100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Volledige samenvatting Entrepreneurial Finance (Ine Paeleman - UA - 2024) €7,99
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. Universiteit Antwerpen (UA)
  4.  
  5. Handelsingenieur
  6.  
  7. Entrepreneurial finance

Samenvatting

Volledige samenvatting Entrepreneurial Finance (Ine Paeleman - UA - 2024)

4 beoordelingen
 9 keer verkocht
  • Vak
  • Entrepreneurial finance
  • Instelling
  • Universiteit Antwerpen (UA)
  • Boek
  • Entrepreneurial Finance

Deze samenvatting omvat de volledige cursus entrepreneurial finance. Alle slides en nota's zijn opgenomen, alsook de gastcolleges, quiz van elke les en de hoofdstukken uit de handboek.

Laatste update van het document: 9 maanden geleden

Voorbeeld 4 van de 237  pagina's

Document informatie

  • Nee
  • Alle hoofdstukken behandeld in de cursus
  • 11 april 2024
  • 8 juni 2024
  • 237
  • 2023/2024
  • Samenvatting

Onderwerpen

  • balance sheet
  • cashflow
  • business angels
  • convertible notes
  • venture capital
  • fff
  • guest lectures
  • quizzes
  • bank loan
  • financial plan
  • term sheet
  • investors
  • startups

Gekoppeld boek

book image

Titel boek:

Auteur(s):

  • Uitgave:
  • ISBN:
  • Druk:

Meer samenvattingen voor studieboek

  • Entrepreneurial Finance 2024 (Exam Questions+Group Case + Summary) (17/20)
  • Summary Self study Entrepreneurial Finance - Ine Paeleman - UA - 2024
  • College notes Entrepreneurial Finance (201000087) Entrepreneurial Finance
Alles voor dit studieboek (7)

Geschreven voor

  • Universiteit Antwerpen (UA)
  • Handelsingenieur
  • Entrepreneurial finance
Alle documenten voor dit vak (3)

4  beoordelingen

review-writer-avatar

Door: matissedupain • 9 maanden geleden

review-writer-avatar

Door: SluweVos • 9 maanden geleden

review-writer-avatar

Door: louisreniers • 9 maanden geleden

review-writer-avatar

Door: student1333 • 9 maanden geleden

Verkoper

avatar-seller
TEWbedrijfskundeUA

Ontvangen beoordelingen

Voorbeeld van de inhoud

Summary Entrepreneurial Finance
Session 1: Introduction
= Fundamental problem covered in this course:

• Entrepreneurs = very optimistic and believe
in their invention.
• Investors = pessimistic, sceptical, critical




Typical CF-pattern of a start-up company:

First months: negative CF → it takes some
time before you operate breakeven. You
are burning a lot of money. → you (may)
need funding = topic of this course.

How long it takes depends on the industry
and the company.




Examples: Biocartis, Deliveroo (& Uber), Collibra, TravelBird

 Nowadays, it is easier for entrepreneurial companies to raise money. (Except for the
uncertainty caused by the Ukrainian war)
 2023:
o Only companies that perform well still find money against decent valuations. Those
who do not meet that selection do not find money. It has become all or nothing.
o The problem is especially in the later financing rounds (the larger D and E rounds).
There is still money in the early stages of financing. The search takes longer, but the
money is there. The market for the larger rounds, on the other hand, has completely
collapsed, mainly because there are no exit opportunities today against the
valuations that were paid in 2021-2022. This weighs on the venture capital industry.
o Investors have become more selective and are now focusing on profitability more
than on growth.
o Sequoia also expects valuations to normalize as interest rate cuts occur. In other
words, spring may be in the air.

,“Belgian start-ups raising a record amount of capital. Great to see but don't get blinded by raising as
much as possible. The right amount from the right investor(s) at the right time will still take you
further.”

 Raising lots and lots of capital may lead you to be less creative and just start spending it on
useless things like an extra luxury hotel room when going to business conferences.



Key questions in entrepreneurial fundraising:

How much money do you need?

➢ Do you need money? What is the impact of business model design on your
funding needs?

➢ How to avoid dilution while maximizing value?

When do you need the money?

➢ Trajectory to stay funded (don’t raise money on the moments you don’t need
it: it’s costly!)

What type of investors to target?

➢ From accelerators to angels up to VC to end with IPO?

How to provide attractive returns?

➢ What type of financial instrument?

➢ How to price your company at each stage? (= valuation)

How to approach investors and how to pitch to investors?

➢ Remove the mystique and give insights on the process



“The biggest challenge for many entrepreneurs is not raising large amounts of outside money, but
having the wits and hustle to do without it”



“That you can always win, even from an underdog position, and that creativity and imagination
are powerful weapons.”



"Opportunities don't happen, you create them."



Bootstrapping—starting and growing a business without outside funding—allows founders to play by
their own rules.

,1. Setting the stage




= Many entrepreneurial companies (left) and different kinds of investors (right).



Since the 1920s, the number of listed companies in Belgium has dropped significantly, from more
than 1000 to less than 150 today.

2,1 million privately held companies today.



 Demonstrates the importance of entrepreneurial finance! (non-listed, private companies)



Entrepreneurial finance:

• Valuing and financing unquoted entrepreneurial companies
• Making deals
• Financial decision making by entrepreneurs who are undertaking new ventures
o New ventures are broader than just new businesses, but they are often the main
focus.
▪ Startups, new entrepreneurial ventures within an existing business,
acquisition of an existing business.
o  corporate finance: financial decision making by managers of public companies



“The art and science of investing and financing entrepreneurial ventures”

• In the first year, you will most likely not yet make a lot of revenues: it is a year full of
expenses! → funding needed!
• Estimating the resources needed to make your dream a reality.
• Recently emerged field at the crossroads of entrepreneurship and finance.

, o Entrepreneurship = discovering an opportunity and the steps that need to be taken
to make it a reality.
o Finance: obtaining money, investing money and understanding the cost and the best
use of money.
▪ Investing: where to invest budgets?
▪ Financing: where to get the money needed to invest?
• Typically mainly private funding.
o  corporate finance: public funding.
• Entrepreneurial finance also involves social businesses without a profit goal, however
financial stability is a must.



EU fact and figures:

23 million existing companies

2 million companies created a year

200.000 of the start-ups (Bannock):

are growth oriented

might offer a sufficient, but not extra-ordinary return

20.000 high-growth start-ups

Some 3.000 get Venture Capital

Less than 2 out of 1.000 start-ups get VC in the EU! (relatively small number!)



 As 90% of financing for business is debt, why does most of this course focus on equity and
valuation?
 To answer: define an entrepreneur:

“An entrepreneur is someone who exercises business judgement in the face of uncertainty”
(Cantillon, 1755)

“Entrepreneurship is characterized by the existence of new combinations

causing discontinuity… The process of creative destruction…”

(Schumpeter, 1936)

“The ability to discover new ways of dealing with known problems or new combinations of given
knowledge” (Penrose, 1959)

“Someone who pursues opportunities with no regard to resources currently controlled”



➔ Impossible to provide a profile, but leading psychoanalysts suggest many entrepreneurs do share
characteristics:

1) Opportunity recognition/creation

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper TEWbedrijfskundeUA. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €7,99. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 64670 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis

Laatst bekeken door jou

Tentamen (uitwerkingen) ·

(0)

2024 ATI PHARMACOLOGY PROCTORED EXAM WITH NGN QUESTIONS AND ANSWERS

Tentamen (uitwerkingen) ·

(0)

300 Words to Know for the Upper Level ISEE with 100% correct answers

Voordeelbundel ·

(0)

Abeka Bundled Exams Questions and Answers | 100% Verified and Updated 2024

Voordeelbundel ·

(0)

bundle for ATI RN Medical-Surgical Proctored 2024 questions and answers

Tentamen (uitwerkingen) ·

(0)

(Exam 1) NUR 209 Exam 1: Questions & Answers: Updated A+ Score Solution

Tentamen (uitwerkingen) ·

(1)

NURS-6630C-7/NURS-6630N-7-Approaches to Treatment2019 Week 6 Midterm Exam.

Tentamen (uitwerkingen) ·

(2)

F80 EXAM QUESTIONS WITH 100% CORRECT ANSWERS LATEST UPDATE 2024/2025 (GRADED)

Samenvatting ·

(0)

volledige woordenlijst van het vak recht gegeven door Annemie Borms

Tentamen (uitwerkingen) ·

(2)

CIC2601 Assignment 3 (COMPLETE ANSWERS) 2024 (571550) - DUE 2 August 2024

€7,99  9x  verkocht
  • (4)
In winkelwagen
Toegevoegd