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For courses in Entrepreneurship and Small Business Management.

At the heart of a successful business is a sound business plan. Capturing this reality, Entrepreneurship, 4th Edition focuses on basic entrepreneurial concepts and demonstrates how to develop an effective and thorough business plan. Organized in two-parts, it discusses ways to start, manage, and grow a business, all within the context of a sound business plan. Unique in emphasis, it blends theory and practice, current entrepreneurial research and concerns, and step-by-step guidelines for developing a business plan. Case examples and sample business plans keep readers motivated and help them learn how to transform their own ideas into their own entrepreneurial success.

Tabla de contenidos provista por Syndetics

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

Notas de autor provistas por Syndetics

Peggy A. Lambing

University of Missouri - St. Louis

Charles R. Kuehl

University of Missouri - St. Louis

Peggy Lambing has experienced entrepreneurship from several perspectives--as
a business owner, as a small business consultant, and as an educator. She and her husband owned a
tool and equipment distributorship during the 1980s that was sold at a profit after five years. She
has provided small business consulting services for 18 years, specializing in helping entrepreneurs
obtain financing. In addition, she has taught entrepreneurship and small business management
classes at the University of Missouri-St. Louis since 1980 and has served as the director of the
university's Small Business Institute program. She received her bachelor of science in business
admin- istration degree and a master's degree in business from the University of Missouri- St.
Louis.
Charles R. Kuehl is a member of the management faculty at the University of Missouri-St. Louis. He
has published in various scholarly journals and is coauthor of Small Business: Planning and
Management, third edition. He received his baccalau- reate, master's, and doctoral degrees from the
University of Iowa. His teaching and re- search areas include entrepreneurship, strategic
management, international business, and organizational behavior.