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Entrepreneurial Finance

by
Edition:
2nd
ISBN13:

9780324289237

ISBN10:
0324289235
Format:
Paperback
Pub. Date:
4/11/2005
Publisher(s):
South-Western College Pub
List Price: $171.00

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This is the 2nd edition with a publication date of 4/11/2005.
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  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.

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Summary

This book applies tools and techniques of corporate finance to the entrepreneurial venture. It closely follows a ?life-cycle of the firm? approach, and does so in a very accessible and student-friendly way. The text introduces the theories, knowledge, and financial tools needed by an entrepreneur in starting, building, and finally harvesting a successful venture. The book focuses on sound financial management practices, how and where to obtain the financial capital necessary to run and grow the venture, and how and when to interact with the financial institutions and regulatory agencies central to financing ventures as they grow and ultimately look for liquidity for their investors.

Table of Contents

Preface x
Part 1 Background and Environment
Introduction and Overview
Entrepreneurship Fundamentals
4(3)
Sources of Entrepreneurial Opportunities
7(3)
The Internet Economy and E-Commerce
10(1)
Principles of Entrepreneurial Finance
11(6)
Role of Entrepreneurial Finance
17(1)
The Successful Venture Life Cycle
18(3)
Financing Through the Venture Life Cycle
21(5)
Life Cycle Approach for Teaching Entrepreneurial Finance
26(14)
Summary
29(11)
From the Idea to the Business Plan
To Be Successful, You Must Have a Sound Business Model
40(2)
Learn from the Best Practices of Successful Entrepreneurial Ventures
42(3)
Time-to-Market and Other Timing Implications
45(1)
Screening Venture Opportunities
46(15)
Applying the Vos Indicator™: An Example
61(4)
Key Elements of a Business Plan
65(18)
Summary
72(11)
Part 2 Organizing and Operating the Venture
Organizing and Financing a New Venture
Progressing Through the Venture Life Cycle
83(1)
Forms of Business Organization
83(10)
Choosing the Form of Organization: Tax and Other Considerations
93(4)
Intellectual Property
97(7)
Seed and Startup Financing Sources
104(15)
Summary
110(9)
Measuring Financial Performance
Business Assets, Liabilities, and Owners' Equity
119(3)
Sales, Expenses, and Profits
122(2)
Internal Operating Schedules
124(4)
Statement of Cash Flows
128(2)
Operating Breakeven Analyses
130(18)
Summary
139(9)
Evaluating Financial Performance
Using Financial Ratios
148(2)
Cash Burn Rates and Liquidity Ratios
150(5)
Conversion Period Ratios
155(5)
Leverage Ratios
160(5)
Profitability and Efficiency Ratios
165(5)
Industry Comparable Ratio Analysis
170(2)
A Hitchhiker's Guide to Financial Analysis
172(14)
Summary
174(12)
Part 3 Planning for the Future
Financial Planning: Short Term and Long Term
Financial Planning Throughout the Venture's Life Cycle
186(1)
Surviving in the Short Run
187(2)
Short-Term Cash-Planning Tools
189(5)
Projected Monthly Financial Statements
194(2)
Cash Planning from a Projected Monthly Balance Sheet
196(1)
Beyond Survival: Systematic Forecasting
197(7)
Estimating Sustainable Sales Growth Rates
204(3)
Estimating Additional Financing Needed to Support Growth
207(4)
Percent-of-Sales Projected Financial Statements
211(16)
Summary
218(9)
Types and Costs of Financial Capital
Implicit and Explicit Financial Capital Costs
227(1)
Financial Markets
227(2)
Determining the Cost of Debt Capital
229(8)
What Is Investment Risk?
237(6)
Estimating the Cost of Equity Capital
243(5)
Weighted Average Cost of Capital
248(12)
Summary
251(9)
Securities Law Fundamentals
Review of Sources of Venture Financing
260(1)
Overview of Federal and State Securities Laws
261(3)
Overview of Some Key Terms of the Securities Act of 1933
264(3)
Registration of Securities Under the Securities Act of 1933
267(3)
Security Exemptions from Registration Under the 1933 Act
270(2)
Transaction Exemptions from Registration Under the 1933 Act
272(2)
Sec's Regulation D: Safe-Harbor Exemptions
274(15)
Other Forms of Registration Exemptions
289(1)
Partial and Full Registration Breaks for Small Business
290(14)
Summary
292(12)
Part 4 Creating and Recognizing Venture Value
The Creation and Calibration of Value
What Is a Venture Worth?
304(3)
Basic Mechanics of Valuation: Mixing Vision and Reality
307(6)
Calculating the Cash Flow for Valuing Venture Equity
313(2)
Equity Valuation Cash Flows Versus Accounting Cash Flows
315(3)
Equity Valuation: The Maximum Dividend Method
318(5)
Equity Valuation: The Pseudo Dividend Method
323(4)
Equity Valuation: The Delayed Dividend Approximation
327(25)
Summary
333(19)
Venture Capital Valuation Methods
Asset and Liability Valuation: A Key to VC Shortcuts
352(1)
Venture Capital Shortcuts on the Equity Method
353(3)
A Comparison to the Delayed Dividend Method
356(1)
Earnings Multipliers and Discounted Dividends
357(2)
Adjusting the VC Shortcut for Multiple Rounds
359(1)
Adjusting the VC Shortcut for Incentive Ownership
360(2)
Adjusting the VC Shortcut for Payments to Senior Security Holders
362(2)
Scenario Methods
364(26)
Summary
370(20)
Part 5 Structuring Financing for the Growing Venture
Security Structure and Enterprise Value
Common Stock (Common Equity)
390(1)
Preferred Stock (Preferred Equity)
391(6)
Convertible Debt
397(1)
Warrants and Options
398(6)
Other Concerns About Security Design
404(1)
Valuing Ventures with Complex Capital Structures
405(20)
Summary
416(9)
Professional Venture Capital
Historical Characterization of Professional Venture Capital
425(4)
Professional Venture Investing Cycle: Overview
429(1)
Determining (Next) Fund Objectives and Policies
430(1)
Organizing the New Fund
431(3)
Soliciting Investments in the New Fund
434(2)
Obtaining Commitments for a Series of Capital Calls
436(1)
Conducting Due Diligence and Actively Investing
436(8)
Arranging Harvest or Liquidation
444(1)
Distributing Cash and Securities Proceeds
444(5)
Summary
445(4)
Other Financing Alternatives
Facilitators, Consultants, and Intermediaries
449(1)
Commercial and Venture Bank Lending
450(2)
Understanding Why You May Not Get Debt Financing
452(2)
Credit Cards
454(1)
Small Business Administration Programs
455(15)
Other Government Financing Programs
470(8)
Receivables Lending and Factoring
478(1)
Debt, Debt Substitutes, and Direct Offerings
479(9)
Summary
481(7)
Part 6 Exit and Turnaround Strategies
Harvesting the Business Venture Investment
Venture Operating and Financial Decisions Revisited
488(1)
Planning an Exit Strategy
489(1)
Systematic Liquidation
490(1)
Outright Sale
491(8)
Going Public
499(19)
Summary
510(8)
Financial Distress: Turnaround Opportunity or Liquidation
Venture Operating and Financing Overview
518(1)
What Is Financial Distress?
519(4)
Resolving Financial Distress
523(8)
Private Workouts and Liquidations
531(2)
Federal Bankruptcy Law
533(18)
Summary
544(7)
Part 7 Capstone Cases
Case 1 Coral Systems, Inc.
551(28)
Case 2 Spatial Technology, Inc
579(25)
Glossary 604(9)
Index 613


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