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PTMBA2023 Entrepreneurial Finance

Course code
MBA FIN632 SI, MBA FIN632
Course type
PT MBA Lecture
Weekly Hours
2,0
ECTS
2,0
Term
HS 2022
Language
Englisch
Lecturers
Prof. Dr. Serden Ozcan
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.

We are living the golden age of entrepreneurship. Thousands of new ventures are started every month around the world. And never before are so many people enamored with the idea of launching their own business as they are nowadays. Yet, about three-quarter of start-ups do not return investors’ capital, and a good portion of survivors limp along without access to more capital1. While these failures can stem from dramatic shifts in markets and technology, poor financial management of the venture is no less responsible for them.

In this course, we focus on financial economic foundations of a new venture. We examine a new venture’s financing options, appropriate capital and governance structures, and risk management tools at each stage of its lifetime, from idea to exit. These choices are complex in nature, create path dependency (i.e. have long-term repercussions for future financial decisions), and substantially influence the magnitude of economic value created and captured by the start-up, and how this value is distributed among its shareholders.

The course is divided into four modules.

Date Time
Sunday, 16.10.2022 09:00 - 16:30
Saturday, 22.10.2022 10:00 - 17:30
Sunday, 23.10.2022 10:00 - 17:30
Monday, 07.11.2022 23:50 - 23:59
The purpose of this course is to help prospective founders, investors and managers acquire cutting-edge knowledge and skills to make successful financing and investment decisions in entrepreneurial settings.
Further details will be stated in the Syllabus. Kawasaki, G. 2001. Top Ten Lies of Entrepreneurs, Harvard Business ReviewWasserman, N. 2008. The Founder’s Dilemma. Harvard Business ReviewYounkin, P., Kashkooli, K. 2016. What Problems Does Crowdfunding Solve? California Management ReviewDe Clerq, D., Fried, V. H. Lehtonen, O. & Sapienza, H. J. 2006. An Entrepreneur’s Guide to the Venture Capital Galaxy, Academy of Management PerspectivesTorres, N. 2015. What Angel Investors Value Most When Choosing What to Fund, Harvard Business ReviewDiane, M. 2013. 6 Myths About Venture Capitalists, Harvard Business ReviewMalhotra, D. 2013. How to Negotiate with VCs, Harvard Business ReviewFriend, T. 18/5/2015. Tomorrow’s Advance Man. The New Yorker MagazineEuropean Investment Fund (EIF) 2017. The European Venture Capital Landscape: an EIF Perspective
The course will be delivered in a highly interactive environment using a combination of presentations, class discussions and simulations. In addition, interactions with industry experts will enable participants to gain real world experience.

There is no textbook.

Course slides will be uploaded on Moodle one week before the first session.

We will use our proprietary online simulation software to run valuation and waterfall exercises. Practical information about simulations will be provided separately on Moodle. Each group should be in possession of at least one laptop to perform the simulations.

All the required readings will be uploaded on Moodle.

Overall Grading

  • Class participation: 15%
  • Individual take home essay: 50%
  • Group simulation exercises: 10%
  • Group assignment: 25%

Further details will be stated in the Syllabus.

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