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Financial managers in not-for-profit organizations aim to provide a desired level of services at acceptable costs and perform the same financial management functions as their for-profit counterparts. As we progress through the book, we offer two themes within the financial institutions and markets, investments, and financial management topic areas. In each segment we provide boxed materials relating to small business practice and personal financial planning. Successful businesses typically progress through a series of life-cycle stages—from the idea stage to exiting the business.
More specifically, the successful business typically moves through five stages: development, start-up, survival, rapid growth, and maturity. Individuals who choose to become small business owners do so for a number of different reasons. Some small business owners focus on salary-replacement opportunities, where they seek income levels comparable to what they could have earned by working for much larger firms. Other individuals pursue lifestyle small business opportunities, where they get paid for doing things they like to do. Entrepreneurs seek to own and run businesses that stress high growth rates in sales, profits, and cash flows.
Entrepreneurial finance study of how growth driven, performance focused, early stage firms raise financial capital and manage operations and assets personal finance study of how individuals prepare for financial emergencies, protect against premature death and property losses, and accumulate wealth