Essentials of Entrepreneurship and Small Business Management, Global Edition, 9th Edition
For courses in small business management, entrepreneurship, and new venture creation and/or management. The foundation to building a successful small businessTaking a practical, hands-on approach to entrepreneurship, this text equips students with the tools and critical-thinking skills needed for small business success. Now in its 9th Edition, Essentials of Entrepreneurship and Small Business Management teaches students how to successfully launch and manage a business. By dissecting case studies, examining successes and failures in the context of the market, and observing the tactics used by today’s most successful small business ventures, students can develop the skills that will give them a unique advantage in a hotly competitive environment. Also available with MyLab EntrepreneurshipBy combining trusted authors’ content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student. Note: You are purchasing a standalone product; MyLab Entrepreneurship does not come packaged with this content. Students, if interested in purchasing this title with MyLab, ask your instructor to confirm the correct package ISBN and Course ID.
Cover Engage, Assess, Apply and Develop Employability Skills with MyLab Entrepreneurship Title Page Copyright Page Brief Contents Contents Preface Acknowledgments Section I: The Challenge of Entrepreneurship Chapter 1: The Foundations of Entrepreneurship The World of the Entrepreneur What Is an Entrepreneur? The Benefits of Entrepreneurship Opportunity to Create Your Own Destiny Opportunity to Make a Difference You be the Consultant: Making the Most of an Opportunity Opportunity to Reach Your Full Potential Opportunity to Reap Impressive Profits You be the Consultant: Decoding the DNA of the Entrepreneur Opportunity to Contribute to Society and Be Recognized for Your Efforts Opportunity to Do What You Enjoy and Have Fun at It The Potential Drawbacks of Entrepreneurship Uncertainty of Income Risk of Losing Your Entire Investment Long Hours and Hard Work Lower Quality of Life Until the Business Gets Established High Levels of Stress Complete Responsibility Discouragement Behind the Boom: What’s Feeding the Entrepreneurial Fire The Cultural Diversity of Entrepreneurship Young Entrepreneurs You be the Consultant: College: The Ideal Place to Launch a Business Women Entrepreneurs Minority Enterprises Immigrant Entrepreneurs Part-Time Entrepreneurs Home-Based Businesses Family Businesses Copreneurs Corporate Castoffs Encore Entrepreneurs Retiring Baby Boomers Hands on . . . How to: Launch a Successful Business While You Are Still in College The Power of “Small” Business Putting Failure into Perspective How to Avoid the Pitfalls Know Your Business in Depth Build a Viable Business Model—And Test It Use Lean Start-up Principles Know When to Pivot Develop a Solid Business Plan Manage Financial Resources Understand Financial Statements Build the Right Team Learn to Manage People Effectively Set Your Business Apart from the Competition Maintain a Positive Attitude Developing Skills for Your Career Critical Thinking and Problem Solving Written and Oral Communication Teamwork and Collaboration Leadership Creativity Ethics and Social Responsibility Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 2: Ethics and Social Responsibility: Doing the Right Thing An Ethical Perspective Three Levels of Ethical Standards Moral Management The Benefits of Moral Management Establishing an Ethical Framework Why Ethical Lapses Occur An Unethical Employee An Unethical Organizational Culture Moral Blindness Competitive Pressures Opportunity Pressures Globalization of Business Establishing and Maintaining Ethical Standards Establishing Ethical Standards Maintaining Ethical Standards Social Entrepreneurship Social Responsibility You be the Consultant: Funding Social Ventures Through Franchise Businesses Business’s Responsibility to the Environment Business’s Responsibility to Employees Cultural Diversity in the Workplace Drug Testing Sexual Harassment Privacy Hands on . . . How to: Howto Avoid Sexual HarassmentCharges Business’s Responsibility to Customers Right to Safety You be the Consultant: Think Before You Tweet Right to Know Right to Be Heard Right to Education Right to Choice Business’s Responsibility to Investors You be the Consultant: But Is It Safe? Business’s Responsibility to the Community Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 3: Creativity and Innovation: Keys to Entrepreneurial Success Creativity, Innovation, and Entrepreneurship Creativity—Essential to Survival Can Creativity Be Taught? Barriers to Creativity You be the Consultant: 10 Keys to Business Innovation How to Enhance Creativity Enhancing Organizational Creativity Enhancing Individual Creativity The Creative Process Hands on . . . How to: Createa Culture of Creativity andInnovation Step 1. Preparation Step 2. Investigation Step 3. Transformation Step 4. Incubation Step 5. Illumination Step 6. Verification Step 7. Implementation Techniques for Improving the Creative Process Brainstorming Mind Mapping Force-Field Analysis TRIZ Rapid Prototyping Intellectual Property: Protecting Your Ideas Patents You be the Consultant: How Would You Rule in These Intellectual Property Cases? Hands on . . . How to: ProtectYour Company’s IntellectualProperty—Both at Home andAbroad Copyrights Protecting Intellectual Property Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Section II: The Entrepreneurial Journey Begins Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model Idea Assessment Feasibility Analysis Industry and Market Feasibility Porter’s Five Forces Model Rivalry Among Companies Competing in the Industry Hands on . . . How to: Forces Shaping Innovation: The Driverless Car Bargaining Power of Suppliers to the Industry Bargaining Power of Buyers Threat of New Entrants to the Industry Threat of Substitute Products or Services Five Forces Matrix Market Niches Product or Service Feasibility Analysis: Is There a Market? Customer Surveys and Questionnaires Focus Groups Prototypes In-Home Trials “Windshield” Research Secondary Research Hands on . . . How to: Do YouWant Fries with Those Crickets? Financial Feasibility Analysis: Is There Enough Margin? Capital Requirements Estimated Earnings Time Out of Cash Return on Investment Entrepreneur Feasibility: Is This Idea Right for Me? Developing and Testing a Business Model You be the Consultant: RendezWoof: Creating a Minimal Viable Product for a Mobile App You be the Consultant: When to Call It Quits on a New Business Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 5: Crafting a Business Plan and Building a Solid Strategic Plan The Benefits of Creating a Business Plan Three Tests of a Business Plan The Elements of a Business Plan What Lenders Look for in a Business Plan Capital Capacity Collateral Character Conditions The Pitch: Making the Business Plan Presentation Building a Strategic Plan You be the Consultant: The Battle of the Plans Building a Competitive Advantage The Strategic Management Process Step 1. Develop a Clear Vision and Translate It into a Meaningful Mission Statement Step 2. Assess the Company’s Strengths and Weaknesses Step 3. Scan the Environment for Significant Opportunities and Threats Facing the Business Hands on . . . How to: Beat the Big Guys Step 4. Identify the Key Factors for Success in the Business Step 5. Analyze the Competition You be the Consultant: The Escape Game Seeks to Expand Nationwide Step 6. Create Company Goals and Objectives You be the Consultant: Finding the Correct Business Model Step 7. Formulate Strategic Options and Select the Appropriate Strategies Step 8. Translate Strategic Plans into Action Plans Step 9. Establish Accurate Controls Conclusion Sample Business Plan Outline Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 6: Forms of Business Ownership Hands on . . . How to: Come Up with the Perfect Moniker for Your Business Sole Proprietorships and Partnerships Sole Proprietorships Advantages of Sole Proprietorships Disadvantages of Sole Proprietorships Partnerships Advantages of Partnerships Disadvantages of Partnerships You be the Consultant: Making a Partnership Work Limited Liability Partnerships Corporations C Corporations S Corporations Limited Liability Companies How to Create a Legal Business Entity Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 7: Buying an Existing Business Buying an Existing Business The Advantages of Buying an Existing Business Disadvantages of Buying an Existing Business The Stages in Acquiring a Business The Search Stage Step 1. Self-Inventory: Analyze Your Skills, Abilities, and Interests Step 2. Develop a List of Criteria Step 3. Prepare a List of Potential Candidates The Due Diligence Stage The Due Diligence Process You be the Consultant: The Power of Seller Financing The Valuation Stage Non-disclosure Agreement Methods for Determining the Value of a Business The Deal Stage You be the Consultant: Would You Buy This Business? Hands on . . . How to: Be aSuccessful Negotiator The Structure of the Deal Letter of Intent The Transition Stage Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 8: Franchising and the Entrepreneur Types of Franchising The Benefits of Buying a Franchise A Multitude of Options A Business System Management Training and Support Brand-Name Appeal Standardized Quality of Goods and Services National Advertising Programs and Marketing Assistance Financial Assistance Proven Products, Processes, and Business Formats Centralized Buying Power Site Selection and Territorial Protection Greater Chance for Success You be the Consultant: Would You Buy This Franchise? The Drawbacks of Buying a Franchise Franchise Fees and Ongoing Royalties Strict Adherence to Standardized Operations Restrictions on Purchasing and Prices Limited Product Line Contract Terms: Termination, Renewal, and Sale or Buyback Unsatisfactory Training Programs Market Saturation Less Freedom Franchising and the Law Franchise Disclosure Document Joint Employer Liability The Right Way to Buy a Franchise Evaluate Yourself Research Your Market Consider Your Franchise Options You be the Consultant: After the Cheering Stops Get a Copy of the Franchisor’s FDD Talk to Existing Franchisees Ask the Franchisor Some Tough Questions Make Your Choice Hands on . . . How to: Select theIdeal Franchise—For You! Trends Shaping Franchising Changing Face of Franchisees International Opportunities You be the Consultant: Franchising in Emerging Markets Mobile Franchises Smaller, Nontraditional Locations Conversion Franchising Refranchising Multi-unit Franchising Area Development and Master Franchising Cobranding Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Appendix A: A Franchise Evaluation Checklist Endnotes Section III: Launching the Business Chapter 9: Building a Powerful Bootstrap Marketing Plan Building a Bootstrap Marketing Plan Pinpointing the Target Market Determining Customer Needs and Wants Through Market Research You be the Consultant: .CO Internet S.A.S. The Value of Market Research How to Conduct Market Research Plotting a Bootstrap Marketing Strategy: How to Build a Competitive Edge Bootstrap Marketing Principles You be the Consultant: Auto Repair Goes Social Hands on . . . How to: Make Social Media Work for Your Business You be the Consultant: How Exceeding Customer Expectations Leads Learning Pool to Success Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 10: E-Commerce and the Entrepreneur Factors to Consider Before Launching into E-commerce You be the Consultant: A Multichannel Approach Eleven Myths of E-commerce Myth 1. If I Launch a Site, Customers Will Flock to It Myth 2. Online Customers Are Easy to Please Myth 3. Launching an E-Commerce Site Is Free—Or at Least Really Inexpensive Myth 4. Making Money on the Web Is Easy Myth 5. Privacy Is Not an Important Issue on the Web Myth 6. “Strategy? I Don’t Need a Strategy to Sell on the Web! Just Give Me a Web Site, and the Rest Will Take Care of Itself” Myth 7. The Most Important Part of Any E-Commerce Effort Is Technology Myth 8. Customer Service Is Not as Important Online as It Is in a Traditional Retail Store Myth 9. Flashy Web Sites Are Better Than Simple Ones Myth 10. It’s What’s Up Front That Counts Myth 11. My Business Doesn’t Need a Web Site Strategies for E-success Focus on a Niche in the Market Build a Community Listen to Your Customers and Act on What You Hear Attract Visitors by Giving Away “Freebies” Sell the “Experience” Make Creative Use of E-mail but Avoid Becoming a Spammer Make Sure Your Web Site Says “Credibility” Make the Most of the Web’s Global Reach Go Mobile Promote Your Web Site Online and Offline Use Social Media to Attract and Retain Customers Develop an Effective Search Engine Optimization (SEO) Strategy Hands on . . . How to: Use Social Media to Market Your Business Designing a Killer Web Site Start with Your Target Customer Give Customers What They Want Select an Intuitive Domain Name Make Your Web Site Easy to Navigate Offer Suggestions for Related Products Add Wish List Capability Create a Gift Idea Center Provide Customer Ratings and Reviews Incorporate Videos Establish the Appropriate Call to Action on Each Page Build Loyalty by Giving Online Customers a Reason to Return to Your Web Site Establish Quality Backlinks with Other Related Businesses, Preferably Those Selling Products or Services That Complement Yours Include an E-mail Option, a Physical Address, and a Telephone Number on Your Site Give Shoppers the Ability to Track Their Orders Online Offer Online Shoppers a Special All Their Own Use the Power of Social Media Follow a Simple Design Create a Fast, Simple Checkout Process Provide Customers Multiple Payment Options Assure Customers That Their Online Transactions Are Secure Establish Reasonable Shipping and Handling Charges and Post Them Up Front Confirm Transactions Keep Your Site Updated Test Your Site Often Rely on Analytics to Improve Your Site Consider Hiring a Professional to Design Your Site Tracking Web Results Ensuring Web Privacy and Security Privacy Security You be the Consultant: Why Your Small Business Is a Target for Cybercriminals Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 11: Pricing and Credit Strategies Three Potent Forces: Image, Competition, and Value Price Conveys Image Competition and Prices Focus on Value Pricing Strategies and Tactics Introducing a New Product You be the Consultant: The Psychology of Pricing Pricing Established Goods and Services Ethics and Entrepreneurship: The Ethics of Dynamic Pricing Pricing Strategies and Methods for Retailers Markup Pricing Concepts for Manufacturers Direct Costing and Pricing Computing the Break-even Selling Price Pricing Strategies and Methods for Service Firms Hands on . . . How to: Calculate Your Company’s Pocket Price Band The Impact of Credit and Debit Cards and Mobile Wallets on Pricing Credit Cards Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 12: Creating a Successful Financial Plan Basic Financial Statements The Balance Sheet The Income Statement The Statement of Cash Flows Creating Projected Financial Statements Projected Financial Statements for a Small Business Ratio Analysis Twelve Key Ratios You be the Consultant: The Challenges of Debt Interpreting Business Ratios You be the Consultant: All Is Not Paradise in Eden’s Garden: Part 1 What Do All of These Numbers Mean? Breakeven Analysis You be the Consultant: All Is Not Paradise in Eden’s Garden: Part 2 Calculating the Breakeven Point Adding a Profit Breakeven Point in Units Constructing a Breakeven Chart You be the Consultant: Where Do We Break Even? Using Breakeven Analysis Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 13: Managing Cash Flow Cash Management Cash and Profits Are Not the Same The Cash Budget Step 1: Determining an Adequate Minimum Cash Balance Step 2: Forecasting Sales Step 3: Forecasting Cash Receipts Hands on . . . How to: Manage Cash Flow in a Highly Seasonal Business Step 4: Forecasting Cash Disbursements Step 5: Estimating the End-of-Month Cash Balance You be the Consultant: In Search of a Cash Flow Forecast The “Big Three” of Cash Management Accounts Receivable Hands on . . . How to: Avoid Losses from Accounts Receivable Accounts Payable Inventory Avoiding the Cash Crunch Barter Trim Overhead Costs You be the Consultant: Controlling Employee Theft Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 14: Choosing the Right Location and Layout Location: A Source of Competitive Advantage Choosing the Region Choosing the State Choosing the City Choosing the Site You be the Consultant: Temporary Locations Can Be Just Great for Business Location Criteria for Retail and Service Businesses Trade Area Size Retail Compatibility Degree of Competition The Index of Retail Saturation Reilly’s Law of Retail Gravitation Transportation Network Physical and Psychological Barriers Customer Traffic Adequate Parking Reputation Visibility You be the Consultant: Where Should Our Next Retail Store Be Located? Location Options for Retail and Service Businesses Central Business District Neighborhood Locations Shopping Centers and Malls Near Competitors Shared Spaces (Coworking) Inside Large Retail Stores Nontraditional Locations Home-Based Businesses On the Road The Location Decision for Manufacturers Foreign Trade Zones Business Incubators and Accelerators Layout and Design Considerations Size and Adaptability Construction and Appearance Entrances The Americans with Disabilities Act Signs Building Interiors Drive-Through Windows Sight, Sound, Scent, and Lighting Sustainability and Environmentally Friendly Design Layout: Maximizing Revenues, Increasing Efficiency, or Reducing Costs Layout for Retailers Hands on . . . How to: Create the Ideal Layout Layout for Manufacturers Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Section IV: Putting the Business Plan to Work: Sources of Funds Chapter 15: Sources of Financing: Equity and Debt Equity Capital Versus Debt Capital Sources of Equity Financing Personal Savings Friends and Family Members Crowdfunding Hands on . . . How to: Structure Family and Friendship Financing Deals Accelerators Hands on . . . How to: Use Crowdfunding Successfully Angels Venture Capital Companies Corporate Venture Capital Public Stock Sale (“Going Public”) Sources of Debt Financing Commercial Banks Hands on . . . How to: Get a Bank to Say “Yes” to Your Loan Application The Small Business Administration (SBA) Loan Guarantee Programs You be the Consultant: The Never-Ending Hunt for Financing Other SBA Loan Programs Nonbank Sources of Debt Capital Other Federal and State Programs Economic Development Administration Department of Housing and Urban Development U.S. Department of Agriculture’s Business Programs and Loans Small Business Innovation Research Program Small Business Technology Transfer Program State and Local Loan Development Programs Other Methods of Financing Factoring Accounts Receivable Leasing ROBS Merchant Cash Advance Peer-to-peer Lending Loan Brokers Credit Cards Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 16: Global Aspects of Entrepreneurship Why Go Global? Strategies for Going Global Creating a Web Site You be the Consultant: Going Global from the Outset You be the Consultant: Selling a Simple Product to a Global Market Barriers to International Trade Domestic Barriers International Barriers You be the Consultant: Expat Entrepreneurs Find Opportunity in Argentina Hands on . . . How to: Build a Successful Global Company Political Barriers Business Barriers Cultural Barriers International Trade Agreements World Trade Organization North American Free Trade Agreement Dominican Republic–Central America Free Trade Agreement Conclusion Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Chapter 17: Building a New Venture Team and Planning for the Next Generation Leadership: An Essential Part of an Entrepreneur’s Job You be the Consultant: What Happens When a CEO Loses His Voice and Changes His Leadership Style? Building an Entrepreneurial Team: Hiring the Right Employees How to Hire Winners Create Practical Job Descriptions and Job Specifications You be the Consultant: Avoid These Hiring Mistakes Plan an Effective Interview Conduct the Interview Contact References and Conduct a Background Check Creating an Organizational Culture That Encourages Employee Motivation and Retention Culture Job Design Motivating Employees to Higher Levels of Performance: Rewards and Compensation Management Succession: Passing the Torch of Leadership Hands on . . . How to: Make Your Small Business a Great Placeto Work How to Develop a Management Succession Plan You be the Consultant: Time for the Next Generation? Buy–Sell Agreement Lifetime Gifting Setting up a Trust Estate Freeze Family Limited Partnership Exit Strategies Selling to Outsiders Selling to Insiders Chapter Summary by Learning Objective Discussion Questions Beyond the Classroom Endnotes Appendix: The Daily Perc Business Plan Cases Name Index Subject Index Back Cover
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