or service.
一个行业是指生产类似产品或服务的一组公司。

Industry analysis is useful for a new venture to think about its position at both the company level and the product or service level.
行业分析对于新企业在公司层面和产品或服务层面思考其定位非常有用。

Importance:
重要性：

useful for a new venture to think about its position at product or service
对于一个新的企业来说，考虑它在产品或服务方面的定位是有用的。

feasibility analysis and understanding of industry dynamics
可行性分析和了解行业动态

confirm if the target market is suitable for a new business.
确认目标市场是否适合新业务。

Industry attractiveness, ways to assess industry attractiveness.
产业吸引力，评估产业吸引力的方法。

Industry attractiveness refers to the overall appeal or desirability of a specific industry for firms or businesses operating within it.
行业吸引力是指一个特定行业对在其中经营的公司或企业的整体吸引力或可取性。

Ways to Assess Industry Attractiveness:
评估行业吸引力的方法：

Environmental Trends
环境趋势

Business Trends
商业趋势

The Five Competitive Forces Model
五种竞争力模型

The five competitive forces model: definition, components, its influence on a firm, and examples of forces. ppt
五种竞争力量模型：定义，组成部分，对企业的影响，以及力量的例子

The Five Forces Model is a framework entrepreneurs use to understand an industry’s structure. It was developed by Professor Michael Porter.
五力模型是企业家用来理解行业结构的框架。它是由迈克尔·波特教授开发的。

Components:替代品的威胁/新进入者的威胁/现有公司之间的竞争/供应商议价能力/买方议价能力
：替代品的威胁/新进入者的威胁/现有公司之间的竞争/供应商议价能力/买方议价能力

Industry types and opportunities. 5
行业类型和机会。 5

Emerging Industries
新兴产业

◦ Industries in which standard operating procedures have yet to be developed
* 尚未制定标准作业程序的行业.

◦ Opportunity: First-mover advantage.
机会：先发优势。

Fragmented Industries （分散）
分散产业（Fragmented Industries）

◦ Industries that are characterized by a large number equal size firms.
以大量同等规模企业为特征的行业。

◦ Opportunity: Consolidation. （巩固、合并）integration
机会：整合。整合

Mature Industries
成熟行业

◦ Industries that are experiencing slow or no increase in demand.
·需求增长缓慢或没有增长的行业。

◦ Opportunities: Process and after-sale service innovation.
机会：流程和售后服务创新。

Declining Industries
衰退产业

◦ Industries that are experiencing a decrease in demand.
·需求减少的行业。

◦ Opportunities: Leadership, establishing a niche market, and pursuing a lower cost strategy
机会：领导力，建立利基市场，追求低成本战略

Global Industries
全球产业

◦ Industries that are experiencing significant international sales.
o正在经历重大国际销售的行业。

◦ Opportunities: Multi-national and global strategies.
机会：多国和全球战略。

Competitor analysis, types of competitors new ventures face.
竞争对手分析，新企业面临的竞争对手类型。

detailed analysis of a firm’s competition.It helps a firm understand the positions of its major competitors and the opportunities
对公司竞争的详细分析。它帮助公司了解其主要竞争对手的位置和机会

Competitive intelligence and its sources; competitive analysis grid.
竞争情报及其来源;竞争分析网格。

The information that is gathered by a firm to learn about competitors is referred to as competitive intelligence.
企业为了解竞争对手而收集的信息被称为竞争情报。

Ethical ways to obtain information about competitors:
获取竞争对手信息的道德途径：

Attend conferences and trade shows.
参加会议和贸易展览。

Purchase competitors’ products.
购买竞争对手的产品。

Study competitors’ Web sites and social
研究竞争对手的网站和社交媒体

Set up e-mail alerts.
设置电子邮件警报。

Read industry-related books, magazines, and Web sites.
阅读与行业相关的书籍、杂志和网站。

Talk to customers about what motivated them to buy your product as opposed to your competitor’s product.
与客户讨论是什么促使他们购买您的产品而不是竞争对手的产品。

Competitive Analysis Grid（网）
竞争分析网格（网）

◦ A tool for organizing the information about a firm’s competitors.
一种组织公司竞争对手信息的工具。

help a company understand how to competes with its competitors, provide ideas for the market, and identify the main sources of its competitive advantage
帮助公司了解如何与竞争对手竞争，为市场提供想法，并确定其竞争优势的主要来源.

What Is a Business Plan?
什么是商业计划书？

A written document that describes your business. It covers objectives, strategies, sales, marketing, and financial forecasts.
描述您的业务的书面文件。它涵盖目标、战略、销售、营销和财务预测。

clarify business idea and spot potential problems.
明确经营理念，发现潜在问题。

A dual-use document used both inside and outside the firm.
一份在公司内外都能使用的两用文件。

Reasons for writing a business plan,
写商业计划书的理由，

Forces founders to systematically think through each aspect of the new venture.
迫使创始人系统地思考新企业的各个方面。

Creates a selling document for the company.
为公司创建销售文档。

primary audiences for a firm’s business plan.
公司商业计划的主要审计人。

A firm’s employees（synchronize and move forward in a consistent and purposeful manner）
公司的员工（以一致和有目的的方式同步和前进）

Investors and other external stakeholders (Assess business potential and allocate resources).
投资者和其他外部利益相关者（评估业务潜力并分配资源）。

Types of business plans, outline of a business plan.
商业计划书的类型，商业计划书的大纲。

outline of a business plan.
商业计划的大纲。

Executive Summary
执行摘要

Industry Analysis
行业分析

Company Description
公司描述

Market Analysis
市场分析

The Economics of the Business
企业的经济学

Marketing Plan
营销计划

Design and Development Plan
设计和开发计划

Operations Plan
作战计划

Management Team and Company Structure
管理团队和公司结构

Overall Schedule
总体时间表

Financial Projections
财务预测

Three specific steps that an entrepreneurial start-up can take to build a strong ethical culture;
一个创业型的初创企业可以采取三个具体步骤来建立一个强大的道德文化;

Lead by Example: Entrepreneurs, managers, and supervisors set the tone for ethical behavior through their actions and decisions.
以身作则：企业家、管理者和监督者通过他们的行动和决定为道德行为定下基调。

Establish a Code of Conduct: A formal statement outlining the organization’s values and ethical expectations.
建立行为准则：一份正式声明，概述组织的价值观和道德期望。

Ethics Training Program: Educate employees on ethical dilemmas and how to make ethical decisions.
道德培训计划：教育员工道德困境以及如何做出道德决策。

ethical dilemmas.
伦理困境

choice between actions that benefit oneself or the organization but may be unethical.
在有利于自己或组织但可能不道德的行为之间做出选择。

A founders’ agreement (or shareholders’ agreement)
创始人协议（或股东协议）

addresses the share split between the founders, compensation, vesting period, and other key issues.
解决了创始人之间的股份分割，补偿，归属期和其他关键问题。

a buyback clause.
回购条款

Legally obligates departing founders to sell their interest in the firm to the remaining founders.
在法律上，离职的创始人有义务将他们在公司的权益出售给剩余的创始人。

Nondisclosure and Noncompete agreements.
不披露和不竞争协议。

Nondisclosure Agreement: Prevents disclosure of company trade secrets.
保密协议：防止泄露公司商业秘密。

Noncompete Agreement: Prevents an individual from competing against a former employer for a specific period of time.
非竞争协议：防止个人在特定时间内与前雇主竞争。

Choosing a form of business ownership: sole proprietorship, partnership, corporation, limited liability company; advantages and disadvantages of different forms.
选择企业所有制形式：独资、合伙、公司、有限责任公司;不同形式的利弊。

Sole Proprietorship: Simplest form, complete control, but unlimited liability.
独资企业：最简单的形式，完全控制，但无限责任。

Partnership: Combines skills and resources, but each partner is liable for the partnership’s debts.
合伙制：结合技能和资源，但每个合伙人都对合伙制的债务负责。

Corporation: Separate legal entity, limited liability, but subject to double taxation.
公司：独立的法律的实体，有限责任，但须双重征税。

Limited Liability Company (LLC): Combines limited liability with pass-through taxation.
有限责任公司（LLC）：将有限责任与转嫁税相结合。

看ppt ch7
查看PPT第7章

Financial management: definition, importance its four primary objectives.
财务管理：定义，重要性及其四个主要目标。

Raise money and manage finances to achieve the highest rate of return.
筹集资金和管理财务，以实现最高的回报率。

Four primary objectives: profitability, liquidity, efficiency, stability.
四个主要目标：盈利能力，流动性，效率，稳定性。

32. The process of financial management.
32.财务管理的过程。 

Analyzing financial statements (income statement, balance sheet, cash flow statement).
分析财务报表（损益表、资产负债表、现金流量表）。

Preparing forecasts and budgets.
编制预测和预算。

Conducting ratio analysis.
进行比率分析。

Evaluating financial performance against objectives and industry norms.
根据目标和行业规范评估财务绩效。

33.Three major types of financial statements.
33. 财务报表的三大类型。

Income Statement: Shows revenues, expenses, and profitability.
损益表：显示收入，费用和盈利能力。

Balance Sheet: Shows assets, liabilities, and equity.
资产负债表：显示资产、负债和权益。

Cash Flows Statement: Shows cash inflows and outflows.
现金流量表：显示现金流入和流出。

34. Historical and pro-forma financial statements: the difference.
34.历史财务报表和备考财务报表的区别。

Historical Financial Statements: Reflect past performance.
历史财务报表：反映过去的业绩。

Pro-Forma Financial Statements: Project future financial performance based on forecasts.
备考财务报表：根据预测预测未来的财务业绩。

Two primary questions when evaluating the balance sheet.
评估资产负债表时的两个主要问题。

What are the company’s assets and liabilities?
公司的资产和负债是什么？

How much equity does the company have?
这家公司有多少股本？

ROA, ROE, profit margin, liquidity ratios; overall financial stability ratios, break-even point.（计算）
罗阿、ROE、利润率、流动性比率、财务稳定性比率、盈亏平衡点。（计算）

ROA (Return on Assets): Measures profitability by comparing net income to total assets.
罗阿（资产回报率）：通过比较净收入与总资产来衡量盈利能力。

ROE (Return on Equity): Measures profitability by comparing net income to shareholders’ equity.
净资产收益率（ROE）：通过比较净收入与股东权益来衡量盈利能力。

Profit Margin: Measures profitability by comparing net income to net sales.
利润率：通过比较净收入与净销售额来衡量盈利能力。

Liquidity Ratios: Measure the ability to meet short-term obligations (e.g., current ratio, quick ratio).
流动性比率：衡量履行短期债务的能力（例如，流动比率，速动比率）。

Overall Financial Stability Ratios: Measure the overall financial health (e.g., debt ratio, debt-to-equity ratio).
总体金融稳定性比率：衡量总体金融健康状况（例如，债务比率、债务与股本比率）。

a company’s revenues = expenses, zero profit or loss
公司的收入=费用，零利润或亏损.

Break-Even Quantity = Fixed Costs / (Sales Price per Unit – Variable Cost Per Unit)
盈亏平衡数量=固定成本/（单位销售价格-单位可变成本）

Net Present Value (NPV) ： the present value of cash inflows and outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze a project's
净现值（NPV）：一段时间内现金流入和流出的现值。净现值用于资本预算和投资计划，以分析项目的

projected profitability.
预计盈利能力。

Profitability Index (PI) 盈利能力指数 is the ratio between PV of cash inflows and outflows. PI=PV of future cash flows 除以 initial cost
盈利能力指数（PI）盈利能力指数是现金流入和流出的PV之间的比率。PI=未来现金流量的PV除以初始成本

New-venture team and its separate elements.
新创企业团队及其构成要素。

Founders
创始人

Key employees
关键员工

Advisors 顾问
顾问咨询

Board of directors 董事会
董事会成员

Board of advisors 顾问委员会
Board of Advisors 顾问委员会

Lenders and investors
贷款机构和投资者

Other professionals ( lawyers 、accountants、business consultants )
其他专业人员（律师、会计师、商业顾问）

Liability of newness as a challenge.
新事物的责任是一种挑战。

new companies fail tendency due to lack of experience and a track record（业绩记录）
新公司由于缺乏经验和业绩记录而失败的趋势.

Starting a venture as a team: advantages and disadvantages.
创业是一个团队：优点和缺点。

Advantages: More talent, resources, ideas, and networking opportunities. Psychological support from cofounders.
优势：更多的人才，资源，想法和网络机会。联合创始人的心理支持。

Disadvantages: Potential conflicts, duplicate skills, difficulty establishing a formal structure.
缺点：潜在的冲突，重复的技能，难以建立正式的结构。

Preferred attributes of sole entrepreneurs and members of a new-venture team.
个体企业家和新企业团队成员的偏好特征.

Higher education
高等教育

Prior entrepreneurial experience
创业经验

Relevant industry experience
相关行业经验

Broad social and professional network
广泛的社会和专业网络

Skills profile.
技能简介。

Charts that describe the skills most in demand for new companies and identify skills gaps.
描述新公司最需要的技能并确定技能差距的图表。

Sources of labor new ventures utilize to get their work done.
新企业用来完成工作的劳动力来源。

Full-time or part-time employees
全职或兼职雇员

Interns
实习生

Freelancers or contractors
自由职业者或承包商

Virtual assistants
虚拟助手

Board of directors: their roles and functions.
董事会：其角色和职能。

Appoint officers, declare dividends, oversee the affairs of the corporation.
任命官员，宣布股息，监督公司的事务。

Provide guidance and support.
提供指导和支持。

Lend legitimacy to the firm.
为公司提供合法性。

Board of advisors: their roles and functions.
顾问委员会：其作用和职能。

Provide ongoing counsel and advice on an ongoing basis.
持续提供咨询和建议。

Lend credibility to the firm.
为公司赢得信誉。

Lenders and investors——providing financial oversight.
贷款人和投资者-提供财务监督。

Lenders and investors, due to their financial stake, often actively assist the companies they fund, offering guidance and advice similar to other non-employee team members.
贷款人和投资者，由于他们的财务利益，经常积极协助他们资助的公司，提供类似于其他非员工团队成员的指导和建议。

ways lenders and investors add value to an entrepreneurial firm.
贷款人和投资者为创业公司增加价值的方式。

Help identify and recruit key personnel.
帮助确定和招聘关键人员。

Provide industry insights.
提供行业见解。

Help refine the business model.
帮助完善商业模式。

Serve as a sounding board for ideas.
作为思想的共鸣板。

Introduce additional sources of capital.
引入额外的资本来源。

Recruit customers.
招募客户。

Arrange business partnerships.
安排商业伙伴关系。

Serve on the board of directors or board of advisors.
在董事会或顾问委员会任职。

Provide emotional support.
提供情感支持。

Business consultants: their roles and functions.
商业顾问的角色与功能。

Provide professional or expert advice to help improve business operations.
提供专业或专家建议以帮助改善业务运营。

The importance of getting financing or funding
获得融资或资金的重要性

Avoid entrepreneurs financing without a clear plan and experience
避免创业者在没有明确计划和经验的情况下融资

three reasons start-ups need funding.
创业需要资金的三个原因

48. Sources of personal financing; bootstrapping and its examples.
48. 个人融资的来源;自助法及其实例。

Personal Funds: Founders often contribute their own savings, investments, or earnings to fund their startup. This demonstrates their commitment and confidence in the venture.
个人资金：创始人经常贡献自己的储蓄，投资或收入来资助他们的创业。这表明他们对合资企业的承诺和信心。

Friends and Family: Borrowing money from friends and family can be a viable option for early-stage funding. However, it’s crucial to have clear agreements and repayment plans to avoid straining personal relationships.
朋友和家人：从朋友和家人那里借钱可能是早期融资的可行选择。然而，至关重要的是要有明确的协议和还款计划，以避免紧张的个人关系。

Bootstrapping: Bootstrapping involves finding creative ways to minimize expenses and maximize revenue without relying on external funding. This might include working from home, using existing resources, negotiating discounts, and finding innovative solutions.
自助：自助涉及寻找创造性的方法，以尽量减少开支和最大限度地提高收入，而不依赖外部资金。这可能包括在家工作、利用现有资源、谈判折扣以及寻找创新解决方案。

Examples of Bootstrapping Methods:
Bootstrapping方法的例子：

Renting space in a shared office or incubator instead of leasing a traditional office space.
在共享办公室或孵化器中租用空间，而不是租用传统的办公空间。

Utilizing free or low-cost online tools and platforms for marketing and operations.
利用免费或低成本的在线工具和平台进行营销和运营。

Starting with a minimum viable product (MVP) to validate the business idea before investing in full-scale production.
从最小可行产品（MVP）开始，在投资全面生产之前验证业务理念。

Leveraging personal networks for advice, mentorship, and connections.
利用个人网络提供建议、指导和联系。

49. Debt and equity financing (funding): definition, differences.
49.债务和股权融资（资金）：定义，差异。

Debt Financing: Obtaining a loan from a bank, financial institution, or other lender. The loan must be repaid with interest over a specified period.
债务融资：从银行、金融机构或其他贷款人获得贷款。贷款必须在规定的期限内连本带利偿还。

Equity Financing: Selling a portion of the company’s ownership (shares) to investors in exchange for capital.
股权融资：将公司的部分所有权（股份）出售给投资者以换取资本。

Differences:
差异：

Ownership and Control: Debt financing does not involve ownership dilution, while equity financing requires founders to share ownership and control.
所有权和控制权：债务融资不涉及所有权稀释，而股权融资要求创始人分享所有权和控制权。

Risk and Reward: Debt financing carries the risk of default, while equity financing carries the risk of ownership dilution but offers the potential for higher returns.
风险和回报：债务融资有违约风险，而股权融资有所有权稀释的风险，但有可能获得更高的回报。

Repayment: Debt financing requires repayment with interest, while equity financing does not involve repayment obligations.
偿还：债务融资需要偿还利息，而股权融资不涉及偿还义务。

50. Matching an entrepreneurial venture’s characteristics with the appropriate form of financing or funding (personal funds/debt/equity): which characteristics make a venture more suitable for one type of financing over the other.
50.使一个企业的特点与适当的融资或筹资形式（个人资金/债务/股本）相匹配：这些特点使一个企业更适合一种融资方式。

51. Nature and sources of equity funding.
51.股权融资的性质和来源。

Nature of Equity Funding
股权融资的性质:

Involves selling a portion of the company’s ownership (shares) to investors in exchange for capital.
涉及将公司的部分所有权（股份）出售给投资者以换取资本。

Investors become partial owners and share in the company’s profits and losses.
投资者成为部分所有者，分享公司的利润和亏损。

Provides access to capital without the obligation to repay the funds.
提供资本的使用权，而无需偿还资金。

Sources of Equity Funding
股权融资来源:

Business Angels: Individuals who invest their personal capital in startups.
商业天使：将个人资本投资于初创企业的个人。

Venture Capital: Investments from venture capital firms in startups with high growth potential.
风险投资：风险投资公司对具有高增长潜力的初创企业的投资。

Initial Public Offering (IPO): Selling shares of the company to the public through a stock exchange.
首次公开发行（IPO）：通过证券交易所向公众出售公司股票。

52. Nature and sources of debt funding.
52.债务融资的性质和来源。

Nature of Debt Funding
债务融资的性质:

Involves obtaining a loan from a lender that must be repaid with interest over a specified period.
涉及从贷方获得贷款，必须在指定期限内偿还利息。

Lenders do not receive any ownership stake in the company.
贷方不获得公司的任何所有权股份。

Provides access to capital with the obligation to repay the funds.
提供资本的使用，并有义务偿还资金。

Sources of Debt Funding
债务资金来源:

Commercial Banks: Traditional banks that offer loans to businesses.
商业银行：向企业提供贷款的传统银行。

SBA Guaranteed Loans: Loans guaranteed by the Small Business Administration (SBA) to help small businesses access financing.
小企业管理局担保贷款：由小企业管理局（SBA）担保的贷款，以帮助小企业获得融资。

Online Lenders: Online platforms that offer loans to businesses.
在线贷款人：向企业提供贷款的在线平台。

Peer-to-Peer Lenders: Online platforms that connect borrowers with individual or institutional investors.
P2P贷款人：将借款人与个人或机构投资者联系起来的在线平台。

Vendor Credit: Credit extended by vendors to allow businesses to purchase goods or services upfront and defer payment.
供应商信贷：供应商提供的信贷，允许企业提前购买商品或服务并推迟付款。

Factoring: Selling accounts receivable to a third party at a discount in exchange for immediate cash.
保理：将应收账款以折扣价出售给第三方，以换取即时现金。

53. Four reasons for a firm to go public (IPO).
53.公司上市的四个原因（IPO）。

crowdfunding: Raising money from a large number of people through online platforms like Kickstarter or Indiegogo.
crowdfunding：通过Kickstarter或Indiegogo等在线平台从大量人群中筹集资金。

Leasing: Acquiring assets like equipment or facilities through rental agreements instead of purchasing them outright.
租赁：通过租赁协议获取设备或设施等资产，而不是直接购买。

SBIR and STTR Grant Programs: Government grants specifically for small businesses engaged in research and development.
SBIR和STTR资助计划：政府专门为从事研究和开发的小企业提供赠款。

Other Grant Programs: Private and government grants available for various purposes, such as innovation, technology, or social impact.
其他资助计划：私人和政府赠款用于各种目的，如创新，技术或社会影响。

Strategic Partners: Forming partnerships with other businesses to share resources, costs, and expertise.
战略合作伙伴：与其他企业建立合作伙伴关系，共享资源，成本和专业知识。

55. The process of selecting a target market and positioning strategy (the three-step process).
55.选择目标市场和定位战略的过程（三步过程）。

56. Branding: establishing a brand, brand management, brand equity.
56.品牌化：建立品牌、品牌管理、品牌资产。

Establishing a Brand: A brand is the set of attributes—positive or negative—that people associate with a company. These attributes can be positive, such as trustworthy, innovative, dependable, or easy to deal with. Or they can be negative, such as cheap, unreliable, arrogant, or difficult to deal with. The customer loyalty a company creates through its brand is one of its most valuable assets.
建立品牌：品牌是人们与公司联系在一起的一组属性，无论是积极的还是消极的。这些属性可以是积极的，例如值得信赖，创新，可靠或易于处理。也可能是消极的，比如廉价、不可靠、傲慢或难以相处。一家公司通过品牌创造的客户忠诚度是其最有价值的资产之一。

Brand Management: Some companies monitor the integrity of their brands through a program called “brand management.”
品牌管理：一些公司通过一个名为“品牌管理”的项目来监控他们品牌的完整性。

Brand equity: Brand equity is the term that denotes the set of assets and liabilities that are linked to a brand and enable it to increase a firm’s valuation. It is important for firms to understand brand equity and how to use it to create value.
品牌资产：品牌资产是指与品牌相关的资产和负债的集合，使其能够增加公司的估值。对于企业来说，了解品牌资产以及如何利用它来创造价值是很重要的。

57. The 4Ps of marketing (marketing mix): its components and definitions.
57.市场营销的4P（营销组合）：其组成部分和定义。

Product: Is the good or service a firm offers to its target market. The most important attribute of a product is that it adds value to the mind of its target customers.
产品：是一家公司提供给目标市场的商品或服务。产品最重要的属性是它为目标客户的头脑增加了价值。

Price: Is the amount of money consumers pay to buy a product. The price a company charges for its products sends an important message to its target market.
价格：是消费者购买产品所支付的金额。一家公司对其产品的定价向其目标市场传递了一个重要的信息。

Promotion: Refers to the activities the firm takes to communicate the merits of its product to its target market.
促销：指公司为向目标市场宣传其产品的优点而采取的活动。

Place (or Distribution): Encompasses all the activities that move a firm’s product from its place of origin to the consumer.
地点（或分销）：包括将公司的产品从原产地转移到消费者手中的所有活动。

58. Price, two methods for setting the price of a product.
58.价格，两种方法来设定产品的价格。

Cost-Based Pricing: The list price is determined by adding a markup percentage to a product’s cost.
基于成本的定价：通过将加价百分比添加到产品成本来确定价目表价格。

Value-Based Pricing: The list price is determined by estimating what consumers are willing to pay for a product.
基于价值的定价：定价是通过估计消费者愿意为产品支付的价格来确定的。

59. Viral marketing and guerilla marketing.
59.病毒式营销和游击式营销。

Viral Marketing: Facilitates and encourages people to pass along a marketing message about a particular product or service.
病毒式营销：促进和鼓励人们传递沿着关于特定产品或服务的营销信息。

Guerrilla Marketing: A low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.
游击营销：一种低预算的营销方法，依靠独创性，聪明和惊喜，而不是传统的技术。

60. Selling directvs. selling through an intermediary.
60. 直销。通过中介销售。

Selling Direct: Many firms sell directly to the customer, maintaining control of the distribution and sales process.
直销：许多公司直接向客户销售，保持对分销和销售过程的控制。

Selling Through Intermediaries: Other firms sell through intermediaries and pass off their products to wholesalers who place them in retail outlets to be sold.
通过中介销售：其他公司通过中间商销售，并将产品交给批发商，批发商将产品放在零售点出售。

61. Sales process: definition, nature, steps.
61. 销售流程：定义、性质、步骤。

Definition: A firm’s sales process depicts the steps it goes through to identify prospects and close sales.
定义：一个公司的销售过程描述了它通过识别潜在客户和关闭销售的步骤。

Nature: A formal sales process involves a number of identifiable steps.
性质：正式的销售流程涉及许多可识别的步骤。

Steps: The typical steps in a sales process include identifying prospects, qualifying prospects, making initial contact, making presentations, handling objections, closing the sale, and following up.
步骤：在销售过程中的典型步骤包括确定前景，合格的前景，使初步接触，使演示文稿，处理异议，关闭销售，并跟进.

62. Intellectual property: definition and its importance; two criteria to determine what intellectual property to protect legally.
62.知识产权：定义及其重要性;法律保护知识产权的两个标准。

Definition: Intellectual property is any product of human intellect that is intangible but has value in the marketplace. It is called “intellectual” property because it is the product of human imagination, creativity, and inventiveness.
知识产权是人类智力的任何产品，是无形的，但在市场上有价值。它之所以被称为“知识产权”，是因为它是人类想象力、创造力和发明创造力的产物。

Importance: Traditionally, businesses have thought of their physical assets, such as land, buildings, and equipment as the most important. Increasingly, however, a company’s intellectual assets are the most important.
重要性：传统上，企业认为他们的实物资产，如土地，建筑物和设备是最重要的。然而，越来越多的公司的智力资产是最重要的。

Criteria for Legal Protection:
法律的保护标准：

Criteria 1: Determine whether the intellectual property in question is directly related to the firm’s competitive advantage.
标准1：确定所涉知识产权是否与公司的竞争优势直接相关。

Criteria 2: Decide whether the intellectual property in question has value in the marketplace.
标准2：确定所涉知识产权是否具有市场价值。

63. The four key forms of intellectual property.
63.知识产权的四种主要形式。

Patents
专利

Trademarks
商标

Copyrights
版权

Trade Secrets
商业秘密

64. Patents: basic requirements, definition, types, and examples; patent infringement.
64.专利：基本要求、定义、类型和示例;专利信息。

Definition: A patent is a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent.
专利是指联邦政府授予的在专利有效期内禁止他人制造、销售或使用一项发明的权利。

Patent Infringement: Takes place when one party engages in the unauthorized use of another party’s patent.
专利侵权：指一方未经授权使用另一方的专利。

65. Trademarks: definition, types, and examples; exclusions from trademark protection.
65.商标：定义、类型与实例;商标保护的例外。

Definition: A trademark is any word, name, symbol, or device used to identify the source or origin of products or services and to distinguish those products or services from others.
商标是用来识别产品或服务的来源或原产地并将这些产品或服务与其他产品或服务区分开来的任何文字、名称、符号或装置。

66. Copyrights: definition and examples; exclusion from copyright protection (the idea- expression dichotomy); obtaining copyright; copyright infringement and fairuse.
66.著作权：定义与实例;著作权保护的排除（思想-表达二分法）;取得著作权;著作权侵权与合理使用。

Definition: A copyright is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work.
著作权是知识产权保护的一种形式，它赠款作品的所有者决定如何使用作品和从作品中获得经济利益的法律的权利。

Exclusion from Copyright Protection: The idea-expression dichotomy states that ideas cannot be protected, only the specific expression of an idea.
排除在版权保护之外：思想-表达二分法指出，思想不能受到保护，只能保护思想的具体表达。

Obtaining Copyright: Copyright protection is automatic upon creation of the work. Registration with the U.S. Copyright Office is optional but provides additional benefits.
获得版权：版权保护是自动创建的工作。在美国版权局注册是可选的，但提供额外的好处。

Copyright Infringement: Occurs when one work derives from another, is an exact copy, or shows substantial similarity to the original work.
版权侵权：当一个作品衍生自另一个作品，是一个精确的副本，或显示出与原始作品的实质性相似。

Fair Use: Permits limited infringement of copyrighted material for purposes such as criticism, comment, news reporting, teaching, or scholarship.
合理使用：用途：允许出于批评、评论、新闻报道、教学或学术研究等目的对受版权保护的材料进行有限的侵权。

67. Trade secrets: definition, protecting measures and examples.
67.商业秘密：定义、保护措施及实例。

Definition: A trade secret is any formula, pattern, physical device, idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace.
定义：商业秘密是任何公式，模式，物理设备，想法，过程或其他信息，为信息所有者提供市场竞争优势。

Protecting Measures:
保护措施：

Physical measures: Restricting access, password protecting files, maintaining logbooks
物理措施：限制访问，密码保护文件，维护日志

Written documents: Non-disclosure agreements
书面文件：保密协议

Examples:
示例如下：

Marketing plans
营销计划

Product formulas
产品配方

Financial forecasts
财务预测

68. Three things a business can do to prepare for growth.
68.企业可以做三件事来促进增长。

Appreciate the Nature of Business Growth: Understand that not all businesses can grow rapidly, and excessive growth can be harmful. Recognize that success doesn’t always scale, and some businesses may struggle to maintain personalized service as they expand.
理解企业成长的本质：要明白，并非所有的企业都能快速成长，过度成长可能是有害的。要认识到，成功并不总是规模化的，有些企业在扩张时可能很难维持个性化服务。

Stay Committed to a Core Strategy: Focus on the business’s core competencies and strengths. Avoid getting distracted by pursuing every growth opportunity and instead concentrate on areas related to the core strategy.
坚持核心战略：专注于企业的核心竞争力和优势。避免因追求每一个增长机会而分心，而是专注于与核心战略相关的领域。

Plan for Growth: Develop growth-related plans, anticipate the type and amount of growth desired, and establish clear growth strategies. Align personal goals with the company’s growth plans.
发展计划：制定与发展相关的计划，预测所需的增长类型和数量，并制定明确的发展战略。将个人目标与公司的发展计划相结合。

69. Six primary reasons for firm growth.
69. 企业成长的六大原因

Economies of Scale: Increasing production lowers the average cost per unit, leading to improved profitability.
规模经济：增加产量可以降低单位平均成本，从而提高盈利能力。

Economies of Scope: Expanding the range of operations creates efficiencies, such as spreading fixed costs over a larger number of products or services.
范围经济：扩大经营范围可以提高效率，例如将固定成本分摊到更多的产品或服务上。

Market Leadership: Achieving a dominant position in an industry or niche market enhances influence and competitiveness.
市场领导地位：在一个行业或利基市场取得主导地位，可以提高影响力和竞争力。

Influence, Power, and Survivability: Larger businesses generally have more influence and power, which can help them navigate challenges and remain competitive.
影响力、权力和生存能力：大型企业通常具有更大的影响力和权力，这可以帮助他们应对挑战并保持竞争力。

Accommodate the Growth of Key Customers: Adapting to the growth of important customers ensures continued business and potential expansion opportunities.
适应重要客户的增长：适应重要客户的增长，确保业务的持续发展和潜在的扩展机会。

Attract and Retain Talented Employees: Growth creates opportunities for career advancement, higher salaries, and increased responsibility, making the company more attractive to skilled workers.
吸引和留住有才能的员工：增长为职业发展、更高的工资和更大的责任创造了机会，使公司对技术工人更具吸引力。

70. Organizational life cycle (stages of growth): their definition and characteristics.
70.组织生命周期（成长阶段）：定义与特征。

Introduction Stage: The start-up phase where the business identifies its core strengths and capabilities. The main challenge is to ensure the initial product or service is successful.
介绍阶段：企业确定其核心优势和能力的启动阶段。主要的挑战是确保最初的产品或服务是成功的。

Early Growth Stage: Characterized by increasing sales and heightened complexity. Founders must transition from working “in” the business to working “on” the business, focusing on strategic planning and management.
早期成长阶段：以销售额增加和复杂性提高为特征。创始人必须从“在”企业工作过渡到“在”企业工作，专注于战略规划和管理。

Continuous Growth Stage: The need for structure and formalization increases. The business may develop related products and services. Decisions regarding leadership and management become crucial.
持续成长阶段：对结构和形式化的需求增加。企业可以开发相关产品和服务。关于领导和管理的决定变得至关重要。

Maturity Stage: Growth stalls, and the focus shifts to efficient management. Opportunities for partnerships, acquisitions, or licensing deals are explored. Development of “next generation” products may be necessary.
成熟阶段：增长停滞，重点转向有效管理。探索合作伙伴关系，收购或许可交易的机会。可能需要开发“下一代”产品。

Decline Stage: Not inevitable, but occurs when growth is no longer sustainable. Leadership and adaptability are key to avoiding decline.
衰退阶段：不是不可避免的，但发生在增长不再可持续的时候。领导力和适应性是避免衰退的关键。

71. Challenges of growth: managerial capacity problem and day-to-day challenges of growing a firm.
71.成长的挑战：管理能力问题和成长公司的日常挑战。

Managerial Capacity Problem: Limited ability to manage and implement growth opportunities due to insufficient managerial resources. This can result from hiring challenges, new employee socialization, and skill development.
管理能力问题：由于管理资源不足，管理和实施增长机会的能力有限。这可能是招聘挑战、新员工社交和技能发展的结果。

Day-to-Day Challenges of Growing a Firm: Managing cash flow, maintaining price stability, ensuring quality control, and addressing capital constraints.
公司成长的日常挑战：管理现金流，保持价格稳定，确保质量控制，解决资本约束。

72. Internal and external growth strategies: definition and difference.
72.内部与外部成长策略：定义与差异。

73. Internal growth strategies: types, advantages, and disadvantages.
73.内部成长策略：类型、优势与劣势。

74. External growth strategies: types, advantages, and disadvantages.
74.外部增长战略：类型、优势与劣势。

75. What is Franchising? Two types of franchise systems.
75.什么是特许经营？两种类型的弗朗切斯科系统。

Franchising is a form of business organization in which a firm that already has a successful product or service (franchisor) licenses its trademark and method of doing business to another business or individual (franchisee) in exchange for a franchise fee and an ongoing royalty payment.
特许经营是一种商业组织形式，其中一家已经拥有成功产品或服务的公司（特许人）将其商标和经营方法许可给另一家企业或个人（特许经营人），以换取特许经营费和持续的特许权使用费。

There are two types of franchise systems:
有两种类型的特许经营制度：

Product and Trademark Franchise: The franchisor grants the franchisee the right to buy its products and use its trade name.
产品和商标特许经营：特许人赠款受许人购买其产品和使用其商号的权利。

Business Format Franchise: The franchisor provides a formula for doing business to the franchisee along with training, advertising, and other forms of assistance.
商业模式特许经营：特许人提供了一个公式做生意的特许经营沿着培训，广告，和其他形式的援助。

76. Three types of franchise agreements.
76.三种类型的特许经营协议

Individual Franchise Agreement: The sale of a single franchise for a specific location.
个别特许经营协议：在特定地点的单一特许经营权的销售。

Area Franchise Agreement: Allows a franchisee to own and operate a specific number of outlets in a particular geographic area.
区域特许经营协议：允许特许经营人在特定地理区域拥有和经营特定数量的网点。

Master Franchise Agreement: Grants the right to open and operate a specific number of locations in a particular area, and also has the right to offer and sell the franchise to other people in its area.
主特许经营协议：赠款在特定地区开设和经营特定数量的地点，并有权向该地区的其他人提供和出售特许经营权。

77. When is franchising most appropriate?
77.什么时候加盟最合适？

Franchising is most appropriate when a firm has a strong or potentially strong trademark, a well-designed business method, and a desire to grow.
当一家公司拥有强大或潜在强大的商标，精心设计的商业方法和增长的愿望时，特许经营是最合适的。

78. Establishing a franchise system: advantages and disadvantages.
78.建立特许经营制度的利弊。

79. Buying a franchise: advantages and disadvantages.
79.购买特许经营权：利与弊。

Common misconceptions about franchising.
关于特许经营的常见误解。

Franchising is a safe investment.
特许经营是一项安全的投资。

A strong industry ensures franchise success.
一个强大的行业确保特许经营的成功。

A franchise is a “proven” business system.
特许经营是一种“成熟的”商业体系。

There is no need to hire a franchise attorney or an accountant.
没有必要聘请特许经营律师或会计师。

The best systems grow rapidly, and it is best to be part of a rapid-growth system.
最好的系统发展迅速，最好是成为快速增长系统的一部分。

I can operate my franchise outlet for less than the franchisor predicts.
我可以经营我的特许经营店低于特许经营人的预测。

The franchisor is a nice person—he’ll help me out if I need it.
特许经营人是个好人，如果我需要的话，他会帮我的。