BED-3031 Entrepreneurial Financial Management - 10 ECTS
Students have to hold a bachelor degree (180 ECTS) or equivalen in one of the following disciplines: Business, Management, Marketing, Computer Science, Information Technology, Engineering, Electrical engineeing, Physics, Health, Energy, Fisheries or Biotechnology.
- The Norwegian grading system is an A-F scale in which A is the highest score and F is fail. An average grade C from a bachelor degree issued in Norway is the minimum requirement for admission to the master's level for students with Norwegian study background.
- Applicants who hold a bachelor's degree or equivalent issued in Europe, Canada, USA, Australia and New Zealand must have an average grade C as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
- Applicants who hold a bachelor's degree or equivalent issued in countries other than the above mentioned region/countries must have an average grade B as a minimum, or the corresponding numerical mark/percentage score to be considered for admission.
This course teaches prospective entrepreneurs the fundamentals of finance as it applies to the new or young venture. Topics include development of pro forma financial statements for income statement, cash flow analysis, business valuation, and raising capital. This course will provide students with an integrated knowledge and skills drawn from entrepreneurship, accounting, finance and management.
Objective of the course
Students who have successfully completed the course should have achieved the following learning outcomes:
Knowledge and comprehension:
- Knowledge of basic accounting including bookkeeping, balance sheet, income statement and cash flow analysis.
- Knowledge of accrual accounting, value added tax (VAT), and wages and salaries.
- Knowledge of enterprises revenue, cost and profit.
- Knowledge of short-term and long-term budgeting.
- Knowledge of risk analysis.
- Knowledge of how to make financial forecasts by incorporating supply and demand considerations into the forecast.
- Knowledge of business valuation and different funding sources.
The course should prepare the student to:
- Have basic skills to make simple bookkeeping, balance sheet, income statement and cash flow of enterprise.
- Have skills to make short-term and long-term budgeting.
- Have skills to make profit ratio and risk analysis.
- Have skills to make financial forecasts in Excel for entrepreneurial firms.
- Be able to make simple financial report, and read and understand compressive financial report.
- Be able to suggest good management strategies for developing an entrepreneurial business.
- Be able to manage the financial aspects of an entrepreneurial venture to survive the financial challenges and capture maximum value in financing and harvesting the enterprise.
Recommended (but not required) textbook
Entrepreneurial Financial Management: An Applied Approach by Jeffrey R Cornwall (Author), David O Vang (Author), Jean M Hartman (Author) http://www.amazon.com/Entrepreneurial-Financial-Management-Applied-Approach/dp/0765627264
Another textbook edited by our colleague named Bernt Arne Bertheussen in PDF will be provided free of charge.