Small business management : launching and growing entrepreneurial ventures

Discover the keys to small business success with Longenecker/Petty/Palich/Hoy's SMALL BUSINESS MANAGEMENT: LAUNCHING AND GROWING ENTREPRENEURIAL VENTURES, 20E. This best-selling book provides practical concepts, entrepreneurial insights and complete resources that are valuable now and throughout your management ventures. This edition guides you through the full business cycle, from how to start and manage to growing and harvesting a business. Current coverage offers innovative tools and unforgettable examples, cases and activities to sharpen skills. You take the role of decision-maker as you apply what you've learned to current challenges in today's small businesses. Revisions address the gig economy while expanded coverage of the business plan highlights the Business Model Canvas. Updated, clear explanations of financial statements focus on the needs of small business owners. MindTap digital resources and LivePlan business plan software are also available with more tools for business success. Cover Brief Contents Contents Preface About the Authors Part 1: Entrepreneurship: A World of Opportunity Chapter 1: The Entrepreneurial Life Spotlight on Small Business: Energy Solutions of Texas 1-1 Small Size, Big Significance 1-2 Small Business and Entrepreneurship 1-3 Can a Small Company Really Compete with Big Companies? 1-4 Motivations for Owning a Business 1-5 What Do You Want Your Legacy to Be? Ready to Begin? Chapter 2: Integrity, Ethics, and Social Entrepreneurship Spotlight on Small Business: Bambino's Frozen Baby Food 2-1 What Is Integrity? 2-2 Integrity and the Interests of Major Stakeholders 2-3 The Challenges and Benefits of Acting with Integrity 2-4 Building a Business with Integrity 2-5 Social Entrepreneurship: A Continuing Trend Part 2: Starting from Scratch or Joining an Existing Business Chapter 3: Starting a Small Business Spotlight on Small Business: HARA Clean Beauty 3-1 Developing Start-Up Ideas 3-2 Using Innovative Thinking to Identify Business Ideas 3-3 Using Internal and External Analyses to Assess New Business Ideas 3-4 Selecting Strategies That Capture Opportunities 3-5 Screening New Business Ideas 3-6 Is Your Start-Up Idea Feasible? Chapter 4: Franchises and Independent Contracting in the Gig and Sharing Economies Spotlight on Small Business: Duck Donuts 4-1 What Is a Franchise? 4-2 The Pros and Cons of Franchising 4-3 Evaluating Franchise Opportunities 4-4 Independent Contracting in the Gig and Sharing Economies Chapter 5: The Family Business and Buyouts Spotlight on Small Business: Dietz & Watson 5-1 What Is a Family Business? 5-2 Family Roles and Relationships 5-3 Good Governance in the Family Business 5-4 Management and Ownership Succession 5-5 Buying an Existing Business Part 3: Developing the New Venture Business Plan Chapter 6: Visualizing Your Dream: The Business Model and the Business Plan Spotlight on Small Business: Maternova 6-1 The Business Model and the Entrepreneur 6-2 Think Lean Start-up 6-3 The Purpose and Form of a Business Plan 6-4 Preparing a Business Plan: Content, Format, and Quality 6-5 Writing a Business Plan 6-6 Pitching to Investors Chapter 7: The Marketing Plan Spotlight on Small Business: Barry Moltz 7-1 What Is Small Business Marketing? 7-2 The Formal Marketing Plan 7-3 Understanding Potential Target Markets 7-4 Finding Customers 7-5 Estimating Market Potential Chapter 8: The Organizational Plan: Teams, Legal Structures, Alliances, and Directors Spotlight on Small Business: Bubbakoo's Burritos 8-1 Building a Management Team 8-2 Common Legal Forms of Organization 8-3 Considerations in Choosing an Organizational Form 8-4 Specialized Legal Forms of Organization 8-5 Forming Strategic Alliances 8-6 Making the Most of a Board of Directors Chapter 9: The Location Plan Spotlight on Small Business: On Location Tours 9-1 Locating the Start-up in a Traditional Physical Facility 9-2 Designing and Equipping the Physical Facility 9-3 Locating the Start-up in the Entrepreneur's Home 9-4 E-Commerce: Locating a Start-up Online Chapter 10: Understanding a Firm's Financial Statements Spotlight on Small Business: G&P Properties The Lemonade Kids 10-1 The Income Statement 10-2 The Balance Sheet 10-3 The Statement of Cash Flows 10-4 Evaluating a Firm's Financial Position Chapter 11: Forecasting Financial Requirements Spotlight on Small Business: The Big Smoke 11-1 The Purpose of Financial Forecasting 11-2 Forecasting Profitability 11-3 Forecasting Asset and Financing Requirements 11-4 Forecasting Cash Flows 11-5 Use Good Judgment When Forecasting Chapter 12: Financing the Small Business Spotlight on Small Business: Ready, Set, Food! 12-1 Firm Characteristics and Sources of Financing 12-2 Choosing between Debt and Equity Financing 12-3 Sources of Small Business Financing: The Starting Point 12-4 Bank Financing 12-5 Business Suppliers and Asset-Based Lenders 12-6 Private Equity Investors 12-7 Crowdfunding 12-8 Government Loan Programs 12-9 Additional Sources of Financing Chapter 13: Planning for the Harvest Spotlight on Small Business: Will There Still Be Life after Selling Your Business? 13-1 The Importance of the Harvest 13-2 Methods of Harvesting a Business 13-3 Firm Valuation and Payment Methods 13-4 Developing an Effective Harvest Plan Part 4: Focusing on the Customer: Marketing Growth Strategies Chapter 14: Building Customer Relationships Spotlight on Small Business: Jimyz Automotive 14-1 What Is Customer Relationship Management? 14-2 Outstanding Customer Relationships through Extraordinary Service 14-3 Using Technology to Support Customer Relationship Management 14-4 Customers as Decision Makers 14-5 Understanding Psychological Influences on Customer Behavior 14-6 Understanding Sociological Influences on Customer Behavior Chapter 15: Product Development and Supply Chain Management Spotlight on Small Business: Chillhouse 15-1 To Grow or Not to Grow 15-2 Innovation: A Path to Growth 15-3 The Product Life Cycle and New Product Development 15-4 Building the Total Product 15-5 Product Strategy 15-6 The Legal Environment 15-7 Supply Chain Management Chapter 16: Pricing and Credit Decisions Spotlight on Small Business: The Barefoot Spirit 16-1 Setting a Price 16-2 Applying a Pricing System 16-3 Selecting a Pricing Strategy 16-4 Offering Credit 16-5 Managing the Credit Process Chapter 17: Promotional Planning Spotlight on Small Business: The Dyrt 17-1 Promotion Is Communication 17-2 Determining the Promotional Budget 17-3 Promotion Using Websites and Social Media 17-4 Personal Selling in the Small Firm 17-5 Advertising Practices 17-6 Sales Promotion Chapter 18: Global Opportunities for Small Businesses Spotlight on Small Business: CrateBind 18-1 Small Businesses as Global Enterprises 18-2 The Primary Forces Driving Global Businesses 18-3 Strategy Options for Global Firms 18-4 Challenges to Global Businesses 18-5 Assistance for Global Enterprises Part 5: Managing Growth in the Small Business Chapter 19: Professional Management and the Small Business Spotlight on Small Business: Learning to Lead at ASRV Sportswear 19-1 Small Business Leadership 19-2 The Small Firm Management Process 19-3 Managerial Responsibilities of Entrepreneurs 19-4 Personal Time Management 19-5 Outside Management Assistance Chapter 20: Managing Human Resources Spotlight on Small Business: Kitu Life, Inc. 20-1 Recruiting Personnel 20-2 Evaluating Prospects and Selecting Employees 20-3 Training and Developing Employees 20-4 Compensation and Incentives for Employees 20-5 Special Issues in Human Resource Management Chapter 21: Managing Small Business Operations Spotlight on Small Business: Roscoe Village Bikes 21-1 Competing with Operations 21-2 The Operations Process 21-3 Inventory Management and Operations 21-4 Quality and Operations Management 21-5 Purchasing Policies and Practices 21-6 Lean Production and Synchronous Management Chapter 22: Managing the Firm's Assets Spotlight on Small Business: Nathan Perry, Founder, Cutting Edge Elite, Inc. 22-1 The Working Capital Cycle 22-2 Managing Cash Flows 22-3 Managing Accounts Receivable 22-4 Managing Inventory 22-5 Managing Accounts Payable 22-6 Cash Conversion Period Revisited 22-7 Capital Budgeting Techniques 22-8 Capital Budgeting Practices in Small Firms Chapter 23: Managing Risk Spotlight on Small Business: Collin Street Bakery 23-1 What Is Business Risk? 23-2 Basic Types of Pure Risk 23-3 Risk Management 23-4 Basic Principles of a Sound Insurance Program 23-5 Common Types of Business Insurance Cases/Video Cases Index "This edition's comprehensive approach and precedent-setting, current coverage provides innovative tools and engaging examples with an integrated resource package that includes MindTap digital resources and LivePlan business plan software. Students explore the fundamentals of business management and the full business cycle, from how to start and manage to growing and harvesting a business. Current cases and activities sharpen skills in decision making, while revisions address today's gig economy and current advancements in business." -- Publisher's website