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New Venture Management The Entrepreneur's Roadmap (Entrepreneurship Series),9780136130321
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New Venture Management The Entrepreneur's Roadmap (Entrepreneurship Series)



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Welcome to the Entrepreneurial Revolution. In this time of rapid change and amazing opportunity, the Prentice Hall Entrepreneurship Series has been created to provide direction, guidance, and insight to faculty members and students interested in pursuing an entrepreneurial path. This evolving series features top scholars in the field sharing their perspectives on the most critical issues and challenges in the emerging field of entrepreneurship. The books in the series are purposely designed to emphasize flexibility and innovation in the entrepreneurship curriculum and classroom. As a central theme, entrepreneurship is approached as a way of thinking and acting that can be applied in all walks of life. The series addresses both the contexts for (e.g., start-up firms, family businesses, high growth ventures, non-profits, corporations, the public sector) and the facilitators of entrepreneurship (e.g., creativity, planning, opportunity recognition, resources, networks, teams). The series has been developed and will continually evolve to present readers with a range of state-of-the-art perspectives that speak to individual aspects of entrepreneurship. We hope you enjoy your entrepreneurial journey! Book jacket.

Table of Contents

Prefacep. xvii
About the Authorsp. xix
Introductionp. 1
New Ventures: The Quiet Giantp. 1
Introductionp. 1
New Ventures: Energizing Economiesp. 1
The Global Impact of New Venturesp. 3
Entrepreneurs and New Venturesp. 4
Entrepreneurial Motivationp. 7
Advantages to Starting a New Venturep. 9
Independencep. 9
Financial Opportunitiesp. 9
Community Servicep. 9
Job Securityp. 9
Family Employmentp. 9
Challengep. 10
Disadvantages of Starting a New Venturep. 10
Sales Fluctuationsp. 10
Competitionp. 11
Increased Responsibilitiesp. 11
Financial Lossesp. 11
Employee Relationsp. 11
Laws and Regulationsp. 12
Risk of Failurep. 12
New Venture Failurep. 13
Specific Causes of Failurep. 13
Failure: A Look at the Recordp. 13
The New Venture Survival Ratep. 14
Avoiding New Venture Management Trapsp. 14
Summaryp. 16
Review and Discussion Questionsp. 16
Endnotesp. 18
New Venture Opportunitiesp. 19
New or Acquired Ventures: The Pathwaysp. 19
Introductionp. 19
Approaches to New Venture Creationp. 19
New-New Approachp. 19
New-Old Approachp. 22
Market Analysisp. 23
Gathering of the Factsp. 23
Organization of the Factsp. 25
Analysis of the Factsp. 25
Implementation of an Action Planp. 26
The Entrepreneurp. 26
The Financial Picturep. 28
Other Key Factorsp. 30
Buying an Ongoing Venturep. 31
Advantages of Buying an Ongoing Venturep. 31
Less Fear about Successful Future Operationp. 31
Time and Effort Can Be Reducedp. 32
Buy at a Good Pricep. 32
Key Questions to Askp. 33
Why Is the Business Being Sold?p. 33
What Is the Current Physical Condition of the Business?p. 33
What Is the Condition of the Inventory?p. 34
What Is the State of the Company's Other Assets?p. 34
How Many of the Employees Will Remain?p. 35
What Type of Competition Does the Business Face?p. 35
What Is the Status of the Firm's Financial Picture?p. 37
Determining the Pricep. 39
Assessing the Pricep. 39
Book Valuep. 39
Replacement Valuep. 39
Liquidation Valuep. 39
Past Earningsp. 40
Cash Flowp. 40
Asset Pricingp. 40
One Acceptable Formula?p. 41
Negotiating the Dealp. 44
Summaryp. 46
Review and Discussion Questionsp. 47
Endnotesp. 49
Franchising: The Hybridp. 51
Introductionp. 51
The Nature of Franchisingp. 51
Product or Service Franchisep. 51
Business Franchisep. 52
Conversion Franchisingp. 53
How a Franchise Worksp. 53
The Growth of Franchisingp. 54
Advantages of Franchisingp. 58
Training and Guidancep. 58
Brand-Name Appealp. 58
A Proven Track Recordp. 59
Financial Assistancep. 59
Disadvantages of Franchisingp. 59
Franchise Feesp. 60
Franchisor Controlp. 61
Unfulfilled Promisesp. 61
Evaluating the Opportunitiesp. 62
Learn of Opportunitiesp. 64
Investigate the Franchisorp. 64
Seek Professional Helpp. 64
The Decision: It's Up to the Entrepreneurp. 66
Trends in Franchisingp. 66
Franchising Your Businessp. 67
Summaryp. 69
Review and Discussion Questionsp. 69
Endnotesp. 71
New Venture Planningp. 73
Successful Business Plans: The Roadmapp. 73
Introductionp. 73
The Nature of a Business Planp. 73
Importance of a Business Planp. 75
What Is a Business Plan?p. 76
The Components of a Business Planp. 77
Preparing the Business Planp. 79
Helpful Hintsp. 89
Updating Your Business Planp. 91
Practical Examplep. 91
Summaryp. 92
Review and Discussion Questionsp. 92
Endnotesp. 94
Legal Forms of Ventures: The Structurep. 95
Introductionp. 95
Forms of Business Organizationp. 95
Sole Proprietorshipp. 96
Advantages of Proprietorshipsp. 96
Disadvantages of Proprietorshipsp. 97
The Partnershipp. 99
Types of Partnershipsp. 99
Advantages of Partnershipsp. 103
Disadvantages of Partnershipsp. 105
The Corporationp. 107
Organizing the Corporationp. 108
The Corporate Structurep. 109
Advantages of Corporationsp. 109
Disadvantages of Corporationsp. 111
The S Corporationp. 114
The Limited Liability Companyp. 114
Summaryp. 115
Review and Discussion Questionsp. 118
Endnotesp. 119
New Venture Marketingp. 121
Market Research: The Nichep. 121
Introductionp. 121
Determining Market Nichesp. 121
Relevant Price Rangep. 122
Competitionp. 124
Examining the Current Market Nichep. 126
Market Niche Analysis: An Examplep. 126
Market Niche Danger Signalsp. 128
Marketing Researchp. 128
How to Conduct Marketing Researchp. 130
Secondary Sourcesp. 130
Primary Sourcesp. 131
Other Data Collection Methodsp. 134
Using Research Datap. 135
Internet Marketingp. 136
Co-Marketing Deals and Banner Adsp. 136
Become a Popular Linkp. 136
Sponsor Contests, Specials, and Other Interactive Featuresp. 137
Summaryp. 137
Review and Discussion Questionsp. 137
Endnotesp. 139
Strategic Pricing: The Hookp. 141
Introductionp. 141
Pricing Considerationsp. 141
The Nature of the Productp. 141
The Competitionp. 142
The Marketing Strategyp. 142
The Customer and Value Perceptionsp. 143
General Conditionsp. 143
Key Pricing Factorsp. 143
The Cost of Goodsp. 144
Competitive Pricesp. 144
Pricing Strategiesp. 145
Combination Strategiesp. 153
How New Ventures Set Pricesp. 154
Wholesalersp. 154
Retailersp. 155
Service Enterprisesp. 159
Manufacturersp. 163
Summaryp. 165
Review and Discussion Questionsp. 166
Endnotesp. 167
New Venture Financingp. 169
Start-Up Capital: The Injectionp. 169
Introductionp. 169
Basic Types of Capitalp. 169
Debt Capitalp. 171
Equity Capitalp. 172
Sources of Capitalp. 173
Personal Savingsp. 173
Friends and Relativesp. 174
Venture Capitalistsp. 174
Informal Investorsp. 175
Internal Fundsp. 175
Trade Creditp. 176
Banksp. 176
Other Private Sources of Capitalp. 179
Small Business Administrationp. 180
State and Local Development Companiesp. 181
Small Business Investment Companiesp. 184
Small Business Innovation Research Programp. 185
Minority Business Development Agencyp. 186
Summaryp. 187
Review and Discussion Questionsp. 187
Endnotesp. 188
Financial Statements: The Scorecardp. 191
Introductionp. 191
Financial Statementsp. 191
The Balance Sheetp. 191
Understanding the Balance Sheetp. 192
Why the Balance Sheet Always Balancesp. 196
The Income Statementp. 198
Understanding the Income Statementp. 199
Keeping Proper Recordsp. 201
Sales and Cash Receipts Journalp. 201
Cash Disbursement, Purchases, and Expense Journalp. 201
Managing the Booksp. 202
Computers, Software, and Financial Preparationp. 203
Early Warning Signs of Financial Troublep. 205
Summaryp. 205
Review and Discussion Questionsp. 206
Endnotesp. 208
Financial Analysis: The Gaugesp. 209
Introductionp. 209
Balance Sheet Analysisp. 209
Current-Position Ratiosp. 211
Long-Run-Position Ratiosp. 212
Income Statement Analysisp. 214
Income Statement Ratiosp. 215
Combination Ratiosp. 217
Limitations of Financial Statement Analysisp. 221
Financial Budgetingp. 222
Sales Budgetp. 222
Cash Budgetp. 223
Other Budgetary Considerationsp. 225
Summaryp. 226
Review and Discussion Questionsp. 226
Endnotesp. 229
New Venture Growth Managementp. 231
Human Resources: The Peoplep. 231
Introductionp. 231
The Challenge of Managing Human Resourcesp. 231
Increasing Regulatory Concernsp. 232
Staffingp. 236
Assessing Staffing Needsp. 236
Human Resource Recruitingp. 237
Screening Potential Employeesp. 238
Selecting and Orienting Employeesp. 240
Principles of Effective Staffingp. 240
Performance Managementp. 241
Trainingp. 241
Performance Appraisalp. 243
Management by Objectivesp. 245
Compensationp. 247
Employee Discipline and Counselingp. 249
The Employee Handbook: A Key Tool for Employee Accountabilityp. 249
The Current State of Human Resource Management Practicesp. 251
Critical Issues for the Futurep. 254
Employee Moralep. 254
Improving Employee Performancep. 256
Summaryp. 257
Review and Discussion Questionsp. 258
Endnotesp. 259
Growing Ventures: The Futurep. 261
Introductionp. 261
Unique Challenges of Growing Venturesp. 261
The Distinction of Smaller Sizep. 261
The One-Person-Band Syndromep. 262
Time Managementp. 263
Community Obligationsp. 263
Continuing Management Educationp. 264
Other Issues in the Formative Yearsp. 264
Key Elements of Growthp. 266
Controlp. 266
Responsibilityp. 266
Effective Delegationp. 266
Tolerance of Failurep. 267
Changep. 267
Flexibilityp. 267
The Transition from Entrepreneur to Managerp. 268
Balancing the Focus (Entrepreneur and Manager)p. 269
Outside Managerial Assistancep. 271
The Challenge of Ethical Practices in Growing Venturesp. 272
Ethical Codes of Conductp. 273
Ethical Leadership by Entrepreneursp. 275
The Quality Movementp. 276
Involve Top Managementp. 276
Focus on Customer Needsp. 276
Train Employeesp. 277
Empower Employees and Generate New Ideasp. 278
Recognize Employeesp. 278
Conquer Fearp. 278
The Continuous-Improvement Challengep. 278
Teamworkp. 279
The Challenges of Global Expansionp. 281
Why Globalize for Growth?p. 281
Researching the Global Marketp. 283
Globalizing Your Product: Adaptationp. 283
Global Threats and Risksp. 285
Summaryp. 286
Review and Discussion Questionsp. 287
Endnotesp. 289
Green Fuel Alternativesp. 293
Executive Summaryp. 293
Potentialp. 293
Funding Needp. 293
Managementp. 293
Business Descriptionp. 295
General Description of Businessp. 295
Industry Backgroundp. 296
Competition Analysisp. 297
Products and Servicesp. 297
Strategy to Differentiatep. 298
Key Dynamicsp. 298
Marketingp. 299
Economicsp. 299
Market Analysisp. 299
Barriers to Entryp. 301
Productp. 301
Customersp. 303
Competitionp. 303
Nichep. 304
Marketing Strategyp. 304
Management Segmentp. 306
Legal Structurep. 306
Ownershipp. 306
Management Teamp. 306
Company Advisorsp. 307
Operationsp. 308
Plant Operationsp. 308
Facilities and Equipmentp. 309
Organizational Planp. 310
Critical Risksp. 310
Soybean Oil Demandp. 310
Soybean Rust Fungusp. 311
Biodiesel Problemsp. 311
Marketer Influencep. 311
Exit Strategiesp. 311
Financial Segmentp. 312
Start-Up Proposalp. 312
Financing Planp. 312
Financial Assumptionsp. 312
Start-Up Budgetingp. 314
Financial Appendixp. 314
Endnotesp. 324
Name Indexp. 325
Subject Indexp. 326
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