【正文】
ESLimited by History and SizeFormalPlanningFirm Size and MaturityOpportunistic Adaptation or Formal Planning OpportunisticAdaptation PROMISING STARTUPSExperimentationUnexpected SituationsLimited Planning ResourcesTRANSITIONAL INITITATIVESJustify Investment to OutsidersCORPORATE INITIATIVESSystematic ResearchPlanning Resources Compete for Corporate FundingFirm Size and MaturityRisks Faced by Top DecisionMakers PersonalRiskPROMISING STARTUPSLow Initial CapitalFounder’s Time Founder’s ReputationTRANSITIONAL INITITATIVESFounder’s EquityPersonal GuaranteesCORPORATEINITIATIVESCorporate Risk Only One CEO Decision of Many 。Small Business ManagementProfessor HornadayLecture 4Small Business Sources of Commercial CreditCommercial Bank Loans 36%Commercial Bank Mortgages 25%Finance Companies 23%Venture Capital 10%SBA Loans