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Entrepreneurial finance

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  • Cover Page

  • Title Page

  • Copyright Page

  • Dedication Page

  • Brief Contents

  • Contents

  • Preface

    • TEXTBOOK MOTIVATION

    • THE LIFE CYCLE APPROACH

    • DISTINCTIVE FEATURES

    • INTENDED AUDIENCE AND USE

    • ADDITIONS AND CHANGES IN THE FOURTH EDITION

    • SUPPLEMENTS

      • Instructor’s Manual with Test Bank

      • PowerPoint Lecture Slides

      • Excel Solutions

      • Text Web Site

      • Acknowledgments

  • PART 1: Background and Environment

    • CHAPTER 1: Introduction and Overview

      • 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: From the Idea to the Business Plan

      • 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

      • CSC PROFILE

      • MARKET OPPORTUNITY

      • PRODUCTS

      • MANAGEMENT TEAM

      • CSC ASSESSMENT

  • PART 2: Organizing and Operating the Venture

    • CHAPTER 3: Organizing and Financing a NewVenture

      • 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: Measuring Financial Performance

      • 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

      • KEY TERMS IN APPENDIX

      • DISCUSSION QUESTIONS

      • EXERCISES/PROBLEMS

    • CHAPTER 5: Evaluating Financial Performance

      • 5.1: Users of Financial Performance Measures by Life Cycle Stage

      • 5.2: Using Financial Ratios

      • 5.3: Cash Burn Rates and Liquidity Ratios

      • 5.4: Conversion Period Ratios

      • 5.5: Leverage Ratios

      • 5.6: Profitability and Efficiency Ratios

      • 5.7: Industry Comparable Ratio Analysis

      • 5.8: A Hitchhiker’s Guide to Financial Analysis

  • PART 3: Planning for the Future

    • CHAPTER 6: Financial Planning: Short Term and Long Term

      • 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: Beyond Survival: Systematic Forecasting

      • 6.7: Estimating Sustainable Sales Growth Rates

      • 6.8: Estimating Additional Financing Needed to Support Growth

      • 6.9: Percent-of-Sales Projected Financial Statements

    • 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

      • EXERCISES/PROBLEMS

    • 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

    • APPENDIX A: Schedule A

    • APPENDIX B: Selected SEC Regulation D Materials

      • Regulation D’s “Preliminary Notes”

      • Rule 501: Definitions and Terms Used in Regulation D

      • Rule 502: General Conditions to Be Met

      • Integration

      • Information

      • Solicitation

      • Resale

      • Rule 503: Filing of Notice of Sales

      • Rule 507: Reg D Disqualification Provisions

      • Rule 508: Reg D Insignificant Deviations Clause

      • Rule 144 (§230.144)

    • APPENDIX C: Other Forms of Registration Exemptions and Breaks

      • Rule 701

      • Rule 1001

      • Regulation SB

  • PART 4: Creating and Recognizing Venture Value

    • CHAPTER 9: Valuing Early-Stage Ventures

      • 9.1: What Is a Venture Worth?

      • 9.2: Basic Mechanics of Valuation: Mixing Vision and Reality

      • 9.3: Required Versus Surplus Cash

      • 9.4: Developing the Projected Financial Statements for a DCF Valuation

      • 9.5: Just-in-Time Equity Valuation: Pseudo Dividends

      • 9.6: Accounting versus Equity Valuation Cash Flow

    • CHAPTER 10: Venture Capital Valuation Methods

      • 10.1: Brief Review of Basic Cash Flow-Based Equity Valuations

      • 10.2: Basic Venture Capital Valuation Method

      • 10.3: Earnings Multipliers and Discounted Dividends

      • 10.4: Adjusting VCSCs for Multiple Rounds

      • 10.5: Adjusting VCSCs for Incentive Ownership

      • 10.6: Adjusting VCSCs for Payments to Senior Security Holders

      • 10.7: Introducing Scenarios to VCSCs

  • PART 5: Structuring Financing for the Growing Venture

    • CHAPTER 11: Professional Venture Capital

      • 11.1: Historical Characterization of Professional Venture Capital

      • 11.2: Professional Venture Investing Cycle: Overview

      • 11.3: Determining (Next) Fund Objectives and Policies

      • 11.4: Organizing the New Fund

      • 11.5: Soliciting Investments in the New Fund

      • 11.6: Obtaining Commitments for a Series of Capital Calls

      • 11.7: Conducting Due Diligence and Actively Investing

      • 11.8: Arranging Harvest or Liquidation

      • 11.9: Distributing Cash and Securities Proceeds

    • CHAPTER 12: Other Financing Alternatives

      • 12.1: Facilitators, Consultants, and Intermediaries

      • 12.2: Commercial and Venture Bank Lending

      • 12.3: Understanding Why You May Not Get Debt Financing

      • 12.4: Credit Cards

      • 12.5: Small Business Administration Programs

      • 12.6: Other Government Financing Programs

      • 12.7: Receivables Lending and Factoring

      • 12.8: Debt, Debt Substitutes, and Direct Offerings Vendor Financing: Accounts Payable and Trade Notes

    • APPENDIX A: Summary of Colorado Business Financial Assistance Options9

      • Available Statewide: Economic Development Commission

      • Certified Capital Companies (CAPCOs)

      • The Venture Capital Authority

      • Colorado First/Existing Industry Customized Job Training Grant Funds

      • Bioscience Discovery Evaluation Grant Program

      • Colorado Tourism Office’s Marketing Matching Grant Program

      • Council on the Arts—Programs and Services

      • Colorado Film Incentives Cash Fund

      • Colorado Export of Innovative and Sustainable Technologies (CO-EXist)

      • Colorado Export Development Grant

      • Available ONLY in “Non-Entitlement Communities”: Business Loan Funds

      • Infrastructure Assistance/Grants

      • Planning and Feasibility Study Grants

    • CHAPTER 13: Security Structures and Determining Enterprise Values

      • 13.1: Common Stock or Common Equity

      • 13.2: Preferred Stock or Preferred Equity

      • 13.3: Convertible Debt

      • 13.4: Warrants and Options

      • 13.5: Other Concerns about Security Design

      • 13.6: Valuing Ventures with Complex Capital Structures: The Enterprise Method

  • PART 6: Exit and Turn around Strategies

    • CHAPTER 14: Harvesting the Business Venture Investment

      • 14.1: Venture Operating and Financial Decisions Revisited

      • 14.2: Planning an Exit Strategy

      • 14.3: Valuing the Equity or Valuing the Enterprise

      • 14.4: Systematic Liquidation

      • 14.5: Outright Sale

      • 14.6: Going Public

    • CHAPTER 15: Financially Troubled Ventures: Turnaround Opportunities?

      • 15.1: Venture Operating and Financing Overview

      • 15.2: The Troubled Venture and Financial Distress

      • 15.3: Resolving Financial Distress Situations

      • 15.4: Private Workouts and Liquidations

      • 15.5: Federal Bankruptcy Law

  • PART 7: Capstone Cases

    • CASE 1: Eco-Products, Inc.

    • CASE 2: Coral Systems, Inc.

    • CASE 3: Spatial Technology, Inc.

  • Glossary

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    • N

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  • Index

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    • D

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