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	<title>创业投资与创业融资 &#187; 创业融资</title>
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	<description>VC, 创业, 风险投资 -- 文章汇总</description>
	<lastBuildDate>Fri, 20 Jan 2012 14:43:14 +0000</lastBuildDate>
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		<title>并购套现的陷阱</title>
		<link>http://www.vc-investment.net/blog/binggou-taoxian/</link>
		<comments>http://www.vc-investment.net/blog/binggou-taoxian/#comments</comments>
		<pubDate>Fri, 20 Jan 2012 14:40:45 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[并购]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=335</guid>
		<description><![CDATA[（ZT）并购套现的陷阱         价格是笔糊涂账 案例一 W公司面临被收购，几家有意购买的公司来洽谈，但报价千差万别：A公司以未来对方可以带来多少收入来报价;B公司采取“历史成本法”，以W公司创业过程中花了多少钱来定价;C公司采取“成本节约法”，以收购A公司之后可以为其内部节约多少成本去折算。W公司很困惑：自己究竟值多少钱? 解读 目前中国市场本土的收购案中，报价还不够市场化。卖家最好先请个财务顾问来做价格评估，往往需要通过估值来计算，尤其是也要考虑收购方的估值问题：如果对方的市盈率是10倍，那么收购的价格应该也以未来的市值来计算，卖家的价格最好可以将利润乘以10倍。一般彼此都有个价格预期，由买方先提价，如果卖家认为过低可以提示重新报价，如果接近预期就可以稍作“还价”。 但如果卖家的经营每况愈下，通常买方也就直接提出一个价格听卖家回答“yes”或“no”。如果当时卖家还有负债，买方收购后就要先替其还债，收购价会将欠的债款作为对价减出去。 “乱中失守”最终贱卖 案例二 A公司刚刚达成收购B公司的意向，就遭遇竞争气氛：听说另外两家公司也想收购B公司，貌似已经开始哄抬价格了。为了与B公司讨价还价，A公司派出“商业间谍”去了解B公司的内部隐情，发现对方有专利、法律方面的风险，收入核算中也有造假嫌疑，握住对方把柄，趁机杀价。最终以低价收购B公司。 解读 如果一笔交易涉及上千万元人民币，派出一个“线人”去进行“特殊的尽职调查”也是值得理解的。相对来说，TMT行业拥有一些第三方工具去评估“每日独立访客”等指标，而在其他行业，派“线人”进行卧底还是会存在的。中国的收购案例不多，一大原因就是信任感缺失，惟一能做的就是双方保持诚信。 评语 为了“了解B公司的内部隐情，发现对方有专利、法律方面的风险，收入核算中也有造假嫌疑”，这些情况通过正面的尽职调查程序也应该是可以发现的。 如果尽职调查中卖方不愿意提供专利、法律、收入核算方面的具体材料，或者不愿意正面回答买方提出的相关问题，或者回答的似是而非、逻辑混乱，这就立即给买方敲了警钟。 本案例中买方是否有必要使用商业间谍呢？是不是因为买方嫌尽职调查程序太麻烦呢？此案例中买方所用手段似乎不宜模仿。 &#160; 被对方用股票反向套牢 案例三 非上市公司A公司收购C公司时提出，自己很快将上市，希望以股票的形式对C公司进行支付，自己打算发行每股1元钱的10000万股(总价为一亿元人民币)，支付给C公司5000万股(价值5000万元)。但上市后发现A公司市值不足一亿元人民币，每股只相当于五角，使C公司的收入也跟着缩水。锁定期之内不得抛售股票，锁定期结束后，C公司发现股价继续在向下跌，C公司无法脱手套现，只能认赔。 解读 只要有“Milestone”就有不确定因素，同样，只要支付会以股票形式，就会有难以套现的可能性。收购之前，卖主需要分析自己与买方公司的估值问题，分析现金与股票哪个更合算;对锁定时间也要有权衡，如果时间太长，在可以抛售之后的股价很难预测，无异于自我锁定。另外要注意，如果是上市公司进行收购，对方最好在一个流动性较强的股票市场，否则投资人普遍不太关注这个市场，抛售的时候很可能就卖不掉了。 评语 C公司在成交之前很可能完全理解原文中的下面这段解读： “要支付会以股票形式，就会有难以套现的可能性。收购之前，卖主需要分析自己与买方公司的估值问题，分析现金与股票哪个更合算;对锁定时间也要有权衡，如果时间太长，在可以抛售之后的股价很难预测，无异于自我锁定。” 双方之所以成交的实际原因，在于C公司看涨A公司的股票而A公司看跌自己的股票。 IT WAS SOMETHING OF A JUDGMENT CALL. &#160; 股票、现金两空 案例四 某集团A打算收购几家公司后打包为公司B，进行整合上市。在收购E等几家公司后，给每家支付了1000万元人民币并占股80%。之后突然决定为收购后的公司进行增资，劝说E公司将1000万元参与进增资，但此后E公司虽然还占20%的股份，却并不占增资后准备上市的公司B的股份。最终E公司既没有得到现金支付，又不占上市公司股份，上市后无法分红。 解读 其实问题出在这个环节上：如果创业者决定进行增资，应当主动提出要占有上市公司的股份(以W公司为例，如果这家公司占整个B公司业务的20%，在B公司的股份就应当是20%×20%=4%)，但除非最后会面临重组，否则买方并不触犯法律，卖家也无可奈何。其实创业者也可以选择不去增资，如果还属于管理层，就有选择权，或者即使增资也要让大家按比例来，自己出20%的资金。 倒推来看，也说明创始人对卖掉公司的目的不明确：究竟是想要现金还是上市公司的股份? 保密不周的恶性结果 案例五 F公司与K公司签订了Term Sheet，在这段时间内不能和其他公司交涉收购事宜，但这段时间由于F公司保密不周，尽职调查被同事们发现，很多人知道要被卖掉，迅速离职，此后收购案也告吹。 解读 惟一的解救办法就是对内对外都严格保密。 不过还有另一种情况：如果要卖给上市公司，对方在签订Term Sheet时会主动发布公告，这时不管对方是否最终会收购你，也不管是否还有其他公司同样有意收购，你要出售这件事已成板上钉钉。 评语 1. 即使是和上市公司签了TERM [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>一个天使投资的交易结构</title>
		<link>http://www.vc-investment.net/blog/%e4%b8%80%e4%b8%aa%e5%a4%a9%e4%bd%bf%e6%8a%95%e8%b5%84%e7%9a%84%e4%ba%a4%e6%98%93%e7%bb%93%e6%9e%84/</link>
		<comments>http://www.vc-investment.net/blog/%e4%b8%80%e4%b8%aa%e5%a4%a9%e4%bd%bf%e6%8a%95%e8%b5%84%e7%9a%84%e4%ba%a4%e6%98%93%e7%bb%93%e6%9e%84/#comments</comments>
		<pubDate>Sat, 19 Mar 2011 14:38:14 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[天使投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=276</guid>
		<description><![CDATA[方案如下： 1，出资者两人，各40万，经营者出资20万。 2，当绩效目标1（当月收支平衡）1年内达到时，经营者再获得10万股份。 3，当绩效目标2（投入成本收回）2年内达到时，经营者再获得10万股份。 4，经营者有权以每年50%溢价收购直到49%股份。（MBO） &#160; 这个交易结构考虑到了各个方面的利益和风险。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<item>
		<title>推荐一个企业融资用的项目简介报告模板</title>
		<link>http://www.vc-investment.net/blog/%e6%8e%a8%e8%8d%90%e4%b8%80%e4%b8%aa%e4%bc%81%e4%b8%9a%e8%9e%8d%e8%b5%84%e7%94%a8%e7%9a%84%e9%a1%b9%e7%9b%ae%e7%ae%80%e4%bb%8b%e6%8a%a5%e5%91%8a%e6%a8%a1%e6%9d%bf/</link>
		<comments>http://www.vc-investment.net/blog/%e6%8e%a8%e8%8d%90%e4%b8%80%e4%b8%aa%e4%bc%81%e4%b8%9a%e8%9e%8d%e8%b5%84%e7%94%a8%e7%9a%84%e9%a1%b9%e7%9b%ae%e7%ae%80%e4%bb%8b%e6%8a%a5%e5%91%8a%e6%a8%a1%e6%9d%bf/#comments</comments>
		<pubDate>Sat, 19 Mar 2011 12:43:05 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[融资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=272</guid>
		<description><![CDATA[这里是一个企业融资用的项目简介提纲。注意一定要突出卖点 The Hook : 提供一些令人兴奋的统计数据，叙述精要，用一句话讲清楚你想做什么，用两三句话说清楚为什么值得做。 项目简介报告格式 项目名称 报告起草人 起草日期： 年 月 日 联系方法： （整份报告不超过三页。） 1 企业简介 1）企业的名称 2）企业的所在地 3）企业注册资金 4）企业的所有制形式 5）主要股东及其所持股份的多少 6) 公司员工数量 7）行业和性质 8）现有规模（营业额、总资产、净资产、利润、员工数）。 2 项目发起人或管理人资历 包括公司的主要管理人员职务及资历。 3项目技术或产品简介 科技项目或产品的名称， 简要介绍科技项目或产品的特性， 市场前景， 知识产权归属。 典型产品的BOM 4 市场及销售 1）如果产品已经推出市场，销售量是多少？ 2）产品的毛利是多少？ 3）主要客户是谁？ 4）销售渠道是那些？ 5）预测的整体市场的销售额及销售量将是多少？ 6）市场的主要竞争对手是谁？ 7）战胜竞争对手的优势是什么？ 8）市场策略及手段? 5 财务状况 过去和未来几年的财务状况 年份 2008 2009 2010 2011 2012 2013 营业金额 [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>创业初期就需要营销，营销就是经纪</title>
		<link>http://www.vc-investment.net/blog/chuangye-yingxiao-jingji/</link>
		<comments>http://www.vc-investment.net/blog/chuangye-yingxiao-jingji/#comments</comments>
		<pubDate>Sun, 06 Feb 2011 10:45:41 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[经纪人]]></category>
		<category><![CDATA[销售]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=269</guid>
		<description><![CDATA[创业初期融资成功最有可能的是找到天使投资。天使是什么样的最好？当然是在同行业有企业经营经验的最好，因为这样天使可以把企业经营的经验传给创业人而且可以引荐业内联系和政府关系。天使同时也是创业企业的经纪人。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">什么人创业最有把握成功？</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">什么人创业最容易成功</font>
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		<title>投资人和技术入股创业者的股权作价博弈</title>
		<link>http://www.vc-investment.net/blog/touziren-jishurugu-guquanzuojia/</link>
		<comments>http://www.vc-investment.net/blog/touziren-jishurugu-guquanzuojia/#comments</comments>
		<pubDate>Thu, 18 Nov 2010 13:26:27 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[作价]]></category>
		<category><![CDATA[创业者]]></category>
		<category><![CDATA[技术入股]]></category>
		<category><![CDATA[投资人]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=266</guid>
		<description><![CDATA[携高新技术项目想创业的技术佬，有很多可能潜意识作怪故意给自己设一个跨不过去的槛，过一把创业幻想证明自己价值的瘾，然后给自己一个光冕堂皇的理由（不是我没有努力过，是我没有找到识货的”），继续打工过领工资的神仙日子。 有一小部分稍微现实一些的，最后自己掏钱，自己投入机会成本，投入这个他自己声称价值很高的项目。找个地方落下脚来。 . 这里假设一个简化的投资案例：有一个技术佬，些世界先进技术，自认为价值10,000万RMB。找到一个有闲钱的老板，寻求1000万RMB的投资。 下面是我给出非标准部分解答。 . 就我的观察，技术佬创业大约有40%白折腾一场的，最后收摊走人；有30%不温不火，能够维持糊口；有30%算是成功的，而成功的里面绝大部分实现的价值只有原来预计的几分之一。 创业人数 _________ 40% __ 30% __ 30% 实现价值 __________ 0% __ 10% __ 30% 加权乘积 __________ 0% ___ 3% ___ 9% 加权平均__________12% . 如果技术投入方协一项技术寻找投资人，他自认为他的技术值一个亿RMB。按照上面的计算，有经验的投资人只能给他作价0.12个亿RMB。很多技术投入方，到这儿就与投资人谈不拢了，每个技术投入方都认为自己是Top 5%， 认为自己的项目是Exceptional Good，结果就是胜利打退堂鼓继续给资本家打工。剩下的不多几个，认可的投资人的折扣系数，经过讨价还价，价值谈高了一点，双方认可技术作价1220万RMB，海归坚持控股，于是投资人投入1000万RMB、现金运作这个项目。股份比例计算如下： . *_______________ 价值 ___________ 股份比例 技术作价_____ 1,222 _____________ 55% 投资人现金___ 1,000 _____________ 45% . 一个项目，值不值得继续做下去，平均两年基本上见分晓。现在来看看技术投入方机会成本和投资投入成本的比较。假设技术投入方因为全职回国，每年减少税后收入10万美元，两年折合136万RMB。 . ********************* 每年收入减少 年数 减少收入(合计) 技术持有人机会成本______ [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">单纯以技术作价控股成立合资公司，结果是双方都不满意。</font>
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		<title>什么人创业最容易成功</title>
		<link>http://www.vc-investment.net/blog/%e4%bb%80%e4%b9%88%e4%ba%ba%e5%88%9b%e4%b8%9a%e6%9c%80%e5%ae%b9%e6%98%93%e6%88%90%e5%8a%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e4%bb%80%e4%b9%88%e4%ba%ba%e5%88%9b%e4%b8%9a%e6%9c%80%e5%ae%b9%e6%98%93%e6%88%90%e5%8a%9f/#comments</comments>
		<pubDate>Thu, 18 Nov 2010 13:04:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[折腾]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=257</guid>
		<description><![CDATA[这年头蠢蠢欲动想折腾的多，都是青春无悔，可敬可叹。 . 在广州留交会上，见到最多的是两类项目。一类是“看到”中国的大市场，于是想个idea，然后陶醉于自己的idea，毅然已经是精神上的亿万富翁。 另一类是在国外大公司掌握一门技术，看多了成功故事，感觉老板不比自己IQ高，睡觉前想到“将相宁有种乎”这句名言，and it lucky being a Chinese nowadays, 何不回国折腾一番。于是想到N年后的自己，毅然也已经是精神上的亿万富翁。 还有一些明显知道自己靠这个项目做不成亿万精神富翁，仅仅是想折腾而已，真是何苦来呢？这些人真的缺个事来折腾么？ . 在中国，有三种人创业最容易成功。一种是在中小型公司里做业务员，然后拉一个搞生产的或做技术的出来Copy一档生意；第二种是国企改制，在国外那就MBO；第三种是有资源有关系，例如姐夫是大公司里面的采购经理或者有本事拿到政府批文。  从另一个角度来讲，做一番工商业，一个要订单，二个要有人。所以说，海归创业，是三不靠。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业成功是一种信仰</font>
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		<title>创业成功是一种信仰</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%88%90%e5%8a%9f%e6%98%af%e4%b8%80%e7%a7%8d%e4%bf%a1%e4%bb%b0/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%88%90%e5%8a%9f%e6%98%af%e4%b8%80%e7%a7%8d%e4%bf%a1%e4%bb%b0/#comments</comments>
		<pubDate>Wed, 28 Jul 2010 15:43:20 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[销售]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=208</guid>
		<description><![CDATA[创业成功是一种信仰，有信仰而又最后成功的只是一小撮。 吵吵创业的朋友，有些只看到市场，看不到真正需求；有些有了金刚钻，就想揽瓷器活。我不吭声，祝他们成功。这年头蠢蠢欲动想折腾的多，都是青春无悔，可敬可叹。 留交会上，见到最多的是两类项目。一类是“看到”中国的大市场，于是想个idea，然后陶醉于自己的idea，毅然已经是精神上的亿万富翁。 另一类是在国外大公司掌握一门技术，看多了成功故事，感觉老板不比自己IQ高，睡觉前想到“将相宁有种乎”这句名言，and it is lucky being a Chinese nowadays, 何不回国折腾一番。于是想到N年后的自己，毅然也已经是精神上的亿万富翁。 三种人创业最容易成功。一种是在中小型公司里做业务员，然后拉一个搞生产的或做技术的出来Copy一档生意；第二种是国企改制，在国外那就MBO；第三种是有资源有关系，例如姐夫是大公司里面的采购经理或者有本事拿到政府批文。从另一个角度来讲，做一个成功企业，一个要订单，二个要有人。如果有人承诺会给订单给你，你还要想想，那个订单会长久稳定么？你有成功运作这类项目的经验么？<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业初期就需要营销，营销就是经纪</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业初期如何融资？</font>
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		<item>
		<title>创业起步阶段需要注意的几点</title>
		<link>http://www.vc-investment.net/blog/chuangye-qibu-zhuyi/</link>
		<comments>http://www.vc-investment.net/blog/chuangye-qibu-zhuyi/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:58:57 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[产业链]]></category>
		<category><![CDATA[价值链]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[行业]]></category>
		<category><![CDATA[起步]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=186</guid>
		<description><![CDATA[创业起步阶段需要关注你的客户,认清企业在产业价值链中的位置,不要过分注重技术,熟悉企业所在的行业,加强企业文化建设,加强管理团队建设,善于利用外部资源,不要忽视财务管理.<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业初期就需要营销，营销就是经纪</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业初期如何融资？</font>
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</table>]]></description>
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		<title>创业融资小贴士</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e8%9e%8d%e8%b5%84%e5%b0%8f%e8%b4%b4%e5%a3%ab/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e8%9e%8d%e8%b5%84%e5%b0%8f%e8%b4%b4%e5%a3%ab/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:58:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[投资商]]></category>
		<category><![CDATA[融资]]></category>
		<category><![CDATA[贴士]]></category>
		<category><![CDATA[销售预测]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=184</guid>
		<description><![CDATA[我有个创意，我要融资！ 单有好的创意还不够, 你还需要有独特的“竞争优势”, 这个优势保证即使整个世界都知道你有这样一个创意你也一定会赢。除了有好的创意或者某种竞争优势还不够, 公司人人能建，但你会经营吗？如果你能用不多的几句话说明上面这些问题, 并提起投资商的兴趣, 那么接着你就可以告诉他你计划需要多少资金, 希望达到什么目标。 关于先入优势 需要注意的是, 先入者并不能保证长久的优势，如果你强调先入优势, 你必须能够讲清楚为什么先入是一种优势, 是不是先入者能够有效地阻碍新进入者, 或者用户并不轻易更换供应商。 注重市场而不是技术水平 许多新兴企业，尤其是高科技企业的企业家都是工程师或科学家出身。由于其专业背景和工作经历，他们对技术的高、精、尖十分感兴趣，但是投资人关注的是你的技术或产品的盈利能力，你的产品必须是市场所需要的。技术的先进性当然是重要的, 但只有你能向投资商说明你的技术有极大的市场或极大的市场潜力时他才会投资。很多很有创意的产品没能获得推广是因为发明人没有充分考察客户真正需要什么, 没有选准目标市场或者做好市场推广。投资家是商人, 他们向你投资不是因为你的产品很先进, 而是因为你的企业能赚钱。 凭什么说你能做到那么大的规模 一个常见的错误是对于市场规模的描述太过空泛, 或者没有依据地说自己将占有百分之好几十的市场份额，这样并不能让人家相信你的企业可以做到很大的规模。 为什么不提竞争对手 有些企业家为了强调企业的独特性和独占优势, 故意不提著名的竞争对手, 或者强调竞争对手很少或者很弱。事实上, 有成功的竞争对手存在正说明产品的市场潜力, 而且对于创业投资公司来说, 有强势同行正好是将来被收购套现的潜在机会。 根据市场需求量还是根据销售能力预测 销售预测的一个常见错误是先估算整个市场容量，然后说自己的企业将获得多少份额，据此算出期望的销售额。另一个值得怀疑的的方法是先预计每年销售额的增长幅度，据此算出今后若干年的销售额。 过于的乐观的估计会令人感到可笑。例如有人这样估计营业额：我发明了一种新鞋垫，假设全国人民每人每年买两双，那么市场容量有26亿双，我们只要获得这个市场的一半就不得了了！ 比较实在可信的方法是计划投入多少资源，调查面向的市场有多少潜在客户, 有哪些竞争产品，然後根据潜在客户成为真是用户的可能性和单位资源投入量所能够产生的销售额, 最后算出企业的销售预测。 电梯间演讲（elevator pitch）很重要 也许你会在公共场合偶然遇到一位投资家, 也许投资商根本不想看长长的商业计划书, 你只有几十秒钟的时间吸引投资商的注意力。当他的兴趣被你激发起来, 问起你公司的经营队伍、技术、市场份额、竞争对手、金融情况等问题时, 你已经准备好了简洁的答案。 与投资者讲价钱 投资者对创业企业的报价往往类似于升价拍卖, 如果投资者真的很看好这家企业, 他会提高对企业的作价，到双方达成一致意见为止。另一方面，创业企业在融资时的报价行为类似于降价拍卖, 刚开始时自视甚高，期望不切实际的高价, 随着时间的推移, 企业资金越来越吃紧，投资意向一直确定不下来, 锐气逐渐磨钝, 结果最后接受现实的价格（虽然有时不那么情愿）。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 2 —— 创业融资概要</font>
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