Магистратура
2024/2025
Предпринимательство: финансовая среда и риски
Статус:
Курс по выбору (Финансовый аналитик)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
2-й курс, 2 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для всех кампусов НИУ ВШЭ
Прогр. обучения:
Финансовый аналитик
Язык:
английский
Кредиты:
3
Course Syllabus
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 attendanceIndividual contribution to class discussions, case studies, class assignments, financial modeling exercises and problems, etc. 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. Excellent Performance • Initiates discussion on class topics, asks questions in class • Accurately exhibits knowledge of case/readings content • Clarifies points that others may not understand • Actively participates in class exercises • Demonstrates ability to apply, analyze, evaluate & synthesize course material. • Demonstrates willingness to attempt to answer unpopular questions • Builds on other students’ contributions Average Performance • Participates in class discussions when called upon • Demonstrates knowledge of course material • Offers input, but tends to reiterate the intuitive • Attends class regularly Unacceptable Performance • Fails to participate even when directly asked • Gives no input to discussions • Does not demonstrate knowledge of the readings • Does not come to class, distracts class, or does nothing in class
- Home assignmentsQuizzes, problems, cases
- Group projectA group (3-5 people in a team) should come up with a realistic idea that can be turned into a product or service. The group project is a module-long endeavor that culminates in a 15-minute in-class presentation of a new start-up company idea in the style of a venture capital pitch. You will identify a new business opportunity, evaluate its potential, and develop a financing plan, including which source of capital is most suitable. Developing the proposal and its presentation is a substantial effort that will require outside research and data gathering. You are urged to get started early and work on it throughout the module. Presentations will take place in the final few classes. Prior to the presentation, a group is required to send their PowerPoint and a spreadsheet with projections and other supplemental information. The entire group earns the same grade, no extra points are awarded to the presenting student(s). All students except the presenting group will evaluate presentations. These evaluations will be used as an input into the grading process, but do not exclusively determine your project grade.
- Final testThe final test will take place at the end of the course. It shall consist of a set of 20-25 multiple-choice quiz questions that cover all the topics conceptually and reflect a student's personal level of learning. The final test also includes 2-3 “discussion questions” when a student should express his/her opinion with regard to a specific situation. A student is expected to incorporate some of the basic learning and knowledge gained during the course.
Interim Assessment
- 2024/2025 2nd module0.2 * Class activity and attendance + 0.3 * Final test + 0.3 * Group project + 0.2 * Home assignments
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.