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Entrepreneurial Finance - Finance for Small Business (3rd Edition), by Philip J. Adelman, Alan M. Marks
Download PDF Entrepreneurial Finance - Finance for Small Business (3rd Edition), by Philip J. Adelman, Alan M. Marks
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For courses in Financial Planning for the Entrepreneur, Financing for Small Business, Small Business Management, Principles of Finance, Personal Finance, and Entrepreneurship. Written from the viewpoint of the sole proprietor, partnership, Limited Liability Company, or private corporation, this text provides financial statements for every type of business, not just corporations; and includes balance sheets that show a negative equity position, as many businesses do get into financial difficulty or declare bankruptcy. Entrepreneurial Finance includes an extensive chapter on personal finance and covers every type of retirement program available to the small-business owner. Written in the first person that speaks directly to the small business owner, this text provides practical problems, reflects current Federal Reserve policy, and gives specific uses for each of the six formulas presented regarding the time value of money.
- Sales Rank: #3591649 in Books
- Published on: 2003-07-17
- Original language: English
- Number of items: 1
- Dimensions: 9.96" h x .67" w x 8.12" l,
- Binding: Paperback
- 384 pages
From the Inside Flap
Preface
We have written this textbook for the over 90 percent of business owners in the United States who own sole proprietorships, partnerships, or small nonpublic corporations. We are targeting those individuals who wish to learn more about the financial aspects of small business entrepreneurship. We omit complex theory and discuss vital issues with a direct and clear delivery of material. We apply many of the techniques that are found in traditional corporate finance texts to small businesses at an understandable level.
Most people who desire to start a business come from technical and engineering backgrounds. Their formal education is in technology rather than business. This book is written primarily for the community college and junior college market that caters to the concerns of individuals wishing to enhance their abilities in those areas of business that lead to successful entrepreneurship. This text also can be used as a supplementary text by technical colleges and universities offering programs in entrepreneurship. Of the over 20 million businesses in the United States, approximately 74 percent are sole proprietorships, 7 percent are partnerships, and 9 percent are subchapter S-corporations. Fewer than 10 percent are publicly traded; however, typical financial textbooks are written for the corporate finance market. Additionally, over 87 percent of all business establishments have fewer than twenty employees. For these businesses, the owner usually is the chief financial officer, the chief executive officer, and the chief operating officer. Such business owners need a working knowledge of finance because they have no staff support on a full-time basis to assist in planning. In addition, the resources used in writing a business plan often omit many of the financial aspects that owners may need to determine the financial health of an existing or future business.
Our textbook differs from the typical financial textbook in the following areas. Most financial texts are written with an emphasis on publicly traded corporations. They are written for college juniors, seniors, or graduate students, with the assumption that the student has had several courses in accounting. They assume that this student will be working for a major corporation. These may be valid assumptions; however, they do not always apply to a small business and these texts typically do not provide specific examples for the noncorporate market. Our textbook fills this void. Also, because many students who enter into business come from a technical background rather than having a prior formal business education, we begin our text by outlining the basic economic factors affecting finance. We then discuss the advantages and disadvantages of various forms of business ownership. The text provides examples of financial statements for each type of business ownership. We devote more time than most financial texts to discussing working capital and inventory management, because even though the sales of a small business may increase, that business may fail because of poor working capital and inventory management techniques. Most business managers have been trained to judge the profitability of a project in terms of payback and breakeven analysis. We have taken corporate capital budgeting techniques and adapted them to small business by showing the weighted average cost of capital as it exists for a small business owner. We also demonstrate the importance of the time ,.value of money as a tool in both business planning and personal financial planning, and we simplify the use of this tool.
Most individuals who work for the traditional publicly traded corporation have access to a 401k or other formal retirement plan. Traditional financial textbooks, for this reason, do not cover personal financial planning. Small business owners are often so involved with current operations that they neglect to plan for their own personal financial future. We believe that it is imperative for small business owners not only to run their business successfully on a day-to-day basis, but also to have those skills that will enable them to plan for their personal future. Therefore, we have included a chapter on personal financial planning. This chapter includes an in-depth discussion of risk management as well as those investment vehicles that enable the entrepreneur to plan for personal financial goals. Acknowledgments
The authors would like to extend their appreciation to the following professors for their contributions to this second edition. We wish to thank John Lavaliere, Sault College of Applied Arts & Technology, Sault Ste. Marie Ontario and Bill Hefter, San Francisco State University.
The following professors at DeVry Institute of Technology were extremely helpful and highly professional in their review and contributions to this second edition. We wish to thank Joyce Barden, John Draftz, Dr. Evelyn L. Plummer, and Sean T. Wright and acknowledge their individual contributions to this second edition.
Professor Draftz made significant contributions to chapter 8. His eagle eye, attention to detail and contribution of many problems and practice tests are very much appreciated. Professor Wright contributed several problems and provided valuable feedback on the textbook in general. Professors Plummer and Barden made several valuable suggestions on the presentation of both financial statements and financial data. Additionally, we have included several of Professor Draftz' and Professor Wright's problems in the instructor's CD as part of our special instructional package.
Philip J. Adelman
Alan M. Marks
From the Back Cover
CD-ROM INCLUDED!
CD-ROM contains files for
- All financial statements, time value of money tables and spreadsheets in the book prepared in Microsoft® Excel™ format.
- An amortization table for loans of any duration and interest rate. Users add principle payments to determine interest paid and length of loan.
- Templates for developing all formulas and spreadsheets appropriate to each user's own business ideas.
On the pages find
- Instruction on current companies' books. Users can verify and update financial statements for analysis.
- Starbucks Corporation is highlighted using data from EDGAR on the SEC web site.
- Easy-to-understand, practical examples for each time value of money formula (inflation, retirement planning, and mortgages.)
- Current market interest rates.
- Recent tax law changes impact on retirement. Increased phase-in limits to individual and business retirement plans through 2008.
Excerpt. © Reprinted by permission. All rights reserved.
Welcome to our third edition. The authors realize that the applicability of the basic business concepts of this text will benefit more individuals than just the initially targeted small business owner.
We have written this textbook for the over 99 percent of business owners and managers in the United States who manage sole proprietorships, partnerships, limited liability companies, or small nonpublic corporations. We are targeting those individuals who wish to learn more about the financial aspects of business entrepreneurship. We make complex theory easy to understand and discuss vital issues with a direct and clear delivery of material. We apply many of the techniques that are found in traditional corporate finance texts to businesses at an understandable level.
Most people who desire to start a business come from technical and engineering backgrounds. Their formal education is in technology rather than business. This book is written primarily as a textbook for the education institution that caters to the concerns of individuals wishing to enhance their abilities in those areas of business that lead to successful entrepreneurship. This text can also be used as a text by universities and technical colleges offering programs in finance and entrepreneurship. Of the over twenty-eight million businesses in the United States, approximately 72 percent are sole proprietorships, 8 percent are partnerships, 9 percent are C corporations and 11 percent are Subchapter S corporations; fewer than 1 percent are publicly traded corporations.- However, almost all financial textbooks are written for the large corporation and do not address the needs of over 99 percent of all business. Additionally, the majority of these business establishments has less than twenty employees.' For these businesses the owner is pretty much the chief financial officer, the chief executive officer, and the chief operating officer. Such a business owner needs a working knowledge of finance because he or she has no staff support on a full-time basis to assist in planning.
Our textbook differs from the typical financial textbook in the following areas. Traditional financial texts are written for college juniors, seniors, or graduate students with the assumption that the student has had several courses in accounting. They also assume that this student will be working for a major corporation. This is not usually the case. Our textbook provides the critical financial information required for the majority of students entering the business world today. The resources used in writing a business plan often omit many of the financial aspects that the owner may need to determine the financial health of an existing or future business. Because many students who enter into business come from a technical background rather than having a prior formal business education, we begin our text by outlining the basic economic factors affecting finance. We then discuss the advantages and disadvantages of various forms of business ownership. The text provides examples of financial statements for each type of business ownership. We devote more time than do most financial texts to discussing working capital and inventory management, because even though the sales may increase, that business may fail because of poor working capital and inventory management techniques.
Most business managers have been trained to judge the profitability of a project in terms of payback and break-even analysis. We have taken corporate capital budgeting techniques and adapted them by showing the weighted average cost of capital as it exists for most business owners. We also demonstrate the importance of the time value of money as a tool in both business planning and personal financial planning, and we simplify the use of this tool. We provide the reader with specific examples where each of the six time value of money formulas is actually used by individuals and businesses.
All individuals regardless of whether or not they work for the traditional publicly traded corporation will have to make decisions about their retirement plans. Traditional financial textbooks do not cover personal financial planning. Because of this we have included a chapter on personal financial planning. This chapter includes an in-depth discussion of risk management as well as those investment vehicles that enable the entrepreneur to plan for personal financial goals. We believe that it is imperative for business managers not only to run their business successfully on a day-today basis, but to have those skills that will enable them to plan for their personal and family's future.
Philip J. Adelman
Alan M. Marks
Most helpful customer reviews
0 of 0 people found the following review helpful.
Lousy book
By Shaofu Chang
Introduction expressly mentioned that one does not need to possess any financial or business background to understand the concepts, this is only partially true. It starts out fine then got more and more ambiguous. Not abstract, ambiguous. It ends by presenting some number, usually a decimal, then by way of saying something previously discussed, it turns into this number. And then there's this, but wait there's this too, and that, and finally you take this and voila, here's your new number. Never did tell where to find this or that, etc. just present it and assume the reader knows precisely what the devil he's talking about. I don't recall the last time when I have read through a chapter that takes only a half hour over and over for three hours and not able to grasp an inkling of the logic flow the author is trying to get at. Apparently I'm not the only one. The last few chapters [9-11] stumped most if not our entire class assembly and more than one book exercises left out pertinent information necessary to solve the problems. The professors equally stumped on a few because while the exercises left those critical values out, but the solutions manual had them in. I have not had a finance textbook lose this many points since I started College.
0 of 0 people found the following review helpful.
One of the single worst textbooks I have ever used bar none
By Amazon Customer
One of the single worst textbooks I have ever used, bar none. God forbid you need this textbook. Concepts are laid out deliberately confusing as well as in an extremely vague form. The content flows by at a blistering pace that attempts to pack a 2 year degree into a few hundred poorly explained pages. The test bank and test questions are 100% locatable online, and are 100% intentionsally written in a way to lower your score if you attempt to work through this is any sort of legitamate fashion.
Absolutely ridiculous.
0 of 0 people found the following review helpful.
Text for managerial finance
By Eli B
Easy to understand examples and descriptions of financial principles the text was easy to read and easy to follow and understand.
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