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Copyright, ii
Preface, xii
Acknowledgments, xv
Section 1. The Challenge of Entrepreneurship, 1
Chapter 1. Entrepreneurs: The Driving Force Behind Small Business, 1
What Is an Entrepreneur?, 5
How to Spot Entrepreneurial Opportunities, 9
The Benefits of Owning a Small Business, 13
The Potential Drawbacks of Entrepreneurship, 15
Why the Boom: The Fuel Feeding the Entrepreneurial Fire, 18
The Cultural Diversity of Entrepreneurship, 21
The Contributions of Small Businesses, 27
Putting Failure into Perspective, 30
How to Avoid the Pitfalls, 31
Conclusion, 33
Chapter Review, 34
Discussion Questions, 35
Section 2. Building the Business Plan: Beginning Considerations, 38
Chapter 2. Strategic Management and the Entrepreneur, 38
Building a Competitive Advantage, 41
The Strategic Management Process, 43
Conclusion, 69
Chapter Review, 70
Discussion Questions, 71
Chapter 3. Choosing a Form of Ownership, 74
The Sole Proprietorship, 76
The Partnership, 80
The Corporation, 89
Alternative Forms of Ownership, 95
Summary of Selecting the Form of Ownership, 99
Chapter Review, 101
Discussion Questions, 102
Chapter 4. Franchising and the Entrepreneur, 104
What Is a Franchise?, 105
Types of Franchising, 106
The Benefits of Buying a Franchise, 107
Drawbacks of Buying a Franchise, 114
Franchising and the Law, 116
The Right Way to Buy a Franchise, 119
Franchise Contracts, 124
Trends in Franchising, 126
Franchising as a Growth Strategy, 129
Conclusion, 132
Chapter Review, 132
Discussion Questions, 134
Chapter 5. Buying an Existing Business, 135
Buying an Existing Business, 136
The Right Way to Buy a Business, 144
Methods for Determining the Value of a Business, 152
Negotiating the Deal, 162
Chapter Review, 170
Discussion Questions, 171
Chapter 6. Conducting a Feasibility Analysis and Crafting a Winning Business Plan, 173
Conducting a Feasibility Analysis, 174
The Benefits of a Business Plan, 184
The Elements of a Business Plan, 187
What Lenders and Investors Look for in a Business Plan, 200
Making the Business Plan Presentation, 201
Conclusion, 203
Suggested Business Plan Format, 203
Chapter Review, 206
Discussion Questions, 207
Section 3. Building a Business Plan: Financial Issues, 209
Chapter 7. Creating a Solid Financial Plan, 209
Basic Financial Reports, 210
Creating Projected Financial Statements, 214
Ratio Analysis, 221
Interpreting Business Ratios, 235
Breakeven Analysis, 241
Chapter Review, 245
Discussion Questions, 247
Chapter 8. Managing Cash Flow, 249
Cash Management, 250
Cash and Profits Are Not the Same, 253
The Cash Budget, 256
Preparing a Cash Budget, 256
The “Big Three” of Cash Management, 266
Avoiding the Cash Crunch, 275
Conclusion, 280
Chapter Review, 280
Discussion Questions, 281
Section 4. Building a Business Plan: Marketing Your Company, 283
Chapter 9. Building a Guerrilla Marketing Plan, 283
Creating a Guerrilla Marketing Plan, 284
Market Diversity: Pinpointing the Target Market, 286
Determining Customer Needs and Wants Through Market Research, 288
How to Conduct Market Research, 290
Plotting a Guerrilla Marketing Strategy: Building a Competitive Edge, 293
Marketing on the World Wide Web, 313
The Marketing Mix, 315
Chapter Review, 318
Discussion Questions, 319
Chapter 10. Creative Use of Advertising and Promotion, 322
Define Your Company’s Unique Selling Proposition, 323
Creating a Promotional Strategy, 325
Selecting Advertising Media, 330
How to Prepare an Advertising Budget, 357
How to Advertise Big on a Small Budget, 358
Chapter Review, 359
Discussion Questions, 360
Chapter 11. Pricing and Credit Strategies, 362
Pricing: A Creative Blend of Art and Science, 363
Three Powerful Pricing Forces: Image, Competition, and Value, 366
Pricing Strategies and Tactics, 371
Pricing Techniques for Retailers, 378
Pricing Techniques for Manufacturers, 379
Pricing Techniques for Service Businesses, 382
The Impact of Credit on Pricing, 384
Chapter Review, 387
Discussion Questions, 388
Chapter 12. Global Marketing Strategies, 390
Why Go Global?, 392
Going Global: Strategies for Small Businesses, 396
Exporting, 407
Barriers to International Trade, 418
International Trade Agreements, 423
Conclusion, 425
Chapter Review, 426
Discussion Questions, 427
Chapter 13. E-Commerce and Entrepreneurship, 429
Benefits of Selling on the Web, 432
Factors to Consider Before Launching into E-Commerce, 434
Twelve Myths of E-Commerce, 436
Strategies for E-Success, 446
Designing a Killer Web Site, 454
Tracking Web Results, 462
Ensuring Web Privacy and Security, 464
Chapter Review, 467
Discussion Questions, 468
Section 5. Putting the Business Plan to Work: Finding Financing, 470
Chapter 14. Sources of Equity Financing, 470
Planning for Capital Needs, 473
Sources of Equity Financing, 474
Chapter Review, 503
Discussion Questions, 504
Chapter 15. Sources of Debt Financing, 506
Sources of Debt Capital, 509
Non-Bank Sources of Debt Capital, 514
Federally Sponsored Programs, 522
Small Business Administration (SBA), 525
State and Local Loan Development Programs, 530
Internal Methods of Financing, 532
Where Not to Seek Funds, 534
Chapter Review, 535
Discussion Questions, 537
Section 6. Location and Layout, 538
Chapter 16. Location, Layout, and Physical Facilities, 538
The Logic of Location: From Region to State to City to Site, 540
Location Criteria for Retail and Service Businesses, 550
Location Options for Retail and Service Businesses, 555
The Location Decision for Manufacturers, 559
Layout and Design Considerations, 564
Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs, 570
Chapter Review, 578
Discussion Questions, 580
Section 7. Managing a Small Business: Techniques for Enhancing Profitability, 581
Chapter 17. Supply Chain Management, 581
Creating a Purchasing Plan, 583
Quantity: The Economic Order Quantity (EOQ), 590
Timing—When to Order, 600
Managing the Supply Chain: Vendor Analysis and Selection, 606
Legal Issues Affecting Purchasing, 614
Chapter Review, 617
Discussion Questions, 618
Chapter 18. Managing Inventory, 619
Inventory Control Systems, 622
Just-In-Time Inventory Control Techniques, 629
Turning Slow-Moving Inventory into Cash, 633
Protecting Inventory from Theft, 636
Conclusion, 649
Chapter Review, 649
Discussion Questions, 650
Section 8. Managing People: A Company's Most Valuable Resource, 652
Chapter 19. Staffing and Leading a Growing Company, 652
The Entrepreneur’s Role as Leader, 653
Hiring the Right Employees: The Company’s Future Depends on It, 657
Building the Right Culture and Organizational Structure, 667
Communicating Effectively, 673
The Challenge of Motivating Workers, 676
Chapter Review, 690
Discussion Questions, 691
Section 9. Legal Aspects of Small Business: Succession, Ethics, and Government Regulation, 693
Chapter 20. Management Succession and Risk Management Strategies in the Family Business, 693
Family Businesses, 694
Exit Strategies, 698
Management Succession, 702
Developing a Management Succession Plan, 705
Risk Management Strategies, 714
The Basics of Insurance, 715
Controlling Insurance Costs, 726
Chapter Review, 728
Discussion Questions, 730
Chapter 21. Ethics and Social Responsibility: Doing the Right Thing, 731
An Ethical Perspective, 733
Who Is Responsible for Ethical Behavior?, 735
Establishing Ethical Standards, 741
Social Responsibility and Social Entrepreneurship, 745
Putting Social Responsibility into Practice, 746
Conclusion, 763
Chapter Review, 763
Discussion Questions, 764
Chapter 22. The Legal Environment: Business Law and Government Regulation, 766
The Law of Contracts, 768
The Uniform Commercial Code (UCC), 774
Protection of Intellectual Property Rights, 780
The Law of Agency, 789
Bankruptcy, 790
Government Regulation, 792
Chapter Summary, 800
Discussion Questions, 802
Appendix: My Friends’ Bookstore Plan, Dana Waters, 805
Cases, 839
Endnotes, 867
Photo Credits, 891
Index, 893

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