CFIN 510 - ENTREPRENEURIAL FINANCE SAMPLE COURSE OUTLINE by tst26238

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									                               CFIN 510 - ENTREPRENEURIAL FINANCE
                                     SAMPLE COURSE OUTLINE

Prerequisite: CFIN 401

INSTRUCTOR INFORMATION:
INSTRUCTOR: Shu-Yan Mok
PHONE: 416-325-2823
E-MAIL: shuyan.mok@ryerson.ca
FACULTY/COURSE WEBSITE:
CONSULTATION HOURS:           By appointment

CALENDAR COURSE DESCRIPTION:
In Canada, the majority of new jobs are created by small, entrepreneurial firms. The financial issues confronting
entrepreneurial firms are very different from those that face large established companies. The focus of this course will
be on analyzing the unique issues which face entrepreneurial firms.

COURSE OVERVIEW:
This course builds upon what you have learned in Finance 300 and Finance 401. The course will focus on the
financial issues that are of particular significance to the entrepreneur. For instance, we will examine in detail the
entrepreneur’s choices for the form of her business. The course will also examine the financial skills that are
necessary for an entrepreneur to succeed. For instance, we will consider how entrepreneurs can most efficiently
raise funds for their businesses.

This course will build upon the concepts and techniques that students mastered in Finance 300 and Finance 401. It
will examine these concepts in more depth and from a different perspective: that of the entrepreneur.

TEXTS & READING LISTS:
Required Text: Entrepreneurial Finance, Third Edition, J. Chris Leach and Ronald W. Melicher, South-Western,
2009.
Required: Daily reading of the Financial Post or Globe and Mail.
Required: A financial calculator. A financial calculator may be very helpful. An example of an economical model
would be a Sharp Financial Calculator, Model EL-738C. Other financial calculators are equally effective.
Recommended Text: Fundamentals of Corporate Finance, 6th Canadian Edition, and Venture Capital and Finance of
Innovation, Andrew Metrick.
Other materials will be handed out in class, put on reserve in the library, placed on Blackboard or will be available off
the web, including the textbook website. See http://www.cenage.com/highered Search by entering IBSN
0324561253.




                   THE G. RAYMOND CHANG SCHOOL OF CONTINUING EDUCATION
                      OFFICE: 279 VICTORIA STREET, TORONTO, ON M5B 1W1
                   FAX: 416-979-5277 E-mail: ce@ryerson.ca www.ryerson.ca/ce
                                                                                                                                 Fall 2008
                                                                                                                          CFIN 510 Outline


E-MAIL ACCOUNTS:
Students are required to activate and maintain a Ryerson Matrix e-mail account. This shall be the official means by
which you will receive university communications. See http://www.ryerson.ca/senate/policies/pol157.pdf.

COURSE OBJECTIVES:
On completion of the course, students will be able to:

−   Explain the essential characteristics of the entrepreneurial firm, and identify the major phases of its life cycle.
−   Apply the economic-financial principles and methods in the successful management of new venture.
−   Understand venture capital and how it and the entrepreneur work together.

EVALUATION:
There will be one term test, worth 30% of the total grade. The term test will be done in class. In addition there will be
one problem set worth a total of 15% of the total grade. The problem set may be done in groups. There can be a
maximum of 6 students in each group.

There will be a final exam worth 55% of the total grade. Material covered in class, along with materials assigned
from the text or otherwise assigned will be examinable. Sometimes material taught in class is not covered in the text,
and vice-versa.

During the term, students will be assigned problems and cases for which they are expected to prepare solutions. The
students will be expected to discuss their solution with their classmates. Class contribution also involves attending
class, listening attentively and asking thoughtful questions.

A make-up test will not be given. Students who do not attend the term test will receive a grade of zero for that test
unless they produce a doctor's certificate attesting to their inability to attend the test. If students do not attend the
term test, and produce the necessary doctor's certificate, the final exam will account for 75% of the student’s final
grade. Students who do not attend the final exam will receive a grade of zero. If you do not attend the final exam, and
if you produce the necessary doctor's certificate, you will need to write the final exam at a later date, in order to pass
this course.
For the term test and the final exam you may use one 8.5 * 11 assistance sheet. The assistance sheet may contain
any material that you may find useful. You must put your name and student number on the assistance sheet and
hand it in at the end of the exam. Personal computers are not permitted. Regulations concerning conduct during tests
and exams are contained in the Code of Student Conduct and the Ryerson Calendar.

    Students will receive the results of their first test/term work by October 27, 2008.




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TOPICS – TENTATIVE SEQUENCE & SCHEDULE:
Please note: LM refers to ‘Entrepreneurial Finance’. RQ means ‘required questions’.
               RWJR refers to ‘Fundamentals of Corporate Finance’.

 SES-       DATE       TOPICS                                             READINGS/
 SION                                                                     HOMEWORK
 1          Sept 8     Introduction to Finance 510                        LM Chapter 1, Qs 1 to 6
                       How does entrepreneurial finance differ from
                       corporate finance
                       Options: an Introduction Class Notes, and RWJR
                       Chapter 25.

 2          Sept 15    Financing a New Venture and Options                LM: Chapter 3
                                                                          RQ: Chapter 3, Qs 1 to 9
                                                                          Additional Questions as
                                                                          assigned

 3          Sept 22    Real Options: Why they are important.              RWJR Chapter 25, Qs 13, 14,
                                                                          15, 16 and 21
                                                                          Questions as assigned

 4          Sept 29    Financial Forecasting and Assessing Financial      LM: Chapter 4 and Chapter 5
                       Needs
                                                                          RQ: Chapter 4, Qs 1 to 9,
                                                                          Chapter 5, Qs 1 to 10

 5          Oct 6      Financial Planning Short Term and Long Term        LM: Chapter 6
                                                                          RQ: Chapter 6 Qs 1 to 10

            Oct 13     Thanksgiving Day

 6          Oct 20     Valuation Introduction                             LM: Chapter 7, and Chapter 9
                       Problem Set #1 Due                                 RQ: Chapter 7, Qs 1 to 15 and
                                                                          Chapter 9, Qs 1 to 7

 7          Oct 27     Valuation Continued                                LM: Chapter 10
                                                                          RQ: Chapter 10 Qs 1 to 11

 8          Nov 3      Mid-term

 9          Nov 10     Professional Venture Capital                       LM: Chapter 11
                                                                          RQ: Chapter 11 problems as
                                                                          assigned in class

 10         Nov 17     Other Financing Alternatives and Security          LM: Chapter 12 and Chapter 13



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 SES-       DATE        TOPICS                                              READINGS/
 SION                                                                       HOMEWORK
                        Structures
                                                                            RQ: Chapter 12 Qs 1 and 2 and
                                                                            Chapter 13 Qs 1 to 16

 11         Nov 24      Exit and Turnaround Strategies                      LM: Chapter 14 and Chapter 15
                                                                            RQ: Chapter 14 Qs 1 to 7 and
                                                                            Chapter 15 Qs 1 to 5

 12         Dec 1       Review

 13                     Final

TEACHING METHODS:
A combination of lectures, discussions and problem solving. You will find that I encourage questions or answers from
my students. I will encourage you to think, analyse, evaluate, and problem solve, not memorize.

Class Preparation. I hope that you will find that any and all readings, cases, and problems assigned for class will be
helpful to you during that class. I will try to draw on whatever material has been assigned for that class.

I will assume that you have prepared for your classes, and I invite you to make arrangement to see me if you have
had any problems with the preparatory material.

I advise you to attend class since material covered in class may not be otherwise covered in the materials, and
because concepts discussed in the materials will be developed in class. I do expect that you will be on time when
you attend class. If, for any reason, you know beforehand that you will not be on time for class, please contact me to
tell me so.

Please note that the topic order will be as stated below, but if we get off schedule, the dates may get backed up. I
reserve the right to add or subtract readings and other forms of class preparation from the above schedule. Course
evaluation will be as stated.

The textbook has an extensive website. We will be making use of many of the resources found on the website.

Each week students should be doing the quiz questions, and the questions and problems for each chapter of the
textbook on their own after class. If after attempting the questions or problems you are having difficulties please
make arrangement to see me.

I have given out my daytime phone number at work. Please phone me only when you need to notify me urgently. I
will attempt to check students’ emails daily and respond within 2 days.

I do not have an office on campus, but I will make every reasonable effort to meet with students to discuss course-
related materials.




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The contents of this course outline have been adapted from and are in all essential respects identical to those for FIN
510 offered by the School of Business Management.

OTHER COURSE ISSUES:
Use of Turnitin:
Ryerson has subscribed to a service called Turnitin.com which helps professors identify plagiarism and helps
students maintain academic integrity. You agree, by taking this course, that all required papers are subject to
submission to this service. You may be asked to submit your papers directly to Turnitin.com or your professor may
choose to submit your papers. All submitted papers will be included as source documents in the Turnitin.com
reference database solely for the purpose of detecting plagiarism of such papers. Use of the Turnitin.com service is
subject to the terms of use agreement posted on the Turnitin.com site.
If you do not want your work submitted to this plagiarism detection service you must, by the end of the
second week of class, consult with your instructor about the alternative requirements. You may be required to
submit annotated bibliographies (with comments), periodic drafts, and/or copies of all source articles and websites.
When an instructor has reason to suspect that an individual piece of work has been plagiarized, the
instructor shall be permitted to submit that work to any plagiarism detection service.

CHANG SCHOOL GUIDELINES/PROCEDURES FOR MISSED TERM TESTS, ASSIGNMENTS, or FINAL
EXAMS:
You must inform your instructor immediately of any situation which arises during the semester which has an adverse
effect on your academic performance and you must request any necessary considerations or accommodations from
your instructor.

For missed term work, you must do the following:
        Inform your instructor by e-mail prior to the test.
        Present the completed official Ryerson medical certificate to your instructor within three working days or
        no later than the next scheduled class. See http://www.ryerson.ca/senate/forms/medical.pdf for the
        required Ryerson medical form.
        Provide religious Observance requests to your instructor within the first two weeks of class. See
        http://www.ryerson.ca/senate/forms/relobservforminstr.pdf


Students must submit assignments on time (all assignments are to be submitted at the beginning of the class due).
Failure to do so will result in a penalty of half a letter grade deducted for every day an assignment is handed in late.
All assignments submitted for grading will be handed back within one week, except for the final exam.

If you are missing the final exam you must do the following:
          Inform your instructor by e-mail prior to the exam.
          Within three business days of the final exam, present the completed official Ryerson medical certificate
          to your instructor or, if your instructor is unavailable, at the front desk of the Chang School, Heaslip House,
          297 Victoria Street.
          If the medical documentation is approved and the instructor assigns an Incomplete (INC), it is the student’s
          responsibility to arrange with the instructor to write a makeup exam at the first available opportunity.
          INC – Incomplete course work or a missed final examination due to documented medical or compassionate
          grounds. An INC can be awarded only when the completion of the outstanding work or an alternate final
          examination may result in a passing grade. The outstanding work or alternate examination must be



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         completed by a specified date within three months of the submission of the INC. The INC will be replaced
         by an official course grade when the work is completed. If the work is not completed by the deadline, the
         INC will become a grade of F. The designation INC is not included in calculating the GPA nor is it counted
         as a course credit or failed course.

POLICIES AND COURSE PRACTICES

Course Repeats:
Ryerson Senate GPA policy prevents students from taking a course more than three times. (i.e., registered initially,
repeated once, repeated twice = 3 registrations) If you fail a required course for the third time, you will be assigned
an academic standing of Withdrawn, and will be ineligible to continue in your program.

Course Management:
Every effort will be made to manage the course as stated. However, adjustments may be necessary during the term
at the discretion of the instructor. If so, students will be advised and alterations will be discussed prior to
implementation. Students will be informed of any alterations by email and/or announcements on blackboard

ACADEMIC INTEGRITY
1. Students are required to adhere to all relevant University policies, such as the Student Code of Academic
   Conduct.     University regulations concerning unacceptable academic conduct (cheating, plagiarism,
   impersonation, etc.) will be followed. See the Ryerson University calendar or online versions at
   http://www.ryerson.ca/senate/policies/pol60.pdf and http://www.ryerson.ca/senate/policies/pol61.pdf and
   http://www.ryerson.ca/studentguide/Introduction9.html for more explanation.

2. Plagiarism is a serious academic offence and penalties range from zero in an assignment all the way to
     expulsion from the university. In any academic exercise, plagiarism occurs when one offers as one’s own work
     the words, data, ideas, arguments, calculations, designs or productions of another without appropriate attribution
     or when one allows one’s work to be copied. (See the Ryerson Library for APA style guide references:
     http://www.ryerson.ca/library/subjects/style/index.html).
3.   It is assumed that all examinations and work submitted for evaluation and course credit will be the product of
     individual effort, except in the case of team projects arranged for and approved by the course instructor.
     Submitting the same work to more than one course, without instructors’ approval, is also considered plagiarism.
4.   Students who have committed academic misconduct for the first time will, at a minimum receive a “0” on the
     work, and an instructor may assign an “F” in the course. The Academic Integrity Seminar will also be assigned
     and students will have the notation Disciplinary Notice (DN) placed on their academic record and official
     transcript. The notation shall remain until the students graduate, or for eight (8) years, whichever comes first.
5.   Students who commit academic misconduct a second time shall be placed on Disciplinary Suspension (DS)
     for up to two years, at which time they may apply for reinstatement to a program. The designation DS shall be
     placed on their permanent academic record and official transcript. The notation shall remain until students
     graduate, or for eight (8) years, whichever comes first.
6.   Disciplinary Withdrawn standing (DW) shall be permanently noted on students’ academic records and official
     transcripts.
7.   Expulsions shall be permanently noted on students’ academic records and official transcripts.




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8. NOTE: Students may not drop a course when they have been notified of the suspicion of academic misconduct.
   If a student attempts to drop the course, the Registrar’s office will re-register the student in that course until a
   decision is reached.
9. When an instructor has reason to suspect that an individual piece of work has been plagiarized, the instructor
   shall be permitted to submit that work to any plagiarism detection service.

Cheating on an Exam or Test:
Ryerson’s Examination Policy requires that all students have a valid student identification card or other photo
identification on their desk at all times when taking an examination. If it is suspected that someone is impersonating a
student, the photo identification of that person will be checked, and the person will be asked to sign the exam paper
for further verification. If it is suspected that the identification is not valid, students may be asked to provide alternate
photo identification. Security may be called, if circumstances warrant.

Accommodation for Religious Observance:
Students must file the necessary forms for accommodation of religious observance at the beginning of the term, or
for final exams, as soon as the exam schedule is posted (see policy on Accommodation of Student Religious
Observance           Obligations        and        related      form).              Please        refer        to
http://www.ryerson.ca/senate/forms/relobservforminstr.pdf.

Accommodation for Disability:
Students who wish to utilize the Access Centre for tests and exams must register with the Access Centre and submit
documentation to the instructor prior to a graded assignment, test or exam, according to the Access Centre Policies
and Procedures. Students should also inform their instructors through an “Accommodation Form for Professors” that
they are registered with the Access Centre and what accommodations are required. For tests/midterm exams, it is
the student’s responsibility to book an upcoming test at least 7 days prior to the date of writing the test. For final
exams, it is the student’s responsibility to book an upcoming final exam time at least 2 weeks prior to the beginning of
the examination period. The student must confirm the date with the instructor. For complete details on registering
with the Access Centre please refer to: http://www.ryerson.ca/accesscentre.

Student Responsibilities in Academic Appeals
Students should read the Undergraduate Academic Consideration and Appeals policy at
(http://www.ryerson.ca/senate/policies/pol134.pdf).
It is the student’s responsibility to notify and consult with either the instructor, or the Chair/Director of the teaching
department/school, depending on the situation, as soon as circumstances arise that are likely to affect academic
performance. It is also the student’s responsibility to attempt to resolve all course related issues with the instructor
and then, if necessary, with the Chair/Director of the teaching department/school as soon as they arise. An appeal
may be filed only if the issue cannot be resolved appropriately.

Students who believe that an assignment, test, or exam has not been appropriately graded must review their
concerns with their instructor within 10 working days of the date when the graded work is returned to the class.

Standard for Written Work
Students are expected to use an acceptable standard of business communication for all assignments. Technical
errors (spelling, punctuation, proofing, grammar, format, and citations) and/or inappropriate levels of language or
composition may result in marks being deducted. You are encouraged to obtain assistance from the Writing Centre




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(http://www.ryerson.ca/writingcentre/) for help with your written communications as needed. (See the Ryerson
Library for APA style guide references: http://www.ryerson.ca/library/subjects/style/index.html).

MAINTAINING A PROFESSIONAL LEARNING ENVIRONMENT:
Laptop computers, cell phones, or other devices should not be used in the classroom as they are distracting to other
students, speakers and your instructor. Students who do not comply will be asked to leave the classroom.

METHOD OF POSTING GRADES:
Students who wish not to have their course grades posted must inform the instructor in writing before the
second session. All final grades will be available on the web at my.ryerson.ca (RAMSS) at the end of each term,
approximately 10 days after the date of the final examination. Grades will not be faxed.

ACADEMIC GRADING POLICY:
Evaluation of student performance will follow established academic grading policy outlined in the Ryerson GPA
Policy. The grading system is summarized below:
http://www.ryerson.ca/senate/policies/pol46.pdf

    Definition                Letter Grade        Grade Point               Conversion Range
                              A+                  4.33                      90-100
    Excellent                 A                   4.00                      85-89
                              A-                  3.67                      80-84
                              B+                  3.33                      77-79
    Good                      B                   3.00                      73-76
                              B-                  2.67                      70-72
                              C+                  2.33                      67-69
    Satisfactory              C                   2.00                      63-66
                              C-                  1.67                      60-62
                              D+                  1.33                      57-59
    Marginal                  D                   1.00                      53-56
                              D-                  0.67                      50-52
    Unsatisfactory            F                   0.00                      0-49




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