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Contents Preface xi SECTION I THE CHALLENGE OF ENTREPRENEURSHIP 1 Chapter 1 The Foundations of Entrepreneurship 1 The World of the Entrepreneur 2 What Is an Entrepreneur? 3 The Benefits of Entrepreneurship 6 The Potential Drawbacks of Entrepreneurship 7 Behind the Boom: What¿s Feeding the Entrepreneurial Fire? 11 The Cultural Diversity of Entrepreneurship 14 The Power of ¿Small¿ Business 21 The 10 Deadly Mistakes of Entrepreneurship 22 Putting Failure into Perspective 29 How to Avoid the Pitfalls 28 Chapter Summary 30 Discussion Questions 31 Beyond the Classroom... 33 Chapter 2 Inside the Entrepreneurial Mind: From Ideas to Reality 34 Creativity, Innovation, and Entrepreneurship 35 Creativity¿A Necessity for Survival 37 Creative Thinking 39 Barriers to Creativity 42 How to Enhance Creativity 45 The Creative Process 50 Techniques for Improving the Creative Process 54 Protecting Your Ideas 58 Chapter Summary 62 Discussion Questions 63 Beyond the Classroom... 65 SECTION II BUILDING THE BUSINESS PLAN: BEGINNING CONSIDERATIONS 67 Chapter 3 Strategic Management and the Entrepreneur 67 Building a Competitive Advantage 69 The Strategic Management Process 71 Conclusion 93 Chapter Summary 93 Discussion Questions 94 Beyond the Classroom... 96 Chapter 4 Forms of Business Ownership and Franchising 99 The Sole Proprietorship 100 The Partnership 103 Corporations 108 Other Forms of Ownership 111 Franchising 116 Types of Franchising 118 The Benefits of Buying a Franchise 118 The Drawbacks of Buying a Franchise 122 Franchising and the Law 124 The Right Way to Buy a Franchise 126 Trends Shaping Franchising 130 Conclusion 134 Chapter Summary 134 Discussion Questions 135 Beyond the Classroom... 136 Appendix A 137 Chapter 5 Buying an Existing Business 139 Buying an Existing Business 140 The Steps in Acquiring a Business 144 Evaluating an Existing Business¿The Due Diligence Process 147 Methods for Determining the Value of a Business 156 Understanding the Seller¿s Side 164 Negotiating the Deal 167 Chapter Summary 169 Discussion Questions 170 Beyond the Classroom... 171 SECTION III BUILDING THE BUSINESS PLAN: MARKETING CONSIDERATIONS 173 Chapter 6 Building a Powerful Marketing Plan 173 Building a Guerrilla Marketing Plan 174 Pinpointing the Target Market 175 Determining Customer Needs and Wants Through Market Research 177 Plotting a Guerrilla Marketing Strategy: How to Build a Competitive Edge 182 Marketing on the World Wide Web 201 The Marketing Mix 204 Chapter Summary 207 Discussion Questions 208 Beyond the Classroom... 211 Chapter 7 E-Commerce and the Entrepreneur 212 Benefits of Selling on the Web 214 Factors to Consider Before Launching into E-Commerce 216 12 Myths of E-Commerce 218 Approaches to E-Commerce 225 Strategies for E-Success 227 Designing a Killer Web Site 233 Tracking Web Results 239 Ensuring Web Privacy and Security 241 Chapter Summary 244 Discussion Questions 246 Beyond the Classroom... 246 Chapter 8 Integrated Marketing Communications and Pricing Strategies 247 The Basics of a Marketing Communications Plan 248 The Operational Elements of a Marketing Communications Plan 250 Selecting Advertising Media 256 Preparing an Advertising Budget 271 Advertise Big on a Small Budget 274 Pricing: A Creative Blend of Art and Science 276Pricing Strategies and Tactics 279Pricing Strategies and Methods for Retailers 282Pricing Concepts for Manufacturers 284Pricing Strategies and Methods for Service Firms 287The Impact of Credit on Pricing 288Chapter Summary 290Discussion Questions 291Beyond the Classroom... 292 SECTION IV BUILDING THE BUSINESS PLAN: FINANCIAL CONSIDERATIONS 293 Chapter 9 Managing Cash Flow 293 Cash Management 294Cash and Profits Are Not the Same 297The Cash Budget 298Preparing a Cash Budget 298The ¿Big Three¿ of Cash Management 307Avoiding the Cash Crunch 315Conclusion 320Chapter Summary 320Discussion Questions 321Beyond the Classroom... 322 Chapter 10 Creating a Successful Financial Plan 323 Basic Financial Statements 324Creating Projected Financial Statements 327Ratio Analysis 333Interpreting Business Ratios 344Break-Even Analysis 350Chapter Summary 356Discussion Questions 356Beyond the Classroom... 357 Chapter 11 Crafting a Winning Business Plan 358 Why Develop a Business Plan? 359 The Elements of a Business Plan 361 Making the Business Plan Presentation 371 What Lenders and Investors Look for in a Business Plan 372 Conclusion 375 Business Plan Format 375 Chapter Summary 378 Discussion Questions 379 Beyond the Classroom... 380 SECTION V PUTTING THE BUSINESS PLAN TO WORK: BUILDING A COMPETITIVE EDGE 381 Chapter 12 Sources of Financing: Debt and Equity 381 Planning for Capital Needs 383Equity Capital Versus Debt Capital 384Sources of Equity Financing 385The Nature of Debt Financing 403 Federally Sponsored Programs 412 Small Business Administration (SBA) 415 State and Local Loan Development Programs 419 Internal Methods of Financing 419 Chapter Summary 421 Discussion Questions 423 Beyond the Classroom... 424 Chapter 13 Choosing the Right Location and Layout 425 Location: A Source of Competitive Advantage 426 Location Criteria for Retail and Service Businesses 435 Location Options for Retail and Service Businesses 439 The Location Decision for Manufacturers 442 Layout and Design Considerations 445 Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs 450 Build, Buy, or Lease? 459 Chapter Summary 460 Discussion Questions 461 Beyond the Classroom... 462 Chapter 14 Global Aspects of Entrepreneurship 463 Why Go Global? 464 Strategies for Going Global 466 Exporting 472 Barriers to International Trade 478 International Trade Agreements 481 Conclusion 483 Chapter Summary 484 Discussion Questions 485 Beyond the Classroom... 485 Chapter 15 Leading the Growing Company and Planning for Management Succession 486 Leadership in the New Economy 487 Hiring the Right Employees 490 Building the Right Organizational Culture and Structure 496 The Challenge of Motivating Workers 506 Management Succession: Passing the Torch of Leadership 520 Chapter Summary 525 Discussion Questions 526 Beyond the Classroom... 527 Appendix 529 End Notes 549 Index 563
Library of Congress Subject Headings for this publication:
Small business -- Management.
New business enterprises -- Management.