Entrepreneurial Finance - Hardcover

Smith, Richard L.; Kiholm Smith, Janet

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Hardcover

ISBN 10: 0471230723 ISBN 13: 9780471230724

Publisher: Wiley, 2003

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Smith and Smith apply current thinking in the areas of valuation, real options, and the economics of contracts to new venture decision making. Readers learn to think of new ventures as portfolios of real options, value financial claims of the entrepreneur and venture capital investors, and structure financial contracts in light of new venture information problems. They also learn to use simulation and scenario analysis to evaluate the implications of uncertainty and financial decisions.
* Stresses the importance of strategy in new venture planning.
* Develops real-world context through relevant examples.
* Spreadsheet modeling and simulation using custom software provides hands-on learning.

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From the Back Cover:

An Essential Resource for Entrepreneurs, Angel Investors, and Venture Capitalists

About half of all new businesses fail in the first five years. So whether you’re bringing your new idea to market or investing in new ventures, make sure you have the tools, state-of-the-art valuation methods, and practical knowledge you need to make smart business decisions.

Now updated with late4-breaking data and references, Smith and Smith’s ENTREPRENEURIAL FINANCE, 2nd Edition equips you with an effective framework of financial economic principles to guide you through the process of incubating and growing a new venture. You’ll learn to think of new ventures as portfolios of real options, value financial claims of the entrepreneur and venture capital investors, and structure financial contracts in light of new venture information problems.

KEY FEATURES

Applies financial economic theory and the economics of contracts to the study of entrepreneurship and new venture finance.
Blends finance theory with the practical aspects of new venture financing.
Emphasizes the importance of strategy in new venture planning.
Uses a valuation perspective to approach topics such as strategic planning, business planning, financial modeling, assessing financing needs, raising outside financing, structuring financial contracts with investors, and harvesting.

VALUABLE SOFTWARE AND ONLINE RESOURSES

Venture SIMTM, the authors’ own custom simulation software.
Cases complete with downloadable Excel templates.
Tutorials on suing the simulation software, basic finance and statistical concepts, and on the more technical valuation tools covered in the text.
Downloadable valuation templates.

About the Author:

Richard Smith is Professor of Financial Management at the Peter F. Ducker Graduate School of Management, Claremont Graduate University, where he teaches courses on new venture finance, and strategic risk management. He also is Director of the Venture Finance Institute at Claremont. Professor Smith has served on several boards that are responsible for investing on behalf of pension funds and university endorsements, and has consulted extensively for venture capitalists, business angels, entrepreneurs, and government, on matters involving investment, valuation, financial contracting, securities litigation, and antitrust.

Janet Kiholm Smith is the Von Tobel Professor of Economics at Claremont McKenna College, where she teaches course on the economics of strategy and industrial organization. She currently serves on the College’s investment committee and consults on matters related to working capital management, the economics of contracts, and antitrust. She is the author of numerous journal articles, including publications in Journal of Legal Studies, Journal of Finance, Journal of Corporate Finance, Journal of Financial and Quantitative Analysis, Journal of Law and Economics, and Journal of Law, Economics and Organization.

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