THE UNIVERSITY of EDINBURGH

DEGREE REGULATIONS & PROGRAMMES OF STUDY 2022/2023

Timetable information in the Course Catalogue may be subject to change.

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DRPS : Course Catalogue : Business School : Common Courses (Management School)

Postgraduate Course: Entrepreneurial Finance (CMSE11539)

Course Outline
SchoolBusiness School CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits20 ECTS Credits10
SummaryThis course provides students with a clear understanding of issues associated with the financing and financial performance of new ventures as they develop. In particular, students will gain an understanding of the financial fundamentals of new venture financing, how to assess financial performance and how finance needs change as the business develops through to exit.
Course description The market for entrepreneurial finance is opaque. Start-ups and scaling businesses often have limited financial information, short operating histories and little available capital. Their operations and chances of success are often highly uncertain. Consequently, it is difficult for outsiders to evaluate start-up and scale up prospects. For entrepreneurs, the supply of entrepreneurial finance is also opaque and can be difficult to acquire. This course provides a solid practical and theoretical grounding in entrepreneurial finance. Although no prior knowledge of entrepreneurial finance is expected, you will gain a practical insights into the fundamentals of new venture financial statements (income, cashflow, balance sheet) and techniques for evaluating the performance of start-ups and growing firms.

You will also be able to understand and appreciate how entrepreneurial financing changes as start-ups evolve over time. This involves developing insights into what role different funders such as debt (e.g. banks), equity (business angels and venture capitalists) and crowdfunders play in supporting developing new ventures. Integral to this is developing an understanding of how entrepreneurs and financiers overcome the opaqueness of entrepreneurial financing, how growing firms are valued, and what are the likely exit strategies facing entrepreneurial firms.

The course begins by situating and contextualising the market for entrepreneurial finance. Through subsequent lectures, guest speakers and case study sessions, you will build on this to work in groups to develop a financial plan and performance assessment for a new start-up. You will learn about the main sources of entrepreneurial finance and why some - but not all - entrepreneurs seek external finance. In this journey, you will also learn about how businesses are valued, and how they are harvested. For your individual assignment, you will be expected to reflect critically on the market for entrepreneurial finance.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites Students MUST also take: Entrepreneurship and New Venture Creation in Context (CMSE11540)
Prohibited Combinations Other requirements None
Course Delivery Information
Academic year 2022/23, Not available to visiting students (SS1) Quota:  None
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 27, Seminar/Tutorial Hours 10, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 159 )
Assessment (Further Info) Written Exam 0 %, Coursework 100 %, Practical Exam 0 %
Additional Information (Assessment) 50% coursework (individual) - assesses course Learning Outcomes 1, 2
50% coursework (individual) - assesses course Learning Outcomes 3, 4
Feedback Formative: In-class tests will be conducted to support student learning particularly in terms of developing their financial literacy
Summative: Feedback will be provided on the assessments.
No Exam Information
Learning Outcomes
On completion of this course, the student will be able to:
  1. Understand the key financial statements (Profit & Loss, Balance Sheet and Cash Flow) and be able to prepare financial forecasts for a new start up
  2. Evaluate the financial performance of a new start up
  3. Critically appraise the market for entrepreneurial finance as a business grows
  4. Understand and appreciate business valuation and exit strategies
Reading List
Vega, Gina, and Miranda S. Lam. Entrepreneurial finance: Concepts and cases. Routledge, 2015.

Atrill P McLaney E (2018) Accounting and Finance for Non-Specialists, Pearson

Simon Hulme, Chris Drew, Entrepreneurial Finance, MacMillan International - Red Globe Pres, 2020

Klonowski D (2015), Strategic Entrepreneurial Finance: From Value Creation to Realization, Routledge Oxon UK.

Alhabeeb M. J. (2015) Entrepreneurial Finance: Fundamentals of Financial Planning and Management for Small Business Hoboken NJ

Additional Information
Graduate Attributes and Skills Knowledge and Understanding
After completing this course, students should be able to:
- Demonstrate a thorough knowledge and understanding of contemporary organisational disciplines; comprehend the role of business within the contemporary world; and critically evaluate and synthesise primary and secondary research and sources of evidence in order to make, and present, well informed and transparent organisation-related decisions, which have a positive global impact.
- Identify, define and analyse theoretical and applied business and management problems, and develop approaches, informed by an understanding of appropriate quantitative and/or qualitative techniques, to explore and solve them responsibly.

Cognitive Skills
After completing this course, students should be able to:
- Be self-motivated; curious; show initiative; set, achieve and surpass goals; as well as demonstrating adaptability, capable of handling complexity and ambiguity, with a willingness to learn; as well as being able to demonstrate the use digital and other tools to carry out tasks effectively, productively, and with attention to quality.
- Understand how to manage and sustain successful individual and group relationships in order to achieve positive and responsible outcomes, in a range of virtual and face-to-face environments.

Communication, ICT, and Numeracy Skills
After completing this course, students should be able to:
- Convey meaning and message through a wide range of communication tools, including digital technology and social media; to understand how to use these tools to communicate in ways that sustain positive and responsible relationships.
- Critically evaluate and present digital and other sources, research methods, data and information; discern their limitations, accuracy, validity, reliability and suitability; and apply responsibly in a wide variety of organisational contexts.
KeywordsNot entered
Contacts
Course organiserProf Francis Greene
Tel: (0131 6)50 3798
Email: Francis.Greene@ed.ac.uk
Course secretaryMr Sean Reddie
Tel: (0131 6)50 8074
Email: Sean.Reddie@ed.ac.uk
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