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New Venture Management. Exceptionally practical, this best-selling text teaches budding entrepreneurs the 'hands-on' tools and techniques for launching and managing a small business the right way - and to imbue it with the staying power necessary to succeed and grow in the hotly competitive environment of the 21st century. For courses in Small Business Management, Entrepreneurship, Starting a New Business, Running a Small Business. *NEW - Increased emphasis on the WWW and its application as a business tool. Teaches the basics of the WWW, with examples and hands-on exercises-'Wired to the Web' - in every chapter *NEW - Companion WWW site which provides both professors and students with useful tools in teaching and learning about entrepreneurship and small business management. www.prenhall.com/scarbzim *NEW - All new video package - Adapted from the PBS television series 'Small Business 2000', these eleven videos feature interviews with actual owners, managers, and employees of a variety of small businesses. Video notes are provided in The Instructor's Manual. Brings the real world of entrepreneurs into the classroom *Focus on building a BUSINESS PLAN *NEW - Exceptional revision stre

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• Preface(p. xvii)
• Section I The Challenge of Entrepreneurship(p. 1)
• 1. Entrepreneurs: The Driving Force Behind Small Business(p. 1)
• What Is an Entrepreneur?(p. 4)
• The Benefits of Owning a Small Business(p. 8)
• Opportunity to Gain Control over Your Own Destiny(p. 8)
• Opportunity to Make a Difference(p. 8)
• Opportunity to Reach Your Full Potential(p. 9)
• Opportunity to Reap Unlimited Profits(p. 9)
• Opportunity to Contribute to Society and to Be Recognized for Your Efforts(p. 9)
• Opportunity to Do What You Enjoy Doing(p. 10)
• The Potential Drawbacks of Entrepreneurship(p. 10)
• Uncertainty of Income(p. 10)
• Risk of Losing Your Entire Invested Capital(p. 10)
• Long Hours and Hard Work(p. 12)
• Lower Quality of Life Until the Business Gets Established(p. 12)
• High Levels of Stress(p. 13)
• Complete Responsibility(p. 13)
• Why the Boom: The Fuel Feeding the Entrepreneurial Fire(p. 13)
• Entrepreneurs as Heroes(p. 13)
• Entrepreneurial Education(p. 13)
• Demographic and Economic Factors(p. 13)
• Shift to a Service Economy(p. 14)
• Technological Advancements(p. 14)
• Independent Lifestyle(p. 14)
• The World Wide Web (WWW)(p. 14)
• International Opportunities(p. 15)
• The Cultural Diversity of Entrepreneurship(p. 16)
• Women Entrepreneurs(p. 16)
• Minority Enterprises(p. 18)
• Immigrant Entrepreneurs(p. 19)
• Part-Time Entrepreneurs(p. 19)
• Home-Based Business Owners(p. 20)
• Family Business Owners(p. 21)
• Copreneurs(p. 21)
• Corporate Castoffs(p. 23)
• Corporate Dropouts(p. 24)
• The Contributions of Small Businesses(p. 24)
• The Business Failure Record: Can You Beat the Odds?(p. 25)
• Management Incompetence(p. 25)
• Lack of Experience(p. 27)
• Poor Financial Control(p. 27)
• Lack of Strategic Management(p. 27)
• Uncontrolled Growth(p. 28)
• Inappropriate Location(p. 29)
• Lack of Inventory Control(p. 29)
• Inability to Make the "Entrepreneurial Transition"(p. 29)
• Putting Failure into Perspective(p. 30)
• How to Avoid the Pitfalls(p. 32)
• Know Your Business in Depth(p. 32)
• Prepare a Business Plan(p. 32)
• Manage Financial Resources(p. 32)
• Understand Financial Statements(p. 33)
• Learn to Manage People Effectively(p. 33)
• Set Your Business Apart from the Competition(p. 33)
• Keep in Tune with Yourself(p. 33)
• Chapter Summary(p. 34)
• Discussion Questions(p. 35)
• Step into the Real World(p. 35)
• Section II Building The Business Plan: Beginning Considerations(p. 39)
• 2. Strategic Management and the Entrepreneur(p. 39)
• Building a Competitive Advantage(p. 40)
• The Strategic Management Process(p. 41)
• Step 1 Develop a Clear Vision and Translate It into a Meaningful Mission Statement(p. 41)
• Step 2 Define the Firm's Core Competences and Its Target Market Segment, and Position the Business to Compete Effectively(p. 43)
• Step 3 Assess the Company's Strengths and Weaknesses(p. 47)
• Step 4 Scan the Environment for Significant Opportunities and Threats(p. 47)
• Step 5 Identify the Key Success Factors(p. 48)
• Step 6 Analyze the Competition(p. 50)
• Step 7 Create Company Goals and Objectives(p. 53)
• Step 8 Formulate Strategic Options and Select the Appropriate Strategies(p. 55)
• Step 9 Translate Strategic Plans into Action Plans(p. 63)
• Step 10 Establish Accurate Controls(p. 63)
• Conclusion and Beginning(p. 65)
• Chapter Summary(p. 66)
• Discussion Questions(p. 68)
• Step into the Real World(p. 68)
• 3. Choosing a Form of Ownership(p. 70)
• The Sole Proprietorship(p. 73)
• Advantages of a Sole Proprietorship(p. 73)
• Disadvantages of a Sole Proprietorship(p. 75)
• The Partnership(p. 77)
• The Uniform Partnership Act(p. 78)
• Advantages of the Partnership(p. 79)
• Disadvantages of the Partnership(p. 80)
• Dissolution and Termination of Partnership(p. 81)
• Limited Partnerships(p. 83)
• Master Limited Partnerships(p. 84)
• Limited Liability Partnerships(p. 84)
• The Corporation(p. 84)
• Requirements for Incorporation(p. 85)
• Advantages of the Corporation(p. 86)
• Disadvantages of the Corporation(p. 87)
• The Professional Corporation(p. 89)
• Alternative Forms of Ownership(p. 89)
• The S Corporation(p. 89)
• The Limited Liability Company (LLC)(p. 92)
• The Joint Venture(p. 94)
• Summary of the Major Forms of Ownership(p. 96)
• Chapter Summary(p. 99)
• Discussion Questions(p. 99)
• Step into the Real World(p. 100)
• 4. Franchising and the Entrepreneur(p. 101)
• What Is Franchising?(p. 102)
• Types of Franchising(p. 103)
• What's Behind Franchising's Popularity?(p. 103)
• The Franchisor(p. 104)
• The Franchisee(p. 106)
• Benefits(p. 106)
• Limitations(p. 110)
• What Do Franchisors Look for in a Franchisee?(p. 114)
• Franchising and the Law(p. 116)
• How to Buy a Franchise(p. 118)
• Evaluate Yourself(p. 119)
• Research the Market(p. 119)
• Consider Your Franchise Options(p. 119)
• Get a Copy of the Franchisor's UFOC and Study It(p. 120)
• Talk to Existing Franchisees(p. 120)
• Ask the Franchisor Some Tough Questions(p. 120)
• Make Your Choice(p. 122)
• Franchise Contracts(p. 123)
• Termination(p. 123)
• Renewal(p. 123)
• Transfer and Buybacks(p. 124)
• Trends in Franchising(p. 125)
• International Opportunities(p. 125)
• Smaller, Nontraditional Locations(p. 126)
• Conversion Franchising(p. 127)
• Multiple-Unit Franchising(p. 127)
• Master Franchising(p. 128)
• Piggybacking(p. 128)
• Serving Aging Baby Boomers(p. 128)
• Conclusion(p. 130)
• Chapter Summary(p. 130)
• Discussion Questions(p. 131)
• Step into the Real World(p. 131)
• 5. Buying an Existing Business(p. 134)
• Buying an Existing Business(p. 135)
• Advantages of Buying an Existing Business(p. 135)
• Disadvantages of Buying an Existing Business(p. 137)
• How to Buy a Business(p. 139)
• Analyze Your Skills, Abilities, and Interests(p. 139)
• Develop a List of Criteria(p. 139)
• Prepare a List of Potential Candidates(p. 140)
• Investigate and Evaluate Candidate Businesses and Determine the Value of the Best Ones(p. 141)
• Negotiate the Deal(p. 141)
• Explore Financing Options(p. 142)
• Ensure a Smooth Transition(p. 142)
• Evaluating an Existing Business(p. 144)
• Why Does the Owner Want to Sell?(p. 144)
• What Is the Physical Condition of the Business?(p. 144)
• What Is the Potential for the Company's Products or Services?(p. 145)
• What Legal Aspects Are Important?(p. 147)
• Is the Business Financially Sound?(p. 149)
• Methods for Determining the Value of a Business(p. 151)
• Balance Sheet Method: Net Worth = Assets - Liabilities(p. 153)
• Earnings Approach(p. 155)
• Market Approach(p. 159)
• The Best Method(p. 160)
• Understanding the Seller's Side(p. 160)
• Pick the Right Time(p. 160)
• Plot an Exit Strategy and Structure the Deal(p. 162)
• Negotiating the Deal(p. 165)
• Factors Affecting the Negotiation Process(p. 165)
• The Negotiation Process(p. 165)
• Chapter Summary(p. 167)
• Discussion Questions(p. 168)
• Step into the Real World(p. 169)
• Section III Building the Business Plan: Marketing and Financial Considerations(p. 171)
• 6. Creating the Marketing Plan(p. 171)
• Market-Driven Companies and the Marketing Plan(p. 172)
• The Value of Market Research(p. 174)
• How to Conduct Market Research(p. 177)
• Step 1 Define the Problem(p. 177)
• Step 2 Collect the Data(p. 178)
• Step 3 Analyze and Interpret the Data(p. 179)
• Step 4 Act on the Data(p. 179)
• Market Diversity: Pinpointing the Target Market(p. 181)
• Plotting a Marketing Strategy: Building a Competitive Edge(p. 184)
• Focus on the Customer(p. 186)
• Devotion to Quality(p. 188)
• Attention to Convenience(p. 190)
• Concentration on Innovation(p. 191)
• Dedication to Service and Customer Satisfaction(p. 193)
• Emphasis on Speed(p. 196)
• Marketing on the World Wide Web(p. 197)
• The Marketing Mix(p. 200)
• Product(p. 200)
• Place(p. 203)
• Price(p. 204)
• Promotion(p. 205)
• Chapter Summary(p. 205)
• Discussion Questions(p. 206)
• Step into the Real World(p. 206)
• 7. Creating the Financial Plan(p. 209)
• Basic Financial Reports(p. 210)
• The Balance Sheet(p. 210)
• The Income Statement(p. 210)
• The Statement of Cash Flows(p. 213)
• Creating Projected (Pro Forma) Financial Statements(p. 214)
• The Pro Forma Income Statement(p. 214)
• The Pro Forma Balance Sheet(p. 218)
• Ratio Analysis(p. 220)
• Twelve Key Ratios(p. 223)
• Liquidity Ratios(p. 223)
• Leverage Ratios(p. 224)
• Operating Ratios(p. 226)
• Profitability Ratios(p. 231)
• Interpreting Business Ratios(p. 232)
• What Do All of These Numbers Mean?(p. 234)
• Break-Even Analysis(p. 237)
• Calculating the Break-Even Point(p. 237)
• Adding in a Profit(p. 239)
• Break-Even Point in Units(p. 239)
• Constructing a Break-Even Chart(p. 240)
• Using Break-Even Analysis(p. 242)
• Chapter Summary(p. 242)
• Discussion Questions(p. 243)
• Step into the Real World(p. 243)
• 8. Managing Cash Flow(p. 245)
• Cash Management(p. 246)
• Cash and Profits Are Not the Same(p. 248)
• The Cash Budget(p. 249)
• Preparing the Cash Budget(p. 251)
• Step 1 Determine an Adequate Minimum Cash Balance(p. 256)
• Step 2 Forecast Sales(p. 256)
• Step 3 Forecast Cash Receipts(p. 257)
• Step 4 Forecast Cash Disbursements(p. 259)
• Step 5 Determine the End-of-Month Cash Balance(p. 259)
• The "Big Three" of Cash Management(p. 260)
• Accounts Receivable(p. 260)
• Accounts Payable(p. 267)
• Inventory(p. 271)
• Avoiding the Cash Crunch(p. 271)
• Bartering(p. 271)
• Trimming Overhead Costs(p. 272)
• Investing Surplus Cash(p. 274)
• Conclusion(p. 275)
• Chapter Summary(p. 276)
• Discussion Questions(p. 276)
• Step into the Real World(p. 276)
• 9. Crafting a Winning Business Plan(p. 279)
• Why Develop a Business Plan?(p. 280)
• The Elements of a Business Plan(p. 282)
• The Executive Summary(p. 283)
• Mission Statement(p. 283)
• Company History(p. 284)
• Business and Industry Profile(p. 284)
• Business Strategy(p. 284)
• Description of Firm's Product/Service(p. 286)
• Marketing Strategy(p. 287)
• Competitor Analysis(p. 290)
• Officers' and Owners' Resumes(p. 291)
• Plan of Operation(p. 291)
• Financial Data(p. 291)
• The Request for Funds(p. 292)
• Appearance(p. 294)
• Testing the Plan(p. 294)
• Reality Test(p. 295)
• Competitive Test(p. 295)
• Value Test(p. 295)
• Making the Business Plan Presentation(p. 295)
• Lenders, and What They Look for in a Loan Application(p. 298)
• Capital(p. 298)
• Capacity(p. 298)
• Collateral(p. 298)
• Character(p. 298)
• Conditions(p. 300)
• Business Plan Format(p. 300)
• Chapter Summary(p. 303)
• Discussion Questions(p. 303)
• Step into the Real World(p. 303)
• Section IV Marketing and the Small Business: Building a Competitve Edge(p. 305)
• 10. Pricing for Profit(p. 305)
• Pricing Strategies and Tactics(p. 309)
• New Products: Penetration, Skimming, or Sliding(p. 309)
• Established Goods and Services(p. 310)
• Two Potent Pricing Forces: Image and Competition(p. 315)
• Price Conveys Image(p. 315)
• Competition and Prices(p. 316)
• Pricing Techniques for Retailers(p. 318)
• Markup(p. 319)
• Follow-the-Leader Pricing(p. 320)
• Below-Market Pricing(p. 320)
• Pricing Techniques for Manufacturers(p. 321)
• Direct Costing and Price Formulation(p. 321)
• Computing a Break-Even Selling Price(p. 322)
• Pricing Techniques for Service Firms(p. 326)
• The Impact of Credit on Pricing(p. 328)
• Credit Cards(p. 328)
• Installment Credit(p. 329)
• Trade Credit(p. 329)
• Chapter Summary(p. 331)
• Discussion Questions(p. 331)
• Step into the Real World(p. 332)
• 11. Creative Use of Advertising and Promotion(p. 334)
• Developing an Advertising Strategy(p. 335)
• Advertising versus Promotion(p. 339)
• Publicity(p. 339)
• Personal Selling(p. 340)
• Advertising(p. 342)
• Selecting Advertising Media(p. 342)
• Media Options(p. 345)
• Preparing an Advertising Budget(p. 366)
• How to Advertise Big on a Small Budget(p. 368)
• Cooperative Advertising(p. 368)
• Shared Advertising(p. 370)
• Publicity(p. 370)
• Other Ways to Save(p. 371)
• Chapter Summary(p. 371)
• Discussion Questions(p. 372)
• Step into the Real World(p. 372)
• 12. International Opportunities for Small Business(p. 374)
• Why Go Global?(p. 375)
• Going Global: Strategies for Small Businesses(p. 378)
• The World Wide Web(p. 381)
• Trade Intermediaries(p. 383)
• Joint Ventures(p. 386)
• Foreign Licensing(p. 388)
• International Franchising(p. 389)
• Countertrading and Bartering(p. 390)
• Exporting(p. 390)
• Establishing International Locations(p. 397)
• Barriers to International Trade(p. 398)
• Domestic Barriers(p. 398)
• International Barriers(p. 399)
• Political Barriers(p. 401)
• Business Barriers(p. 401)
• Cultural Barriers(p. 402)
• International Trade Agreements(p. 403)
• Gatt(p. 403)
• Nafta(p. 405)
• Conclusion(p. 406)
• Chapter Summary(p. 407)
• Discussion Questions(p. 408)
• Step into the Real World(p. 408)
• Section V Putting the Business Plan to Work: Sources of Funds(p. 411)
• 13. Sources of Equity Financing(p. 411)
• The Importance of Seed Capital(p. 412)
• Types of Capital(p. 413)
• Sources of Equity Financing(p. 415)
• Personal Savings(p. 416)
• Friends and Relatives(p. 418)
• Angels(p. 420)
• Partners(p. 424)
• Corporate Venture Capital(p. 424)
• Venture Capital Companies(p. 425)
• Public Stock Sale ("Going Public")(p. 429)
• Simplified Registrations and Exemptions(p. 438)
• Simplified Registration: Regulation S-B(p. 438)
• Exemptions(p. 441)
• Alteratives to the IPO Process(p. 444)
• Chapter Summary(p. 449)
• Discussion Questions(p. 450)
• Step into the Real World(p. 450)
• 14. Sources of Debt Financing(p. 453)
• Commercial Banks(p. 455)
• Short-Term Loans(p. 456)
• Intermediate- and Long-Term Loans(p. 458)
• Nonbank Sources of Debt Financing(p. 461)
• Asset-Based Lenders(p. 461)
• Trade Credit(p. 462)
• Equipment Suppliers(p. 463)
• Commercial Finance Companies(p. 463)
• Savings and Loan Associations(p. 464)
• Stock Brokerage Houses(p. 465)
• Insurance Companies(p. 465)
• Credit Unions(p. 466)
• Bonds(p. 466)
• Private Placements(p. 467)
• Small Business Investment Companies(p. 467)
• Small Business Lending Companies(p. 469)
• Federally Sponsored Programs(p. 470)
• Economic Development Administration(p. 470)
• Department of Housing and Urban Development(p. 470)
• Farmer's Home Administration(p. 471)
• Rural Economic and Community Development Agency(p. 471)
• Local Development Companies(p. 471)
• The Small Business Innovation Research Program(p. 472)
• The Small Business Technology Transfer Act of 1992(p. 473)
• Small Business Administration(p. 473)
• SBA Loan Programs(p. 474)
• State and Local Development Programs(p. 480)
• Internal Methods of Financing(p. 481)
• Factoring Accounts Receivable(p. 481)
• Leasing(p. 482)
• Credit Cards(p. 482)
• Other Creative Solutions(p. 484)
• Where Not to Seek Funds(p. 485)
• Chapter Summary(p. 486)
• Discussion Questions(p. 487)
• Step into the Real World(p. 487)
• Section VI Location and Layout: Key Criteria(p. 491)
• 15. Location, Layout, and Physical Facilities(p. 491)
• The Logic of Location: From Region to State to City to Site(p. 492)
• Selecting the Region(p. 492)
• Selecting the State(p. 495)
• Selecting the City(p. 499)
• Selecting the Site(p. 503)
• Location Criteria for Retail and Service Businesses(p. 504)
• Trade Area Size(p. 504)
• Customer Traffic(p. 505)
• Adequate Parking(p. 506)
• Room for Expansion(p. 507)
• Visibility(p. 507)
• Location Options for Retail and Service Businesses(p. 508)
• Central Business District(p. 508)
• Neighborhood Locations(p. 508)
• Shopping Centers and Malls(p. 509)
• Near Competitors(p. 510)
• Outlying Areas(p. 510)
• Home-Based Businesses(p. 512)
• The Location Decision for Manufacturers(p. 512)
• Foreign Trade Zones(p. 513)
• Enpowerment Zones(p. 513)
• Business Incubators(p. 514)
• Layout Considerations: Analyzing the Building(p. 515)
• Size(p. 515)
• Construction and External Appearance(p. 516)
• Entrances(p. 517)
• The Americans with Disabilities Act(p. 517)
• Signs(p. 519)
• Interiors(p. 519)
• Lights and Fixtures(p. 521)
• Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs(p. 522)
• Layout for Retailers(p. 522)
• Layout for Manufacturers(p. 527)
• Build, Buy, or Lease?(p. 531)
• The Decision to Build(p. 532)
• The Decision to Buy(p. 532)
• The Decision to Lease(p. 532)
• Chapter Summary(p. 534)
• Discussion Questions(p. 535)
• Step into the Real World(p. 535)
• Section VII Controlling the Small Business: Techniques for Enhancing Profitability(p. 539)
• 16. Purchasing, Quality Control, and Vendor Analysis(p. 539)
• The Purchasing Plan(p. 540)
• Quality(p. 540)
• Total Quality Management(p. 542)
• Quantity: The Economic Order Quantity (EOQ)(p. 547)
• Cost of Units(p. 547)
• Holding (Carrying) Costs(p. 548)
• Setup (Ordering) Costs(p. 549)
• Solving for EOQ(p. 550)
• Economic Order Quantity (EOQ) with Usage(p. 553)
• Price(p. 554)
• Trade Discounts(p. 556)
• Quantity Discounts(p. 556)
• Cash Discounts(p. 557)
• Timing(p. 559)
• Vendor Analysis(p. 564)
• Vendor Certification(p. 564)
• Finding Supply Sources(p. 567)
• The Final Decision(p. 568)
• Legal Issues Affecting Purchasing(p. 570)
• Title(p. 570)
• Identification(p. 570)
• Risk of Loss(p. 571)
• Insurable Interest(p. 572)
• Receiving Merchandise(p. 572)
• Selling on Consignment(p. 572)
• Chapter Summary(p. 573)
• Discussion Questions(p. 574)
• Step into the Real World(p. 574)
• 17. Managing Inventory(p. 576)
• Inventory Control Systems(p. 578)
• Perpetual Inventory Systems(p. 578)
• Visual Inventory Control Systems(p. 581)
• Partial Inventory Control Systems(p. 581)
• Physical Inventory Count(p. 585)
• Just-in-Time (JIT) Inventory Control Techniques(p. 587)
• Just-in-Time II Techniques(p. 589)
• Turning Slow-Moving Inventory into Cash(p. 590)
• Protecting Inventory from Theft(p. 591)
• Employee Theft(p. 591)
• Shoplifting(p. 598)
• Conclusion(p. 604)
• Chapter Summary(p. 604)
• Discussion Questions(p. 605)
• Step into the Real World(p. 606)
• 18. Using Technology to Gain a Competitive Edge(p. 608)
• Information Technology and Competitive Advantage(p. 610)
• Developing a Technology Plan(p. 611)
• Decide What You Want Your Company to Be Able to Do for Itself and for Your Customers(p. 612)
• Determine the Technology and the Equipment You Will Need to Perform Those Tasks(p. 612)
• Conduct a Technology Audit(p. 613)
• Match Goals and Resources(p. 613)
• Develop a Technology Budget(p. 613)
• Make the Necessary Purchases(p. 613)
• Personal Computers(p. 614)
• Changing the Face of Business(p. 614)
• How to Computerize Your Business(p. 615)
• Choosing Software and Hardware(p. 622)
• Software Considerations(p. 622)
• Hardware Considerations(p. 630)
• The Dark Side of Computers(p. 634)
• Other Technology Choices(p. 637)
• Printers(p. 637)
• Scanners(p. 638)
• Digital Cameras(p. 638)
• Personal Digital Assistants and Pagers(p. 639)
• Telephone, Voice Mail, and E-mail Technology(p. 641)
• Telephone Technology(p. 641)
• Voice Mail(p. 641)
• E-mail(p. 642)
• Chapter Summary(p. 642)
• Discussion Questions(p. 643)
• Step into the Real World(p. 644)
• Section VIII Managing People: The Most Valuable Resource(p. 647)
• 19. Staffing and Leading a Growing Company(p. 647)
• The Entrepreneur's Role As Leader(p. 647)
• Communicating Effectively(p. 650)
• Improving Communication(p. 650)
• That Informal Communication Network: The "Grapevine"(p. 653)
• Hiring the Right Employees(p. 653)
• Create Practical Job Descriptions and Job Specifications(p. 655)
• Plan an Effective Interview(p. 656)
• Conduct the Interview(p. 658)
• Check References(p. 660)
• Conduct Employment Tests(p. 660)
• Building the Right Culture and Structure(p. 662)
• Culture(p. 662)
• Structure(p. 665)
• The Challenge of Motivating Workers(p. 670)
• Empowerment(p. 670)
• Job Design(p. 673)
• Rewards and Compensation(p. 676)
• Feedback(p. 680)
• Chapter Summary(p. 685)
• Discussion Questions(p. 686)
• Step into the Real World(p. 686)
• Section IX Legal Aspects of the Small Business: Succession, Ethics, and Government Regulation(p. 689)
• 20. Management Succession and Risk Management Strategies in the Family Business(p. 689)
• Family Businesses(p. 689)
• Shared Values(p. 690)
• Shared Power(p. 690)
• Tradition(p. 691)
• A Willingness to Learn(p. 691)
• Family Behavior(p. 691)
• Strong Family Ties(p. 691)
• Exit Strategies(p. 692)
• Selling to Outsiders(p. 692)
• Selling to Insiders(p. 693)
• Management Succession(p. 694)
• Developing a Management Succession Plan(p. 698)
• Step 1 Select the Successor(p. 698)
• Step 2 Create a Survival Kit for the Successor(p. 699)
• Step 3 Groom the Successor(p. 700)
• Step 4 Promote an Environment of Trust and Respect(p. 700)
• Step 5 Cope with the Financial Realities of Estate and Gift Taxes(p. 701)
• Risk Management Strategies(p. 705)
• The Basics of Insurance(p. 709)
• Types of Insurance(p. 710)
• Controlling Insurance Costs(p. 718)
• Chapter Summary(p. 720)
• Discussion Questions(p. 721)
• Step into the Real World(p. 721)
• 21. Ethics, Social Responsibility, and the Entrepreneur(p. 723)
• An Ethical Perspective(p. 724)
• Three Levels of Ethical Standards(p. 726)
• An Ethical Framework(p. 728)
• Who Is Responsible for Ethical Behavior?(p. 728)
• The Benefits of Moral Management(p. 728)
• Why Ethical Lapses Occur(p. 731)
• Establishing Ethical Standards(p. 733)
• Implementing and Maintaining Ethical Standards(p. 733)
• The Issue of Social Responsibility(p. 735)
• Putting Social Responsibility into Practice(p. 736)
• Business's Responsibility to the Environment(p. 736)
• Business's Responsibility to Employees(p. 737)
• Cultural Diversity in the Workplace(p. 739)
• Drug Testing(p. 742)
• AIDS(p. 743)
• Sexual Harassment(p. 745)
• Privacy(p. 749)
• Business's Responsibility to Customers(p. 750)
• Right to Safety(p. 750)
• Right to Know(p. 750)
• Right to Be Heard(p. 750)
• Right to Education(p. 751)
• Right to Choice(p. 751)
• Business's Responsibility to Investors(p. 751)
• Business's Responsibility to the Community(p. 752)
• Conclusion(p. 753)
• Chapter Summary(p. 754)
• Discussion Questions(p. 754)
• Step into the Real World(p. 755)
• 22. The Legal Environment: Business Law and Government Regulation(p. 758)
• The Law of Contracts(p. 760)
• Agreement(p. 760)
• Consideration(p. 761)
• Contractual Capacity(p. 762)
• Legality(p. 763)
• Genuineness of Assent and the Form of Contracts(p. 764)
• Breach of Contract(p. 765)
• The Uniform Commercial Code (UCC)(p. 766)
• Sales and Sales Contracts(p. 766)
• Breach of Sales Contracts(p. 768)
• Sales Warranties and Product Liability(p. 769)
• Protection of Intellectual Property(p. 772)
• Patents(p. 772)
• Trademarks(p. 774)
• Copyrights(p. 776)
• Protecting Intellectual Property(p. 776)
• The Law of Agency(p. 777)
• Bankruptcy(p. 778)
• Chapter 7 Liquidations(p. 778)
• Chapter 11 Reorganization(p. 779)
• Chapter 13 Individual Repayment Plans(p. 780)
• Government Regulation(p. 780)
• Trade Practices(p. 780)
• Consumer Protection(p. 783)
• Consumer Credit(p. 784)
• Environmental Law(p. 785)
• Chapter Summary(p. 786)
• Discussion Questions(p. 787)
• Step into the Real World(p. 787)
• Appendix Nature's Oven Business Plan(p. A-1)
• Index(p. I-1)
• Photo Credits(p. I-16)