Английский язык. Практический курс для решения бизнес-задач

annualize v – пересчитывать на годовой основе

annualized a – пересчитанный на годовой основе

23. passage n – зд. прохождение, принятие (закона)

pass v – принимать (закон)

24. Small Business Administration (SBA) – Администрация по делам малого бизнеса (США)

25. Small Business Investment Company (SBIC) – инвестиционная компания для малого бизнеса (США)

26. Federal Reserve Board (FRB)

– Совет управляющих ФРС (США)

27. merchant bank – торговый банк (Великобритания, сходен с инвестиционным банком по функциям)

28. boom n – бум, быстрый экономический подъем, период экономического процветания

boom v – быстро расти, процветать (об экономике)

29. strike price – цена исполнения

30. National Association of Securities Dealers Automated Quotations (NASDAQ) – Автоматизированные котировки Национальной ассоциации дилеров по ценным бумагам (НАСДАК)

31. slump n – краткосрочное падение экономической активности или цены конкретной ценной бумаги

slump v – снижаться, падать (об экономической активности или цене ценной бумаги)

Exercise 1. Answer the following questions.

1. What are the main differences between venture capital and the traditional financing? 2. Who are the partners of venture capitalists? 3. What are the characteristic features of fixed-lifetime funds? 4. What are the usual forms of a VC investment? 5. Is venture capital suitable for many entrepreneurs? 6. What is the usual proportion between successes and failures in the VC industry? 7. How can venture capitalists mitigate the risk of failure? 8. How was the VC industry launched? 9. How did the Small Business Investment Act of 1958 promote the VC industry? 10. Why has venture capitalism developed more actively in the US than elsewhere in the world? 11. What was the contribution of the dotcom boom to the development of the VC industry? 12. What were the effects of NASDAQ crash and technological slump? 13. How is the VC industry developing worldwide?

Exercise 2*. In general, businesses set up through venture financing develop by stages described below. Match the names of these stages given under the leading «Venture Financing Terms» with their definitions given below and describe evolution of a fledgling company through these stages.

Stages of Development of a Business

1. source of funding for the early stages of a startup venture where the product, process, or service is in its conceptual or developmental phase

2. from founding the business to the beginning of operations and the generation of revenue

3. initial growth phase, funded by the initial capitalization. Management and operations are in place, and markets initially identified are being penetrated using available resources

4. the business seeks to expand its product line, expand its facilities, identify and penetrate new markets, and continue the growth phase

5. the business is established in its target markets

6. financing provided, usually by private investors or venture capital firms, prior to a company going public, or initiating its next stage of financing

7. an offering of debt, equity or limited partnership interests to a small number of investors (generally 35 or fewer) on a ‘private’ basis. Exempt from the registration requirements of the securities laws

8. either the percentage reduction of ownership in a company resulting from the sale of additional shares of stock, or the difference between the price paid by investors in either a private-placement or public financing

9. the process of investigation by venture capital firms and other investors of a company, its business, and financial plans, prior to proceeding with an investment

10. a study that evaluates a proposed venture’s potential for success

11. an equity ownership position that is provided to a funding source as compensation, or additional compensation, for providing management consulting, financing or miscellaneous services

12. the value assigned to the entrepreneur’s contribution or investment of time and effort in the venture

Venture Financing Terms:

Private Placement. Feasibility Study. Seed Capital. Mezzanine Financing.

Sweat Equity. Startup. First Stage. Dilution. Second Stage. Equity Stake.

Third Stage. Due Diligence.

Exercise 3*. Which of the following statements are not correct and why?