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Entrepreneurship

ISBN: 9780130971166 | 0130971162
Edition: 4th
Format: Paperback w/Disk
Publisher: PRENTICE HALL
Pub. Date: 1/1/2007

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SummaryTable of Contents
For courses in Entrepreneurship and Small Business Management. Many students have difficulty connecting business theory to starting a small business and writing a business plan. This concise and practical text/handbook combines the best of both study formats, demonstrating theory in realistic applications. While the book opens with the material commonly found in Entrepreneurship texts, the second half combines theory and background information in areas such as marketing theory, management topics, and financial recordkeepingand provides practical checklists to help students complete a business plan.
Prefacexv
About The Authorsxix
Entrepreneurship Today
1(13)
Key Points
1... MORE
Entrepreneurship in the United States
2(4)
Industry Structure
2(4)
Consequences for the Individual
6(1)
The Global Scene
6(3)
Entrepreneurship in a Changing Environment
9(3)
Changes in Markets
9(1)
New Markets
10(1)
The Competitive Advantages of Small Business
10(2)
Summary
12(1)
Discussion Questions
12(2)
Small Businesses and the Internet Economy
14(9)
Key Points
14(1)
The Economic Revolution
15(1)
From Chaos to Consolidation
15(1)
New Technology Orthodox Management
16(1)
Small Businesses and the Internet Infrastructure
16(2)
Traditional Small Businesses and the Internet
17(1)
Internet Selling: A Complex Task
18(1)
Just the Beginning
18(2)
Summary
20(1)
Discussion Questions
20(3)
The Entrepreneur
23(11)
Key Points
23(1)
What Is Entrepreneurship?
24(1)
Factors of Entrepreneurship
25(5)
The Individual
25(4)
Cultural Factors
29(1)
Circumstances in Society
29(1)
A Combination of Factors
29(1)
Advantages and Disadvantages of Entrepreneurship
30(2)
Advantages
30(1)
Disadvantages
31(1)
Summary
32(1)
Discussion Questions
32(2)
Women-Owned and Minority Owned Businesses
34(16)
Key Points
34(1)
Female Entrepreneurs
35(5)
Motivation for Becoming an Entrepreneur
36(1)
Company Size
36(3)
Breaking the Tradition
39(1)
Minority Entrepreneurs
40(7)
African American
41(2)
Asians and Pacific Islanders
43(2)
Hispanic
45(1)
American Indians and Alaska Natives
46(1)
Summary
47(1)
Discussion Questions
47(3)
Family Businesses
50(9)
Key Points
50(1)
Advantages and Disadvantages
51(1)
Entrepreneurial Couples
51(3)
Bringing in the Children
54(3)
The Succession Plan
55(1)
Should the Company Be sold to an Outsider or Employees?
55(1)
Active versus Inactive Family Members
56(1)
Low Entry versus Delayed Entry
56(1)
Hiring and Compensation Policy
56(1)
Choosing a Successor from Active Family Members
57(1)
Summary
57(1)
Discussion Questions
57(2)
Business Growth and The Entrepreneur
59(8)
Key Points
59(1)
Business Growth and Management Skills
60(2)
Personnel Management
60(1)
Financial Management
61(1)
Matching the Company and the Entrepreneur
62(1)
The American Dream/The American Nightmare
63(1)
The Challenge of a New Business
63(1)
The Loss of the Family Atmosphere
63(1)
The Changing Role of the Entrepreneur
64(1)
Options for Growth
64(1)
Keep the Company Small
64(1)
Rediscover the Entrepreneurial Spirit
64(1)
Cash In
65(1)
Summary
65(1)
Discussion Questions
66(1)
Home-Based Businesses
67(10)
Key Points
67(1)
The Rebirth of Cottage Industries
68(1)
Reasons for Growth
68(1)
Technology
68(1)
Corporate Downsizing
69(1)
Changing Lifestyles
69(1)
A New Image
69(1)
Personal and Family Considerations
70(1)
Loss of Structure
70(1)
Isolation
70(1)
Long Hours with No Separation between Work and Home
70(1)
Family Issues
71(1)
Home-Based Franchises
71(1)
Is Your Home-Based Business Legal?
72(1)
Utilities, Insurance, and Taxes
73(1)
The Growth Decision
74(1)
Summary
74(1)
Discussion Questions
75(2)
New Product Development
77(14)
Key Points
77(1)
A High-Risk Venture
78(1)
Strengths and Weaknesses of Small Companies
79(1)
Developing a New Idea
79(2)
Key Factors for Success
81(1)
Choosing a Distribution Channel
82(2)
Factors Influencing the Distribution Decision
83(1)
Obstacles to Securing Distribution Channels
83(1)
Licensing
84(1)
Legal Protection of New Products and Services
84(4)
Patents
85(1)
Copyrights
86(1)
Trademarks
87(1)
Trade Secrets
87(1)
Summary
88(1)
Discussion Questions
88(3)
Global Business
91(17)
Key Points
91(1)
Exporting
92(12)
The Current Situation
93(2)
The Decision to Start Exporting
95(1)
Developing an Export Plan
95(3)
Getting Established in an International Market
98(3)
Getting Paid
101(1)
Government Assistance
102(2)
Importing
104(2)
Finding Products to Import
104(1)
Getting the Goods into the Country
105(1)
Selling the Goods
106(1)
Summary
106(1)
Discussion Questions
107(1)
Starting A New Business
108(13)
Key Points
108(1)
Innovation and Entrepreneurship
109(1)
Sources of Ideas
110(3)
The Inside-Out Approach
111(1)
The Outside-In Approach
112(1)
Serendipity
113(1)
The Rationale: Why the New Business is Needed
113(2)
The Obstacles: Barriers to Entering an Industry
115(1)
The Method: How the New Business Will Be Established
116(2)
The People: Who Will Be Involved?
118(1)
Summary
119(1)
Discussion Questions
120(1)
Buying an Existing Business
121(15)
Key Points
121(1)
Advantages of Buying a Business
122(3)
Less Risk
122(1)
Less Time and Effort Required
122(1)
The Possibility of Buying at a Bargain Price
123(2)
Disadvantages of Buying a Business
125(2)
The Environment
125(1)
Internal Problems
125(2)
Departure of the Current Owner
127(1)
Finding the Business
127(2)
Businesses that are on the Market
127(1)
Businesses that are not on the Market
128(1)
Determining the Price of a Business
129(4)
The Negotiating Process
133(2)
Price Versus Value
133(1)
Sources of Power in Negotiations
134(1)
Summary
135(1)
Discussion Questions
135(1)
Franchising and Other Alternatives
136(17)
Key Points
136(1)
The Popularity of Franchising
137(1)
Advantages for the Franchisee
138(1)
Startup Assistance
138(1)
Basis for Judging Prospect of Success
138(1)
Instant Recognition
138(1)
Purchasing Power
138(1)
Advertising Scope and Sophistication
139(1)
Operational Improvements
139(1)
Disadvantages for the Franchisee
139(2)
Restrictions
139(1)
Costs
139(1)
Termination
140(1)
Unrealistic Expectations
140(1)
Evaluating the Franchise Option
141(6)
You as a Franchisee
141(1)
The Industry
142(1)
The Franchisor
143(4)
Franchising and the Law
147(3)
Other Entrepreneurial Options
150(1)
Business Opportunities
150(1)
Manufacturer's Representative
151(1)
Summary
151(1)
Discussion Questions
152(1)
THE BUSINESS PLAN: INTRODUCTION153(8)
Key Points
153(1)
What Is a Business Plan?
154(1)
How Do Plans for Existing Businesses and Startups Differ?
154(1)
What Is Included in the Business Plan?
154(1)
Executive Summary
155(1)
Executive Summary, Mission Statement, and the Business Environment
155(6)
Mission Statement
156(1)
The Business Environment
157(4)
THE BUSINESS PLAN: MARKETING161(48)
Key Points
161(1)
What Is Included in the Marketing Section?
162(1)
What Is Your Product or Service?
162(1)
Who Are Your Competitors?
163(1)
Pricing
163(11)
What Is Your Pricing Objective?
165(1)
What Are Your Pricing Policies?
165(1)
How Will You Determine Your Prices?
165(1)
Industry Markups
166(7)
Shipping Costs
173(1)
Credit Terms to Customers
174(2)
What Are Your Credit Policies?
174(1)
The Industry and Your Competitors
175(1)
The Customers
176(1)
The Company's Cash Flow
176(1)
Competitive Advantage
176(2)
Market Segmentation
178(5)
How Will You Segment Your Target Market?
178(2)
Common Marketing Mistakes
180(3)
Location
183(9)
What Is Your Ideal Location?
183(1)
Is Your Business Retail or Service?
184(4)
Is Your Business a Manufacturing Firm?
188(1)
Is Your Business a Wholesaling Operation?
189(1)
Incubators
190(1)
Common Location Mistakes
191(1)
Promotion and Sales
192(5)
What Types of Promotion Will You Use?
192(1)
What Are Your Promotional Goals?
193(1)
What Is Your Promotional Budget?
193(1)
Sales and Direct Marketing
193(3)
Sales Promotion
196(1)
Advertising
197(10)
What Type of Advertising Will You Use?
198(1)
Media
198(5)
When Will You Advertise?
203(2)
Marketing Online
205(2)
Public Relations and Publicity
207(2)
THE BUSINESS PLAN: MANAGEMENT AND PERSONNEL209(14)
Key Points
209(1)
What Are Your Qualifications to Operate This Business?
210(1)
Have You Completed Job Descriptions?
210(1)
Have You Established the Employees' Wage Rates?
211(1)
What Benefits Will You Provide to Your Employees?
212(1)
Have You Completed a Typical Work Schedule?
212(1)
Have You Completed an Organizational Chart?
212(1)
What Other Laws Will Affect Your Personnel Decisions?
212(7)
Occupational Safety and Health Act
213(1)
Title VII of the Civil Rights Act and the Age Discrimination in Employment Act
214(1)
Americans with Disabilities Act
215(1)
Immigration Laws
215(1)
Family and Medical Leave Act
216(1)
National Labor Relations Act and Taft-Hartley Act
216(1)
Workers' Compensation
216(3)
State Laws
219(1)
Do You Have Employees or Subcontractors?
219(4)
THE BUSINESS PLAN: STARTUP COSTS AND FINANCING223(10)
Key Points
223(4)
How Will the Business Be Financed?
227(6)
Debt Financing
227(2)
Equity Financing
229(1)
The Cost of Financing
230(3)
THE BUSINESS PLAN: PROJECTED FINANCIAL STATEMENTS233(18)
Key Points
233(1)
Accounting Methods
234(1)
Cash Basis
234(1)
Accrual Basis
234(1)
Completed-Contract Method
234(1)
Balance Sheet
234(3)
Assets
234(1)
Liabilities
235(1)
Equity
236(1)
Opening-Day Balance Sheet
237(1)
Projected Income Statement
238(1)
Cash Flow
239(5)
Case Study: The Travel School
244(1)
Break-Even Point
244(7)
What Is Your Break-Even Point?
246(1)
Have You Identified Fixed and Variable Expenses?
246(2)
What Is Your Contribution Margin?
248(1)
Calculating the Break-Even Point
248(1)
How Many Customers Are Needed to Break Even?
248(3)
THE BUSINESS PLAN: THE LEGAL SECTION251(10)
Key Points
251(1)
What Form of Organization Will You Choose?
252(4)
Sole Proprietorship
252(1)
Partnership
252(2)
Corporation
254(1)
Limited Liability Company
255(1)
Joint Venture
256(1)
What Taxes will be Due?
256(1)
Federal Taxes
256(1)
State Taxes
257(1)
Organizational Form and Income Tax
257(1)
Sole Proprietorships
257(1)
Partnerships
258(1)
Corporations
258(1)
What Other Legal Issues Need to Be Addressed?
258(3)
THE BUSINESS PLAN: INSURANCE261(6)
Key Points
261(1)
What Insurance Will You Need?
262(5)
Workers' Compensation Insurance
262(1)
Property Insurance
263(1)
Liability Insurance
263(1)
Earnings Insurance
264(1)
Health, Disability and Life Insurance
264(3)
THE BUSINESS PLAN: SUPPLIERS267(4)
Key Points
267(1)
Who Will Be Your Suppliers?
268(3)
THE BUSINESS PLAN: RISKS ASSUMPTIONS AND CONCLUSION271(4)
Key Points
271(1)
What Are Your Uncontrollable Risks?
272(1)
What Are Your Assumptions and Conclusions?
272(3)
CASE STUDIES275(30)
Online Auto Sales
276(2)
Entrepreneurs in the Beverage Industry
278(3)
The Growth and Problems of Wired Ventures, Inc.
281(1)
The Body Shop
282(2)
Boston Chicken/Boston Market
284(2)
Hometown Videos, Inc.
286(1)
A Family Affair
287(1)
Ed's Auto Parts
288(2)
Sheila's Software, Inc.
290(3)
Wash-n-Go Self-Service Car Wash Business Plan
293(12)
APPENDIX: SUMMARY OF BUSINESS PLAN CHECKLISTS305(18)
Using the Checklists
305(1)
The Executive Summary
305(1)
The Mission Statement
306(1)
Analyze the Business Environment
306(1)
Describe Your Product or Service
307(1)
Analyze the Competition
307(1)
Describe Your Pricing Strategies
308(1)
Describe Your Credit Policy
308(1)
Describe Your Competitive Advantage
309(1)
Describe the Market Segmentation Method You Will Use
309(1)
Describe Your Location
309(1)
If Your Business Is Retail or Service
309(1)
If Your Business Is a Manufacturing Plant
310(1)
If Your Business Is a Wholesale Firm
310(1)
Describe Your Promotional Plan
310(2)
Identify Your Management and Personnel
312(1)
Complete the Financial Section
313(1)
Startup Costs and Financing
313(7)
Discuss Legal Considerations
320(1)
Identify Insurance Requirements
321(1)
Identify Suppliers
321(1)
List Your Uncontrollable Risks
321(1)
State Your Conclusion
321(2)
Index323

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