Description

For undergraduate and graduate courses in entrepreneurship and/or small business management.

Discover how to successfully launch and manage a small business.

Open your students’ minds to the possibilities, challenges, and rewards of becoming a small business owner with Entrepreneurship and Effective Small Business Management. This text provides students with the tools they need in order to launch and manage a small business.

This Eleventh Edition continues to provide students with a practical, hands-on approach to launch a business that has the greatest chance for success. This edition features ten new cases and the most recent statistics, studies, surveys, and research about entrepreneurship and small business management.

Features

Get Students to Think Critically About Concepts

• NEW! Ten Cases. This edition includes 10 new brief cases that cover a variety of topics (see the Case Matrix that appears on the inside cover). All of the cases are about small companies, and most are real companies that your students can research online. These cases challenge them to think critically about a variety of topics that are covered in the book—from managing cash flow in a seasonal business and choosing a location for a restaurant’s second branch to deciding how to deal with the Affordable Care Act and setting prices for a social entrepreneur’s eco-friendly apparel.
• NEW! In the Entrepreneurial Spotlight. Almost all of the “In the Entrepreneurial Spotlight” features are new to this edition. These inspirational true stories invite students to explore the inner workings of entrepreneurship by advising entrepreneurs who face a variety of real-world business issues. Topics addressed in these “Spotlights” include college students applying the entrepreneurial skills they are learning in their classes by starting businesses while they are still in school, entrepreneurs who discover that for them franchising is the ideal path to entrepreneurship, a television makeup artist who launched her own line of makeup and faces decisions about promoting it, entrepreneurs who are enhancing their companies’ e-commerce efforts with social media, and many others.
• NEW! Lessons from the Street-Smart Entrepreneur. To emphasize the practical nature of this book, every chapter includes a new or updated “Lessons from the Street-Smart Entrepreneur” feature that focuses on a key concept and offers practical advice about how your students can put it to practice in their own companies. These features include topics such as “Questions to Spur the Imagination,” “Thriving on Change,” “How to Make Your Business Ready for Global E-Commerce,” “E-Mail Ads That Produce Results,” “How to Set Up an ESOP,” and many others.

Encourage Students to Apply Concepts

• NEW! Real-World Examples. Almost all of the real-world examples in this edition are new and are easy to spot because they are highlighted by in-margin markers. These examples allow students to see how entrepreneurs are putting into practice the concepts that they are learning in the book and in your class. These examples are designed to help them to remember the key concepts in the course. The business founders in these examples also reflect the diversity that makes entrepreneurship a vital part of the global economy.
• NEW! Entrepreneurship in Action. These short cases are available to give students the opportunity to apply the concepts they’re learning in the course to actual business scenarios. We have updated all of the “Entrepreneurship in Action” features that have proved to be so popular with both students and professors. Every chapter contains at least one of these short cases that describes a decision that an entrepreneur faces and asks students to assume the role of consultant and advise the entrepreneur on the best course of action. This feature includes the fascinating stories of entrepreneurs who see space as the next entrepreneurial frontier (including Elon Musk’s SpaceX and Richard Branson’s Virgin Galactic), professional athletes who have become successful franchisees (including Jamal Mashburn, Drew Brees, and Angelo Crowell), and using bootstrap marketing techniques to build a name in the music industry (Erin Anderson, founder of Olivia Management). Each one poses a problem or an opportunity, in

New to this Edition

Get Students to Think Critically About Concepts

• NEW! Ten Cases. This edition includes 10 new brief cases that cover a variety of topics (see the Case Matrix that appears on the inside cover). All of the cases are about small companies, and most are real companies that your students can research online. These cases challenge them to think critically about a variety of topics that are covered in the book–from managing cash flow in a seasonal business and choosing a location for a restaurant’s second branch to deciding how to deal with the Affordable Care Act and setting prices for a social entrepreneur’s eco-friendly apparel.
• NEW! In the Entrepreneurial Spotlight. Almost all of the “In the Entrepreneurial Spotlight” features are new to this edition. These inspirational true stories invite students to explore the inner workings of entrepreneurship by advising entrepreneurs who face a variety of real-world business issues. Topics addressed in these “Spotlights” include college students applying the entrepreneurial skills they are learning in their classes by starting businesses while they are still in school, entrepreneurs who discover that for them franchising is the ideal path to entrepreneurship, a television makeup artist who launched her own line of makeup and faces decisions about promoting it, entrepreneurs who are enhancing their companies’ e-commerce efforts with social media, and many others.
• NEW! Lessons from the Street-Smart Entrepreneur. To emphasize the practical nature of this book, every chapter includes a new or updated “Lessons from the Street-Smart Entrepreneur” feature that focuses on a key concept and offers practical advice about how your students can put it to practice in their own companies. These features include topics such as “Questions to Spur the Imagination,” “Thriving on Change,” “How to Make Your Business Ready for Global E-Commerce,” “E-Mail Ads That Produce Results,” “How to Set Up an ESOP,” and many others.

Encourage Students to Apply Concepts

• NEW! Real-World Examples. Almost all of the real-world examples in this edition are new and are easy to spot because they are highlighted by in-margin markers. These examples allow students to see how entrepreneurs are putting into practice the concepts that they are learning in the book and in your class. These examples are designed to help them to remember the key concepts in the course. The business founders in these examples also reflect the diversity that makes entrepreneurship a vital part of the global economy.
• NEW! Entrepreneurship in Action. These short cases are available to give students the opportunity to apply the concepts they’re learning in the course to actual business scenarios. We have updated all of the “Entrepreneurship in Action” features that have proved to be so popular with both students and professors. Every chapter contains at least one of these short cases that describes a decision that an entrepreneur faces and asks students to assume the role of consultant and advise the entrepreneur on the best course of action. This feature includes the fascinating stories of entrepreneurs who see space as the next entrepreneurial frontier (including Elon Musk’s SpaceX and Richard Branson’s Virgin Galactic), professional athletes who have become successful franchisees (including Jamal Mashburn, Drew Brees, and Angelo Crowell), and using bootstrap marketing techniques to build a name in the music industry (Erin Anderson, founder of Olivia Management). Each one poses a problem or an opportunity, includes

Table of Contents

Section 1:  The Rewards and Challenges of Entrepreneurship

1.   Entrepreneurs: The Driving Force Behind Small Business

2.   Ethics and Social Responsibility: Doing the Right Thing

3.     Creativity and Innovation: Keys to Entrepreneurial Success

4.   Strategic Management and the Entrepreneur

 

Section 2:  Launching a Venture:  Entry Strategies

5.   Choosing a Form of Ownership

6.   Franchising and the Entrepreneur

7.   Buying an Existing Business

8.  New Business Planning Process: Feasibility Analysis, Business Modeling, and Crafting a Winning Business Plan

 

Section 3:  Building a Marketing Plan

9.    Building a Bootstrap Marketing Plan

10. Creative Use of Advertising and Promotion

11. Pricing and Credit Strategies

12. Global Marketing Strategies

13. E-Commerce and Entrepreneurship

 

Section 4:  Building a Financial Plan

14. Creating a Solid Financial Plan

15. Managing Cash Flow

16. Sources of Equity Financing

17. Sources of Debt Financing

 

Section 5:  Building an Operating Plan

18. Location, Layout, and Physical Facilities

19. Supply Chain Management

20. Managing Inventory

21. Staffing and Leading a Growing Company

 

Section 6:  Legal Aspects of Small Business:  Succession, Ethics, and Government Regulation

22. Management Succession and Risk Management Strategies in the Family Business

23. The Legal Environment: Business Law and Government Regulation