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Entrepreneurship

ISBN: 9780132281744 | 0132281740
Edition: 4th
Format: Paperback
Publisher: Prentice Hall
Pub. Date: 4/10/2006

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SummaryTable of Contents
KEY BENEFITS: Less than 50% of new firms survive the 4-year mark, therefore writing a sound business plan and working that plan effectively is essential. This book addresses the key elements in an effective business plan including start-up costs and financing, personnel, financial statements, marketing, legal issues and insurance. Filled with real world examples, it includes actual business plans, current business opportunities in emerging markets and interesting case studies to help readers test their own entrepreneurial ideas. The latest rese... MORE
... MORE
Prefacexv
About the Authorsxvii
Part I: Foundations of Entrepreneurship
1(141)
Entrepreneurship Today
1(14)
Learning Objectives
1(12)
Entrepreneurship in the United States
2(1)
Industry Structure
2(3)
Consequences for the Individual
5(2)
The Global Scene
7(3)
Entrepreneurship in a Changing Environment
10(1)
Changes in Markets
10(1)
New Markets
11(1)
The Competitive Advantages of Small Business
12(1)
Small Business and the Business Plan
13(1)
Summary
13(1)
Discussion Questions
13(2)
The Entrepreneur
15(12)
Learning Objectives
15(10)
What Is Entrepreneurship?
16(1)
The Entrepreneurial Process
16(1)
Factors of Entrepreneurship
17(1)
The Individual
17(4)
Cultural Factors
21(1)
Circumstances in Society
22(1)
A Combination of Factors
22(1)
Advantages and Disadvantages of Entrepreneurship
23(1)
Advantages
23(1)
Disadvantages
23(1)
The Entrepreneur and the Business Plan
24(1)
Summary
25(1)
Discussion Questions
25(2)
Starting a New Business
27(13)
Learning Objectives
27(11)
Innovation and Entrepreneurship
28(1)
Sources of Ideas
29(1)
The Inside-Out Approach
30(1)
The Outside-In Approach
31(1)
Serendipity
32(1)
The Rationale: Why the New Business Is Needed
32(2)
The Obstacles: Barriers to Entering an Industry
34(1)
The Method: How the New Business Will Be Established
35(2)
The People: Who Will Be Involved?
37(1)
The New Business and the Business Plan
38(1)
Summary
38(1)
Discussion Questions
39(1)
Buying An Existing Business
40(16)
Learning Objectives
40(14)
Advantages of Buying a Business
41(1)
Less Risk
41(1)
Less Time and Effort Required
41(1)
The Possibility of Buying at a Bargain Price
42(2)
Disadvantages of Buying a Business
44(1)
The Environment
44(1)
Internal Problems
45(1)
Departure of the Current Owner
46(1)
Finding the Business
46(1)
Businesses on the Market
46(1)
Businesses Not on the Market
47(1)
Determining the Price of a Business
48(4)
The Negotiating Process
52(1)
Price Versus Value
52(1)
Sources of Power in Negotiations
53(1)
Buying a Business and the Business Plan
54(1)
Summary
54(1)
Discussion Questions
54(2)
Franchising and Other Alternatives
56(18)
Learning Objectives
56(17)
The Popularity of Franchising
57(1)
Advantages for the Franchisee
58(1)
Start-up Assistance
58(1)
Basis for Judging Prospect of Success
58(1)
Instant Recognition
58(1)
Purchasing Power
58(1)
Advertising Scope and Sophistication
59(1)
Operational Improvements
59(1)
Disadvantages for the Franchisee
59(1)
Restrictions
59(1)
Costs
59(1)
Termination
60(1)
Unrealistic Expectations
60(1)
Evaluating the Franchise Option
61(1)
You As a Franchisee
61(1)
The Industry
62(1)
The Franchisor
63(5)
Franchising and the Law
68(3)
Other Entrepreneurial Options
71(1)
Business Opportunities
71(1)
Manufacturer's Representative
72(1)
Franchises and the Business Plan
72(1)
Summary
73(1)
Discussion Questions
73(1)
Women-Owned and Minority-Owned Businesses
74(10)
Learning Objectives
74(7)
Female Entrepreneurs
75(1)
Motivation for Becoming an Entrepreneur
75(1)
Company Size
76(1)
Breaking the Tradition
77(1)
Women Entrepreneurs in Other Countries
78(1)
Minority Entrepreneurs
78(1)
African American Entrepreneurs
78(1)
Asians and Pacific Islanders
79(1)
Hispanic
79(1)
American Indians and Alaska Natives
80(1)
Obstacles and Opportunities
80(1)
Women and Minority Entrepreneurs and the Business Plan
81(1)
Summary
81(1)
Discussion Questions
81(3)
Home-Based Businesses
84(9)
Learning Objectives
84(7)
The Rebirth of Cottage Industries
85(1)
Reasons for Growth
85(1)
Increasing Use of the Internet
85(1)
Recessions and Corporate Downsizing
85(1)
Greater Concern for Family Issues
86(1)
Improving Image of Home-Based Businesses
86(1)
Advantages and Disadvantages of Home-Based Businesses
86(1)
Advantages
86(1)
Lower Wardrobe Costs
87(1)
Flexible Hours
87(1)
Disadvantages
87(1)
Home-Based Franchises
88(1)
Is Your Home-Based Business Legal?
88(1)
Utilities, Insurance, and Taxes
89(1)
The Growth Decision
90(1)
The Home-Based Business in the Business Plan
91(1)
Summary
91(1)
Discussion Questions
91(2)
Family Businesses
93(10)
Learning Objectives
93(8)
What Is a Family Business?
94(1)
Advantages and Disadvantages
94(1)
Entrepreneurial Couples
94(3)
Bringing in the Children
97(1)
The Succession Plan
98(1)
Should the Company Be Sold to an Outsider or Employees?
98(1)
How and When Should the Company Be Transferred?
99(1)
Active Versus Inactive Family Members
99(1)
Low Entry Versus Delayed Entry
99(1)
Hiring and Compensation Policy
100(1)
Should There Be a Family Council and Advisory Board?
100(1)
Choosing a Successor from Active Family Members
100(1)
The Family Business and the Business Plan
101(1)
Summary
101(1)
Discussion Questions
101(2)
New Product Development
103(13)
Learning Objectives
103(11)
A High-Risk Venture
104(1)
Strengths and Weaknesses of Small Companies
105(1)
Developing a New Idea
105(2)
Key Factors for Success
107(1)
Choosing a Distribution Channel
108(1)
Factors Influencing the Distribution Decision
108(1)
Obstacles to Securing Distribution Channels
109(1)
Licensing
110(1)
Legal Protection of New Products and Services
110(1)
Patents
110(2)
Copyrights
112(1)
Trademarks
112(1)
Trade Secrets
113(1)
New Product Development and the Business Plan
113(1)
Summary
114(1)
Discussion Questions
114(2)
Business Growth and the Entrepreneur
116(9)
Learning Objectives
116(7)
Business Growth and Management Skills
117(1)
Personnel Management
117(2)
Financial Management
119(1)
Marketing
119(1)
Matching the Company and the Entrepreneur
119(1)
The American Dream/The American Nightmare
120(1)
The Challenge of a New Business
120(1)
The Loss of the Family Atmosphere
121(1)
The Changing Role of the Entrepreneur
121(1)
Options for Growth
122(1)
Keep the Company Small
122(1)
Rediscover the Entrepreneurial Spirit
122(1)
Cash In
122(1)
Growth and the Business Plan
123(1)
Summary
123(1)
Discussion Questions
123(2)
Global Business
125(17)
Learning Objectives
125(15)
Exporting
126(1)
The Current Situation
127(2)
The Decision to Start Exporting
129(1)
Developing an Export Plan
129(3)
Getting Established in an International Market
132(2)
Getting Paid
134(1)
Government Assistance
135(3)
Importing
138(1)
Finding Products to Import
138(1)
Getting the Goods into the Country
138(1)
Selling the Goods
139(1)
Global Business and the Business Plan
140(1)
Summary
140(1)
Discussion Questions
140(2)
Part II: The Business Plan
THE BUSINESS PLAN
142(113)
Introduction
142(8)
Learning Objectives
142(1)
What Is a Business Plan?
143(1)
How Do Plans for Existing Businesses and Start-ups Differ?
143(1)
What Is Included in the Business Plan?
143(1)
Executive Summary
144(1)
Executive Summary, Mission Statement, and the Business Environment
144(1)
Mission Statement
144(1)
The Business Environment
145(5)
Marketing
150(45)
Learning Objectives
150(1)
What Is Included in the Marketing Section?
151(1)
What Is Your Product or Service?
151(1)
Who Are Your Competitors?
151(1)
Pricing
152(1)
What Is Your Pricing Objective?
153(1)
What Are Your Pricing Policies?
154(1)
How Will You Determine Your Prices?
154(1)
Industry Markups
155(3)
Shipping Costs
158(4)
Credit Terms to Customers
162(2)
The Industry and Your Competitors
164(1)
The Customers
164(1)
The Company's Cash Flow
164(1)
Competitive Advantage
164(2)
Market Segmentation
166(1)
How Will You Segment Your Target Market?
166(2)
Common Marketing Mistakes
168(2)
Location
170(1)
What Is Your Ideal Location?
170(1)
Will Your Business Be Home-Based?
171(1)
Is Your Business Retail or Service?
171(3)
Is Your Business a Manufacturing Firm?
174(1)
Is Your Business a Wholesaling Operation?
175(1)
Incubators
176(1)
Common Location Mistakes
177(1)
Promotion and Sales
178(1)
What Types of Promotion Will You Use?
178(1)
What Are Your Promotional Goals?
179(1)
What Is Your Promotional Budget?
179(1)
Sales and Direct Marketing
179(3)
Sales Promotion
182(1)
Advertising
183(1)
What Type of Advertising Will You Use?
184(1)
Media
184(4)
When Will You Advertise?
188(3)
Marketing Online
191(1)
Public Relations and Publicity
192(1)
Will You Sell Your Products Overseas?
193(2)
Management and Personnel
195(13)
Learning Objectives
195(1)
What Are Your Qualifications to Operate This Business?
196(1)
Have You Completed Job Descriptions?
196(1)
Have You Established the Employees' Wage Rates?
197(1)
What Benefits Will You Provide to Your Employees?
197(1)
Have You Completed a Typical Work Schedule?
198(1)
Have You Completed an Organizational Chart?
199(1)
What Other Laws Will Affect Your Personnel Decisions?
200(1)
Occupational Safety and Health Act
201(1)
Title VII of the Civil Rights Act and the Age Discrimination in Employment Act
201(1)
Americans with Disabilities Act
201(1)
Immigration Laws
202(1)
Family and Medical Leave Act
202(1)
National Labor Relations Act and Taft-Hartley Act
202(3)
Workers' Compensation
205(1)
State Laws
205(1)
Do You Have Employees or Subcontractors?
206(2)
Start-Up Costs and Financing
208(9)
Learning Objectives
208(4)
How Will the Business Be Financed?
212(1)
Debt Financing
212(1)
Equity Financing
213(3)
The Cost of Financing
216(1)
Projected Financial Statements
217(17)
Learning Objectives
217(1)
Accounting Methods
218(1)
Cash Basis
218(1)
Accrual Basis
218(1)
Completed-Contract Method
218(1)
Balance Sheet
218(1)
Assets
218(1)
Liabilities
219(1)
Equity
220(1)
Opening-Day Balance Sheet
220(2)
Projected Income Statement
222(3)
Cash Flow
225(2)
Case Study: The Travel School
227(1)
Break-Even Point
228(1)
What Is Your Break-Even Point?
229(1)
Have You Identified Fixed and Variable Expenses?
229(2)
What Is Your Contribution Margin?
231(1)
Calculating the Break-Even Point
231(1)
How Many Customers Are Needed to Break Even?
231(3)
The Legal Section
234(10)
Learning Objectives
234(1)
What Form of Organization Will You Choose?
235(1)
Sole Proprietorship
235(1)
Partnership
236(1)
Corporation
237(1)
Limited Liability Company
238(1)
Joint Venture
238(1)
What Taxes Will Be Due?
239(1)
Federal Taxes
239(1)
State Taxes
239(1)
Organizational Form and Income Tax
240(1)
Sole Proprietorships
240(1)
Partnerships
240(1)
Corporations
241(1)
What Other Legal Issues Need to Be Addressed?
241(3)
Insurance
244(5)
Learning Objectives
244(1)
What Insurance Will You Need?
245(1)
Workers' Compensation Insurance
245(1)
Property Insurance
246(1)
Liability Insurance
246(1)
Earnings Insurance
247(1)
Health, Disability, and Life Insurance
247(2)
Suppliers
249(3)
Learning Objectives
249(1)
Who Will Be Your Suppliers?
250(2)
Risks, Assumptions, and Conclusion's
252(3)
Learning Objectives
252(1)
What Are Your Uncontrollable Risks?
253(1)
What Are Your Assumptions and Conclusions?
253(2)
Part III: Case Studies in Entrepreneurship
CASE STUDIES
255(38)
Online Auto Sales
256(2)
Chasing Dreams That Can Become Reality
258(1)
The Body Shop
259(2)
Boston Chicken/Boston Market
261(2)
A Family Affair
263(1)
Ed's Auto Parts
264(2)
Entrepreneurs in the Beverage Industry
266(3)
Entrepreneurs in Space
269(1)
Opportunities and Threats
270(1)
Business Plan for One Hand Clapping Records
271(9)
Business Plan for Fashion Footwear
280(7)
Business Plan for The Noiz Vodka Bar
287(6)
APPENDIX: SUMMARY OF BUSINESS PLAN CHECKLISTS
293(15)
Using the Checklists
293(1)
The Executive Summary
293(1)
The Mission Statement
293(1)
Analyze the Business Environment
294(1)
Describe Your Product or Service
294(1)
Analyze the Competition
294(1)
Describe Your Pricing Strategies
295(1)
Describe Your Credit Policy
296(1)
Describe Your Competitive Advantage
296(1)
Describe the Market Segmentation Method You Will Use
296(1)
Describe Your Location
297(1)
If Your Business Is Retail or Service
297(1)
If Your Business Is a Manufacturing Plant
297(1)
If Your Business Is a Wholesale Firm
298(1)
Describe Your Promotional Plan
298(1)
Identify Your Management and Personnel
299(1)
Complete the Financial Section
300(8)
Start-up Costs and Financing
300(8)
Discuss Legal Considerations
308(1)
Identify Insurance Requirements
308(1)
Identify Suppliers
308(1)
List Your Uncontrollable Risks
308(1)
State Your Conclusion
308

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