外文翻譯--發(fā)展風(fēng)險投資業(yè)-文庫吧
2025-04-17 07:44 本頁面
【正文】 ital can only thrive with an adequate supply of entrepreneurs. Whether people in a particular country want to bee entrepreneurs depends on such factors as the country’s entrepreneurial tradition, the social recognition of the entrepreneur, the flexibility of the employment system and social safety , and the security of jobs in large corporations. The Japanese employment system, for example, is considered relatively inhospitable to entrepreneurship. A bright Japanese engineer would not only have to give up lifetime employment to start a business, but would also have considerable difficulty hiring employees for the new pany, would receive less social recognition for taking on the risk of a startup, and could face considerable difficulty in finding new employment in case of failure. In contrast, engineers in Taiwan earn considerable prestige by working for young entrepreneurial panies. In addition to entrepreneurs, the venture capital industry needs skilled venture capitalists. The rewards and prestige of being a venture capitalist will affect the quality of work and the quality of people who decide to bee venture capitalists. Consider the difference between an independent venture capital firm, where a general partner makes decisions, and a “captive” venture capital firm that belong to an established corporationor bank, where a salaried employee makes decisions. The salaried employee of the large corporation is unlikely to perform the same quality work as a general partner of a wellendowed venture capital fund that allows generous profit sharing (20 percent is standard in Silicon Valley). Managers of captive venture capital funds are less likely to develop the appropriate mindset to bee good venture capitalists. In Japan and Germany, for example, large banks use their regular employees to run their venture capital operations. These employees behave much more like traditional conservative bankers than venture capitalists. They perceive avoiding losses, rather than taking significant risks, to be in their career interest. Availability of human capital is also critical for the growth of new firms. In Silicon Valley most of the successful panies are run not by their original founders, but by experienced professional managers. Moreover, the ability of entrepreneurial panies to attract workers at all skill levels―for example, by offering stock options―is crucial. Silicon Valley, where the scarcest resource is talent, not money, has seen a remarkable cultural shift. In business schools thirty years ago the most soughtafter jobs for MBAs were in industry. Fifteen years ago the highest prestige was in consulting and investme nt banking. Today the best students aspire to bee venture capitalists or entrepreneurs. The relevant question for many countries may not be so much whether there are people who want to bee entrepreneurs or venture capitalists, but whether the most talented people do so. Source of Opportunities The availability of opportunities—the basis of creating a good deal flow—is related to a number of factors: * How good is the technology and research environment? * Are there channels of munication between resea
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