Entrepreneurial Financial Management

Jeffrey R. Cornwall is professor emeritus of entrepreneurship at Belmont University in Nashville, Tennessee. He has a DBA and an MBA from the University of Kentucky.David O. Vang is a professor of finance in the OPUS College of Business at the University of St. Thomas in St. Paul, Minnesota. He received a bachelor’s degree, summa cum laude, from St. Cloud State University in Minnesota with majors in economics and political science.Jean M. Hartman holds a BA in business administration and accounting from Southwest Minnesota State University and an MBA from the University of St. Thomas. She is a certified public accountant.

“Cornwall et al.’s book takes an applied approach that teaches students entrepreneurial financial skills. It does not require students to have a strong finance background and is written for undergraduates who want to gain an understanding of the topics that everyone who is planning a start-up venture should know.”—Dr Jay Azriel, Lycoming College, Williamsport, Pennsylvania, USA“In my teaching experience, I realized that entrepreneurial finance is the weakest link in the entrepreneurship student’s skill set. After reviewing several books, I’ve found the sixth edition of Entrepreneurial Financial Management to be the best resource for understanding the subject.”—Kanhaiya Sinha, PhD, University of Minnesota Dulut, USA

• 1. Introduction PART I: BUILDING A FINANCIAL FORECAST 2. Setting Financial Goals 3. Understanding Financial Statements 4. Revenue Forecasting 5. Expense Forecasting 6. Integrated Financial Model PART II: MANAGING THE FINANCIAL RESOURCES OF A VENTURE 7. Monitoring Financial Performance 8. Day-to-Day Cash Flow Management and Forecasting PART III: SOURCES OF FINANCING 9. Financing over the Life of a Venture 10. Start-Up Financing from the Entrepreneur, Friends, and Family 11. Bootstrapping 12. External Sources of Funds: Equity 13. External Sources of Funds: Debt 14. Financing the High-Growth Business PART IV: PLANNING FOR THE ENTREPRENEUR’S TRANSITION 15. Business Valuation 16. Exit Planning