Entrepreneurship and Effective Small Business Management, 11th edition

For undergraduate and graduate courses in entrepreneurship and/or small business management.

Discover how to successfully launch and manage a small business.

Open your students’ minds to the possibilities, challenges, and rewards of becoming a small business owner with Entrepreneurship and Effective Small Business Management. This text provides students with the tools they need in order to launch and manage a small business.

This Eleventh Edition continues to provide students with a practical, hands-on approach to launch a business that has the greatest chance for success. This edition features ten new cases and the most recent statistics, studies, surveys, and research about entrepreneurship and small business management. 

This program will provide a better teaching and learning experience—for you and your students. Here’s how:

• Get Students to Think Critically about Concepts: Cases challenge students to think critically about a variety of topics.
• Encourage Students to Apply Concepts: Examples and exercises allow students to see how entrepreneurs are putting into practice the concepts that they are learning.
• Stay on the Cutting-Edge with Today’s Hottest Topics: Every chapter reflects the most recent statistics, studies, surveys, and research about entrepreneurship and small business management.

Get Students to Think Critically About Concepts

• NEW! Ten Cases. This edition includes 10 new brief cases that cover a variety of topics (see the Case Matrix that appears on the inside cover). All of the cases are about small companies, and most are real companies that your students can research online. These cases challenge them to think critically about a variety of topics that are covered in the book—from managing cash flow in a seasonal business and choosing a location for a restaurant's second branch to deciding how to deal with the Affordable Care Act and setting prices for a social entrepreneur's eco-friendly apparel. 
• NEW! In the Entrepreneurial Spotlight. Almost all of the “In the Entrepreneurial Spotlight” features are new to this edition.  These inspirational true stories invite students to explore the inner workings of entrepreneurship by advising entrepreneurs who face a variety of real-world business issues.  Topics addressed in these “Spotlights” include college students applying the entrepreneurial skills they are learning in their classes by starting businesses while they are still in school, entrepreneurs who discover that for them franchising is the ideal path to entrepreneurship, a television makeup artist who launched her own line of makeup and faces decisions about promoting it, entrepreneurs who are enhancing their companies' e-commerce efforts with social media, and many others. 
• NEW! Lessons from the Street-Smart Entrepreneur. To emphasize the practical nature of this book, every chapter includes a new or updated “Lessons from the Street-Smart Entrepreneur” feature that focuses on a key concept and offers practical advice about how your students can put it to practice in their own companies.  These features include topics such as “Questions to Spur the Imagination,” “Thriving on Change,” “How to Make Your Business Ready for Global E-Commerce,” “E-Mail Ads That Produce Results,” “How to Set Up an ESOP,” and many others.

Encourage Students to Apply Concepts

• NEW! Real-World Examples. Almost all of the real-world examples in this edition are new and are easy to spot because they are highlighted by in-margin markers. These examples allow students to see how entrepreneurs are putting into practice the concepts that they are learning in the book and in your class. These examples are designed to help them to remember the key concepts in the course.  The business founders in these examples also reflect the diversity that makes entrepreneurship a vital part of the global economy. 
• NEW! Entrepreneurship in Action. These short cases are available to give students the opportunity to apply the concepts they're learning in the course to actual business scenarios. We have updated all of the “Entrepreneurship in Action” features that have proved to be so popular with both students and professors.  Every chapter contains at least one of these short cases that describes a decision that an entrepreneur faces and asks students to assume the role of consultant and advise the entrepreneur on the best course of action.  This feature includes the fascinating stories of entrepreneurs who see space as the next entrepreneurial frontier (including Elon Musk's SpaceX and Richard Branson's Virgin Galactic), professional athletes who have become successful franchisees (including Jamal Mashburn, Drew Brees, and Angelo Crowell), and using bootstrap marketing techniques to build a name in the music industry (Erin Anderson, founder of Olivia Management).  Each one poses a problem or an opportunity, includes questions that focus students' attention on key issues, and helps students hone their analytical and critical thinking skills. 
• Practical and Hands-On: Entrepreneurship and Effective Small Business Managementincludes examples from both small businesses and large corporations. Chapter 4 on franchising includes examples from all of the major franchises, including McDonald's, Subway, Zaxby's and others. The following larger companies are just a small sample of those that appear in the 11/e:

• Aflac
• AOL
• Allen Edmonds
• Appleby's
• BMW
• Bose Corporation
• Build-A-Bear Workshop
• Carnival Cruise Lines
• Cabela's
• C.F. Martin and Company
• Chick-Fil-A
• Dell
• Disney

• Gaining the Competitive Edge. This hands-on, how-to feature has been designed to offer practical advice on a particular topic. Information on how students can use these concepts to develop a competitive edge for their business is included.
• Show how to conduct business online: Throughout this text, students will find many Internet references, ideas for how to use the Internet as a business tool, and examples of entrepreneurs who are unleashing the Internet's power in creative ways.

Stay on the Cutting-Edge with Today's Hottest Topics

• NEW! The content of every chapter reflects the most recent statistics, studies, surveys, and research about entrepreneurship and small business management.  Theory, of course, is important, but this book explains how entrepreneurs are applying the theory of entrepreneurship every day.  Your students will learn how to launch and manage a business the right way by studying the most current concepts in entrepreneurship and small business management.
• NEW! The addition of a chapter on the creative process that explores how the entrepreneurial mind works. This innovative chapter also explains how entrepreneurs can stimulate their own creativity and the creativity of the people in their organizations.
• NEW! Updated chapter on ethics and social responsibility (Chapter 2).  This thought-provoking chapter gives your students the opportunity to wrestle with some of the ethical dilemmas that entrepreneurs face every day in business.
• NEW! Enhanced coverage of social media, such as Facebook, Twitter, Pinterest, YouTube, and others, throughout the entire book, including ways to use social media as a powerful bootstrap marketing technique, a fund-raising tool, a quick, inexpensive way to test business models, and many others. 
• NEW! More material on bootstrapping throughout the book because today's young entrepreneurs have to be prepared to launch their ventures with limited resources and little access of outside funding.
• NEW! Updated chapters on financing small businesses to reflect the current state of financial markets.  Included in these updates is discussion of the newest form of financing known as crowdfunding.
• NEW! Revised chapter on creating a business plan to reflect the modern view of the business planning process. In addition to retaining extensive coverage of how to write a business plan, an expanded section on conducting a feasibility analysis and added section on using the business model canvas to develop a viable business model is included. 
• NEW! A sample business plan for The Picture Booth Company serves as a model for students as they create plans for their own business ideas.  Ross Hill wrote this plan for a business that sells and rents portable photo booths while he was a student and used it to launch his business.  Not only has Ross used this plan to guide his successful company, but he also has used it to raise more than $70,000 in start-up capital.  Hill's plan won three business plan competitions, including the national competition sponsored by Collegiate DECA.
• NEW! This edition features an updated, attractive, full-color design and layout that is designed to be user-friendly. Each chapter begins with learning objectives, which are repeated as in-margin markers within the chapter to guide you as they study.

Get Students to Think Critically About Concepts

• NEW! Ten Cases. This edition includes 10 new brief cases that cover a variety of topics (see the Case Matrix that appears on the inside cover). All of the cases are about small companies, and most are real companies that your students can research online. These cases challenge them to think critically about a variety of topics that are covered in the book–from managing cash flow in a seasonal business and choosing a location for a restaurant’s second branch to deciding how to deal with the Affordable Care Act and setting prices for a social entrepreneur’s eco-friendly apparel. 
• NEW! In the Entrepreneurial Spotlight. Almost all of the “In the Entrepreneurial Spotlight” features are new to this edition.  These inspirational true stories invite students to explore the inner workings of entrepreneurship by advising entrepreneurs who face a variety of real-world business issues.  Topics addressed in these “Spotlights” include college students applying the entrepreneurial skills they are learning in their classes by starting businesses while they are still in school, entrepreneurs who discover that for them franchising is the ideal path to entrepreneurship, a television makeup artist who launched her own line of makeup and faces decisions about promoting it, entrepreneurs who are enhancing their companies’ e-commerce efforts with social media, and many others. 
• NEW! Lessons from the Street-Smart Entrepreneur. To emphasize the practical nature of this book, every chapter includes a new or updated “Lessons from the Street-Smart Entrepreneur” feature that focuses on a key concept and offers practical advice about how your students can put it to practice in their own companies.  These features include topics such as “Questions to Spur the Imagination,” “Thriving on Change,” “How to Make Your Business Ready for Global E-Commerce,” “E-Mail Ads That Produce Results,” “How to Set Up an ESOP,” and many others.

Encourage Students to Apply Concepts

• NEW! Real-World Examples. Almost all of the real-world examples in this edition are new and are easy to spot because they are highlighted by in-margin markers. These examples allow students to see how entrepreneurs are putting into practice the concepts that they are learning in the book and in your class. These examples are designed to help them to remember the key concepts in the course.  The business founders in these examples also reflect the diversity that makes entrepreneurship a vital part of the global economy. 
• NEW! Entrepreneurship in Action. These short cases are available to give students the opportunity to apply the concepts they’re learning in the course to actual business scenarios. We have updated all of the “Entrepreneurship in Action” features that have proved to be so popular with both students and professors.  Every chapter contains at least one of these short cases that describes a decision that an entrepreneur faces and asks students to assume the role of consultant and advise the entrepreneur on the best course of action.  This feature includes the fascinating stories of entrepreneurs who see space as the next entrepreneurial frontier (including Elon Musk’s SpaceX and Richard Branson’s Virgin Galactic), professional athletes who have become successful franchisees (including Jamal Mashburn, Drew Brees, and Angelo Crowell), and using bootstrap marketing techniques to build a name in the music industry (Erin Anderson, founder of Olivia Management).  Each one poses a problem or an opportunity, includes questions that focus students’ attention on key issues, and helps students hone their analytical and critical thinking skills. 
• Practical and Hands-On: Entrepreneurship and Effective Small Business Managementincludes examples from both small businesses and large corporations. Chapter 4 on franchising includes examples from all of the major franchises, including McDonald’s, Subway, Zaxby’s and others. The following larger companies are just a small sample of those that appear in the 11/e:

• Aflac
• AOL
• Allen Edmonds
• Appleby’s
• BMW
• Bose Corporation
• Build-A-Bear Workshop
• Carnival Cruise Lines
• Cabela’s
• C.F. Martin and Company
• Chick-Fil-A
• Dell
• Disney

Stay on the Cutting-Edge with Today’s Hottest Topics

• NEW! The content of every chapter reflects the most recent statistics, studies, surveys, and research about entrepreneurship and small business management.  Theory, of course, is important, but this book explains how entrepreneurs are applying the theory of entrepreneurship every day.  Your students will learn how to launch and manage a business the right way by studying the most current concepts in entrepreneurship and small business management.
• NEW! The addition of a chapter on the creative process that explores how the entrepreneurial mind works. This innovative chapter also explains how entrepreneurs can stimulate their own creativity and the creativity of the people in their organizations.
• NEW! Updated chapter on ethics and social responsibility (Chapter 2).  This thought-provoking chapter gives your students the opportunity to wrestle with some of the ethical dilemmas that entrepreneurs face every day in business.
• NEW! Enhanced coverage of social media, such as Facebook, Twitter, Pinterest, YouTube, and others, throughout the entire book, including ways to use social media as a powerful bootstrap marketing technique, a fund-raising tool, a quick, inexpensive way to test business models, and many others. 
• NEW! More material on bootstrapping throughout the book because today’s young entrepreneurs have to be prepared to launch their ventures with limited resources and little access of outside funding.
• NEW! Updated chapters on financing small businesses to reflect the current state of financial markets.  Included in these updates is discussion of the newest form of financing known as crowdfunding.
• NEW! Revised chapter on creating a business plan to reflect the modern view of the business planning process. In addition to retaining extensive coverage of how to write a business plan, an expanded section on conducting a feasibility analysis and added section on using the business model canvas to develop a viable business model is included. 
• NEW! A sample business plan for The Picture Booth Company serves as a model for students as they create plans for their own business ideas.  Ross Hill wrote this plan for a business that sells and rents portable photo booths while he was a student and used it to launch his business.  Not only has Ross used this plan to guide his successful company, but he also has used it to raise more than $70,000 in start-up capital.  Hill’s plan won three business plan competitions, including the national competition sponsored by Collegiate DECA.
• NEW! This edition features an updated, attractive, full-color design and layout that is designed to be user-friendly. Each chapter begins with learning objectives, which are repeated as in-margin markers within the chapter to guide you as they study.