Essentials of Entrepreneurship and Small Business Management

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Edition 5




Essentials of Entrepreneurship
and Small Business Management




             Thomas W. Zimmerer
             St. Leo University


             Norman M. Scarborough
             Presbyterian College


             with Doug Wilson
             University of Oregon




     Upper Saddle River, New Jersey 07458
Library of Congress Cataloging-in-Publication Data

Zimmerer, Thomas.
    Essentials of entrepreneurship and small business management / Thomas W. Zimmerer,
   Norman M. Scarborough, Doug Wilson.-- 5th ed.
       p. cm.
    Includes bibliographical references and index.
    ISBN-13: 978-0-13-229438-6
    ISBN-10: 0-13-229438-9
    1. Small business--Management. 2. New business enterprises--Management.
   I. Scarborough, Norman M. II. Wilson, Doug. III. Title.
   HD62.7.Z55 2007
   658.022--dc22                                                           2006102375

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River, New Jersey 07458.
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                                                                        10 9 8 7 6 5 4 3 2 1
                                                               ISBN-13: 978-0-13-229438-6
                                                                  ISBN-10: 0-13-229438-9
To Cindy, whose patience is always tested during a writing
    project of this magnitude. Your love, support, and
      understanding are a vital part of every book.
                You are the love of my life.
                                                             --NMS

    To Linda, whose unconditional love motivates me
   to strive daily to earn her respect. Her commitment
            to our life makes all things possible.
                                                             --TWZ

    To Judy, whose love and support was an essential
       part of this work. I am so thankful to be on
                  life's journey with you.
                                                             --DLW




                                                                     iii
       "May your own dreams be your only boundaries."
     --The Reverend Purlie Victorious Judson, in "Purlie,"
                  Broadway Theater, 1970




iv
Brief Contents


SECTION I    The Challenge of Entrepreneurship           1
    Chapter 1   The Foundations of Entrepreneurship 1
    Chapter 2   Inside the Entrepreneurial Mind: From Ideas to Reality   41

SECTION II   Building the Business Plan: Beginning
             Considerations 83
    Chapter 3   Designing a Competitive Business Model and Building a
                Solid Strategic Plan 83
    Chapter 4   Conducting a Feasibility Analysis and Crafting a Winning
                Business Plan 122
    Chapter 5   Forms of Business Ownership 159
    Chapter 6   Franchising and the Entrepreneur 188
    Chapter 7   Buying an Existing Business 220

SECTION III Building the Business Plan: Marketing and
            Financial Considerations 263
    Chapter 8   Building a Powerful Marketing Plan 263
    Chapter 9   E-Commerce and the Entrepreneur 310
   Chapter 10   Pricing Strategies 355
   Chapter 11   Creating a Successful Financial Plan 383
   Chapter 12   Managing Cash Flow 424

SECTION IV Putting the Business Plan to Work:
           Sources of Funds 462
   Chapter 13   Sources of Financing: Debt and Equity 462
   Chapter 14   Choosing the Right Location and Layout 514
   Chapter 15   Global Aspects111 of Entrepreneurship 559
   Chapter 16   Building a New Venture Team and Planning for the
                Next Generation 596




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