公司的融资外文翻译（可编辑）.doc

公司的融资外文翻译 Financing Your Company Material Source: //.//0>.///./login.aspx?ReturnUrlhttp%3a%2f%//.//.%2fNSTLAdvancedSearch.aspx Author: Robert A.S Once a company is formally established, the next step is that of raising capital ? and certainly plenty of it. Raising money for a start-up company may be the single most arduous, and time-consuming activity undertaken during one’s career. The decisions made regarding company financing impact its future growth opportunities, so it is important to understand the myriad of issues involved withfinancing choices. Proper financial planning is of such critical importanceIn this chapter, we discuss how much money is needed, how long it takes to find it, and where to go to seek funding. If a company carefully manages their product’s development and consistently meets key development milestones in a timely manner, they will greatly improve their chances of securing the capital needed. Being properly prepared and learning some key aspects about funding will make this challenging job more rewarding. In the following section, I would like to share with you several notions that are important to understand before raising capital. The total amount of money a company needs, depends upon the product and company business modelBefore raising money ,determine the amount of money needed for the specific product, and estimate the amount of money needed to move through to each product development stage. When calculating the needed capital, be sure to include all expenses in addition to product development costs, such as market development and corporate development costs. There are two pitfalls when projecting financial requirements. The first one is estimating that less money is required than really needed. This is a common problem for first-time entrepreneurs because they are not familiar with development costs, or the obstacles and types of delays that increase costs. A good way to avoid under estimation, is to base cost estimates on the amount of actual capital similar companies raised during each stage of their development, and estimate the total monies required to reach commercialization. Each source has different interests, different limitations, and each source brings a different value to an organization. It is important to know the objectives and interests of each capital source, so you may focus your precious time on the ones that have the highest likelihood of investing. Each financing source has preferences in investing at a particular stage of development, so do not waste time by approaching them at the wrong development stage of the company. At some point, raising money over the course of a company’s development will seem like a full-time job. Embrace this notion rather than run from it. In actuality, some one in the company will indeed be raising money continuously throughout the organization’s development. Even after securing the first round of capital, the company should be preparing for follow-on financing. Raising follow-on rounds of capital is easier and occurs faster when a company continuously communicates its progress to existing and potential investors. Work on keeping the company in the public eye, and always look for opportunities to share the benefit of your product idea to potential nvestors. Seek opportunities for speaking at venture forums and investor meetings, irrespective of whether or not capital is immediately required. I routinely try to secure a presentation slot at many high profile investor conference meetings even when capital is not eminently needed. These types of activities can seem at the moment nonproductive, but it is building credibility and leveraging interest for later. Raising capital will be much easier during subsequent financing rounds if it is recognized that the entrepreneur’s job is to raise money. Even after becoming successful and the company becomes profitable you will still need expansion capital to grow the business, acquire product lines or technology, make capital improvements, or acquire other companies; so do not forget that you really are, in a sense ? always raising money. It is easier to raise money when a company has money. Waiting until the company is bone dry of cash offers limited options, little negotiating power, and usually results in a desperate situation. When cash is in the bank, that is the time to begin attracting investors for future rounds. Investors do not like to invest in desperate companies; they want to invest in progressive and vibrant companies that are making exciting product development progress. Learn to raise money when money is in the bank. Remember one can always say “no” to investors, but one cannot say “no” until someone has said “yes.” There is no advantage to having unusually high valuations for a company at any stage, particularly at the seed and early development stage valuation and financing stages are d。