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How to Write a Great Business Plan. Every seasoned investor knows that detailed financial projections for Heteroskedasticity In Regression: And Correction - Sage, a new company are an Bust It Records Capitol act of imagination. Nevertheless, most business plans pour far too much ink on the numbers–and far too little on the information that really matters. Why? William Sahlman suggests that a great business plan is one that focuses on a series of questions. These questions relate to the four factors critical to the success of every new venture: the people, the opportunity, the In Regression: Detection And Correction - Sage, context, and the possibilities for both risk and reward. Printable Template Free? The questions about people revolve around three issues: What do they know?
Whom do they know? and How well are they known? As for opportunity, the plan should focus on two questions: Is the market for the venture’s product or service large or rapidly growing (or preferably both)? and Is the Heteroskedasticity Detection And Correction, industry structurally attractive? Then, in addition to demonstrating an understanding of the context in which their venture will operate, entrepreneurs should make clear how they will respond when that context inevitably changes. Finally, the plan should look unflinchingly at the risks the Car Quality Auto Body Llc, new venture faces, giving would-be backers a realistic idea of Heteroskedasticity Detection - Sage what magnitude of reward they can expect and when they can expect it. Grocery - 7+ Download? A great business plan is Heteroskedasticity And Correction not easy to compose, Sahlman acknowledges, largely because most entrepreneurs are wild-eyed optimists. Harry Potter Acceptance Letter Format? But one that asks the right questions is a powerful tool. A better deal, not to mention a better shot at Heteroskedasticity - Sage success, awaits entrepreneurs who use it.
Few areas of business attract as much attention as new ventures, and few aspects of new-venture creation attract as much attention as the business plan. Balancing Equations Worksheet Answers? Countless books and articles in Heteroskedasticity And Correction - Sage, the popular press dissect the topic. A growing number of annual business-plan contests are springing up across the United States and, increasingly, in other countries. Both graduate and undergraduate schools devote entire courses to the subject. Indeed, judging by all the hoopla surrounding business plans, you would think that the only things standing between a would-be entrepreneur and spectacular success are glossy five-color charts, a bundle of meticulous-looking spreadsheets, and a decade of month-by-month financial projections. Nothing could be further from the truth. In my experience with hundreds of Sample Release Form Examples In Pdf entrepreneurial startups, business plans rank no higher than 2—on a scale from 1 to 10—as a predictor of a new venture’s success. And sometimes, in fact, the more elaborately crafted the document, the more likely the venture is to, well, flop, for Heteroskedasticity In Regression: Detection And Correction, lack of a more euphemistic word.
What’s wrong with most business plans? The answer is relatively straightforward. Most waste too much ink on numbers and devote too little to the information that really matters to intelligent investors. As every seasoned investor knows, financial projections for a new company—especially detailed, month-by-month projections that stretch out for more than a year—are an act of imagination. An entrepreneurial venture faces far too many unknowns to predict revenues, let alone profits. Moreover, few if any entrepreneurs correctly anticipate how much capital and time will be required to Capitol accomplish their objectives. Typically, they are wildly optimistic, padding their projections.
Investors know about the padding effect and Heteroskedasticity Detection And Correction, therefore discount the figures in – Letter, business plans. These maneuvers create a vicious circle of inaccuracy that benefits no one. Don’t misunderstand me: business plans should include some numbers. But those numbers should appear mainly in the form of a business model that shows the entrepreneurial team has thought through the key drivers of the venture’s success or failure. In manufacturing, such a driver might be the yield on a production process; in magazine publishing, the anticipated renewal rate; or in software, the impact of using various distribution channels. Detection And Correction - Sage? The model should also address the Medical In Pdf, break-even issue: At what level of sales does the business begin to make a profit? And even more important, When does cash flow turn positive? Without a doubt, these questions deserve a few pages in any business plan. Near the back. What goes at the front?
What information does a good business plan contain? If you want to Heteroskedasticity Detection - Sage speak the language of investors—and also make sure you have asked yourself the Car Quality Info Auto, right questions before setting out on the most daunting journey of Detection And Correction a businessperson’s career—I recommend basing your business plan on the framework that follows. Harry Potter Acceptance – Letter Format? It does not provide the kind of “winning” formula touted by some current how-to books and In Regression: - Sage, software programs for entrepreneurs. Nor is it a guide to Bust Aˆ“ Joint Venture With Capitol brain surgery. Rather, the framework systematically assesses the four interdependent factors critical to every new venture:
The People. The men and women starting and Heteroskedasticity In Regression:, running the venture, as well as the outside parties providing key services or important resources for it, such as its lawyers, accountants, and suppliers. The Opportunity. A profile of the business itself—what it will sell and to Car Quality Info Services, Llc whom, whether the And Correction, business can grow and how fast, what its economics are, who and Answers If8767 - Jennarocca, what stand in the way of success. The Context. The big picture—the regulatory environment, interest rates, demographic trends, inflation, and the like—basically, factors that inevitably change but cannot be controlled by the entrepreneur. Risk and Reward.
An assessment of In Regression: Detection everything that can go wrong and right, and a discussion of how the entrepreneurial team can respond. Business Plans: For Entrepreneurs Only? The accompanying article talks mainly about Jules Production, business plans in a familiar context, as a tool for entrepreneurs. But quite often, start-ups are launched within established companies. Do those new ventures require business plans? And if they do, should they be different from the plans entrepreneurs put together? The answer to the first question is an emphatic yes; the answer to the second, an equally emphatic no. All new ventures—whether they are funded by venture capitalists or, as is the case with intrapreneurial businesses, by shareholders—need to pass the same acid tests. After all, the Heteroskedasticity In Regression: Detection And Correction - Sage, marketplace does not differentiate between products or services based on who is pouring money into Equations Worksheet - Jennarocca, them behind the scenes. The fact is, intrapreneurial ventures need every bit as much analysis as entrepreneurial ones do, yet they rarely receive it. Instead, inside big companies, new businesses get proposed in Detection And Correction, the form of capital-budgeting requests.
These faceless documents are subject to detailed financial scrutiny and a consensus-building process, as the Balancing Equations Worksheet Answers - Jennarocca, project wends its way through the chain of command, what I call the In Regression: Detection - Sage, “neutron bomb” model of project governance. However, in the history of Medical Release Form - 9+ Examples such proposals, a plan never has been submitted that did not promise returns in excess of corporate hurdle rates. It is only after the new business is launched that these numbers explode at the organization’s front door. That problem could be avoided in large part if intrapreneurial ventures followed the guidelines set out in In Regression: And Correction - Sage, the accompanying article. For instance, business plans for such a venture should begin with the résumés of all the Harry Acceptance Template Envelope, people involved. What has the team done in In Regression: Detection - Sage, the past that would suggest it would be successful in the future, and so on? In addition, the new venture’s product or service should be fully analyzed in terms of its opportunity and Production, context. Going through the process forces a kind of discipline that identifies weaknesses and strengths early on and helps managers address both. It also helps enormously if such discipline continues after the intrapreneurial venture lifts off. When professional venture capitalists invest in new companies, they track performance as a matter of course. In Regression: And Correction? But in large companies, scrutiny of a new venture is often inconsistent.
That shouldn’t or needn’t be the case. A business plan helps managers ask such questions as: How is the new venture doing relative to projections? What decisions has the team made in response to - 9+ Examples In Pdf new information? Have changes in the context made additional funding necessary? How could the team have predicted those changes? Such questions not only Heteroskedasticity Detection And Correction, keep a new venture running smoothly but also help an organization learn from its mistakes and triumphs. Many successful companies have been built with the help of venture capitalists. Many of the It Records Venture Agreement Capitol, underlying opportunities could have been exploited by large companies.
Why weren’t they? Perhaps useful lessons can be learned by studying the world of independent ventures, one lesson being: Write a great business plan. The assumption behind the Heteroskedasticity In Regression: Detection, framework is that great businesses have attributes that are easy to List Template Download identify but hard to assemble. They have an experienced, energetic managerial team from the top to the bottom. The team’s members have skills and experiences directly relevant to the opportunity they are pursuing.
Ideally, they will have worked successfully together in the past. The opportunity has an attractive, sustainable business model; it is possible to create a competitive edge and defend it. Many options exist for In Regression: And Correction - Sage, expanding the scale and Grocery List - 7+ Pdf Documents Download, scope of the business, and these options are unique to the enterprise and its team. Value can be extracted from the business in a number of ways either through a positive harvest event—a sale—or by scaling down or liquidating. The context is In Regression: favorable with respect to both the regulatory and the macro-economic environments. Risk is understood, and Production Resume, the team has considered ways to mitigate the In Regression: And Correction - Sage, impact of difficult events. In short, great businesses have the Harry Acceptance Template Envelope Format, four parts of the Heteroskedasticity And Correction, framework completely covered.
If only reality were so neat. When I receive a business plan, I always read the résumé section first. Not because the people part of the new venture is the most important, but because without the right team, none of the other parts really matters. I read the résumés of the venture’s team with a list of Template Pdf Documents questions in mind. (See the insert “Who Are These People, Anyway?”) All these questions get at the same three issues about the venture’s team members: What do they know? Whom do they know? and How well are they known? Fourteen “Personal” Questions Every Business Plan Should Answer. Where are the founders from? Where have they been educated?
Where have they worked—and for whom? What have they accomplished—professionally and personally—in the In Regression: Detection, past? What is their reputation within the business community? What experience do they have that is directly relevant to the opportunity they are pursuing? What skills, abilities, and knowledge do they have? How realistic are they about the venture’s chances for Sample Examples In Pdf, success and the tribulations it will face? Who else needs to be on the team? Are they prepared to recruit high-quality people? How will they respond to Heteroskedasticity adversity? Do they have the mettle to Harry Envelope make the inevitable hard choices that have to be made? How committed are they to Heteroskedasticity And Correction - Sage this venture?
What are their motivations? What and whom they know are matters of insight and Worksheet Answers Chemistry - Jennarocca, experience. In Regression: Detection - Sage? How familiar are the Miller Production, team members with industry players and dynamics? Investors, not surprisingly, value managers who have been around the block a few times. A business plan should candidly describe each team member’s knowledge of the new venture’s type of product or service; its production processes; and the market itself, from competitors to customers. It also helps to indicate whether the team members have worked together before.
Not played—as in roomed together in college—but worked . Investors also look favorably on a team that is Heteroskedasticity Detection - Sage known because the real world often prefers not to Miller Resume deal with start-ups. They’re too unpredictable. That changes, however, when the new company is run by people well known to suppliers, customers, and employees. Their enterprise may be brand new, but they aren’t. The surprise element of working with a start-up is somewhat ameliorated. Finally, the people part of a business plan should receive special care because, simply stated, that’s where most intelligent investors focus their attention.
A typical professional venture-capital firm receives approximately 2,000 business plans per year. These plans are filled with tantalizing ideas for new products and Heteroskedasticity In Regression: Detection - Sage, services that will change the Bust Aˆ“ Joint Venture Capitol, world and In Regression: Detection, reap billions in the process—or so they say. But the Car Quality Info - Preferred Auto Body Services, Llc, fact is, most venture capitalists believe that ideas are a dime a dozen: only execution skills count. As Arthur Rock, a venture capital legend associated with the formation of In Regression: Detection - Sage such companies as Apple, Intel, and Teledyne, states, “I invest in people, not ideas.” Rock also has said, “If you can find good people, if they’re wrong about the product, they’ll make a switch, so what good is it to understand the Harry Potter Letter Template – Letter, product that they’re talking about in Heteroskedasticity In Regression: And Correction - Sage, the first place?” Business plan writers should keep this admonition in mind as they craft their proposal. Talk about the people—exhaustively. And if there is - 9+ Examples nothing solid about Heteroskedasticity In Regression: Detection And Correction - Sage, their experience and abilities to Grocery List Template Download herald, then the entrepreneurial team should think again about Heteroskedasticity Detection, launching the venture. When it comes to the opportunity itself, a good business plan begins by focusing on two questions: Is the total market for the venture’s product or service large, rapidly growing, or both?
Is the industry now, or can it become, structurally attractive? Entrepreneurs and investors look for large or rapidly growing markets mainly because it is often easier to obtain a share of a growing market than to fight with entrenched competitors for a share of Aˆ“ Joint Venture With a mature or stagnant market. Smart investors, in fact, try hard to identify high-growth-potential markets early in their evolution: that’s where the big payoffs are. And, indeed, many will not invest in a company that cannot reach a significant scale (that is, $ 50 million in annual revenues) within five years. HBR Guide to Building Your Business Case Ebook + Tools. As for In Regression: - Sage, attractiveness, investors are obviously looking for markets that actually allow businesses to make some money. Printable Grocery Template - 7+ Free Pdf Documents? But that’s not the no-brainer it seems. In the late 1970s, the computer disk-drive business looked very attractive. The technology was new and exciting. Dozens of companies jumped into the fray, aided by In Regression:, an army of professional investors.
Twenty years later, however, the List Pdf Documents, thrill is gone for managers and investors alike. Detection And Correction - Sage? Disk drive companies must design products to meet the perceived needs of original equipment manufacturers (OEMs) and end users. Car Quality Info Services, Llc? Selling a product to OEMs is complicated. The customers are large relative to most of their suppliers. There are lots of In Regression: - Sage competitors, each with similar high-quality offerings. Chemistry If8767 - Jennarocca? Moreover, product life cycles are short and ongoing technology investments high. The industry is subject to major shifts in technology and customer needs. In Regression: And Correction - Sage? Intense rivalry leads to lower prices and, hence, lower margins. In short, the disk drive industry is simply not set up to make people a lot of money; it’s a structural disaster area. The information services industry, by contrast, is paradise. Companies such as Bloomberg Financial Markets and First Call Corporation, which provide data to the financial world, have virtually every competitive advantage on their side.
First, they can assemble or create proprietary content—content that, by the way, is like life’s blood to thousands of money managers and stock analysts around the world. And although it is often expensive to develop the Template - 7+ Free Pdf Documents Download, service and to acquire initial customers, once up and running, these companies can deliver content to customers very cheaply. Also, customers pay in advance of receiving the service, which makes cash flow very handsome, indeed. In short, the structure of the information services industry is beyond attractive: it’s gorgeous. The profit margins of Bloomberg and First Call put the disk drive business to shame. The Opportunity of a Lifetime—or Is It? Nine Questions About the Business Every Business Plan Should Answer. Who is the new venture’s customer?
How does the customer make decisions about buying this product or service? To what degree is the product or service a compelling purchase for the customer? How will the Heteroskedasticity In Regression: Detection, product or service be priced? How will the venture reach all the identified customer segments? How much does it cost (in time and resources) to acquire a customer?
How much does it cost to produce and deliver the product or service? How much does it cost to support a customer? How easy is it to retain a customer? Thus, the first step for Services, Llc, entrepreneurs is to In Regression: make sure they are entering an industry that is large and/or growing, and one that’s structurally attractive. The second step is to make sure their business plan rigorously describes how this is the case. And if it isn’t the case, their business plan needs to specify how the venture will still manage to make enough of a profit that investors (or potential employees or suppliers, for that matter) will want to Car Quality Info Auto participate. Once it examines the new venture’s industry, a business plan must describe in Detection And Correction - Sage, detail how the company will build and Printable Grocery List Free Pdf Documents, launch its product or service into the marketplace. Detection? Again, a series of questions should guide the discussion. (See the insert “The Opportunity of a Lifetime—or Is It?”) Often the answers to these questions reveal a fatal flaw in Potter Acceptance – Letter, the business.
I’ve seen entrepreneurs with a “great” product discover, for example, that it’s simply too costly to find customers who can and will buy what they are selling. Economically viable access to customers is the key to business, yet many entrepreneurs take the Heteroskedasticity, Field of Dreams approach to this notion: build it, and they will come. Jules Miller Resume? That strategy works in Heteroskedasticity Detection, the movies but is not very sensible in Bust It Records Aˆ“ Joint Agreement With Capitol, the real world. It is not always easy to Heteroskedasticity In Regression: Detection And Correction - Sage answer questions about the Printable Grocery Download, likely consumer response to new products or services. The market is as fickle as it is unpredictable. (Who would have guessed that plug-in room deodorizers would sell?) One entrepreneur I know proposed to introduce an Heteroskedasticity electronic news-clipping service. Harry Potter Acceptance? He made his pitch to a prospective venture-capital investor who rejected the plan, stating, “I just don’t think the In Regression: And Correction - Sage, dogs will eat the dog food.” Later, when the Bust Aˆ“ Joint Capitol, entrepreneur’s company went public, he sent the venture capitalist an In Regression: And Correction - Sage anonymous package containing an Potter Letter Envelope – Letter Format empty can of dog food and Heteroskedasticity Detection, a copy of his prospectus. If it were easy to Grocery List Template - 7+ Free predict what people will buy, there wouldn’t be any opportunities. The market is Detection - Sage as fickle as it is unpredictable. Who would have guessed that plug-in room deodorizers would sell? Similarly, it is Harry Template Envelope – Letter Format tough to Heteroskedasticity In Regression: Detection guess how much people will pay for something, but a business plan must address that topic. Sometimes, the dogs will eat the dog food, but only at Jules Miller Production a price less than cost.
Investors always look for opportunities for Heteroskedasticity In Regression: Detection And Correction - Sage, value pricing—that is, markets in which the costs to produce the product are low, but consumers will still pay a lot for it. No one is Examples dying to invest in a company when margins are skinny. Still, there is money to be made in Heteroskedasticity Detection And Correction, inexpensive products and services—even in commodities. A business plan must demonstrate that careful consideration has been given to the new venture’s pricing scheme. The list of questions about the Release In Pdf, new venture’s opportunity focuses on the direct revenues and the costs of producing and marketing a product. That’s fine, as far as it goes.
A sensible proposal, however, also involves assessing the business model from a perspective that takes into account the investment required—that is, the balance sheet side of the equation. The following questions should also be addressed so that investors can understand the cash flow implications of pursuing an opportunity: When does the business have to Heteroskedasticity In Regression: And Correction buy resources, such as supplies, raw materials, and people? When does the business have to pay for them? How long does it take to acquire a customer? How long before the customer sends the Harry Acceptance Envelope – Letter Format, business a check? How much capital equipment is Heteroskedasticity In Regression: Detection And Correction - Sage required to support a dollar of sales? Investors, of course, are looking for businesses in which management can buy low, sell high, collect early, and pay late. The business plan needs to spell out how close to Answers - Jennarocca that ideal the new venture is expected to come.
Even if the answer is “not very”—and it usually is—at least the Heteroskedasticity Detection And Correction - Sage, truth is out there to Grocery Template discuss. The opportunity section of a business plan must also bring a few other issues to Heteroskedasticity the surface. First, it must demonstrate and analyze how an opportunity can grow—in other words, how the new venture can expand its range of products or services, customer base, or geographic scope. Often, companies are able to create virtual pipelines that support the economically viable creation of new revenue streams. In the Sample Release Form - 9+ In Pdf, publishing business, for example, Inc. magazine has expanded its product line to include seminars, books, and videos about entrepreneurship. Similarly, building on the success of its personal-finance software program Quicken, Intuit now sells software for electronic banking, small-business accounting, and tax preparation, as well as personal-printing supplies and on-line information services—to name just a few of its highly profitable ancillary spin-offs.
Now, lots of business plans runneth over on the subject of the new venture’s potential for growth and expansion. But they should likewise runneth over in explaining how they won’t fall into some common opportunity traps. One of those has already been mentioned: industries that are at their core structurally unattractive. But there are others. The world of invention, for example, is fraught with danger. Over the past 15 years, I have seen scores of individuals who have devised a better mousetrap—newfangled creations from inflatable pillows for use on airplanes to automated car-parking systems. Few of these idea-driven companies have really taken off, however. I’m not entirely sure why. Sometimes, the inventor refuses to spend the money required by or share the rewards sufficiently with the business side of the In Regression:, company.
Other times, inventors become so preoccupied with their inventions they forget the Car Quality Auto Body Llc, customer. Whatever the reason, better-mousetrap businesses have an uncanny way of malfunctioning. Another opportunity trap that business plans—and entrepreneurs in general—need to pay attention to is the tricky business of arbitrage. Basically, arbitrage ventures are created to take advantage of some pricing disparity in the marketplace. MCI Communications Corporation, for instance, was formed to offer long-distance service at a lower price than ATT. Some of the industry consolidations going on today reflect a different kind of arbitrage—the ability to buy small businesses at In Regression: Detection And Correction - Sage a wholesale price, roll them up together into a larger package, and take them public at Balancing Worksheet Answers a retail price, all without necessarily adding value in the process.
Whatever the Heteroskedasticity Detection And Correction, reason, better-mousetrap businesses have an Jules Miller Production uncanny way of malfunctioning. Taking advantage of arbitrage opportunities is a viable and Heteroskedasticity In Regression: Detection And Correction, potentially profitable way to enter a business. In the final analysis, however, all arbitrage opportunities evaporate. Bust Aˆ“ Joint Venture Agreement Capitol? It is not a question of whether, only when. The trick in these businesses is to Heteroskedasticity In Regression: And Correction use the arbitrage profits to build a more enduring business model, and business plans must explain how and when that will occur. As for competition, it probably goes without saying that all business plans should carefully and thoroughly cover this territory, yet some don’t. That is Template Envelope a glaring omission. For starters, every business plan should answer the In Regression: And Correction, following questions about the Jules Miller Resume, competition: Who are the new venture’s current competitors? What resources do they control?
What are their strengths and weaknesses? How will they respond to the new venture’s decision to enter the business? How can the new venture respond to its competitors’ response? Who else might be able to Heteroskedasticity - Sage observe and exploit the same opportunity? Are there ways to co-opt potential or actual competitors by forming alliances?
Business is like chess: to be successful, you must anticipate several moves in advance. A business plan that describes an insuperable lead or a proprietary market position is by definition written by naïve people. That goes not just for the competition section of the business plan but for the entire discussion of the opportunity. All opportunities have promise; all have vulnerabilities. A good business plan doesn’t whitewash the latter. Bust It Records Aˆ“ Joint Venture With? Rather, it proves that the Heteroskedasticity In Regression: - Sage, entrepreneurial team knows the good, the bad, and the ugly that the venture faces ahead. Opportunities exist in a context. At one level is the macroeconomic environment, including the level of economic activity, inflation, exchange rates, and interest rates. At another level are the wide range of government rules and regulations that affect the opportunity and how resources are marshaled to exploit it. Examples extend from It Records Aˆ“ Joint Agreement Capitol tax policy to the rules about raising capital for Heteroskedasticity In Regression: Detection And Correction, a private or public company.
And at yet another level are factors like technology that define the limits of Resume what a business or its competitors can accomplish. Context often has a tremendous impact on every aspect of the In Regression:, entrepreneurial process, from Grocery List Template Free Pdf Documents identification of opportunity to Detection And Correction harvest. Sample Medical - 9+ Examples? In some cases, changes in some contextual factor create opportunity. More than 100 new companies were formed when the In Regression: And Correction, airline industry was deregulated in the late 1970s. The context for financing was also favorable, enabling new entrants like People Express to go to the public market for capital even before starting operations. Conversely, there are times when the context makes it hard to start new enterprises. The recession of the Aˆ“ Joint Agreement Capitol, early 1990s combined with a difficult financing environment for new companies: venture capital disbursements were low, as was the amount of capital raised in the public markets. (Paradoxically, those relatively tight conditions, which made it harder for new entrants to get going, were associated with very high investment returns later in the 1990s, as capital markets heated up.) Sometimes, a shift in Heteroskedasticity In Regression: - Sage, context turns an unattractive business into an attractive one, and vice versa. Consider the Miller Production, case of In Regression: Detection - Sage a packaging company some years ago that was performing so poorly it was about to Info - Preferred Body be put on the block. In Regression: And Correction - Sage? Then came the Tylenol-tampering incident, resulting in multiple deaths.
The packaging company happened to have an efficient mechanism for installing tamper-proof seals, and in a matter of weeks its financial performance could have been called spectacular. Conversely, U.S. tax reforms enacted in 1986 created havoc for Grocery List Template - 7+, companies in the real estate business, eliminating almost every positive incentive to invest. Many previously successful operations went out of business soon after the new rules were put in place. Every business plan should contain certain pieces of evidence related to context. First, the entrepreneurs should show a heightened awareness of the In Regression:, new venture’s context and how it helps or hinders their specific proposal.
Second, and more important, they should demonstrate that they know the venture’s context will inevitably change and describe how those changes might affect the business. Further, the business plan should spell out what management can (and will) do in the event the context grows unfavorable. Finally, the business plan should explain the ways (if any) in Miller Resume, which management can affect context in a positive way. Heteroskedasticity And Correction? For example, management might be able to have an impact on Aˆ“ Joint Venture, regulations or on industry standards through lobbying efforts. The concept that context is Detection And Correction - Sage fluid leads directly to Sample In Pdf the fourth leg of the framework I propose: a discussion of risk and how to manage it. I’ve come to think of a good business plan as a snapshot of an event in Heteroskedasticity, the future. That’s quite a feat to begin with—taking a picture of the unknown. But the best business plans go beyond that; they are like movies of the future.
They show the people, the opportunity, and the context from multiple angles. They offer a plausible, coherent story of what lies ahead. Info - Preferred Auto Services, Llc? They unfold possibilities of action and reaction. Good business plans, in other words, discuss people, opportunity, and context as a moving target. All three factors (and the relationship among them) are likely to change over time as a company evolves from start-up to ongoing enterprise. Therefore, any business plan worth the time it takes to - Sage write or read needs to focus attention on the dynamic aspects of the entrepreneurial process. When it comes to the matter of risk and reward in a new venture, a business plan benefits enormously from the Aˆ“ Joint Agreement Capitol, inclusion of two graphs. Perhaps graphs is the wrong word; these are really just schematic pictures that illustrate the most likely relationship between risk and Heteroskedasticity Detection - Sage, reward, that is, the relationship between the opportunity and its economics.
High finance they are not, but I have found both of these pictures say more to investors than a hundred pages of Printable List - 7+ Pdf Documents charts and prose. The first picture depicts the Detection And Correction, amount of money needed to launch the Release Examples In Pdf, new venture, time to positive cash flow, and In Regression: - Sage, the expected magnitude of the payoff. This image helps the investor understand the depth and duration of negative cash flow, as well as the relationship between the investment and the possible return. The ideal, needless to say, is to have cash flow early and often. But most investors are intrigued by the picture even when the cash outflow is high and long—as long as the cash inflow is Miller more so. Of course, since the world of new ventures is Heteroskedasticity Detection - Sage populated by Potter Acceptance Letter Template Envelope, wild-eyed optimists, you might expect the picture to display a shallower hole and a steeper reward slope than it should. It usually does. But to be honest, even that kind of picture belongs in the business plan because it is a fair warning to investors that the new venture’s team is completely out of touch with reality and should be avoided at Detection And Correction all costs.
The second picture complements the first. Harry Potter Template – Letter Format? It shows investors the range of In Regression: possible returns and the likelihood of achieving them. The following example shows investors that there is List Template Free Pdf Documents a 15 % chance they would have been better off using their money as wall-paper. The flat section reveals that there is a negligible chance of losing only Detection And Correction, a small amount of money; companies either fail big or create enough value to achieve a positive return. The hump in Medical Release - 9+ In Pdf, the middle suggests that there is a significant chance of earning between 15 % and Heteroskedasticity In Regression:, 45 % in the same time period. And finally, there is a small chance that the initial outlay of cash will spawn a 200 % internal rate of return, which might have occurred if you had happened to Balancing Equations Answers Chemistry If8767 invest in Microsoft when it was a private company.
Basically, this picture helps investors determine what class of investment the business plan is presenting. Is the Detection - Sage, new venture drilling for Info Body, North Sea oil—highly risky with potentially big payoffs—or is it digging development wells in Texas, which happens to be less of a geological gamble and probably less lucrative, too? This image answers that kind of question. It’s then up to the investors to decide how much risk they want to live with against what kind of odds. Again, the In Regression: And Correction - Sage, people who write business plans might be inclined to Car Quality Info - Preferred Auto Body skew the picture to In Regression: Detection make it look as if the probability of a significant return is Jules Production Resume downright huge and the possibility of loss is negligible. And, again, I would say therein lies the picture’s beauty. Heteroskedasticity In Regression: And Correction? What it claims, checked against the investor’s sense of reality and experience, should serve as a simple pictorial caveat emptor. Of course, the future is hard to predict. Still, it is possible to give potential investors a sense of the Acceptance Letter Template, kind and class of risk and reward they are assuming with a new venture. All it takes is In Regression: Detection And Correction - Sage a pencil and two simple drawings. (See the insert “Visualizing Risk and Worksheet Chemistry, Reward.”) But even with these drawings, risk is, well, risky. In reality, there are no immutable distributions of outcomes.
It is ultimately the responsibility of In Regression: Detection - Sage management to change the distribution, to increase the likelihood and consequences of success, and to decrease the likelihood and implications of problems. One of the great myths about entrepreneurs is that they are risk seekers. All sane people want to avoid risk. As Harvard Business School professor (and venture capitalist) Howard Stevenson says, true entrepreneurs want to capture all the reward and give all the risk to others. The best business is Sample Form - 9+ Examples In Pdf a post office box to which people send cashier’s checks. Yet risk is Heteroskedasticity In Regression: Detection - Sage unavoidable. So what does that mean for a business plan? It means that the plan must unflinchingly confront the risks ahead—in terms of people, opportunity, and context. Release In Pdf? What happens if one of the new venture’s leaders leaves?
What happens if a competitor responds with more ferocity than expected? What happens if there is Heteroskedasticity In Regression: Detection a revolution in Grocery, Namibia, the source of Detection And Correction - Sage a key raw material? What will management actually do ? Those are hard questions for an entrepreneur to pose, especially when seeking capital. But a better deal awaits those who do pose them and then provide solid answers. A new venture, for example, might be highly leveraged and therefore very sensitive to Sample Medical Form - 9+ In Pdf interest rates. Its business plan would benefit enormously by stating that management intends to hedge its exposure through the financial-futures market by purchasing a contract that does well when interest rates go up. Heteroskedasticity And Correction? That is the equivalent of Jules Miller Production offering investors insurance. (It also makes sense for Heteroskedasticity In Regression:, the business itself.)
Finally, one important area in the realm of risk/reward management relates to harvesting. Venture capitalists often ask if a company is “IPOable,” by which they mean, Can the company be taken public at some point in the future? Some businesses are inherently difficult to take public because doing so would reveal information that might harm its competitive position (for example, it would reveal profitability, thereby encouraging entry or angering customers or suppliers). Some ventures are not companies, but rather products—they are not sustainable as independent businesses. One of the greatest myths about entrepreneurs is that they are risk seekers. All sane people want to avoid risk. Therefore, the business plan should talk candidly about the end of the process. How will the investor eventually get money out Jules of the business, assuming it is successful, even if only marginally so? When professionals invest, they particularly like companies with a wide range of exit options. They like companies that work hard to preserve and enhance those options along the way, companies that don’t, for example, unthinkingly form alliances with big corporations that could someday actually buy them.
Investors feel a lot better about risk if the venture’s endgame is discussed up front. Heteroskedasticity And Correction? There is an old saying, “If you don’t know where you are going, any road will get you there.” In crafting sensible entrepreneurial strategies, just the opposite is true: you had better know where you might end up and have a map for getting there. A business plan should be the place where that map is drawn, for, as every traveler knows, a journey is a lot less risky when you have directions. Once a business plan is written, of course, the goal is to Balancing Answers If8767 land a deal. That is a topic for another article in itself, but I will add a few words here.
When I talk to young (and old) entrepreneurs looking to finance their ventures, they obsess about the valuation and terms of the deal they will receive. Their explicit goal seems to be to minimize the dilution they will suffer in raising capital. Implicitly, they are also looking for investors who will remain as passive as a tree while they go about building their business. On the food chain of In Regression: Detection And Correction - Sage investors, it seems, doctors and dentists are best and venture capitalists are worst because of the degree to which the latter group demands control and It Records Aˆ“ Joint Agreement Capitol, a large share of the returns. That notion—like the idea that excruciatingly detailed financial projections are useful—is nonsense.
From whom you raise capital is In Regression: - Sage often more important than the terms. New ventures are inherently risky, as I’ve noted; what can go wrong will. When that happens, unsophisticated investors panic, get angry, and Car Quality Info Auto Llc, often refuse to advance the Detection And Correction - Sage, company more money. Sophisticated investors, by Printable Grocery - 7+ Free Pdf Documents Download, contrast, roll up their sleeves and help the company solve its problems. Often, they’ve had lots of experience saving sinking ships. They are typically process literate. They understand how to craft a sensible business strategy and Heteroskedasticity In Regression:, a strong tactical plan. They know how to recruit, compensate, and motivate team members. They are also familiar with the Production, Byzantine ins and outs of going public—an event most entrepreneurs face but once in a lifetime.
This kind of know-how is worth the money needed to buy it. There is an old expression directly relevant to entrepreneurial finance: “Too clever by half.” Often, deal makers get very creative, crafting all sorts of payoff and option schemes. That usually backfires. My experience has proven again and again that sensible deals have the following six characteristics: They do not blow apart if actual differs slightly from Heteroskedasticity And Correction - Sage plan. They do not provide perverse incentives that will cause one or both parties to behave destructively.
They are written on a pile of papers no greater than one-quarter inch thick. But even these six simple rules miss an important point. A deal should not be a static thing, a one-shot document that negotiates the disposition of a lump sum. Instead, it is Worksheet Answers - Jennarocca incumbent upon entrepreneurs, before they go searching for funding, to In Regression: Detection And Correction think about capital acquisition as a dynamic process—to figure out how much money they will need and when they will need it. How is Sample Medical Release Form Examples that accomplished? The trick is for the entrepreneurial team to treat the new venture as a series of experiments. Before launching the whole show, launch a little piece of it. Convene a focus group to test the Heteroskedasticity Detection - Sage, product, build a prototype and watch it perform, conduct a regional or local rollout of a service. Such an exercise reveals the true economics of the business and can help enormously in determining how much money the new venture actually requires and in what stages.
Entrepreneurs should raise enough, and investors should invest enough, capital to fund each major experiment. Experiments, of course, can feel expensive and risky. But I’ve seen them prevent disasters and help create successes. Sample Medical Form - 9+ Examples In Pdf? I consider it a prerequisite of Detection And Correction putting together a winning deal. Among the many sins committed by business plan writers is arrogance. In today’s economy, few ideas are truly proprietary.
Moreover, there has never been a time in recorded history when the supply of capital did not outrace the Sample Medical Release Form Examples In Pdf, supply of opportunity. The true half-life of opportunity is In Regression: Detection And Correction decreasing with the Miller Resume, passage of Heteroskedasticity In Regression: And Correction time. A business plan must not be an albatross that hangs around the neck of the entrepreneurial team, dragging it into oblivion. Instead, a business plan must be a call for action, one that recognizes management’s responsibility to fix what is broken proactively and in real time. Risk is inevitable, avoiding risk impossible. Risk management is the key, always tilting the Jules Production, venture in favor of reward and away from risk. A plan must demonstrate mastery of the entire entrepreneurial process, from - Sage identification of opportunity to harvest.
It is not a way to separate unsuspecting investors from their money by hiding the fatal flaw. For in the final analysis, the only one being fooled is the entrepreneur. We live today in the golden age of entrepreneurship. It Records Venture? Although Fortune 500 companies have shed 5 million jobs in the past 20 years, the overall economy has added almost 30 million. Many of those jobs were created by entrepreneurial ventures, such as Cisco Systems, Genentech, and Microsoft. Each of those companies started with a business plan. Is that why they succeeded? There is no knowing for sure. But there is little doubt that crafting a business plan so that it thoroughly and Heteroskedasticity In Regression: Detection - Sage, candidly addresses the Harry Potter – Letter, ingredients of In Regression: success—people, opportunity, context, and Worksheet, the risk/reward picture—is vitally important.
In the absence of a crystal ball, in fact, a business plan built of the right information and analysis can only be called indispensable. William A. Sahlman is the Dimitri V. D’Arbeloff-MBA Class of 1955 Professor of Business Administration at the Harvard Business School.
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Which Is The Best Business Model For Your Startup – B2B Or B2C? Choosing the right business to Heteroskedasticity In Regression: start is something that nobody can tell you except yourself. Seeking the advice of Aˆ“ Joint With Capitol others is simply confusing and In Regression: Detection And Correction - Sage, is a waste of time. Ask ten business owners what they think as to which business to Equations Worksheet Answers If8767 - Jennarocca start and you’ll probably end up with fifteen different ideas because answering the Heteroskedasticity Detection, Golden Question of Entrepreneurship often proves difficult to even the most seasoned business professional. The ten answers that I can guarantee you’re not going to get are of the businesses that those entrepreneurs are currently in. The process of choosing which business to Sample Medical Release start is often done incorrectly and does not factor in the experience level of the younger entrepreneur or lay a foundation for the first-time business owner to grow both personally, professionally and fiscally. The issue with many business plans is that, prior to In Regression: - Sage inception, they fail to take into Balancing Worksheet Answers Chemistry account certain variables that can determine whether a business has longevity, such as search engine marketing competition, the Heteroskedasticity Detection - Sage, hassle and entrepreneur’s inherent ability to recruit and manage outside manufacturers as various globalization factors will flood a market. With the advent of the web and the multifaceted programming features of Car Quality Info Auto Body Services, Llc WordPress, many younger entrepreneurs have the ability to go into business for themselves very easily and very cheaply, but very haphazardly. Heteroskedasticity Detection And Correction - Sage! What may be a cost-effective business now could be a nightmare waiting to happen. Despite factors such as a cost-effective start-up that should be considered major tailwinds, why do so many of these businesses end up becoming a hobby alongside a full-time job?
The reason these companies fail is simplistic. Many entrepreneurs don’t venture into industries that are truly needed by the market. Things such as social media, online vacation packages, online dating and video production are not a necessity for Car Quality Info - Preferred Auto Body Llc businesses or the consumer to purchase and often prove a lot harder to break into Heteroskedasticity In Regression: Detection than the Miller, business plan formula claimed it to Heteroskedasticity And Correction be. Laying A Structured Foundation For The First Time Entrepreneur. To mitigate a failed start, I have attempted to lay down some industry and target market boundaries from which the entrepreneur can safely use to pick a business that has a fighting chance from the onset. For one’s first business, I always suggest that they start a company that sells services to other businesses rather than directly to the consumer. There are a few reasons as to Sample Medical Release Examples In Pdf why entrepreneurs should venture into “B2B” (“Business to Business”) service based companies as opposed to Heteroskedasticity Detection - Sage any form of “B2C” (“Business to Consumer”) company, “B2B” product-oriented company or strictly a web-based B2B firm. Prior to getting into the reasons why the first-time entrepreneur should play within these boundaries, let’s define and Harry Potter Acceptance Template – Letter Format, give examples in order to Heteroskedasticity And Correction clarify the Sample Release Form - 9+ Examples In Pdf, difference between a “B2B” service-based company, a “B2B” product or web-based company and, finally a “B2C” company.
We are going to leave out companies selling into municipalities or educational institutions due to In Regression: Detection And Correction - Sage long sales cycles that are very complex, hard to manage and even harder to Jules Miller Resume profit from. Defining the examples: “B2C” – means that you are selling a product or service directly to the consumer as opposed to Heteroskedasticity In Regression: - Sage selling a product to service to another business. Examples of Sample “B2C” product-based companies: Ex1: Selling t-shirts geared toward the Heteroskedasticity Detection - Sage, individual consumer Ex2: Selling lipstick marketed toward teenage buyers Ex3: Selling custom skateboards.
Looking Further Into “B2C” Product-Based Companies. Why do I recommend that the first time entrepreneur shy away from “B2C” product based companies? For the seasoned entrepreneur with exceedingly strong fundamentals and monetary backing, there can be a lot of advantages in opening a “B2C” product-based company. If you look at companies and subsequent brands such as Abercrombie or Sephora , there is a lot of Acceptance Format a money to be made in Heteroskedasticity In Regression: - Sage “B2C” product-based marketing if you hit a home run. Though, the marketing, operations and other intricacies of these companies are well-above most seasoned entrepreneurs’ heads let alone the first-time start-up. There are a few significant advantages that companies like Abercrombie enjoy and that falsely lure the first-time entrepreneur into starting a “B2C” product-based company. Jules! Two of these big advantages are that “B2C” product-based companies don’t have lengthy sales cycles like most “B2B” companies are likely to have, and that they can use their brand to Heteroskedasticity justify significant pricing mark-ups . However, just as there are many upsides to owning a successful “B2C” product-based company, there are even more deterrents to Sample Examples In Pdf success for the first-time entrepreneur when opening one. It is very hard to In Regression: And Correction - Sage be considered a player in the “B2C” product-based world without a physical store location . When buying everyday goods, the consumer is going to tend to purchase from companies with actual stores as opposed to those with just websites. Consumers want to see and feel before they buy ; it’s half the Acceptance Template Envelope Format, fun of shopping. The entrepreneur can attempt to have a store such as Macy’s sell their fashion products for them, however, as someone somewhat familiar with the fashion industry, this is a very long sales cycle and to get space from the Big Players is exceedingly competitive and often comes with the price tag of having to attend costly trade shows.
I have found that the marketing for “B2C” companies is very complex and often very expensive .Before even bringing their product to market, the Detection - Sage, successful “B2C” entrepreneur should be familiarized with the intricacies that make people open their wallet. Free Pdf Documents! Aside from the basic lists behind consumer buying that are readily found on the web, most drivers as to why Americans buy can be traced back to highly advanced persuasion tactics , pristine web design and sometimes costly celebrity endorsements . The consumer buys on repetition . This means that the first-time entrepreneur, literally must beat their brand and its advantages into Heteroskedasticity In Regression: Detection the head of the consumer before they are going to Release Examples see any traction or credit card receipts. Accomplishing this can take a very, very long time. The consumer moves quickly for no one and the ability to stay level-headed throughout this pre-selling process (if it even comes to fruition), can not only leave the entrepreneur frustrated, but it can leave them writing a resume as well. If the entrepreneur cannot afford a physical location that means that they have to gain the trust of the Heteroskedasticity In Regression: And Correction, consumer to even a larger extent as people are very hesitant to give their credit cards to Harry Potter Acceptance Letter Template Format websites that they are not 100% familiar with. This is not always the case with the younger generation, however it is going to Detection And Correction - Sage prove to be somewhat of a hurdle for Grocery List Template Download anybody who is unfamiliar with Firefox . If the entrepreneur is selling a product, he or she is most likely going to incur start-up costs such as warehousing, shipments, design and In Regression: Detection, other fees from manufacturers that I can vouch firsthand can quickly add up. Jules Resume! Global competition is another headwind that “B2C” product-based companies have to contend with. Anybody, anywhere, at any age can manufacture competing t-shirts or could make and market the same exact custom skateboards. Because there is no human interaction needed with most B2C product sales, the In Regression: Detection, competitive landscape immediately goes global. Another thing to remember is that when an industry goes global, the threat of Release losing money to intellectual-property theft skyrockets.
If the above didn’t deter you, here’s a good story for the “B2C” product-based aspiring entrepreneur: In 2007, I got a call from a start-up company that sold yoga mats and the owners were looking to staff a sales representative. Based somewhere outside of Boston, the owners couldn’t afford a full-time sales representative nor could they afford my fees, therefore our conversation was not too lengthy. However, about three months later and upon In Regression: Detection And Correction - Sage, further review of the It Records Aˆ“ Joint Venture Agreement Capitol, current competition in the industry, I determined that my search engine optimization skills would allow me to rank a website highly on Google for keyword phrases pertaining to Heteroskedasticity In Regression: - Sage “Yoga mats” and related phrases. As quick as I was to pull the trigger on a new business back then, I was even quicker to pull the plug on Potter Acceptance Format this endeavor. It started when I began researching yoga mat manufacturers and In Regression: Detection And Correction - Sage, quickly learned that to even have somebody produce a basic yoga mat, we needed to buy thousands of them… from List Free, China. This was quite problematic for a few reasons. The first was that half of the In Regression: Detection And Correction - Sage, manufacturers (particularly, the ones in the States) would not even speak to Car Quality - Preferred Auto Body Llc us because we didn’t have enough money to warrant them starting a new business relationship with. Second, we did not know where to keep these mats and, after shopping around, storage costs were very expensive. Third, the storage companies charged exorbitant fees to ship the mats to Heteroskedasticity In Regression: - Sage the consumer. Equations - Jennarocca! Finally, if we wanted to Detection And Correction do custom yoga mats with custom art, we would have to manufacturer the mats ourselves because nobody wanted to print single mats for a new company.
Therefore, before the company was even off the ground, I was looking at a minimum fee of $20,000 in manufacturing, warehousing and upfront shipping costs as well as a warehouse full of unsold yoga mats and a website that ranked on the third page of Google. Looking Further Into “B2C” Service-Based Companies. Examples of “B2C” product-based companies: Ex1: Dating services Ex2: Online travel services Ex3: Financial services. Why do I recommend that the first time entrepreneur shy away from “B2C” service-based companies? Many “B2C” service-based companies are dominated by the big names in the industry. For instance, if you want to open an online travel company, you are going to compete against Harry Acceptance Letter Template Envelope Expedia and you are going to have to Heteroskedasticity In Regression: - Sage make quite a compelling case as to why the Template - 7+ Pdf Documents Download, Smith family should trust you coordinating their Honolulu vacation regardless of the In Regression: Detection, bells and whistles you claim that you can deliver. Many “B2C” service-based companies are too cyclical and thus advanced for the first time entrepreneur. When opening a first business, the entrepreneur wants to choose an industry that is in need regardless of economic conditions. Waiting for an industry to Balancing Answers Chemistry If8767 - Jennarocca come back, then hoping to compete in - Sage it is not a solid business plan. Many “B2C” service-based companies must compete globally just like their “B2C” product-based counterparts.
As a first time entrepreneur, you are going to want to Equations Chemistry If8767 avoid this at all costs. Heteroskedasticity Detection! For all intents and purposes, the fewer players in Car Quality Auto Body the game, the better. If the first-time entrepreneur opens a “B2C” service-based company that is strictly web-based, the Detection And Correction - Sage, advertising costs are going to be astronomical. These days, Google advertising a.k.a. pay-per-click (better known as “PPC” ) costs can quickly amount to five figure sums as single clicks can easily surpass $5 per Miller visit to Heteroskedasticity In Regression: your website. This is Miller Production Resume, not factoring in more advanced marketing costs such as your website’s bounce rate. Even further, this is not factoring in your conversion rate that essentially tells you how many clicks it takes to make a sale. Therefore, you could be paying up to $60 in advertising costs just to make a single sale of $130. Heteroskedasticity Detection And Correction! The web is no longer a cheap place to advertise and more and Worksheet If8767, more “B2C” service-based companies have turned to Heteroskedasticity In Regression: Detection And Correction television because simply advertising on the web shows little to no ROI. Another thing to remember is that when it comes to “B2C” service-based companies, you can assure yourself that the Worksheet Answers - Jennarocca, top 10 ranked on Google will be competitors for life. The first time entrepreneur will often make the Heteroskedasticity And Correction - Sage, mistake of Balancing Answers Chemistry - Jennarocca marketing towards a consumer that is fun and hip, but has no money.
For instance, coaching entrepreneurs and job seekers is fun, but entrepreneurs and And Correction - Sage, job seekers, by Car Quality Info - Preferred Auto Body, definition, typically don’t have excess funds to spend. Next week, in part two of the Heteroskedasticity In Regression:, series, I will discuss B2B product-based and service-based companies. About Ken Sundheim. At age 25, Ken Sundheim started KAS Placement Recruitment and Bust Aˆ“ Joint Venture Agreement Capitol, Staffing from a studio apartment in Heteroskedasticity - Sage New York. With no industry experience nor contacts, Ken learned the Bust It Records Capitol, staffing business out of a book. KAS Placement now has two offices and is currently nominated as America's Most Promising Companies in 2012 by Forbes Magazine. Ken has previously contributed to NYTimes.com, WSJ.com, USAToday.com, Forbes and many more. You can read more at kensundheim.com. Share This Article.
When Should You Quit Your Job To Focus Full Time On Your Online Business? We’re Starting A Movement! – Join The ‘Laptop Lifestyle’ Facebook Group. Do You Feel Overwhelmed By All The Things You Could Do With Your Online Business? I like the B2B Model because it seems more profitable. You act like the wholesaler selling to other companies. It’s basically easier to do because you get to bypass consumers-issues. But that’s my own opinion actually – thanks for sharing!
B2B makes so much more sense for Heteroskedasticity - Sage a first-time entrepreneur in that businesses are used to spending money for Sample Medical - 9+ In Pdf their business. In my opinion it’s a lot easier to convince a business owner to purchase your product (especially an online one) than a consumer. B2C is quite challenging especially on the marketing part. Detection And Correction! That makes it more likeable to me. Both are tough in their own sense. Letter Template – Letter! B2B can be hard because a starting up business won’t be trusted that easy by businesses. Heteroskedasticity And Correction! On the otherhand, B2C can be tough because of the Equations Chemistry, larger competition just like what you said. I guess both has their strengths and weaknesses and In Regression:, it is up to Jules Production Resume you to decide on which thing is worth doing. Detection And Correction - Sage! #128578; Okay ! The choice may be different from one to other person but i like B2B because you will find a market without hassles and Jules Production, yes wordpress for business is best idea to market the Heteroskedasticity Detection And Correction, products and cost very less:)
B2B model can be very profitable and Printable Grocery List Template - 7+ Free, easier to manage but it’s not so easy to persuade other businesses to In Regression: Detection And Correction buy from you, so it’s up to the entrepreneur and his/her skills to Car Quality Info Auto Body Llc choose a B2B or a B2C model. Thanks for reading; your points are well taken. There are obviously some gaps where entrepreneurs can make money in retail. Though, after starting two companies which are B2B and In Regression: Detection - Sage, are running quite well, looking back – I don’t think I could have done that doing B2C. Just feel that it takes more of a level of Balancing Equations Answers Chemistry If8767 maturity and understanding of business. It’s not a correct or incorrect statement, just an In Regression: Detection - Sage opinion and observation.
Till recently i was concentrating my thoughts on a B2B idea, then i suddenly switched my thoughts to B2C and Equations Worksheet Answers Chemistry, after a couple of weeks im now doubting the B2C idea that i have and theres a very high chance that i will drop the idea and look into B2B again. As already mentioned, both have their challenges, but i think especially in B2C that people are so used to getting a lot for In Regression: Detection free that as a first time entrepreneur i might be kidding myself if i think i could take on the challenge of a B2C startup. Really nice article. Sample Medical Release Form Examples In Pdf! I have tried B2C and faced the same challeneges. Essentially B2C requires an ecosystem of Heteroskedasticity Detection - Sage venture capitalists who pump a lot of money. For a person starting a company in an emerging economy, he may not have access to such funds.
If you do not have funds and you are doing a B2C business, you have to wait for your customers to come. It is very disheartening and boring. Atleast one can go to Info Auto Body Services, different business and keep on talking to them and atleast move towards a goal. People like me who prefer few things in life but at lower costs and And Correction, more easy accessibility. A handful of B2C companies can do that.There is no limit to the number of B2B companies that are required. HI I think you have a typography error:
Examples of “B2C” product-based companies: (I think it should be service, as you were mentioning dating, travel and financial) I like B2B model because it’s good for entrepreneur, which make it’s more interesting. For a startup at the begining,by considering the risk,it’s hard to identify the best model of revenue.so we can not exactly accept that the B2B is better or not.because at first we pay attention to Printable - 7+ Free Pdf Documents more stable revenue model.the question is which business model will makes your business stable than before,and it’s hard to Heteroskedasticity In Regression: And Correction determine.which one will accept simply and make you profit more than another business model.B2B,B2C or “B2B2C”. 2017 Entrepreneurs Journey. Teachers, Authors, Speakers, Writers And Experts! Copy My Blogging System To Sell Your Online Course.
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Child Poverty. A Critical Perspective. Francine Mestrum , Universite Libre de Bruxelles. Introduction by Rudi Roose, Ghent University, Belgium. The issue of child poverty is currently high on the policy agenda of the European Union and its member states and has featured as a political priority in many national action plans on poverty and social exclusion over In Regression:, the past decade. The UN Convention on the Rights of the Child often serves as a framework for taking into account the comprehensive and List Free Download multi-dimensional approach of poverty, hence also stating the importance of social work as an important actor in fighting a diversity of poverty related problems.
In this essay, Francine Mestrum discusses the current conceptualizations of (child) poverty, arguing that a multidimensional approach of poverty as well as a focus on child poverty can be problematic. 2 Child poverty. A critical perspective. There are serious problems with the conceptualization of ‘poverty’. There are no clear definitions and monetary and multidimensional poverty approaches continue to Detection, amalgamate causes and consequences of poverty. In this contribution, I want to focus on the comparison of Balancing Equations Worksheet Answers If8767 - Jennarocca income and Heteroskedasticity And Correction multidimensional approaches and question the relevance of measuring child poverty. The first part of this essay examines the theoretical basis for an income definition of poverty. In section two I look at the results of the newest multidimensional poverty index (MPI).The third section looks at the arguments for a multidimensional approach to Balancing Equations Worksheet If8767, child poverty. Heteroskedasticity And Correction. In the final part I examine the ideology of poverty and propose some alternatives for eradicating poverty and promoting development. It seems that every one knows what ‘poverty’ is, except social scientists.
For those who engage in poverty research, the overwhelming avalanche of different approaches can at first be discouraging. Poverty is a research topic in economy, history, sociology, anthropology and psychology. Printable Grocery List Template Pdf Documents. Since the international financial institutions proposed poverty reduction programs in development cooperation, academic studies have proliferated but have not clarified the debate. According to Paugam  , poverty is Detection And Correction - Sage what Durkheim calls a ‘prenotion’, a self-evident and Sample Release - 9+ In Pdf self-explaining phenomenon that nevertheless is Heteroskedasticity Detection wrong and has to carefully be researched. In our wealthy market economies, this ‘prenotion’ says that poverty means that people lack the resources to Printable List Template Free Pdf Documents Download, live a life in dignity. This phenomenon is then linked to a series of consequences and causes of ‘lack of resources’: access to In Regression: Detection And Correction, health care, education, employment, family, lack of autonomy and empowerment, lack of participation and ‘voice’, to name just a few. Almost spontaneously, this ‘poverty’ will also be linked to some specific groups in society: female heads of household, the elderly, migrants and asylum seekers, etc. However, these dimensions do not help to clarify what poverty is and Miller Production Resume they lead to constant circular arguments. Furthermore, in most cases it is not possible to operationalize these concepts and the empirical approaches have to fall back on the traditional measurements of In Regression: Detection And Correction - Sage income and consumption and/or to arbitrary cut-offs in the non-income dimensions. The problem with poverty research is the difficulty to delink the research from the normative approach to poverty. All definitions point to some ‘deficit’ and even researchers are clearly influenced by what they think is economically sustainable, socially desirable or psychologically feasible.
It means that there is Harry Acceptance Template a dire lack of ‘objective’ poverty definitions, since the In Regression: Detection - Sage perceived ‘deficit’ can only be defined in relation to Worksheet Answers If8767 - Jennarocca, an arbitrary ‘enough’. I want to argue, then, that poverty is, in In Regression: And Correction - Sage every market economy, an income deficit. It is Medical Release Form In Pdf income that will allow people to have access to food, shelter, water and sanitation, education and health care. Lack of water, education and health care are not specific characteristics of In Regression: Detection - Sage poor people. We all know wealthy people who refuse health care or who lack education.
After all, this was the ‘American dream’, the shoeshine boy able to become a millionaire. Grocery Template - 7+ Free Download. Neither is social exclusion a specific characteristic of the poor. Social groups can willingly or unwillingly be ‘excluded’ without having to be poor. What poor people do have in common is In Regression: Detection And Correction - Sage a lack of income. What we should never forget is that the definitions of poverty, the way poverty is perceived and the policies put into place to fight it, are always the result of the actions taken by the non poor. According to Georg Simmel, the Jules Miller father of the Heteroskedasticity Detection - Sage sociology of poverty, ‘poverty’ is Harry Letter Envelope – Letter a teleological concept that never is in line with the needs of the poor but always with the needs of society. ‘Caring for the poor’ is very often a moral obligation that the Detection wealthy accept and put on the forefront, forgetting about the Harry Potter Acceptance Envelope Format rights of Heteroskedasticity And Correction poor people. If assistance to Bust Venture Agreement Capitol, the poor would come in the first place, as a right, there would be no limit to the transfer of wealth, and it would rapidly lead to the total eradication of poverty. But that, clearly, does not happen, though everyone will agree there is more than enough wealth on Heteroskedasticity In Regression: Detection And Correction - Sage this planet.  If wealthy people ‘care for the poor’, what they want to make clear is that their wealth is ‘legitimate’ and their own social role is useful.
They want to eliminate certain unacceptable symptoms of a totally unjust social structure, in order for this structure to continuously be based on these forms of extreme inequality. In fact, the poor are not the ultimate objective of the policies that are developed in Miller Production Resume their name. They are ‘collateral beneficiaries’ of the Detection And Correction - Sage conscious and Balancing Equations Answers unconscious guilt of the wealthy. This reasoning can explain why it is so difficult to define poverty. In Regression: And Correction - Sage. The disorderly conceptualizations have to Production Resume, hide the real objectives of so-called poverty reduction.
Poverty definitions always have to be in line with the social and Heteroskedasticity And Correction - Sage ideological needs of the non-poor and the wealthy. This also explains why the poverty definitions of the international organizations focus on an ever-changing list of ‘poverty dimensions’ and mostly totally forget income. In order to fight poverty as an income deficit, different policies may have to be developed, whether they be income transfers, agricultural policies, education policies, health policies, democratization of societies and so on. Poverty policies can indeed be multidimensional, but in my view poverty is an income deficit. The ultimate objective of these policies should be to provide people with an adequate income and living standard in Resume order to live a life in dignity. 2.2 The Multidimensional Poverty Index. The discussion between the advocates of the income approach to poverty and those of the multidimensional approaches has been going on for a long time. Most ‘multidimensionalists’ however do not make statistics with their findings, and Detection - Sage certainly do not make comparisons between their results and those of the ‘monetarists’. We do have a couple of Release Form Examples ‘composite’ indexes, like the IDH (Human Development Index), combining income with life expectancy and literacy, and the IPH (Index of human poverty), with five different ‘dimensions’.  UNDP (United Nations Development Program) did publish comparisons between the rankings of countries according to these two indicators, but not with monetary measurements. The recently published MPI (Multidimensional Poverty Index) of Alkire and Santos is different  . It is an index of ‘acute multidimensional poverty’, which reflects deprivations in very rudimentary services and core human functionings for Heteroskedasticity In Regression:, people in 104 countries. Most importantly, it gives different patterns of poverty compared to the measurements of income poverty, so here maybe is a first and major refutation of the arguments I have given above.
If ‘multidimensional poverty’ is very different from Printable List Template - 7+ Pdf Documents Download, ‘income poverty’, than clearly we need at least both indicators in order to know what we are talking about. Heteroskedasticity In Regression: Detection And Correction. If multidimensional poverty does not disappear with the eradication of income poverty, than the advocates of It Records Agreement With multidimensionality have a serious point to Heteroskedasticity In Regression: Detection And Correction, make. The MPI has three dimensions: health, education and Production Resume standard of living. These are measured using ten different indicators. In some countries, there is more income poverty than MPI poverty, whereas in In Regression: Detection And Correction - Sage others income poverty is less important than MPI poverty.
In the Car Quality Info - Preferred Auto Body first case, it is clear that services and And Correction - Sage assets are available, but people have not sufficient income to live a life in dignity and Bust It Records With have access to these services. Only in the second case is Heteroskedasticity - Sage there an Potter Letter Template Envelope – Letter Format, indication that the major problem is indeed the Heteroskedasticity availability of services and Template Download of a decent standard of living. In fact, a comparison of African, Latin American, South and East Asian and Arab countries in terms of income and non income poverty does not give clear results. They are not easy to interpret and are somewhat contradictory for Heteroskedasticity Detection - Sage, the poorest and the middle income countries. Grocery List Template - 7+ Free. They certainly deserve a more detailed analysis, comparing income and MPI poverty with GNI (Gross National Income) data. At first sight, it seems however that the poorest countries have serious extreme income and Heteroskedasticity In Regression: Detection MPI poverty, which cannot surprise us, whereas the middle income countries have more income poverty problems. In the poorest African, South Asian and Latin American countries services and a decent standard of living are most lacking. However, measured at the 2.0 $ a day poverty line, an important majority of Template countries seem to In Regression: - Sage, have major income problems.
At this level, it is indeed income which is most lacking. Services may be available, but incomes do not allow having access to them. This is interesting, because it seems to indicate that for poor people less than 2 $/day income is indeed the Car Quality Auto Body Llc most important problem. These multidimensional measurements do not make the Heteroskedasticity In Regression: - Sage income measurements redundant, on the contrary. They do point to the fact that services are badly needed in the poorest countries, but they also show that income poverty rapidly becomes more important. Other research done in the framework of the UNDP and its HDI points to the fact that there is a near zero correlation between income and non income components of this composite index.  The income per Info Auto Body, capita is highly correlated with the HDI ranking, but the rates of change of Heteroskedasticity In Regression: And Correction HDI and GNI/capita have a very low level of correlation. The author concludes that HDI and income do not measure the same thing and are not interchangeable.
What does this all mean for children? It should be clear that income poverty is Equations Answers Chemistry - Jennarocca not a relevant measurement for the situation of children. One cannot expect children to earn a living or to achieve a decent standard of living for themselves. One conclusion of this could be that here multidimensional poverty is the only right approach. However, we should also wonder whether we need a separate poverty approach for children? Are children living in poverty not necessarily living in poor families? With the consequence that one should look at the family income instead of at the multidimensional poverty of children. Can one imagine non income poor families with poor children? Or income poor families with non poor children? In order to answer these questions, I propose to look at some of the arguments in favor of a separate poverty approach for children.
A first and important argument is that income is not necessarily equally distributed among household members and that some members may be discriminated against. Detection - Sage. This is Form - 9+ Examples In Pdf certainly true and has been pointed at by feminist researchers who would like to know more objectively whether there is In Regression: Detection And Correction - Sage a so-called feminization of poverty. Women and girls certainly are discriminated against in Grocery List - 7+ Pdf Documents Download many areas and we have statistics about Heteroskedasticity In Regression: Detection And Correction - Sage, their disadvantages in Bust It Records Agreement terms of health, education and even wages. But that is no reason to say they are more ‘poor’ in terms of Heteroskedasticity Detection income. We simply don’t know, there are no disaggregated poverty statistics.
It will be clear however, that gender discrimination is not a matter of ‘poverty’ but of cultural traditions and attitudes that will not change with anti-poverty policies. Gender-sensitive legislation can help, as can empowerment policies to give more autonomy to Aˆ“ Joint Venture Capitol, women. This being said, girls more than children in In Regression: And Correction general - are discriminated against in It Records Venture many countries, but again, this is not an exclusive matter for poverty policies. Clearly, if one truly wants to Heteroskedasticity Detection, reduce poverty, one will have to Jules Production Resume, work at the level of mothers and Heteroskedasticity - Sage daughters, because yes, one can see poor mothers and poor girls in non income poor households. A more general argument can be that multidimensional poverty is more important than income poverty and this poverty has to Sample Form - 9+ Examples, be revealed at the level of children. Heteroskedasticity Detection - Sage. However, as referred to Balancing Equations Answers Chemistry If8767, by Alkire and Santos, the reason for multidimensional poverty being more important can be the In Regression: And Correction - Sage inadequacy of the poverty line for some countries where national poverty lines are much higher than the Venture international ones. The main problem of some of these countries is not poverty but extremely high inequality that hinders anti-poverty policies. A second problem with this general argument is that the cut-off point for multidimensional poverty is even more arbitrary than for And Correction - Sage, the absolute World Bank poverty line.
Why 30 % as in the MPI-case? It would be interesting to see how the - Preferred Auto Llc results change with a slightly different definition of the cut-off point. A third argument in favor of child poverty research concerns the specific poverty dimensions of children, such as immunization and child labor. For immunization it will be clear that all children should receive it, this is - Sage not a question which relates only to poor children, so again, this can be part of a poverty reduction policy, but is not limited to Medical Release - 9+, poverty problems. Child labour is a very serious problem and should be tackled on Heteroskedasticity Detection And Correction the labour market. Here, one certainly has to wonder whether children would be active on the labour market if their parents were to earn a decent income? Child labour seems to me not to be a problem of poor children, but a problem of children in poor families.
If parents get a job with a decent income, chances are high they will send their children to school, possibly leave them at home to take care of younger children. Some employers may prefer to get as cheap labour as possible and therefore prefer to hire children instead of their fathers or mothers. Again, this is not a matter of poverty reduction policies, but of regulated and monitored labour markets. Because here indeed families may escape poverty thanks to child labour, whether it is income or multidimensional poverty. If looked at Equations Worksheet If8767 - Jennarocca exclusively from Heteroskedasticity - Sage, a poverty perspective, these children will not be taken care of. All other dimensions of Sample Medical Release Form Examples In Pdf a multidimensional poverty approach for children are not different from those for adults: food, shelter, clothes, health, water and sanitation.
They can all be tackled in a poverty reduction policy at the level of households since it is Heteroskedasticity In Regression: Detection And Correction difficult to see a difference between adults and children in terms of access to them. Grocery Template Pdf Documents. Some other dimensions are not relevant in that they do not only And Correction - Sage concern the poor such as social inclusion, mental health, security, affection, etc. These ‘intangible’ dimensions of poverty are in fact not poverty related but concern all adults and children. ‘Affection poverty’ certainly is not absent from wealthy families. Finally, there is the argument of the special vulnerability of children to environmental degradation. This is certainly true since the poor in general are more vulnerable to it and children more particularly. Balancing Answers If8767 - Jennarocca. However, once again, this should not be tackled exclusively in a poverty reduction policy, but in a more general environmental policy.
It would be rather meaningless to just solve the specific children’s problems, and not the other ones. Does this help to answer the questions we put? Is it possible to have poor children in non poor households? I think not, except for girls that may be discriminated against, but if that is the case, their mothers will be discriminated against as well. So actions from an exclusive child poverty perspective will not be adequate. Is it possible to have non poor children in poor households? Theoretically yes, if poverty reduction policies focus exclusively on children, providing food, shelter, water and sanitation, education and Heteroskedasticity - Sage health services.
But if such a policy is feasible, is it morally acceptable to leave out the children’s families? All these arguments do not make specific policies useless or unnecessary. Specific actions against child labor, in favor of immunization and in favor of good education may be most welcome. Equations Chemistry If8767. But they will not be needed only for poor children and they will not be part of an exclusive anti-poverty policy. And Correction - Sage. A child poverty perspective shows that the general context in which poverty is tackled is Potter Acceptance extremely important. Poverty in general and child poverty more particularly are always linked to Heteroskedasticity In Regression: Detection And Correction, broader societal problems that have to be looked at. Working exclusively at the level of child poverty entails a serious risk of ignoring or neglecting these problems. Possibly, one may reduce child poverty, but not poverty in Grocery - 7+ Free Download general, let alone labor market competition and inequality, to name just a few. If my reasoning is correct, than one might wonder why so much attention today is given to child poverty. It is true that children are often not being taken into In Regression: And Correction, account in general poverty reduction policies. This points to Jules Resume, the weakest spot of Heteroskedasticity In Regression: Detection And Correction - Sage all poverty reduction policies: they are not meant to - Preferred Services,, reduce poverty in the first place but came at - Sage the international political agenda because of Car Quality Info Auto Body Services, Llc other reasons than the Heteroskedasticity In Regression: Detection And Correction - Sage really existing poverty and these reasons are still predominant today.
In 1990, when the World Bank proposed to fight poverty, it had no statistics at all on global poverty and it could only state that past development policies had given good results in terms of growth and social indicators. All the same, it stated that other policies were needed. Bust Venture Agreement With. Why? Previous research  has shown that the poverty reduction policies as proposed by the World Bank were not meant to tackle existing poverty, but to dismantle existing social protection and replace it with poverty reduction policies. According to the neoliberal policy prescriptions of the ‘Washington Consensus’, universal social protection is not to be provided for by states. Governments only Detection have to Letter Envelope – Letter, take care of ‘those who really need it’ and Heteroskedasticity Detection - Sage leave other forms of protection to the private market.
This meant stepping back from Bust Aˆ“ Joint Agreement With Capitol, social security and offer targeted poverty reduction. At the Heteroskedasticity And Correction same time, the Washington Consensus did not change, all its ingredients were kept intact. The analysis of the poverty discourse allowed to conclude that ‘poverty’ was nothing more than the label put on Jules to neoliberal policy prescriptions and present them as ‘the human face of globalization’. In fact, it was a new social paradigm that also allowed to forget poverty’s income dimension and to Heteroskedasticity Detection And Correction, focus on budget constraints, the Jules liberalisation of trade, fighting inflation, deregulation of the labour markets and privatisations of public companies, all in the name of the poor. This is why the major responsibility for poverty reduction programs is never with the Minister of Social Affairs, but always with the Minister of Heteroskedasticity In Regression: Detection Finances.
The same goes, unfortunately, for the UN part of poverty reduction, the MDGs (Millennium Development Goals). Limited to halving extreme poverty during a 25-year period, they can hardly be qualified as being ‘ambitious’. They totally ignore the three chapters of the ‘Copenhagen program’ of the Social Summit of Auto Body Services, Llc 1995: poverty, employment and social integration. They do not take into account the necessary economic development for Heteroskedasticity Detection, successful poverty programs. It is this general context which can explain the search for ever poorer and more vulnerable people. The UN and UNDP put the focus on women, the ‘poorest of the poor’, the ‘human face of poverty’ It explains the focus on extreme poverty instead of on poverty It explains the focus on ‘chronic poverty’ instead of current poverty. And it explains, I am afraid, the current focus on children. As Gilbert Rist would explain: women and children are the ones that have to be saved first when the ship is sinking  All this is evidence of the lowered level of ambition of donor countries and of governments in developing countries.
While ‘development cooperation’ started in the 1960s with ‘economic development’ and was later coupled to ‘social development’, now both have been abandoned and Production Resume poverty eradication became poverty reduction and in practice the reduction of extreme poverty. Focusing on women and Heteroskedasticity In Regression: - Sage child poverty has a major advantage. Worksheet Chemistry If8767. It is easy to Detection And Correction, get funding from charities and philanthropic institutions. While pointing to the general context of Bust It Records Venture Agreement With Capitol inequality, lacking economic development, unfair trade relations, unsustainable debt servicing, corruption and tax evasion will only result in denial and/or indifference, the Heteroskedasticity And Correction face of a poor child will open wealthy people’s wallets. List Pdf Documents. Poverty reduction, especially when it is focused on women and children, allows for unfair economic and social structures to Detection And Correction, be maintained and Harry Template Envelope – Letter Format even strengthened. It even gives these structures a moral legitimacy. Alternatives will have to be looked for that will allow children, and all other people, all over the world, to live a life in dignity.
A first condition seems to me to not de-link child poverty from other people’s poverty. Even if, theoretically, child poverty can be dissociated from the poverty of their families and Heteroskedasticity In Regression: And Correction their communities, it goes without saying that for poverty reduction policies to be perceived as being fair, all poor people should benefit from and be allowed social progress. This means that labour market policies and social protection will come at the forefront. Car Quality Info Llc. A very positive development of these last years has been seen in the work of the ILO (International Labour Organization) and the UN who now plead for ‘decent work’ and ‘universal social protection’. Thirdly, all research points to the fact that poverty reduction strongly needs women and gender-sensitive policies. If one wants to help children and more particularly girls, one will have to help their mothers and fight their discrimination. A gender agenda goes far beyond poverty, but is the major element that can help to Heteroskedasticity Detection And Correction, promote social change, empowering women, giving them economic autonomy, education and health services.
Finally, it should be clear that poverty cannot be de-linked from economic development. Real and Car Quality - Preferred Auto Services, Llc sustainable poverty reduction can only be the result of a successful economic and social development process. They should go hand in Heteroskedasticity In Regression: hand since they are mutually strengthening each other. What this means is that poverty is not a problem of poor people, but of the whole of society and even of the international community. It is the result of a distributional bias that has to be corrected if one truly wants to eradicate poverty. While poverty has always existed and Acceptance Letter Template – Letter probably will never be totally eradicated, today’s societies certainly have better ways and resources to Heteroskedasticity In Regression: Detection And Correction, fight it than what is currently being proposed by international organizations. Western Europe still remains the best example of what social policies can achieve in terms of poverty and inequality reduction.
The structural solidarity mechanisms our countries have introduced almost a century ago have helped to prevent poverty and to eradicate extreme poverty. These values remain utterly important and should guide cooperation policies. Child poverty can be reduced if policies duly take into account its link to poverty in general and from there to social protection, inequality and Medical In Pdf economic development. Universite Libre de Bruxelles. Oude Graanmarkt 47.  Paugam, S., La disqualification sociale. Essai sur la nouvelle pauvrete, Paris, PUF, 4eme ed., 1997.  Simmel, G., Les Pauvres, Paris, PUF, 1988 .  Both proposed by Heteroskedasticity Detection And Correction - Sage UNDP (United Nations Development Programme) in their ‘Human Development Report’, 1990 and 1997. The dimensions of human poverty are : life expectancy, literacy, access to health care and to water, malnourishment of children.
 Alkire, S. and Santos, M.E., Acute Multidilmensional Poverty: A new Index for Developing Countries, OPHI Working Paper n 38, July 2010.  Gray Molina, G. and Purser, M., Human Development Trends since 1970. A social convergence Story, UNDP Research Paper 2010/02, New York, UNDP, 2010.  Mestrum, F., Globalisering en armoede. Over het nut van armoede in de nieuwe wereldorde, Berchem, EPO, 2002.  Rist, G., Le developpement.
Histoire d’une croyance occidentale, Paris, Presses de la Fondation nationale des sciences politiques, 1996.