Entrepreneurial Finance: Edition 5

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This accessible, reader-friendly text guides you through a complete life cycle of the firm as it introduces the theories, knowledge, and corporate finance tools and techniques an entrepreneur needs to start, build, and eventually harvest a successful venture. With a strong emphasis on sound financial management practices, the text explores important issues entrepreneurs face, including how and where to obtain financing, using business cash flow models, and positioning the early-stage company strategically. You will also gain an understanding of how to interact effectively with financial institutions and regulatory agencies that can affect venture growth and enable liquidity for investors. Drawing on real-life entrepreneurial ventures and common financial scenarios, the authors include an in-depth capstone case, numerous mini-cases, and abundant examples to engage your interest and vividly illustrate key concepts such as venture capital funds, institutional investors, strategic alliances, the role of business angels, licensing agreements, and exit strategies. Trust ENTREPRENEURIAL FINANCE, Fifth Edition, to provide the skills and confidence you need for entrepreneurial success in today's markets.
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Additional Information

Publisher
Cengage Learning
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Published on
Feb 21, 2014
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Pages
752
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ISBN
9781305156180
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Language
English
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Genres
Business & Economics / General
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Content Protection
This content is DRM protected.
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An inspiring and impactful compilation of the most important lessons of entrepreneurship

The tools of a digital age make it easier than ever to start a new business. And with billion-dollar IPOs and acquisitions making weekly headlines, the potential rewards are enormous. But even with all of the advantages and resources that today's entrepreneurs have access to, the likelihood of any one business succeeding is slim. That's why you need the simple, clear lessons found in The Agile Startup.

Engaging and informative, The Agile Startup doesn't offer step-by-step instructions on how to build a better mousetrap. Instead, it shows you how to build companies that continually adapt to the "real" world. Along the way, you'll discover you're not alone in your entrepreneurial endeavors, and that almost every challenge a startup can face has already been faced, and overcome, by someone in the past.

Contains lessons culled from decades of creating successful companies, which includes possessing a flexible mindset Provides valuable insights, based on a market-driven philosophy, regarding launching and managing products, businesses, and brands Written by two authors who have a combined sixty-plus years of startup experience and understand the reasons behind their successes and failures A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book

The journey of a startup is daunting. Think about everything that has to be overcome and you'll quickly see that the odds are stacked heavily against you. But with The Agile Startup as your guide, you'll learn exactly what it takes to succeed in your entrepreneurial endeavors.

Private enterprises are essential to a nation's economy and society - yet without finance, or risk capital, they may never get off the ground. Lack of risk capital on suitable terms thus frustrates entrepreneurial ambition, and checks economic growth. And, just as damaging, the search for finance can lead companies and businesses into unsuitable funding arrangements - such as bank loans or equity deals with external investors - that burden them with excessive debt or limit the ability of managers to run the business. This book proposes a fresh solution to the search for risk capital that should suit enterprise and investor alike.

Ian Whalley begins by describing the rich inheritance of private enterprises and the financial systems which support them in major market economies. He looks at some serious problems which afflict many enterprises when they seek funding through conventional methods: from small and medium-size firms to major companies, providers of public services and diverse enterprises such as mutual and non-profit organisations. A common theme emerges - enterprises of all types struggle to obtain risk capital without taking on debt or compromising effective management control. The capital is necessary but the drawbacks are potentially fatal.

The book shows how the dual functions of equity - risk capital and ownership capital - can be separated and thus how risk finance can be raised without affecting the ownership or control of a company, and without traditional borrowing. The model for achieving this is royalty funding, a system grounded in the proven and familiar practice of licensing. Under this system enterprises pay for the invested risk capital by means of royalties on the sales revenues they achieve, rather than become debtors or partners to those who provide the funds. Royalty funding will benefit both those who own and manage enterprises and also the investors who receive a contractually committed return whilst maintaining the security of asset ownership in the event of a failure of the enterprise.

Whalley explains how royalty funding could be put into practice for a range of different enterprises, and draws some broad conclusions about the impact that royalty funding could have if used to finance business in the future.

Offering a compelling alternative that complements current financial models this is an essential read for anyone involved in establishing, running or investing in successful enterprises, as well as policymakers and academics.
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