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The aim of the course is to develop students' understanding of start-up and running enterprise. It will equip them with:  the basic knowledge required to launch a new business  the skills necessary for a manager's job
Organizing a business (legal forms and other formal issues), finance and non-finance goals of the corporation, sources of capital (corporate bonds and stocks, credits) investments' criteria, financial statement analysis (finance ratios), corporate taxes, hedging finacial risk (exchange rate risk), bankruptcy, marketing strategy, commercial agreements, ethics in business.
RULES of CREDIT ASSESMENT
Conditions of receiving a credit for a lecture:
Attendance at lecture and passing an exam in writing form. Exam is composed of 3 parts: finding a proper solution to the problem of financial investment and answering to two open questions.
Conditions of receiving a credit for a class:
Attendance at classes and working out a plan for launching a new business.
uring classes, the majority of financial calcuations will be done with data from financial reports of AGORA. It is recommended to download a file with this data, then to print it and use it during classes.
Slide 1. Balance
ccording to the accounting rule, the sum of total assets should be equal to the sum of capital. On the right side of a balance the sources of assets' financing should be presented.
Slide 2. Silver principle
priciple, fix assets should be fully covered by fix capital (equity + long term liabilities). Situation when fix assets are financig by current liabilities creates a serious risk of losing financial liquidity. Fast selling of fix assets to pay off current liabilities is rather difficult and may be unprofitable.
Slide 3. Structure of inventories.
time of prosperity, a neccesity for keeping a continuity of increased sales may result in increasing of inventories. However, sometimes increasing of inventories is a sign of problem with market for the goods. Moreover, when company is in danger of going bankrupt it has a big problem with purchasing raw materials or other goods necessary for production. In such situation, company has to "clean out" its stock.
Slide 4. Income statement.
income statement, apart of "bottom line" with net profit, a gross income is very important. When it is negative, a company has problem with runnig its core business. To avoid a conflict with shareholders, managers try to improve a financial result by increasing operational incomes (by selling the most valuable assets) or by gambling on the stock exchange.
Slide 5. Working capital.
orking capital is a difference between the value of current assets and short-term liabilities. In principle, working capital should have a positive value otherwise a company may have problem with liquidity.
Slide 6. Financial leverage.
he use of financial leverage may have a different impact on company's return on equity as a consequence of the increased level of risk; positively during a boom in the economy and negatively during an economic depression.
Slide 7.Corporate register proceedings in Poland. (step-by-step)
orporate register proceedings in Poland:
 Choice of the legal form  Arranging for an official company address  Signing the company's Articles of Association or Statute  Registration of the company in the National Court Register  Application to the Central Statistical Office for a Statistical Identification Number (REGON)  Opening an account at a Polish bank  Applying to the Tax Office for a Taxpayer Identification Number (NIP)  Notifying the Social Insurance Institution (ZUS)  Notifying the National Labour Inspectorate  Receiving required permits or licenses  Registration in the Tax Office as a VAT payer
Since 1 December 2014, the applicant does not have to file separate motions for obtaining tax identification number (NIP) and statistical number (REGON). At present, once entered into the National Court Register a company would hold also the NIP and REGON registration numbers, which shortens the registration.
lease remember, that some activities require official permits or licenses:
 wholesale trade and production of alcoholic beverages  conducting economic activities in special economic zones  establishment of an investment fund or a pension fund  operation of a bank  operation of an insurance company or brokerage agency  operation of casinos, organisation of lotteries and gaming  railway transport  road transport  private investigation services  operation of a customs agency  tourism agency activities
uring semester, student should work out a plan for launching a new business. A project should cover the topics as follows:
 motives for making a decisionon the start-up own business  the preferred industry and the scope of the activities  choice of the legal form (along with grounds)  SWOT analysis  sources of the financing  annual financial plan (income and expenses)  outline of the marketing strategy for the first 6 months of activity  break-even analysis of the project  organizational structure of the company
List of subjects of master's dissertation: Technical, legal and financial aspects of the sale of products/services (e.g. freight transport, transport of persons, hotel or tourism services) based on web communities.  Cost reduction of warehouse operations/courier services with a drone technology.  Financing of an innovative start-up with the EU funds.  Technical, legal and financial evaluation of a pro-ecological (wind or solar power station, eco-friendly laundry) project.  Private equity and debt market in the SMEs' finances.  Risks and benefits of an International Joint Venture.  The best SMEs' business strategy for expanding a business in an international market.  Optimal dynamic pricing strategy in e-commerce.  Impact of information technology on logistic industry