1111- O;kikj ds fy;s iw¡th izkIr djuk (NEGOTIATING FINANCE FOR BUSINESS) fiNys ikB esa geus O;kikfjd dk;Z ;kstuk ds ewy fl)kUrksa rFkk ÁkstsDV fjiksZV dh :ijs[kk rFkk rŸoksa ds fo"k; eas v/;;u fd;kA vius O;kikj ds ykHk rFkk O;kikj vlQy gksus ds dkj.kksa ij Hkh ikB esa Ádk'k Mkyk x;kA bl ikB esa ge O;kikj gsrq iw¡th ÁkIr djus ds ewy fl)kUrksa ij foPkkj djsaxsA
1111-0 mÌs”; (OBJECTIVES) ikB dk v/;;u djus ij vki& • Ikw¡th yxkus ds ewy fl)kUrksa dh tkudkjh izkIr djsxsa • Ikw¡th izkIr djus ds izdkjksa dh tkudkjh ÁkIr djssaxs • Ikw¡th m/kkj ysus ds fy, 5 lh dh tkudkjh ik,¡xs
1111-1 ifjp;
(INTRODUCTION)
dksbZ Hkh O;kikfjd dk;Z ;kstuk fdruh Hkh vPNh D;ksa uk gks] rc rd lQy ugha gks ldrh tc rd mls dk;kZfUor djus ds fy, i;kZIr /kujkf'k u gksA blfy, /ku dks dSls ÁkIr fd;k tk, rFkk iw.kZ #i ls ;kstukc) <ax ls [kPkZ fd;k tk,] bldh tkudkjh ÁkIr djuk cgqr vko';d gSA bl ikB esa ge vkidks /ku izkIr djus ds ewy fl)kUrksa] fofHkUu izdkj ls /ku izkIr djus ds <axks ¼_.k }kjk ;k “ks;j }kjk½ rFkk _.k ÁkIr djus ds vkosnu (application) dh ÁfØ;k ls voxr djk,¡xsaA
1111-2 iw¡th yxkus ds ewy fl) fl)kUr
(FINANCING BASICS)
vki dksbZ O;kikj vkjEHk djsa ;k mldk Álkj djsa] vkids ikl i;kZIr iw¡th gksuh vko';d gSA vkidks u dsoy i;kZIr /ku vfirq mldks Bhd <ax ls ÁcaU/k djus dk Kku rFkk ;kstukc) <+ax ls mldk mi;ksx djus dh vko”;drk gksxhA m|eh ds ;g xq.k lkekU; =qfV;ksa tSls xyr <ax ls iw¡th ÁkIr djuk] vko';d t+:jh /ku dh xyr <ax ls x.kuk djuk rFkk m/kkj ysus okys /ku ds ewY; dh okLrfodrk dks de djds vk¡duk vkfn ls cpus dks lqfuf'pr djsaxs iw¡th ÁkIr djus ls igys Lo;a ls fuEu fo"k; esa iwNas& • D;k vkidks vf/kd iw¡th dh vko';drk gS ;k vki miyC/k /ku jkf'k }kjk ÁHkkodkjh <ax ls ÁcaU/k dj ldrs gSa\ • vki viuh vko';drk dh fdl Ádkj O;k[;k djrs gSa\ D;k vkidks iw¡th O;kikj c<+kus ds fy, ;k gkfu ds tksf[ke dh laHkky djus ds fy, pkfg,\ • vkidh vko';drk fdruh t+:jh gS\ vki viuh t+:jr dk iwokZuqeku yxk dj /ku lqyHk <ax ls ÁkIr dj ldrs gSa ;k nckc esa] vko';drk iM+us ij /ku ÁkIr djuk mfpr gksxkA 1
• vkidk tksf[ke fdruk vf/kd gS\ lHkh O;kikjksa esa tksf[ke gksrk gh gS ijUrq tksf[ke dh lhek iw¡th ÁkIr djus ds fodYiksa ds ewY; dks ÁHkkfor djrh gaSA • vkidk O;kikj fdruk fodflr gS\ ,d Lrj ls nwljs Lrj ij igq¡pus ds le; vko';drk,¡ uktqd nkSj esa gksrh gSaA • vkids m|ksx dh fLFkfr D;k gS\ m|ksx dh n'kk fuEu Lrj] larqfyr ;k méfr ds iFk ij gksus ds vuqlkj /ku dh vko';drk ds lzksr rFkk /ku ÁkIr djus ds <+ax vyx vyx gksrs gSaA og O;kikj tks mér gks pqdk gS mldks lkekU;r% nwljs vfodflr O;kikj ls vPNh 'krksaZ ij /ku ÁkIr gks tkrk gSA • D;k vkidk O;kikj ekSleh gS ;k o"kZ Hkj pyus okyk gS\ ekSleh O;kikj dks iw¡th dh de le; ds fy, vko';drk gksrh gSA m|ksx ds fy, eanh ds le; Hkh /ku dh vko';drk jgrh gSA • vkidh lapkyu Vhe fdruh “kfDr'kkyh gS\ /ku nsus okys lzksr ds fy, ,d m|ksx ds laapkyu dh Áeq[krk vko';d gksrh gSA 'kk;n ;g vfr vko';d gS fd vkidh iw¡th ÁkIr djus dh vko';drk vkids O;kikfjd dk;Z ;kstuk ls fdl Ádkj lfEefJr gksrh gS\ ;fn vkius dksbZ O;kikfjd dk;Z ;kstuk ugha cukbZ gS rks mls cukus dh igyh ÁkFkfedrk nhft, D;ksafd lHkh iw¡th ds lzksr bl ;kstuk dks vkids O;kikj ds vkjEHk rFkk méfr ds fy, ns[kuk pkgsaxsA
Lo;a tkap Á”u Á”u
(SELF ASSESSMENT QUESTIONS)
1- _.k ÁkIr djus ds fy, Ák;% O;fDr tks xyfr;k¡ djrk gS muesa ls fdUgha rhu dk o.kZu dhft,A
11th izkIr djus ds Ádkj 11-3 iw¡th
(TYPES OF FINANCING)
/ku ÁkIr djus ds nks <ax gS bDofV (equity) }kjk rFkk _.k (debt financing) }kjkA _.k ÁkIr djus ds fy, vkidks viuh dEiuh dh MSCV Vw bDofV (debt-to-equity) vuqikr dks /;ku esa j[kuk t+:jh gS vFkkZr~ vkius tks _.k ÁkIr fd;k gS rFkk tks /ku vkius yxk;k gS mlds ijLij lacU/k dk /;ku j[kuk t+:jh gSA ftruh vf/kd iw¡th vki dh O;kikj esa yxkbZ xbZ gksxh mruk gh vkids fy, vfrfjDr /ku ÁkIr djuk lgt gksxkA ;fn vkidh dEiuh dk bDofV Vw MSCV vuqikr vf/kd gksxk rks vkids _.k ÁkIr djus dh laHkkouk gksxhA fo'ks"kK jk; ds vuqlkj ;fn vkidh dEiuh dh MSCV Vw bDofV dk vuqikr vf/kd gksxk rks vkidks viuh LokfeŸo iw¡th c<+kuh gksxh ftlls vki vfrfjDr iw¡th tqVk ldasA bl Ádkj vki viuh dEiuh dks ladV ls cpkus easa leFkZ gksxsaA
1111-3-1 bDofV Qkbfuflax
(EQUITY FINANCING)
vf/kdrj NksVs ;k vfodflr O;kikj esa bDofV }kjk lhfer iw¡th yxkbZ tkrh gSA _.k }kjk ÁkIr iw¡th ds lkFk&lkFk vfrfjDr /ku Ák;% ukWu ÁksQs'kuy (non professional) tSls fe=ksa] lacaf/k;ksa] deZpkfj;ksa] xzkgdksa ;k vkS|ksfxd lkfFk;ksa ls ÁkIr fd;k tkrk gSA lkekU;r% vf/kdrj bDofV iw¡th] iw¡thoknh laxBuksa ls ÁkIr dh tk ldrh gSA ;g tksf[ke mBkus okyh 2
laLFkk,¡ vFkok /kuoku O;fDr;ksa dk ,d ljdkj }kjk lefiZr lewg ;k cM+s iw¡thoknh gksrs gSaA budh m|ksx txr esa igpku gksrh gSA
1111-3-2 _.k }kjk iw¡th ÁkIr djuk
(DEBT FINANCING)
ijEijkxr cSad NksVs O;kikj ds fy, /ku ÁkIr djus ds eq[; lzksr gSaA budh eq[; Hkwfedk y?kq vof/k ds vko”;drk vuqlkj _.k vFkok ekSle ds vuqlkj _.k ;k midj.kksa ,oa e'khuksa ds fy, /ku dh O;oLFkk djuh gksrh gSA
1111-4 _.k ds fy, vkosnu djuk
(APPLYING FOR LOAN)
_.k ds vkosnu ds fy, vkidks ,d fyf[kr _.k ÁLrko rS;kj djuk gksrk gSA _.k ÁkIr djus ds fy, ÁkjaHk esa gh ,d vPNk ÁLrqfrdj.k vkosnu ds lkFk dhft, D;ksafd blds fy, vkidks nwljk volj ugha feysxkA lnSo vius ÁLrko ds lkFk ,d ckgjh i= (cover letter) ;k dk;Zdkfj.kh yxkb,A lkFk esa Li"V rFkk laf{kIr :i esa vius&vius O;kikj dh Hkwfedk] O;kikj ds <ax rFkk _.k dh /kujkf'k ds fy, ÁkFkZuk ,ao mÌs';] rFkk ykSVkus dh 'krZa nh xbZ gksaA ;g iw¡th fdl Ádkj vkids O;kikj esa ennxkj gksxh rFkk vki _.k dks fdl Ádkj ykSVk,¡xs bldh Hkh O;k[;k dhft,A bl doj ist (cover page) dks lkekU; rFkk Li"V j[ksaA _.k ds vkosnu i= ds lkFk fuEu lwpuk,¡ nhft,& • O;kikj dk o.kZu (DESCRIPTION OF BUSINESS) : vius O;kikj dk o.kZu fuEu lwpukvksa lfgr dhft, % o o o o o o o o
laxBu@laLFkku dk Ádkj lwpuk dh frfFk LFkku (location) mRiknu@lsok (product/service) laf{kIr bfrgkl (brief history) ÁLrkfor Hkfo"; lapkyu (proposed future operation) ÁfrLi/kkZ (competition) xzkgd (customers)
• ÁcU/k lapkyu dk vuqHko (MANAGEMENT EXPERIENCE): ÁR;sd LokfeŸo (owner) dk fjT;we (resume) rFkk Áeq[k ÁcU/ku ds lnL; dk fooj.k nsaA • O;fDrxr iw¡thxr fooj.k (PERSONAL FINANCIAL STATEMENT) : lHkh eq[; Lokeh dk iw¡thxr fooj.k rFkk tks xkjaVh ns jgk gS mldk Hkh fooj.k nsaA i¡wthxr fooj.k 90 fnu ls iqjkuk ugha gksuk pkfg,A ;g lqfuf'pr djsa fd fiNys o"kZ dh bude VSDl fjVuZ (income tax return) dh Áfrfyfi (copy) lkFk yxh gksA • _.k ykSVkus dh O;oLFkk (REPAYMENT OF LOAN) : _.k ykSVkus dk ,d fooj.k lkFk esa yxk, ftlls Li"V gks fd fdl Ádkj _.k ykSVk;k tk,xk ftleas blls _.k ykSVkus dk lzksr rFkk le; n'kkZ;k x;k gksA bl fooj.k ds lkFk dS'k&¶yks f'kM~;wy (cash flow schedule), ctV (budget) rFkk nwljh lwpuk,¡ Hkh yxk,¡A • orZeku O;kikj (EXISTING BUSINESS) : fiNys rhu o"kZ dk iw¡th fooj.k rFkk vkosnu ds le; dh cSysUl 'khV (Balance sheet) ¼90 fnu ls tks iqjkuh u gks½ layXu djsaA 3
orZeku O;kikj dk iw¡thxr fooj.k] ftlesa cSaysal 'khV (balance sheet) Hkh yxh gks] ykHk&gkfu dk fooj.k rFkk iqu% feyku vkfn dk fooj.k Hkh lkFk esa yxk;k tkuk pkfg,A • ÁLrkfor O;kikj (PROPOSED BUSINESS) : bl fo"k; esa cSaysal 'khV (balance sheet) dk ÁksQkekZ tks bDofV rFkk _.k nksuksa ds lzksrksa rFkk mi;ksx dks n'kkZ;s rS;kj djds ÁLrko ds lkFk yxkuk pkfg,A • orZeku ij vk/kkfjr Hkkoh fLFkfr dk vkdyu vkdyu (PROJECTIONS) : de ls de Hkfo"; ds lapkyu dh fLFkfr ¼,d o"kZ rd dh½ ;k tc rd /kukRed dS'k ¶yks n'kkZ;k tk ldrk gS dk fooj.k yxk,¡A bu fooj.k esa O;; rFkk vk; dk dkj.k Hkh lfEefyr djsaA bl Hkkoh fLFkfr esa gkfu&ykHk dk fooj.k nsaA ;fn dksbZ iwokZuqeku vkS|ksfxd LVSUMMZ (industrial standards) ls fHké Áo`fr gks rks mldh O;k[;k dhft, rFkk vius iwokZuqekuksa dk rF;ksa lfgr fooj.k nhft,A • vU; oLrq,¡ ,¡ tks ykxw gksa iÍk ¼ÁLrkfor Áfrfyfi½ (Lease) ÝsapkbZth le>kSrk i= (Franchise agreement) [kjhn le>kSrk i= (Purchase agreement) ;kstuk,¡ rFkk mRikn dh foLr`r tkudkjh (Plan, specification) ykblsal dh Áfrfyfi;k¡ (Copies of licenses) o lanHkZ i= (letter of reference) o mÌs'; i= (letter of Intent) o lk>snkjh le>kSrk i= (partnership agreement ) o o o o o
• fxjoh j[kh xbZ lEifŸk (COLLATERAL) : okLrfod lEifŸk rFkk vU; nwljh mi;ksxh oLrq,¡ tks fxjoh j[kh tk ldrh gSa mudh lwph Hkh lkFk yxkuh gksxhA dqN vkfFkZd laLFkk,¡ fxjoh j[ks fcuk gh _.k ns nsaxhA lHkh _.kksa dks ykSVkus ds fy, de ls de nks tkudkj ykSVkus ds lk/ku dh vko';drk gksrh gSA igyk lzksr O;kikj lapkyu ls ÁkIr ykHk }kjk lapkfyr dS'k ¶yks (cash flow) gksrk gSA nwljk lzksr Ák;% _.k ds fy, fxjoh j[kh x;h oLrqvkas dk 'kiFk i= gksrk gSA
Lo;a tkap Á”u Á”u
(SELF ASSESSMENT QUESTIONS)
2- iw¡th ÁkIr djus ds nks Áeq[k <ax dkSu&ls gSa&
1111-5 m/kkj ds 5 lh
(THE 5C'S OF CREDIT)
gekjs cSad dk Áeq[k dk;Z /ku dekuk gSA ifj.kkeLo:i tc dksbZ cSad m/kkj nsrk gS rks og lqfuf'pr djrk gS fd og /ku mls iqu% ÁkIr gksA cSad dks ÁR;sd m/kkj nsus ds fy, 5 lh dks /;ku esa j[kuk gksrk gSA 4
1111-5-1 {kerk
(CAPACITY)
/ku ykSVkus dh {kerk 5 ?kVdksa esa lcls vf/kd egŸoiw.kZ gSA Hkkoh _.knkrk iwjh rjg ls ;g tkuuk pkgsxk fd vki _.k dks dSls ykSVk;saxsA _.knkrk O;kikj ds dS'k&¶yks (cash flow) /ku ykSVkus dk le; rFkk lQyrkiwoZd _.k ykSVkus dh laHkkoukvksa ij fopkj djsxkA orZeku m/kkj ls lEcfU/kr O;fDrxr ;k O;kikfjd /ku ykSVkus dk bfrgkl Hkfo"; ds fy, ,d _.k ykSVkus dk ladsr gksxkA Hkkoh _.knkrk vkids }kjk _.k ykSVkus ds laHkkfor lzksr ds ckjs esa Hkh tkudkjh pkgsaxsA
1111-5-2 iw¡th (CAPITAL) ^^dSfiVy** og /ku gS tks vkius O;fDrxr :i ls vius O;kikj esa yxk;k gS rFkk ;fn O;kikj vlQy gksrk gS rks vkidks fdruh gkfu gksxhA _.knkrk rFkk fuos'kdŸkkZ ;g vk”kk djrs gSa fd ;fn vkids vius yxk, fuos”k dh ek=k vf/kd gksxh rks vki iwjh dksf'k'k dj O;kikj dks lQy cukuk pkgsaxs vFkkZr~ O;fDrxr vkfFkZd tksf[ke (personal financial risk) dk mŸkjnkf;Ro _.k dh ekax djus ls iwoZ cSad tkuuk pkgsaxsA ;fn vkids O;kikj esa vkidk O;fDrxr iw¡th va'knku egRoiw.kZ gS rks vki O;kikj esa lQyrk ÁkIr djus ds fy, lHkh laHko dk;Z djus dk iw.kZ Á;Ru djsaxsA 1111-5-3 fxjoh j[kus ;ksX; oLrq,¡
(COLLATERAL)
vki _.knkrk dks dksySVªy ;k xkj.Vh (guarantee) ds :i esa vfrfjDr lqj{kk ds D;k mik; ns ldrs gSa ;g Hkh egŸoiw.kZ gSA ;fn vkidk O;kikj vlQy gksrk gS rks ml fLFkfr esa cSad tkuuk pkgsxk fd _.k ds Hkqxrku dk nwljk lk/ku D;k gksxkA mi;ksxh oLrq,¡ tSls midj.k] Hkou] miyC/k /ku rFkk dqN ekeyksa esa oLrq lwph vkfn Hkh _.k Hkqxrku dk laHko lzkrs ekuk tkrk gS D;ksafd mUgsa cspdj /ku ÁkIr fd;k tk ldrk gSA O;kikj rFkk fxjoh ;ksX; oLrq,¡ nksuksa _.k ÁkIr djus dk lzksr gks ldrh gSaA vk”oklu Hkh ,slk gh gS tSls dksbZ O;fDr “kiFk i= }kjk _.k ykSVkus dk vk”oklu nsrk gSA dqN _.knkrk dksySVªy ds lkFk lkFk bl Ádkj dh xkj.Vh (guarantee) Hkh pkgrs gaSA
1111-5-4 'krsZa (CONDITIONS) _.k ysus ds mÌs'; ds vuqlkj gh 'krsZa yxkbZ tkrh gSaA D;k /ku dk mi;ksx vfrfjDr midj.kksa oLrqvksa vFkok dk;Z gsrq iw¡th ds fy, fd;k tk,xk\ _.knkrk ;k LFkkuh; vkfFkZd okrkoj.k rFkk ifjfLFkfr;ksa dks Hkh /;ku esa j[kk tk,xk D;ksafd ;g nksuksa vkids m|ksx rFkk nwljs m|ksxksa dks] tks vkids O;kikj dks ÁHkkfor dj ldrs gSa] ls lEcfU/kr gSaA
1111-5-5 pfj=
(CHARACTER)
uSfrd O;ogkj ;k pfj= ,d O;fDrxr Nki gS tks vki _.knkrk ij NksM+ ldrs gSA _.knkrk O;fDrxr fopkjksa ij vk/kkfjr fu.kZ; ysrk gSA og vk'oklu ÁkIr djuk pkgrk gS fd D;k vki i;kZIr :i ls fo'oluh; gSa\ vki _.k dk Hkqxrku dj ldsaxs ;k vkidh dEiuh esa yxk, x, /ku ij mldks dqN okfil (return) feysxk ;g tkudkjh muds fy, ykHkÁn gksxhA vr% vkidh 'kSf{kd ;ksX;rk rFkk O;kikj dk vuqHko dk voyksdu fd;k tk,xkA vkids }kjk fn, x, lanHkksZ dh xq.koŸkk rFkk vkids deZpkfj;ksa ds vuqHko dks Hkh /;ku esa j[kk tkrk gSA 5
Lo;a tkap Á”u Á”u
(SELF ASSESSMENT QUESTIONS)
3- m/kkj ysus ds 5 C’s D;k gS\ a)
b)
c)
1111-6 nÙk dk;Z
(ASSIGNMENTS)
1111-6-1 d{kk dk;Z
(CLASS ASSIGNMENTS)
d)
e)
i) cSad ls _.k ÁkIr djus dk ,d vkosnu i= ysa rFkk mlds fofHké dkWye (columns)
dk voyksdu djsaA ikB esa fn, x, fcUnqvksa ij vius lgikfB;ksa ds lkFk fopkj foe'kZ dhft,A ii) D;k bl vkosnu i= esa 5 c’s dk /;ku j[kk x;k gS\ budh laHkkoukvksa dks tk¡fp, rFkk
ml ij fVIi.kh dhft,A
1111-6-2 x`g dk;Z
(HOME ASSIGNMENTS)
i) vkidh fLFkfr esa ykxw gksus okys ?kVdksa dks fpfUgr dhft, ftu ij _.k dk vkosnu
nsus ls igys fopkj djuk vko”;d gSA ii) vki vius O;kikj ds fy, fdl Ádkj ls iw¡th pkgsaxsaA
1111-7 Lkkjka Lkkjka”k
(SUMMING UP)
bl ikB esa O;kikj ds fy;s i¡wth yxkus ds eq[; fcUnq fn, x, gSaA ikB esa fuEu fo"k;ksa ij ppkZ dh xbZ gSA • O;kikj vkjEHk djus ;k c<+kus ds fy, iw¡th yxkus ds ewy fl)kUrA • fofHké Ádkj ls iw¡th ÁkIr djus ds <axA • _.k ÁkIr djus ds fy, vkosnu ls lacaf/kr lwpukA • m/kkj nsus ds fy, 5 lh vFkkZr~ {kerk] iw¡th] fxjoh j[kus ;ksX; oLrq,¡] 'krsZa rFkk pfj=A
1111-8 Lo;a tkap Á”uks Á”uksa ds laHkkfor mÙkj (POSSIBLE ANSWERS TO SELF ASSESSMENT QUESTIONS) 1. _.k ÁkIr djus dh ;kstuk cukrs le; Ák;% rhu =qfV;k¡ gksrh gSa& a) vuqi;qDr Ádkj ls /ku ÁkIr djus dh O;oLFkkA 6
b) okafPNr iw¡th dh =qfViw.kZ x.kuk djukA c) _.k ds okLrfod ewY; dks de djds vkadukA 2. /ku ÁkIr djus ds nks eq[; Ádkj gSa& a) 'ks;j }kjk /ku ÁkIr djukA b) _.k }kjk /ku ÁkIr djukA 3. m/kkj nsrs le; ds fy, /;ku j[kus okys 5c gSa& a) {kerk b) iw¡th c) fxjoh j[kus ;ksX; oLrq,¡ d) “krsZ e) pfj=
1111-9 vH;klkFkZ iz”u
(TERMINAL QUESTIONS)
1. vius O;fDrxr vkfFkZd fooj.k ds lkFk vkidks dkSu ls nLrkost yxkus pkfg,\ 2. ,d m|eh vius O;kikj ds fy, iw¡th ÁkIr djus esa lkekU;r% D;k xyfr;k¡ djrs gaS\
1111-10 lanHkZ ,oa v/;;u ;ksX; iqLrdsa (References and Suggested Further Reading) 1. Dollinger, M.J. 2006. Entrepreneurship: Strategies and resources. Pearson Education Ltd., New Delhi. 2. Patel, B.M.Project Management:strategic financial planning, evaluation and control 2000. Vikas publishing housing Pvt Ltd . New Delhi.
1111-11 'kCnkoyh
(GLOSSARY)
1. dksysVªy (Collateral)
vkil esa] lgk;dA
2. yht+ (Lease)
,d Hkou] bekjr ;k vU; LFkku dk ,d dksysVªy
3. ekSleh (Seasonal)
ekSle ds vuqlkj cnyus okykA
7