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This accessible, reader-friendly text guides you through a complete "life cycle of the firm" as it introduces the theories, knowledge, and corporate finance tools and techniques an entrepreneur needs to start, build, and eventually harvest a successful venture. With a strong emphasis on sound financial management practices, the text explores important issues entrepreneurs face, including how and where to obtain financing, using business cash flow models, and positioning the early-stage company strategically. You will also gain an understanding of how to interact effectively with financial institutions and regulatory agencies that can affect venture growth and enable liquidity for investors. Drawing on real-life entrepreneurial ventures and common financial scenarios, the authors include an in-depth capstone case, numerous mini-cases, and abundant examples to engage your interest and vividly illustrate key concepts such as venture capital funds, institutional investors, strategic alliances, the role of business angels, licensing agreements, and exit strategies. Trust ENTREPRENEURIAL FINANCE, Fifth Edition, to provide the skills and confidence you need for entrepreneurial success in today's markets.
financial performance. 3. Access the Nolo Press Web site at http://www.nolo .com and other publishers’ Web sites and identify software products designed to help the young venture with its legal and accounting problems. EXERCISES/PROBLEMS 1. [Stockholders’ Equity] The owners of a new venture have decided to organize as a corporation. The initial equity investment is valued at $100,000, reflecting contributions of the entrepreneur and her family and friends. One hundred thousand shares of stock
teams typically sacrifice lifestyle and leisure during the early stages. It is wise to allow them to visualize a future reward for their sacrifices. These future rewards are almost uniformly structured to help solve owner–manager (agency) conflicts in the new venture context. .............................. 20 When we use the term “free cash flow” in this text, we are referring to free cash flow to the owners or equity investors in the venture, unless specified otherwise. We discuss in great
assets, including .............................. 2 More detailed discussions of organizational legal issues for startups can be found in legal reference books such as Richard Harroch’s Start-Up Companies: Planning, Financing, and Operating the Successful Business (Law Journal Seminars-Press, 1993) and Jack Levin’s Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions (Aspen Publishers, 1997). Both of these texts provide extensive discussion of the issues, and Harroch’s
secrets law can, in some circumstances, provide some protection for inventions that have not been patented. Avoiding the detailed disclosure that must be filed with the U.S. Patent and Trademark Office is a common reason that inventors opt out of patent “protection.” Another reason for opting out is to try to shield the intellectual property beyond the twenty years granted under a patent. There are no time restrictions on trade secrets. The recipe for Coca-Cola has been a trade secret for more
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