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ENTREPRENEURIAL FINANCE

2016-2017

IESEG School of Management ( IÉSEG )

Code Cours :

1617-IÉSEG-M1S1-FIN-MA-EI55UE

FINANCE


Niveau Année de formation Période Langue d'enseignement 
Master1S1English
Professeur(s) responsable(s)O.KOWALESKI
Intervenant(s)Oskar KOWALEWSKI, Maïa Gejadzé


Pré requis

The course requires the concepts and skills developed in corporate finance. It is a pre-requisite. This course also places a strong emphasis on presentation and discussion skills. It will be important for you to explain your positions or arguments to each other and to try to argue for the implementation of your recommendations.

Objectifs du cours

The course is aimed primarily at students who may be involved in an entrepreneurial venture at some point in their careers whether in starting their own business, managing a family company or being involved in financing startups in a venture capital setting. At the end of the course the student should be able to:
• evaluate the potential of new business ideas and new ventures
• determine the funds an entrepreneur requires to successfully start a new venture
• appreciate the critical role financing plays in new venture creation
• become familiar with the various sources of financing available to new businesses
• formulate a deal structure for a start-up venture
• comprehend the different investment harvesting alternatives

Contenu du cours

Identifying and valuing opportunities
This section will focus on identifying good ideas, separating them from bad ideas, and in general, valuing the asset side of the balance sheet. Students will learn some tools to valuate early stage business opportunity.
Case Discussion: NU Sports in Your Pocket

Business/financial plans
This section will focus on business plan and how various financial contracts affect the incentives of financiers and entrepreneurs. Students will review the standard tools of valuation applied to start-up situations and introduce the venture capital method and the real options approach to valuation.
Case Discussion: Honest Tea

Structuring deals with debt
In this section we will highlight the main ways that entrepreneurs are financed and analyze the role of financial contracts in addressing information and incentive problems in uncertain environments. Doing this we will focus on alternative financing vehicles such as angel investors, ventures capital, and private equities. The emphasis will be on the costs and benefits of partnering with venture capital or private equity firms and using debt.
Case discussion: Ducati & Texas Pacific Group: A "Wild Ride" Leveraged Buyout

Harvesting Opportunities
In this section we will highlight the main ways of exiting a new venture and analyze the different possible scenarios. How and to whom sell a new venture? When do acquisitions work? Who gains? Who loses? This section we will discuss and show the main problems of exiting a new venture through a selloff or merger.
Case Discussion: Nantucket Nectars, Ben and Jerry Company


Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Independent work
Reference manual 's readings4,00  
Face to face
lecture16,00  
Independent study
Individual Project5,00  
Group Project5,00  
Charge de travail globale de l'étudiant30,00  

Méthodes pédagogiques

  • Research
  • Project work
  • Case study


Évaluation

This course will use a combination of case discussions and lectures to study entrepreneurial finance. Each group (4-5 students) will be responsible for preparing written solutions to the cases, which are handed out at the beginning of each class. At the end of the course there is a written exam.

Type de ContrôleDuréeNombrePondération
Final Exam
Written exam1,00150,00
Others
Case study1,00450,00
TOTAL     100,00

Bibliographie

  • Entrepreneurial Finance by Leach and Melicher, 4 edition. -

    I will use a textbook and a package of business school cases. You will need them to proceed in the course. The book that I have chosen to use for reading and reference is Entrepreneurial Finance by Leach and Melicher, 4 edition.




 
* Informations non contractuelles et pouvant être soumises à modification
 
 
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