Entrepreneurial Finance, 7th Edition
- Length: 752 pages
- Edition: 7
- Language: English
- Publisher: Cengage Learning
- Publication Date: 2020-03-09
- ISBN-10: 0357442040
- ISBN-13: 9780357442043
- Sales Rank: #367577 (See Top 100 Books)
Master each step of the complete “life cycle” of a firm with Leach/Melicher’s ENTREPRENEURIAL FINANCE, 7E. This edition vividly explains the theories, corporate finance tools and techniques you need to start, build and eventually harvest a successful entrepreneurial venture today. Using an inviting presentation, this book emphasizes sound financial management practices as you learn how to secure financing, use business cash flow models and strategically position your early-stage company. You also learn to interact effectively with financial institutions and regulatory agencies that can impact venture growth and ensure liquidity for investors. Updates throughout this edition feature real examples as well as in-depth capstone cases and mini-cases drawn from actual entrepreneurial ventures and common financial scenarios. Strengthen your entrepreneurial skills as you study key concepts, such as venture capital funds, clean tech, sustainable sales growth, strategic alliances, licensing agreements and exit strategies.
Cover Brief Contents Contents Preface About the Authors PART 1: The Entrepreneurial Environment CHAPTER 1: Introduction to Finance for Entrepreneurs 1.1 The Entrepreneurial Process 1.2 Entrepreneurship Fundamentals 1.3 Sources of Entrepreneurial Opportunities 1.4 Principles of Entrepreneurial Finance 1.5 Role of Entrepreneurial Finance 1.6 The Successful Venture Life Cycle 1.7 Financing Through the Venture Life Cycle 1.8 Life Cycle Approach for Teaching Entrepreneurial Finance CHAPTER 2: Developing the Business Idea 2.1 Process for Identifying Business Opportunities 2.2 To be Successful, You Must Have a Sound Business Model 2.3 Learn from the Best Practices of Successful Entrepreneurial Ventures 2.4 Time-to-Market and Other Timing Implications 2.5 Initial “Litmus Test” for Evaluating the Business Feasibility of an Idea 2.6 Screening Venture Opportunities 2.7 Key Elements of a Business Plan Appendix A Applying the VOS Indicator™: An Example PART 2: Organizing and Operating the Venture CHAPTER 3: Organizing and Financing a New Venture 3.1 Progressing Through the Venture Life Cycle 3.2 Forms of Business Organization 3.3 Choosing the Form of Organization: Tax and Other Considerations 3.4 Intellectual Property 3.5 Seed, Startup, and First-Round Financing Sources CHAPTER 4: Preparing and Using Financial Statements 4.1 Obtaining and Recording the Resources Necessary to Start and Build a New Venture 4.2 Business Assets, Liabilities, and Owners’ Equity 4.3 Sales, Expenses, and Profits 4.4 Internal Operating Schedules 4.5 Statement of Cash Flows 4.6 Operating Breakeven Analyses Appendix A NOPAT Breakeven: Revenues Needed to Cover Total Operating Costs CHAPTER 5: Evaluating Operating and Financial Performance 5.1 Users of Operating and Financial Performance Measures by Life Cycle Stage 5.2 Using Financial Ratios 5.3 Cash Burn Rates and Liquidity Ratios 5.4 Leverage Ratios 5.5 Profitability and Efficiency Ratios 5.6 Industry Comparable Ratio Analysis 5.7 A Hitchhiker’s Guide to Financial Analysis PART 3: Planning for the Future CHAPTER 6: Managing Cash Flow 6.1 Financial Planning throughout the Venture’s Life Cycle 6.2 Surviving in the Short Run 6.3 Short-Term Cash-Planning Tools 6.4 Projected Monthly Financial Statements 6.5 Cash Planning from a Projected Monthly Balance Sheet 6.6 Conversion Period Ratios CHAPTER 7: Types and Costs of Financial Capital 7.1 Implicit and Explicit Financial Capital Costs 7.2 Financial Markets 7.3 Determining the Cost of Debt Capital 7.4 What is Investment Risk 7.5 Estimating the Cost of Equity Capital 7.6 Weighted Average Cost of Capital Appendix A Using WACC to Complete the Calibration of EVA CHAPTER 8: Securities Law Considerations When Obtaining Venture Financing 8.1 Review of Sources of External Venture Financing 8.2 Overview of Federal and State Securities Laws 8.3 Process for Determining Whether Securities Must be Registered 8.4 Registration of Securities Under the Securities Act of 1933 8.5 Security Exemptions from Registration Under the 1933 Act 8.6 Transaction Exemptions from Registration Under the 1933 Act 8.7 SEC’s Regulation D: Safe-Harbor Exemptions 8.8 Regulation a Security Exemption 8.9 JOBS Act Innovations Appendix A Schedule A (Securities Act of 1933, as Amended) Appendix B Selected SEC Regulation D Materials Appendix C Other Forms of Registration Exemptions and Breaks PART 4: Creating and Recognizing Venture Value CHAPTER 9: Projecting Financial Statements 9.1 Long-Term Financial Planning Throughout the Venture’s Life Cycle 9.2 Beyond Survival: Systematic Forecasting 9.3 Estimating Sustainable Sales Growth Rates 9.4 Estimating Additional Financing Needed to Support Growth 9.5 Percent-of-Sales Projected Financial Statements CHAPTER 10: Valuing Early-Stage Ventures 10.1 What is a Venture Worth? 10.2 Basic Mechanics of Valuation: Mixing Vision and Reality 10.3 Required versus Surplus Cash 10.4 Developing the Projected Financial Statements for a DCF Valuation 10.5 Just-In-Time Equity Valuation: Pseudo Dividends 10.6 Accounting versus Equity Valuation Cash Flow CHAPTER 11: Venture Capital Valuation Methods 11.1 Brief Review of Basic Cash Flow-Based Equity Valuations 11.2 Basic Venture Capital Valuation Method 11.3 Earnings Multipliers and Discounted Dividends 11.4 Adjusting VCSCs for Multiple Rounds 11.5 Adjusting VCSCs for Incentive Ownership 11.6 Adjusting VCSCs for Payments to Senior Security Holders 11.7 Introducing Scenarios to VCSCs PART 5: Structuring Financing for the Growing Venture CHAPTER 12: Professional Venture Capital 12.1 Historical Characterization of Professional Venture Capital 12.2 Professional Venture Investing Cycle: Overview 12.3 Determining (Next) Fund Objectives and Policies 12.4 Organizing the New Fund 12.5 Soliciting Investments in the New Fund 12.6 Obtaining Commitments for a Series of Capital Calls 12.7 Conducting Due Diligence and Actively Investing 12.8 Arranging Harvest or Liquidation 12.9 Distributing Cash and Securities Proceeds CHAPTER 13: Other Financing Alternatives 13.1 Business Incubators, Seed Accelerators, and Intermediaries 13.2 Business Crowdsourcing and Crowdfunding 13.3 Commercial and Venture Bank Lending 13.4 Understanding Why You May not Get Debt Financing 13.5 Credit Cards 13.6 Foreign Investor Funding Sources 13.7 Small Business Administration Programs 13.8 Other Government Financing Programs 13.9 Factoring, Receivables Lending, and Customer Funding 13.10 Debt, Debt Substitutes, and Direct Offerings Appendix A Summary of Colorado Business Financial Assistance Options CHAPTER 14: Security Structures and Determining Enterprise Values 14.1 Common Stock or Common Equity 14.2 Preferred Stock or Preferred Equity 14.3 Convertible Debt 14.4 Warrants and Options 14.5 Other Concerns About Security Design 14.6 Valuing Ventures with Complex Capital Structures: The Enterprise Method PART 6: Exit and Turnaround Strategies CHAPTER 15: Harvesting the Business Venture Investment 15.1 Venture Operating and Financial Decisions Revisited 15.2 Planning an Exit Strategy 15.3 Valuing the Equity or Valuing the Enterprise 15.4 Systematic Liquidation 15.5 Outright Sale 15.6 Going Public CHAPTER 16: Financially Troubled Ventures: Turnaround Opportunities 16.1 Venture Operating and Financing Overview 16.2 The Troubled Venture and Financial Distress 16.3 Resolving Financial Distress Situations 16.4 Private Workouts and Liquidations 16.5 Federal Bankruptcy Law PART 7: Capstone Cases CASE 1: Eco-Products, Inc CASE 2: Spatial Technology, Inc Glossary Index
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