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

by: Mariotti, Steve; Glackin, Caroline

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

by: Mariotti, Steve; Glackin, Caroline

ISBN 13:
9780131197671
ISBN 10:
0131197673
Edition: 2nd
Format: Package
Copyright: 01/01/2010
Publisher: Prentice Hall
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Summary

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?

(60)

Entrepreneurs Recognize Opportunities

(32)

What Is an Entrepreneur?

(2)

The Economic Questions

(1)

Voluntary Exchange

(1)

Benefits of Free Enterprise

(1)

What Is a ``Small'' Business?

(1)

A Business Must Make a Profit to Stay in Business

(1)

Profit Is the Sign That the Entrepreneur Is Adding Value

(1)

Profit Results from the Entrepreneur's Choices

(1)

Why Be an Entrepreneur?

(1)

The Desire to Make Money Is Not a Good Reason to Start a Business

(1)

Costs and Benefits of Becoming an Entrepreneur

(1)

Cost/Benefit Analysis

(1)

Opportunity Cost

(2)

How Do Entrepreneurs Find Opportunities to Start New Businesses?

(1)

Entrepreneurs Creatively Exploit Changes in Our World

(1)

Where Others See Problems, Entrepreneurs Recognize Opportunities

(1)

Train Your Mind to Recognize Business Opportunities

(1)

Entrepreneurs Use Their Imaginations

(2)

An Idea Is Not Necessarily an Opportunity

(1)

Opportunity Is Situational

(1)

The Five Roots of Opportunity in the Marketplace

(1)

Get Your Hands on a Computer

(1)

Maximize Your Phone!

(1)

Protect Your Computer and Data

(1)

The Younger Generation's Advantage

(1)

Internal Opportunities

(1)

External Opportunities

(1)

Do Not Rip Off Someone Else's Creativity

(1)

Seven Rules for Building a Successful Business

(1)

The Team Approach

(1)

What Is a Business Plan?

(1)

Why Do You Need a Business Plan?

(1)

Writing a Business Plan Will Save You Time and Money

(8)

Creating Business from Opportunity: The Economics of One Unit

(27)

Apple Creates the Personal Computer

(1)

Business Definition

(2)

What Is Your Competitive Advantage?

(1)

Find Your Competitive Advantage by Thinking about What Consumers Need

(1)

You Have Unique Knowledge of Your Market

(1)

Competitive Strategy: Business Definition + Competitive Advantage

(1)

Strategy vs. Tactics

(1)

Sometimes Giving Away Your Product Is a Smart Tactic

(1)

Is Your Competitive Advantage Strong Enough?

(1)

The Six Factors of Competitive Advantage

(1)

Naming Your Business

(1)

Your Company's Core Beliefs

(1)

Analyzing Your Competitive Advantage

(1)

The Most Chocolate Cake Company

(1)

Checking Out the Competition

(1)

Mission

(1)

Can You Make a Profit?

(1)

Defining the Unit of Sale

(1)

Cost of Goods Sold and Gross Profit

(1)

Your Business and the Economics of One Unit

(2)

The Cost of Labor in the EOU

(1)

Hiring Others to Make the Unit of Sale

(1)

Going for Volume

(1)

Becoming a Business Leader

(1)

How Entrepreneurship Creates Wealth

(9)

Unit 1 Business Plan Practice

(2)

UNIT 2 Who Are Your Customers?

(82)

What Is Marketing? Analyzing Customers and Your Market

(24)

What Is Marketing?

(1)

A Business That Markets vs. a Market-Driven Business

(1)

How Customers Decide to Buy

(1)

Owning a Perception in the Customer's Mind

(1)

Developing a Marketing Plan

(1)

Features Create Benefits

(1)

Home Depot: Teaching Customers so They Will Return

(1)

Needs, Wants, and Demands

(1)

Your Company's Mission Is to Satisfy Customers

(1)

Market Research Helps You Visualize Your Customer

(1)

Do You Know Ten People Who Love Your Product? You May Have a Winner!

(1)

Types of Market Research

(2)

Your Research Method Matters

(1)

Research Your Market before You Open Your Business

(1)

Focus Your Brand

(1)

Ford's Costly Failure---The Edsel

(1)

Ford's Focus on Success---The Mustang

(1)

How to Build Your Brand

(2)

Make Market Research an Ongoing Part of Your Business

(1)

Which Segment of the Market Will You Target?

(1)

Successful Segmenting: The Body Shop

(1)

Applying Market Segmentation Methods

(1)

The Product Life Cycle

(1)

Is Your Market Saturated?

(1)

Market Positioning---Drive Home Your Competitive Advantage

(7)

Developing the Right Marketing Mix

(32)

Price: What It Says about Your Product

(1)

Keystoning: The Retailer's Rule of Thumb

(1)

Other Pricing Strategies

(1)

Place: Location, Location, Location!

(1)

Promotion: Publicity + Advertising

(3)

Making Your Own Marketing Materials

(1)

Logos and Trademarks

(2)

Logos Help Customers Make Quick Decisions

(1)

Electronic Rights

(1)

Protect Your Electronic Rights

(1)

Marketing Materials Should Reinforce Your Competitive Advantage

(1)

Print, Audio, and Video Brochures

(1)

Image Is Important

(1)

Where to Advertise? Visualize Your Customer

(1)

The Media

(1)

Generating Publicity

(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 Ideas

369

(12)

Appendix 2 Sample Student Business Plan

381

(30)

Appendix 3 Advanced Business Plan

411

(11)

Appendix 4 Business Plan for Venture Magazine

422

(21)

Appendix 5 Resources for Entrepreneurs

443

(8)

Appendix 6 Useful Formulas and Equations

451

(2)

Appendix 7 Accounting Journal Distribution Guide

453

(5)

Appendix 8 Using Business Plan Pro

458

(1)

Appendix 9 Glossary

459

(6)

Index

465

Amazon no longer offers textbook rentals. We do!

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

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

9780131197671

0131197673

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

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

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

9780131197671

0131197673

Summary

Table of Contents

Supplemental Materials

Write a Review

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