International Edition. Tenth Edition. William Henry Scott III Associate Professor of Entrepreneurship Presbyterian College

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1 International Edition Tenth Edition William Henry Scott III Associate Professor of Entrepreneurship Presbyterian College Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

2 Contents Preface 12 Acknowledgments 15 SECTION 1 The Challenge of Entrepreneurship 17 Chapter 1 Entrepreneurs: The Driving Force Behind Small Business 17 What Is an Entrepreneur? 20 How to Spot Entrepreneurial Opportunities 25 The Benefits of Owning a Small Business 28 The Potential Drawbacks of Entrepreneurship 29 Why the Boom: The Fuel Feeding the Entrepreneurial Fire 31 The Cultural Diversity of Entrepreneurship 35 The Contributions of Small Businesses 43 Putting Failure into Perspective 46 How to Avoid the Pitfalls 47 Conclusion 49 Chapter Review 50 Discussion Questions 51 SECTION 2 Building the Business Plan: Beginning Considerations 53 Chapter 2 Strategic Management and the Entrepreneur 53 Building a Competitive Advantage 55 The Strategic Management Process 57 Conclusion 81 Chapter Review 81 Discussion Questions 83 Chapter 3 Choosing a Form of Ownership 85 The Sole Proprietorship 86 The Partnership 91 The Corporation 98 Alternative Forms of Ownership 103 Chapter Review 108 Discussion Questions 110 Chapter 4 Franchising and the Entrepreneur 111 What Is a Franchise? 112 Types of Franchising 113 The Benefits of Buying a Franchise 113 Drawbacks of Buying a Franchise 119 Franchising and the Law 122 The Right Way to Buy a Franchise 126 Franchise Contracts 132 Trends in Franchising 133 Franchising as a Growth Strategy 139 Conclusion 140 Chapter Review 140 Discussion Questions 141

3 CONTENTS Chapter 5 Buying an Existing Business 143 Buying an Existing Business 144 How to Buy a Business 149 Methods for Determining the Value of a Business 158 Negotiating the Deal 166 Chapter Review 173 Discussion Questions 174 Chapter 6 Conducting a Feasibility Analysis and Crafting a Winning Business Plan 175 Conducting a Feasibility Analysis 176 The Elements of a Business Plan 187 What Lenders and Investors Look for in a Business Plan 199 The Pitch: Making the Business Plan Presentation 200 Conclusion 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 215 Ratio Analysis 221 Interpreting Business Ratios 234 Break-Even Analysis 240 Chapter Review 245 Discussion Questions 246 Chapter 8 Managing Cash Flow 249 Cash Management 250 Cash and Profits Are Not the Same 253 Preparing a Cash Budget 253 The "Big Three" of Cash Management 264 Avoiding the Cash Crunch 275 Conclusion 280 Chapter Review 281 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 289 How to Conduct Market Research 292 Plotting a Guerrilla Marketing Strategy: Building a Competitive Edge 294 The Marketing Mix 315 Chapter Review 318 Discussion Questions 318 Chapter 10 Creative Use of Advertising and Promotion 321 Define Your Company's Unique Selling Proposition (USP) 322 Creating a Promotional Strategy 323 Selecting Advertising Media 329 How to Prepare an Advertising Budget 355 How to Advertise Big on a Small Budget 357 Chapter Review 358 Discussion Questions 358

4 Chapter 11 Pricing and Credit Strategies 361 Pricing: A Creative Blend of Art and Science 362 Three Powerful Pricing Forces: Image, Competition, and Value 365 Pricing Strategies and Tactics 371 Pricing Techniques for Retailers 377 Pricing Techniques for Manufacturers 379 Pricing Techniques for Service Businesses 383 The Impact of Credit on Pricing 384 Chapter Review 386 Discussion Questions 387 Chapter 12 Global Marketing Strategies 389 Why Go Global? 391 Going Global: Strategies for Small Businesses 395 Barriers to International Trade 415 International Trade Agreements 421 Conclusion 423 Chapter Review 424 Discussion Questions 425 Chapter 13 E-Commerce and Entrepreneurship 427 Benefits of Selling on the Web 429 Factors to Consider Before Launching into E-Commerce 431 Ten Myths of E-Commerce 434 Strategies for E-Success 441 Designing a Killer Web Site 451 Tracking Web Results 459 Ensuring Web Privacy and Security 460 / Chapter Review 463 Discussion Questions 464 SECTION 5 Putting the Business Plan to Work: Sources of Funds 467 Chapter 14 Sources of Equity Financing 467 Planning for Capital Needs 471 Sources of Equity Financing 472 Chapter Review 497 Discussion Questions 498 CONTENTS Chapter 15 Sources of Debt Financing 501 Sources of Debt Capital 505 Nonbank Sources of Debt Capital 510 Federally Sponsored Programs 517 Small Business Administration (SBA) 521 State and Local Loan Development Programs 526 Internal Methods of Financing 528 Where Not to Seek Funds 530 Chapter Review 530 Discussion Questions 532 x SECTION 6 Location and Layout 533 Chapter 16 Location, Layout, and Physical Facilities 533 Location Criteria for Retail and Service Businesses 549 Location Options for Retail and Service Businesses 552 The Location Decision for Manufacturers 558

5 10 CONTENTS Layout and Design Considerations 560 Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs 567 Chapter Review 574 Discussion Questions 575 SECTION 7 Managing a Small Business: Techniques for Enhancing Profitability 577 Chapter 17 Supply Chain Management 577 Creating a Purchasing Plan 579 Legal Issues Affecting Purchasing 610 Chapter Review 613 Discussion Questions 615 Chapter 18 Managing Inventory 617 Inventory Control Systems 620 Just-In-Time Inventory Control Techniques 630 Turning Slow-Moving Inventory into Cash 633 Protecting Inventory from Theft 634 Conclusion 646 Chapter Review 647 Discussion Questions 648 SECTION 8 Managing People: A Company's IViost Valuable Resource 651 Chapter 19 Staffing and Leading a Growing Company 651 The Entrepreneur's Role as Leader 652 Hiring the Right Employees: The Company's Future Depends on It 655 Building the Right Culture and Organizational Structure 667 Communicating Effectively 671 The Challenge of Motivating Workers 674 Chapter Review 687 Discussion Questions 688 SECTION 9 Legal Aspects of Small Business: Succession, Ethics, and Government Regulation 689 Chapter 20 Management Succession and Risk Management Strategies in the Family Business 689 Family Businesses 690 Exit Strategies 694 Management Succession 699 Developing a Management Succession Plan 702 Risk Management Strategies 709 The Basics of Insurance 711 Chapter Review 725 Discussion Questions 726 Chapter 21 Ethics and Social Responsibility: Doing the Right Thing 727 An Ethical Perspective 729 Who Is Responsible for Ethical Behavior? 732 Establishing Ethical Standards 736 Social Responsibility and Social Entrepreneurship 738 Putting Social Responsibility into Practice 741 Conclusion 757 Chapter Review 757 Discussion Questions 759

6 CONTENTS 11 Chapter 22 The Legal Environment: Business Law and Government Regulation 761 The Law of Contracts 763 The Uniform Commercial Code (UCC) 770 Protection of Intellectual Property Rights 775 The Law of Agency 781 Bankruptcy 782 Government Regulation 786 Chapter Review 794 <> Discussion Questions 795 Appendix: Sample Business Plan: My Friends' Bookstore 797 Cases 827 Endnotes 839 Index 867

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