Master's thesis on the topic Business plan of SME introduces theoretical description of business plan, where it describes reasons of being of the business plans and entrepreneurship and then individual points of business plan. That includes setting up the targets of the company, description of business activities using different methods till financing. Practical part creates new business plan. This plan starts a restaurant as a first step for future franchise chain. The target of the thesis is development of business plan and verifying it's feasibility. Theoretical part will be straightly implemented to the development of the practical part.

The polymer electrolyte membrane fuel cell (PEMFC) is an electrochemical device used for the production of power, which is a key for the transition towards green and renewable power delivery devices for mobile, stationary and back-up power applications. PEMFCs consume hydrogen and oxygen to produce power, water and heat. The transient start-up from sub-zero freezing temperature conditions is a problem for the successful, undamaged and unhindered operation. The generation and presence of water in the PEMFC stack in such an environment leads to the formation of ice that hinders the flow of gases, causes morphological changes in the membrane electrode assembly (MEA) leading to reversible and irreversible degradation of stack performance. Start-up performance is highly dependent on start-up operational conditions and procedures. The previous state of the stack will influence the ability to perform upon the next start-up and operation. Water generated during normal operation is vital and improves performance when properly managed. Liquid water present at shut-down can form ice and cause unwanted start-up effects. This phase change may cause damage to the MEA and gas diffusion media due to volume expansion. Removal of high water content at shutdown decreases proton conductivity which can delay start-up times. The United States Department of Energy (DOE) has established a set of criteria that will make fuel cell technology viable when attained. As specified by DOE, an 80 kWe fuel cell will be required by 2015 to reach 50% power in 30 seconds from start-up at an ambient temperature of -20°C. This work investigates freeze start-up in a multi-kilowatt stack approaching both shut-down conditioning and start-up operations to improve performance, moderate fuel cell damage and determine the limits of current stack technology. The investigation involved a Hydrogenics Corporation 5 kW 506 series fuel cell stack. The investigation is completed through conditioning the fuel cell start-up performance at various temperatures ranging from -5°C to below -20°C. The control of system start-up temperature is achieved with an environmental chamber that maintains the desired set point during dwell time and start-up. The supply gases for the experiment are conditioned at ambient stack temperature to create a realistic environment that could be experienced in colder weather climates. Temperature controls aim to maintain steady ambient temperatures during progressive start-up in order to best simulate ambient conditions. The control and operation of the fuel cell is maintained by the use of a fuel cell automated test station (FCATS™). FCATS supplies gas feeds, coolant medium and can control temperature and reactant humidity in reactants according to a prescribed procedure for continuous operation. The iv collection of data occurs by the same system recording cell voltage, temperatures, pressures, flow rates and current densities. A procedural start-up and characterization are conducted in order improve start-of performance and examine reactant flows, coolant activation time, stack conditioning and the effects by freezing temperatures. The resulting degradation is investigated by polarization curves and various ex-situ measurements. In this work, it was found that freeze start-up of a fuel cell stack can be aided and managed by conditioning the stack at shut-down and applying a procedure to successfully start-up and mitigate the damage that freezing can cause.

Nowadays in a turbulent market, developing and launching a new product is one of most competitive strategies implemented by many large and small enterprises. In fact, launching a new product depends upon the performance of four critical functions: design, manufacturing, distribution and marketing. Their performances would increase or decrease the total time-to-market and consequently time-to-money. Time-to-market would be improved if the manufacturing system can diminish time-to-volume/quality/cost during production start-up phase. In order to overcome the impediment during a start-up phase, the significant parameters which are influencing a production start-up phase should be identified and managed. Hence, a system-wide approach would facilitate a product realization process so as to achieve global optimization throughout the entire process. One of such systems is Concurrent Engineering which can be applied owing to being enable to choose the best practice to improve product introduction process, being capable to improve cross functional integration and communication, and being empowered to apply a set of comprehensive methods for design analysis so that designers can select the most optimal design solution which is not only considering the design constraints, but also taking the constraints of production system, logistics and distribution into account. Hence, it can cover majority of problems in start-up phase which are generated due to lack of empathy between design and manufacturing. This research studied the significant parameters influencing a production start-up phase. Then, it investigated whether the principle of concurrent engineering would support an efficient start-up phase. The selected research methodology is based on a conceptual and supportive literature review of the current scholars. The research design is according to a three-step process which is applied to catch most relevant literatures. The research implements an analogy reasoning logic to establish the outcome of the research through the comparison between principles of a concurrent engineering program and significant parameters. As a result of the research, the significant parameters are identified, in addition, a managerial framework is structured that can present the requirements to manage an efficient start-up phase. Moreover, the results indicate how a concurrent engineering program would support a start-up phase.

Denna studie är av kvalitativ art och syftar till att undersöka huruvida crowdfunding kan överbrygga ett eventuellt finansiellt gap för svenska företag och entreprenörer. Undersökningen fokuserar på tre typer av respondenter, vilka är representerade av företag som brukar crowdfunding som finansieringsform, bolag som fungerar likt ombud för att förmedla kapital med hjälp av finansieringsformen samt respondenter vilka opererar likt investerare i projekten. Studien teoretiska referensram är uppdelad i två sektioner, varav den första avser att beskriva crowdfunding utifrån generiska teorier, vilka utgörs av the Pecking Order Theory samt the Agency Principal Theory. Den andra sektionen ämnar mer specifikt beskriva crowdfunding samt belysa dess revenyer och brister och utgörs av tidigare forskning inom området. Studien mynnar ut i en slutsats att crowdfunding, genom dess tre former, kan utgöra en lösning i form av att metoden kan fungera likt ett komplement för att åter balansera det finansiella vakuum nyföretagare upplever i samband med erhållande av kapital. / This is a qualitative study which aims to investigate whether crowdfunding can fill up a financial gap for Swedish companies. The survey focuses on three types of respondents, which are represented by companies who uses crowdfunding as financing, companies that acts like an agent for providing capital through crowdfunding and respondents which operates as investors in crowdfunding projects. The study’s theoretical framework is divided into two sections, the first of which relates to describe crowdfunding based on generic theories, which consists of the Pecking Order Theory and the Agency Principal Theory. The second section intends to, more specifically, describe crowdfunding and highlight its shortcomings as well as its advantages and consists of previous research within the field. The study culminates in a conclusion that crowdfunding, through its three forms, can be a solution in sense that the method can be used as a complement to rebalance the financial vacuum new enterprises experience in relation to obtaining capital.

The polymer electrolyte membrane fuel cell (PEMFC) is an electrochemical device used for the production of power, which is a key for the transition towards green and renewable power delivery devices for mobile, stationary and back-up power applications. PEMFCs consume hydrogen and oxygen to produce power, water and heat. The transient start-up from sub-zero freezing temperature conditions is a problem for the successful, undamaged and unhindered operation. The generation and presence of water in the PEMFC stack in such an environment leads to the formation of ice that hinders the flow of gases, causes morphological changes in the membrane electrode assembly (MEA) leading to reversible and irreversible degradation of stack performance. Start-up performance is highly dependent on start-up operational conditions and procedures. The previous state of the stack will influence the ability to perform upon the next start-up and operation. Water generated during normal operation is vital and improves performance when properly managed. Liquid water present at shut-down can form ice and cause unwanted start-up effects. This phase change may cause damage to the MEA and gas diffusion media due to volume expansion. Removal of high water content at shutdown decreases proton conductivity which can delay start-up times. The United States Department of Energy (DOE) has established a set of criteria that will make fuel cell technology viable when attained. As specified by DOE, an 80 kWe fuel cell will be required by 2015 to reach 50% power in 30 seconds from start-up at an ambient temperature of -20°C. This work investigates freeze start-up in a multi-kilowatt stack approaching both shut-down conditioning and start-up operations to improve performance, moderate fuel cell damage and determine the limits of current stack technology. The investigation involved a Hydrogenics Corporation 5 kW 506 series fuel cell stack. The investigation is completed through conditioning the fuel cell start-up performance at various temperatures ranging from -5°C to below -20°C. The control of system start-up temperature is achieved with an environmental chamber that maintains the desired set point during dwell time and start-up. The supply gases for the experiment are conditioned at ambient stack temperature to create a realistic environment that could be experienced in colder weather climates. Temperature controls aim to maintain steady ambient temperatures during progressive start-up in order to best simulate ambient conditions. The control and operation of the fuel cell is maintained by the use of a fuel cell automated test station (FCATS™). FCATS supplies gas feeds, coolant medium and can control temperature and reactant humidity in reactants according to a prescribed procedure for continuous operation. The iv collection of data occurs by the same system recording cell voltage, temperatures, pressures, flow rates and current densities. A procedural start-up and characterization are conducted in order improve start-of performance and examine reactant flows, coolant activation time, stack conditioning and the effects by freezing temperatures. The resulting degradation is investigated by polarization curves and various ex-situ measurements. In this work, it was found that freeze start-up of a fuel cell stack can be aided and managed by conditioning the stack at shut-down and applying a procedure to successfully start-up and mitigate the damage that freezing can cause.

Background: Start-ups’ contributions to shaping the economic landscape of the modern world are multifold as they are for example a source of productivity and economic growth or they are the source of net job creation. Yet, up to half of them fail during the first 3 to 4 years of their lives. As such, their founders face notable uncertainties whether their start-ups will survive or not. Many different factors have an impact on the likelihood of start-up survival, particularly social capital appears to play an important role in it. Purpose: The purpose of this thesis is to understand the role of founders' social capital in the survival of tech start-ups. We approach the survival from the perspective of challenges start-ups face in the early start-up and business development stage, and we look into how social capital contributes to overcoming them. Method: Our research was conducted from social constructionist view. We conducted a multiple case study with 16 start-up founders, who we interviewed in the Czech Republic. Conclusion: We offer three conclusions - firstly, social capital plays an important role in the early start-up phase most significantly by helping founders form the right teams, which then help the founders better address the other challenges such as acquiring customers or managing financing. Secondly, social capital helps the founders establish legitimacy and it connects them with more experienced people who help them avoid fatal mistakes in the business development phase. Thirdly, founders’ openness to network and awareness of their own limits resulting in reaching out for helpis also crucial for start-up survival.

Les start-up représentent un vivier important de création d'emplois et de richesses. La forte hétérogénéité de leurs trajectoires conduit à s'interroger sur les éléments à l'origine du processus de croissance. La plupart des recherches antérieures réalisées sur cette question soulignent le rôle central du dirigeant, essentiellement en termes de capacité à perdre le contrôle au sein de l'entreprise et de motivation à la croissance. En s'inscrivant dans le cadre d'analyse de la gouvernance élargie, qui invite à prendre simultanément en compte les visions coercitives et cognitives de la gouvernance, cette recherche s'intéresse aux profils des 2703 dirigeants de start-up ayant été soutenues par le Ministère de l'Enseignement Supérieur et de la Recherche entre 1999 et 2012. L'objectif principal est de comprendre les liens qui existent entre les représentations de ces dirigeants en matière de croissance et de gouvernance et les trajectoires de leur société. Les résultats mettent en évidence l'existence de quatre idéaux-types d'entrepreneurs. Les indépendants ont une vision cognitive de la gouvernance et considèrent que les actionnaires doivent avoir un pouvoir habilitant d'apport de compétences, de connaissances et de réseau. Ils attendent de la croissance qu'elle leur offre une indépendance plus forte, et sont à la tête d'une société ayant connu une certaine croissance dans le passé ; ils ne sont plus réellement motivés pour continuer à la faire croitre. Les collectifs ont une vision hybride de la gouvernance, centrée principalement sur le rôle coercitif managérial des actionnaires mais aussi sur leurs apports cognitifs. Ces dirigeants ne voient la croissance que de manière positive et, contrairement aux indépendants, si leur société n'a pas encore connu la croissance, ils y sont fortement motivés. Les managers ont uniquement une vision coercitive financière de la gouvernance ; ils anticipent la croissance comme un moyen de consolider une société qui a déjà vu sa taille fortement augmenter par le passé. Leur motivation à la croissance est également très élevée. Finalement, les autocentrés n'accordent qu'un rôle extrêmement faible aux actionnaires ; ils ont une vision négative de la croissance, sont à la tête d'une société qui n'a pas connu de croissance passée et ne souhaitent pas que cela change dans le futur. En conclusion, nous observons des relations fortes entre les représentations des dirigeants en matière de gouvernance et de croissance, et les trajectoires des start-up qu'ils dirigent. / Start-ups' represent a large pool of job and wealth creation. The high heterogeneity of their trajectories raises questions about the factors behind the growth process. Most previous research on this issue highlights the central role of the entrepreneur, primarily in terms of ability to lose control within the company and motivation for growth. This research is embedded in the broader conception of corporate governance that calls for taking into account simultaneously disciplinary and cognitive views of governance. This study analyzes the 2,703 entrepreneurs' profiles of start-ups which have been supported by the French Ministry in charge of Research between 1999 and 2012. The main objective is to understand the relationship between entrepreneurs' representations in terms of growth and governance and the trajectories of their firms. The results show the existence of four types of entrepreneurs. The independent entrepreneurs have a cognitive approach to corporate governance and consider that shareholders should have an enabling power by bringing skills, knowledge and network to the firm. They expect that growth could offer them greater independence, and are at the head of a company having experienced some growth in the past; they are still more motivated to continue to grow. The collective entrepreneurs have a hybrid approach to governance, centered primarily on managerial disciplinary role of shareholders but also on their cognitive contributions. These entrepreneurs only see growth in a positive way and, unlike independent entrepreneurs, if their company has not yet experienced growth, they are highly motivated for growth. The entrepreneurs-managers have only a disciplinary financial governance view; they anticipate growth as a way to consolidate the company that has seen its size greatly increased in the past. Their motivation to growth is also very high. Finally, self-centered entrepreneurs accord only extremely small role to shareholders; they have a negative view of growth, are at the head of a company which has no past growth and do not want to change in the future. To conclude, we observe a strong relationship between entrepreneurs' representations in terms of governance and growth, and the trajectories of the start-ups they lead.

This thesis discusses factors of success in the process of new business venturing and growth in current business environment. It employs a sample of 200 entrepreneurial cases documented through interviews which were each broken into over 40 mainly quantitative criteria. Aided by simple statistical tools this result is then analyzed and evaluated, leading to a thorough analysis of each of the aspects discussed and finally culminating in conclusion stating which factors are the most significant. Besides purely academic interest, conclusions of this thesis could be of interest to both actual and prospective entrepreneurs.

Background: There is a great interest in researching prescriptive methods as entrepreneurs demand guidance for start-up processes. A learn-by-doing methodology called lean start-up methodology has influenced tech entrepreneurs. Further, design thinking is another methodology for developing innovation that has been suggested to benefit in a software context. The uncertain nature requiring rapid innovation for software start-ups has sparked the interest in exploring the combination of the methodologies in an entrepreneurial context to utilize the benefits of both. However, the methodologies have been criticized due to a lack of rigor. It is therefore an opportunity to explore applicability of lean start-up in practice and design thinking in a software context to develop a unique methodology integrating lean start-up and design thinking.Purpose: The purpose of this study is to explore the occurrence of the two innovation driven methods lean start-up and design thinking in successful software start-ups, to develop a theory of an integrated methodology that utilizes the benefits of both. The intent is to provide explicit guidance for both scholars and entrepreneurs. Methodology: An exploratory qualitative method was used with an inductive approach, conducting semi-structured interviews with six founders of successful software companies. Conclusion:  The findings advance the understanding of the lean start-up methodology in practice, by extending the aspect of idea development and clarifying the use of iterating aspects of the business model. The findings update the sequence of design thinking when applied in a software context and extend the iterating aspect, to adapt to the need for rapid development. The theory of suggested integration confirms that the first stages of design thinking initiate the idea process, emphasizing early consideration of desirability, viability, and feasibility, while lean start-up is integrated into the product development process, emphasizing rapid iterating development for validation.

This paper extends recent research studying biases in venture capitalist's decision-making. We contribute to this literature by analyzing biases arising due to similarity between a venture capitalist and members of a venture team. We summarize the psychological foundations of such similarity effects and derive a set of hypotheses regarding the impact of similarity on the assessement of team quality. Using data from a conjoint experiment with 51 respondents, we find that venture capitalists tend to favor teams that are similar to themselves w.r.t. the type of training and professional experience. Our results have important implications for academics and practitioners alike. (authors' abstract)