Entrepreneurial Finance 6th Edition by J Chris Leach,Ronal Melicher ISBN 1305968352 978-1305968356

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ISBN 10: 1305968352 
ISBN 13:   978-1305968356
Author:  J. Chris Leach,Ronal Melicher

Walking you step by step through a complete “life cycle” of a firm, ENTREPRENEURIAL FINANCE, 6e, vividly explains the theories, knowledge, and corporate finance tools and techniques you need to start, build, and eventually harvest a successful entrepreneurial venture. Extremely reader friendly, the text includes a strong emphasis on sound financial management practices as it explores how to secure financing, use business cash flow models, and strategically positioning your early-stage company. It also teaches you how to effectively interact with financial institutions and regulatory agencies that can affect venture growth and enable liquidity for investors. Based on real-life entrepreneurial ventures and common financial scenarios, numerous examples, mini-cases and even in-depth capstone cases bring to life such key concepts as venture capital funds, institutional investors, strategic alliances, the role of business angels, licensing agreements, exit strategies, and more.

Entrepreneurial Finance 6th Table of contents:

Part 1: The Entrepreneurial Environment

Chapter 1: Introduction To Finance For Entrepreneurs

1.1 The Entrepreneurial Process

1.2 Entrepreneurship Fundamentals

Who Is An Entrepreneur

Basic Definitions

Entrepreneurial Traits Or Characteristics

Opportunities Exist But Not Without Risks

1.3 Sources Of Entrepreneurial Opportunities

Societal Changes

Demographic Changes

Technological Changes

Emerging Economies And Global Changes

Crises And “Bubbles”

Disruptive Innovation

1.4 Principles Of Entrepreneurial Finance

Real, Human, And Financial Capital Must Be Rented From Owners (Principle #1)

Risk And Expected Reward Go Hand In Hand (Principle #2)

While Accounting Is The Language Of Business, Cash Is The Currency (Principle #3)

New Venture Financing Involves Search, Negotiation, And Privacy (Principle #4)

A Venture’s Financial Objective Is To Increase Value (Principle #5)

It Is Dangerous To Assume That People Act Against Their Own Self-interests (Principle #6)

Venture Character And Reputation Can Be Assets Or Liabilities (Principle #7)

1.5 Role Of Entrepreneurial Finance

1.6 The Successful Venture Life Cycle

Development Stage

Startup Stage

Survival Stage

Rapid-Growth Stage

Early-Maturity Stage

Life Cycle Stages And The Entrepreneurial Process

1.7 Financing Through The Venture Life Cycle

Seed Financing

Startup Financing

First-Round Financing

Second-Round Financing

Mezzanine Financing

Liquidity-Stage Financing

Seasoned Financing

1.8 Life Cycle Approach For Teaching Entrepreneurial Finance

Summary

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

Component 1: The Business Model Must Generate Revenues

Component 2: The Business Model Must Make Profits

Component 3: The Business Model Must Produce Free Cash Flows

2.3 Learn From The Best Practices Of Successful Entrepreneurial Ventures

Best Marketing Practices

Best Financial Practices

Best Management Practices

Best Production Or Operations Practices Are Also Important

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

An Interview With The Founder (Entrepreneur) And Management Team: Qualitative Screening

Scoring A Prospective New Venture: Quantitative Screening

Industry/Market Considerations

Pricing/Profitability Considerations

Financial/Harvest Considerations

Management Team Considerations

Opportunity Screening Caveats

2.7 Key Elements Of A Business Plan

Management Team

Financial Plans And Projections

Risks And Opportunities

Business Plan Appendix

Summary

Cover Page, Confidentiality Statement, And Table Of Contents

Executive Summary

Business Description

Marketing Plan And Strategy

Operations And Support

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

Proprietorships

General And Limited Partnerships

Corporations

Limited Liability Companies

3.3 Choosing The Form Of Organization: Tax And Other Considerations

3.4 Intellectual Property

Protecting Valuable Intangible Assets

What Kinds Of Intellectual Property Can Be Protected?

Other Methods For Protecting Intellectual Property Rights

3.5 Seed, Startup, And First-round Financing Sources

Financial Bootstrapping

Business Angel Funding

First-Round Financing Opportunities

Summary

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

Balance Sheet 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

Survival Breakeven

Identifying Breakeven Drivers In Revenue Projections

Summary

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

Measuring Venture Cash Burn And Build Amounts And Rates

Beyond Burn: Traditional Measures Of Liquidity

Interpreting Cash-related And Liquidity-Related Trends

5.4 Leverage Ratios

Measuring Financial Leverage

Interpreting Changes In Financial Leverage

5.5 Profitability And Efficiency Ratios

Income Statement Measures Of Profitability

Efficiency And Return Measures

Interpreting Changes In Profitability And Efficiency

5.6 Industry Comparable Ratio Analysis

5.7 A Hitchhiker’s Guide To Financial Analysis

Summary

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

Measuring Conversion Times

Interpreting Changes In Conversion Times

Summary

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

Determinants Of Market Interest Rates

Risk-Free Interest Rate

Default Risk Premium

Liquidity And Maturity Risk Premiums

A Word On Venture Debt Capital

7.4 What Is Investment Risk

Measuring Risk As Dispersion Around An Average

Historical Return Versus Risk Relationships

7.5 Estimating The Cost Of Equity Capital

Cost Of Equity Capital For Public Corporations

Cost Of Equity Capital For Private Ventures

Sources And Costs Of Venture Equity Capital

7.6 Weighted Average Cost Of Capital

A Life Cycle–Based WACC Example

Summary

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

Securities Act Of 1933

Securities Exchange Act Of 1934

Investment Company Act Of 1940

Investment Advisers Act Of 1940

Jumpstart Our Business Startups Act Of 2012

State Securities Regulations: “Blue-Sky” Laws

8.3 Process For Determining Whether Securities Must Be Registered

Offer And Sale Terms

What Is A Security

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

Private Offering Exemption

Accredited Investor Exemption

8.7 Sec’s Regulation D: Safe-Harbor Exemptions

Rule 504: Exemption For Limited Offerings And Sales Of Securities Not Exceeding $1 Million

Rule 505: Exemption For Limited Offers And Sales Of Securities Not Exceeding $5 Million

Rule 506: Exemption For Limited Offers And Sales Without Regard To Dollar Amount Of Offering

8.8 Regulation A Security Exemption

8.9 JOBS Act Innovations

Summary

Appendix A: Schedule A

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

Forecasting Sales For Seasoned Firms

Forecasting Sales For Early-Stage Ventures

9.3 Estimating Sustainable Sales Growth Rates

9.4 Estimating Additional Financing Needed To Support Growth

The Basic Additional Funds Needed Equation

Impact Of Different Growth Rates On Afn

Estimating The Afn For Multiple Years

9.5 Percent-of-Sales Projected Financial Statements

Forecasting Sales

Projecting The Income Statement

Projecting The Balance Sheet

Forecasting The Statement Of Cash Flows

Financing Cost Implications Associated With The Need For Additional Funds

Summary

Chapter 10: Valuing Early-Stage Ventures

10.1 What Is A Venture Worth

Does The Past Matter

Looking To The Future

Vested Interests In Value: Investor And Entrepreneur

10.2 Basic Mechanics Of Valuation: Mixing Vision And Reality

Present Value Concept

If You’re Not Using Estimates, You’re Not Doing A Valuation

Divide And Conquer With Discounted Cash Flow

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

Origins Of Accounting Cash Flows

From Accounting To Equity Valuation Cash Flows

Summary

Chapter 11: Venture Capital Valuation Methods

11.1 Brief Review Of Basic Cash Flow-Based Equity Valuations

11.2 Basic Venture Capital Valuation Method

Using Present Values

Using Future Values

11.3 Earnings Multipliers And Discounted Dividends

11.4 Adjusting VCSCs For Multiple Rounds

First Round

Second Round

11.5 Adjusting VCSCs For Incentive Ownership

First Round

Second Round

Incentive Ownership Round

11.6 Adjusting VCSCs For Payments To Senior Security Holders

11.7 Introducing Scenarios To VCSCs

Utopian Approach

Mean Approach

Summary

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

Summary

Chapter 13: Other Financing Alternatives

13.1 Business Incubators, Seed Accelerators, And Intermediaries

Business Incubators And Seed Accelerators

Intermediaries, Facilitators, And Consultants

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

Overview Of What The SBA Does For Small Businesses

Selected SBA Loan And Operating Specifics

13.8 Other Government Financing Programs

13.9 Factoring, Receivables Lending, And Customer Funding

13.10 Debt, Debt Substitutes, And Direct Offerings

Vendor Financing: Accounts Payable And Trade Notes

Mortgage Lending

Traditional And Venture Leasing

Direct Public Offers

Summary

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

Selected Characteristics

Convertible Preferreds

Conversion Value Protection

Conversion Protection Clauses

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

Summary

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

Relative Valuation Methods

Dividing The Venture Valuation Pie

15.4 Systematic Liquidation

15.5 Outright Sale

Family Members

Managers

Employees

Outside Buyers

15.6 Going Public

Investment Banking

Some Additional Definitions

Other Costs In Issuing Securities

Post-ipo Trading

Contemplating And Preparing For The IPO Process

Summary

Chapter 16: Financially Troubled Ventures: Turnaround Opportunities

16.1 Venture Operating And Financing Overview

16.2 The Troubled Venture And Financial Distress

Balance Sheet Insolvency

Cash Flow Insolvency

Temporary Versus Permanent Cash Flow Problems

16.3 Resolving Financial Distress Situations

Operations Restructuring

Asset Restructuring

Financial Restructuring

16.4 Private Workouts And Liquidations

Private Workouts

Private Liquidations

Venture Example: Jeremy’s Microbatch Ice Creams, Inc

16.5 Federal Bankruptcy Law

Bankruptcy Reorganizations

Reasons For Legal Reorganizations

Legal Reorganization Process

Bankruptcy Liquidations

Summary

Part 7: Capstone Cases

Case 1: Eco-Products, Inc

Case 2: Spatial Technology,

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