Кто читает:: Банковский институт

Статус:: Курс по выбору

Когда читается:: 2-й курс, 2 модуль

Abstract

An entrepreneurial firm is a young, often high growth business. Such firms differentiate themselves from other forms of organizations through being more innovative, flexible, adaptable, but risky. The knowledge gained during this course will help the financial analysts understand a very specific nature of entrepreneurial finance, associated risks and opportunities, and feel more confident building valuation models and assessing the future perspectives of business ventures. In some cases we will take the viewpoint of the entrepreneur and in others the viewpoint of an investor. The course covers (in varying degree) the following aspects: understanding the performance of small firms; assessing a new venture’s financial strengths and viability; financial analysis for startups; advanced business planning analysis; what unit economics is and why it is important to track unit economics for an early stage startups to make long term financial projections; assessing the risks of a new business and applying risk management frameworks; financing requirements of companies at different stages of the life cycle; sources of financing the small businesses. The course also focuses on the major challenges to venture capital valuation and performance measurement. Students will learn what investors look for in a startup, how to find the value of founder’s ownership before and after additional funding, how to read financial statements and make pro-forma statements, how to determine the financial health of a startup and estimate future earnings; alternative exit routes and their impact on value. The aim of this course is also to enable students to understand the top entrepreneurship trends and to assess the perspectives of startup firms in different industries. Practical applications will include writing a business plan for startup, building startup financial model and value a business venture. Microsoft Excel will be heavily used.

Learning Objectives

The main objective of this course is to equip students with an integrated set of concepts and applications drawn from entrepreneurship, finance, and accounting, that will provide a higher understanding of the financial aspects of small business entrepreneurship and the financial environment in which these firms exist. The course also aims to develop practical skills and knowledge in the field of entrepreneurial finance (analysis, forecasting, valuation).

Expected Learning Outcomes

assess a new venture’s financial strengths and viability;
build financial models for start-up projects and apply core startup valuation methods;
calculate and track the unite economics of business;
critically evaluate the potential of a new start-up idea, perform feasibility analysis of the business venture;
explain alternative exit routes and their impact on value.
identify and assess the risks of a new business and apply risk management frameworks;
identify the financing needs of an entrepreneurial firm and asses different financing/funding options;
perform advanced business planning analysis and write a business plan;
understand the prospects for a venture and identify the strategy it ought to adopt in order to maximize its performance;
While each topic comes with its own learning outcomes, we list the most important ones here. After completing this module students should be able to: explain the concepts of entrepreneurial finance and its difference to traditional corporate finance;

Course Contents

Introduction and the Entrepreneurial Context for New Ventures
Evaluating Entrepreneurial Opportunities
Business Planning: Developing and understanding a business plan
Assessing a New Venture’s Financial Strength and Viability
Financing / Funding Opportunities for a New Venture.
Valuing Startup Ventures
Managing Startup Risks

Assessment Elements

Class activity and attendance
Class participation is an extremely important part of the learning experience in this course as the richness of the learning experience will be largely dependent upon the degree of preparation by all students prior to each class session. The course relies on case analyses to illustrate the practical application of concepts and practices. This requires the student to diligently and thoroughly prepare cases and actively offer the results of the analyses and conclusions derived as well as recommendations during each class session. In-class participation grading will be based on students’ demonstrated willingness to participate and the quality of the comments expressed, rather than quantity. While some students are far more comfortable than others with class participation, all students should make an effort to contribute meaningfully.
Home assignments (quizzes, problems, cases)
Group project
final test

Interim Assessment

2021/2022 2nd module
0,2 Class activity and attendance + 0,2 Home assignments + 0,3 Group project + 0,3 Final test

Bibliography

Recommended Core Bibliography

Colin Barrow, Paul Barrow, & Robert Brown. (2021). The Business Plan Workbook : A Step-By-Step Guide to Creating and Developing a Successful Business: Vol. Tenth edition. Kogan Page.
Communicating research for evidence-based policymaking a practical guide for researchers in socio-economic sciences and humanities European Commission, Directorate-General for Research, Socio-economic Sciences and Humanities; [Europ. Commission, Directorate-General for Research, Directorate L - Science, economy and Society, Unit L.2 - Research in the Economics, Social Sciences and Humanities - Prospective. Contact: Louisa Anastopoulou]. (2010).

Recommended Additional Bibliography

Barbour, G. J., & Central Michigan Univ., M. P. I. for P. and C. D. (1975). Principles of Economics: Course Administrative Manual [And] Unit Study Guide.

Магистерская программа «Финансовый аналитик»

Контакты:

Entrepreneurship: Financial Environment and Risks

Course Syllabus