Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

UNIT III: ENTREPRENEURSHIP STIMULANTS

1. What do you mean by financing for an enterprise? In this context explain the various type of
capital requirements and sources of capital for an enterprise.

Introduction
Production is the outcome of five factors of production viz., land, labour, capital,
entrepreneurship and organisation. These factors are mutually dependent on each other. Finance is the
life-blood for a business enterprise.

Meaning and Need for Financial Planning

Finance is one of the most important prerequisites to start an enterprise. In fact, it is the
availability of finance that facilitates and entrepreneur to bring together land, labour, machinery and
raw material together to combine them to produce goods. The significance of finance in production is
elucidated like a lubricant to the process of production. The trite phrase “whoever has the gold makes
the rule” also underlines the significance of finance for small enterprises, in particular, and industry,
in general.
Financing an enterprise whether large or small is a critical element for success of business. Many
enterprises, though potentially successful, fail because they are under-capitalised. Therefore, what
follows is that every enterprise should clearly chalk-out its future financial requirements in its very
beginning itself.
The decisions taken by the entrepreneur well in advance regarding the future financial aspects of
his/her enterprise is called ‘financial planning.’ In other words, financial planning deals with futurity
of present decision in terms of financial aspects of an enterprise. In short, financial planning is a
financial forecast made for the enterprise in the beginning itself.
In a financial plan/financial forecast, the entrepreneur should clearly answer the following three
questions:
i) How much money is needed?
ii) Where will money come from?
iii) When does the money need to be available?

Classification of the Financial Needs

There are two ways of classifying the financial needs of an enterprise:
I. On the basis of extent of performance
a) Fixed Capital: The money invested in some fixed assets or durable assets like land, building,
machinery, equipment, furniture, etc., is known as fixed capital. These assets are required for
permanent use, i.e., for a long period of time.
b) Working Capital: The money invested in current assets like raw materials, finished goods,
debtors, etc., is known as working capital. In other words, money required for day-to-day
operations of business/enterprise is called ‘working capital.’

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

II. On the basis of period of use

a) Long-term Capital: This is such money whose repayment is arranged for more than 5 years
in future. The sources of long-term finance could be owner’s equity, term-loans from
financial institutions, credit facilities from the commercial banks, hire-purchase facilities
from specific organisations, etc.
b) Short-term Capital: This is a borrowed capital/money that is to be repaid within one year.
The sources of short-term finance include bank borrowings for working capital, deposits or
borrowings from friends and relatives, etc.
From the point of view of financial health of an enterprise, short-term finance/funds should be
utilized for acquiring current assets. Current assets, for example, include the items like raw material,
finished goods, semi-finished goods, debtors, etc. Basically, these are the items which keep changing
their shape. They can normally be converted into cash within a period of one year. On the other hand,
long-term finance should be used for acquiring assets which are of long nature. These are commonly
termed as ‘fixed assets.’ The examples of fixed assets could be land and building, plant and
machinery, furniture, etc.

Sources of Capital
The various sources from which an enterprise can raise the required funds could broadly be
classified into two sources:
i) Internal Sources: Under this source, funds are raised from within the enterprise itself. The
internal sources of financing could be owner’s capital known as equity, deposits and loans given
by the owner, the partners, the directors, as the case may be, in the enterprise. One source for
raising funds internally may be personal loans taken by the entrepreneur on his/her personal assets
like Provident Fund, Life Insurance Policy, buildings, investments, etc. In additions to these, in
case of a running enterprise, funds could also be raised through the retention of profits of
conversion of some assets into funds. The cardinal principal of financial management also
suggests that an entrepreneur should religiously plough back a good portion of his/her profits into
the enterprise itself. However, the scope for raising funds from internal sources particularly in the
case of small-scale enterprises remains highly limited.
ii) External Sources: In short, funds raised from other than internal sources are from external
sources. The external sources usually include the following:
1. Deposits or borrowings from relatives and friends and others.
2. Borrowings from the banks for working capital purposes.
3. Credit facilities from the commercial banks.
4. Term-loans from financial institutions.
5. Hire-purchase or leasing facility from the National Small Industries Corporation (NSIC) and
State Small Industries Corporations (SSICs).
6. Seed/Margin money, subsidies from the Government and the financial institutions. If we now
lump both the sources together, these can broadly be classified as follows:
 Personal funds or Equity Capital
 Loans from relatives and friends

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

 Mortgage Loans
 Term-loans
 Subsidies.

2. Explain the importance of providing marketing assistance to micro and small enterprises.

Introduction
Micro and small enterprises do not possess resources required for taking care of various
marketing aspects [i.e. to conduct surveys, create a brand image, establish marketing channels]. As a
result, they are not in a position to compete with large and well-established business houses and have
to face unfair competition. For example, a small detergent manufacturer cannot compete with
Hindustan Lever (Unilever) or Tatas for a market share due to his inability to conduct surveys, create
brand image, establish marketing channels, etc. Therefore, he has to remain content with whatever
market is left over after the major share is covered by big companies. The Government of India has
banned the large sectors from producing certain items but such preventive measures have not solved
the basic problem of making available quality goods at a reasonable price to the consumer, the
ultimate aim of all manufacturing activities.
The consumer’s interest must be safeguarded. As a buyer, he would like to get quality goods at
reasonable price without bothering to know whether the goods are produced by a small entrepreneur
or a big industrial house.

Marketing Assistance1
Marketing is a major problem for small scale units. Given a good and assured market, the small
scale units can run profitable. Therefore, the Government of India and the state governments have
laid much emphasison the marketing of products manufacturing in the small sector.
1) Government Stores Purchase Programme: The government is the single largest buyer of
variety of goods. With a view to increasing the share of products from small scale sector, the
Government Stores Programme was launched in 1955-56. Under this programme, the Director
General of Supplies and Disposal arranges the purchase and sale of stores required by the
Government of India and State Governments, public sector organisations and semi government
bodies.
2) Sub-Contracting Exchange: The Small Industries Development Organisation (SIDO) has
established 16 sub-contracting exchanges in all major states of the country. The exchanges
invited small scale units to register their spare capacity with them and approach large scale units
for seeking orders for the registered units. Thus, the exchanges provide linkage between small
and large scale units and help to market the products of small scale units.

1
E. Gordon and K. Natarajan, Entrepreneurship Development(Mumbai: Himalaya Publishing House, 2009),
223-25.

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

3) Trade Centres: The Government of India has set up Trade Centres to cater to the marketing
needs of small scale units. The trade centres collect and disseminate information relating to all
types of small scale industries in the region, giving full details of products, capacities and prices.
They provide a focal point for buyers and sellers of products. The setting up of trade centres
in different parts of the country has considerably filled up the information and communication
gap between small manufacturers, consumers and buyers.
4) Internal Marketing: National Small Industries Corporation (NSIC) has undertaken the
marketing of certain products such as tapioca starch, hand-made paper and hosiery items. A
consortium of hosiery manufacturers is organized for the sale of ISI marked hosiery products.
5) Exhibitions and Seminars: The Small Industries Development Organisation (SIDO), besides
encouraging entrepreneurs to participate in the Stores Purchase Programme, organizes seminars,
exhibitions and training programmes in marketing and publishing of information booklets etc.
NSIC has established Marketing Development Centre known as ‘NSIC Shoppe’ in principle
towns all over the country as part of its internal marketing programme to provide exposure to
products of SSI units. It also provides permanent showroom facilities for display of product of
SSI. The centres are intended to market on all India basis as well as export a wide range of
products.
6) Tender Marketing: Under Tender Marketing, NSIC participates in bulk tender enquiries of
Central and Stage Government and public sector organisations. For this purpose, the corporation
identifies large number of items to participate in the tenders. On receipt of orders, the corporation
forms out these to the units on whose behalf it has quoted and gets the items made under its own
supervision and supplies them to the buyers ensuring timely delivery of quality goods. To get
benefit under this programme, industrialists should register their units with the Directorate of
Industries/DIC. This programme ensures fair margin to SSIs.
7) Integrated Marketing Support: NSIC has been operating all Integrated Marketing support in
which bills relating to supplies made by SSI are eligible for discount by NSIC upto a certain
limit. This scheme has been introduced with a view to mitigate the problem of delayed payment
by buyer against the supplies made by SSI.
In addition to all these, the Government of India provides export assistance in the forms of a
number of incentives, such as liberalized credit, cash incentive, Export insurance, tax
concessions, participation in international exhibitions, training programme of packaging for
exports.

Importance of Marketing Assistance to MSMEs

1) To enhance marketing capabilities and competitiveness of MSMEs
2) To showcase the competencies of MSMEs
3) To update MSMEs about the prevalent market scenario and its impact on their activities
4) To facilitate the consortia of MSMEs for marketing their products and services
5) To provide platform for interaction with larger institutional buyers
6) To propagate various programmes of the Government
7) To enrich the marketing skill of micro, small and medium enterprises, etc.

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

3. Explain the role of self-help groups in development of women entrepreneurship.

Introduction
Freedom depends on economic situation more than political. If a woman is not
economically independent and self-earning, she will have to depend her husband 'or
someone else, and dependents are never free. - Pandit Jawaharlal Nehru

Indian constitution provides equal rights to both men and women. But women still are not treated
as equivalent as men (Sharma, 2014). Indian census 2011 represents female population 586.4 million
which is 48% of the total population. Generally it has been found that rural women are in front of the
various problems like proper medical facilities, lack of education, malnutrition, environment, health
care etc. as compared to the urban women population. For the socio-economic development the role
of women entrepreneur requires to expand for the sustainable development {NSSO Report}.

Meaning of Women Entrepreneurship

Women entrepreneurship is a process in which women organize a business or trade and able to
provide job opportunities to others. Self help groups are the ways to provide income generation skills
to women for their economic and social well-being.
Women owned businesses are appropriately increasing in the economies of almost all countries.
To the US economy, they contribute more than $ 250 billion annually and create new businesses at
two to three times the rate of their male counterparts". In India only 8 percent of the small scale-
manufacturing units are run exclusively by women entrepreneurs which is proportionately very small
as compared to others developed and developing countries. In USA about 50 percent of the business
is owned by women.

Definition
According to the National Bank for Agriculture and Rural Development [NABARD], “An SHG is
a small, economically homogeneous and affinity group of rural poor voluntarily formed to save and
mutually agree to contribute common fund to be lent to its members as per group decision for their
socio-economic development.”
As the name indicates, self-help group is an informal group of about 15-20 people from a
homogeneous class, who come together for addressing their common problems. Group itself becomes
a base to convey necessities and sort out social economical problems of their group members. An
economist and Noble Award recipient Dr. Mohammed Yunus is the pioneer of SHGs.

Main aim of SHG is to make group members self sufficient and self reliant [independent] by self-
employment and empowerment through group dynamics.

Role of SHGs in the Development of Women Entrepreneurship

Self-Help Groups provides the benefits of micro-saving and micro-finance to rural women to get
rid of the local money lenders, but it is not sufficient to compete in today’s world or to accept
challenges in the society empowerment of women in all spheres of life is very necessary.
Entrepreneurship development and various income generating activities are a possible way out for the

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

empowerment of women which further leads her to have economic independence, to put control over
their lives, self-determination and self-reliance. Entrepreneurship Development helps the rural women
to improve their status and their decision making within the family and as well in the society.

1. Women Empowerment: “When you empower a man, you empower an individual; when you
empower a woman, you empower a nation.” (HE Tebelelo Seretse, Ambassador of Botswana to
the United States). According to United Nations Development programme (1994), empowerment
is a process which enables individuals or groups to change balances of power in social, economic
and political relations in society. Therefore, women empowerment means giving the capacity and
means to direct women's life towards desired goals. It is a process by which women gain greater
control over resources (income, knowledge, information, technology, skill and training), decision
making process, enhance the self-image of women, to become active participants in the process of
change and to develop the skills to assert themselves.
2. Membership and Members:Women without discrimination of caste, creed/religion can become
members of the group. Once there is consensus built among the members, immediately they will
name the group with acceptance by all the members. Usually membership size is around 15-16 &
a maximum of 20 people can form a group. Two members are selected as the representatives who
take care of accounting and documentation.
3. Savings and Credit:SHGshelp the members in creating acommon fund through their regular
savings. Cultivating the habit of regular savings and the ability to access them when required
through credit not only reduces the vulnerability of the livelihood base of the poor and their
dependence, it also enhances human development. It enables them to borrow for urgent needs
instead of going to moneylender. To avoid these things, members save from her pocket and
weekly once group meets and pools equal savings from all the members. On that day or the next
day one of the members should go and credit the pooled amount in the group’s account in the
Bank. It is on rotation basis that all the members need to go & address the bank work .Member
that is taking care of the bank work is paid transportation expenses from the group fund.
4. SHGs function as micro-credit institutions:Women make up nearly half of the rural poor and
they lack the required financial resources to either sustain themselves & their families or start a
small enterprise. Micro-finance is a way which provides small loans to them who seeks self
employment opportunities. Credit obtained by them from these institutions have helped them
improve their lives to large extent since they spend the money earned from their economic
activities on their family to feed them & educate them.

Delivery Mechanism of Micro Finance

 Non Governmental Organizations
 Commercial Banks
 Micro Finance Institutions

5. Loans to members:Savings made by members are pooled and loaned to one another. SHG
members determine the terms and conditions (these differ from SHG to SHG). Loans are

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

provided for all purposes without making the traditional distinction between ‘consumption’ and
‘incomegeneration.’ The SHG model provides its members with the space and flexibility to make
decisions that are appropriate to each situation. Only private moneylenders lend for such a variety
of purposes with minimum fuss and paper work; all financial institutions and government
schemes lend only for ‘productive’ purposes. But it is the ‘life events’ and emergencies that drive
the poor to debt traps. It leads also to the diversion of loans taken from formal
organizations/government into consumption loans, which they are unable to repay. The
percentage of interest levied on the loan is 2% across all the groups under the study.
6. Provision of Skill Training Programme: With the help of NGOs and the NABARD, various
skill training programmes are provided to the members of SHGs. For instance, Bee Keeping,
Food Preservation, Fast Food Preparation, Football Stitching, Nursery, Papad, badi making,
Handicrafts, Tailoring and Stitching, Soft Toy Making, Candle Making, Detergent Powder
Making, Beauty Parlour etc. which provides the income opportunities to women to cope up with
their problems of daily life.
7. Women as Entrepreneurs:Women have engaged in various entrepreneurial activities after the
joining of Self Help Groups. The entrepreneurial activities initiated by women after the skill
training programme are dividing into three categories viz., manufacturing, trading and services.
Manufacturing entrepreneurial activities includes business of Fast Food Preparation, Candle
Making and Detergent Powder making. Trading entrepreneurial activities includes Bakery shops,
General Stores and Garment shops in which women do the business of selling different kind of
cloths to others. A Service activity includes Boutiques, Beauty Parlors.

Conclusion
Self Help Groups (SHGs) have proved successful for the empowerment of rural women by the
way of their entrepreneurial development which had put a major impact upon their social and
economic life. For the achievement of the sustainable Entrepreneurial development among the
members of the SHGs more need is to be given for the development and encouragement of SHGs
rather than the formation only. Women entrepreneurial development is possible only by providing
economic opportunities to women for their well-being. Entrepreneurship is considered as the only
way out for the economic growth of the rural women. It helps to create employment opportunities to a
number of people inside their own social structure. SHGs have the matchless quality to make a socio
– financial upheaval in the rustic zones of our nation. SHGs have not just created substantial
resources and enhanced living states of the women but helped in changing a lot of their social
viewpoint and exercises. Self Help Groups has improved the status of the life of the women members
by increasing their decision making capacity in the family and in the society, their involvement in the
various economic and social activities by developing their capacity building. Naithani, (2001) stated
that the facility of micro-finance has helped the members of SHGs to develop entrepreneurial
activities by the last many years. Women empowerment is possible when women development
programmes are successfully implemented by the Self Help Groups.
4. What are the role and functions of business incubators?

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

Introduction
Business incubator2is a facility established to nurture young firms(start-ups) during their early
months or years. It usually provides affordable space, shared offices and services, hand-on
management training, marketing support and, often, access to some form of financing.
Business incubators are organizations geared toward speeding up the growth and success of
startup and early stage companies. They are often a good path to capital from angel investors, state
governments, economic-development coalitions and other investors.
Incubators vary in their strategies. Some are located in an actual physical space meant to foster
networking among entrepreneurs and their coaches. Others operate on a virtual basis. Incubators
sometimes call themselves accelerators instead, often when they’re geared toward jumpstarting
businesses that are more developed. Many have potential capital to invest, or links to potential
funding sources. There’s access to services such as accountants and lawyers—not to mention
invaluable coaching and networking connections through the staff and other entrepreneurs at the
incubator.
Business incubation programmes are often sponsored by private companies or municipal entities
and public institutions, such as colleges and universities. Their goal is to help create and grow young
businesses by providing them with necessary support and financial and technical services.

Definition
An organization designed to accelerate the growth and success of entrepreneurial companies
through an array of business support resources and services that could include physical space,
capital, coaching, common services and networking connections.

Importance of Business Incubators

a) Finance: Incubators help start-ups save on operating costs. The companies that are part of an
incubator can share the same facilities and share on overhead expenses, such as utilities, office
equipment rentals, and receptionist services. Start-ups can also take advantage of lower lease
rates if the incubator is located in low-rent industrial parks. Incubators may also help start-ups
with their financing needs by referring them to angel investors and venture capitalists, and
helping them with presentations. Start-ups may have better luck securing financing if they have
the stamp of approval of incubator programmes.
b) Management: In addition to financial help, start-ups also need guidance on how to compete
successfully with established industry players. Incubators can tap into their networks of
experienced entrepreneurs and retired executives, who can provide management guidance and
operational assistance. For example, a biotechnology start-up would benefit from the counsel of
retired pharmaceutical executives who have first-hand experience of the drug development and
clinical approval process. Similarly, a restaurant entrepreneur could learn about the difficulties of
overseas expansion from retired hospitality-industry executives. Start-ups usually benefit from

2
Incubate: to hatch egg. Incubator: an instrument for hatching egg/artificial condition for hatching eggs.

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

having respected individuals on their boards of directors and scientific advisory panels, because
these individuals bring invaluable connections and experience to the table.
c) Synergy: [the extra power, energy, success, etc., that is achieved by two or more people or
companies working together, instead of their own] The close working relationships between an
incubator’s start-ups create synergies. Even after the start-ups leave an incubator, the connections
and networks established through these relationships can endure for a long time. Start-up
entrepreneurs can provide encouragement to one another, and employees may share ideas on new
approaches to old problems. Start-ups may plan joint marketing campaigns and cooperate on
product development initiatives. These synergies do not necessarily exist among start-ups funded
by venture capitalists, because the companies that receive the funds do not necessarily know one
another and they may be located in different geographical locations.
d) Economy: By helping new businesses prosper, incubators assist in creating long-lasting jobs for
their host communities. In a March 2003 Association for Small Business and Entrepreneurship
conference paper hosted by the University of Central Arkansas Small Business Advancement
National Centre, Northwestern Oklahoma State University professor Patti L. Wilber and her
colleague cited research to write that start-ups in incubation programmes have greater viability
and show superior financial performance over the long term. They create long-lasting jobs for
new graduates, experienced mid-career personnel, and veteran executives. This benefits
communities and drives economic growth.

Benefits of Business Incubators

Incubators provide numerous benefits to owners of startup businesses. Their office and
manufacturing space is offered to below-market rates, and their staff supplies advice and much-
needed expertise in developing business and marketing plans as well as helping to fund fledgling
businesses. Companies typically spend an average of two years in a business incubator, during which
time they often share telephone, secretarial office, and production equipment expenses with other
startup companies, in an effort to reduce everyone’s overhead and operational costs.
Business incubators support the development of start-ups by providing them with advisory and
administrative support services. According to the National Business Incubation Association, an
incubator’s primary objective is to produce successful and financially viable firms that can survive on
their own. Early incubators focused on technology companies or on a combination of industrial and
service companies, but newer incubators work with companies from diverse industries.

5. Write short notes on:

a) Angel Investors

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

An angel investor3 is an affluent individual who provides capital in small start-ups (usually in
exchange for convertible debt or ownership equity) or entrepreneurs. Often, angel investors are
among an entrepreneur’s family and friends. The capital angel investors provide may be one-time
investment to help the business propel or an ongoing injection of money to support and carry the
company through its difficult early stages.
Origin of Angel Investors:The concept of ‘angel investor’ comes from the Broadway theatre
(New York, 1681) when wealthy individuals extended money to help theatrical productions. The term
‘angel investor’ was first used by William Wetzel of the University of New Hampshire (the USA).
Who can be an angel investor: In order to be an angel investor, one needs to be approved by
Securities Exchange Commission. A person willing to be an angel investor requires a minimum net
worth of $ 1 million dollar and annual income of $ 2,00,000. Angel investors are typically diverse
group of individuals who gained their wealth through a variety of sources. However, the majority are
usually entrepreneurs themselves, or are executives who retired early from previous ventures that
developed into successful empires.
Though angel investors usually represent individuals, the entity that actually provides the fund
may be a limited liability company, a business, a trust or an investment fund. The effective internal
rate of return for a successful portfolio for angel investors ranges from 20 to 30%

b) Venture Capital
Venture capital is money for new, young, and/or small businesses that typically have little or no
access to capital markets.Venture capital generally comes from well-off investors, investment banks
and any other financial institutions that pool similar partnerships or investments. For small
businesses, or for up-and-coming businesses in emerging industries, venture capital is generally
provided by high net worth individuals (HNWIs) – also known as ‘angel investors’ – and venture
capital firms. The National Venture Capital Association (NVCA) is an organization composed of
hundreds of venture capital firms that offer funding to innovative and entrepreneurial ventures.
Venture capital does not always take a monetary form; it can be provided in the form of technical or
managerial expertise.
One of the most common and controversial characteristics of venture capital funding is that
venture capital firms usually take active management roles and board seats in the companies they
invest in. This often means that entrepreneurs give some control over their businesses to venture
capital firms, who usually own a portion of the company (in some cases, controlling interest).
However, venture capital firms can also provide crucial managerial and technical expertise,
particularly in areas where the entrepreneur is less confident.

Definition:
a) Venture capital is a type of funding for a new or growing business. It usually comes from venture
capital firms that specialize in building high risk financial portfolios. With venture capital, the
3
also known as business angel, informal investor, angel funder, private investor or seed investor

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Course: ACTSEC02 Paper: Entrepreneurship (Unit III) Semester IV

venture capital firm gives funding to the startup company in exchange for equity in the startup.
This is most commonly found in high growth technology industries like biotech and software.
b) A person who deals in venture capital is a venture capitalist, and usually works for a venture
capital firm.
c) The firm typically has one or more investment portfolios that are owned by a limited partnership.
The venture capitalist is often a general partner in the portfolio, and individual investors or other
institutions (particularly university endowments and pension funds) are limited partners in the
limited partnership.
How it works: There are three general types of venture capital: Seed capital, for ideas that have
not yet come to market; early-stage capital, for companies in their first and second stages or
existence; and expansion-stage financing, for companies that need to grow beyond a certain point to
become truly successful. Venture capital can also help a company merge with or acquire other
companies.
The managers of many venture capital funds receive an annual management fee (usually 2% of
the invested capital) and a portion of the fund’s net profit (typically 20%). These fees compensate the
managers for their expertise and the respo0nsibility to help their investments become successful.
The Venture Capital Process: The first step for any business looking for venture capital is to
submit a business plan, either to a venture capital firm, or to an angel investor. If interested in the
proposal, the firm or the investor must then perform due diligence, which includes a thorough
investigation of the business model, products, management and operating history, among other things.
Once due diligence has been completed, the firm or the investor will pledge an investment in
exchange for equity in the company. The firm or investor then takes an active role in the funded
company. Because capital is typically provided in rounds, the firm or investor actively ensures the
venture is meeting certain milestone before receiving another round of capital. The investor then exits
the company.
Since venture capital is full or risk. Venture capital firms anticipate this by diversifying their
investment and hoping that their successful investments more than compensate for their losses.
Nonetheless, venture capitalists must be willing to take significant long-term risks for what can be
high returns.

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