- Hardcover: 640 pages
- Publisher: Wiley; 2 edition (October 10, 2003)
- Language: English
- ISBN-10: 0471230723
- ISBN-13: 978-0471230724
- Product Dimensions: 7.8 x 1.1 x 9.5 inches
- Shipping Weight: 2.4 pounds
- Average Customer Review: 11 customer reviews
- Amazon Best Sellers Rank: #1,883,111 in Books (See Top 100 in Books)
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Entrepreneurial Finance 2nd Edition
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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.
- 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.
Top customer reviews
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As a business appraiser, I found most of the quantitative theoretical information useless and its application to privately held businesses tenuous, at best. Alternative theories and approaches were not really discussed. The concepts of expected value and simulation have some real good application possibilities, but not much time was spent on how to do it in a way usable for small entities with limited budgets and a staff with basically no statistical background. I feel that the authors' agenda was to impress the readers with what they know (or think they know), without regard to conveying their ideas in an easily understood, supportable and workable format. I found chapters 8-11 to be especially frustrating. To top it all off, there are also errors in the answers to the end of chapter questions.
On the positive side, the book was well organized and there were references to studies, papers and other texts that make further reading and investigation into the topics easier.
The book and Internet site set the standard for how educational tools should be designed. In sum, a book every entrepreneur, student and investor should have on their bookshelf and bookmarked on their computer.