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• Brief Contents
• Contents
• Dedication
• Preface
• Acknowledgments
• Section I : The Rewards and Challenges of Entrepreneurship
• Chapter 1 : Entrepreneurs: The Driving Force Behind Small Business
• The Role of the Entrepreneur
• What is an Entrepreneur?
• Entrepreneurship in Action : Space: The Next Entrepreneurial Frontier?
• How to Spot Entrepreneurial Opportunities
• Monitor Trends and Exploit Them Early On
• Travel—and Be Inspired
• Take a Different Approach to an Existing Market
• Put a New Twist on an Old Idea
• Look for Creative Ways to Use Existing Resources
• Realize That Others Have the Same Problem You Do
• Take Time to Play
• Notice What is Missing
• The Benefits of Owning a Small Business
• Opportunity to Gain Control over Your Own Destiny
• Opportunity to Make a Difference
• Opportunity to Reach Your Full Potential
• Opportunity to Reap Impressive Profits
• Opportunity to Contribute to Society and Be Recognized for Your Efforts
• Opportunity to Do What You Enjoy Doing
• The Potential Drawbacks of Entrepreneurship
• Uncertainty of Income
• Risk of Losing Your Entire Invested Capital
• Long Hours and Hard Work
• Lower Quality of Life Until the Business Gets Established
• High Levels of Stress
• Complete Responsibility
• Discouragement
• Why the Boom: The Fuel Feeding the Entrepreneurial Fire
• Entrepreneurs as Heroes
• Entrepreneurial Education
• Shift to a Service Economy
• Technology Advancements
• Outsourcing
• Independent Lifestyle
• E-Commerce, the Internet, and Mobile Computing
• International Opportunities
• In the Entrepreneurial Spotlight : Collegiate Entrepreneurs
• The Cultural Diversity of Entrepreneurship
• Young Entrepreneurs
• Women Entrepreneurs
• Minority Enterprises
• Immigrant Entrepreneurs
• Part-Time Entrepreneurs
• Home-Based Business Owners
• Family Business Owners
• Copreneurs
• Corporate Castoffs
• Corporate “Dropouts”
• Retired Baby Boomers
• The Contributions of Small Businesses
• Lessons from the Street-Smart Entrepreneur : Bulletproofing Your Start-Up
• Putting Failure into Perspective
• How to Avoid the Pitfalls
• Know Your Business in Depth
• Prepare a Business Plan
• Manage Financial Resources
• Understand Financial Statements
• Learn to Manage People Effectively
• Set Your Business Apart from the Competition
• Maintain a Positive Attitude
• Conclusion—and a Look Ahead
• Chapter Review
• Discussion Questions
• Chapter 2 : Ethics and Social Responsibility: Doing the Right Thing
• An Ethical Perspective
• Three Levels of Ethical Standards
• Immoral, Amoral, and Moral Management
• The Benefits of Moral Management
• Establishing an Ethical Framework
• Why Ethical Lapses Occur
• An Unethical Employee
• An Unethical Organizational Culture
• Moral Blindness
• Competitive Pressures
• Opportunity Pressures
• Globalization of Business
• Establishing and Maintaining Ethical Standards
• Establishing Ethical Standards
• Maintaining Ethical Standards
• Entrepreneurship in Action : Don’t Just Do It, Do It Right.
• Social Entrepreneurship
• In the Entrepreneurial Spotlight : Making a Profit and Making a Difference
• Social Responsibility
• Business’s Responsibility to the Environment
• Business’s Responsibility to Employees
• Cultural Diversity in the Workplace
• Drug Testing
• HIV/AIDS
• Sexual Harassment
• Lessons from the Street-Smart Entrepreneur : How to Avoid Sexual Harassment Charges
• Privacy
• Entrepreneurship in Action : Think Before You Hit “Post” on Facebook
• Business’s Responsibility to Customers
• Right to Safety
• Right to Know
• Right to Be Heard
• Right to Education
• Right to Choice
• Business’s Responsibility to Investors
• Business’s Responsibility to the Community
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 3 : Creativity and Innovation: Keys to Entrepreneurial Success
• Creativity, Innovation, and Entrepreneurship
• Creativity—Essential to Survival
• Can Creativity Be Taught?
• Creative Thinking
• In the Entrepreneurial Spotlight : The Ingredients of Creativity
• Barriers to Creativity
• Lessons from the Street-Smart Entrepreneur : Questions to Spur the Imagination
• How to Enhance Creativity
• Enhancing Organizational Creativity
• Enhancing Individual Creativity
• In the Entrepreneurial Spotlight : How to Create a Culture of Creativity and Innovation
• The Creative Process
• Step 1. Preparation
• Step 2. Investigation
• Step 3. Transformation
• Step 4. Incubation
• Step 5. Illumination
• Step 6. Verification
• Step 7. Implementation
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 4 : Strategic Management and the Entrepreneur
• Building a Competitive Advantage
• The Strategic Management Process
• Step 1. Develop a Clear Vision and Translate It into a Meaningful Mission Statement
• Lessons from the Street-Smart Entrepreneur : Thriving on Change
• Step 2. Assess the Company’s Strengths and Weaknesses
• Step 3. Scan the Environment for Significant Opportunities and Threats Facing the Business
• Step 4. Identify the Key Factors for Success in the Business
• Step 5. Analyze the Competition
• Step 6. Create Company Goals and Objectives
• Entrepreneurship in Action : Vizio: Disrupting Another Market
• Step 7. Formulate Strategic Options and Select the Appropriate Strategies
• In the Entrepreneurial Spotlight : Strategies for Success
• Step 8. Translate Strategic Plans into Action Plans
• Step 9. Establish Accurate Controls
• Conclusion
• Chapter Review
• Discussion Questions
• Section II : Launching a Venture: Entry Strategies
• Chapter 5 : Choosing a Form of Ownership
• The Sole Proprietorship
• Advantages of a Sole Proprietorship
• Lessons from the Street-Smart Entrepreneur : Get That Name Right!
• Disadvantages of the Sole Proprietorship
• Entrepreneurship in Action : The Pain of Partnership
• The Partnership
• The Uniform Partnership Act
• Advantages of the Partnership
• Lessons from the Street-Smart Entrepreneur : How to Avoid a Business Divorce
• Disadvantages of the Partnership
• Limited Partnerships
• Limited Liability Partnerships
• The Corporation
• Requirements for Incorporation
• Advantages of the Corporation
• Disadvantages of the Corporation
• Professional Corporations
• The S Corporation
• Advantages of an S Corporation
• Disadvantages of an S Corporation
• When is an S Corporation a Wise Choice?
• The Limited Liability Company
• Social Enterprises
• In the Entrepreneurial Spotlight : From the Life on the Street to Running a Business
• Nonprofit Organizations
• Chapter Review
• Discussion Questions
• Chapter 6 : Franchising and the Entrepreneur
• What is a Franchise?
• Types of Franchising
• The Benefits of Buying a Franchise
• A Business System
• Management Training and Support
• Brand-Name Appeal
• Standardized Quality of Goods and Services
• National Advertising Programs
• Financial Assistance
• Proven Products and Business Formats
• Centralized Buying Power
• Site Selection and Territorial Protection
• Increased Chance for Success
• Drawbacks of Buying a Franchise
• Franchise Fees and Ongoing Royalties
• Strict Adherence to Standardized Operations
• Restrictions on Purchasing
• Limited Product Line
• Market Saturation
• Limited Freedom
• No Guarantee of Success
• Franchising and the Law
• Entrepreneurship in Action : After the Cheering Stops
• The Right Way to Buy a Franchise
• Evaluate Yourself
• Research the Market
• Consider Your Franchise Options
• Get a Copy of the FDD and Study It
• Talk to Existing Franchisees
• Ask the Franchisor Some Tough Questions
• Make Your Choice
• Lessons from the Street-Smart Entrepreneur : Make Sure You Select the Right Franchise
• Franchise Contracts
• Termination
• Renewal
• Transfer and Buybacks
• In the Entrepreneurial Spotlight : The Allure of Franchising
• Trends in Franchising
• Changing Face of Franchisees
• Multiple-Unit Franchising
• International Opportunities
• In the Entrepreneurial Spotlight : The Middle East: A Hot Spot for Franchising
• Smaller, Nontraditional Locations
• Conversion Franchising
• Refranchising
• Area Development and Master Franchising
• Cobranding
• Serving Dual-Career Couples and Aging Baby Boomers
• Franchising as a Growth Strategy
• Unique Concept
• Replicable
• Expansion Plan
• Due Diligence
• Legal Guidance
• Support for Franchisees
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 7 : Buying an Existing Business
• Buying an Existing Business
• Advantages of Buying an Existing Business
• Disadvantages of Buying an Existing Business
• The Search Stage
• Self-Inventory
• Develop a List of Criteria
• Potential Candidates
• Investigation
• Lessons from the Street-Smart Entrepreneur : Don’t Get Burned When You Buy a Business
• The Deal Stage
• Methods for Determining the Value of a Business
• In the Entrepreneurial Spotlight : Bond Coffee
• Negotiating the Deal
• Letter of Intent
• The Due Diligence Process
• Entrepreneurship in Action : What’s the Deal?
• The Transition Stage
• Chapter Review
• Discussion Questions
• Chapter 8 : New Business Planning Process: Feasibility Analysis, Business Modeling, and Crafting a W
• Conducting a Feasibility Analysis
• Industry and Market Feasibility Analysis
• Product or Service Feasibility Analysis: Is There a Market?
• Financial Feasibility Analysis: Is There Enough Margin?
• Entrepreneur Feasibility: Is This Idea Right for Me?
• Developing and Testing a Business Model
• Value Proposition
• Customer Segments
• Customer Relationships
• Channels
• Key Activities
• Key Resources
• Key Partners
• Revenue Streams
• Cost Structure
• Entrepreneurship in Action : The Evolution of CoolPeopleCare’s Business Model
• The Benefits of Creating a Business Plan
• Three Tests That Every Business Plan Must Pass
• Reality Test
• Competitive Test
• Value Test
• In the Entrepreneurial Spotlight : The Battle of the Plans
• The Elements of a Business Plan
• Title Page and Table of Contents
• The Executive Summary
• Mission and Vision Statement
• Company History
• In the Entrepreneurial Spotlight : A Business Plan: Don’t Launch Without It
• Description of Firm’s Product or Service
• Business and Industry Profile
• Goals and Objectives
• Business Strategy
• Competitor Analysis
• Marketing Strategy
• Visualizing a Venture’s Risks and Rewards
• What Lenders and Investors Look for in a Business Plan
• Capital
• Capacity
• Collateral
• Character
• Conditions
• The Pitch: Making the Business Plan Presentation
• Conclusion
• Suggested Business Plan Elements
• Chapter Review
• Discussion Questions
• Section III : Building a Marketing Plan
• Chapter 9 : Building a Bootstrap Marketing Plan
• Creating a Bootstrap Marketing Plan
• In the Entrepreneurial Spotlight : Bootstrap Marketing in the New Music Industry
• Market Diversity: Pinpointing the Target Market
• Determining Customer Needs and Wants Through Market Research
• How to Conduct Market Research
• In the Entrepreneurial Spotlight : Bootstrap Marketing Using Databases
• Plotting a Bootstrap Marketing Strategy: Building a Competitive Edge
• Find a Niche and Fill It
• Retain Existing Customers
• Concentration on Innovation
• The Marketing Mix
• Product
• Promotion
• Lessons from the Street-Smart Entrepreneur : Marketing to Millennials
• Price
• Place
• Chapter Review
• Discussion Questions
• Chapter 10 : Creative Use of Advertising and Promotion
• Define Your Company’s Unique Selling Proposition
• Creating a Promotional Strategy
• Publicity
• Personal Selling
• Entrepreneurship in Action : Should an Ambulance Service Hire Its First Sales Representative?
• Advertising
• Selecting Advertising Media
• Media Options
• Lessons from the Street-Smart Entrepreneur : E-Mail Ads That Produce Results
• How to Prepare an Advertising Budget
• How to Advertise Big on a Small Budget
• Cooperative Advertising
• Shared Advertising
• Stealth Advertising
• Other Ways to Save
• Chapter Review
• Discussion Questions
• Chapter 11 : Pricing and Credit Strategies
• Pricing: A Creative Blend of Art and Science
• Three Powerful Pricing Forces: Image, Competition, and Value
• Price Conveys Image
• Competition and Prices
• Focus on Value
• Pricing Strategies and Tactics
• New Product Pricing: Penetration, Skimming, or Sliding
• Pricing Techniques for Established Products and Services
• In the Entrepreneurial Spotlight : How to Compete with Cheap Knockoffs of Your Successful Product
• Entrepreneurship in Action : Social Coupons: Beneficial—or Just Plain Bad—for Business?
• Lessons from the Street-Smart Entrepreneur : Enhancing Your Company’s Pricing Power
• Pricing Techniques for Retailers
• Markup
• Pricing Techniques for Manufacturers
• Direct Costing and Pricing
• Computing a Break-Even Selling Price
• Pricing Techniques for Service Businesses
• The Impact of Credit on Pricing
• Entrepreneurship in Action : To Accept Credit Cards or Not: That is the Question
• Credit Cards
• Chapter Review
• Discussion Questions
• Chapter 12 : Global Marketing Strategies
• Why Go Global?
• Going Global: Strategies for Small Businesses
• Creating a Presence on the Web
• In the Entrepreneurial Spotlight : Going Global One Step at a Time
• Relying on Trade Intermediaries
• The Value of Using Trade Intermediaries
• Joint Ventures
• Foreign Licensing
• International Franchising
• Entrepreneurship In Action : Growing Beyond the Borders
• Countertrading and Bartering
• Exporting
• Lessons from the Street-Smart Entrepreneur : Finding Your Place in the World
• Establishing International Locations
• Importing and Outsourcing
• Barriers to International Trade
• Domestic Barriers
• International Barriers
• Political Barriers
• Business Barriers
• Cultural Barriers
• International Trade Agreements
• World Trade Organization
• North American Free Trade Agreement
• The Dominican Republic-Central America Free Trade Agreement
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 13 : E-Commerce and Entrepreneurship
• Factors to Consider Before Launching into E-Commerce
• Ten Myths of E-Commerce
• Myth 1. If I Launch a Site, Customers Will Flock to It
• Myth 2. Online Customers Are Easy to Please
• Myth 3. Making Money on the Web is Easy
• Myth 4. Privacy is Not an Important Issue on the Web
• Myth 5. “Strategy? I Don’t Need a Strategy to Sell on the Web! Just Give Me a Web Site, and the
• Myth 6. The Most Important Part of Any E-Commerce Effort is Technology
• Myth 7. On the Web, Customer Service is Not as Important as It is in a Traditional Retail Store
• Myth 8. Flashy Web Sites Are Better Than Simple Ones
• Myth 9. It’s What’s Up Front That Counts
• Myth 10. My Business Doesn’t Need a Web Site
• Strategies for E-Success
• Focus on a Niche in the Market
• Develop a Community
• Attract Visitors by Giving Away “Freebies”
• Make Creative Use of E-Mail, but Avoid Becoming a “Spammer”
• Sell the “Experience”
• Make Sure Your Web Site Says “Credibility”
• Make the Most of the Internet’s Global Reach
• Lessons from the Street-Smart Entrepreneur : How to Make Your Business Ready for Global E-Commerce
• Go Mobile
• Promote Your Web Site Online and Offline
• Use Social Media Tools to Attract and Retain Customers
• Entrepreneurship in Action : Enhancing E-Commerce with Social Media
• Capture Local Traffic
• Develop an Effective Search Engine Optimization Strategy
• Designing a Killer Web Site
• Decide How to Bring Your Site to Life
• Start with Your Target Customer
• Give Customers What They Want
• Select an Intuitive Domain Name
• Make Your Web Site Easy to Navigate
• Provide Customer Ratings and Reviews
• Offer Suggestions for Related Products
• Add Wish List Capability
• Create a Gift Idea Center
• Establish the Appropriate Call to Action on Each Page
• Build Loyalty by Giving Online Customers a Reason to Return to Your Web Site
• Establish Hyperlinks with Other Businesses, Preferably Those Selling Products or Services That Compl
• Include an E-Mail Option, an Address, and a Telephone Number on Your Site
• Give Shoppers the Ability to Track Their Orders Online
• Offer Web-Only Specials
• Use the Power of Social Media
• Use Customer Testimonials
• Follow a Simple Design
• Assure Customers That Online Transactions are Secure
• Post Shipping and Handling Charges Up Front
• Create a Fast, Simple Checkout Process
• Provide Customers Multiple Payment Options
• Confirm Transactions
• Keep Your Site Fresh
• Rely on Analytics to Improve Your Site
• Test Your Site Often
• Consider Hiring a Professional Designer
• In the Entrepreneurial Spotlight : Web Site Makeovers
• Tracking Web Results
• Software Solutions
• Ensuring Web Privacy and Security
• Privacy
• Security
• Chapter Review
• Discussion Questions
• Section IV : Building a Financial Plan
• Chapter 14 : Creating a Solid Financial Plan
• Basic Financial Reports
• The Balance Sheet
• The Income Statement
• The Statement of Cash Flows
• Creating Projected Financial Statements
• Projected Statements for the Small Business
• Ratio Analysis
• 12 Key Ratios
• In the Entrepreneurial Spotlight : Pitcher Strikes Out While Trying to Hit a Home Run
• Interpreting Business Ratios
• What Do All These Numbers Mean?
• Lessons from the Street-Smart Entrepreneur : Gaining a Competitive Edge
• Break-Even Analysis
• Calculating the Break-Even Point
• Adding a Profit
• Break-Even Point in Units
• Constructing a Break-Even Chart
• Using Break-Even Analysis
• In the Entrepreneurial Spotlight : Open Book Management
• Chapter Review
• Discussion Questions
• Chapter 15 : Managing Cash Flow
• Cash Management
• Cash and Profits are Not the Same
• In the Entrepreneurial Spotlight : Cash Flow and Pass-Through Entities
• Preparing a Cash Budget
• Lessons from the Street-Smart Entrepreneur : A Short Season
• Step 1: Determining an Adequate Minimum Cash Balance
• Step 2: Forecasting Sales
• Step 3: Forecasting Cash Receipts
• Step 4: Forecasting Cash Disbursements
• Step 5: Estimating the End-of-Month Cash Balance
• Entrepreneurship in Action : Rowena’s Cash Budget
• The “Big Three” of Cash Management
• Accounts Receivable
• Accounts Payable
• Inventory
• In the Entrepreneurial Spotlight : Be Ready for Inflation!
• Bootstrapping to Avoid the Cash Crunch
• Bootstrapping Overhead
• Bootstrapping Employee Costs
• Bootstrapping Operating Costs
• Other Tools for Bootstrapping and Preserving Cash
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 16 : Sources of Equity Financing
• Planning for Capital Needs
• Fixed Capital
• Working Capital
• Sources of Equity Financing
• Funding from Founders
• In the Entrepreneurial Spotlight : Bootstrapping a Technology Start-Up
• Friends and Family Members
• Crowdfunding
• Accelerators
• Entrepreneurship in Action : Launching a Business in a University Accelerator
• Angels
• Strategic Investments Through Corporate Venture Capital
• In the Entrepreneurial Spotlight : Funding Does Not Ensure Success
• Venture Capital Companies
• Policies and Investment Strategies
• Public Stock Sale (“Going Public”)
• Chapter Review
• Discussion Questions
• Chapter 17 : Sources of Debt Financing
• In the Entrepreneurial Spotlight : A Tale of Two Borrowers
• Sources of Debt Capital
• Commercial Banks
• Short-Term Loans
• Intermediate- and Long-Term Loans
• Lessons from the Street-Smart Entrepreneur : How to Maintain a Positive Relationship with Your Banke
• Nonbank Sources of Debt Capital
• Asset-Based Lenders
• Trade Credit
• Equipment Suppliers
• Commercial Finance Companies
• Stock Brokerage Houses
• Insurance Companies
• Credit Unions
• Bonds
• Private Placements
• Small Business Investment Companies
• Federally Sponsored Programs
• Economic Development Administration
• Department of Housing and Urban Development
• U.S. Department of Agriculture’s Rural Business and Cooperative Program and Business Program
• Small Business Innovation Research Program
• Entrepreneurship in Action : Where Do We Turn Now?
• The Small Business Technology Transfer Program
• Small Business Administration
• SBA Express Loan Programs
• SBA Loan Programs
• State and Local Loan Development Programs
• In the Entrepreneurial Spotlight : Alternative Sources of Financing
• Other Methods of Financing
• Factoring Accounts Receivable
• Leasing
• Cash Advances
• Peer-to-Peer Loans
• Credit Cards
• Where Not to Seek Funds
• Chapter Review
• Discussion Questions
• Section V : Building an Operating Plan
• Chapter 18 : Location, Layout, and Physical Facilities
• Stages in the Location Decision
• Selecting the Region
• Selecting the State
• Selecting the City
• The Final Site Selection
• Entrepreneurship in Action : The Ideal Spot
• Location Criteria for Retail and Service Businesses
• Trade Area Size
• Customer Traffic
• Adequate Parking
• Reputation
• Visibility
• The Index of Retail Saturation
• Reilly’s Law of Retail Gravitation
• In the Entrepreneurial Spotlight : Transformed Locations
• Location Options for Retail and Service Businesses
• Central Business District
• Neighborhood Locations
• Shopping Centers and Malls
• Near Competitors
• Shared Spaces
• Inside Large Retail Stores
• Nontraditional Locations
• Home-Based Businesses
• On the Road
• Lessons from the Street-Smart Entrepreneur : How to Launch a Successful Pop-Up Shop
• The Location Decision for Manufacturers
• Foreign Trade Zones
• Business Incubators
• Layout and Design Considerations
• Size and Adaptability
• External Appearance
• Entrances
• The Americans with Disabilities Act
• Signs
• Interiors
• Drive-Through Windows
• Sight, Sound, Scent, and Lighting
• Sustainability and Environmentally Friendly Design
• Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs
• Layout for Retailers
• In the Entrepreneurial Spotlight : The Secrets of Successful Retail Layouts
• Layout for Manufacturers
• Chapter Review
• Discussion Questions
• Chapter 19 : Supply Chain Management
• Lessons from the Street-Smart Entrepreneur : How to Manage Supply Chain Risk
• Creating a Purchasing Plan
• Quality
• Quantity: The Economic Order Quantity
• Cost of Units
• Holding (Carrying) Costs
• Setup (Ordering) Costs
• Solving for EOQ
• EOQ with Usage
• Price
• Trade Discounts
• Quantity Discounts
• Cash Discounts
• Timing—When to Order
• Managing the Supply Chain: Vendor Analysis and Selection
• In the Entrepreneurial Spotlight : Integrating Local Suppliers into a Complex Supply Chain
• Vendor Certification
• The Final Decision
• In the Entrepreneurial Spotlight : Back in the USA
• Legal Issues Affecting Purchasing
• Title
• Risk of Loss
• Insurable Interest
• Entrepreneurship in Action : Supply Chain Innovation at Mother Dairy
• Receiving Merchandise
• Selling on Consignment
• Chapter Review
• Discussion Questions
• Chapter 20 : Managing Inventory
• Inventory Control Systems
• Perpetual Inventory Systems
• In the Entrepreneurial Spotlight : An Ideal Inventory Solution
• Partial Inventory Control Systems
• Physical Inventory Count
• Radio Frequency Identification Tags
• Lessons from the Street-Smart Entrepreneur : Best Practices in Inventory Management
• Just-in-Time Inventory Control Techniques
• Just-in-Time Techniques
• Turning Slow-Moving Inventory into Cash
• Protecting Inventory from Theft
• Employee Theft
• Entrepreneurship in Action : A Thief Within
• Shoplifting
• Entrepreneurship in Action : A Tale of Two Shoplifters
• Conclusion
• Chapter Review
• Discussion Questions
• Chapter 21 : Staffing and Leading a Growing Company
• The Entrepreneur’s Role as Leader
• Hiring the Right Employees: The Company’s Future Depends on It
• How to Hire Winners
• Entrepreneurship in Action : Facebook Interview Process
• Conducting the Interview
• Entrepreneurship in Action : Building an Intentional Culture at Zappos
• Building the Right Culture and Organizational Structure
• Managing Growth and a Changing Culture
• In the Entrepreneurial Spotlight : What a Great Place to Work!
• Team-Based Management
• Communicating Effectively
• Improving Communication
• Listening
• The Informal Communication Network: The “Grapevine”
• The Challenge of Motivating Workers
• Empowerment
• Job Design
• Rewards and Compensation
• Lessons from the Street-Smart Entrepreneur : Sabbaticals
• Performance Feedback
• Performance Appraisal
• Chapter Review
• Discussion Questions
• Section VI : Legal Aspects of Small Business: Succession, Ethics, and Government Regulation
• Chapter 22 : Management Succession and Risk Management Strategies in the Family Business
• Family Businesses
• Benefits of Family Businesses
• The Dark Side of Family Businesses
• Characteristics of Successful Family Businesses
• Exit Strategies
• Selling to Outsiders
• Selling to Insiders
• Lessons from the Street-Smart Entrepreneur : How to Set Up an ESOP
• Management Succession
• In the Entrepreneurial Spotlight : Can Your Family Business Survive for Centuries?
• Developing a Management Succession Plan
• Buy-Sell Agreement
• Lifetime Gifting
• Setting Up a Trust
• Risk Management Strategies
• The Basics of Insurance
• Types of Insurance
• In the Entrepreneurial Spotlight : The Aftermath of a Storm
• Controlling Insurance Costs
• Chapter Review
• Discussion Questions
• Chapter 23 : The Legal Environment: Business Lawand Government Regulation
• The Law of Contracts
• Agreement
• Contractual Capacity
• Legality
• Breach of Contract
• The Uniform Commercial Code
• Sales and Sales Contracts
• Breach of Sales Contracts
• Sales Warranties and Product Liability
• Protection of Intellectual Property Rights
• Patents
• Trademarks
• Entrepreneurship in Action : Protecting Your Brand
• Copyrights
• Protecting Intellectual Property
• The Law of Agency
• Bankruptcy
• Forms of Bankruptcy
• In the Entrepreneurial Spotlight : A Second Chance at Success
• Government Regulation
• Trade Practices
• Consumer Protection
• Lessons from the Street-Smart Entrepreneur : Are Your Ads Setting You Up for Trouble?
• Consumer Credit
• Environmental Law
• Entrepreneurship in Action : Small Businesses and Eminent Domain
• The Affordable Care Act
• Chapter Review
• Discussion Questions
• Appendix : The picturebooth co.
• Executive Summary
• Our Mission is to Provide High-Quality Photo Booths at an Affordable Price
• What Makes Us Stand Out?
• Value Proposition
• Value Proposition #1
• Proof of Concept
• Why is This a Bad Thing?
• Why is This a Good Thing?
• Competitive Analysis
• Market Entry Strategy
• Target Market
• Promotion
• Place
• Operating Plan
• Growth
• Financial Plan
• Sources of Financing
• Worst-Case Scenario
• Most-Likely Scenario
• Best-Case Scenario
• Investment Proposal
• Cases
• Case 1 : Big Bottom Market
• Case 2 : MyBizHomepage
• Case 3 : Jacquii LLC
• Case 4 : Red Iguana
• Case 5 : Baked in the Sun
• Case 6 : Bluffton Pharmacy—Part 1
• Case 7 : Bluffton Pharmacy—Part 2
• Case 8 : United By Blue
• Case 9 : Socedo
• Case 10 : EasyLunchboxes
• Endnotes
• Index