No company can exist without financial investments. It does not matter whether the business project is at the beginning of implementation or has been in existence for several years, its owner faces a difficult task - to constantly look for and find sources of business financing.

Main types of business financing sources

Finance is the total amount of funds that ensure all the activities of the company: from solvency to suppliers and landlords in the present to the possibility of expanding the scope of interests in the future.

Unfortunately, from time to time there are reasons that impede the smooth and uninterrupted operation of the enterprise. Among them may be:

• funds from the sale of products come later than it is time to pay off debt obligations,
• inflation devalues ​​the income received so that it is impossible to purchase raw materials for the production of the next batch of goods,
• expansion of the company or the opening of a branch.

In all of the above situations, the company has to look for internal and external sources of financing.

Funding source - a donor resource that provides a permanent or temporary inflow of tangible and intangible funds. The more stable the company's business is, the higher its liquidity in the economic market, so the main headache for an entrepreneur is to find the best source of financing.

Types of funding sources:

• interior,
• external,
• mixed.

Financial analysts insist on the idea that the main sources should be rooted in several different sources, because each of them has its own characteristics.

Internal sources

Internal sources of financing are the totality of all the organization's own tangible and intangible resources that were received as a result of the company's work. They are expressed not only in money, but also in intellectual, technical and innovative resources.

Internal sources of business financing include:

• cash income,
• depreciation deductions,
• issued loans,
• withholding salaries,
• factoring,
• sale of assets,
• reserve profit,
• redistribution of funds.

Income in money

Profit from the sale of a product or service belongs to the owners of the company. Some of them are paid as legal dividends to the founders, and some go to ensure the company's performance in the future (purchase of raw materials, pay for labor, utility bills and taxes). Best suited as a source.

Depreciation deductions

This is the name of a certain amount set aside in reserve in case of breakdown or wear and tear of equipment. It should be enough to buy new equipment without the risk of getting into other sources and assets. They can be used as an investment in a new idea.

Internal sources of business financing

Issued loans

Those funds that were issued to customers on a loan basis. If necessary, they can be claimed.

Withholding salaries

The employee has the right to receive payment for the work done. However, if additional investment is required in a new project, you can refrain from paying for a month or two, having previously agreed with the staff. This method carries a lot of risk, as it increases the debt of the company and provokes workers to strike.

Factoring

The ability to defer payments to the supplier firm by promising to pay everything with interest later.

Sale of assets

An asset is any tangible or intangible resource that has a price. If the enterprise or its participants have unused assets, such as land or a warehouse, then they can be sold, and the money raised can be invested in a new, promising project.

Reserve profit

Money that is set aside in reserve, in case of unforeseen expenses or to eliminate the consequences of force majeure and natural disasters.

Reallocation of funds

It will help out if the organization is simultaneously engaged in several directions. It is necessary to determine the most productive one and transfer finances to it from the rest, less effective ones.

Internal financing is preferable, since it does not imply outside interference with the subsequent partial or even complete loss of basic control over the activities of the enterprise.

External sources

External sources of financing is the use of funds received from outside to continue the activities of the company.

Depending on the type and duration, external financing can be attracted (from investors and the state) and borrowed (credit firms, individuals and legal entities).

Examples of external funding sources:

• loans,
• leasing,
• overdraft,
• bonds,
• trade loans,
• equity financing,
• merger with another organization
• sale of shares,
• government sponsorship.

Types of external sources of business financing

Loans

A loan is the most common way to get money for development, because you can not only get it quickly, but also choose the most suitable program. In addition, lending is available to most business owners.

There are two main types of loans:

• commercial (provided by the supplier in the form of a deferred payment),
• financial (actual cash loan from financial institutions).

The loan is issued against the working capital or property of the company. Its amount cannot exceed 1 billion rubles, which the company is obliged to return within 3 years.

Leasing

Leasing is considered one of the types of lending. It differs from a regular loan in that an organization can rent machinery or equipment and, carrying out its activities with their help, gradually pay the full amount to the rightful owner. In other words, it's a full installment plan.

On leasing it is possible to rent:

• the whole enterprise
• piece of land,
• building,
• transport,
• technique,
• the property.

As a rule, leasing companies go to a meeting and provide the most favorable conditions to the borrower: they do not require collateral, do not charge interest, and individually draw up a schedule for accepting payments.

Leasing is much faster than a loan due to the lack of the need to provide a large number of documents.

Overdraft

An overdraft is a form of lending by a bank when the main account of an enterprise is linked to a credit account. The maximum amount is equal to 50% of the monthly cash turnover of the company itself.

Thus, the bank becomes an invisible financial partner, which is always aware of the commercial situation: if an organization needs investments for any needs, funds from the bank are automatically credited to its account. However, if by the end of the agreed period the issued money is not returned to the banking institution, interest will be charged.

Bonds

Under bonds, a loan with an interest rate is assumed, which is issued by the investor.

By time, there can be long-term (from 7 years), medium-term (up to 7 years) and short-term (up to 2 years) bonds.

There are two types of bonds:

• coupon (the loan is paid with an equal percentage breakdown for 2, 3 or 4 times during the year),
• discount (the loan is repaid several times during the year, but the interest rate may vary from time to time).

Trade loans

This method of external financing is suitable if the enterprises cooperating with each other agree to receive payment in kind, goods or services, i.e. exchange product.

Leasing as a form of external financing

Equity financing

Such a source is involvement in the founders of a new member, investor, which, by investing its funds in the authorized capital, will expand or stabilize the financial capabilities of the company.

merger

If necessary, you can find another company with the same funding problems and merge firms. With economies of scale, partner organizations can find a better source. How? To take the same loan, the firm must be licensed, and the larger it is, the more likely it is that the procedure for obtaining a license will be successful.

Sale of shares

By selling even a small number of company shares, you can significantly replenish the budget. There is also a chance that large capitalists who are ready to invest in production will be interested in the company. But you need to be ready to share control: the greater the flow of investments from outside, the greater the share of the share will need to be shared.

State sponsorship

A separate type of external financing. Unlike a bank loan, government sponsorship involves a free and irrevocable loan of money. Nevertheless, it is not so easy to get it, because you need to meet one important criterion - it is in the sphere of interests of state bodies.

Public funding is of several types:

• capital investments (if on a permanent basis, then the state receives a controlling stake),
• subsidies (partial sponsorship),
• orders (the state orders and buys products, providing the company with a 100% sale of goods).

External financing is associated with high risks, and it is better to resort to it when you cannot cope with the crisis in the company on your own.

Pros and cons of internal and external funding sources

A source	pros	Minuses
Interior	– ease of raising funds, – no need to ask for permission to spend, – no need to pay interest rates, – maintaining control over activities;	- a limited amount of finance, - Expansion restrictions.
External	– unlimited financial flow, – the possibility of changing equipment, - increase in turnover and, accordingly, profit;	– high risk of bankruptcy, - the need to pay interest rates, - the need to go through bureaucratic delays.

How to choose a funding source

The efficiency and profit of the entire organization as a whole depends on the correct choice of the source of financing. First of all, a businessman should check his actions with the following list:

1. Give precise answers to the following questions: what is the funding for? how much money will be needed? When will the company be able to return them?
2. Decide on a list of potential sources of support.
3. Starting with the cheapest and ending with the most expensive, make a hierarchy.
4. Calculate the costs and payback of the business idea for which the source is being sought.
5. Choose the best financing option.

It is possible to understand to what extent the choice of the source of funding was justified only by the results of the work, over time: if the productivity and turnover of the organization increased, then everything was done correctly.

Investment is necessary not only during the launch of the business, but throughout its operation. Sources of business financing can be from personal funds and coming from outside. External capital is attracted at the time of lack of own capital to pay off debt, or as assistance in expanding the production line. In Russia, the state also provides support to entrepreneurs, annually informing social services about its nature.

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Classification of funding sources

Main Sources of business financing are divided into the following types:

• creditors;
• investors;
• own finances.

Companies that have established a workflow in accordance with their business plan can afford to finance entrepreneurship on their own. In most cases, the entrepreneur is supported by other external sources. It should be remembered that the use of third-party capital increases costs due to deductions.

Internal sources

When an enterprise can be self-financed without outside help, the owner has full control over the business.

Examples of domestic funding sources:

1. Net profit. Investing most of the funds in further development allows you to ensure a successful existence and reduce the risk of ruin.
2. Depreciation deductions. That monetary asset that could be spent on the repair and maintenance of equipment.
3. Accounts payable. It involves the postponement of bank payments with an increase in their size in the future. Can be used as a temporary measure.
4. Deduction of wages for employees of the enterprise. Financial documents are used to calculate and accrue salaries, which are not actually paid. Delay can be a short term measure.
5. Factoring. This source implies a deferred payment by agreement with the supplier company or the manufacturer of the necessary components.
6. Reset assets. In the case when the company has a direction with unprofitable, zero or low profitability, you can get rid of such a line in favor of another.
7. Reserve fund. Funds earmarked for unforeseen financial expenses.
8. Process optimization. Allocation of funding to the most profitable production or creation of a new additional source of income.

Government funding

Support programs for start-up entrepreneurs are posted on the website of the Ministry of Finance. To receive assistance from the state, it is necessary to draw up a business plan with a mandatory indication of the payback period.

It is important to keep in mind that in order to receive finance, one approval of a business plan is not enough; you must have your own resources available. The state partially covers the expenses of the entrepreneur, depending on the type of assistance. Or becomes the customer of the produced goods and services.

Interbudgetary state relations

In 2020, the following types of state support are provided:

• free advice on legal and other issues;
• payment for education necessary for the implementation of a business idea;
• assistance in acquiring production facilities at a minimum cost;
• cash assistance in the process of production (partially) and rent of public premises;
• financing of 20% of the cost of purchased raw materials;
• partial repayment of loans;
• grants;
• subsidies;
• preferential participation in events such as an exhibition or fair;
• business incubator (profitable lease of state premises);
• guaranteeing the obligations of the entrepreneur to the bank.

The state support for small and medium-sized businesses in Russia is discussed in detail in a video taken from the Aktiv Finance Group channel.

Grants

Grants imply a one-time assistance from the state. The amount of assistance is regulated by the Budget Code of the Russian Federation. The Accounts Chamber will necessarily control the movement of allocated finances. If they are spent on needs other than those specified in the business plan, the state will not continue to help and cover the costs. As a rule, subsidies are allocated to entrepreneurs who produce goods included in the consumer basket or benefit the region. Basically it is agriculture.

tax incentives

The Law of the Russian Federation No. 477-F3 refers to the possibility of temporary relief for entrepreneurs. Under certain conditions, an entrepreneur can be exempted from paying taxes for a period of 2 years. To receive benefits, you must have the first registration with a simplified taxation system (STS) or a patent (PSN).

Screenshot of the main page of the Unified Register tax holidays What taxes must be paid if there is a subsidy Terms of tax holidays

Lending

A loan from the state comes in several forms:

• allocation of funds;
• bank loan guarantee;
• export assistance.

Interest on credit funds will be lower than in a bank. When receiving money to repay a loan, it is possible to receive a deferral of payments.

Bank lending

It is possible to obtain a bank loan secured by property or working capital. Banks provide various lending programs for small and medium-sized businesses. As a rule, the amount does not exceed 1 billion rubles, and is issued for a period of up to 3 years. The loan rate is 10-11% per annum and cannot be higher. Funds are allocated for the purchase of equipment or for other purposes specified in the contract. At the same time, the bank that gives the loan becomes a business partner. This gives him the right to control the financial condition of the entrepreneur until the full repayment of the loan and the interest rate on it.

There are a number of industries that lenders prefer:

• Agriculture;
• building;
• transportation;
• food production;
• communication services.

Leasing

Leasing involves the long-term lease of property, equipment and/or tax benefits. In the latter case, when it comes to renting premises or production facilities by an entrepreneur, a subsidy can also be provided to the lessor.

Leasing involves the ability to buy out leased assets:

• company;
• land plot;
• structure;
• vehicle;
• property.

The advantage of this lending method is that no collateral is required. If the entrepreneur redeems the assets, he pays their real actual cost - without any extra charge. But when applying for a loan, you must pay up to 30% of the assessed value of assets.

In Russia, not all types of activities are leased. It depends on the form of taxation.

The amount of loan payments is included in the enterprise cost fund and VAT is charged on it.

Trade loans

These relationships involve the provision of deferred payments from firms with which the entrepreneur cooperates. This applies to the field of trade, when the goods of another supplier are sold. The form of relations in the form of an exchange is possible. A product is exchanged for another product or service.

Equity financing

This type of assistance involves attracting an investor who becomes a co-owner of the business. He makes a one-time contribution to the statutory fund with possible further investments. Sometimes investing concerns one of the directions.

Bonds

Bonds are loans with interest. It is paid by the entrepreneur to the investor.

The following options are possible:

1. Coupon. Loan repayment is carried out 2 times within 12 months. The conditions may be different, for example 3-4 times. It is written in bonds. The interest rate (annual) is broken down accordingly.
2. Discount. In this case, the interest rate is floating.

A variety of bonds depending on the timing of issue:

• short-term - 1-2 years;
• medium-term - 5-7 years;
• long-term - from 7 years.

Overdraft

Overdraft is bank lending by opening a credit account linked to the main account of the entrepreneur. The maximum amount of this type of loan is 50% of the average turnover of the company's funds per month. The loan guarantees the provision of payments for any needs of the company, if at a particular moment the company's personal funds are not enough. The bank charges a fee for maintaining the main account and exposes a loan interest when the entrepreneur does not repay the debt within the agreed time frame. Such repayment occurs by synchronization with the main account and automatic money transfers.

Financing- a way to provide entrepreneurship with cash. Internal sources of financing - sources of cash receipts, which are formed at the expense of the results of entrepreneurial activity. These can be investments of the founders of the company in the authorized capital; cash received after the sale of shares of the company, the sale of the property of the company, the receipt of rent for the lease of property, income from the sale of products.

1) Profit (gross)- the difference between its income and costs or production costs, i.e., the total profit received before all deductions and deductions are made. Net income (residual profit) is the difference between the amount of sales proceeds and all costs of the enterprise.

2) Depreciation- depreciation of fixed assets calculated in monetary terms in the process of their application, production use. The instrument for compensating for depreciation of fixed assets is depreciation deductions in the form of money allocated for repairs or construction, or the manufacture of new fixed assets. The amount of depreciation is included in the production costs (cost) of products and thus goes into the price.

External funding sources

1) debt financing - borrowed capital (short-term loans and loans; long-term loans).

- Loan capital is an independent part of economic capital, which functions in the form of cash in the field of entrepreneurial activity.

- Mortgage loan - mortgage loan. This loan is the most common form of secured loan. Its essence is that the firm, upon receipt of debt funds, guarantees the creditor to repay the debt, taking into account interest.

- Trade credit is a commercial loan, which means that an entrepreneur buys a product by postponing its payment.

– Shares are a common form of raising money. By issuing and selling shares, an entrepreneurial firm receives a debt loan from the buyer, as a result of which the shareholder acquires the right to the property of the company, as well as to receive dividends. Dividends in this case are interest on a loan, which is presented in the form of money paid for shares.

2) Transformation of an individual enterprise into a partnership.

3) Transformation of the partnership into a closed joint stock company.

4) Use of funds from various funds to support small businesses.

5) Gratuitous financing is the representation of funds in the form of gratuitous charitable donations, assistance, subsidies.

Selling shares is also a way to raise finance from outside, and is a very important source of funding, as a firm can have hundreds or thousands of shareholders.

State budget financing:

– The state allocates funds to public sector enterprises in the form of direct capital investments. Public sector enterprises are owned by the state. This means that the state also owns the profit from their activities.

- The state can also provide firms with its funds in the form of subsidies. This is a partial financing of the activities of firms. Subsidies can be issued to both public and private firms. The main difference between state financing and a bank loan is that the company receives funds from the state free of charge and irrevocably.

- State order: the state orders the company to manufacture a particular product and declares itself to be its buyer. The state does not finance costs here, but provides the company with income from the sale of goods in advance.

Where can I get a source of finance for a business or individual projects? As part of the article, all options will be considered: both easy and complex. Also, attention will be paid to both popular ways of receiving money, and rather little-known or complex ones.

general information

Business financing is the possibility of providing funds for which the internal processes of a company or enterprise will be carried out. Conventionally, the sources of money, depending on the place of their occurrence, can be divided into two groups:

1. Internal.
2. External.

The former include net profit, depreciation, accounts payable, stable liabilities, reserves for future expenses and payments, as well as deferred income. The second includes the authorized capital, funds of the state, citizens, financial and credit organizations, founders and participants.

When and where and what is used?

Internal financing of a business involves the use of those resources that are generated in the course of the economic activities of a commercial structure. In general, this is a more desirable option. Whereas external financing of a business involves the receipt of funds from the outside world. Conventionally, they can be divided into those that come in the order of distribution and are mobilized in the market of monetary instruments. Before continuing the article, let's list all the sources of business financing.

Where can you get money?

The sources of formation always act as the basis and grouping:

1. Formed through their own means.

I. Authorized, additional and reserve capital.

II. Net and retained earnings.

III. Depreciation.

IV. Accounts payable.

V. Sustainable liabilities.

VI. Revenue of the future periods.

VII. Target income.

VIII. Reserves for future payments and expenses.

IX. Other receipts.

2. Mobilized in the financial market.

I. Credit.

II. Dividends and interest received from holding securities of other issuers.

III. Income from operations with precious metals and foreign currencies.

IV. Interest on the use of previously provided funds.

V. Sale of own securities.

3. Received in order of distribution.

I. Financial resources that were formed on a share basis.

II. budget subsidies.

III. Insurance premiums.

IV. Receipts from associations, industry structures and holdings.

Peculiarities

It should be noted such a pleasant fact: financial resources, in contrast to labor and material, are exceptionally fungible. And now about the negative: they are also subject to devaluation and inflation. And one more thing, but it is more a matter of personal position. Previously, only two main groups were given. Some researchers do not mention external sources as such, but speak of attracted and borrowed funds, as well as mixed (combined) financing. These three possibilities will be considered separately.

The most urgent problem, for the solution of which money is actually attracted, is the need to expand or upgrade the main production assets. Therefore, the specifics of fundraising and business financing will be discussed with an eye to this aspect.

Internal sources

Enterprises are independently engaged in the distribution of that part of the income that remains at their disposal after deducting the sums of cost and payment of taxes. Rational use of funds involves the implementation of plans for the further development of the enterprise while respecting the interests of owners, investors and employees. There is, however, one rule. The more profit goes to expanding economic activity, the less need for additional funding. At the same time, the value largely depends on the profitability of the operations carried out and the dividend policy adopted within the enterprise.

This method of raising funds has wonderful advantages: there is no need to incur additional costs, and the owner retains control over the enterprise. Alas, there are also disadvantages. The most significant is the impossibility of applying this approach. So, in the case of fixed assets, the sinking fund can be depleted. And then you have to look for other ways to get funding.

Fundraising

This path is quite diverse, it has many positive and negative aspects. Due to the wide possibilities, external sources will be given the most careful attention. When looking for this type of investment, you should be aware that investors are interested in high profits, the company itself, as well as the share of ownership that they will receive.

The more money is invested, the less control will remain with the original owners of the enterprise. The redemption for the market price or a certain coefficient depending on the income of the enterprise can be separately agreed. And you need to understand that this is more suitable at least for medium-sized enterprises and larger ones. Something can be said about financing small businesses, but this is more an exception than a regular practice. Well, in this case, it remains to concentrate on borrowed funds. For business, leasing and credit are the most suitable. Many people compare them and say that they are literally identical, but they are not. Let's see why.

Loans

These are the most famous main sources of business financing. A loan means a loan in cash (rarely in commodity) form, which is provided on a repayment basis. It provides for the payment of interest for its use. The advantage of a loan is that the receipt and use of funds, as a rule, is not subject to special conditions. And in the case of issuance by a bank where the enterprise is serviced, it is issued quite quickly and without delay.

There are, however, certain disadvantages. Thus, the term of issue rarely exceeds three years. Therefore, for enterprises that focus on long-term profit, it is unbearable. Also, the disadvantage is the requirement to provide a deposit, which is equivalent to the amount issued. There may, although rarely, certain special conditions be put forward, such as opening a checking account with a bank that offers a loan. And this may not always be beneficial to the enterprise. Also, due to the use of the standard depreciation scheme, the company will be forced to pay property tax all the time while using the loan.

Leasing

We are finishing considering the sources of financing for small businesses and will focus on a not very popular and well-known tool, which, nevertheless, is very worthy if you understand its essence.

So, leasing is a special complex form of entrepreneurial activity, which allows one side to effectively update the used fixed assets, and the other to expand the boundaries of its representation. And this happens on terms that satisfy both parties. If we talk about business financing programs from external sources, then this can be called the best option.

What are the advantages of leasing? First of all, the lack of a down payment and the requirement to immediately start paying. Whereas in the case of a loan, you need to make from 15% to 60% of the down payment. Thanks to this, an enterprise that does not have significant financial resources can begin to implement a large project. In addition, using this tool is much easier than proving that you can afford a loan. It is the financing of business projects at the stage of their inception that allows you to make a choice in favor of leasing. In addition, the agreement is more flexible. After all, in this case, the company independently calculates how much income it will have, and according to what scheme it will work. It can be agreed that debt repayment will come from the funds that will come from the sale of products. And after the payment of the entire amount, the property becomes the property of the company.

Social science. Full course of preparation for the Unified State Examination Shemakhanova Irina Albertovna

2.7. Main sources of business financing

Financing - a way to provide entrepreneurship with cash. Domestic funding sources- sources of cash receipts, which are formed at the expense of the results of entrepreneurial activity. These can be investments of the founders of the company in the authorized capital; cash received after the sale of shares of the company, the sale of the property of the company, the receipt of rent for the lease of property, income from the sale of products.

1) Profit (gross) - the difference between its income and costs or production costs, i.e., the total profit received before all deductions and deductions are made. Net income (residual income) is the difference between the amount of sales proceeds and all costs of the enterprise.

2) Depreciation - depreciation of fixed assets calculated in monetary terms in the process of their application, production use. The instrument for compensating for depreciation of fixed assets is depreciation deductions in the form of money allocated for repairs or construction, or the manufacture of new fixed assets. The amount of depreciation is included in the production costs (cost) of products and thus goes into the price.

External funding sources

1) debt financing - borrowed capital (short-term loans and loans; long-term loans).

– Loan capital is an independent part of economic capital, which functions in the form of cash in the field of entrepreneurial activity.

– mortgage loan- mortgage loan. This loan is the most common form of secured loan. Its essence is that the firm, upon receipt of debt funds, guarantees the creditor to repay the debt, taking into account interest.

– Trade Credit is a commercial loan, is that the entrepreneur buys the goods, postponing its payment.

– Stock are a common form of fundraising. By issuing and selling shares, an entrepreneurial firm receives a debt loan from the buyer, as a result of which the shareholder acquires the right to the property of the company, as well as to receive dividends. Dividends in this case are interest on a loan, which is presented in the form of money paid for shares.

2) Transformation of an individual enterprise into a partnership.

3) Transformation of the partnership into a closed joint stock company.

4) Use of funds from various funds to support small businesses.

5) Gratuitous financing is the representation of funds in the form of gratuitous charitable donations, assistance, subsidies.

Sale of shares- also a way to attract finance from outside, and this is a very important source of financing, since a company can have hundreds or thousands of shareholders.

State budget financing:

– The state allocates funds to public sector enterprises in the form of direct capital investments. Public sector enterprises are owned by the state. This means that the state also owns the profit from their activities.

- The state can also provide firms with its funds in the form of subsidies. This is a partial financing of the activities of firms. Subsidies can be issued to both public and private firms. The main difference between state financing and a bank loan is that the company receives funds from the state free of charge and irrevocably.

- State order: the state orders the company to manufacture a particular product and declares itself to be its buyer. The state does not finance costs here, but provides the company with income from the sale of goods in advance.

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From the book Thoughts and Aphorisms by Heinrich Heinrich

The main sources of Heine G. Sobr. op. in 10 vols. - M., 1956 - 1959. Heine G. Sobr. op. in 6 vols. - M., 1980-1983. Heine G. Selected Thoughts. - SPb., 1884. Heine in the memoirs of his contemporaries. - M., 1988. Gijdeu S. Heinrich Heine. - M., 1964. Tynyanov Y. Tyutchev and Heine // Tynyanov Y. Poetics. Story

From the book Enterprise Planning: Cheat Sheet author author unknown

58. MAIN TYPES OF PROGRAMS FOR BUSINESS DEVELOPMENT PLANNING In some cases, when a full-fledged business plan is not required, but only a feasibility study, you can use the ROFER Business Plan M product or similar programs for calculating and writing a feasibility study. Systems for

From the book The Big Book of Wisdom author Dushenko Konstantin Vasilievich

Main sources 1. In Russian Allen. Judgments // Foreign Literature. - M., 1988. - No. 11. Amiel A. From the diary. - St. Petersburg, 1901. Aphorisms: According to foreign sources. - M., 1985. Babichev N., Borovsky Ya. Dictionary of Latin winged words. - M., 1988. Babkin A. M., Shendetsov V. V.

From the book Thoughts, aphorisms, quotes. Business, career, management author Dushenko Konstantin Vasilievich

Main sources 1. In RussianAphorisms: According to foreign sources. - M., 1985. Bayton A. et al. 25 key books on economics: Analysis and comments. - Chelyabinsk, 1999. Business and manager. - M., 1992. Beers A. "Dictionary of Satan" and stories. - M., 1966. Boyett J. G., Boyett J. T.