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New Venture Finance Considerations for the Bootstrapper
內容大綱
Strategic Bootstrapping is a six-chapter book published by the Business Expert Press in 2015 and written by Matthew W. Rutherford, associate professor and Johnny Pope chair in entrepreneurship at Oklahoma State University. The book presents a decision-making strategy for successful entrepreneurial ventures funded through bootstrapping. The author emphasizes the need to understand funding issues with a specific orientation towards new ventures. He explains that there are two main components of bootstrapping: a decision to avoid external finance and the methods used to operate the new venture, and then shares insight both. Using real-world examples and current research, he outlines a model for survival and successful growth for new firms. Chapter 3, New Venture Finance Considerations for the Bootstrapper, addresses capital structure in new firms. The author explains key concepts in the two types of external financing: debt and equity. He presents three concepts that influence funding decisions (information asymmetry, moral hazard, and adverse selection) and explains the importance of each to an entrepreneur. He offers a Financial Growth Cycle as a model that relates growth with increased funding options and, ultimately, success.