Bab 11

Manajemen Keuangan &

Pembiayaan Usaha

Pertemuan 21

Kewirausahaan dan Perencanaan Bisnis

2/6/2019 1
 Konsep

Pengelolaan Keuangan Untuk Start-up

Business

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 Agenda
• Basic Financial Management for Start-Up Business
Owner
• Financial Feasibility Analysis
• Managing Working Capital
• Managing Debt
• Managing Cash Flow
• Managing Financial Performance

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 Fixed Cost vs Variable Cost

Rp
Variable cost

Fixed cost

Jumlah Unit

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 Break Even Point

Sales
Rp

Profit Total cost

BEP

Loss

Jumlah Unit

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 NPV: Sum of the PVs of inflows and
outflows.
n
CFt
NPV =  .
t = 0 (1 + r )
t

Cost often is CF0 and is negative.

n
CFt
NPV =  − CF0 .
t =1 (1 + r )
t

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 What’s Project L’s NPV?

Project L:
0 1 2 3
10%

-100.00 10 60 80

9.09
49.59
60.11
18.79 = NPVL NPVS = $19.98.
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 Calculator Solution

Enter in CFLO for L:

-100 CF0
10 CF1
60 CF2

80 CF3

10 I NPV = 18.78 = NPVL

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Rationale for the NPV Method

NPV = PV inflows - Cost

= Net gain in wealth.

Accept project if NPV > 0.

Choose between mutually

exclusive projects on basis of
higher NPV. Adds most value.
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Internal Rate of Return: IRR

0 1 2 3

CF0 CF1 CF2 CF3

Cost Inflows

IRR is the discount rate that forces

PV inflows = cost. This is the same
as forcing NPV = 0.
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 NPV: Enter r, solve for NPV.
n
CFt

t = 0 (1 + r )
t
= NPV .

IRR: Enter NPV = 0, solve for IRR.

n CFt
 = 0.
t = 0 (1 + IRR)
t

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 Find IRR if CFs are constant:
0 IRR = ?
1 2 3

-100 40 40 40

INPUTS 3 -100 40 0
N I/YR PV PMT FV

OUTPUT 9.70%

Or, with CFLO, enter CFs and press

IRR = 9.70%.
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 Kewirausahaan dan Perencanaan Bisnis
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