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Entrepreneurship
Andrew Zacharakis (Author), Andrew C. Corbett (Author), William D. Bygrave (Author)
9781394262809, Wiley
Paperback / softback, published 31 March 2025
496 pages
25.2 x 20.3 x 2 cm, 0.862 kg
Guides aspiring entrepreneurs through the process of starting a new venture in today’s economy Entrepreneurship is an essential resource for both undergraduate and MBA courses on new venture creation. With a focused “hands-on” learning approach, this leading textbook integrates contemporary cases, practical examples, and foundational theory in a single volume. Student-friendly chapters explain each step of the entrepreneurial process, including idea generation, prototyping, opportunity evaluation, business model development, team building, marketing, financial forecasting, legal and tax considerations, and much more. Now in its sixth edition, Entrepreneurship is thoroughly updated to reflect today’s business environment. Entirely new material on Artificial Intelligence (AI) and digital marketing is accompanied by new examples and case studies of entrepreneurs facing issues in the real world. Throughout this edition, the authors provide timely insights on engaging with new ventures as investors, bankers, accountants, lawyers, vendors, customers, and employees. Delving into the real-world trials and tribulations of entrepreneurs in the US and around the world, Entrepreneurship, Sixth Edition, remains the go-to textbook for upper-level undergraduate business, management, and entrepreneurship majors, MBA students, early-career business professionals, and general readers wanting to understand what it takes to create a new venture in the modern business landscape. New to this Edition: Wiley Advantage:
Preface xvii 1 An Opportunity to Lift All: The Power of Entrepreneurship 1 Global Roots and an American Proliferation 3 An Evolution of Entrepreneurship and Small Business in the United States 5 An Entrepreneurial Evolution Becomes a Revolution 6 Three Revolutions Converge 10 Entrepreneurship Revolution Strikes Gold 11 Causes of the Entrepreneurial Revolution 12 Changes in the Entrepreneurial Framework Conditions 14 Global Entrepreneurship Monitor 17 Principal Findings from GEM 18 Activity 19 Gender 21 Age Distribution of Early-Stage Entrepreneurial Activity 21 Growth Expectations and Job Creation 22 Environmental and Social Entrepreneurship 24 Entrepreneurship and Today’s American Dream 25 Conclusion 26 Your Opportunity Journal 27 Web Exercise 27 Notes 27 Case: Zoey Koko: Choosing an Alternative 30 2 The Entrepreneurial Process 39 Critical Factors for Starting a New Enterprise 40 Evaluating Opportunities for New Businesses 45 Determining Resource Needs and Acquiring Resources 50 Profit Potential 54 Ingredients for a Successful New Business 55 Conclusion 57 Your Opportunity Journal 57 Web Exercise 57 Notes 57 Case: Vedavoo 60 3 Opportunity Recognition, Shaping, and Reshaping 69 From Glimmer to Action: How Do I Come Up with a Good Idea? 70 Is Your Idea an Opportunity? 76 The Opportunity Checklist 91 “I Don’t Have an Opportunity” 91 Conclusion 93 Your Opportunity Journal 93 Web Exercise 93 Notes 93 Case: ISlide, Inc. 95 4 Prototyping Your Ideas 102 What Is Prototyping? 103 Types of Prototyping 106 Using AI to Accelerate Entrepreneurial Prototyping 111 How Is AI Useful for Entrepreneurs? 111 Using AI to Help Identify Unmet Needs 112 Using AI for Idea Generation 114 AI for Rapid Prototyping 114 Risks of Using AI 116 Conclusion 117 Your Opportunity Journal 117 Web Exercise 117 Notes 117 Case: Design a Better Cable Trainer 118 5 The Importance of Business Models 126 Introduction 126 The Core (Steps 1, 2, and 3) 129 The Market (Steps 4, 5, 6, and 7) 131 Customer Segments (Step 4) 132 Marketing Channels (Step 5) 132 Distribution Channels (Step 6) 133 Revenue Streams (Step 7) 134 Product and Operations (Steps 8, 9, 10, and 11) 135 Resources (Step 8) 135 Partners (Step 9) 135 Key Metrics (Step 10) 136 Cost Drivers (Step 11) 136 The External Environment and Financial Strategy (Steps 12, 13, and 14) 138 Competitive Environment (Step 12) 138 Industry Attractiveness (Step 13) 138 Financial Strategy (Step 14) 138 Conclusion 139 Your Opportunity Journal 139 Web Exercise 139 Notes 139 Case: Zumba Fitness 140 6 Entrepreneurial Marketing 147 Why Marketing Is Critical for Entrepreneurs 148 Entrepreneurs Face Unique Marketing Challenges 148 Acquiring Market Information 149 Marketing Strategy for Entrepreneurs 151 Segmentation, Targeting, and Positioning 151 The Marketing Mix 152 Value Proposition: Articulating the Entrepreneurial Strategy 164 Social Media 167 Guerrilla Marketing 168 Marketing Skills for Managing Growth 169 Understanding and Listening to the Customer 169 Building the Brand 170 Conclusion 171 Your Opportunity Journal 171 Web Exercise 171 Appendix: Customer Interview 171 General Outline: It Needs To Be Tailored To Meet Your Research Needs 172 Notes 172 Case: Raised Right 174 7 Digital Marketing for Entrepreneurs 183 Introduction 183 Poem Model 184 Generating Awareness and Leads Using Paid Media 185 Metrics of Digital Advertising 185 Paid Search Marketing 186 Programmatic Advertising 188 Native Advertising 188 Sponsorships and Affiliate Marketing 189 Connecting With Your Customers in Owned Media 189 Owned Media: Websites and Landing Pages 189 Internal Web pages versus direct landing pages 190 Webpage Goals 192 Conversion Centered Design Goals 193 Making Your Website More Findable: Search Engine Optimization (seo) 193 On-Site: Keywords 193 Other Aspects of On-site SEO 194 Off Site SEO: Backlinks 194 Off Site SEO: Creating Useful Content 194 Owned Media: Social Media 195 Content Strategy for Organic Posts 196 Types of Organic Social Posts 197 Owned Media: Email 198 Owned Media: Other Content 199 Earned Media 199 Sentiment and Marketing Research 199 Influencers, Public Relations and Publicity 200 Leveraging User generated Content (UGC) 200 The Buyer’s Journey—Planning and Assessing Your Digital Marketing Content 201 Conclusion 204 Your Opportunity Journal 204 Exercises 204 Notes 205 Case: PetPax Co. 206 8 Building the Founding Team 213 Power of the Team 214 Where Do You Fit? 216 How to Build a Powerful Team 219 Bootstrapping: Building the Team Based on Stage-of-Venture Life 221 Compensation 223 Equity 223 Salary 227 Other Compensation Considerations 228 External Team Members 228 Outside Investors 229 Lawyers 229 Accountants 230 Board of Advisors 230 Board of Directors 231 Keeping the Team Together 232 Burnout 233 Family Pressure 233 Interpersonal Conflicts 234 Conclusion 234 Your Opportunity Journal 234 Web Exercise 235 Notes 235 Case: Bin, Inc. 236 9 The Business Planning Process 245 The Planning Process 247 The Story Model 248 The Business Plan 249 The Cover 249 Executive Summary 249 Table of Contents 250 Industry, Customer, and Competitor Analysis 250 Company and Product Description 254 Marketing Plan 255 Development Plan 260 Team 261 Critical Risks 263 Offering 265 Financial Plan 265 Appendices 265 Types of Plans 265 Style Pointers for the Written Plan and Oral Presentation 266 Conclusion 267 Your Opportunity Journal 268 Web Exercise 268 Notes 268 Case: ONSUNDAYS: Business Brief 269 10 Building Your Pro Forma 282 Financial Statements 283 Common Mistakes 283 Financial Statement Overview 284 Building Your Pro Forma Financial Statements 285 Build-Up Method 286 Revenue Projections 287 Cost of Goods Sold 288 Operating Expenses 289 Preliminary Income Statement 290 Comparable Method 291 Building Integrated Financial Statements 293 Income Statement 295 Balance Sheet 297 Cash-Flow Statement 298 Putting It All Together 299 Conclusion 299 Your Opportunity Journal 300 Web Exercise 300 Notes 300 Case: ONSUNDAYS: Understanding Your Market and Building Realistic Proformas 301 11 Raising Money for Starting and Growing a Business 314 Bootstrapping New Ventures 315 Informal Investors 316 Business Angels 317 Searching for Business Angels 318 Types of Business Angels 318 Putting Together a Round of Angel Investment 319 Amount of Capital Needed to Start a Business 321 Financial Returns on Informal Investment 321 Crowdfunding 322 Venture Capital 323 Classic Venture Capital 323 Mechanism of Venture Capital Investing 324 Financial Returns on Venture Capital 325 Dealing with Venture Capitalists 326 Negotiating the Deal 328 Valuation 328 Scorecard Valuation 329 Earnings Capitalization Valuation 330 Present Value of Future Cash Flows 330 Market-Comparable Valuation (Multiple of Earnings) 330 Asset-Based Valuation 331 Example of Market-Comparable Valuation 331 Asset-Based Valuation Example 333 Harvesting Investments 334 Initial Public Offering 335 Pros and Cons of an IPO 335 The Process of Going Public 337 BFAI Goes Public 338 Selling the Company 338 Why Be Acquired? 339 Conclusion 340 Your Opportunity Journal 340 Web Exercise 340 Notes 341 Case: Auction Mobility 343 12 Debt and Other Forms of Financing 349 Getting Access to Funds—Start with Internal Sources 350 Start with Credit Cards and Home Equity Lines 351 Cash Conversion Cycle 352 Working Capital: Getting Cash from Receivables and Inventories 352 Using Accounts Receivable as Working Capital 353 The Sales Pattern 354 Cash versus Credit Sales 354 Credit Policies 354 Setting Credit Terms 355 Collection Policies 356 Setting Credit Limits for Individual Accounts 357 Inventory 358 Sources of Short-Term Cash: More Payables, Less Receivables 359 Cash from Short-Term Bank Loans 359 Cash from Trade Credit 359 Cash Obtained by Negotiating with Suppliers 360 Cash Available Because of Seasonal Business Credit Terms 360 Advantages of Trade Credit 361 Cash Obtained by Tightening Up Accounts Receivable Collections 361 Obtaining Bank Loans Through Accounts Receivable Financing 362 Pledging 362 Pledging with Notification 362 Factoring 362 Recourse 362 Obtaining Loans against Inventory 363 Obtaining “Financing” from Customer Prepayments 363 Choosing the Right Mix of Short-Term Financing 363 Traditional Bank Lending: Short-Term Bank Loans 364 Maturity of Loans 365 Interest Rates 365 Collateral 366 Applying for a Bank Loan 366 Restrictive Covenants 367 General Provisions 367 Routine Provisions 368 Specific Provisions 368 Equipment Financing 369 Obtaining Early Financing from External Sources 369 SBA-Guaranteed Loans 369 Applying for an SBA Loan 370 Conclusion 371 Your Opportunity Journal 371 Web Exercise 372 Notes 372 Case: FEED Resource Recovery 373 13 Legal and Tax Issues, Including Intellectual Property 384 Why, When, and How to Choose an Attorney 385 Leaving Your Present Position 385 Corporate Opportunity 385 Recruitment of Fellow Employees 386 Noncompetition 386 Intellectual Property 387 The Basics: What Is Protectable and How Should It Be Protected? 388 Patents 388 Trade Secrets 393 Trademarks 395 Copyright 397 International Protection for Intellectual Property 399 Choice of Legal Form 400 Control 401 Personal Liability 402 Taxation 402 Initial Investment of the Founders 404 Choosing a Name 405 Negotiating Employment Terms 405 Disposition of Equity Interests 405 Legal and Tax Issues in Hiring Employees 408 Employees as Agents of the Company 408 Employment Discrimination 409 Employment Agreements 409 Raising Money 409 Conclusion 410 Your Opportunity Journal 411 Web Exercise 411 Notes 411 Case: Wefunder: Leading the Growth of a New Industry 412 Appendix A: A Sample Wefunder Offerings 418 14 Entrepreneurial Growth 420 Making the Transition from Start-up to Growth 421 Looking Forward: The Choice to Grow, or Not, or Sell 421 A Model of Driving Forces of Growth 423 The Growth Process 424 Execution 425 Instituting Controls 426 Tracking Performance 427 Managing the Cash Cycle 429 Leveraging the Value Chain 431 Maintaining the Entrepreneurial Organization 432 Opportunity Domain 432 Organizational Resources and Capabilities 435 Obtaining Financial Resources for the Growing Company 435 Intangible Resources and Capabilities 436 Leadership 438 Starting the Delegation Process 438 First-Level Management 440 From Delegation to Decentralization 440 Professional Management and Boards 440 Coordinating the Driving Forces 441 Leading People; Developing Entrepreneurs 441 Conclusion 442 Your Opportunity Journal 443 Web Exercise 443 Notes 443 Case: Connecting Students with Therapists Immediately 445 Appendix: Competitors 451 Glossary G- 1 Index I- 1
Subject Areas: Business & management [KJ]
