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Title: Entrepreneurial Finance by Richard L. Smith, Janet Kiholm Smith ISBN: 0-471-32287-3 Publisher: Wiley Pub. Date: 21 January, 2000 Format: Hardcover Volumes: 1 List Price(USD): $91.95 |
Average Customer Rating: 4.33 (6 reviews)
Rating: 2
Summary: A Major Disappointment
Comment: The first edition of this text has a tendency to get too theoretical with betas and CAPM as they apply to private companies, make too many distinctions between individual and personal required rates of return without a discussion of any empirical data to back up the opinions, not explain the implications of the SML theory to private investments that well, not fully explain the theory and computations behind the models they use or why they use escalating discount rates in the models. To try to understand the models, you have to go to the web site and dissect the Excel spreadsheet. I have the impression the authors bring no practical experience to the text, only the attempt to force complicated corporate financial theory into the realm of privately held business.
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.
Rating: 4
Summary: Good textbook structure - mediocre quality of online section
Comment: The book has a good structure and has good chances to become a standard textbook in MBA classes or for industry newcomers. However, to make it a real classic it badly needs a second edition. First, there are too few (good) case examples. Second, the online tools are far from complete (something like this should never be published!). Third, the exercises need revising and are partly inconsistent or reptitive. (Comments based on online tools and materials as of June '01)
Rating: 5
Summary: The rational of financial economics and venture financing
Comment: In this book the authors have blended business finance and economics in a unique way to help entrepreneurs understand the relationship between venture finance and evaluation of business risk. This book covers some important issues like financial projections, risk evaluation, financial valuation, investor diversification and contract negotiation. This book provides a framework for financial management using complex economic theories (ex. portfolio theory, capital asset pricing model) through simple and user friendly spreadsheet templates. The valuation framework with spreadsheet templates is one of the highlighting factors of this book. The valuation templates with their underlying assumptions help reduce the ambiguity that palgues venture financing today. This book comes with an access to Entrepreneurial Finance website where authors walk the readers through spreadsheet templates and sample business cases evaluated by them in the book. This book is a must buy for entrepreneurs, aspiring entrepreneurs, venture capitalists and academics.
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Title: Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations by Alex Wilmerding, Aspatore Books Staff, Aspatore.com ISBN: 1587620685 Publisher: Aspatore Books Pub. Date: 01 January, 2002 List Price(USD): $14.95 |
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Title: Strategic Brand Management, Second Edition by Kevin Lane Keller ISBN: 0130411507 Publisher: Prentice Hall Pub. Date: 03 September, 2002 List Price(USD): $126.67 |
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Title: Deal Terms - The Finer Points of Venture Capital Deal Structures, Valuations, Term Sheets, Stock Options and Getting Deals Done by Alex Wilmerding, Aspatore Books Staff, Aspatore.com ISBN: 1587622084 Publisher: Aspatore Books Pub. Date: 01 January, 2003 List Price(USD): $49.95 |
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Title: Startup: A Silicon Valley Adventure by Jerry Kaplan ISBN: 0140257314 Publisher: Penguin Books Pub. Date: 01 October, 1996 List Price(USD): $13.95 |
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Title: Fundamentals of Venture Capital by Joseph W. Bartlett ISBN: 1568331266 Publisher: Madison Books Pub. Date: August, 1999 List Price(USD): $24.95 |
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