Views of different types of investors on the business plan of a start-up company

Zagonska podjetja so inovacijsko gnana podjetja, ki razvijajo nove izdelke in storitve s potencialom za trženje in eksponentno rast na globalnih trgih. Da je lahko zagonsko podjetje uspešno, potrebuje kompetentno podjetniško ekipo in produkt, ki si ga želi veliko število odjemalcev. Zagonska podjetja so značilna po tem, da se razvijajo in rastejo zelo hitro, to rast pa je potrebno že v zgodnjih fazah delovanja financirati s strani zunanjih virov financiranja. Start-up podjetje se lahko financira s strani dolžniškega ali lastniškega kapitala. Dolžniški kapital predstavljajo banke, ki z zagonskimi podjetji sklenejo upniško razmerje, ki se konča z odplačilom dolga, vključno z obrestmi. Viri lastniškega kapitala pa ne pričakujejo vračila glavnice in obresti, temveč postanejo solastniki podjetja in pričakujejo rast podjetja ter ustrezen donos, ki ga bodo čez nekaj let realizirali kot kapitalski dobiček. Za pridobivanje investicije mora zagonsko podjetje pripraviti poslovni načrt, obsežni pisni dokument, ki ga pripravi podjetnik in zajema vse zunanje in notranje elemente, ki so vpleteni v začetek novega posla. Poslovni načrt mora odgovoriti na vprašanja o trenutni situaciji podjetja, njihovih načrtih za prihodnost in postopek, kako bodo zadane cilje dosegli. Na podlagi pripravljenega poslovnega načrta bodo investitorji odločali, ali bodo v zagonsko podjetje investirali. Različni tipi investitorjev imajo drugačne kriterije za investicije, to pa pomeni, da se njihov pogled na poslovni načrt zagonskega podjetja razlikuje − in v diplomski nalogi obravnavamo ravno te poglede. Diplomsko delo je sestavljeno iz sedem poglavij. V uvodnem delu obravnavamo problem, namen, cilje in hipoteze diplomske naloge, nadaljujemo pa z omejitvami in metodami, ki jih uporabimo. Sledi definiranje delovanja zagonskih podjetij in primerjava s tradicionalnimi podjetji, kamor vključimo tudi faze investiranja v zagonska podjetja. Tretje poglavje je namenjeno poslovnim načrtom, kjer obravnavamo vlogo in pomen poslovnega načrta. Četrto poglavje podrobno ugotavlja vire financiranja zagonskih podjetij. Najprej se lotimo sklade tveganega kapitala in poslovne angele, ki skupaj tvorijo predstavnike tveganega kapitala, pozneje pa banke kot vir dolžniškega kapitala. V petem poglavju analiziramo poglede različnih tipov investitorjev na poslovni načrt zagonskega podjetja. Šesto poglavje je namenjeno praktičnemu delu diplomske naloge, v katerem na podlagi intervjujev z ustanovitelji zagonskih podjetij primerjamo njihove izkušnje pridobivanja investicij s teoretičnimi izhodišči iz prejšnjih poglavij. Diplomsko nalogo zaključujemo z razpravo o ugotovitvah in sklepom.Start-ups are innovation-driven companies that develop new products and services with the potential to be commercialised and grow exponentially in global markets. To be successful, a start-up needs a competent entrepreneurial team and a product that a large number of customers want. Start-ups are characterised by the fact that they develop and grow very quickly, and this growth needs to be financed by external funding from the early stages. A start-up company can be financed by debt or equity capital. Debt capital is provided by banks, which enter into a creditor relationship with the start-ups, ending with the repayment of the debt, including interest. Equity capital sources, on the other hand, do not expect repayment of principal and interest, but become co-owners of the business and expect to grow the business and earn a reasonable return which they will realise as a capital gain in a few years\u27 time. In order to attract investment, a start-up company must prepare a business plan, a comprehensive written document prepared by the entrepreneur, covering all the external and internal elements involved in starting a new business. The business plan should answer questions about the current situation of the business, their plans for the future and the process of how they will achieve their goals. Based on the business plan, investors will decide whether to invest in the start-up. Different types of investors have different criteria for investment, which means that they have different views on the business plan of a start-up company, and it is these views that are addressed in the thesis. The thesis consists of seven chapters. In the introductory part we discuss the problem, the purpose, the objectives and the hypotheses of the thesis, and we go on to discuss the limitations and the methods used. This is followed by a definition of how start-ups work and a comparison with traditional companies, where we also include the stages of investing in start-ups. The third chapter is devoted to business plans, where we discuss the role and importance of the business plan. Chapter 4 identifies in detail the sources of finance for start-ups. We first look at venture capital funds and business angels, which together form the venture capital representatives, and later at banks as a source of debt capital. In Chapter 5, we analyse the views of different types of investors on the business plan of a start-up. Chapter 6 is devoted to the practical part of the thesis, in which, based on interviews with start-up founders, we compare their experiences of raising investment with the theoretical starting points of the previous chapters. The thesis concludes with a discussion of the findings and a conclusion