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Entrepreneurial finance is the study of value and resource allocation, applied to new ventures. It addresses key questions which challenge all entrepreneurs: how much money can and should be raised; when should it be raised and from whom; what is a reasonable valuation of the startup; and how should funding contracts and exit decisions be structured. ==The Problem== Many entrepreneurs discover they need to attract money to fully commercialize their concepts. Thus they must find investors – such as their own employer, a bank, an angel investor, a venture capital fund, a public stock offering or some other source of financing. When dealing with most classic sources of founding, entrepreneurs face numerous challenges: scepticism towards the business and financial plans, requests for large equity stakes, tight control and managerial influence and limited understanding of the characteristic growth process that start-ups experience. On the other hand, entrepreneurs must understand the four basic problems that can limit investors’ willingness to invest capital: * Uncertainty about the future: in terms of start-ups development possibilities, market and industry trends. The greater the uncertainty of a venture or project, the greater the distribution of possible outcomes. * Information gaps: differences in what various players know about a company’s investment decisions. * “Soft Assets”: these assets are unique and rarely have markets that allow for the measure of their value. Thus, lenders are less willing to provide credit against such an asset. * Volatility of current market conditions: financial and product markets can change overnight, affecting a venture’s current value and its potential profitability. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Entrepreneurial finance」の詳細全文を読む スポンサード リンク
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