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Entrepreneurship: Starting and Operating a Small Business (with Business Plan Pro)

ISBN: 9780131197671 | 0131197673
Edition: 2nd
Format: Package
Publisher: Prentice Hall
Pub. Date: 1/1/2010

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SummaryTable of Contents
For courses in Entrepreneurship, Small Business Management, How to Start your own business courses in continueing education. Written by an award-winning expert, Entrepreneurship: Starting and Operating A Small Business, First Edition, demystifies the process of starting a business by presenting difficult economic, financial and business concepts in a manner easily understood by beginning business students. This book is based on a proven curriculum from the National Foundation for Teaching Entrepreneurship (NFTE) and draws from Steve Mariotti's 25 years of entrepreneurial teaching experience. Clear and energetic, it is supported by two business plan building software packages; BizBuilder and Business Plan Pro. Students will begin building their business plan as soon as they open the text! In a step by step process students will learn how to start a small business, operate a small business and turn their ideas into viable business opportunities.
UNIT 1 WHAT BUSINESS DO YOU WANT TO START?
1(60)
Entrepreneurs Recognize Opportunities
2(32)
... MORE
What Is an Entrepreneur?
3(2)
The Economic Questions
5(1)
Voluntary Exchange
5(1)
Benefits of Free Enterprise
6(1)
What Is a ``Small'' Business?
6(1)
A Business Must Make a Profit to Stay in Business
7(1)
Profit Is the Sign That the Entrepreneur Is Adding Value
7(1)
Profit Results from the Entrepreneur's Choices
8(1)
Why Be an Entrepreneur?
8(1)
The Desire to Make Money Is Not a Good Reason to Start a Business
9(1)
Costs and Benefits of Becoming an Entrepreneur
10(1)
Cost/Benefit Analysis
11(1)
Opportunity Cost
12(2)
How Do Entrepreneurs Find Opportunities to Start New Businesses?
14(1)
Entrepreneurs Creatively Exploit Changes in Our World
15(1)
Where Others See Problems, Entrepreneurs Recognize Opportunities
15(1)
Train Your Mind to Recognize Business Opportunities
16(1)
Entrepreneurs Use Their Imaginations
16(2)
An Idea Is Not Necessarily an Opportunity
18(1)
Opportunity Is Situational
19(1)
The Five Roots of Opportunity in the Marketplace
19(1)
Get Your Hands on a Computer
19(1)
Maximize Your Phone!
20(1)
Protect Your Computer and Data
21(1)
The Younger Generation's Advantage
22(1)
Internal Opportunities
23(1)
External Opportunities
23(1)
Do Not Rip Off Someone Else's Creativity
24(1)
Seven Rules for Building a Successful Business
24(1)
The Team Approach
24(1)
What Is a Business Plan?
25(1)
Why Do You Need a Business Plan?
26(1)
Writing a Business Plan Will Save You Time and Money
26(8)
Creating Business from Opportunity: The Economics of One Unit
34(27)
Apple Creates the Personal Computer
35(1)
Business Definition
36(2)
What Is Your Competitive Advantage?
38(1)
Find Your Competitive Advantage by Thinking about What Consumers Need
38(1)
You Have Unique Knowledge of Your Market
38(1)
Competitive Strategy: Business Definition + Competitive Advantage
39(1)
Strategy vs. Tactics
40(1)
Sometimes Giving Away Your Product Is a Smart Tactic
40(1)
Is Your Competitive Advantage Strong Enough?
41(1)
The Six Factors of Competitive Advantage
42(1)
Naming Your Business
42(1)
Your Company's Core Beliefs
43(1)
Analyzing Your Competitive Advantage
43(1)
The Most Chocolate Cake Company
44(1)
Checking Out the Competition
45(1)
Mission
46(1)
Can You Make a Profit?
46(1)
Defining the Unit of Sale
47(1)
Cost of Goods Sold and Gross Profit
48(1)
Your Business and the Economics of One Unit
48(2)
The Cost of Labor in the EOU
50(1)
Hiring Others to Make the Unit of Sale
51(1)
Going for Volume
51(1)
Becoming a Business Leader
52(1)
How Entrepreneurship Creates Wealth
52(9)
Unit 1 Business Plan Practice
59(2)
UNIT 2 Who Are Your Customers?
61(82)
What Is Marketing? Analyzing Customers and Your Market
62(24)
What Is Marketing?
64(1)
A Business That Markets vs. a Market-Driven Business
64(1)
How Customers Decide to Buy
65(1)
Owning a Perception in the Customer's Mind
65(1)
Developing a Marketing Plan
66(1)
Features Create Benefits
66(1)
Home Depot: Teaching Customers so They Will Return
67(1)
Needs, Wants, and Demands
67(1)
Your Company's Mission Is to Satisfy Customers
68(1)
Market Research Helps You Visualize Your Customer
68(1)
Do You Know Ten People Who Love Your Product? You May Have a Winner!
69(1)
Types of Market Research
70(2)
Your Research Method Matters
72(1)
Research Your Market before You Open Your Business
73(1)
Focus Your Brand
73(1)
Ford's Costly Failure---The Edsel
73(1)
Ford's Focus on Success---The Mustang
74(1)
How to Build Your Brand
74(2)
Make Market Research an Ongoing Part of Your Business
76(1)
Which Segment of the Market Will You Target?
76(1)
Successful Segmenting: The Body Shop
76(1)
Applying Market Segmentation Methods
77(1)
The Product Life Cycle
78(1)
Is Your Market Saturated?
79(1)
Market Positioning---Drive Home Your Competitive Advantage
79(7)
Developing the Right Marketing Mix
86(32)
Price: What It Says about Your Product
88(1)
Keystoning: The Retailer's Rule of Thumb
89(1)
Other Pricing Strategies
89(1)
Place: Location, Location, Location!
90(1)
Promotion: Publicity + Advertising
90(3)
Making Your Own Marketing Materials
93(1)
Logos and Trademarks
93(2)
Logos Help Customers Make Quick Decisions
95(1)
Copyright
95(1)
Electronic Rights
96(1)
Protect Your Electronic Rights
96(1)
Marketing Materials Should Reinforce Your Competitive Advantage
97(1)
Print, Audio, and Video Brochures
97(1)
Image Is Important
98(1)
Where to Advertise? Visualize Your Customer
98(1)
The Media
98(1)
Generating Publicity
99(1)
What's Your Story?
100(2)
Sample Press Release
102(1)
Follow Up a Press Release by Phone
102(1)
Philanthropy
103(1)
Cause-Related Marketing
103(1)
Gaining Goodwill
104(1)
Nonprofit Organizations
104(1)
Teach for America and Upromise
105(1)
What Entrepreneurs Have Built
105(1)
You Have Something to Contribute
106(1)
Relationship Marketing
106(1)
Marketing Online
107(1)
Marketing Is a Fixed Cost
107(1)
How To Calculate Your Breakeven Point
108(1)
Breakeven Analysis of a Restaurant
109(1)
The Spreadsheet---A Powerful Tool for Projection
110(8)
Smart Selling and Effective Customer Service
118(25)
From Sales to Owning Your Own Business
120(1)
Selling Is a Great Source of Market Research
120(1)
The Essence of Selling Is Teaching
121(1)
The Principles of Selling
121(2)
The Sales Call
123(1)
E-Mail and Newsgroups
123(1)
Prequalify Your Sales Calls
124(1)
Focus on the Customer
124(1)
The Eight-Step Sales Call
124(2)
Three Call Behaviors of Successful Salespeople
126(1)
Analyze Your Sales Calls to Become a Star Salesperson
126(1)
Turning Objections into Advantages
127(1)
Use Technology to Sell
127(1)
The One-Minute Sales Call
128(1)
Do Not Forget the Sales Receipt
129(1)
Successful Businesses Need Customers Who Return
129(1)
Customer Service Is Keeping Customers Happy
129(1)
The Costs of Losing a Customer
130(1)
Customer Complaints Are Valuable
131(1)
The Better Business Bureau
131(1)
Customer Service Is Marketing
131(1)
Customer Service Is a Valuable Source of Market Research
132(1)
The Customer Database
132(1)
Mailing Lists
133(1)
Ask Customers to Refer You to New Customers
134(1)
Build a Web Site
134(9)
Unit 2 Business Plan Practice
140(3)
UNIT 3 Show Me the Money!: How to Track Costs and Find Financing
143(104)
Tracking Fixed and Variable Costs
144(36)
Ford: Lowering Costs through Assembly-Line Manufacturing
145(1)
Define Your Unit of Sale
146(1)
Costs: Fixed and Variable
146(1)
Calculating Total Gross Profit and Contribution Margin
147(1)
Calculating EOU When You Sell More Than One Product
148(2)
COGS
149(1)
Other Variable Costs
149(1)
Fixed Operating Costs
150(1)
How Inflation Hurts Small Business Owners
151(1)
Insurance Protects Your Business from Disaster
151(1)
Basic Coverage for Small Business
152(1)
Liability Insurance Protects You and Your Customers
153(1)
How Insurance Companies Make Money
153(1)
Keep at Least Three Months of Fixed Operating Costs in Reserve
154(1)
Fixed Operating Costs Do Change over Time
154(1)
Allocate Your Fixed Operating Costs Where Possible
154(2)
The Dangers of Fixed Costs
156(1)
Start-Up Investment
156(1)
Brainstorm to Avoid Start-Up Surprises
157(1)
Keep a Reserve Equal to One-Half of Start-Up Investment
158(1)
Payback
158(1)
Using Accounting Records to Track Fixed and Variable Costs
159(1)
Three Reasons to Keep Good Records Every Day
159(1)
Accounting Software
160(1)
Receipts and Invoices
161(1)
Keep Two Copies of Your Records
161(1)
Use Business Checks for Business Expenses
161(1)
Get Organized!
162(1)
``Cash Only'' Accounting
162(3)
Journal Categories
163(1)
Using the Journal
164(1)
Creating Financial Statements from the Journal
165(1)
Monthly Income Statement
165(1)
ROI (Return on Investment)
165(1)
Monthly Ending Balance Sheet
166(1)
Sample Accounting Journal
166(4)
Three Rules for Managing Your Cash
170(1)
Keep Your Accounting Current
170(10)
Using an Income Statement to Guide a Business
180(20)
A Score Card for the Entrepreneur
182(1)
The Eight Parts of an Income Statement
182(2)
A Simple Income Statement
184(1)
The Double Bottom Line
184(1)
Create an Income Statement from Your Ledger
185(1)
Return on Investment
185(1)
Calculating ROI
186(1)
An Income Statement for a More Complex Business
187(2)
Financial Ratio Analysis
189(1)
Same Size Analysis
190(1)
Return on Sales
190(1)
Computerized Financial Statements
191(1)
Creating Wealth by Selling a Profitable Business
192(8)
Financing Strategy: Debt or Equity?
200(26)
Family and Friends
202(1)
How Often Do Small Businesses Really Fail?
202(1)
Investors Want Their Money to Grow
203(1)
The Time Value of Money
204(1)
The Future Value of Money
204(1)
The Present Value of Money
205(2)
How You Can Compensate Investors
207(1)
Debt Financing: Pros and Cons
208(1)
Equity Financing: Pros and Cons
208(2)
Debt Financing
209(1)
Equity Financing (Stock, Percentage of Company)
210(1)
The Six ``C's'' of Bank Borrowing
210(1)
Establishing a Credit History
211(1)
Sometimes Credit Reporting Agencies Goof
211(1)
You Can Avoid Personally Signing for Business Debt
212(1)
Micro-Loan Financing
212(1)
Line of Credit
212(1)
Venture Capitalists Seek High ROI
213(1)
Venture Capitalists Want Equity
213(1)
How Venture Capitalists Reap ROI
214(1)
``Angel'' Financing
214(1)
Online Networking
214(1)
Financing for Minorities and Women
215(1)
Youth Financing
215(2)
Bootstrap Financing
217(1)
Floating Accounts Payable
217(1)
Your Business Plan Is the Key to Raising Capital
218(1)
Writing a Business Plan Will Save You Time and Money
218(8)
Cash Flow: The Lifeblood of a Business
226(21)
The Income Statement Does Not Show How Much Cash You Really Have
228(1)
Rules to Keep Cash Flowing
229(1)
Noncash Expenses Can Distort Your Financial Picture
229(1)
The Cyclical Nature of Cash Flow
230(1)
Reading a Cash Flow Statement
230(2)
The Cash Flow Equation
230(2)
Forecasting Cash Flow
232(1)
Risking Your Cash on Inventory
233(1)
Credit Squeeze
233(1)
The Burn Rate
233(1)
Working Capital: How Much Cash Does the Company Have to Grow?
234(1)
Cash and Taxes
234(1)
Filing Tax Returns
235(1)
Collecting Sales Tax
235(1)
Two ID Numbers You Will Need to Obtain
235(1)
Tax Issues for Different Legal Structures
236(1)
Make Tax Time Easier by Keeping Good Records
237(1)
URLs
237(1)
Tax Forms for the Entrepreneur
237(1)
As a Taxpayer, You Can Ask Questions
238(9)
Unit 3 Business Plan Practice
244(3)
UNIT 4 Operating a Small Business Effectively
247(54)
Choosing Legal Structures and Distribution Channels
248(30)
The Four Basic Business Types
249(1)
Manufacturing: Makes Products
250(1)
Wholesale: Buys Products from Manufacturer and Sells to Retailer
250(1)
Buying from a Wholesaler
250(1)
Retail: Buys Products from Wholesaler and Sells to Consumer
251(1)
Service: Sells Time, Skills, or Expertise
251(1)
The Production-Distribution Chain
252(1)
Each Link Marks Up the Price
252(1)
A Typical Markup
253(1)
Percentage Markups
254(1)
Use Search Engines to Find Wholesalers
254(1)
Markdowns and Discounts
254(1)
Contracts: The Building Blocks of Business
255(3)
Why Manufacturing Is Unique
258(1)
The Idea-to-Product Process
258(1)
Job Shops
258(2)
Public Domain
260(1)
When Filing a Patent Is Necessary
260(1)
Manufacturing Tips
261(1)
Just-in-Time Manufacturing
262(1)
The Four Parts of a Business
262(1)
Business Legal Structures
263(1)
Sole Proprietorship
263(1)
How to Register a Sole Proprietorship
264(1)
Licenses, Permits, and Certificates
264(1)
Other Regulations
265(1)
Sales Tax Identification Number
265(1)
Partnership
265(1)
Corporation
266(1)
Types of Corporations
266(2)
Electronic Storefront (Web site)
268(1)
Tips for Entrepreneurs Who Want to Start Not-for-Profit Organizations
268(10)
Effective Leadership: Managing Resources and Employees
278(23)
Leadership Comes from Self-Esteem
279(1)
Manage Your Time Wisely
280(1)
How Will You Pay Yourself?
280(1)
Adding Employees to the Mix
281(1)
Hiring Employees
282(1)
Office Intranet
282(1)
Growing Your Team
283(1)
Getting the Best Out of Your Employees
283(1)
Encourage Your Employees to Be Socially Responsible
284(1)
Corporate Management---Building a Team
284(1)
What Do Managers Do?
285(2)
The Entrepreneur Sets the Tone for the Company
287(1)
Managerial Styles That Work
287(1)
Ethical Employer/Employee Relationships
288(1)
Corporate Ethical Scandals
288(2)
Firing and Laying Off Employees
290(1)
Human Resources
291(10)
Compensation and Payroll
291(1)
Benefits
291(1)
Organizational Development
292(1)
Training and Development
292(1)
Labor Law and HR Compliance
292(1)
Human Resources Strategy
292(1)
Could You Start an HR Business?
293(5)
Unit 4 Business Plan Practice
298(3)
UNIT 5 What You Need to Know to Grow
301(68)
Raising Capital: Tracking Debt and Equity on the Balance Sheet
302(32)
Wal-Mart's 100-Year Bond
303(2)
Short- and Long-Term Assets
305(1)
Current and Long-Term Liabilities
305(1)
The Balance Sheet Equation
306(1)
Where to Find Capital
306(1)
How Stock Works
306(1)
A Stock's Price Reflects Opinions about the Company
307(1)
Reading Stock Tables
308(1)
Stock Table Terms
308(1)
How Bonds Work
309(1)
Reading Bond Tables
310(1)
Bond Table Terms
311(1)
The Balance Sheet Shows Assets and Liabilities Obtained through Debt or Equity
311(1)
The Balance Sheet Shows How a Business Is Financed
312(1)
Analyzing a Balance Sheet
312(3)
Assets
312(1)
Liabilities
313(2)
Quick and Current Ratios
315(1)
Depreciation
315(1)
Debt Ratios: Showing the Relationship between Debt and Equity
315(2)
Operating Efficiency Ratios
317(17)
Franchising, Licensing, and Harvesting: Cashing in Your Brand
334(18)
Focus Your Brand
336(1)
Diversification Comes with a Price
337(1)
When Licensing Can Be Effective
337(1)
How a McDonald's Franchise Works
338(1)
Royalty Fees
338(1)
Profits Follow Quality
339(1)
Do Your Homework before You Get Involved with a Franchise
339(1)
The Franchise Agreement
340(1)
Think Big from the Start
341(1)
When to Harvest Your Business
341(1)
The Net Present Value of Money
342(1)
How to Value a Business
342(1)
The Science of Valuation
342(1)
Sell Online
343(1)
Harvesting Options
343(2)
Investors Will Care about Your Exit Strategy, Too
345(1)
Exit Strategy Options
345(7)
Investing for a Secure Future
352(17)
Always Save 10 Percent of Your Income
353(1)
Make Your Money Work for You
354(1)
How Inflation Affects Investments
354(1)
Future Value of an Annuity
354(1)
The Risk-Reward Relationship
355(1)
Time and Liquidity Affect Investment Risk
356(1)
How Much Risk Can You Tolerate?
356(2)
Choosing Investments: Stocks, Bonds, or Cash?
358(1)
Keep an Emergency Fund in Cash
358(1)
Diversification
359(1)
The Stock Market Goes Up over Time
359(1)
Mutual Funds: Diversification You Can Afford
359(1)
Index Funds
360(1)
Creating Your Portfolio
360(1)
Rebalance Your Portfolio Once a Year
361(8)
Unit 5 Business Plan Practice
368(1)
Appendix 1 100 Business Ideas369(12)
Appendix 2 Sample Student Business Plan381(30)
Appendix 3 Advanced Business Plan411(11)
Appendix 4 Business Plan for Venture Magazine422(21)
Appendix 5 Resources for Entrepreneurs443(8)
Appendix 6 Useful Formulas and Equations451(2)
Appendix 7 Accounting Journal Distribution Guide453(5)
Appendix 8 Using Business Plan Pro458(1)
Appendix 9 Glossary459(6)
Index465

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