Title:
New venture management : the entrepreneur's roadmap
Personal Author:
Series:
Prentice Hall entrepreneurship series
Physical Description:
xx, 332 pages : illustrations ; 23 cm.
ISBN:
9780136130321
Added Author:
Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
---|---|---|---|---|---|
Searching... | 30000010369839 | HD62.5 K874 2009 | Open Access Book | Book | Searching... |
Searching... | 33000000010447 | HD62.5 K874 2009 | Open Access Book | Book | Searching... |
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Summary
Summary
This book is about effectiveness; and what a new manger needs to know to run a new venture successfully.
KEY TOPICS: New venture opportunities, planning, marketing, financing, and growth management. MARKET: For entrepreneurs looking to develop a new venture or small business.Table of Contents
Preface | p. xvii |
About the Authors | p. xix |
Introduction | p. 1 |
Chapter 1 New Ventures: The Quiet Giant | p. 1 |
Introduction | p. 1 |
New Ventures: Energizing Economies | p. 1 |
The Global Impact of New Ventures | p. 3 |
Entrepreneurs and New Ventures | p. 4 |
Entrepreneurial Motivation | p. 7 |
Advantages to Starting a New Venture | p. 9 |
Independence | p. 9 |
Financial Opportunities | p. 9 |
Community Service | p. 9 |
Job Security | p. 9 |
Family Employment | p. 9 |
Challenge | p. 10 |
Disadvantages of Starting a New Venture | p. 10 |
Sales Fluctuations | p. 10 |
Competition | p. 11 |
Increased Responsibilities | p. 11 |
Financial Losses | p. 11 |
Employee Relations | p. 11 |
Laws and Regulations | p. 12 |
Risk of Failure | p. 12 |
New Venture Failure | p. 13 |
Specific Causes of Failure | p. 13 |
Failure: A Look at the Record | p. 13 |
The New Venture Survival Rate | p. 14 |
Avoiding New Venture Management Traps | p. 14 |
Summary | p. 16 |
Review and Discussion Questions | p. 16 |
Endnotes | p. 18 |
Part I New Venture Opportunities | p. 19 |
Chapter 2 New or Acquired Ventures: The Pathways | p. 19 |
Introduction | p. 19 |
Approaches to New Venture Creation | p. 19 |
New-New Approach | p. 19 |
New-Old Approach | p. 22 |
Market Analysis | p. 23 |
Gathering of the Facts | p. 23 |
Organization of the Facts | p. 25 |
Analysis of the Facts | p. 25 |
Implementation of an Action Plan | p. 26 |
The Entrepreneur | p. 26 |
The Financial Picture | p. 28 |
Other Key Factors | p. 30 |
Buying an Ongoing Venture | p. 31 |
Advantages of Buying an Ongoing Venture | p. 31 |
Less Fear about Successful Future Operation | p. 31 |
Time and Effort Can Be Reduced | p. 32 |
Buy at a Good Price | p. 32 |
Key Questions to Ask | p. 33 |
Why Is the Business Being Sold? | p. 33 |
What Is the Current Physical Condition of the Business? | p. 33 |
What Is the Condition of the Inventory? | p. 34 |
What Is the State of the Company's Other Assets? | p. 34 |
How Many of the Employees Will Remain? | p. 35 |
What Type of Competition Does the Business Face? | p. 35 |
What Is the Status of the Firm's Financial Picture? | p. 37 |
Determining the Price | p. 39 |
Assessing the Price | p. 39 |
Book Value | p. 39 |
Replacement Value | p. 39 |
Liquidation Value | p. 39 |
Past Earnings | p. 40 |
Cash Flow | p. 40 |
Asset Pricing | p. 40 |
One Acceptable Formula? | p. 41 |
Negotiating the Deal | p. 44 |
Summary | p. 46 |
Review and Discussion Questions | p. 47 |
Endnotes | p. 49 |
Chapter 3 Franchising: The Hybrid | p. 51 |
Introduction | p. 51 |
The Nature of Franchising | p. 51 |
Product or Service Franchise | p. 51 |
Business Franchise | p. 52 |
Conversion Franchising | p. 53 |
How a Franchise Works | p. 53 |
The Growth of Franchising | p. 54 |
Advantages of Franchising | p. 58 |
Training and Guidance | p. 58 |
Brand-Name Appeal | p. 58 |
A Proven Track Record | p. 59 |
Financial Assistance | p. 59 |
Disadvantages of Franchising | p. 59 |
Franchise Fees | p. 60 |
Franchisor Control | p. 61 |
Unfulfilled Promises | p. 61 |
Evaluating the Opportunities | p. 62 |
Learn of Opportunities | p. 64 |
Investigate the Franchisor | p. 64 |
Seek Professional Help | p. 64 |
The Decision: It's Up to the Entrepreneur | p. 66 |
Trends in Franchising | p. 66 |
Franchising Your Business | p. 67 |
Summary | p. 69 |
Review and Discussion Questions | p. 69 |
Endnotes | p. 71 |
Part II New Venture Planning | p. 73 |
Chapter 4 Successful Business Plans: The Roadmap | p. 73 |
Introduction | p. 73 |
The Nature of a Business Plan | p. 73 |
Importance of a Business Plan | p. 75 |
What Is a Business Plan? | p. 76 |
The Components of a Business Plan | p. 77 |
Preparing the Business Plan | p. 79 |
Helpful Hints | p. 89 |
Updating Your Business Plan | p. 91 |
Practical Example | p. 91 |
Summary | p. 92 |
Review and Discussion Questions | p. 92 |
Endnotes | p. 94 |
Chapter 5 Legal Forms of Ventures: The Structure | p. 95 |
Introduction | p. 95 |
Forms of Business Organization | p. 95 |
Sole Proprietorship | p. 96 |
Advantages of Proprietorships | p. 96 |
Disadvantages of Proprietorships | p. 97 |
The Partnership | p. 99 |
Types of Partnerships | p. 99 |
Advantages of Partnerships | p. 103 |
Disadvantages of Partnerships | p. 105 |
The Corporation | p. 107 |
Organizing the Corporation | p. 108 |
The Corporate Structure | p. 109 |
Advantages of Corporations | p. 109 |
Disadvantages of Corporations | p. 111 |
The S Corporation | p. 114 |
The Limited Liability Company | p. 114 |
Summary | p. 115 |
Review and Discussion Questions | p. 118 |
Endnotes | p. 119 |
Part III New Venture Marketing | p. 121 |
Chapter 6 Market Research: The Niche | p. 121 |
Introduction | p. 121 |
Determining Market Niches | p. 121 |
Relevant Price Range | p. 122 |
Competition | p. 124 |
Examining the Current Market Niche | p. 126 |
Market Niche Analysis: An Example | p. 126 |
Market Niche Danger Signals | p. 128 |
Marketing Research | p. 128 |
How to Conduct Marketing Research | p. 130 |
Secondary Sources | p. 130 |
Primary Sources | p. 131 |
Other Data Collection Methods | p. 134 |
Using Research Data | p. 135 |
Internet Marketing | p. 136 |
Step 1 Co-Marketing Deals and Banner Ads | p. 136 |
Step 2 Become a Popular Link | p. 136 |
Step 3 Sponsor Contests, Specials, and Other Interactive Features | p. 137 |
Summary | p. 137 |
Review and Discussion Questions | p. 137 |
Endnotes | p. 139 |
Chapter 7 Strategic Pricing: The Hook | p. 141 |
Introduction | p. 141 |
Pricing Considerations | p. 141 |
The Nature of the Product | p. 141 |
The Competition | p. 142 |
The Marketing Strategy | p. 142 |
The Customer and Value Perceptions | p. 143 |
General Conditions | p. 143 |
Key Pricing Factors | p. 143 |
The Cost of Goods | p. 144 |
Competitive Prices | p. 144 |
Pricing Strategies | p. 145 |
Combination Strategies | p. 153 |
How New Ventures Set Prices | p. 154 |
Wholesalers | p. 154 |
Retailers | p. 155 |
Service Enterprises | p. 159 |
Manufacturers | p. 163 |
Summary | p. 165 |
Review and Discussion Questions | p. 166 |
Endnotes | p. 167 |
Part IV New Venture Financing | p. 169 |
Chapter 8 Start-Up Capital: The Injection | p. 169 |
Introduction | p. 169 |
Basic Types of Capital | p. 169 |
Debt Capital | p. 171 |
Equity Capital | p. 172 |
Sources of Capital | p. 173 |
Personal Savings | p. 173 |
Friends and Relatives | p. 174 |
Venture Capitalists | p. 174 |
Informal Investors | p. 175 |
Internal Funds | p. 175 |
Trade Credit | p. 176 |
Banks | p. 176 |
Other Private Sources of Capital | p. 179 |
Small Business Administration | p. 180 |
State and Local Development Companies | p. 181 |
Small Business Investment Companies | p. 184 |
Small Business Innovation Research Program | p. 185 |
Minority Business Development Agency | p. 186 |
Summary | p. 187 |
Review and Discussion Questions | p. 187 |
Endnotes | p. 188 |
Chapter 9 Financial Statements: The Scorecard | p. 191 |
Introduction | p. 191 |
Financial Statements | p. 191 |
The Balance Sheet | p. 191 |
Understanding the Balance Sheet | p. 192 |
Why the Balance Sheet Always Balances | p. 196 |
The Income Statement | p. 198 |
Understanding the Income Statement | p. 199 |
Keeping Proper Records | p. 201 |
Sales and Cash Receipts Journal | p. 201 |
Cash Disbursement, Purchases, and Expense Journal | p. 201 |
Managing the Books | p. 202 |
Computers, Software, and Financial Preparation | p. 203 |
Early Warning Signs of Financial Trouble | p. 205 |
Summary | p. 205 |
Review and Discussion Questions | p. 206 |
Endnotes | p. 208 |
Chapter 10 Financial Analysis: The Gauges | p. 209 |
Introduction | p. 209 |
Balance Sheet Analysis | p. 209 |
Current-Position Ratios | p. 211 |
Long-Run-Position Ratios | p. 212 |
Income Statement Analysis | p. 214 |
Income Statement Ratios | p. 215 |
Combination Ratios | p. 217 |
Limitations of Financial Statement Analysis | p. 221 |
Financial Budgeting | p. 222 |
Sales Budget | p. 222 |
Cash Budget | p. 223 |
Other Budgetary Considerations | p. 225 |
Summary | p. 226 |
Review and Discussion Questions | p. 226 |
Endnotes | p. 229 |
Part V New Venture Growth Management | p. 231 |
Chapter 11 Human Resources: The People | p. 231 |
Introduction | p. 231 |
The Challenge of Managing Human Resources | p. 231 |
Increasing Regulatory Concerns | p. 232 |
Staffing | p. 236 |
Assessing Staffing Needs | p. 236 |
Human Resource Recruiting | p. 237 |
Screening Potential Employees | p. 238 |
Selecting and Orienting Employees | p. 240 |
Principles of Effective Staffing | p. 240 |
Performance Management | p. 241 |
Training | p. 241 |
Performance Appraisal | p. 243 |
Management by Objectives | p. 245 |
Compensation | p. 247 |
Employee Discipline and Counseling | p. 249 |
The Employee Handbook: A Key Tool for Employee Accountability | p. 249 |
The Current State of Human Resource Management Practices | p. 251 |
Critical Issues for the Future | p. 254 |
Employee Morale | p. 254 |
Improving Employee Performance | p. 256 |
Summary | p. 257 |
Review and Discussion Questions | p. 258 |
Endnotes | p. 259 |
Chapter 12 Growing Ventures: The Future | p. 261 |
Introduction | p. 261 |
Unique Challenges of Growing Ventures | p. 261 |
The Distinction of Smaller Size | p. 261 |
The One-Person-Band Syndrome | p. 262 |
Time Management | p. 263 |
Community Obligations | p. 263 |
Continuing Management Education | p. 264 |
Other Issues in the Formative Years | p. 264 |
Key Elements of Growth | p. 266 |
Control | p. 266 |
Responsibility | p. 266 |
Effective Delegation | p. 266 |
Tolerance of Failure | p. 267 |
Change | p. 267 |
Flexibility | p. 267 |
The Transition from Entrepreneur to Manager | p. 268 |
Balancing the Focus (Entrepreneur and Manager) | p. 269 |
Outside Managerial Assistance | p. 271 |
The Challenge of Ethical Practices in Growing Ventures | p. 272 |
Ethical Codes of Conduct | p. 273 |
Ethical Leadership by Entrepreneurs | p. 275 |
The Quality Movement | p. 276 |
Involve Top Management | p. 276 |
Focus on Customer Needs | p. 276 |
Train Employees | p. 277 |
Empower Employees and Generate New Ideas | p. 278 |
Recognize Employees | p. 278 |
Conquer Fear | p. 278 |
The Continuous-Improvement Challenge | p. 278 |
Teamwork | p. 279 |
The Challenges of Global Expansion | p. 281 |
Why Globalize for Growth? | p. 281 |
Researching the Global Market | p. 283 |
Globalizing Your Product: Adaptation | p. 283 |
Global Threats and Risks | p. 285 |
Summary | p. 286 |
Review and Discussion Questions | p. 287 |
Endnotes | p. 289 |
Appendix Green Fuel Alternatives | p. 293 |
I Executive Summary | p. 293 |
A Potential | p. 293 |
B Funding Need | p. 293 |
C Management | p. 293 |
II Business Description | p. 295 |
A General Description of Business | p. 295 |
B Industry Background | p. 296 |
C Competition Analysis | p. 297 |
D Products and Services | p. 297 |
E Strategy to Differentiate | p. 298 |
F Key Dynamics | p. 298 |
III Marketing | p. 299 |
A Economics | p. 299 |
B Market Analysis | p. 299 |
C Barriers to Entry | p. 301 |
D Product | p. 301 |
E Customers | p. 303 |
F Competition | p. 303 |
G Niche | p. 304 |
H Marketing Strategy | p. 304 |
IV Management Segment | p. 306 |
A Legal Structure | p. 306 |
B Ownership | p. 306 |
C Management Team | p. 306 |
D Company Advisors | p. 307 |
V Operations | p. 308 |
A Plant Operations | p. 308 |
B Facilities and Equipment | p. 309 |
C Organizational Plan | p. 310 |
VI Critical Risks | p. 310 |
Soybean Oil Demand | p. 310 |
Soybean Rust Fungus | p. 311 |
Biodiesel Problems | p. 311 |
Marketer Influence | p. 311 |
VII Exit Strategies | p. 311 |
VIII Financial Segment | p. 312 |
A Start-Up Proposal | p. 312 |
B Financing Plan | p. 312 |
C Financial Assumptions | p. 312 |
D Start-Up Budgeting | p. 314 |
Financial Appendix | p. 314 |
Endnotes | p. 324 |
Name Index | p. 325 |
Subject Index | p. 326 |