Index

Page numbers followed by f and t refer to figures and tables, respectively.

Accounts payable, 121–123

Accounts receivable (A/R), 64, 112–121

about, 112–114

average daily sales, 120

collection system of, 114–119

days receivable, 119

days sales outstanding, 121

and debt financing, 217

dollars saved, 121

Accrual accounting, 45–49, 45f, 47f, 48f

Acid-test ratio, 68t

Acquisitions, 28–32, 307

AirTran Airways, 153

AKAR, 291–293, 292f

Allen, Paul, 31–32

ALS (Amicus Legal Staffing, Inc.), 150

Altoids, 303

Amazon.com:

cash gap, 126

gross margins, 89t

Mechanical Turk service, 326

raising capital, 185

valuation of, 174

Amelio, Gil, 132

America Online (AOL), 175–176

American Express, 278

Amicus Legal Staffing, Inc. (ALS), 150

Angel Capital Association, 234

Angel investors, 195–197, 230–234, 231t

and crowdfunding, 323–324

for women-owned businesses, 280f

AngelList, 322–323

AOL (America Online), 175–176

Apple Computer, 32–33, 132, 173t

A/R (see Accounts receivable)

Armstrong, J. Scott, 88–89

Arthur Andersen and Co., 27–28

Assets:

on balance sheet, 50

intangible, 153

long-term, 50–51

tangible, 42, 153

valuation of, 167

Auctions, 151

Automated Equipment Inc., 64–65

AutoNation, 31

Autonomy, 18

AvalonBay Communities Inc., 96t

Average daily sales, 120

Bain, Bill, 131

Bain Consulting Group, 131–132

Baker, Larry, 323

Balance sheet, 49–53, 49f, 50f

Balderston, Tomas, 183

Banks, 187–188, 209–210

Bartering, 177, 177f

BCF (Business Consortium Fund, Inc.), 273

BCGI (Boston Communications Group, Inc.), 85

BE (breakeven) analysis, 75–79

Bechtolsheim, Andy, 184

Benchmark (company), 185

Benchmarking, 41, 163

Bennett, Larry, 210

Besselman, Bill, 84

Bessemer Venture Partners, 260

Best Buy, 308–309

Bezos, Jeff, 19–20, 194, 230, 259, 267, 268f

Blockbuster Video, 30, 307–308

Blosser, Jim, 29–30

Boeing, 12

Boston Communications Group, Inc. (BCGI), 85

Braccia, Andrew, 244

Breakeven (BE) analysis, 75–79

Brodsky, Norm, 23

Bruce Company, 39

balance sheet, 49f

income statement, 39f, 67f

ratios for, 76t

Buffett, Warren, 165, 175

Burkhard, Alan, 113

Burn rate, 43

Business Consortium Fund, Inc. (BCF), 273

Business Reference Guide, 163

BusinessWeek magazine, 6

Buy.com, 94

CAGR (see Compounded annual growth rate)

Cain, James, 11

Canonical Software Company, 315

Capital access programs (CAP), 199–200

Caretaker (intrapreneurship), 303

Carmedelle, Bruce, 178

Cash accounting, accrual vs., 45–49, 45f, 47f, 48f

Cash conversion cycle (see Cash gap)

Cash flow:

calculating, 54–55, 55f, 56f

capitalization of, 167–172

cycle of, 69t

forecasting, 106–109, 111–112

management of (see Cash flow management)

multiples of, 156–158

sources/uses of, 109–110

statement of, 53–57, 54f

and valuations, 141–143

Cash flow debt coverage ratio, 69t

Cash flow ledgers, 54–55, 55f, 110–112

Cash flow management, 103–130

about, 109–112

accounts payable, 121–123

accounts receivable, 112–121

cash flow forecasts, 106–109

cash flow types, 103–106

cash gap, 123–127

finding cash, 128–130

working capital, 128

Cash flow ratios, 69t

Cash gap, 123–127, 127t

CDCs (community development corporations), 197–198

CDFIs (community development financial institutions), 211

CDLFs (Community Development Loan Funds), 273

Center for Venture Research, 195–196

Center for Women & Enterprise (CWE), 281

Center for Women in Business (CWB), 281

CFO magazine, 128

CIT Small Business Lending, 205

Citi Bank, 278

Clancy, Kevin, 5

Cognetics Consulting, 22–23

COGS (cost of goods sold), 40–41

Collection ratio, 69t

Collins, Derrick, 248

Commonwealth Worldwide Chauffeured Transportation, 74

Community banks, 210–211, 210f

Community development corporations (CDCs), 197–198

Community development financial institutions (CDFIs), 211

Community Development Loan Funds (CDLFs), 273

Compounded annual growth rate (CAGR), 75–79, 78f, 78t, 79t

Connelly, Mike, 323

Contribution margin, 87

Cook, Scott, 185

Cooper, Max, 28

Corporate venture capital, 238–239, 239t

Corporations (entrepreneurial spectrum), 26–27

Costs:

of debt capital, 191–192

fixed vs. variable, 41–42

of goods sold, 40–41

Council on Competiveness, 13

Cox, Tom, 249

Crain’s Chicago Business, 24–25

Credit score, 324–325

Crowdfund Act, 321

Crowdfunding, 313–328

alternative approaches to, 322–325

campaigns, 316–319, 317f–318f

crowdsourcing vs., 325–328

and JOBS Act, 319–322

with pledges, 314–316, 315t

Crowdsourcing, 325–328

Crowdspring.com, 327

Cuban, Mark, 14

Current ratio, 68t

Customer analysis, 85–89, 86f, 87f, 114–115

Customer financing, 219–220

CWB (Center for Women in Business), 281

CWE (Center for Women & Enterprise), 281

Davis, Leslie, 3, 212

Days inventory carried, 69t

Days payable, 69t

Days receivable, 119

Days sales outstanding (DSO), 121

Debt:

financing with (see Debt financing)

long-term, 191, 215

mezzanine, 190

short-term, 191

sub, 190

Debt financing, 189–225

cost of debt capital, 191–192

long-term debt structuring, 215

for minority-owned businesses, 272–274

pros and cons of, 190–191

sources of (see Debt financing sources)

tips for, 215–216

for women-owned businesses, 277–279

for working capital (see Working capital sources)

Debt financing sources, 192–214

angel investors, 195–197

banks without SBA loan programs, 209–210

capital access programs, 200

CDFIs, 211

community banks, 210–211

family and friends, 193–195

foundations, 197–199

government, 199

nonbank financial institutions without SBA loan programs, 213

P2P lending, 214

personal guarantees, 211–213

personal savings, 192–193

SBA loan programs, 200–208

Debt/equity ratio, 68t

Decca Recording Company, 23

Deja.com, 177–178

Dell, Michael, 84

Dell Computers, 84, 126–127

Depreciation, 42–43

Developer (intrapreneurship), 303

Direct public offerings (DPO), 265–267

Disney, 158, 258, 308

Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), 223

Doerr, John, 8, 242

Dollars saved, 121

DPO (direct public offerings), 265–267

DSO (days sales outstanding), 121

Duell, Charles H., 23

Dun & Bradstreet, 112

Dunkelberg, Bill, 210–211

Dunlap, Craig, 313

Durbin Amendment, 223

Earnings, retained, 44

Earnings before interest, taxes, depreciation, and amortization (see EBITDA)

Earnings before interest and taxes (EBIT), 42

Earnings before taxes (EBT), 42

EBay, 89t, 185

EBIT (earnings before interest and taxes), 42

EBITDA (earnings before interest, taxes, depreciation, and amortization):

about, 39, 103–104

and company valuations, 156–158

example, 40f

by sector, 149t

EBT (earnings before taxes), 42

ECL (Edelman, Combs & Latturner), 65–66

Economy:

and company valuations, 151

entrepreneurial impact on, 24–25

Edelman, Combs & Latturner (ECL), 65–66

Emerging Growth Company (ESG), 320–322, 320t

Employee theft, 64

Enabler model, 305

Enron, 97

Entrepreneurial firms, 283–299

about, 283

case study analysis, 294–299

case study of, 283–293, 289f

Entrepreneurial spectrum, 3–35, 26f

acquisitions, 28–32

corporations, 26–27

franchises, 27–28

gender and race impacted by, 25–33

start-ups, 32–33

Entrepreneurs, 3–35

defining, 4–8

economy impacted by, 24–25

and entrepreneurial finance, 34–35

and entrepreneurial spectrum (see Entrepreneurial spectrum)

gender and race impacted by, 25

motivation for, 8–15

stages of, 33–34, 34t

traits of, 15–24

“Entrepreneurship, American Style” (Cain), 11

Epigraph, 174

Equity:

financing with (see Equity financing)

international private, 247–248, 248f

private, raising, 248–250

return on, 68t

stake calculation, 139–140, 139f, 140f

sweat, 229

and valuations, 138–139

Equity financing, 227–268

about, 227–228

corporate venture capital, 238–239

direct public offerings, 265–267

and financing spectrum, 267–268

initial public offerings (see Initial public offerings)

international private equity, 247–248

for minority-owned businesses, 274–277

private equity firms, 239–247

and private placements, 234–238

pros and cons of, 228

raising private equity, 248–250

small-business investment companies, 250–253

sources of, 229–234

for women-owned businesses, 279–282

Equity Residential, 96t

ESG (Emerging Growth Company), 320–322, 320t

Euler Hermes, 118

Excite.com, 179

Expenses, 40–44

defined, 38, 40

operating, 41–43

External benchmarking, 41

Facebook, 151

Failure, importance of, 7–8

Family and friends financing, 193–195, 229

FCF (see Free cash flow)

Financial statement analysis, 63–101

breakeven, 75–79

case study of, 80–89

gross margins in, 89–96

income, 67

issues to consider in, 99–101

net margins in, 96–99

proactive, 63–66

ratio, 67–75

Financial statements, 37–61

analysis of (see Financial statement analysis)

balance sheet, 49–53

checklist of financial information, 60–61

income statement (see Income statement)

pro formas, 57–60

statement of cash flows, 53–57

Financing:

customer, 219–220

debt (see Debt financing)

equity (see Equity financing)

family and friends, 193–195, 229

purchase order, 221–222

sources of, 188f

supplier, 220

504 (CDC) loan programs, 204–205

Fixed cost, variable vs., 41–42

Forbes, 10, 175

Ford, Henry, 7

Ford Motor Company, 260

Foundations, 197–199

Franchises, 27–28, 28t

Free cash flow (FCF), 158–159, 167–172, 171f–172f

Freedman, Joseph, 150

Fundable, 322–323

Funding, series of, 108

Fundly, 315t

Future value (FV), 76, 79, 79t

Gallo, Ernest, 192–193

Gallo, Julio, 192–193

Ganesarajah, Dinesh, 328

Gartner Group, 105

Gassée, Jean-Louis, 132–133

Gates, Bill, 9, 31–32, 189

GEM (Global Entrepreneurship Monitor), 187, 192

Gender, 25–33

General Motors, 88, 149–150

General partners (GPs), 241

Gerstner, Lou, 308

Global Entrepreneurship Monitor (GEM), 187, 192

Godin, Seth, 103

GoFundMe, 315t

Goizueta, Roberto, 11

Goltz, Jay, 121–122

Google, 160

gross margins, 89t

and intrapreneurship, 305, 309

raising capital, 183–184

valuation, 165, 166t, 173t

Gordy, Berry, 7

Government financing, 199

GPs (general partners), 241

Grant, Ariel, 288

Green, Kesten C., 88–89

Griggeth, Jeffrey, 313

Gross margins:

company, 89t

in financial statement analysis, 89–96

multiple of, 162

percentage of, 68t

Growth:

and customer analysis, 85–89

measuring, 75–77, 77f

Gumbel, Bryant, 17

Harper, Kristen, 316

Harris Interactive, 8

HCP, Inc., 96t

Helmsley, Leona, 98

Henneberry, David, 313–314

Henry Schein, Inc., 46

Hewlett-Packard, 89t

High returns, high-market share vs., 88, 88f

High-market share, high returns vs., 88, 88f

Hillenmeyer, Hunter, 318–319

Hinkle, Brandon, 274

Hoy Company, 129

Hughes, Cathy, 29

Hughes, Dorothy Pittman, 266

Huizenga, Wayne, 29–31

IB (investment banker), 263–265

IBM, 26, 308

Ideal inventory calculation, 129

Inc. magazine, 8, 10, 12

Income statement, 38–49

about, 38–40

analysis of, 67, 67f

cash vs. accrual accounting, 45–49

cost of goods sold, 40–41

example, 39f

expenses, 40

operating expenses, 41–43

other expenses, 43–44

retained earnings and shareholders’ dividends, 44

revenues, 40

Independence, 18

Indiegogo, 315t

Initial public offerings (IPO), 253–265, 255t

1990s boom, 254–256

about, 253–254

choosing investment banker for, 263–265

and company valuation, 172–173

process for, 260–263

public equity markets and, 256–257

reasons for, 257–259

reasons to avoid, 259–260

Innovator (intrapreneurship), 303

Intangible assets, 153

Intel, 12

Intercontinental Exchange, Inc., 96t

Interest, simple, 76

Internal benchmarking, 41

Internal Rate of Return, 228

Internal Revenue Service (IRS), 45, 47–48

International Franchise Association, 27–28

International private equity, 247–248, 248f

Internet-based portals, 273–274

Intrapreneurship, 301–311

about, 301–305

activities for, 306–309

high-growth, 305–306

mistakes in, 311

spectrum of, 302f

standard operating procedures for, 309–310

successful, 309

Intrastate program, 266

Intuit QuickBooks Financing, 274

Inventory ratios, 71t

Inventory turnover, 69t, 70t, 126–127

Investment banker (IB), 263–265

Investor Questionnaire, 235

Investors:

ratings by, 4, 4t

sophisticated, defined, 145

value-added, 185

IPO (see Initial public offerings)

IRS (Internal Revenue Service), 45, 47–48

Jobs, Steven, 24, 32–33, 311

JOBS Act, 319–322

Johnson, Alton, 218

Johnson, John H., 193

Johnson, Nailah, 283–293, 286f–287f

Johnson, Sam, 304

Kapor, Mitch, 230, 242

Karlgaard, Rich, 232

Kauffman Foundation, 270

Kelly, Patrick, 13

Kelvin, Lord, 23

Kenney, John, 32

KeyBank, 278

Kickstarter, 315, 315t

Kildall, Gary, 32

Knight, Phil, 309

Kodak, 311

KPCB, 185

Kracum, Richard, 3

Krieg, Peter, 5

Kristiansen, Kjeld Kirk, 11

Kroc, Ray, 22

Kroger, 89t

Kurtz, Thomas, 32

Labor, cutting, 91–94

Lauer, Dan, 229

Layoffs, 12–13

Lee, Spike, 314–315

Leverage ratios, 68t

Levitt, Steven, 90

Liabilities, balance sheet, 51

LIBOR (London Inter Bank Offering Rate), 192

Limited partners (LPs), 241, 243

Lippitz, Michael, 304

Liquidity ratios, 68t

Livent, Inc., 58

Loan Guaranty program, 203

Loans:

and crowdfunding, 324

504 (CDC) loan programs, 204–205

micro loan program, 204

prequalification for, 204

Logan, Lyle, 26

London Inter Bank Offering Rate (LIBOR), 192

Long-term assets, 50–51

Long-term debt (LTD), 191, 215

LPs (limited partners), 241, 243

Lyft, 134, 173t

Manage for Profit, Not for Market Share, 89

Management teams, 155

Markkula, A.C. “Mike,” 230

Mars, 158

Martinez, Jeffrey, 221

MasterCard Incorporated, 96t

Material costs, cutting, 91–94

McDonald’s Corporation, 22, 307

McMahon, Vince, 254

Meadow, Scott, 144

Meckler, Alan, 177

Mentzer, Josephine Esther, 16

Merck KGaA, 72

Mezzanine debt, 190

Micro loan program, 204

Microsoft, 31–32, 88, 151

gross margins, 89t, 90

revenue analysis, 83

valuation of, 173t

The Millionaire Next Door, 9

Minority-owned businesses, 269–282, 270t, 271t

debt financing for, 272–274, 272t

equity financing for, 274–277

Moon, Rick, 266

Moritz, Michael, 7

Morrison, Bob, 302

Morse Industries, 85–86

Multiples, 156–166, 159t

Myspace, 160

Nasdaq, 257

National Association of Investment Companies (NAIC), 275, 275f

National Association of Women Business Owners (NAWBO.org), 281

National Federation of Independent Business (NFIB), 112

National Minority Angel Network (NMAN), 276, 276f

NBC Universal, 160

Neiss, Sherwood, 319, 322

Net margins, 96–99, 96t

Net operating income return, 68t

Netscape, 174, 256

New York Stock Exchange (NYSE), 256–257

News Corporation, 160

Newsletter of Corporate Renewal, 163

NFIB (National Federation of Independent Business), 112

Niche equity investment firms, 272f

Nike, 89t, 90

Nintendo, 88

NMAN (National Minority Angel Network), 276, 276f

Nonbank financial institutions, 213

Northwestern University, 310

NYSE (New York Stock Exchange), 256–257

NYSE MKT LLC, 257

NYU Stern, 73

Office of Women Owned Small Businesses (WOSB), 281

Olsen, Ken, 23

Omidyar, Pierre, 185

Operating expenses, 41–43

Operating ratios, 69t

Opportunist model, 304

Optimism, 17

OverDog, Inc., 318–319

P2P lending, 214, 325

Packard, Warren, 8

Page, Larry, 309

Paglia, John, 186

Palmer Company, 124–126, 125f

Paper-rich, cash-poor situations, 104–105

Paul, John, 283–284, 290–293

P/E ratio (see Price/earnings ratio)

Pepperdine Private Capital Markets Project, 186

Pepperdine University, 112

Perez, Bill, 307

Perkins Company, 225

Perlman, Steve, 5

Perot, Ross, 17

Personal guarantees, 211–213

Personal savings, 192–193, 229

Peterman, John Henry, 19

Pfizer, 303

Pinterest, 173t

P&L statement (see Income statement)

Platform strategy, 29

Pledges, 314–316, 315t

Poof strategy, 29

Postmoney valuations, 136–137, 136f

Pratt’s Guide to Private Equity and Venture Capital Sources, 250

Premier Laser Systems, Inc., 46

Premoney valuations, 136–137, 136f

Present value (PV), 76

Price/earnings (P/E) ratio, 69t, 154, 154f, 161–162, 161f

Priceline.com, 178

Prices, raising, 94–96

Prime, 191–192

PRIs (program-related investments), 198, 198f

Private company, valuation of, 144–145

Private equity:

firms for, 239–247, 246t, 247t

partnerships for, 152t

raising, 248–250

Private placements offering, 234–238

Pro formas, 57–60

Proactive financial statement analysis, 63–66

Problem solving, 23

Producer model, 305

Profit and loss (P&L) statement (see Income statement)

Profitability ratios, 68t

Program-related investments (PRIs), 198, 198f

Prospectus, 262

Prosper Marketplace, 325

Public company, valuation of, 144–145

Public equity markets, 256–257

Public Storage, 96t

Puccini, Rae, 65–66

Purchase order financing, 221–222

Purchase price multiples, 147t

PV (present value), 76

Qahhaar, Eugene, 19

Quaker Oats, 159–160

Quick ratio, 68t

Race, 25–33

Radio One, 29

Raising capital, 183–188, 186f, 187t

Ratio analysis, 67–75, 68t–69t

of Bruce Company, 76t

by industry, 73t, 75f

Ratio financial statement analysis, 67–75

Real Goods Trading Company, 266

Recessions, 6–7

Redstone, Sumner, 307–308

Regeneron Pharmaceuticals, Inc., 96t

Regulation A Offering, 266

Regulation D, 235, 236f

Retained earnings, 44

Return on equity, 68t

Revenues, 38, 40

Rhythms NetConnections, 176

Rich Food Holdings, 220

Richardson Company, 54f

Risk Management Association, 127

Risks, 18, 306

Road show, 262–263

Robbins, Alan, 20–21

Robertson, Douglas, 106

Robinson, Raymond, 288–289

Rockefeller, John D., 10

Rogers, John, Jr., 10–11

Rogers, Ollie Mae, 270

Roll-up strategy, 29

Rosenberg, Bill, 27

Roy Morgan Research, 112

Rule-of-thumb valuations, 163, 164t

Rutter, Dawson, 74

Ryan, Ken, 21

Sacrifice, 19–20

Sales, multiple of, 159–160

Salesforce.com, 89t

Saribekian, Tatiana, 14–15

SBA (Small Business Administration), 5

SBA express loan program, 204

SBA loan programs (see Small Business Administration loan programs)

SBDCs (Small Business Development Centers), 208

SBICs (small-business investment companies), 250–253, 252f

Schlein, Ted, 239

Schultz, Howard, 28–29, 84, 184

Schumpeter, Joseph Alois, 9, 13, 301

SCOR (Small Corporate Offering Registration), 265–266

SCORE, 208

Sculley, John, 24

SEC (see Securities and Exchange Commission)

Securities and Exchange Commission (SEC), 145, 240, 265

Selling, general, and administration expenses (SG&A), 41

Shareholders’ dividends, 44

Shorey, Roger, 218

Short-term debt (STD), 191

Sildenafil, 303

Silverman, Richard, 310

Silverman, Ron, 311

Simmons, Cal, 234

Simple growth rate, 77, 78t

Simple interest, 76

SLM Corporation, 96t

Small Business Administration (SBA), 5

Small Business Administration (SBA) loan programs, 199, 200–208, 203f

Small Business Development Centers (SBDCs), 208

The Small Business Financial Resource Guide, 199

Small Business Jobs Act (2010), 231–232, 273

Small Business Learning Center, 208

Small Corporate Offering Registration (SCOR), 265–266

Small-business investment companies (SBICs), 250–253, 252f

Smith, Fred, 7, 18–19

Smith, Nick, 132

Snapple, 159–160

Sony, 22, 88

Sophisticated investors, defined, 145

Spade, Kate, 33

Specialization, 249

Speculation, 149–150

Springboard Enterprises, 280–281

Stafford, J. B., 11

Standard Oil, 10

Standard & Poor, 176–177

Staples, 144

Starbucks Coffee, 28–29, 84, 89t, 90

Start-ups:

in entrepreneurial spectrum, 32–33

financial projects of, 59–60

Statement of revenues and expenses (see Income statement)

STD (short-term debt), 191

Stemberg, Thomas G., 8, 143–144

Stewart, Wayne, 18

Stockard, Robert, 219

Stockholders’ equity, defined, 51–52

Sub debt, 190

Supplier financing, 220

Sutter, Bill, 134, 156–157, 172

Sweat equity, 229

Tangible assets, 42, 153

Tax Cuts and Jobs Act, 48–49, 232

Tax loss carryforward, 43

Technology-related companies, valuation of, 172–181, 173t, 179t, 180t

Television shows, FAQs of, 1–2, 329–333

Tenenbaum, Bernie, 84

Theft, employee, 64

Theglobe.com, 179

Townsend, Robert, 222

Toyota Corporation, 71–72, 88

Triarc Cos., 159–160

Tribbett, Charlie, 323

Tricoci, Cheryl, 33

Tricoci, Mario, 33

Trump, Donald, 43

Tsarnaev, Dzhokhar, 313

Turner, Ted, 17

Turner Company:

financial statement analysis, 80–89, 99

gross margins of, 95, 101

income statement, 80f

net margins of, 96, 99

pro forma income statement, 100f

revenues, 100–101

valuation of, 134–135

Tyson, Mike, 6

Uber, 134, 149–150, 173t

Unique monthly visitors, 160

University of Nebraska, 9

US Department of the Treasury, 273

US Forest Service Eastern Region, 309–310

US Securities Act (1933), 235, 236f

US Small Business Administration, 200

Valuation, 131–181, 148t

about, 131–134

factors influencing, 140–155

importance of, 137–140

by industry, 154f

methods of (see Valuation methods)

premoney and postmoney, 136–137

of technology-related companies, 172–181

and Turner Company, 134–135

Valuation methods, 155–172

asset valuation, 167

capitalization of cash flows, 167–172

multiples, 156–166

Valuation ratios, 69t

Value-added investors, 185

Variable costs, fixed vs., 41–42

Venkatesh, Sudhir, 90

Venture capital funds, 146

Verisign, Inc., 96t

Viacom, 307

Visionary, defined, 21–22

WACC (weighted average cost of capital), 169

Wald, Liz, 316

Wang, Gene, 183

Waste Management, Inc., 30

Watson, Thomas, 23

WBDC (Women’s Business Development Center), 282

WBENC (Women’s Business Enterprise National Council), 282

Weather Channel, 160

WebTV Networks, 5

Weighted average cost of capital (WACC), 169

Welch, Jack, 11

Wells Fargo, 278

Westinghouse, 158

Wildermuth, Bette, 64–65, 117–118

William Blair & Company, 260

Wired Ventures, 263

Wolcott, Robert C., 304

Women-owned businesses, 269–282

debt financing for, 277–279, 279f

equity financing for, 279–282, 280f

prevalence of, 25

Women’s Business Development Center (WBDC), 282

Women’s Business Enterprise National Council (WBENC), 282

Working capital, 128

calculating, 169f

defined, 52–53, 52f–53f

sources of (see Working capital sources)

Working capital sources, 216–225

credit cards, 222–225

customer financing, 219–220

factoring firms, 217–219

purchase order financing, 221–222

supplier financing, 220

WOSB (Office of Women Owned Small Businesses), 281

Wozniak, Steve, 11, 32–33, 311

Wrigley, 158

X-Cell, 291

Yahoo!, 89t, 96t, 174

YouTube, 160

Zell, Sam, 143