A、Lu-Viewing Platform
B、Sun Viewing Peak
C、Abandoning-Oneself Cliff
D、Explore the sea of Clouds Rock
A、Lu-Viewing Platform
B、Sun Viewing Peak
C、Abandoning-Oneself Cliff
D、Explore the sea of Clouds Rock
A、Mesonephric duct
B、Mesonephric tubules
C、Paramesonephric duct
D、Paramesonephric tubule
A.the gameplay should be improved in the future.
B.the behavior. of game-designers should be refined.
C.the definition of characters in games should be more accurate.
D.the expectations of gameplayers will be raised across the board.
A.the imposition of overbearing companies.
B.the very nature of arms race.
C.the ignorance of some stupid workers.
D.the desire to keep up with the Jones.
With a series of well-timed deals, private-equity firms are giving traditional media managers cause to be envious, The Warner Music transaction, in which Edgar Bronfman junior and three private-equity firms paid Time Warner $2.6 billion for the unit in 2003, is already judged a financial triumph for the buyers. Their success is likely to draw still more private-equity into the industry. And the investments are likely to get bigger: individual private equity funds are growing—a $10 billion fund is likely this year—so even the biggest media firms could come within range, especially ff private-equity investors club together,
Some private-equity firms have long put money in media assets, but mostly reliable, relatively obscure businesses with stable cash flows. Now, some of them are placing big strategic bets on the more volatile bits, such as music and movies. And they are currently far more confident than the media old guard that the advertising cycle is about to turn sharply upwards.
One reason why private-equity is making its presence felt in media is that it has a lot of money to invest. Other industries are feeling its weight too. But private-equity's buying spree(狂购乱买) reveals a lot about the media business in particular. Media conglomerates(联合公司) lack the confidence to make big acquisitions, after the last wave of deals went wrong. Executives at Time Warner, for instance, which disastrously merged with AOL in 2000, wanted to buy MGM, a movie studio, but the board (it is said) were too nervous. Instead, private-equity firms combined with Sony, a consumer-electronics giant, to buy MGM late last year.
Private-equity's interest also reflects the fact that revenue growth in media businesses such as broadcast TV and radio is now hard to come by. The average annual growth rate for 12 categories of established American media businesses in 1998—2003, excluding the internet, was just 3.4%, says Veronis Suhler Stevenson, an investment bank. Private-equity puts a higher value on low-growth, high cash-flow assets than the public stockmarket, says Jonathan Nelson, founder of Providence Equity Partners, a media-focused private-equity firm. What private-equity men now bring to the media business, they like to think, is financial discipline plus an enthusiastic attitude towards new technology. Old-style. media managers, claim the newcomers, are still in denial about how technology is transforming their industry.
Traditional media managers grudgingly agree that, so far, private-equity investors are doing very nicely indeed from their entertainment deals. The buyers of Warner Music have already got back most of their $2.6 billion from the farm by cutting costs, issuing debt and making special payouts to shareholders. This year, its investors are expected to launch an initial public offering, which could bring them hundreds of millions more.
The best title for the text might be
A.Private-Equity and the Media Industry.
B.Private-Equity and Traditional Media Managers.
C.Private-Equity's Role in Economic Development.
D.Private-Equity Has Much Profit to Make.
A.makes her free up some time to get on with other things.
B.brings many creative ideas to her for innovating her shops.
C.helps her to offer someone else the opportunity to learn a trade.
D.saves her a lot of energies to expand the business.
But official statistics also show that more businesses than ever are failing. Last year, a record 40,000 businesses were declared insolvent.
With so many businesses failing it is important if you are thinking of starting a business to plan and prepare properly. This will also increase the chances of securing finance.
"One of the key parts of starting a business is ensuring that the original idea is developed into a fully viable product or service," Judith Rutherford, the chief executive of Business Link for London, says. "Establishing whether there is a market for the product or service is the next step. This should include a thorough examination of potential competitors and customers," she says. "It may also be worth commissioning some market research."
If the research demonstrates there is a viable Business to be had, then the next step is to develop a detailed business plan. As well as details of the product and market, this should also include a budget plan and cash flow forecast. Approaching a qualified accountant can also help. A professional looking plan with credible figures will make it easier to attract finance.
But John Rendall, the head of business banking at HSBC warns against falling into the trap of creating a business plan designed solely with the objective of securing funding.
"A good business plan should demonstrate some critical thinking about your business, help you clarify what you want to achieve and how you are going to achieve it. It should also help you mark progress, set goals and be in better shape to deal with the challenges any new business is likely to face," Mr. Rendall says.
"This approach is far more likely to impress than something solely designed to justify borrowing." Mr. Rendall also advises businesses not to underestimate how much they need to borrow. "Don't be tempted to underplay the debt you require just to please your bank," he says. "A bank is just as likely to consider a larger sum if it is persuaded of the growth potential of your business."
A good business plan should also include contingency plans that outline responses to unforeseen circumstances—positive as well as negative. For example, what would be the financial impact of changed economic circumstances? What changes could be made to respond? It is always worth getting comments from friends or colleagues who can bring a more detached perspective.
It could also be worth taking the time to investigate whether your business qualifies for any grants. Grants are available from a variety of sources including the Government and its various departments and agencies, the European Union and some charitable organizations. If you are under the age of 30, it would be worth visiting the Prince's Trust website, which last year helped more than 4,300 young people start-up in business. More details on how to find grants, raise finance and improve financial management can be found on Times Online's Grant and Finance guide.
The number of the companies that were established in 2002 is about
A.400,000.
B.40,000.
C.300,000.
D.260,000.
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