Entrepreneurial Finance. Robert D. Hisrich

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      © 2015 by SAGE Publications, Inc.

      All rights reserved. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the publisher.

      Printed in the United States of America

       Library of Congress Cataloging-in-Publication Data

      Gibbons, Gary E.

      Entrepreneurial finance: a global perspective / Gary Gibbons, Robert D. Hisrich, Carlos M. DaSilva.

      pages cm

      Includes bibliographical references and index.

      ISBN 978-1-4522-7417-1 (pbk.)

      1. New business enterprises—Finance. 2. International business enterprises—Finance. 3. Venture capital. 4. Entrepreneurship. I. Hisrich, Robert D. II. DaSilva, Carlos M. III. Title.

      HG4027.6.G53 2015

      658.15'99—dc23 2014024676

      This book is printed on acid-free paper.

      14 15 16 17 18 10 9 8 7 6 5 4 3 2 1

      Acquisitions Editor: Maggie Stanley

      Associate Editor: Abbie Rickard

      Editorial Assistant: Nicole Mangona

      Production Editor: Melanie Birdsall

      Copy Editor: Gillian Dickens

      Typesetter: C&M Digitals (P) Ltd.

      Proofreader: Caryne Brown

      Indexer: Amy Murphy

      Cover Designer: Edgar Abarca

      Marketing Manager: Liz Thornton

       I dedicate this book to three exceptional friends and scholars:

       M. Lynne Markus

       David Drew

       James Logan

       —Gary Gibbons

       I dedicate this book to my great supporters:

       My wife, Tina

       My daughters, Kary, Katy, and Kelly

       My son-in-law, Rich

       My grandchildren, Rachel, Andrew, and Sara

       —Robert D. Hisrich

       I dedicate this book to entrepreneurs worldwide who have dedicated their lives to build meaningful companies; and

       To all future entrepreneurs who do not yet realize the potential and impact their dreams can have on the world; and

       Finally, I dedicate this book to all business mentors who voluntarily give their time to help the younger generation achieve success.

       —Carlos M. DaSilva

      Preface

      This book was conceived from the entrepreneurial perspective. Finance is a subject often neglected by the entrepreneur. According to the U.S. Small Business Administration, finance or, to be accurate, ignorance of finance is the root cause of 74% of small business failures. We believe that knowledge of finance is as essential to the manager's toolkit as the ability to sell, lead, and innovate. We also believe that finance should be made accessible to the entrepreneur from a pedagogical point of view. This book provides the entrepreneur the opportunity to develop the essential skills and conveys the necessary knowledge for him or her to be functional in the discipline, at least as far as his or her own business is concerned.

      At the beginning of each chapter, there is a short case. In some chapters, the information in the case is used to provide expanded explanations and examples. In other chapters, the case is meant to illustrate a common circumstance encountered by entrepreneurs that illustrates the entrepreneur's need to understand the material that follows. All of the cases are real cases, although some have had company names or the names of the principals changed. Regardless, the subject matter described in the cases is real, and in our opinion, the problems faced in the cases are common to most entrepreneurs and occur regularly in entrepreneurial settings.

      The field of finance is large and rapidly evolving. We have endeavored to relate information that is immediately usable and current, although not information that is subject to great controversy or rethinking. In some areas, such as understanding financial documents, ratio analysis, and cash flow

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