Test Bank Small Business Creating Value Through Entrepreneurship 1st Edition by Vishal K. Gupta
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Test Bank Small Business Creating Value Through Entrepreneurship 1st Edition by Vishal K. Gupta
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Test Bank Small Business Creating Value Through Entrepreneurship 1st Edition by Vishal K. Gupta
Small Business: Creating Value Through Entrepreneurship offers a balanced approach to the core concepts of starting, managing, and working in a small business
ISBN: 978-1-119-59177-1
Vishal K. Gupta
Table of Contents
Preface vii
1 Understanding Small Business 1
1.0. Introduction 1
1.1. Describe Small Business 3
Comprehension Check 7
1.2. Define Small Business Management 7
1.2.1. Problems with (Rapid) Growth 11
Comprehension Check 13
1.3. Myths About and Benefits of Small Business Entrepreneurship 13
Comprehension Check 17
1.4. Identify Various Forms of Entrepreneurship 17
Comprehension Check 20
Summary 20
Live Exercise 21
World of Books 21
In the Movies 22
Things to Remember 22
Key Terms 23
Experiential Exercise 23
2 Starting a New Business 24
2.0. Introduction 24
2.1. Motivations for Starting a New Venture 26
Comprehension Check 29
2.2. Part-time and Full-time Startups 30
Comprehension Check 32
2.3. From Idea to Opportunity 32
Comprehension Check 39
2.4. The Universal Startup Model 39
Comprehension Check 42
2.5. Analyze the State of Startup in the United States 43
Comprehension Check 45
Summary 46
Live Exercise 46
World of Books 46
In the Movies 46
Things to Remember 47
Key Terms 48
Experiential Exercise 48
3 Family Business 49
3.0. Introduction 49
3.1. The Basics of Family Business 51
3.1.1. Definition of Family Business 51
3.1.2. Family Business System 53
Comprehension Check 54
3.2. Two Sides of the Family Business 54
3.2.1. Positives of a Family Business 55
3.2.2. Negatives of a Family Business 56
Comprehension Check 59
3.3. Types of Family Businesses 59
Comprehension Check 62
3.4. Succession Planning in Family Business 62
3.4.1. Enduring Family Firms 64
3.4.2. Best Practices for Family Firms 66
3.4.3. Next-Generation Challenge 67
3.4.4. Role of Offspring Gender 68
Comprehension Check 71
Summary 71
Live Exercise 71
World of Books 71
In the Movies 71
Things to Remember 72
Key Terms 73
Experiential Exercise 73
4 Franchising for Small Firms 74
4.0. Introduction 74
4.1. Meaning and History of Franchising 76
4.1.1. Historical Evolution 79
4.1.2. Forms of Franchising 81
Comprehension Check 83
4.2. Considerations in Franchising 83
4.2.1. Advantages of Franchising 84
4.2.2. Disadvantages of Franchising 86
Comprehension Check 88
4.3. Types of Franchise 88
4.3.1. Legal and Institutional Environment for Franchising 89
Comprehension Check 95
4.4. Decision to Become a Franchisee 96
4.4.1. Assess Your Situation 97
4.4.2. Start Your Research 97
Comprehension Check 100
Summary 100
Live Exercise 100
World of Books 101
In the Movies 101
Things to Remember 101
Key Terms 102
Experiential Exercise 102
5 Small Business Ownership Through Acquisition 103
5.0. Introduction 103
5.1. Business Acquisition and Its Two Sides 105
5.1.1. Bright Side of Acquisitions 107
5.1.2. Downsides of Acquisition 108
Comprehension Check 109
5.2. The Acquisition Process 110
5.2.1. Step 1: Raising Capital 110
5.2.2. Step 2: Identifying Targets 111
5.2.3. Step 3: Funding the Buyout 112
5.2.4. Step 4: Operating and Value Creation 113
Comprehension Check 114
5.3. Possible Acquisition Paths 114
5.3.1. Self-funded Search 114
5.3.2. Traditional Search Fund 115
5.3.3. Sponsored Search 116
5.3.4. Incubated Search 117
Comprehension Check 118
5.4. Valuing a Business 118
Comprehension Check 120
Summary 120
Live Exercise 121
World of Books 121
In the Movies 121
Things to Remember 121
Key Terms 122
Experiential Exercise 123
6 Small Business Marketing 124
6.0. Introduction 124
6.1. What Is Small Business Marketing? 126
Comprehension Check 128
6.2. Products: Goods and/or Services 128
Comprehension Check 131
6.3. Capturing the Attention of the Market 131
6.3.1. The Marketing Funnel 132
6.3.2. Digital Marketing 135
Comprehension Check 139
6.4. Locating Your Business in the Right Place 139
6.4.1. Is Your Customer the User? 140
6.4.2. Getting Through to the User or Customer 140
Comprehension Check 143
6.5. Pricing Is Crucial! 144
Comprehension Check 147
Summary 148
World of Books 148
In the Movies 149
Live Exercise 149
Things to Remember 149
Key Terms 150
Experiential Exercise 151
7 Small Business Accounting 152
7.0. Introduction 152
7.1. Why Accounting Matters 154
Comprehension Check 158
7.2. Basic Accounting Concepts 158
7.2.1. Business Entity Concept 158
7.2.2. Going Concern Concept 159
7.2.3. The Accounting Equation 159
7.2.4. Revenues and Expenses 161
7.2.5. Cash Flow 162
Comprehension Check 163
7.3. Accounting System and Financial Reports 163
7.3.1. Income Statement 164
7.3.2. Cash Flow Statement 164
7.3.3. Balance Sheet 165
7.3.4. Statement of Retained Earnings 166
7.3.5. Statement of Owner’s Equity 166
Comprehension Check 167
7.4. Key Ratios for Financial Statement Analysis 167
7.4.1. Profitability Analysis 168
7.4.2. Leverage Ratio 170
7.4.3. Activity Ratios 171
7.4.4. Liquidity Ratios 172
Comprehension Check 174
Summary 174
World of Books 175
In the Movies 175
Live Exercise 175
Things to Remember 175
Key Terms 176
Experiential Exercise 177
8 Small Business Finance 178
8.0. Introduction 178
8.1. Introduction to Small Business Financing 180
Comprehension Check 182
8.2. Types of Funding 182
8.2.1. Debt Funds 182
8.2.2. Equity Funds 184
8.2.3. Funding Growth Internally 185
Comprehension Check 186
8.3. Financing from Personal Resources 186
Comprehension Check 191
8.4. Formal Sources of Financing 191
8.4.1. Financing from Debt 191
8.4.2. Financing from Equity 194
8.4.3. Other Financing Sources 197
Comprehension Check 199
8.5. Crowdfunding and Its Appeal 199
Comprehension Check 202
Summary 202
World of Books 203
In the Movies 203
Live Exercise 203
Things to Remember 203
Key Terms 205
Experiential Exercise 205
9 Small Business and the Law 206
9.0. Introduction 206
9.1. Legal Structures for Small Businesses 208
9.1.1. Proprietorship: Most Common Legal Form for American Businesses 209
9.1.2. Partnerships: Formed by Many Hated by Many 211
9.1.3. Corporation: They Are People Too! 211
Comprehension Check 215
9.2. Fundamentals of Contracts 215
9.2.1. Types of Contracts 217
Comprehension Check 219
9.3. Introduction to Intellectual Property 219
9.3.1. Trademark (or Service Mark) 220
9.3.2. Trade Secret 221
9.3.3. Copyright 221
9.3.4. Patents 222
Comprehension Check 223
9.4. Basics of Bankruptcy Laws 224
Comprehension Check 226
Summary 226
World of Books 227
In the Movies 227
Live Exercise 227
Things to Remember 228
Key Terms 229
Experiential Exercise 229
10 Ethics and Social Responsibility 230
10.0. Introduction 230
10.1. Why Behave Ethically? 230
Comprehension Check 235
10.2. Legal and Moral Criteria for Ethical Behavior 236
10.2.1. Law and Morality as Two Criteria in Making Business Decisions 237
10.2.2. Ethics and the Role of Time and Place 240
Comprehension Check 240
10.3. Should Ethics Be Taught? 241
Comprehension Check 243
10.4. Corporate Social Responsibility 243
Comprehension Check 247
10.5. Introduction to Ethical Frameworks 248
Comprehension Check 251
Summary 251
World of Books 251
In the Movies 251
Live Exercise 251
Things to Remember 252
Key Terms 254
Experiential Exercise 254
11 Leadership and Its Challenges 255
11.0. Introduction 255
11.1. Qualities of Successful Entrepreneurs 257
11.1.1. Passion 257
11.1.2. Perseverance 259
11.1.3. Humility 261
Comprehension Check 262
11.2. Leadership Styles of Entrepreneurs 263
Comprehension Check 266
11.3. Stress and Well-being 266
11.3.1. Financial