Enhanced descriptions from Syndetics:

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

Table of contents provided by Syndetics

• 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)