Showing posts with label financing. Show all posts
Showing posts with label financing. Show all posts
Friday, 15 January 2021
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January 15, 2021
Tuesday, 22 December 2020
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3.2. Coping with Internal Attackers/Threats
December 22, 2020
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School of Psychology and Computer Science |
UCLan Coursework Assessment Brief
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Academic Year 2020/21 |
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Module Title: Advanced Topics in IT Security
Module Code: CO4510 |
Level 7 |
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Assignment – Research Paper |
This assessment is worth 60% of the overall module mark |
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RELEASE DATES AND HAND IN DEADLINE Start: 23/10/2020 Submission deadline of the research paper: 05/12/2020 23:59 Please note that
this is the latest time you can submit – not the time to
submit! Feedback will be given to the class within 15 working days of the assignment hand-in date, i.e., 15 working days counting from the complete contribution due date. This will take the format of individual written feedback using the feedback sheet available on Blackboard under the ”Assignment” menupoint. |
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The assignment work should be submitted to the appropriate assignment submission Turnitin folder available on Blackboard[1] by the due date. You should: 1. Use
the ACM SIG template for Word files, which can be found on Blackboard area, under the following
place: ”Assignment” menupoint ->
”ACM SIG Word Template”. Note
that the ACM SIG template uses numbered references, not Harvard style
referencing. 2. Use RefWorks (or similar) to organise your references. RefWorks is available on the UCLan network. |
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1. Learning Outcomes
This assignment addresses the following learning outcomes:
- Evaluate approaches to the management of IT Security
- investigate, summarise and review contemporary topics in IT security
- Apply ideas from research and current practices to address problems of IT system security
2. Assignment Description
This assignment is individual, You have to write a paper with a total size of 2400 words in the ACM SIG template (excluding references). Please check the Section 5 for more info on the template.
Research Paper Structure
The paper should contain at least the following sections. Note that you may add sections and subsections to improve the paper and its structure; for example, you may want to organise the literature review in sub-sections.
1. An abstract provides a compact summary of the report, which hightlight what you have done, and usually include the major findings and their significance. It is very important that based on the abstract a reader should be able to tell whether your paper will be useful to them. (ideally 200-300 words)
2. An introduction summarizes your research question and its context/ background (such as trends, statistics, recent developments in the field), the practical relevance of this question, the initial goal of your paper (how you expected to answer your research question), the relevance of the question for practitioners or researchers, how you did answer your question, and how the paper is structured.
3. A critical analysis of existing literature relevant to your research question. Identify any interesting results, insights, how effective are the proposed methods, and their limitations. Where applicable, also review relevant practices from high quality sources. Additionally, consider the extent to which methods proposed in research papers have been tested in industry. Due to the constraint on page number, only consider the most relevant, recent papers in the field.
4. Based on the drawbacks and limitation identified in this field, propose and discuss a possible (future) direction to improve or overcome some of these drawbacks. You may also discuss the mitigations or counter measures collected from research and/or current practices that minimise or avoid issues identified by the literature review.
· Note that you do not have to develop a method (since it is out of scope of this assignment), but only provide some interesting thoughts and discussion on a possible direction (i.e., mainly expressing your idea).
5. A conclusion drawing conclusions about what you have achieved, reflecting on your initial goal, and summarize the main findings.
3 Selecting a Research Topic
The
following research questions are provided to give you an idea of the type of
question that you are expected to answer. Before you start, you should locate a
paper that will help you to find other papers.
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Important: Let your tutor know about your chosen topic before you start. You should specify
a research question, and you should narrow down the topic. Otherwise,
you will run out of space quickly.
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3.1. Web Security
- Phishing attack
- SQL injection
- Cross site scripting (XSS)
- Cross site request forgery (CSRF)
- Browser security
- Certificate vulnerabilities (e.g., Heartbleed bug)
- Typosquatting
- Based on honeynet/honeypot/honeytokens
- Based on trap documents
- Based on intrusion detection system (IDS)
- Multi-factor authentication
- CAPTCHA
- Graphical Passwords
- Single Sign On (SSO)
3.4. Security and Privacy of Cloud services
- Client-side/end-to-end encryption vs. server side encrytion scheme
- Privacy and accountability of cloud services
- from the data subjects (user), data controller (service provider), and legal perspective.
- Big data problem in cloud computing and storage
- Data theft in cloud (e.g., Fog computing)
- Automated malware analysis in the cloud
- Health-care management in the cloud
3.5. Advanced Persistent Threats (APT)
- Zero-day type attacks and their detection
- coping with attacks based on zero-day or unknown vulnerabilities
3.6 Botnets
- Detecting and mitigating botnets
- Online social networks based command and control (C&C) methods and detection
3.7 Smart City Security (IoT)
- Secure vehicular communications
- Security of smart road traffic control systems
3.8 Security
and Privacy in Social Networks
- Centralized and decentralized (peer 2 peer) social networks
- Privacy and accountability of social networks
- from the data subjects (user), data controller (service provider), and legal perspective.
- Protecting children in online social networks
- Crowdturfing activities in online social networks and detection
- Sybil (fake) account problem in online social networks and detection
3.9 Mobile Security
- Privilege escalation attacks
- Android security problems
- IOS security problems
3.10 Firewall, IDS Security
- Firewall/IDS misconfiguration problems
- Inconsistency/Anomaly in firewall and IDS rulesets
- Conformation between high-level firewall/IDS policy and low-level firewall/IDS configuration
3.11 Hardware security modules (HSM)
- Security of Banking Hardware Security Modules
- Security HSM API analysis
3.12 Shilling attacks against recommender systems
· How effective are recommender systems against shilling attack
· E.g., Amazon, Netflix
TOP CONFERENCES AND JOURNALS IN CYBER SECURITY AND PRIVACY
You may browse the websites of the following top conferences and journal for the most relevant related works. Note that each conference and journal have a different version each year, e.g., CCS 2014, CCS 2015, etc., therefore you can Google based on the conference name + year + keywords. Also, keep in mind that these are only recommendation, you are allowed to work with papers from other places.
- ACM Conference on Computer and Communications Security (CCS)
- USENIX Security Symposium (USENIX)
- IEEE Symposium on Security and Privacy
- Network & Distributed System Security Symposium (NDSS)
- European Symposium on Research in Computer Security (ESORICS)
- ACM Conference on Security and Privacy in Wireless and Mobile Networks (WISEC)
- ACM Symposium on Information, Computer and Communications Security (ASIACCS)
- Privacy Enhancing Technologies Symposium (PETS)
- Workshop on Privacy in the Electronic Society (WPES)
- Annual Privacy Forum (APF)
- Black Hat
- DEF CON
- IEEE Transactions on Information Forensics and Security Journal
- IEEE Security & Privacy Journal
- TDSC - IEEE Transactions on Dependable and Secure Computing Journal
- TISSEC - ACM Transactions on Information and System Security Journal
- IEEE Communications Magazine
- ACM Computing Surveys (CSUR)
Penalty
For every 10% you exceed your word limit, you will have 10% of your marks removed until a maximum of 100%. Your word limit does not include references, but does include citations (quotes).
6 Late work
Late work must be submitted to eLearn in the required assignment slot.
6.1. Penalties for late submission
Except
where an extension of the hand-in and presentation deadline dates has been
approved (using extenuating circumstances forms), lateness penalties will be
applied in accordance with University policy as shown in Table 1[1].
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(Working) Days
Late |
Penalty |
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Up to 5 |
Maximum mark 50% |
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More than 5 |
0% |
Table 1: Late submission penalty
7. Mitigating circumstances
Extensions are granted when there are serious and exceptional factors
outside your control. Everyday occurrences such as colds and hay fever do not
normally qualify for extensions. Where possible, requests for extensions should
be made before the hand-in date.
Information about how to submit :
Information about how to submit :
9 Unfair Means to Enhance Performance
The University operates an electronic plagiarism detection service (Turnitin) where your work will be automatically uploaded, stored and cross-referenced against other material. You should be aware that the software searches the World Wide Web, extensive databases of reference material and work submitted by members of the same class to identify duplication.
To avoid accusations of plagiarism, give an in-text citation and
provide bibliographic details of any source used in the references list.
Remember that you can reuse ideas from different sources but not literal text.
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Disclaimer: The
information provided in this assessment brief is correct at time of
publication. In the unlikely event that any changes are deemed necessary,
they will be communicated clearly via e-mail and a new version of this assessment
brief will be circulated. |
Version: 1 |
10 Reassessed
Work
Reassessment in written examinations and coursework is at the discretion of the Course Assessment Board and is dealt with strictly in accordance with University policy and procedures. Revision classes for referrals will take place during ’reassessment revision, appeals and guidance week’ as marked on the academic calendar
The mark for the reassessed module is subject to a maximum of 50%.
Please see the UCLAN Academic Regulations and Assessment Handbook for
information and penalties related to “unfair means to enhance performance”[1].
MARKING SCHEME
CO4510 Assignment
Student
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To be awarded a failing grade
(less than 50%) your work will not have met the required standard. The following (non-exhaustive) list contains examples that may cause your work to fail (several of the following points together would lead to a fail).
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To be awarded a pass mark (52,
55, 58) your work will be of a competent standard.
Your report structure, writing style (compact/focused), referencing
quality/quantity will be used to determine whether you receive a low (52),
mid (55) or high (58) pass grade.
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To be awarded a merit grade
(62, 65, 68) your work will be of a very good standard.
Your report structure, writing style (professional/compact/focused)
and referencing quality/quantity will be used to determine whether you
receive a low (62), mid (65) or high (68) merit grade.
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To be awarded a distinction
grade (74, 80, 87, 94, 100) your work will be of a very good standard.
Your report structure, writing style (professional/compact/focused) and referencing quality/quantity will be used to determine whether you receive a low (74), mid (87) or high (94, 100) distinction grade. |
Saturday, 12 December 2020
%, assignment, assignment helper, assignments, assignments helper, company, equity, financial, financing, pound, uk assignment helper, uk assignments helper
December 12, 2020
Cover Sheet: Non-Anonymous Marking
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Student Name: |
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Student ID: |
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Degree Title: |
Enterprise
and Innovation |
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Level: |
7 (LONT041) |
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Module Title: |
Financial
Tools and the Legal Environment |
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Module Code: |
7 (LONT041) |
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Seminar
Lecturer: |
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Assignment
Title: |
Business
Financing Report |
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Word Count: |
2139 |
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Link: To shared
files, wordpress.com
Blog, etc. |
n/a |
Business Financing Report
based on a case study of a company YYY PLC
Table of contents
Executive summary .....................................................................................................4 Introduction..................................................................................................................5
1. Financial ratio analysis ............................................................................................5
2. Financial projections................................................................................................6
3. Breakeven analysis .................................................................................................7
4. Evaluation of main sources of financing ..................................................................8
5. YYY’s options for debt or equity financing ...............................................................9 Conclusion.................................................................................................................10
List of references .......................................................................................................11
Appendix 1. Financial ratios.......................................................................................14
Appendix 2. Financial projections ..............................................................................19
Appendix 3. Financial ratios (calculations).................................................................20
Executive summary
YYY Drinks PLC (hereafter YYY) was founded in 2005 and is a fast-growing company showing graduate growth based on the analysis of key financial indicators during the observed period of time (2014-2018 years). In order to make comprehensive analysis company’s financial performance in this report I will examine annual reports and financial statements for the last five years and make comparison to its peer group.
The purpose of financing planning is to optimize processes and to improve the business. Proper financing planning will allow company to enhance own financial and operational policies and strategies. This business financing plan will evaluate company’s current economic position and will predict theoretical future income, the amount of assets and liabilities. Based on published reports (latest available report is for 2018) the company was not facing any significant financial issues that required immediate attention. But at the same time it was still crucial for the management to pay extra attention to company’s inventory (taking into consideration 2018’s uncertainty around the United Kingdom leaving the European Union and all related predictions and preparations), to efficiently use their assets, to negotiate better deals with existing and future suppliers.
Should YYY seek to raise additional funding to scale its business this report also suggests possible and the most appropriate sources of financing for the company. This takes into the account existing internal policies and aims for the company to become debt free. The most innovative way to get both new ideas and additional funds for company to grow is crowdfunding. YYY hadn’t used this method before, but according to the theory and proven practical use cases of other product companies it is both effective and efficient way
Introduction
This report overviews YYY company which creates a range of soft drinks (e.g. tonics, lemonades, colas, ginger ales and many other). It covers current financial performance of the company (as of 2018) and previous four years, financial projection for the next five years. Report presents a breakeven point – a necessary level of sales to cover YYY’s total fixed costs. Several potential ways for YYY to attract additional finances are also provided in this report based on its current size and stage of growth.
1. Financial ratio analysis
In this section key financial indicators of YYY’s performance will be introduced and analysed (refer to appendices 1 and 3 to see detailed analysis and explanation to all ratios).
Profitability ratios are one of financial metrics that can be used to assess organisation's ability to generate profit, operating costs, assets and equity over period of time. Year 2016 was the most successful year for YYY in terms of profitability comparing to other years in observed period (2014-2018). Profitability is analysed with a help of gross margin, net profit margin, return on equity and operating profit margin, these ratios are then compared to the closest for YYY’s market competitor - Nichols PLC (hereafter Nichols)
Profitability ratios remained strong for the observed period. Period of 2016-2018 demonstrated a slight decline mostly due to:
- soft drinks’ new tax introduced in the UK (GOV UK 2018),
- rise of underlying costs (e. g. glass),
- company’s policy to stock more inventory as a measure to mitigate possible risks of Brexit (YYY 2018)
All YYY’s profitability ratios were above the average comparing to the competitor’s ratios. Performed cross-sectional analysis clearly demonstrated that YYY had a better profitability than Nichols for the period of 2014-2018.
As a potential recommendation, YYY may consider negotiating better deals with existing inventory suppliers, searching for cheaper deals on components or increasing products price.
Liquidity ratios allow to measure company’s ability to pay off short-term payments without raising external investment. For the observed period of 2014-2018 company had sufficient current assets to cover its current liabilities at a time. As of 6 2018, YYY’s had £3.6 of cash, cash equivalents and current receivables to cover each pound of current liabilities. Company’s cash amount grew much faster than its current liabilities. YYY’s ratios were not much higher than ratios of its competitor, so management still should have paid attention to the usage of assets efficiently.
Leverage ratios show the amount of capital coming in the form of loans. Alternatively, it can be used to assess company’s ability to meet its financial obligations. Companies have to balance between financing their operations of equity and debt. Stable decrease of debt/equity ratio can be observed starting from 2016. The main reason for this was a growth of retained earnings which was much stronger comparing to growth of total liabilities (2016 to 2018: 370% vs 145% respectively). In 2014-2016 YYY took more loans to finance its activities than in following years (2017- 2018). According to YYY’s accounting records, starting from the year 2016 company started using more of own funds to finance its activities and operations.
For the year 2018 YYY debt/equity ratios were lower than its direct competitor (Nichols), this indicated a low risk for potential YYY investors.
Operating ratios for Fever Tree show worse results in competitor analysis. The difference in ratios might be due to different sizes of companies, different production cycles, resource planning models
Cash flow ratio. In 2018 it took around 291 days for YYY to convert its account receivables and inventory into cash. There was a stable decrease of this ratio starting from 2016, which was a positive dynamic for the company.
Valuation ratio. Investors were willing to pay £50 on average for every pound of YYY's earnings (2015-2018). In 2014 it was £42. Earnings per share for 2014 were significantly lower than for the year 2015 and onward due to the fact that in 2014 the calculation of ratio included amortization, shareholder loan note interest and exceptional items and the statutory tax rates. This was no longer a case in 2015 and following years. Due to amendments in IFRS in 2014, company was required to change the accounting framework in use (this was a new requirement of FRS 100 “Application of Financial Reporting Requirements” which superseded FRS 22).
2. Financial projections
Projecting or forecasting financial performance is main element of many companies for making further decisions (Alexander 2007: 70). Some companies use financial projections for measuring future performance and planning future activities and expenses. Based on this information companies will determine general approach 7 to run business in the future, vision, set objectives and goals, development plan (Tyran 1973, Klonowski 2015: 67). Klonowski (2015: 67) believes that financial projection is the best way for a company to assess its future financial condition. It is important to mention that it is difficult to make any predictions. These assumptions must be updated by management according to understanding of current situation and estimated further market dynamic (Alexander 2007:74).
Based on YYY’s financial performance for years 2014-2018 I will make shortcut projections for main financial indicators for the next five years (refer to appendix 2 for details)
The YYY shortcut projection suggests that total net revenues will rise from £237.5m to £2740.6m for the period of next five years on the assumption that revenues’ annual growth rate would remain at 63.1%.
The shortcut projection for net income shows that it will go up to £582m by 2023 on the assumption that average profit margin would remain at 21.2%.
The YYY’s shortcut projection for total assets demonstrates the growth from £225.4m to £886.2m over the five-year projection period on the assumption that assets’ annual growth rate remains at 31.5%.
The shortcut projection for total liabilities and shareholders’ equity indicates that liabilities will go up to £198.5m by 2023 on the assumption that average proportion liabilities/assets remains at 22.4% and shareholders’ equity will increase from £183.2m to £687.7m over the five-year projection period on the assumption that proportion remains at 77.6%.
The company is expected to show growth for the next five years according to analysis of shortcut projections.
Breakeven analysis is a way for many companies to find a balance between profitability, volume and costs (Cafferky and Wentworth 2014: 1).
Some researchers as Paschal (2006) start conducting breakeven analysis by determining fixed and semi-fixed costs. Fixed expenses are those which happen each month during the entire year, for example salaries, rent, insurance and equipment loans. Bills for telephone, utilities, water, wages paid hourly are semi-fixed costs (Paschal 2006). Breakeven analysis allows to measure how much a company must generate monthly to cover fixed and semi-fixed expenses, in other words to break even.
In some cases, breakeven analysis can be used not only for calculating breakeven point (and making further decisions based on these findings, e.g. changing pricing policy), but for defining a measure (benchmark) to identify upper or lower bound for services or products (especially by regulatory agencies) as well. For example, some companies use it to calculate a price for their services when they have to estimate how much life or health costs (Farber 2014).
For the purposes of this report a traditional formula will be used for the breakeven analysis. It determines the necessary level of sales to cover YYY’s total fixed costs (Cafferky and Wentworth 2014: 2). For the year 2018 breakeven point for YYY was £66.26m (refer to appendix 3). For fixed costs to be fully payed YYY needed to have at least £66.26m in sales in 2018, this is a point at which YYY would have reported zero net profit/loss.
4. Evaluation of main sources of financing
Theory defines two types of financing entrepreneurial firms (Govori 2014; Oliner and Rudebusch 1992; Klonowski 2015: 66):
- internal (savings from efficient management, retained earnings),
- external sources (equity and debt instruments).
Researchers say that internal funds are the cheapest source of funds and
recommend using this type of source. Eventually when company scales up it need
additional source of capital – external. Externally company can get resources from
banks, government, venture capitalists, business angels, investors, public market and
private partners (Klonowski 2015: 66). External financing is more expensive, its higher
cost can be explained by information asymmetries and agency costs for getting funds
(Oliner and Rudebusch 1992). Finding the most proper external source of financing is
challenging, because each of finance sources has own criteria (like stage of company’s
growth), requirements to a company and a level of risk tolerance (Klonowski 2015: 66).
All these factors will influence on the final price of raised funding.
Rogers (2014: 161-237) defines such types of external financing:
- debt financing (family, friends and personal savings, angels, government, foundations, banks, customer or supplier financing, factors, purchase order financing and credit cards);
- equity financing (family, friends and personal savings, angels, VC, private placement offering, private equity firms).
When using debt financing as an external source entrepreneur have to
remember that these are borrowed funds, which need to be repaid with interest over
exactly defined period of time and prescribed schedule (Burk and Lehman 2004: 43).
Equity financing will allow to avoid debt, but business owner will give away some part
of business ownership and his own part of the business will be diluted, at some round
of raising funds company’s founder could lose control over the company. Using equity
financing for raising funds may influence a decision-making process in a company and
the way how business is run (Sherrod 2000).
5. YYY’s options for debt or equity financing
In case if YYY will consider expansion of operational activities or any other projects, it might be the right time to examine external financing for the company. First of all, the company must find out the purpose, amount and conditions for raising money. The answers to these questions will determine possible types of financing. The efficiency of funding will affect company’s capability to commence with specific projects and definitely will influence the level of profit from its operations (Govori 2014).
By reviewing YYY’s annual reports and financial statements (YYY 2018), we can conclude that company prefers to use own funds rather than debt financing (no borrowings and non-current loans were used in 2018). Company used a £10m credit line for the prior three years from Lloyds bank. YYY decided not to renew this line. Based on their internal policy it is better to propose alternative sources of financing for new projects, but it doesn’t mean that company will exclude debt financing at all. YYY has a continuous credit history and can get a loan from a bank in form of a corporate credit card (Glanz 2015: 9) or consider opening a new credit line, which can be done reasonably quick (as there is a credit history with Lloyds bank).
While YYY is a fast-growing company it is already mature (founded in 2005), that is why it will not be reasonable to finance new projects by personal, family or friends’ savings as well as angel investors’ or venture capitalists’ funds. Most of them have particular investment criteria, for example company should be on early stages of growth or have a revenue between £2m and £20m (2x Consumer, 2020). YYY had a revenue of £237m as of 2018. Moreover, company is listed on the Alternative Investment Market of London Stock Exchange and trading its securities there, which might be a possible source for getting additional funds. More likely that YYY will sell stocks on the market to attract additional capital.
While this would mainly depend on a purpose of a financing, should YYY want to launch a new drink – product crowdfunding might be the best source for this (Feld 2019: 137). Crowdfunding is the way to support initiative of a company by getting attention, cooperation and trust of people to pool their money into the project (Glanz 2015: 9). For example, UK based companies can launch their campaign at Crowdfunder (https://www.crowdfunder.co.uk/). By using crowdfunding, company will not only get a financing but will also receive customer support and collect useful marketing data and various product ideas (Kohler 2015). Company can reward customers for early orders with various perks or premium supplements complementing pre-orders (Rogers 2014: 279).
Conclusion
To summarise analysed financial performance of YYY for 2014-2018 (years when official reports are available), a stable growth of the company could be clearly recognized. According to calculated financial projections, the company will continue demonstrating steady growth for the following five years. This conclusion can be underpinned by the way company is growing each year – by penetration of existing markets and entering new ones, constantly developing new products.
YYY is on its early maturity stage of growth, which gives the company an opportunity either to rise funds on stock exchange or to use traditional bank loans or use internal funds as retained earnings to finance own activities and to expand
List of references
2x Consumer (2020) Investment Profile. 2x Consumer Products Growth Partners [online] available from https://www.2xpartners.com/investment-profile/ [28 March 2020]
Alexander J. (2007) Performance Dashboards and Analysis for Value Creation. Hoboken, N.J.: John Wiley & Sons. Wiley Finance Ser. [online] available from https://onlinelibrary.wiley.com/doi/pdf/10.1002/9781119197324.ch4 [29 March 2020]
Burk Lehman (2004) Financing Your Small Business. 1st ed. Naperville, Ill.: Sphinx Pub. [online] available from https://ebookcentral.proquest.com/lib/coventry/reader.action?docID=3035116 [28 March 2020]
Cafferky M. and Wentworth J. (2014) Breakeven Analysis: The Definitive Guide to Cost-volume-profit Analysis. Second ed. Managerial Accounting Collection [online] available from https://ebookcentral.proquest.com/lib/coventry/reader.action?docID=1767126 [28 March 2020]
Farber D. (2014) Breaking Bad? The Uneasy Case for Regulatory Breakeven Analysis. California Law Review 102.6 (2014): 1469-493 [online] available from https://www.jstor.org/stable/pdf/24758175.pdf?refreqid=excelsior%3Af1ab84a10 c7f87f0d2df59ead3b7812c [27 March 2020]
Feld B. and Mendelson J. (2019) Venture Deals: Be Smart Than Your Lawyer and Venture Capitalist. John Wiley & Sons, Incorporated [online] available from https://ebookcentral.proquest.com/lib/coventry/detail.action?docID=5880909 [27 March 2020]
YYY (2014) Annual report and financial statements for the year ended 31 December 2014
YYY (2015) Annual report and financial statements for the year ended 31 December 2015
YYY (2017) Annual report and financial statements for the year ended 31 December 2017
YYY (2018) Annual report and financial statements for the year ended 31 December 2018
Glantz M. (2015) Navigating the Business Loan. Elsevier Inc [online] available from https://www.sciencedirect.com/science/article/pii/B9780128016985000017?via %3Dihub [28 March 2020]
GOV UK (2018) Soft Drinks Industry Levy Gov UK [online] available from https://www.gov.uk/guidance/check-if-your-drink-is-liable-for-the-soft-drinksindustry-levy [28 March 2020]
Govori F. (2014) The Development of Capital Market and its Impact on Providing Alternative Sources of Business Financing: Empirical analysis, Federal Reserve Bank of St Louis, St. Louis [online] available from https://mpra.ub.unimuenchen.de/58189/1/MPRA_paper_58189.pdf [27 March 2020]
Klonowski D. (2015) Strategic Entrepreneurial Finance: From Value Creation to Realization. Routledge Advanced Texts in Economics and Finance [online] available from https://www.taylorfrancis.com/books/9780203094976
Kohler T. (2015) Crowdsourcing-Based Business Models: How to Create and Capture Value. California Management Review 57 p. 63-84 [online] available from http://web.b.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=1&sid=9412ebe9- d0ee-4efb-93ff-2cb0c790b5be%40sessionmgr103 [28 March 2020]
Oliner St. and Rudebusch Gl. (1992) Sources of the Financing Hierarchy for Business Investment. The Review of Economics and Statistics, Vol.74(4), p.643-654 [online] available from http://web.a.ebscohost.com/ehost/detail/detail?vid=0&sid=86bd86da-2433-45f8- a136-5b0128f2b13f%40sdc-vsessmgr01&bdata=JkF1dGhUeXBlPWlwLHNzbyZzaXRlPWVob3N0LWxpdmU %3d#AN=4645436&db=bth [28 March 2020]
Paschal B. (2006) Breakeven Analysis: EMB. EMB, Embroidery Monogram Business, vol. 2, pp. 20 [online] available from https://search.proquest.com/docview/235932099/fulltextPDF/D779863C0CE444 E9PQ/1?accountid=10286 [27 March 2020]
Rogers S. and Makonnen R. (2014) Entrepreneurial Finance and Business Strategies for the Serious Entrepreneur, McGraw-Hill Education [online] available from https://bibliu.com/app/#/view/books/9780071824064/epub/ops/cover.html# [28 March 2020]
Sherrod L. (2000) Financing Your Business. Essence 31.3 [online] available from https://search.proquest.com/docview/223151794/fulltextPDF/4A22650B98 0C4656PQ/1?accountid=10286 [26 March 2020]
Tyran M. (1973) A Financial Projection Plan. Management Accounting 55.1: 19 [online] available from https://search.proquest.com/docview/229773380?accountid=10286&rfr_id =info%3Axri%2Fsid%3Aprimo [26 March 2020].
Appendix 1. Financial ratios
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