CITY GROUP OF

COLLEGES

B.COM.
THREE YEAR DEGREE COURSE
BATCH (2024-25)

SEMESTER- 5th
INTRODUCTION OF
ENTREPRENEURSHIP

SYLLABUS
PREVIOUS YEAR QUESTIONS
NOTES
PRACTICE WORKSHEET
GLOSSARY
 SYLLABUS
UNIT IV: - (LECTURE – 04)

1. Financing of New Ventures: Stages of Financing,

2. Sources of Finance – Seed Funding, Venture Capital Funding, Bank Funding,
Lease Financing.
3. Funding Opportunities and Institutional Support in India.
4. Key Financial Indicators: Break-Even Analysis, Ratio Analysis, Valuation
Methods, Sensitivity analysis.
 PREVIOUS YEAR QUESTIONS
UNIT -4
1. Elucidate the funding opportunities and institutional support in India available
to support entrepreneurship? (2023)
2. What are the sources of Finance? Discuss the Venture Capital Funding, Bank
Funding, and Lease Financing in details?(2022)
3. What are the Stages of Financing in business?(2021)
4. Explain the Key Financial Indicators? What are the Break-Even Analysis, Ratio
Analysis, and Valuation Methods?(2021)

SHORT QUESTION
1. Write short notes on the following:(2023)
 Sensitivity analysis
 Seed financing
2. Explain the term bootstrapping?(2022)
3. What do you mean by crowd funding? (2022)
4. Write the short notes on angel investing?
 CITY GROUPS OF COLLEGES, LUCKNOW

LECTURE PLAN (UNIT-IV)

COURSE: B.COM (NEP) SEMESTER: 5th
PAPER:3 SUBJECT:- INTRODUCTION OF
ENTREPRENEURSHIP
SYLLABUS: Financing of New Ventures: Stages of Financing, Sources of Finance –
Seed Funding, Venture Capital Funding, Bank Funding, Lease Financing. Funding
Opportunities and Institutional Support in India. Key Financial Indicators: Break-Even
Analysis, Ratio Analysis, Valuation Methods, Sensitivity analysis.

LECTURE 1 Financing of New Ventures: Stages of Financing

PYQ
1. What are the Stages of Financing in business?(2021)
LECTURE 2 Sources of Finance – Seed Funding, Venture Capital Funding,
Bank Funding, Lease Financing
PYQ
1. What are the sources of Finance? Discuss the Venture
Capital Funding, Bank Funding, and Lease Financing in
details?(2022)
2. Seed financing(2023)
LECTURE 3 Funding Opportunities and Institutional Support in India
PYQ
1. Elucidate the funding opportunities and institutional support
in India available to support entrepreneurship? (2023)
LECTURE- 4 Key Financial Indicators: Break-Even Analysis, Ratio
Analysis, Valuation Methods, Sensitivity analysis
PYQ
1. Explain the Key Financial Indicators? What are the Break-
Even Analysis, Ratio Analysis, and Valuation
Methods?(2021)
5. Write short notes on the following:(2023)
 Sensitivity analysis
 LECTURE1
FINANCING OF NEW VENTURES: STAGES OF FINANCING (Part-1)

PYQ 1. What are the Stages of Financing in business?(2021)

FINANCING OF NEW VENTURES

Financing of new ventures is a critical aspect of entrepreneurship that can determine the success or failure of a
new venture. This process involves identifying and securing the necessary funds to launch and grow a new
business. In this essay, we will explore various financing options available to new ventures, including
bootstrapping, crowd funding, angel investing, venture capital, and debt financing.
Financing is a critical aspect of entrepreneurship that can determine the success or failure of a new venture.
Entrepreneurs have various financing options available to them, including bootstrapping, crowd funding, angel
investing, venture capital, and debt financing. Each financing option has its advantages and disadvantages, and
entrepreneurs must carefully evaluate their financing needs, goals, and resources to choose the best financing
option for their new venture.

BOOTSTRAPPING
Bootstrapping is a self-financing method that involves starting and growing a business with little or no external
funding. Entrepreneurs who bootstrap rely on personal savings, credit cards, and loans from friends and family
to finance their businesses. This approach allows entrepreneurs to retain full control of their businesses and
avoid diluting their equity by bringing in outside investors.

Advantages of Bootstrapping:
1. Full Control and Ownership
2. No Debt or Equity Loss
3. Flexibility and Independence
4. Lower Risk of External Pressure
5. Better Financial Discipline
6. Increased Focus on Cash Flow

Disadvantages of Bootstrapping:
1. Limited Financial Resources
2. Slower Growth
3. Personal Financial Risk
4. Limited Marketing and Innovation
5. Stress and Burnout
1. Difficulty in Scaling

CROWDFUNDING
Crowd funding is a popular financing method that involves raising small amounts of money from a large
number of people through online platforms. Crowd funding can take various forms, including donation-based
crowd funding, reward-based crowd funding, and equity crowd funding.
Crowd funding can provide new ventures with the necessary funds and early market validation while creating a
community of supporters. However, crowd funding requires a strong online presence, effective marketing, and
an appealing value proposition to attract investors.

Advantages of Crowd funding:

1. Access to Capital
2. Validation and Market Research
3. Minimal Risk
4. Marketing Exposure
5. Diverse Funding Sources
6. Customer Loyalty and Engagement
Disadvantages of Crowd funding:
1. Time-Consuming
2. Uncertain Outcome
3. No Guarantees of Success
4. Public Exposure of Idea
5. Fees and Costs
6. Pressure to Deliver

ANGEL INVESTING
Angel investing involves high net worth individuals investing in early- stage companies in exchange for equity.
Angel investors typically invest smaller amounts of money than venture capitalists and often provide more
hands-on support and mentorship to new ventures.
Angel investing can provide new ventures with the necessary funds, expertise, and networking opportunities to
grow their businesses.
However, angel investors may have limited resources and may not have the same level of due diligence and
evaluation as venture capitalists.

Advantages of Angel Investing:

1. Access to Capital
2. Expertise and Mentorship
3. Flexible Terms
4. Faster Decision-Making
5. Networking Opportunities
6. No Immediate Pressure for Quick Returns

Disadvantages of Angel Investing:

1. Equity Dilution
2. Limited Funding Amount
3. Risk of Over-reliance
4. High Expectations
5. Conflict of Interest
6. Loss of Autonomy

VENTURE CAPITAL
Venture capital is a form of private equity financing that involves institutional investors providing capital to
early-stage and high- growth companies in exchange for equity. Venture capitalists typically invest in high-
risk, high-potential startups with innovative technologies and business models.
Venture capital can provide new ventures with significant financial resources, industry expertise, and strategic
guidance to scale their businesses rapidly. However, venture capital financing comes with high costs, including
significant equity dilution, strict governance requirements, and pressure to achieve rapid growth and
profitability.
 LECTURE 1
FINANCING OF NEW VENTURES: STAGES OF FINANCING(Part-2)

Advantages of Venture Capital:

1. Substantial Funding
2. Expertise and Guidance
3. Business Network
4. Support for High Growth
5. Increased Credibility
6. Risk Sharing

Disadvantages of Venture Capital:

1. Equity Dilution
2. Loss of Autonomy
3. High Expectations for Returns
4. Time-Consuming and Competitive Process
5. Exit Pressure
6. Focus on High Growth

DEBT FINANCING
Debt financing involves borrowing money from lenders, such as banks, to finance new ventures. Debt
financing can take various forms, including term loans, lines of credit, and credit cards. Debt financing allows
entrepreneurs to maintain control of their businesses and avoid equity dilution.
However, debt financing comes with the risk of default and can limit new ventures’ ability to invest in growth
opportunities. New ventures must have a strong credit history and demonstrate their ability to repay the debt to
secure financing.

Advantages of Debt Financing:

1. Retain Ownership and Control
2. Tax Deductions
3. Predictable Payments
4. No Sharing of Profits
5. Builds Business Credit.

Disadvantages of Debt Financing:

1. Repayment Obligation
2. Interest Costs
3. Risk of Default
4. Cash Flow Pressure
5. Limited Flexibility
6. Difficult to Obtain for New Businesses

STAGES OF FINANCING
The stages of financing refer to the different phases in the funding process for a business or project. These
stages typically include:

1. Seed Stage:
 This is the very early stage, often involving the idea or concept of the business.
 Funding typically comes from the founders, family, friends, or angel investors.
 It is used to develop a business plan, conduct research, and develop a prototype or initial product.

2. Startup Stage:
 At this stage, the business has an established product or service and may be ready to launch.
  Funding often comes from angel investors, venture capital firms, or crowdfunding.
 The focus is on business development, market research, and building the initial customer base.

3. Growth Stage:
 The business is experiencing early sales and starting to expand.
 Funding is typically raised through venture capital or private equity.
 The goal is to scale the business, expand marketing efforts, and possibly enter new markets or launch
additional products.

4. Expansion Stage:
 The business is now more established with a growing customer base and market presence.
 Funding often comes from venture capital, private equity, or public markets (through an IPO).
 This stage focuses on large-scale expansion, acquisitions, or increasing production capacity

5. Maturity Stage:
 The business has reached a stable and profitable point, with steady revenues and a strong market
position.
 Funding at this stage may come from debt financing or public markets (through bonds or equity).
 The focus is on maintaining steady growth, improving efficiencies, and sustaining profitability.

6. Exit Stage:
 The founders or investors may look to exit the business.
 Exit options include selling the company, merging with another company, or an IPO.
 Investors and founders may liquidate their shares or transition ownership to new stakeholders.

SHORTANSWER
1. Explain the meaning of new venture.
2. What do you understand by venture capital?
3. Explain the stages of venture capital.
4. Write a short note on angel investing and debt financing?
 LECTURE2
Sources of Finance –Seed Funding, Venture Capital
Funding, Bank Funding, Lease Financing(PART-1)

PYQ- 1. What are the sources of Finance? Discuss the Venture Capital Funding, Bank Funding, and Lease
Financing in details?(2022)
2. Seed financing(2023)
Sources of Finance- Sources of finance are essential for the success of any business venture, especially for new
startups. There are several sources of finance available to entrepreneurs, including seed funding, venture capital
funding, bank funding, and lease financing. Each source of finance has its own unique advantages and
disadvantages. In this essay, we will explore each of these sources of finance in detail, along with their pros and
cons.

Seed Funding- Seed funding is a type of funding that is usually provided in the early stages of a new business
venture. It typically comes from angel investors, friends and family, or crowd funding platforms. Seed funding
is designed to help businesses get off the ground and usually ranges from a few thousand dollars to a few
hundred thousand dollars.
Advantages of Seed Funding:
1. Initial Capital for Growth: Seed funding provides the necessary capital to develop a product or service,
conduct market research, and build a team without the pressure of immediate profitability.
2. Credibility and Validation: Securing seed funding from investors can provide external validation and
credibility, which may make it easier to attract future investment or customers.
3. Flexibility: The funding typically comes with fewer strings attached compared to later-stage investments,
allowing founders to have more freedom in decision-making.
4. Access to Mentorship and Networking: Seed investors often provide guidance, mentorship, and access to a
network of industry professionals, which can help founders, avoid common pitfalls and grow faster.
5. Lower Risk for Entrepreneurs: Seed funding can enable entrepreneurs to pursue their vision without having
to use personal savings, take on too much debt, or rely solely on bootstrapping
Disadvantages of Seed Funding:
1. Equity Dilution: In seed funding, entrepreneurs usually give up a portion of their company’s equity. This
can result in significant dilution of ownership, especially if multiple rounds of funding are required.
2. Pressure from Investors: Seed investors often expect early-stage companies to achieve rapid growth, which
can add pressure on entrepreneurs to scale quickly. This may not always align with the company’s natural
growth trajectory.
3. Limited Funding: Seed funding amounts are typically smaller compared to later rounds, meaning the
company may need to raise additional funds soon. If initial funding doesn’t go well, it could be challenging
to secure follow-up investments.
4. Ownership Control: As investors gain equity, they may seek to influence decisions, taking away some of the
founders’ control over the direction of the business.
5. Risk of Failure: Startups are inherently risky, and many fail in the early stages. Seed funding doesn’t
guarantee success, and in case of failure, the entrepreneurs and investors may lose their invested capital.

Venture Capital Funding- Venture capital funding is a type of funding provided by venture capital firms to
early-stage and growth-stage companies that have a high potential for growth. It typically involves large
investments, ranging from a few hundred thousand dollars to tens of millions of dollars.
Advantages of Venture Capital:
1. Substantial Funding: Venture capital provides significant financial resources, often in larger sums than other
types of funding like seed capital or angel investing, enabling a company to scale quickly, funds research
and development, and expand operations.
2. Expertise and Guidance: In addition to capital, venture capitalists often offer valuable industry expertise,
strategic advice, and operational support, which can help founders navigate challenges, make informed
decisions, and avoid common pitfalls.
3. Access to Networks: Venture capital firms usually have extensive Networks of industry professionals,
potential customers, partners, and follow-on investors, providing startups with significant opportunities for
growth and expansion
4. Credibility and Validation: Securing venture capital investment can Lend credibility to a startup, as it
signals confidence from experienced investors. This can help attract additional investors, partners, and
customers.
5. Speed of Growth: With the backing of venture capital, startups can Accelerate their product development,
marketing, and expansion efforts, which can help them capture market share faster than competitors who
rely slower on organic growth.
Disadvantages of Venture Capital:
1. Equity Dilution: In exchange for the capital, entrepreneurs must give up a significant portion of their
company’s equity. This can result in a loss of control for the founders, especially if they go through multiple
rounds of funding.
2. Loss of Control: Venture capitalists typically take an active role in the company, often requiring board seats
and significant influence over strategic decisions. This can result in reduced decision-making power for the
founders.
3. High Expectations and Pressure: VCs expect high returns on their Investment, which often means rapid
growth and scalability are required. This can place significant pressure on the startup to perform quickly,
sometimes leading to unsustainable growth or pushing the company toward decisions that may not align
with its long-term vision.
4. Exit Pressure: Venture capitalists typically have an exit strategy, such as selling the company or taking it
public, within a few years. This may conflict with the founders’ vision if they want to continue running the
business independently or have a longer-term focus.
5. Focus on Growth Over Sustainability: VC-backed companies are often expected to prioritize fast growth,
which may sometimes overshadow building a sustainable, profitable business. This can lead to unhealthy
business practices or high cash burn rates.
6. Difficult to Obtain: Venture capital is highly competitive, and securing it can be difficult. Investors typically
look for companies with high growth potential, a strong management team, and a unique value proposition,
which means not all startups, will qualify for venture funding.

Bank Funding
Bank funding is a type of funding that comes from traditional banks and financial institutions. It typically
involves obtaining loans or lines of credit from banks to finance business operations, equipment purchases, or
real estate investments.
Advantages of Bank Financing:
1. Ownership Retention: One of the main advantages of bank financing is that the business owner retains
full control and ownership of the company, as no equity is given up in exchange for the loan.
2. Predictable Repayment Terms: Bank loans typically come with clear and predictable repayment terms,
including interest rates and fixed monthly payments. This allows businesses to budget effectively and
plan for future cash flow needs.
3. Lower Cost of Capital (Compared to Equity Financing): In general, interest rates on bank loans are
lower than the cost of giving up equity through venture capital or other forms of equity financing,
making it a cost-effective option for businesses that qualify.
 LECTURE2
Sources of Finance –Seed Funding, Venture Capital Funding, Bank Funding, Lease Financing(PART-2)

4. Flexibility in Loan Use: Bank loans can often be used for a variety of purposes, such as purchasing
equipment, expanding operations, or managing cash flow, giving businesses the flexibility to allocate
funds as needed.
5. Building Credit History: Successfully repaying a bank loan helps businesses build a positive credit
history, which can improve their credit rating and make it easier to secure future loans at better terms.
6. No Involvement in Daily Operations: Unlike venture capital or angel Investors, banks typically do not
get involved in the management or operations of the business, allowing the owners to run their business
independently.

Disadvantages of Bank Financing:

1. Collateral Requirements: Banks often require collateral to secure Loans. This could include business assets
like property or equipment, or even personal assets from the owner. If the business fails to repay the loan,
the bank can seize these assets.
2. Strict Eligibility Criteria: Banks have stringent eligibility requirements, Such as a strong credit history,
profitability, and a solid business plan. Small or new businesses may find it difficult to qualify for bank
financing.
3. Risk of Debt: Taking on debt creates a financial obligation that the Business must meet regardless of its
performance. Failure to repay the loan can lead to serious consequences, including damaged credit ratings
and potential legal action.
4. Long Approval Process: Obtaining bank financing can be a time- Consuming process, with long approval
cycles, extensive paperwork, and due diligence. This makes it less suitable for urgent funding needs or
businesses requiring quick access to capital.
5. Limited Flexibility: Bank loans often have less flexibility compared to Other forms of funding. For instance,
repayment terms and schedules are typically fixed, and businesses may face penalties for early repayment or
changes to the agreed terms.
6. Interest Costs: While bank loans typically have lower interest rates Than other forms of financing, the cost
of borrowing can still add up over time. Interest payments may be a significant financial burden, especially
for businesses with tight cash flow

Lease Financing
Lease financing is a type of financing that allows businesses to lease equipment or real estate instead of
purchasing it outright. It typically involves making regular lease payments to the lessor for a specified period.
Advantages:
1. Preservation of Capital: Leasing allows businesses to acquire assets without having to pay the full purchase
price upfront, thus preserving cash flow for other investments or operational needs.
2. Tax Benefits: Lease payments are often considered deductible business expenses, which can lower the
overall taxable income for a business.
3. Flexibility: Leasing offers flexible terms, such as the ability to choose lease duration and structure. Some
leases also provide options to upgrade or replace equipment at the end of the lease term.
4. Off-Balance-Sheet Financing: Depending on the type of lease, the leased asset and associated liabilities may
not appear on the company’s balance sheet, potentially improving financial ratios (such as return on assets).
5. Reduced Maintenance Costs: Operating leases often include maintenance as part of the contract, reducing
additional maintenance costs and responsibilities for the business.
6. Up-to-date Technology: Leasing provides the opportunity to regularly Upgrade to newer, more efficient
equipment without the long-term commitment of owning outdated assets.
Disadvantages:
1. Higher Overall Cost: Over the long term, lease payments can add up to more than the asset’s purchase
price, making it a more expensive option than buying outright.
2. No Ownership: At the end of the lease term, the business does not own the asset. It may need to enter into a
new lease or purchase the equipment at its market value.
3. Obligations to Pay: Lease agreements are binding, and businesses must continue paying for the lease
regardless of whether they are using the equipment or not, which can create financial strain in case of
business downturns.
4. Limited Customization: Leased assets may have restrictions on how they can be altered, customized, or
used, as the equipment belongs to the lessor.
5. Complex Terms: Lease agreements can sometimes include hidden costs, such as penalties for early
termination, excess wear and tear, or high residual values.
6. Impact on Credit: Frequent leasing can affect a business’s credit profile, potentially limiting its ability to
secure loans or &other forms of financing.

SHORTANSWER

1. What do you mean by seed funding?

2. Explain the meaning of venture capital?
3. Explain the meaning of bank funding?
4. What do you mean by lease financing?
 LECTURE 3
FUNDING OPPORTUNITIES AND INSTITUTIONAL SUPPORT IN INDIA

PYQ- 1. Elucidate the funding opportunities and institutional support in India available to support
entrepreneurship? (2023)

Funding Opportunities and Institutional Support in India

India has a rapidly growing startup ecosystem, which is supported by a range of funding opportunities and
institutional support. In this essay, we will explore the various funding opportunities and institutional support
available to entrepreneurs in India.

India has a thriving startup ecosystem, which is supported by a range of funding opportunities and institutional
support. The government has launched several schemes to support startups, while angel investors, venture
capital firms, and crowd funding platforms provide funding opportunities. Incubators, accelerators, industry
associations, educational institutions, and private sector companies provide institutional support to startups.
Entrepreneurs in India have a range of options to choose from when seeking funding and support, which can
help them to grow their businesses and contribute to India’s economic growth.

Funding Opportunities:

• Government Schemes: The Indian government has launched several schemes to support startups, such as
the Startup India initiative, which provides funding, tax benefits, and other incentives to startups. Other
schemes include the Mudra Yojana scheme, which provides loans to micro and small businesses, and the
Stand-Up India scheme, which provides loans to women and marginalized entrepreneurs.
• Angel Investors: Angel investors are high net worth individuals Who invest in startups in exchange for
equity ownership. They provide funding in the early stages of a startup and can offer guidance and
mentorship to entrepreneurs. In India, angel investors are supported by various networks, such as the Indian
Angel Network and Mumbai Angels.
• Venture Capital Firms: Venture capital firms provide funding to Startups in exchange for equity ownership.
They typically invest in startups that have a high potential for growth and can provide guidance and
mentorship to entrepreneurs. In India, there are several venture capital firms, such as Accel Partners,
Sequoia Capital, and Nexus Venture Partners.
• Crowd funding: Crowd funding platforms allow entrepreneurs to Raise funds from a large number of
people, usually through online platforms. In India, crowd funding platforms such as Kickstarter and Ketto
are gaining popularity among entrepreneurs.
• Bank Loans: Banks and financial institutions in India provide Loans to startups and small businesses.
These loans may be secured or unsecured and may require collateral. The government has also launched
various schemes to support small businesses and startups, such as the Credit Guarantee Fund Trust for
Micro and Small Enterprises.

Institutional Support: =

• Incubators and Accelerators: Incubators and accelerators Provide support to startups in the form of
mentorship, networking, and access to funding. In India, there are several incubators and accelerators, such as
the Indian Angel Network Incubator, Startup Oasis, and T-Hub.
• Government Initiatives: The Indian government has launched several initiatives to support startups, such as
the Startup India initiative and the Atal Innovation Mission. These initiatives provide funding, mentorship, and
other support to startups.
• Industry Associations: Industry associations, such as the Confederation of Indian Industry and the Federation
of Indian Chambers of Commerce and Industry, provide networking and advocacy support to startups.
• Educational Institutions: Educational institutions, such as the Indian Institutes of Technology and the Indian
Institutes of Management, provide entrepreneurship education and support to startups.
• Private Sector Support: Private sector companies, such as Google and Microsoft, provide support to startups in
the form of mentorship, funding, and access to resources

Short notes-
1. Explain the funding opportunities in India?
2. Write all the institutional support in India to the business?
3. What are the government schemes that support the business?
 LECTURE 4
Key Financial Indicators: Break-Even Analysis, Ratio Analysis, Valuation Methods, Sensitivity analysis.
PYQ 1. Explain the Key Financial Indicators? What are the Break-Even Analysis, Ratio Analysis, and
Valuation Methods?(2021)
2 Write short notes on the following:(2023) - Sensitivity analysis
Key financial indicators are important metrics that help businesses assess their financial performance and make
informed decisions. In this essay, we will explore four key financial indicators: break-even analysis, ratio
analysis, valuation methods, and sensitivity analysis.
Break-Even Analysis:
Break-even analysis is a financial indicator that helps businesses determines the level of sales they need to
generate in order to cover their expenses. This analysis is based on the concept of the break- even point, which
is the level of sales at which a business’s total revenue equals its total expenses. The formula for break-even
analysis is:
Break-Even Point = Fixed Costs / (Price per Unit – Variable Costs per Unit)
Where fixed costs are costs that do not vary with the level of production or sales, price per unit is the selling
price of a unit of the product or service, and variable costs per unit are the costs that vary with the level of
production or sales, such as raw material costs.

Ratio Analysis:
Ratio analysis is a financial indicator that helps businesses assess their financial performance by comparing
different financial ratios. These ratios can be used to analyze a company’s liquidity, profitability, efficiency, and
solvency. Some commonly used ratios include:
 Current Ratio: Current Assets / Current Liabilities
 Gross Profit Margin: (Revenue – Cost of Goods Sold) / Revenue
 Return on Investment (ROI): Net Income / Total Assets
 Debt-to-Equity Ratio: Total Liabilities / Shareholders’ Equity

Valuation Methods:
Valuation methods are financial indicators that help businesses determine the value of their business. There are
several valuation methods, including:
 Discounted Cash Flow (DCF): This method calculates the present value of the future cash flows of a
business.
 Price-to-Earnings (P/E) Ratio: This method calculates the ratio of the price of a company’s stock to its
earnings per share.
 Market Capitalization: This method calculates the value of a Company by multiplying the number of
outstanding shares by the current market price per share.

Sensitivity Analysis:
Sensitivity analysis is a financial indicator that helps businesses assess the impact of changes in different
variables on their financial performance. This analysis is particularly useful for assessing the impact of changes
in market conditions, such as changes in interest rates, exchange rates, or commodity prices. The formula for
sensitivity analysis is:
 % Change in Net Income = (New Net Income – Base Net Income) / Base Net Income
Where the base net income is the net income at the current level of sales or production, and the new net income
is the net income at a new level of sales or production.
SHORT NOTE-
1. Explain the Break-Even Analysis?
2. Explain the meaning the ration analysis?
3. Explain the sensitivity analysis?