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Strategic Entrepreneurial Finance 1st Edition by Darek Klonowski ISBN 9781136210709 1136210709

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ISBN 10: 1136210709
ISBN 13: 9781136210709
Author: Darek Klonowski

Entrepreneurial finance is a discipline that studies financial resource mobilization, resource allocation, risk moderation, optimization in financial contracting, value creation, and value monetization within the context of entrepreneurship. However, without proper strategic consideration the discipline is incomplete. This book examines how the activity of entrepreneurial finance can be enhanced via a concentration on value creation and through improved strategic decision-making. The most unique feature of the book is its focus on value creation. For entrepreneurs, value creation is not a one-off activity, but rather a continuous cycle of incremental improvements across a wide range of business activities. Entrepreneurial value creation is described in four comprehensive stages: value creation, value measurement, value enhancement, and value realization, referred to as the C-MER model. This book focuses on what creates value rather than merely presenting value creation in a straight accounting framework. At the same time, deliberate and tactical planning and implementation ensure that the firm does not ignore the components necessary for it to survive and flourish.Vigorous strategic deliberations maximize the entrepreneurial firm’s chances of making the right business decisions for the future, enable the firm to manage its available financial and non-financial resources in the most optimal manner, ensure that the necessary capital is secured to progress the development of the firm to its desired development level, and build value. While financial considerations are important, the field of strategic entrepreneurial finance represents a fusion of three disciplines: strategic management, financial management, and entrepreneurship. This orientation represents a natural evolution of scholarship to combine specific domains and paradigms of naturally connected business disciplines and reflects the need to simultaneously examine business topics from different perspectives which may better encapsulate actual entrepreneurial practices.

Strategic Entrepreneurial Finance 1st Edition Table of contents:

Part I Introduction

1 An introduction to strategic entrepreneurial finance

Chapter objectives

Strategic entrepreneurial finance

Disciplines in business

Interdisciplinary combinations

Strategic entrepreneurial finance

Value in entrepreunerial firms: a unifying concept

The importance of cash flow for value creation

The book’s objectives and its structure

The structure of the book

Questions to consider

Bibliography

2 The value creation model for entrepreneurial firms

Chapter objectives

Business processes

Financial management, strategic management, and entrepreneurship processes

The value creation model

Value creation

Value measurement

Value enhancement

Value realization

Value creation for different types of entrepreneurial firms

The “average” entrepreneur

The family-oriented entrepreneur

The female entrepreneur

The serial entrepreneur

Questions to consider

Bibliography

Part II Value creation

3 Determinants of value creation in entrepreneurial ventures

Chapter objectives

The components of entrepreneurial value creation

Market and growth rates

Ascertaining and “discovering” markets

Windows of opportunity and market niches

Management team and founding entrepreneur

Employment, management, and termination

Market share and competitive dynamics

Mode of operations or business model

Business model architecture

Common business models

Questions to consider

Bibliography

4 Preparing financial projections for entrepreneurial firms

Chapter objectives

The mechanics of preparing financial forecasts

Step 1: Preparing the income statement

Step 2: Transition calculations

Step 3: Preparing the cash flow statement

Step 4: Preparing the balance sheet

Step 5: Verification

Final comments on financial forecasting

Financial forecasts for venture capitalists

Financial forecasts for debt providers

Financial forecasts for other financiers

Matching financial forecasts to capital providers

Questions to consider

Bibliography

5 Venture capital financing and value creation

Chapter objectives

Financing alternatives for entrepreneurial firms

An overview of venture capital financing

Definitions, characteristics, and performance

The entrepreneur’s perspective on venture

Advantages of venture capital: value creation through growth orientation and frequent interaction

Disadvantages of venture capital: entrepreneurial irritants and drawbacks

The venture capital investment process

Venture capital contracting and negotiations

Financial contracting in venture capital

Venture capital negotiations

Pitching for venture capital

Questions to consider

Bibliography

6 Modes of entrepreneurial finance

Chapter objectives

Introduction to other modes of entrepreneurial finance

Entrepreneurial firms and developmental capital

Bootstrapping: creative entrepreneurial finance

Bootstrapping across functional areas of the entrepreneurial firm

Specific bootstrap financing techniques for the entrepreneurial firm

Business angels: non-institutional equity providers

Business angels and venture capitalists: a comparative analysis

Business angel networks

Bank financing

Alternative modes of entrepreneurial finance

Government assistance programs for entrepreneurial firms

Business incubation

Crowdfunding

Questions to consider

Bibliography

Part III Value measurement

7 Financial analysis of entrepreneurial firms

Chapter objectives

Introduction

An overview of financial statements

Horizontal and vertical analysis

Comparative analysis

The stepwise financial analysis

Staying alive: liquidity

Cash is king: cash generation potential of entrepreneurial ventures

Profitability and margins

Growth dynamics

Business metrics for entrepreneurial firms

The entrepreneurial venture’s dashboard

The balanced scorecard for entrepreneurial firms

Questions to consider

Bibliography

8 Valuation of entrepreneurial firms

Chapter objectives

Introduction

An overview of business valuation methods

The discounted cash flow method

Capitalization rates

Discounted cash flow method: the case of NatureCARE Pharmacies

The multiples method

Establishing a valuation range

Cash-flow-based economic value added measure

Questions to consider

Bibliography

9 Valuation of intellectual property

Chapter objectives

Introduction

An overview of intellectual property

The intellectual property audit

Legal protection of intellectual property

Patents

Trademarks

Copyrights

Trade secrets

To protect or not to protect intellectual property

Non-legal protection of intellectual property

Intellectual property valuation methods

The cost approach

The market approach

The income approach

Other methods of intellectual property valuation

Selling an intellectual property: the case of FlaxPlus and Natural Factors

Questions to consider

Part IV Value enhancement

10 Value enhancement through financial decision making

Chapter objectives

The time value of money

Calculating the time value of money

Capital budgeting

Incremental cash flows

Components of incremental cash flow analysis

Evaluation techniques for capital budgeting

Strategic considerations and real options

Strategic decision making in entrepreneurial firms and real options

Strategic considerations and real options: the Case of Rubber Parts

Questions to consider

Note

Bibliography

11 Entrepreneurial growth

Chapter objectives

Internal versus external growth: a comparative case study

Financial forecast: the internal growth scenario

Financial forecast: the growth by acquisitions scenario

Financial forecast: the actual financial performance of Kline Häppchen

Key observations and conclusions from the case study

The universe of growth opportunities

Internal growth for entrepreneurial firms

Organizational pre-conditions for successful internal growth

The growth priority matrix

Entrepreneurial expansion: the case of Outdoor Living

Key steps in acquisitions

Financial analysis of acquisitions

Approaches to the financial analysis of acquisitions

The differential analysis of acquisitions

Questions to consider

Bibliography

12 Value enhancement through corporate governance and social responsibility

Chapter objectives

Corporate governance: definitions, overviews, and advantages

Components of corporate governance

Information disclosure

Conflict of interest

The board of directors

Ownership and rights

The evolution of corporate governance in entrepreneurial firms

The introduction stage

The development stage

The growth stage

The subsequent stages (maturity and decline)

Looking toward an optimal corporate governance structure in entrepreneurial firms

Entrepreneurial firms and social responsibility

Social responsibility paradigms

Is there a right approach to social responsibility for entrepreneurial firms?

Questions to consider

Bibliography

Part V Value realization

13 Realizing value from entrepreneurial firms

Chapter objectives

Introduction

Value realization and serial entrepreneurship

Critical considerations in value realization

Passive or active orientation toward value realization

Financial motivation of shareholders

Aspirations of management

Personal circumstances

Financial underperformance and distress

Preparing for value realization

Preparing entrepreneurial firms for sale

Value maximization modes

Timing of value realization: trade sale versus IPO

Complete value realizations

Trade sale to a strategic investor

Sale to or participation of a financial investor

Compromised modes of full realization

Partial value realization

Initial public offering (IPO)

Mergers

Value realization and taxes

Disposition of shares

Disposition of assets

Questions to consider

Bibliography

14 Entrepreneurial succession, perpetuation, and philanthropy

Chapter objectives

Entrepreneurial succession

Successions in entrepreneurial firms and multinational corporations

The components of entrepreneurial succession

The sequence of successions

Succession in non-family-based entrepreneurial firms

Succession in family-controlled entrepreneurial firms

To sell or not to sell a family-controlled entrepreneurial firm

Taxation in entrepreneurial succession

Entrepreneurial perpetuation

The process of entrepreneurial perpetuation

Serial entrepreneurs

Entrepreneurial philanthropy

The process of entrepreneurial philanthropy

Questions to consider

Bibliography

Index

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