In this course we will study the financial management of entrepreneurial firms (small and medium sized) and venture firms. We first consider different sources of financing for entrepreneurial firms including bank loans, government funding, angels, venture capital, peer-to-peer financing, on-line banking and the various types of private equity and what is the process of obtaining access to these sources. We then consider short-term financial planning and cash management that are crucial for early stages of entrepreneurial firm’s development. We then will analyze the financial performance of entrepreneurial firms, financial forecasting and preparation of pro-forma statements. Following that, we will look at the valuation of entrepreneurial and venture firms, the ways to structure agreements and choose the firm’s capital structure to properly align the incentives between the entrepreneur and investors and also analyze the decision-making process of choosing a right mix of financing sources for entrepreneurs. Special attention will be paid to entrepreneur’s personal financial portfolio management, including risk management, insurance, and real estate investments. We will also discuss various exit strategies, liquidation events and investment vehicles that enable the entrepreneur to plan for retirement. Special attention will be paid to new forms of entrepreneurship on financial markets including on-line trading. Business cases and real world applications are used extensively throughout the course. A significant part of the course will be dedicated to using computational skills in Excel and using these skills in financial management.
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