Effective small business management : an entrepreneurial approach

New Venture Management. Exceptionally practical, this best-selling text teaches budding entrepreneurs the 'hands-on' tools and techniques for launching and managing a small business the right way - and to imbue it with the staying power necessary to succeed and grow in the hotly competitive environment of the 21st century. For courses in Small Business Management, Entrepreneurship, Starting a New Business, Running a Small Business. *NEW - Increased emphasis on the WWW and its application as a business tool. Teaches the basics of the WWW, with examples and hands-on exercises-'Wired to the Web' - in every chapter *NEW - Companion WWW site which provides both professors and students with useful tools in teaching and learning about entrepreneurship and small business management. www.prenhall.com/scarbzim *NEW - All new video package - Adapted from the PBS television series 'Small Business 2000', these eleven videos feature interviews with actual owners, managers, and employees of a variety of small businesses. Video notes are provided in The Instructor's Manual. Brings the real world of entrepreneurs into the classroom *Focus on building a BUSINESS PLAN *NEW - Exceptional revision stre

Preface	p. xvii
Section I The Challenge of Entrepreneurship	p. 1
1. Entrepreneurs: The Driving Force Behind Small Business	p. 1
What Is an Entrepreneur?	p. 4
The Benefits of Owning a Small Business	p. 8
Opportunity to Gain Control over Your Own Destiny	p. 8
Opportunity to Make a Difference	p. 8
Opportunity to Reach Your Full Potential	p. 9
Opportunity to Reap Unlimited Profits	p. 9
Opportunity to Contribute to Society and to Be Recognized for Your Efforts	p. 9
Opportunity to Do What You Enjoy Doing	p. 10
The Potential Drawbacks of Entrepreneurship	p. 10
Uncertainty of Income	p. 10
Risk of Losing Your Entire Invested Capital	p. 10
Long Hours and Hard Work	p. 12
Lower Quality of Life Until the Business Gets Established	p. 12
High Levels of Stress	p. 13
Complete Responsibility	p. 13
Why the Boom: The Fuel Feeding the Entrepreneurial Fire	p. 13
Entrepreneurs as Heroes	p. 13
Entrepreneurial Education	p. 13
Demographic and Economic Factors	p. 13
Shift to a Service Economy	p. 14
Technological Advancements	p. 14
Independent Lifestyle	p. 14
The World Wide Web (WWW)	p. 14
International Opportunities	p. 15
The Cultural Diversity of Entrepreneurship	p. 16
Women Entrepreneurs	p. 16
Minority Enterprises	p. 18
Immigrant Entrepreneurs	p. 19
Part-Time Entrepreneurs	p. 19
Home-Based Business Owners	p. 20
Family Business Owners	p. 21
Copreneurs	p. 21
Corporate Castoffs	p. 23
Corporate Dropouts	p. 24
The Contributions of Small Businesses	p. 24
The Business Failure Record: Can You Beat the Odds?	p. 25
Management Incompetence	p. 25
Lack of Experience	p. 27
Poor Financial Control	p. 27
Lack of Strategic Management	p. 27
Uncontrolled Growth	p. 28
Inappropriate Location	p. 29
Lack of Inventory Control	p. 29
Inability to Make the "Entrepreneurial Transition"	p. 29
Putting Failure into Perspective	p. 30
How to Avoid the Pitfalls	p. 32
Know Your Business in Depth	p. 32
Prepare a Business Plan	p. 32
Manage Financial Resources	p. 32
Understand Financial Statements	p. 33
Learn to Manage People Effectively	p. 33
Set Your Business Apart from the Competition	p. 33
Keep in Tune with Yourself	p. 33
Chapter Summary	p. 34
Discussion Questions	p. 35
Step into the Real World	p. 35
Section II Building The Business Plan: Beginning Considerations	p. 39
2. Strategic Management and the Entrepreneur	p. 39
Building a Competitive Advantage	p. 40
The Strategic Management Process	p. 41
Step 1 Develop a Clear Vision and Translate It into a Meaningful Mission Statement	p. 41
Step 2 Define the Firm's Core Competences and Its Target Market Segment, and Position the Business to Compete Effectively	p. 43
Step 3 Assess the Company's Strengths and Weaknesses	p. 47
Step 4 Scan the Environment for Significant Opportunities and Threats	p. 47
Step 5 Identify the Key Success Factors	p. 48
Step 6 Analyze the Competition	p. 50
Step 7 Create Company Goals and Objectives	p. 53
Step 8 Formulate Strategic Options and Select the Appropriate Strategies	p. 55
Step 9 Translate Strategic Plans into Action Plans	p. 63
Step 10 Establish Accurate Controls	p. 63
Conclusion and Beginning	p. 65
Chapter Summary	p. 66
Discussion Questions	p. 68
Step into the Real World	p. 68
3. Choosing a Form of Ownership	p. 70
The Sole Proprietorship	p. 73
Advantages of a Sole Proprietorship	p. 73
Disadvantages of a Sole Proprietorship	p. 75
The Partnership	p. 77
The Uniform Partnership Act	p. 78
Advantages of the Partnership	p. 79
Disadvantages of the Partnership	p. 80
Dissolution and Termination of Partnership	p. 81
Limited Partnerships	p. 83
Master Limited Partnerships	p. 84
Limited Liability Partnerships	p. 84
The Corporation	p. 84
Requirements for Incorporation	p. 85
Advantages of the Corporation	p. 86
Disadvantages of the Corporation	p. 87
The Professional Corporation	p. 89
Alternative Forms of Ownership	p. 89
The S Corporation	p. 89
The Limited Liability Company (LLC)	p. 92
The Joint Venture	p. 94
Summary of the Major Forms of Ownership	p. 96
Chapter Summary	p. 99
Discussion Questions	p. 99
Step into the Real World	p. 100
4. Franchising and the Entrepreneur	p. 101
What Is Franchising?	p. 102
Types of Franchising	p. 103
What's Behind Franchising's Popularity?	p. 103
The Franchisor	p. 104
The Franchisee	p. 106
Benefits	p. 106
Limitations	p. 110
What Do Franchisors Look for in a Franchisee?	p. 114
Franchising and the Law	p. 116
How to Buy a Franchise	p. 118
Evaluate Yourself	p. 119
Research the Market	p. 119
Consider Your Franchise Options	p. 119
Get a Copy of the Franchisor's UFOC and Study It	p. 120
Talk to Existing Franchisees	p. 120
Ask the Franchisor Some Tough Questions	p. 120
Make Your Choice	p. 122
Franchise Contracts	p. 123
Termination	p. 123
Renewal	p. 123
Transfer and Buybacks	p. 124
Trends in Franchising	p. 125
International Opportunities	p. 125
Smaller, Nontraditional Locations	p. 126
Conversion Franchising	p. 127
Multiple-Unit Franchising	p. 127
Master Franchising	p. 128
Piggybacking	p. 128
Serving Aging Baby Boomers	p. 128
Conclusion	p. 130
Chapter Summary	p. 130
Discussion Questions	p. 131
Step into the Real World	p. 131
5. Buying an Existing Business	p. 134
Buying an Existing Business	p. 135
Advantages of Buying an Existing Business	p. 135
Disadvantages of Buying an Existing Business	p. 137
How to Buy a Business	p. 139
Analyze Your Skills, Abilities, and Interests	p. 139
Develop a List of Criteria	p. 139
Prepare a List of Potential Candidates	p. 140
Investigate and Evaluate Candidate Businesses and Determine the Value of the Best Ones	p. 141
Negotiate the Deal	p. 141
Explore Financing Options	p. 142
Ensure a Smooth Transition	p. 142
Evaluating an Existing Business	p. 144
Why Does the Owner Want to Sell?	p. 144
What Is the Physical Condition of the Business?	p. 144
What Is the Potential for the Company's Products or Services?	p. 145
What Legal Aspects Are Important?	p. 147
Is the Business Financially Sound?	p. 149
Methods for Determining the Value of a Business	p. 151
Balance Sheet Method: Net Worth = Assets - Liabilities	p. 153
Earnings Approach	p. 155
Market Approach	p. 159
The Best Method	p. 160
Understanding the Seller's Side	p. 160
Pick the Right Time	p. 160
Plot an Exit Strategy and Structure the Deal	p. 162
Negotiating the Deal	p. 165
Factors Affecting the Negotiation Process	p. 165
The Negotiation Process	p. 165
Chapter Summary	p. 167
Discussion Questions	p. 168
Step into the Real World	p. 169
Section III Building the Business Plan: Marketing and Financial Considerations	p. 171
6. Creating the Marketing Plan	p. 171
Market-Driven Companies and the Marketing Plan	p. 172
The Value of Market Research	p. 174
How to Conduct Market Research	p. 177
Step 1 Define the Problem	p. 177
Step 2 Collect the Data	p. 178
Step 3 Analyze and Interpret the Data	p. 179
Step 4 Act on the Data	p. 179
Market Diversity: Pinpointing the Target Market	p. 181
Plotting a Marketing Strategy: Building a Competitive Edge	p. 184
Focus on the Customer	p. 186
Devotion to Quality	p. 188
Attention to Convenience	p. 190
Concentration on Innovation	p. 191
Dedication to Service and Customer Satisfaction	p. 193
Emphasis on Speed	p. 196
Marketing on the World Wide Web	p. 197
The Marketing Mix	p. 200
Product	p. 200
Place	p. 203
Price	p. 204
Promotion	p. 205
Chapter Summary	p. 205
Discussion Questions	p. 206
Step into the Real World	p. 206
7. Creating the Financial Plan	p. 209
Basic Financial Reports	p. 210
The Balance Sheet	p. 210
The Income Statement	p. 210
The Statement of Cash Flows	p. 213
Creating Projected (Pro Forma) Financial Statements	p. 214
The Pro Forma Income Statement	p. 214
The Pro Forma Balance Sheet	p. 218
Ratio Analysis	p. 220
Twelve Key Ratios	p. 223
Liquidity Ratios	p. 223
Leverage Ratios	p. 224
Operating Ratios	p. 226
Profitability Ratios	p. 231
Interpreting Business Ratios	p. 232
What Do All of These Numbers Mean?	p. 234
Break-Even Analysis	p. 237
Calculating the Break-Even Point	p. 237
Adding in a Profit	p. 239
Break-Even Point in Units	p. 239
Constructing a Break-Even Chart	p. 240
Using Break-Even Analysis	p. 242
Chapter Summary	p. 242
Discussion Questions	p. 243
Step into the Real World	p. 243
8. Managing Cash Flow	p. 245
Cash Management	p. 246
Cash and Profits Are Not the Same	p. 248
The Cash Budget	p. 249
Preparing the Cash Budget	p. 251
Step 1 Determine an Adequate Minimum Cash Balance	p. 256
Step 2 Forecast Sales	p. 256
Step 3 Forecast Cash Receipts	p. 257
Step 4 Forecast Cash Disbursements	p. 259
Step 5 Determine the End-of-Month Cash Balance	p. 259
The "Big Three" of Cash Management	p. 260
Accounts Receivable	p. 260
Accounts Payable	p. 267
Inventory	p. 271
Avoiding the Cash Crunch	p. 271
Bartering	p. 271
Trimming Overhead Costs	p. 272
Investing Surplus Cash	p. 274
Conclusion	p. 275
Chapter Summary	p. 276
Discussion Questions	p. 276
Step into the Real World	p. 276
9. Crafting a Winning Business Plan	p. 279
Why Develop a Business Plan?	p. 280
The Elements of a Business Plan	p. 282
The Executive Summary	p. 283
Mission Statement	p. 283
Company History	p. 284
Business and Industry Profile	p. 284
Business Strategy	p. 284
Description of Firm's Product/Service	p. 286
Marketing Strategy	p. 287
Competitor Analysis	p. 290
Officers' and Owners' Resumes	p. 291
Plan of Operation	p. 291
Financial Data	p. 291
The Request for Funds	p. 292
Appearance	p. 294
Testing the Plan	p. 294
Reality Test	p. 295
Competitive Test	p. 295
Value Test	p. 295
Making the Business Plan Presentation	p. 295
Lenders, and What They Look for in a Loan Application	p. 298
Capital	p. 298
Capacity	p. 298
Collateral	p. 298
Character	p. 298
Conditions	p. 300
Business Plan Format	p. 300
Chapter Summary	p. 303
Discussion Questions	p. 303
Step into the Real World	p. 303
Section IV Marketing and the Small Business: Building a Competitve Edge	p. 305
10. Pricing for Profit	p. 305
Pricing Strategies and Tactics	p. 309
New Products: Penetration, Skimming, or Sliding	p. 309
Established Goods and Services	p. 310
Two Potent Pricing Forces: Image and Competition	p. 315
Price Conveys Image	p. 315
Competition and Prices	p. 316
Pricing Techniques for Retailers	p. 318
Markup	p. 319
Follow-the-Leader Pricing	p. 320
Below-Market Pricing	p. 320
Pricing Techniques for Manufacturers	p. 321
Direct Costing and Price Formulation	p. 321
Computing a Break-Even Selling Price	p. 322
Pricing Techniques for Service Firms	p. 326
The Impact of Credit on Pricing	p. 328
Credit Cards	p. 328
Installment Credit	p. 329
Trade Credit	p. 329
Chapter Summary	p. 331
Discussion Questions	p. 331
Step into the Real World	p. 332
11. Creative Use of Advertising and Promotion	p. 334
Developing an Advertising Strategy	p. 335
Advertising versus Promotion	p. 339
Publicity	p. 339
Personal Selling	p. 340
Advertising	p. 342
Selecting Advertising Media	p. 342
Media Options	p. 345
Preparing an Advertising Budget	p. 366
How to Advertise Big on a Small Budget	p. 368
Cooperative Advertising	p. 368
Shared Advertising	p. 370
Publicity	p. 370
Other Ways to Save	p. 371
Chapter Summary	p. 371
Discussion Questions	p. 372
Step into the Real World	p. 372
12. International Opportunities for Small Business	p. 374
Why Go Global?	p. 375
Going Global: Strategies for Small Businesses	p. 378
The World Wide Web	p. 381
Trade Intermediaries	p. 383
Joint Ventures	p. 386
Foreign Licensing	p. 388
International Franchising	p. 389
Countertrading and Bartering	p. 390
Exporting	p. 390
Establishing International Locations	p. 397
Barriers to International Trade	p. 398
Domestic Barriers	p. 398
International Barriers	p. 399
Political Barriers	p. 401
Business Barriers	p. 401
Cultural Barriers	p. 402
International Trade Agreements	p. 403
Gatt	p. 403
Nafta	p. 405
Conclusion	p. 406
Chapter Summary	p. 407
Discussion Questions	p. 408
Step into the Real World	p. 408
Section V Putting the Business Plan to Work: Sources of Funds	p. 411
13. Sources of Equity Financing	p. 411
The Importance of Seed Capital	p. 412
Types of Capital	p. 413
Sources of Equity Financing	p. 415
Personal Savings	p. 416
Friends and Relatives	p. 418
Angels	p. 420
Partners	p. 424
Corporate Venture Capital	p. 424
Venture Capital Companies	p. 425
Public Stock Sale ("Going Public")	p. 429
Simplified Registrations and Exemptions	p. 438
Simplified Registration: Regulation S-B	p. 438
Exemptions	p. 441
Alteratives to the IPO Process	p. 444
Chapter Summary	p. 449
Discussion Questions	p. 450
Step into the Real World	p. 450
14. Sources of Debt Financing	p. 453
Commercial Banks	p. 455
Short-Term Loans	p. 456
Intermediate- and Long-Term Loans	p. 458
Nonbank Sources of Debt Financing	p. 461
Asset-Based Lenders	p. 461
Trade Credit	p. 462
Equipment Suppliers	p. 463
Commercial Finance Companies	p. 463
Savings and Loan Associations	p. 464
Stock Brokerage Houses	p. 465
Insurance Companies	p. 465
Credit Unions	p. 466
Bonds	p. 466
Private Placements	p. 467
Small Business Investment Companies	p. 467
Small Business Lending Companies	p. 469
Federally Sponsored Programs	p. 470
Economic Development Administration	p. 470
Department of Housing and Urban Development	p. 470
Farmer's Home Administration	p. 471
Rural Economic and Community Development Agency	p. 471
Local Development Companies	p. 471
The Small Business Innovation Research Program	p. 472
The Small Business Technology Transfer Act of 1992	p. 473
Small Business Administration	p. 473
SBA Loan Programs	p. 474
State and Local Development Programs	p. 480
Internal Methods of Financing	p. 481
Factoring Accounts Receivable	p. 481
Leasing	p. 482
Credit Cards	p. 482
Other Creative Solutions	p. 484
Where Not to Seek Funds	p. 485
Chapter Summary	p. 486
Discussion Questions	p. 487
Step into the Real World	p. 487
Section VI Location and Layout: Key Criteria	p. 491
15. Location, Layout, and Physical Facilities	p. 491
The Logic of Location: From Region to State to City to Site	p. 492
Selecting the Region	p. 492
Selecting the State	p. 495
Selecting the City	p. 499
Selecting the Site	p. 503
Location Criteria for Retail and Service Businesses	p. 504
Trade Area Size	p. 504
Customer Traffic	p. 505
Adequate Parking	p. 506
Room for Expansion	p. 507
Visibility	p. 507
Location Options for Retail and Service Businesses	p. 508
Central Business District	p. 508
Neighborhood Locations	p. 508
Shopping Centers and Malls	p. 509
Near Competitors	p. 510
Outlying Areas	p. 510
Home-Based Businesses	p. 512
The Location Decision for Manufacturers	p. 512
Foreign Trade Zones	p. 513
Enpowerment Zones	p. 513
Business Incubators	p. 514
Layout Considerations: Analyzing the Building	p. 515
Size	p. 515
Construction and External Appearance	p. 516
Entrances	p. 517
The Americans with Disabilities Act	p. 517
Signs	p. 519
Interiors	p. 519
Lights and Fixtures	p. 521
Layout: Maximizing Revenues, Increasing Efficiency, and Reducing Costs	p. 522
Layout for Retailers	p. 522
Layout for Manufacturers	p. 527
Build, Buy, or Lease?	p. 531
The Decision to Build	p. 532
The Decision to Buy	p. 532
The Decision to Lease	p. 532
Chapter Summary	p. 534
Discussion Questions	p. 535
Step into the Real World	p. 535
Section VII Controlling the Small Business: Techniques for Enhancing Profitability	p. 539
16. Purchasing, Quality Control, and Vendor Analysis	p. 539
The Purchasing Plan	p. 540
Quality	p. 540
Total Quality Management	p. 542
Quantity: The Economic Order Quantity (EOQ)	p. 547
Cost of Units	p. 547
Holding (Carrying) Costs	p. 548
Setup (Ordering) Costs	p. 549
Solving for EOQ	p. 550
Economic Order Quantity (EOQ) with Usage	p. 553
Price	p. 554
Trade Discounts	p. 556
Quantity Discounts	p. 556
Cash Discounts	p. 557
Timing	p. 559
Vendor Analysis	p. 564
Vendor Certification	p. 564
Finding Supply Sources	p. 567
The Final Decision	p. 568
Legal Issues Affecting Purchasing	p. 570
Title	p. 570
Identification	p. 570
Risk of Loss	p. 571
Insurable Interest	p. 572
Receiving Merchandise	p. 572
Selling on Consignment	p. 572
Chapter Summary	p. 573
Discussion Questions	p. 574
Step into the Real World	p. 574
17. Managing Inventory	p. 576
Inventory Control Systems	p. 578
Perpetual Inventory Systems	p. 578
Visual Inventory Control Systems	p. 581
Partial Inventory Control Systems	p. 581
Physical Inventory Count	p. 585
Just-in-Time (JIT) Inventory Control Techniques	p. 587
Just-in-Time II Techniques	p. 589
Turning Slow-Moving Inventory into Cash	p. 590
Protecting Inventory from Theft	p. 591
Employee Theft	p. 591
Shoplifting	p. 598
Conclusion	p. 604
Chapter Summary	p. 604
Discussion Questions	p. 605
Step into the Real World	p. 606
18. Using Technology to Gain a Competitive Edge	p. 608
Information Technology and Competitive Advantage	p. 610
Developing a Technology Plan	p. 611
Decide What You Want Your Company to Be Able to Do for Itself and for Your Customers	p. 612
Determine the Technology and the Equipment You Will Need to Perform Those Tasks	p. 612
Conduct a Technology Audit	p. 613
Match Goals and Resources	p. 613
Develop a Technology Budget	p. 613
Make the Necessary Purchases	p. 613
Personal Computers	p. 614
Changing the Face of Business	p. 614
How to Computerize Your Business	p. 615
Choosing Software and Hardware	p. 622
Software Considerations	p. 622
Hardware Considerations	p. 630
The Dark Side of Computers	p. 634
Other Technology Choices	p. 637
Printers	p. 637
Scanners	p. 638
Digital Cameras	p. 638
Personal Digital Assistants and Pagers	p. 639
Telephone, Voice Mail, and E-mail Technology	p. 641
Telephone Technology	p. 641
Voice Mail	p. 641
E-mail	p. 642
Chapter Summary	p. 642
Discussion Questions	p. 643
Step into the Real World	p. 644
Section VIII Managing People: The Most Valuable Resource	p. 647
19. Staffing and Leading a Growing Company	p. 647
The Entrepreneur's Role As Leader	p. 647
Communicating Effectively	p. 650
Improving Communication	p. 650
That Informal Communication Network: The "Grapevine"	p. 653
Hiring the Right Employees	p. 653
Create Practical Job Descriptions and Job Specifications	p. 655
Plan an Effective Interview	p. 656
Conduct the Interview	p. 658
Check References	p. 660
Conduct Employment Tests	p. 660
Building the Right Culture and Structure	p. 662
Culture	p. 662
Structure	p. 665
The Challenge of Motivating Workers	p. 670
Empowerment	p. 670
Job Design	p. 673
Rewards and Compensation	p. 676
Feedback	p. 680
Chapter Summary	p. 685
Discussion Questions	p. 686
Step into the Real World	p. 686
Section IX Legal Aspects of the Small Business: Succession, Ethics, and Government Regulation	p. 689
20. Management Succession and Risk Management Strategies in the Family Business	p. 689
Family Businesses	p. 689
Shared Values	p. 690
Shared Power	p. 690
Tradition	p. 691
A Willingness to Learn	p. 691
Family Behavior	p. 691
Strong Family Ties	p. 691
Exit Strategies	p. 692
Selling to Outsiders	p. 692
Selling to Insiders	p. 693
Management Succession	p. 694
Developing a Management Succession Plan	p. 698
Step 1 Select the Successor	p. 698
Step 2 Create a Survival Kit for the Successor	p. 699
Step 3 Groom the Successor	p. 700
Step 4 Promote an Environment of Trust and Respect	p. 700
Step 5 Cope with the Financial Realities of Estate and Gift Taxes	p. 701
Risk Management Strategies	p. 705
The Basics of Insurance	p. 709
Types of Insurance	p. 710
Controlling Insurance Costs	p. 718
Chapter Summary	p. 720
Discussion Questions	p. 721
Step into the Real World	p. 721
21. Ethics, Social Responsibility, and the Entrepreneur	p. 723
An Ethical Perspective	p. 724
Three Levels of Ethical Standards	p. 726
An Ethical Framework	p. 728
Who Is Responsible for Ethical Behavior?	p. 728
The Benefits of Moral Management	p. 728
Why Ethical Lapses Occur	p. 731
Establishing Ethical Standards	p. 733
Implementing and Maintaining Ethical Standards	p. 733
The Issue of Social Responsibility	p. 735
Putting Social Responsibility into Practice	p. 736
Business's Responsibility to the Environment	p. 736
Business's Responsibility to Employees	p. 737
Cultural Diversity in the Workplace	p. 739
Drug Testing	p. 742
AIDS	p. 743
Sexual Harassment	p. 745
Privacy	p. 749
Business's Responsibility to Customers	p. 750
Right to Safety	p. 750
Right to Know	p. 750
Right to Be Heard	p. 750
Right to Education	p. 751
Right to Choice	p. 751
Business's Responsibility to Investors	p. 751
Business's Responsibility to the Community	p. 752
Conclusion	p. 753
Chapter Summary	p. 754
Discussion Questions	p. 754
Step into the Real World	p. 755
22. The Legal Environment: Business Law and Government Regulation	p. 758
The Law of Contracts	p. 760
Agreement	p. 760
Consideration	p. 761
Contractual Capacity	p. 762
Legality	p. 763
Genuineness of Assent and the Form of Contracts	p. 764
Breach of Contract	p. 765
The Uniform Commercial Code (UCC)	p. 766
Sales and Sales Contracts	p. 766
Breach of Sales Contracts	p. 768
Sales Warranties and Product Liability	p. 769
Protection of Intellectual Property	p. 772
Patents	p. 772
Trademarks	p. 774
Copyrights	p. 776
Protecting Intellectual Property	p. 776
The Law of Agency	p. 777
Bankruptcy	p. 778
Chapter 7 Liquidations	p. 778
Chapter 11 Reorganization	p. 779
Chapter 13 Individual Repayment Plans	p. 780
Government Regulation	p. 780
Trade Practices	p. 780
Consumer Protection	p. 783
Consumer Credit	p. 784
Environmental Law	p. 785
Chapter Summary	p. 786
Discussion Questions	p. 787
Step into the Real World	p. 787
Appendix Nature's Oven Business Plan	p. A-1
Index	p. I-1
Photo Credits	p. I-16

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