|
|
| Language |
English |
| Exam ECTS |
7.5 ECTS |
| Type |
Elective |
| Level |
Full Degree Master |
| Duration |
One Quarter |
| Course period |
Spring
Changes in course schedule may occur
Wednesday 08.00-11.30, week 5-11
Wednesday 08.00-12.25, week 12 |
| Time Table |
Please see course schedule at e-Campus |
| Max. participants |
60 |
| Study board |
Study Board for MSc in Economics and Business
Administration
|
| Course
coordinator |
- Robert Spliid - Department of International Economics and
Management (INT)
|
| Administration: Zahra
Olsen - zo.int@cbs.dk |
| Main academic
disciplines |
- Finance
- Management
- Management of Information and Knowledge Management
- Economics, macro economics and managerial
economics
|
|
Last updated on
17-12-2013
|
| Learning objectives |
This course is intended for master
level students who wish to enhance their skills and knowledge on
start-up ventures. The learning objectives are to be able:
- To describe, classify, structure, and combine the concepts,
theories, methods, and models of the course
- To experience the process of identifying and pursue a business
opportunity in either an independent setting or with a team of
motivated peers
- To analyze concrete problems: ponder some fundamental issues
related to venturing and learn to assess the risks, challenges and
rewards involved in the venturing process
- To bridge the gap between theory and practice: learn to
transform ideas into action
- To measure and evaluate financial performance
- To sharpen the ability to spot and evaluate opportunities for a
new venture
- To write a plan: develop a business plan for a new venture (as
part of the course exam)
|
| Course prerequisites |
| This course is opened to all master
level students that have previous knowledge of economics, corporate
governance, management and finance. |
| Examination |
|
Financing the
Entrepreneurial Business:
|
| Examination form |
Oral exam based on written product
In order to participate in the oral exam, the written product
must be handed in before the oral exam; by the set deadline. The
grade is based on an overall assessment of the written product and
the individual oral performance. |
| Individual or group exam |
Group exam, max. 4 students in the
group |
| Size of written product |
Max. 15 pages |
| Assignment type |
Synopsis |
| Duration |
Written product to be submitted on specified date and
time.
20 min. per student, including examiners' discussion of grade,
and informing plus explaining the grade |
| Preparation time |
No preparation |
| Grading scale |
7-step scale |
| Examiner(s) |
Internal examiner and external examiner |
| Exam period |
Spring Term |
| Aids allowed to bring to the exam |
Closed Book |
| Make-up exam/re-exam |
Same examination form as the ordinary
exam
|
|
| Course content and
structure |
| |
This course will introduce you to the issues and practices of
financing entrepreneurial businesses. The course covers
business planning, fundraising, pricing & structuring
financings, and exiting.
The course is designed for those who want to start, buy or run
their own businesses some day; those who want to work in the
venture capital industry; those who expect to provide financial or
consulting services to entrepreneurial companies; and those who
want to learn about personal investing in privately-held companies.
This is not a technical finance course; the course rather follows a
pragmatic approach designed to put in various methods you have
learned in finance and economics courses in order to enable the
assessment of issues that arise in financing entrepreneurial
businesses.
This course introduces theories, knowledge and financial tools an
entrepreneur needs to start, built and harvest a successful
venture. Therefore, the course will address various forms of
financing available to new ventures, present the structure of
financial contracts, as well as provide the student with the
traditional valuation methods. For instance, we 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. We will also look at the structure of venture capital
funds and their fund raising process. Finally, we will discuss how
founders should exit.
The structure for the course is as follows:
- From the Idea to the Business Idea
- Organizing and Financing a New Venture
- Measuring and Evaluating Financial Performance of New
Ventures
- Types of Financing and the Costs of Financial Capital
- Venture Capital Valuation Methods
- Financially Troubled Ventures and Turnaround Opportunities
- Exit Strategies: Going Public/ Industrial sale/Financial
sale/Private sale
The course’s development of personal
competences:
You will get hands-on experience in the following ways:
- Through the formation and ongoing work of a team work that will
develop a comprehensive mini project for a new start-up or for a
selected start-up.
- Through the lectures which are designed to familiarize you with
the many dimensions of entrepreneurship and new venture
development.
Hence, by the end of the course you should be well equipped
- to assess different forms of entrepreneurial financing
- to build your confidence and intuition about the
entrepreneurial process of converting dreams and aspirations into
reality
- to be able to write an effective and professional mini project
for a new or a selected start-up company.
|
~ |
| Teaching methods |
| The teaching methods for this course
will employ a combination of lectures, case studies and student
presentations of their mini project. External guest speakers from
the venture industry will be invited. |
| Expected literature |
literature:
General
Textbook:
J. Chris Leach, Ronald W. Melicher (2011), "Entrepreneurial
Finance, 4 edition" Thomson South-Western.
Aswath Damodaran (2006), “Damodaran on Valuation, 2.
Edition”, New York: Wiley Finance
Additional Literature:
A. Bhide. (1996),. "The Questions Every Entrepreneur Must
Answer" Harward Business Review,pp. 120-130.
Holtz-Eakin, Douglas, David Joulfaian and Harvey Rosen (1994),
"Sticking It Out: Entrepreneurial Survival and Liquidity
Contrraints," Journal of Political Economy, 102, pp.
53-75.
Bottazzi, Laura, Marco Da Rin and Thomas Hellmann (2008). "Who
are the active investors? Evidence from venture capital"
Journal of Financial Economics, 89(3), 488-512.
Kaplan, Steven N. (1989), "The Effects of Management Buyouts
on Operating Performance and Value," Journal of Financial
Economics 24: 217-254.
Foster, L., J. Haltiwanger, and C. Syverson. (2008).
"Reallocation, Firm Turnover and Efficiency: Selection on
Productivity or Profitability," American Economic
Review, March 2008.
Chemmanur, Thomas J., Shan he, and Debarshi K. Nandy, (2010), the
Going-Public Decision and the Product Market, Review of
Financial Studies 23, 1855-1908. |
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