Entrepreneurship Successfully Launching New Ventures Global Edition Updated 6th Edition by Bruce Barringer, Duane Ireland 1292402822 9781292402826

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ISBN 10: 1292402822

ISBN 13: 9781292402826

Author: Bruce R. Barringer; R Duane Ireland

DIGITAL UPDATE available forSpring 2021 classes   Forcourses in entrepreneurship.   Learn about the entrepreneurial processthrough real-world examples Entrepreneurship: Successfully Launching New Ventures  explores the allure of entrepreneurship,teaching students how to successfully launch and grow their own business. Usingreal business profiles of inspiring young entrepreneurs, the text engagesstudents through relevant examples they can easily relate to. The 6thEdition examines entrepreneurship through an easy, four-step processthat clearly outlines both the excitement and difficulty of launching a newcompany. Careful to identify failures as well as successes, the text is a guideto starting a new business.

Entrepreneurship Successfully Launching New Ventures Global Edition Updated 6th Table of contents:

PART 1 Decision to Become an Entrepreneur

CHAPTER 1 Introduction to Entrepreneurship

Opening Profile—SuperJam: The Classic Entrepreneurial Story

Introduction to Entrepreneurship

What Is Entrepreneurship and Why Is It Important?

Why Do People Become Entrepreneurs?

Be Their Own Boss

Pursue Their Own Ideas

Pursue Financial Rewards

Characteristics of Successful Entrepreneurs

Passion for the Business

Product/Customer Focus

WHAT WENT WRONG? Prim: How a Lack of Passion and Resolve Can Kill a Business

Tenacity Despite Failure

Execution Intelligence

Common Myths About Entrepreneurs

SAVVY ENTREPRENEURIAL FIRM: Start-Up ­Incubators and Accelerators: A Smart Way of ­Gaining Access to Mentors, Partners, Investors, and Other Critical Start-up Resources

Myth 1: Entrepreneurs Are Born, Not Made

Myth 2: Entrepreneurs Are Gamblers

Myth 3: Entrepreneurs Are Motivated Primarily by Money

Myth 4: Entrepreneurs Should Be Young and Energetic

Myth 5: Entrepreneurs Love the Spotlight

Types of Start-Up Firms

PARTNERING FOR SUCCESS: Partnering with ­College Students via Campus Ambassador and Campus Rep Programs

Changing Demographics of Entrepreneurs

Women Entrepreneurs

Minority Entrepreneurs

Senior Entrepreneurs

Millennial Entrepreneurs

The Positive Effects of Entrepreneurship and Entrepreneurial Firms

Economic Impact of Entrepreneurial Firms

Entrepreneurial Firms’ Impact on Society

Entrepreneurial Firms’ Impact on Larger Firms

The Entrepreneurial Process

Decision to Become an Entrepreneur (Chapter 1)

Developing Successful Business Ideas (Chapters 2–6)

Moving from an Idea to an Entrepreneurial Firm (Chapters 7–10)

Managing and Growing an Entrepreneurial Firm (Chapters 11–15)

Developing Skills for Your Career

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 1.1

You Be the VC 1.2

CASE 1.1

CASE 1.2

Endnotes

PART 2 Developing Successful Business Ideas

CHAPTER 2 Recognizing Opportunities and Generating Ideas

Opening Profile—WIIVV: Solving Foot Pain and Fatigue via Custom Fitted 3D Printed Insoles

The Differences Between Opportunities and Ideas

Three Ways to Identify Opportunities

Observing Trends

Solving a Problem

SAVVY ENTREPRENEURIAL FIRM: Careem: Mobilizing a Solution to a Problem

Finding Gaps in the Marketplace

WHAT WENT WRONG? Why a Company That Solved a Problem with a Great Product Went Out of Business

Personal Characteristics of the Entrepreneur

Prior Industry Experience

Cognitive Factors

Social Networks

Creativity

Techniques for Generating Ideas

Brainstorming

Focus Groups

Library and Internet Research

PARTNERING FOR SUCCESS: Want Help Converting a Business Idea into a Profitable Company? Find a Mentor

Other Techniques

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 2.1

You Be the VC 2.2

CASE 2.1

CASE 2.2

Endnotes

CHAPTER 3 Feasibility Analysis

Opening Profile—OWLET BABY CARE: The Value of Validating a Business Idea

Feasibility Analysis

Product/Service Feasibility Analysis

Product/Service Desirability

Product/Service Demand

SAVVY ENTREPRENEURIAL FIRM: Prototyping: How to Build What the Customer Wants

Industry/Target Market Feasibility Analysis

Industry Attractiveness

Target Market Attractiveness

Organizational Feasibility Analysis

Management Prowess

PARTNERING FOR SUCCESS: Finding the Right ­Business Partner

Resource Sufficiency

Financial Feasibility Analysis

Total Start-Up Cash Needed

Financial Performance of Similar Businesses

Overall Financial Attractiveness of the Proposed Venture

WHAT WENT WRONG? How Feasible Was the Keurig At-Home Soda Machine to Begin With?

A Feasibility Analysis Template

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 3.1

You Be the VC 3.2

CASE 3.1

CASE 3.2

Appendix 3.1

Appendix 3.2

Appendix 3.3

Endnotes

CHAPTER 4 Developing an Effective Business Model

Opening Profile—INDIEU: Executing on an Established Business Model and Preparing for the Future

Business Models and Their Importance

SAVVY ENTREPRENEURIAL FIRM: CoachUp: How One Company Creates, Delivers, and Captures Value for Its Stakeholders

General Categories of Business Models

Standard Business Models

WHAT WENT WRONG? Peer-to-Peer ­Business ­Models: Good for Some, Not So Good for Others

Disruptive Business Models

The Barringer/Ireland Business Model Template

Core Strategy

Resources

Financials

Operations

PARTNERING FOR SUCCESS: Upwork and Guru: ­Platforms That Facilitate the Forming of Partnerships with Freelancers

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 4.1

You Be the VC 4.2

CASE 4.1

CASE 4.2

Appendix 4.1

Endnotes

CHAPTER 5 Industry and Competitor Analysis

Opening Profile—WRITELAB: Occupying a Unique Position in a Challenging Industry—and Thriving

Industry Analysis

Studying Industry Trends

PARTNERING FOR SUCCESS: Three Ts That Are Important for Becoming Active in an Industry: Trade Associations, Trade Shows, and Trade Journals

The Five Forces Model

Threat of Substitutes

Threat of New Entrants

Rivalry among Existing Firms

Bargaining Power of Suppliers

Bargaining Power of Buyers

WHAT WENT WRONG? SharpScholar: Lessons Learned from a Failed EdTech Start-up

The Value of the Five Forces Model

Industry Types and the Opportunities They Offer

Emerging Industries

Fragmented Industries

Mature Industries

Declining Industries

Global Industries

Competitor Analysis

Identifying Competitors

SAVVY ENTREPRENEURIAL FIRM: Thriving in a Crowded Industry by Creating Meaningful Value and Differentiation from Competitors

Sources of Competitive Intelligence

Completing a Competitive Analysis Grid

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 5.1

You Be the VC 5.2

CASE 5.1

CASE 5.2

Endnotes

CHAPTER 6 Writing a Business Plan

Opening Profile—ATHLETIC PROPULSION LABS: How Athletic Propulsion Labs Benefited from Writing a Business Plan

The Business Plan

Reasons for Writing a Business Plan

Who Reads the Business Plan—and What Are They Looking For?

A Firm’s Employees

Investors and Other External Stakeholders

Guidelines for Writing a Business Plan

Structure of the Business Plan

Content of the Business Plan

SAVVY ENTREPRENEURIAL FIRM: Know When to Hold Them, Know When to Fold Them

Outline of the Business Plan

Exploring Each Section of the Plan

WHAT WENT WRONG? What Move Loot Learned the Hard Way about the Economics of a Business

PARTNERING FOR SUCCESS:­Establishing a ­Community of True Believers and Early Evangelists

Presenting the Business Plan to Investors

The Oral Presentation of a Business Plan

Questions and Feedback to Expect from Investors

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 6.1

You Be the VC 6.2

CASE 6.1

CASE 6.2

Endnotes

PART 3 Moving from an Idea to an ­Entrepreneurial Firm

CHAPTER 7 Preparing the Proper ­Ethical and Legal Foundation

Opening Profile—BILLY GOAT ICE CREAM: Proceeding on a Firm Legal Foundation

Establishing a Strong Ethical Culture for a Firm

Lead by Example

Establish a Code of Conduct

Implement an Ethics Training Program

SAVVY ENTREPRENEURIAL FIRM: Don’t Hesitate to Say “We’re Sorry”

Dealing Effectively with Legal Issues

Choosing an Attorney for a Firm

Drafting a Founders’ Agreement

PARTNERING FOR SUCCESS: Vesting Ownership in Company Stock: A Sound Strategy for Start-Ups

Avoiding Legal Disputes

Obtaining Business Licenses and Permits

Federal Licenses and Permits

State Licenses and Permits

Local Licenses and Permits

WHAT WENT WRONG? How Flytenow Got Grounded by Government Regulations

Choosing a Form of Business Organization

Sole Proprietorship

Partnerships

Corporations

Limited Liability Company

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 7.1

You Be the VC 7.2

CASE 7.1

CASE 7.2

Appendix 7.1

Endnotes

CHAPTER 8 Assessing a New ­Venture’s Financial Strength and Viability

Opening Profile—ESSENTIUM MATERIALS: Managing Finances Prudently

Introduction to Financial Management

Financial Objectives of a Firm

PARTNERING FOR SUCCESS: Organizing Buying Groups to Cuts Costs and Maintain Competitiveness

The Process of Financial Management

Financial Statements

Historical Financial Statements

SAVVY ENTREPRENEURIAL FIRM: Know the Facts Behind the Numbers

Forecasts

Sales Forecast

Forecast of Costs of Sales and Other Items

Pro Forma Financial Statements

WHAT WENT WRONG? Be Careful what You Wish for: How Growing too Quickly Overwhelmed One Company’s Cash Flow

Pro Forma Income Statement

Pro Forma Balance Sheet

Pro Forma Statement of Cash Flows

Ratio Analysis

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 8.1

You Be the VC 8.2

CASE 8.1

CASE 8.2

Endnotes

CHAPTER 9 Building a New-Venture Team

Opening Profile—WILD FRIENDS FOODS: Hitting the Ground Running

Liability of Newness as a Challenge

SAVVY ENTREPRENEURIAL FIRM: Overcoming a Lack of Business Experience in Malaysia

Creating a New-Venture Team

The Founder or Founders of a Venture

WHAT WENT WRONG? Devver: How Miscues in Regard to the Composition and Management of a New-Venture Team Can Kill a Start-Up

The Management Team and Key Employees

PARTNERING FOR SUCCESS: Collaborative Software: Helping New Venture Team Members Achieve Their Goals

The Roles of the Board of Directors

Rounding Out the Team: The Role of Professional Advisors

Board of Advisors

Lenders and Investors

Other Professionals

Consultants

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 9.1

You Be the VC 9.2

CASE 9.1

CASE 9.2

Endnotes

CHAPTER 10 Getting Financing or Funding

Opening Profile—KINVOLVED: Raising Money Carefully and Deliberately

The Importance of Getting Financing or Funding

Why Most New Ventures Need Funding

Cash Flow Challenges

Capital Investments

Lengthy Product Development Cycles

PARTNERING FOR SUCCESS: Startup Weekend: A Fertile Place to Meet Business Cofounders

Sources of Personal Financing

Personal Funds

Friends and Family

Bootstrapping

Preparing to Raise Debt or Equity Financing

Sources of Equity Funding

Business Angels

Venture Capital

WHAT WENT WRONG? How One Start-Up Caught the Attention of VCs, Gained 25,000 Daily Users, and Still Failed

Initial Public Offering

Sources of Debt Financing

Commercial Banks

SBA Guaranteed Loans

Other Sources of Debt Financing

Creative Sources of Financing and Funding

Crowdfunding

Leasing

SBIR and STTR Grant Programs

Other Grant Programs

Strategic Partners

SAVVY ENTREPRENEURIAL FIRM: Working Together: How Biotech Firms and Large Drug Companies Bring Pharmaceutical Products to Market

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 10.1

You Be the VC 10.2

CASE 10.1

CASE 10.2

Endnotes

PART 4 Managing and Growing an ­Entrepreneurial Firm

CHAPTER 11 Unique Marketing Issues

Opening Profile—REAL TIME CASES: Creating a New Brand in Business Cases via ­Guerilla Marketing Techniques

Selecting a Market and Establishing a Position

Segmenting the Market

Selecting a Target Market

Crafting a Unique Market Position

SAVVY ENTREPRENEURIAL FIRM: How Retail ­Start-ups Compete Against Walmart and Other Big Box Retailers

Branding

PARTNERING FOR SUCCESS: Two Examples of ­Successful Co-Branding Partnerships

The 4Ps of Marketing for New Ventures

Product

Price

WHAT WENT WRONG? What Start-Ups Can Learn about Marketing from Missteps at JCPenney

Promotion

Place (or Distribution)

Sales Process and Related Issues

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 11.1

You Be the VC 11.2

CASE 11.1

CASE 11.2

Endnotes

CHAPTER 12 The Importance of ­Intellectual Property

Opening Profile—3DERM SYSTEMS: The Key Role of Intellectual Property Early in a Firm’s Life and Its Ongoing Success

The Importance of Intellectual Property

Determining What Intellectual Property to Legally Protect

The Four Key Forms of Intellectual Property

Patents

Types of Patents

Who Can Apply for a Patent?

The Process of Obtaining a Patent

SAVVY ENTREPRENEURIAL FIRM: Knowing the Ins and Outs of Filing a Provisional Patent Application

PARTNERING FOR SUCCESS: How the Maker ­Movement is Bringing Individual Inventors and Large Firms Together

Patent Infringement

Trademarks

The Four Types of Trademarks

What Is Protected Under Trademark Law?

Exclusions from Trademark Protection

The Process of Obtaining a Trademark

Trademark Infringement

WHAT WENT WRONG? David Conquers Goliath in Three Trademark Disputes

Copyrights

What Is Protected by a Copyright?

Exclusions from Copyright Protection

How to Obtain a Copyright

Copyright Infringement

Copyright and the Internet

Trade Secrets

What Qualifies for Trade Secret Protection?

Trade Secret Disputes

Trade Secret Protection Methods

Conducting an Intellectual Property Audit

Why Conduct an Intellectual Property Audit?

The Process of Conducting an Intellectual Property Audit

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 12.1

You Be the VC 12.2

CASE 12.1

CASE 12.2

Endnotes

CHAPTER 13 Preparing for and ­Evaluating the Challenges of Growth

Opening Profile—MATI ENERGY: Growing in a Fast-Paced, Yet ­Conscientious Manner

Preparing for Growth

Appreciating the Nature of Business Growth

Staying Committed to a Core Strategy

Planning for Growth

WHAT WENT WRONG? Dishero: How Mediocre ­Success can Lead to Difficult Decisions

Reasons for Growth

Capturing Economies of Scale

Capturing Economies of Scope

Market Leadership

Influence, Power, and Survivability

Need to Accommodate the Growth of Key Customers

Ability to Attract and Retain Talented Employees

Managing Growth

Knowing and Managing the Stages of Growth

SAVVY ENTREPRENEURIAL FIRM: Salesforce.com Crosses the Chasm

Challenges of Growth

Managerial Capacity

PARTNERING FOR SUCCESS: Three Choices for Fulfilling Orders for an Online Company

Day-to-Day Challenges of Growing a Firm

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 13.1

You Be the VC 13.2

CASE 13.1

CASE 13.2

Endnotes

CHAPTER 14 Strategies for Firm Growth

Opening Profile—FILTEREASY: Employing Both Internal and Extrenal Strategies for Growth

Internal Growth Strategies

New Product Development

Additional Internal Product-Growth Strategies

Improving an Existing Product or Service

Increasing the Market Penetration of an Existing Product or Service

Extending Product Lines

Geographic Expansion

WHAT WENT WRONG? Lessons for Growth-Minded Start-Ups from Crumbs Bake Shop’s Failure

International Expansion

Assessing a Firm’s Suitability for Growth through ­International Markets

Foreign Market Entry Strategies

Selling Overseas

External Growth Strategies

Mergers and Acquisitions

Licensing

SAVVY ENTREPRENEURIAL FIRM: Fetchr: Growing through Acquisitions and Alliances

Strategic Alliances and Joint Ventures

PARTNERING FOR SUCCESS: Three Steps to Alliance Success

Chapter Summary

End of Chapter Quiz

Key Terms

Review Questions

Application Questions

You Be the VC 14.1

You Be the VC 14.2

CASE 14.1

CASE 14.2

Endnotes

CHAPTER 15 Franchising

Opening Profile—UPTOWN CHEAPSKATE: Franchising as a Form of Business Ownership and Growth

What Is Franchising and How Does It Work?

What Is Franchising?

How Does Franchising Work?

Establishing a Franchise System

When to Franchise

Steps to Franchising a Business

SAVVY ENTREPRENEURIAL FIRM: Wahoo’s Fish Taco: A Moderate-Growth Yet Highly Successful Franchise Organization

Selecting and Developing Effective Franchisees

Advantages and Disadvantages of Establishing a Franchise System

WHAT WENT WRONG? Slowing Down Growth: Why Did Just Falafel Become JF Street Food?

Buying a Franchise

Is Franchising Right for You?

The Cost of a Franchise

Finding a Franchise

Advantages and Disadvantages of Buying a Franchise

Steps in Purchasing a Franchise

Watch Out! Common Misconceptions about Franchising

Legal Aspects of the Franchise Relationship

Federal Rules and Regulations

State Rules and Regulations

More about Franchising

Franchise Ethics

International Franchising

The Future of Franchising

PARTNERING FOR SUCCESS: Franchises Partner with Nonprofits to Give Back

Chapter Summary

End of Chapter Quiz

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