Entrepreneurship

ISBN-10: 0132281740

ISBN-13: 9780132281744

Edition: 4th 2007 (Revised)

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Description: 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 research regarding the decision to become an entrepreneur is particularly helpful to anyone considering their own business. Each book includes a companion CD-ROM to reinforce concepts. Basic entrepreneurial concepts including how to enter a market i.e. start-up, buying an existing business, franchising, etc. along with the feasibility of each. Includes specific updates and obstacles regarding women-owned and minority-owned businesses; the pros and cons of home-based businesses; special considerations of entrepreneurship; and legal changes in overtime pay.nbsp;New product development and growing a business are also discussed. Includes an outstanding step-by-step template for writing a business plan. THEA great resource for anyone interested in starting a business.

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Book details

List price: $181.00
Edition: 4th
Copyright year: 2007
Publisher: Prentice Hall PTR
Publication date: 4/10/2006
Binding: Mixed Media
Pages: 336
Size: 8.00" wide x 9.75" long x 0.75" tall
Weight: 1.672

Preface
About the Authors
Foundations of Entrepreneurship
Entrepreneurship Today
Learning Objectives
Entrepreneurship in the United States
Industry Structure
Consequences for the Individual
The Global Scene
Entrepreneurship in a Changing Environment
Changes in Markets
New Markets
The Competitive Advantages of Small Business
Small Business and the Business Plan
Summary
Discussion Questions
The Entrepreneur
Learning Objectives
What Is Entrepreneurship?
The Entrepreneurial Process
Factors of Entrepreneurship
The Individual
Cultural Factors
Circumstances in Society
A Combination of Factors
Advantages and Disadvantages of Entrepreneurship
Advantages
Disadvantages
The Entrepreneur and the Business Plan
Summary
Discussion Questions
Starting a New Business
Learning Objectives
Innovation and Entrepreneurship
Sources of Ideas
The Inside-Out Approach
The Outside-In Approach
Serendipity
The Rationale: Why the New Business Is Needed
The Obstacles: Barriers to Entering an Industry
The Method: How the New Business Will Be Established
The People: Who Will Be Involved?
The New Business and the Business Plan
Summary
Discussion Questions
Buying an Existing Business
Learning Objectives
Advantages of Buying a Business
Less Risk
Less Time and Effort Required
The Possibility of Buying at a Bargain Price
Disadvantages of Buying a Business
The Environment
Internal Problems
Departure of the Current Owner
Finding the Business
Businesses on the Market
Businesses Not on the Market
Determining the Price of a Business
The Negotiating Process
Price Versus Value
Sources of Power in Negotiations
Buying a Business and the Business Plan
Summary
Discussion Questions
Franchising and Other Alternatives
Learning Objectives
The Popularity of Franchising
Advantages for the Franchisee
Start-up Assistance
Basis for Judging Prospect of Success
Instant Recognition
Purchasing Power
Advertising Scope and Sophistication
Operational Improvements
Disadvantages for the Franchisee
Restrictions
Costs
Termination
Unrealistic Expectations
Evaluating the Franchise Option
You As a Franchisee
The Industry
The Franchisor
Franchising and the Law
Other Entrepreneurial Options
Business Opportunities
Manufacturer's Representative
Franchises and the Business Plan
Summary
Discussion Questions
Women-Owned and Minority-Owned Businesses
Learning Objectives
Female Entrepreneurs
Motivation for Becoming an Entrepreneur
Company Size
Breaking the Tradition
Women Entrepreneurs in Other Countries
Minority Entrepreneurs
African American Entrepreneurs
Asians and Pacific Islanders
Hispanic
American Indians and Alaska Natives
Obstacles and Opportunities
Women and Minority Entrepreneurs and the Business Plan
Summary
Discussion Questions
Home-Based Businesses
Learning Objectives
The Rebirth of Cottage Industries
Reasons for Growth
Increasing Use of the Internet
Recessions and Corporate Downsizing
Greater Concern for Family Issues
Improving Image of Home-Based Businesses
Advantages and Disadvantages of Home-Based Businesses
Advantages
Lower Wardrobe Costs
Flexible Hours
Disadvantages
Home-Based Franchises
Is Your Home-Based Business Legal?
Utilities, Insurance, and Taxes
The Growth Decision
The Home-Based Business in the Business Plan
Summary
Discussion Questions
Family Businesses
Learning Objectives
What Is a Family Business?
Advantages and Disadvantages
Entrepreneurial Couples
Bringing in the Children
The Succession Plan
Should the Company Be Sold to an Outsider or Employees?
How and When Should the Company Be Transferred?
Active Versus Inactive Family Members
Low Entry Versus Delayed Entry
Hiring and Compensation Policy
Should There Be a Family Council and Advisory Board?
Choosing a Successor from Active Family Members
The Family Business and the Business Plan
Summary
Discussion Questions
New Product Development
Learning Objectives
A High-Risk Venture
Strengths and Weaknesses of Small Companies
Developing a New Idea
Key Factors for Success
Choosing a Distribution Channel
Factors Influencing the Distribution Decision
Obstacles to Securing Distribution Channels
Licensing
Legal Protection of New Products and Services
Patents
Copyrights
Trademarks
Trade Secrets
New Product Development and the Business Plan
Summary
Discussion Questions
Business Growth and the Entrepreneur
Learning Objectives
Business Growth and Management Skills
Personnel Management
Financial Management
Marketing
Matching the Company and the Entrepreneur
The American Dream/The American Nightmare
The Challenge of a New Business
The Loss of the Family Atmosphere
The Changing Role of the Entrepreneur
Options for Growth
Keep the Company Small
Rediscover the Entrepreneurial Spirit
Cash In
Growth and the Business Plan
Summary
Discussion Questions
Global Business
Learning Objectives
Exporting
The Current Situation
The Decision to Start Exporting
Developing an Export Plan
Getting Established in an International Market
Getting Paid
Government Assistance
Importing
Finding Products to Import
Getting the Goods into the Country
Selling the Goods
Global Business and the Business Plan
Summary
Discussion Questions
The Business Plan
The Business Plan
Introduction
Learning Objectives
What Is a Business Plan?
How Do Plans for Existing Businesses and Start-ups Differ?
What Is Included in the Business Plan?
Executive Summary
Executive Summary, Mission Statement, and the Business Environment
Mission Statement
The Business Environment
Marketing
Learning Objectives
What Is Included in the Marketing Section?
What Is Your Product or Service?
Who Are Your Competitors?
Pricing
What Is Your Pricing Objective?
What Are Your Pricing Policies?
How Will You Determine Your Prices?
Industry Markups
Shipping Costs
Credit Terms to Customers
The Industry and Your Competitors
The Customers
The Company's Cash Flow
Competitive Advantage
Market Segmentation
How Will You Segment Your Target Market?
Common Marketing Mistakes
Location
What Is Your Ideal Location?
Will Your Business Be Home-Based?
Is Your Business Retail or Service?
Is Your Business a Manufacturing Firm?
Is Your Business a Wholesaling Operation?
Incubators
Common Location Mistakes
Promotion and Sales
What Types of Promotion Will You Use?
What Are Your Promotional Goals?
What Is Your Promotional Budget?
Sales and Direct Marketing
Sales Promotion
Advertising
What Type of Advertising Will You Use?
Media
When Will You Advertise?
Marketing Online
Public Relations and Publicity
Will You Sell Your Products Overseas?
Management and Personnel
Learning Objectives
What Are Your Qualifications to Operate This Business?
Have You Completed Job Descriptions?
Have You Established the Employees' Wage Rates?
What Benefits Will You Provide to Your Employees?
Have You Completed a Typical Work Schedule?
Have You Completed an Organizational Chart?
What Other Laws Will Affect Your Personnel Decisions?
Occupational Safety and Health Act
Title VII of the Civil Rights Act and the Age Discrimination in Employment Act
Americans with Disabilities Act
Immigration Laws
Family and Medical Leave Act
National Labor Relations Act and Taft-Hartley Act
Workers' Compensation
State Laws
Do You Have Employees or Subcontractors?
Start-Up Costs and Financing
Learning Objectives
How Will the Business Be Financed?
Debt Financing
Equity Financing
The Cost of Financing
Projected Financial Statements
Learning Objectives
Accounting Methods
Cash Basis
Accrual Basis
Completed-Contract Method
Balance Sheet
Assets
Liabilities
Equity
Opening-Day Balance Sheet
Projected Income Statement
Cash Flow
Case Study: The Travel School
Break-Even Point
What Is Your Break-Even Point?
Have You Identified Fixed and Variable Expenses?
What Is Your Contribution Margin?
Calculating the Break-Even Point
How Many Customers Are Needed to Break Even?
The Legal Section
Learning Objectives
What Form of Organization Will You Choose?
Sole Proprietorship
Partnership
Corporation
Limited Liability Company
Joint Venture
What Taxes Will Be Due?
Federal Taxes
State Taxes
Organizational Form and Income Tax
Sole Proprietorships
Partnerships
Corporations
What Other Legal Issues Need to Be Addressed?
Insurance
Learning Objectives
What Insurance Will You Need?
Workers' Compensation Insurance
Property Insurance
Liability Insurance
Earnings Insurance
Health, Disability, and Life Insurance
Suppliers
Learning Objectives
Who Will Be Your Suppliers?
Risks, Assumptions, and Conclusion's
Learning Objectives
What Are Your Uncontrollable Risks?
What Are Your Assumptions and Conclusions?
Case Studies in Entrepreneurship
Case Studies
Online Auto Sales
Chasing Dreams That Can Become Reality
The Body Shop
Boston Chicken/Boston Market
A Family Affair
Ed's Auto Parts
Entrepreneurs in the Beverage Industry
Entrepreneurs in Space
Opportunities and Threats
Business Plan for One Hand Clapping Records
Business Plan for Fashion Footwear
Business Plan for The Noiz Vodka Bar
Summary of Business Plan Checklists
Using the Checklists
The Executive Summary
The Mission Statement
Analyze the Business Environment
Describe Your Product or Service
Analyze the Competition
Describe Your Pricing Strategies
Describe Your Credit Policy
Describe Your Competitive Advantage
Describe the Market Segmentation Method You Will Use
Describe Your Location
If Your Business Is Retail or Service
If Your Business Is a Manufacturing Plant
If Your Business Is a Wholesale Firm
Describe Your Promotional Plan
Identify Your Management and Personnel
Complete the Financial Section
Start-up Costs and Financing
Discuss Legal Considerations
Identify Insurance Requirements
Identify Suppliers
List Your Uncontrollable Risks
State Your Conclusion
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