Entrepreneurship
Häftad, Engelska, 2021
AvAndrew Zacharakis,Andrew C. Corbett,William D. Bygrave,Andrew C Corbett,William D Bygrave
1 339 kr
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Entrepreneurship, 5th Edition helps aspiring entrepreneurs understand the process of starting a new venture and appreciate the vital role of entrepreneurship in the economy. This accessible textbook explains the steps involved in starting a new company, and offers insights on engaging with startups as investors, bankers, accountants, lawyers, vendors, customers, and employees. Delving into the real-world trials and tribulations of entrepreneurship, the text covers every stage of the entrepreneurial process, from searching for an opportunity and molding it into an attractive product or service, to launching, growing, and eventually harvesting the new venture.The fully revised and updated fifth edition integrates core concepts of entrepreneurship and practical case studies—enabling students to develop an inclusive perspective on how businesses are born, grow, and succeed or fail. The authors explore the entrepreneurial competitiveness of nations throughout the world, describe the critical factors for starting a new enterprise and building it into a successful business, and demonstrate how to build a workable business model. Clear, straightforward chapters cover each essential area of entrepreneurship, including marketing, strategy, team building, financial projections, business planning, and more.
Produktinformation
- Utgivningsdatum2021-03-02
- Mått201 x 252 x 25 mm
- Vikt862 g
- FormatHäftad
- SpråkEngelska
- Antal sidor512
- Upplaga5
- FörlagJohn Wiley & Sons Inc
- ISBN9781119563228
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- Preface vii1 The Power of Entrepreneurship 1Entrepreneurship and Small Business in the United States 3Entrepreneurial Revolution 4Web: Three Revolutions Converge 9Entrepreneurship Revolution Strikes Gold 10Creative Destruction 11Causes of the Entrepreneurial Revolution 12Changes in the Entrepreneurial Framework Conditions 14Churning and Economic Growth 18Global Entrepreneurship Monitor 19Principal Findings from GEM 20Activity 20Necessity, Opportunity, and Gender 20Age Distribution of Early-Stage Entrepreneurial Activity 22Growth Expectations and Job Creation 25Entrepreneurship Ecosystems and the Importance of Support 27Conclusion 29Your Opportunity Journal 29Web Exercise 30Notes 30Case: MightyWell 332 The Entrepreneurial Process 41Critical Factors for Starting a New Enterprise 42Evaluating Opportunities for New Businesses 47Determining Resource Needs and Acquiring Resources 52Profit Potential 56Ingredients for a Successful New Business 58Conclusion 59Your Opportunity Journal 59Web Exercise 60Notes 60Case: Vedavoo 623 Opportunity Recognition, Shaping, and Reshaping 70From Glimmer to Action: How Do I Come Up with a Good Idea? 71Is Your Idea an Opportunity? 76The Opportunity Checklist 91‘‘I Don’t Have an Opportunity’’ 91Conclusion 93Your Opportunity Journal 93Web Exercise 93Notes 93Case: ISlide, Inc. 954 Prototyping Your Ideas 102What is Prototyping? 103Types of Prototyping 106Conclusion 114Your Opportunity Journal 114Web Exercise 114Notes 114Case: Balanced Snacking 1155 The Importance of Business Models 120Introduction 120The Core (Steps 1, 2, and 3) 122The Market (Steps 4, 5, 6, and 7) 125Customer Segments (Step 4) 126Marketing Channels (Step 5) 126Distribution Channels (Step 6) 127Revenue Streams (Step 7) 128Product and Operations (Steps 8, 9, 10, and 11) 129Resources (Step 8) 129Partners (Step 9) 129Key Metrics (Step 10) 130Cost Drivers (Step 11) 130The External Enviroment and Financial Strategy (Steps 12, 13, and 14) 132Competitive Environment (Step 12) 132Industry Attractiveness (Step 13) 132Financial Strategy (Step 14) 132Conclusion 133Your Opportunity Journal 133Web Exercise 133Notes 133Case: Zumba Fitness 1346 Entrepreneurial Marketing 141Why Marketing is Critical for Entrepreneurs 142Entrepreneurs Face Unique Marketing Challenges 142Acquiring Market Information 143Marketing Strategy for Entrepreneurs 145Segmentation, Targeting, and Positioning 145The Marketing Mix 146Value Proposition: Articulating the Entrepreneurial Strategy 159Social Media 162Guerrilla Marketing 163Marketing Skills for Managing Growth 165Understanding and Listening to the Customer 165Building the Brand 166Conclusion 166Your Opportunity Journal 166Web Exercise 167Appendix: Customer Interview 167General Outline: It Needs to Be Tailored to Meet Your Research Needs 167Notes 168Case: Theo Chocolate 1697 Building The Founding Team 184Power of the Team 185Where Do You Fit? 187How to Build a Powerful Team 190Bootstrapping: Building the Team Based on Stage-of-Venture Life 193Compensation 194Equity 194Salary 198Other Compensation Considerations 199External Team Members 200Outside Investors 200Lawyers 200Accountants 201Board of Advisors 201Board of Directors 202Keeping the Team Together 203Burnout 204Family Pressure 205Interpersonal Conflicts 205Conclusion 205Your Opportunity Journal 206Web Exercise 206Notes 206Case: Box, Inc.: Preserving Startup Culture in a Rapidly Growing Company 2088 The Business Planning Process 218The Planning Process 220The Story Model 221The Business Plan 222The Cover 222Executive Summary 223Table of Contents 224Industry, Customer, and Competitor Analysis 224Company and Product Description 228Marketing Plan 229Operations Plan 233Development Plan 234Team 235Critical Risks 237Offering 239Financial Plan 239Appendices 239Types of Plans 239Style Pointers for the Written Plan and Oral Presentation 240Conclusion 241Your Opportunity Journal 242Web Exercise 242Notes 242Case: Gravyty: The Art + Science of Better Nonprofit Fundraising 2439 Building Your Pro Forma 275Financial Statements 276Common Mistakes 276Financial Statement Overview 277Building Your Pro Forma Financial Statements 278Build-Up Method 279Revenue Projections 280Cost of Goods Sold 281Operating Expenses 282Preliminary Income Statement 284Comparable Method 284Building Integrated Financial Statements 287Income Statement 288Balance Sheet 290Cash-Flow Statement 291Putting It All Together 292Conclusion 292Your Opportunity Journal 293Web Exercise 293Notes 293Case: Gravyty: Understanding Your Market and Building Realistic Proformas 29410 Raising Money for Starting and Growing a Business 302Bootstrapping New Ventures 303Informal Investors 304Business Angels 306Searching for Business Angels 306Types of Business Angels 307Putting Together a Round of Angel Investment 308Amount of Capital Needed to Start a Business 309Financial Returns on Informal Investment 309Crowdfunding 310Venture Capital 311Classic Venture Capital 312Mechanism of Venture Capital Investing 312Financial Returns on Venture Capital 314Dealing with Venture Capitalists 315Negotiating the Deal 316Valuation 317Earnings Capitalization Valuation 318Present Value of Future Cash Flows 318Market‐Comparable Valuation (Multiple of Earnings) 318Asset‐Based Valuation 319Example of Market‐Comparable Valuation 319Asset‐Based Valuation Example 321Harvesting Investments 322Initial Public Offering 323Pros and Cons of an IPO 323The Process of Going Public 324BFWS Goes Public 326Selling the Company 326Why Be Acquired? 326Conclusion 327Your Opportunity Journal 328Web Exercise 328Notes 328Case: MetaCarta: Growing a Company, Do We Take the VC Money? 33111 Debt and Other Forms of Financing 338Getting Access to Funds—Start with Internal Sources 339Start with Credit Cards and Home Equity Lines 340Cash Conversion Cycle 340Working Capital: Getting Cash from Receivables and Inventories 342Using Accounts Receivable as Working Capital 342The Sales Pattern 343Cash versus Credit Sales 343Credit Policies 344Setting Credit Terms 344Collection Policies 345Setting Credit Limits for Individual Accounts 346Inventory 347Sources of Short‐Term Cash: More Payables, Less Receivables 348Cash from Short‐Term Bank Loans 349Cash from Trade Credit 349Cash Obtained by Negotiating with Suppliers 349Cash Available Because of Seasonal Business Credit Terms 350Advantages of Trade Credit 350Cash Obtained by Tightening Up Accounts Receivable Collections 350Obtaining Bank Loans Through Accounts Receivable Financing 351Pledging 351Pledging with Notification 351Factoring 352Recourse 352Obtaining Loans against Inventory 352Obtaining “Financing” from Customer Prepayments 353Choosing the Right Mix of Short‐Term Financing 353Traditional Bank Lending: Short‐Term Bank Loans 353Maturity of Loans 354Interest Rates 354Collateral 355Applying for a Bank Loan 356Restrictive Covenants 356General Provisions 357Routine Provisions 357Specific Provisions 358Equipment Financing 358Obtaining Early Financing from External Sources 359SBA‐Guaranteed Loans 359Applying for an SBA Loan 359Conclusion 360Your Opportunity Journal 361Web Exercise 361Notes 361Case: FEED Resource Recovery 36212 Legal and Tax Issues, Including Intellectual Property 373Why, When, and How to Choose an Attorney 374Leaving Your Present Position 374Corporate Opportunity 374Recruitment of Fellow Employees 375Noncompetition 375Intellectual Property 376The Basics: What is Protectable and How Should It Be Protected? 377Patents 377Trade Secrets 383Trademarks 385Copyright 387International Protection for Intellectual Property 388Choice of Legal Form 390Control 390Personal Liability 391Taxation 392Initial Investment of the Founders 394Administrative Obligations 394Choosing a Name 395Stockholders’ and Operating Agreements 395Negotiating Employment Terms 395Disposition of Equity Interests 396Legal and Tax Issues in Hiring Employees 398Employees as Agents of the Company 398Employment Discrimination 399Employment Agreements 400Raising Money 400Conclusion 401Your Opportunity Journal 401Web Exercise 402Notes 402Case: Wefunder: Leading the Growth of a New Industry 40313 Entrepreneurial Growth 411Making the Transition from Start‐up to Growth 412Looking Forward: The Choice to Grow, or Not,… or Sell 412A Model of Driving Forces of Growth 414The Growth Process 415Execution 416Instituting Controls 417Tracking Performance 418Managing the Cash Cycle 420Leveraging the Value Chain 422Maintaining the Entrepreneurial Organization 423Opportunity Domain 423Organizational Resources and Capabilities 426Obtaining Financial Resources for the Growing Company 427Intangible Resources and Capabilities 428Leadership 429Starting the Delegation Process 430First‐Level Management 431From Delegation to Decentralization 431Professional Management and Boards 432Coordinating the Driving Forces 432Leading People; Developing Entrepreneurs 433Conclusion 433Your Opportunity Journal 434Web Exercise 434Notes 434Case: Esporte Interativo 43614 Social Entrepreneurship 442Introduction 443The Rise in Social Entrepreneurship 443Social Entrepreneurship Defined 445A Social Entrepreneurship Typology 445Hybrid Ventures 449Choosing Your Venture Type 451Measuring Impact 453Conclusion 455Your Opportunity Journal 455Web Exercise 456Notes 456Case: InnerCity Weightlifting 457Glossary G-1Index I-1