Entrepreneurship Skills for New Ventures: 4th Edition (Paperback) book cover

Entrepreneurship Skills for New Ventures

4th Edition

By David C. Kimball, Robert N. Lussier

Routledge

432 pages | 33 Color Illus.

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Description

As business schools expand their entrepreneurship programs and organizations seek people with entrepreneurial skills, it has become clear that the skills and mindset of an entrepreneur are highly valued in all business contexts. This latest edition of Entrepreneurship Skills for New Ventures continues to focus on helping students develop entrepreneurial skills, whether they seek to become entrepreneurs or employees.

Focusing on the entrepreneurial start-up process, the fourth edition of Entrepreneurship Skills for New Ventures takes the reader through the steps of selecting, planning, financing, and controlling the new venture. The authors cover multiple forms of new ventures, as well as ways to utilize entrepreneurial skills in other contexts, encouraging students to engage with the material and apply it to their lives in ways that make sense for them. Skill development features include:

  • Entrepreneurial profiles of small business owners
  • Personal applications for students to apply questions to their new venture or a current business
  • Global and domestic cases
  • Elevator pitch assignments which put students in the venture capitalist position
  • Application exercises and situations covering specific text concepts
  • Business plan prompts to help students construct a business plan over the course of a semester

Featuring pedagogical tools like review questions and learning outcomes, and online materials which expands upon skill development and offers instructor resources, the fourth edition of Entrepreneurship Skills for New Ventures is the perfect resource for instructors and students of entrepreneurship.

Table of Contents

About the Authors

Preface

Part I: Selecting The New Venture

1 What's Entrepreneurship About? Do You Want to Start Your Own Business?

Entrepreneurs and Small Business

Pros, Cons, and Myths of Entrepreneurship

Entrepreneurship Characteristics and Orientation

The Entrepreneurial Process

Preparing to Become an Entrepreneur

2 New Venture Options: Do You Want to Start a New Business, Buy One, be a Franchisee, or a Corporate or Nonprofit Entrepreneur?

What Type of New Venture do You Want to Start?

Starting a New Business

Buying an Existing Business

Buying a Franchise

Buying Licensee Rights

Starting a New Venture as a Corporate Entrepreneur

Starting a New Venture Nonprofit

Family Business as an Entrepreneurial Option

3 What Business? How do You Find Opportunities and Develop a Business Model?

Creativity and Opportunity

Developing Creative Skills

Entrepreneurial Characteristics for Recognizing and Exploiting Opportunities

Opportunities in Trends

Solving Problems Creates Opportunities

Developing Your Business Model

Other Options for Starting a New Venture, and Entrepreneurial Behavior

4 How do You Assess the Chances of Venture Success? Feasibility Analysis and Protecting the Business Model Legally

Feasibility Analysis

Are Your Products and Services Feasible?

Are Your Industry and Target Market Feasible?

Are Your Operations Feasible?

Are Your Profits Feasible?

Is Your Business Model Feasible?

Protecting Your Ideas and Intellectual Property Legally

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Part II: Planning The New Venture

5 Business Planning: What's Your Legal Form and Strategy?

From Business Model to Business Plan

The Business Plan, Why it is Important, and Resources

Major Sections of the Business Plan

Legal Form of Ownership

Strategy Formulation of the Business Plan

Other Options for Starting a New Venture, and Entrepreneurial Behavior

6 The Marketing Plan: Who are Your Customers?

The Interrelationship Between the Marketing Plan and the Other Business Plan Components

Identify the Target Customer and Forecast Sales Through Marketing Research

Product

Price

Place

Promotion

Advertising and the Media

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

7 The Location and Layout Plan: What Facilities do You Need?

The Interrelationships Between Location and Layout and Other Business Plan Components

Selecting the Location

Lease, Buy, or Build Facilities

Facility Layout

Sources of Information

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

8 The Operations Plan: How Will You Make the Product?

The Interrelationship Between the Production/Operations Function and Other Business Plan Components

Operations and the Transformation Process

Supply Chain Management

Inventory

Scheduling

Quality

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

9 The Human Resource Plan: How do You Develop the New Venture Team and Employees?

The Interrelationship Between the Human Resources Function and the Other Business Plan Components

The New Venture Team

The Human Resource Management Process

Attracting Employees and Independent Contractors

Developing, Retaining, and Terminating Employees

Management Succession and Exit Strategies

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

10 The Finance Plan: How Much Money do You Need?

The Interrelationship Between the Accounting Function, Taxation, and the Other Business Plan Components

Financial Statement Basics

Pro Forma Cash Flow Statement

Breakeven Analysis

Taxation

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

Part III: Financing And Controlling The New Venture

11 Sources of Funds: Where do You Get the Money?

The Interrelationship Between the Financial Function and the Other Business Plan Components

Determining Capital Needs

Sources of Equity Financing

Sources of Debt Financing

Sources of Bootstrap Financing

Government-Sponsored Agencies

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

12 Controls: How do You Keep the New Venture on Track?

The Interrelationship Between Control, Financial Analysis, and the Other Business Plan Components

Organizational Controls and Quality

Budgets

Financial Ratio Controls and the Balanced Scorecard

Risk Management

Other Options for Starting a New Venture, and Entrepreneurial Behavior

Take it to the Net

Appendix A: Where Can You Get Help? Sources of Domestic and Global Assistance

Appendix B: The Business Plan Example

Notes

Index

About the Authors

David C. Kimball is a Professor of Management in the Business Division at Elms College and regularly teaches entrepreneurship courses.

Robert N. Lussier is a Professor of Management at Springfield College. He is a two-time entrepreneur who has also provided venture capital for a small business and who has consulted with small businesses and nonprofits.

Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS025000
BUSINESS & ECONOMICS / Entrepreneurship
BUS042000
BUSINESS & ECONOMICS / Management Science
BUS048000
BUSINESS & ECONOMICS / New Business Enterprises
BUS053000
BUSINESS & ECONOMICS / Quality Control
BUS060000
BUSINESS & ECONOMICS / Small Business
BUS101000
BUSINESS & ECONOMICS / Project Management