Wiley Pathways Small Business Management

Häftad, Engelska, 2007

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Beskrivning

In order to become a successful entrepreneur, one has to have a clear understanding of how to effectively manage a small business. This valuable introduction shows budding entrepreneurs how to launch and run their own firm. In addition to explaining the value and appeal of small businesses, it offers a variety of essential start-up lessons, including how to write a business plan, obtain financing, and choose a legal form for any venture.

Produktinformation

Utgivningsdatum:2007-05-11
Mått:196 x 234 x 51 mm
Vikt:930 g
Format:Häftad
Språk:Engelska
Antal sidor:580
Förlag:John Wiley & Sons Inc
ISBN:9780470111260

Utforska kategorier

Organisation och ägarskap inom Ekonomi och Ledarskap

Innehållsförteckning

PART I: SMALL BUSINESS IN THE UNITED STATES1 An Introduction to the Small Business Life—A Large Contribution to the U.S. Economy 1Introduction 21.1 Defining the Small Business 21.1.1 The U.S. Government Definition 31.1.2 Other Factors Making a Business “Small” 41.1.3 Small Business Owners vs. Entrepreneurs 5Self-Check 51.2 The Contributions of Small Business 6Self-Check 81.3 The Advantages and Disadvantages of Small Business 81.3.1 The Advantages of Owning a Small Business 91.3.2 The Disadvantages of Owning a Small Business 10Self-Check 121.4 Small Business Failure 121.4.1 Some Causes of Failure 131.4.2 Avoiding Management Traps Leading to Failure. 14Self-Check 161.5 Ethics in Small Business. 161.5.1 Ethical Practices and Codes of Conduct 181.5.2 Ethical Leadership 181.5.3 Social Responsibility 20Self-Check 22Summary 22Key Terms 23Summary Questions 25Applying This Chapter. 27You Try It. 292 Small Business Opportunities—Exploring the Options 30Introduction 312.1 Starting a New Small Business 322.1.1 Identifying the Business Opportunity 322.1.2 Conducting a Market Analysis 322.1.3 The Action Plan 34Self-Check 372.2 Buying an Existing Business 372.2.1 Advantages of Buying an Ongoing Small Business 382.2.2 Key Questions to Ask 392.2.3 Determining the Price 422.2.4 Negotiating the Deal and Having an Action Plan 45Self-Check 462.3 Exploring the World of Franchising 462.3.1 The Nature of Franchising 462.3.2 The Advantages and Disadvantages of Franchising 482.3.3 Researching a Franchising Opportunity 49Self-Check 512.4 The Growing World of Home-Based Businesses 512.4.1 The Changing Workplace 512.4.2 Advantages and Disadvantages 522.4.3 Getting Started 522.4.4 Skills for Self-Management 542.4.5 Attention to Office Organization 552.4.6 Management of the Operations 57Self-Check 582.5 Determining Location and Layout 582.5.1 General Factors in Selecting a Location 592.5.2 Business Specific Factors in Selecting a Location 602.5.3 Leasing, Buying or Building 632.5.4 Adapting the Facility 632.5.5 Designing the Layout 64Self-Check 68Summary 68Key Terms 69Summary Questions 71Applying This Chapter. 72You Try It. 743 The Family-Owned Business—Understanding the Unique Opportunities and Challenges 75Introduction 763.1 Advantages and Disadvantages of Family-Owned Businesses 763.1.1 The Advantages 773.1.2 The Disadvantages 78Self-Check 823.2 The Difficult Issue of Succession and Transitions 823.2.1 Legal Succession Issues 833.2.2 Succession and Transitions, the Nature of the Challenge 84Self-Check 883.3 Developing a Succession Strategy. 883.3.1 Understanding the Contextual Aspects 883.3.2 Identifying Successor Qualities 903.3.3 Carrying Out the Succession Plan 923.3.4 A Summary Checklist 94Self-Check 95Summary 95Key Terms 95Summary Questions 96Applying This Chapter. 96You Try It. 98PART II: STARTING A SMALL BUSINESS4 Developing a Business Plan—Creating a Roadmap for Success 99Introduction 1004.1 Why Develop a Business Plan? 1004.1.1 The Importance of a Business Plan 1014.1.2 What is a Business Plan? 101Self-Check 1034.2 The Elements of a Business Plan 1034.2.1 Executive Summary 1034.2.2 Business Description 1044.2.3 Marketing 1054.2.4 Research, Design, and Development 1064.2.5 Location 1074.2.6 Management 1074.2.7 Critical Risks 1094.2.8 Financial Forecasting 1094.2.9 Milestone Schedule 1114.2.10 Appendix. 111Self-Check 1114.3 Preparing the Business Plan 1124.3.1 Creating a Professional Image 1124.3.2 Analyzing a Completed Business Plan 116Self-Check 1174.4 Keeping a Business Plan Up to Date 117Self-Check 118Summary 118Key Terms 119Summary Questions 121Applying This Chapter. 123You Try It. 1255 Sources of Financing—Getting the Money to Start a New Business 126Introduction 1275.1 Estimating a Small Business’s Financial Needs 1275.1.1 Calculating Startup Financing 1275.1.2 Preparing to Work with Financing Sources 129Self-Check. 1305.2 Basic Types of Financing 1315.2.1 Debt Financing 1315.2.2 Equity Financing 132Self-Check. 1335.3 Sources of Equity Financing 1345.3.1 Self 1345.3.2 Family and Friends 1355.3.3 Venture Capitalists 1365.3.4 Small Business Investment Companies 1375.3.5 Angel Investors 137Self-Check. 1395.4 Sources of Debt Financing 1395.4.1 Trade Credit. 1395.4.2 Banks 1405.4.3 Small Business Administration 1425.4.4 State and Local Development Companies 1445.4.5 Factors 1455.4.6 Other Sources of Debt Financing 145Self-Check 146Summary 147Key Terms 147Summary Questions 150Applying This Chapter. 152You Try It. 1556 Forms of Small Business Ownership—Selecting the Right Type of Legal Organization 156Introduction 1576.1 Selecting the Right Legal Form 157Self-Check. 1586.2 Sole Proprietorships. 1586.2.1 Advantages of Sole Proprietorships 1586.2.2 Disadvantages of Proprietorships 159Self-Check 1616.3 Partnerships 1616.3.1 Types of Partnerships 1626.3.2 Limited Liability Partnerships 1646.3.3 Advantages of Partnerships 1656.3.4 Disadvantages of Partnerships 166Self-Check. 1676.4 The Corporation 1686.4.1 Organizing a Corporation 1686.4.2 The Corporate Structure 1686.4.3 Advantages of Corporations 1706.4.4 Disadvantages of Corporations 1726.4.5 The S Corporation 173Self-Check. 1766.5 Other Forms of Business 1766.5.1 Limited Liability Companies 1766.5.2 Joint Ventures 1776.5.3 Corporations 1786.5.4 Nonprofit Corporations 178Self-Check 180Summary 181Key Terms 181Summary Questions 184Applying This Chapter. 186You Try It. 188PART III: MANAGING A SMALL BUSINESS7 The Basics of Small Business Management—Meeting the Challenge 189Introduction 1907.1 The Management Process in General 190Self-Check 1917.2 The Planning Process 1917.2.1 Be Aware of Opportunities 1917.2.2 Set Objectives 1917.2.3 Forecast the Environment 1917.2.4 Determine Alternative Courses of Action 1927.2.5 Evaluate the Alternative Courses of Action 1927.2.6 Select and Implement a Course of Action 1937.2.7 Formulate Support Plans 1937.2.8 Budget the Plan 193Self-Check 1947.3 Organizing. 1957.3.1 Job Descriptions 1957.3.2 Departmentalization 1957.3.3 Span of Control 1967.3.4 Delegation of Authority 197Self-Check 1997.4 Directing 1997.4.1 Communicating 2007.4.2 Leading 200Self-Check 2047.5 Control Process 2047.5.1 Basic Ideas in Controlling 2057.5.2 Budgeting 2067.5.3 Break Even Point 2067.5.4 Use of Best Practices 207Self-Check 2087.6 Unique Managerial Concerns of Small Businesses 2097.6.1 Advantages and Disadvantages of Small Size 2097.6.2 One-Person-Band Syndrome 2097.6.3 Time Management 2107.6.4 Community Obligations 2107.6.5 Continuing Management Education 2117.6.6 Other Issues in Formative Years 2117.6.7 Key Elements of Growth 2117.6.8 The Transition from Entrepreneur to Manager 2137.6.9 Balancing the Roles of Entrepreneur and Manager 2147.6.10 Outside Managerial Assistance 214Self-Check 215Summary 216Key Terms 216Summary Questions 219Applying This Chapter. 221You Try It. 2238 Legal Concerns of Small Businesses—Introducing Fundamental Legal Concepts 224Introduction 2258.1 Contracts 2258.1.1 Agreement 2258.1.2 Consideration 2278.1.3 Contractual Capacity 2278.1.4 Legality 2288.1.5 Reality of Consent 2298.1.6 Form of Contract 2308.1.7 Breach of Contract 230Self-Check 2318.2 Other Legal Issues 2328.2.1 Warranties 2328.2.2 Product Liability 2338.2.3 The Agency Relationship 2348.2.4 Patents, Copyrights, and Trademarks. 2348.2.5 Bankruptcy 237Self-Check 240Summary 241Key Terms 242Summary Questions 244Applying This Chapter. 245You Try It. 2469 Managing Human Resources in a Small Business Environment—Selecting, Developing and Retaining Employees 247Introduction 2489.1 Today’s Human Resources Environment 2489.1.1 Changing Work and Workforce 2489.1.2 The Regulatory Environment 249Self-Check 2549.2 Building Your Workforce 2559.2.1 Assessing Staffing Needs 2559.2.2 Recruiting 2559.2.3 Screening Potential Employees 2569.2.4 Selecting and Indoctrinating Employees 2579.2.5 Training 257Self-Check 2609.3 Getting the Most from your Workforce 2609.3.1 Evaluating Employee Performance. 2609.3.2 Compensation Systems 266Self-Check 2689.4 Keeping your Employees 2689.4.1 Job Satisfaction 2689.4.2 Examining the Pay/Performance Link 2699.4.3 Developing a Positive Work Environment and Teamwork 270Self-Check 2719.5 Additional Human Resources Management Information 271Self-Check 272Summary 272Key Terms 272Summary Questions 274Applying This Chapter. 275You Try It. 276PART IV: MARKETING FOR GROWTH10 Understanding Markets and Pricing—The Building Blocks of a Strong Marketing Plan 278Introduction 27910.1 What is a Market? 27910.1.1 Customers and Market Niches 27910.1.2 Relevant Price Range 28010.1.3 Competition 280Self-Check 28310.2 Examining the Market Niche 283Self-Check. 28510.3 Marketing Research 28610.3.1 Secondary Sources of Information 28710.3.2 Survey Research 28810.3.3 Types of Surveys 28810.3.4 Using Research Data 289Self-Check. 29110.4 Pricing Considerations. 29110.4.1 Demand for the Product 29110.4.2 The Competition 29110.4.3 The Marketing Strategy 29210.4.4 General Business Conditions 29310.4.5 Setting Prices 293Self-Check. 29510.5 Pricing Strategies 29510.5.1 Skimming Pricing 29510.5.2 Penetration Pricing 29710.5.3 Sliding Price Strategy 29810.5.4 Odd Pricing. 29810.5.5 Leader Pricing 29910.5.6 Price Lining 29910.5.7 Geographic Pricing 300Self-Check. 30110.6 Using Discounts 30110.6.1 Seasonal Discounts 30110.6.2 Special Group Discounts 30110.6.3 Quantity Discounts 30210.6.4 Cash Discounts 302Self-Check 302Summary 302Key Terms 303Summary Questions 305Applying This Chapter. 307You Try It. 30911 Promotion and Selling—Attracting Customers and Making Sales. 310Introduction 31111.1 Promotion Plans 31111.1.1 Tying the Plan to the Marketing Mix 31111.1.2 Developing and Implementing a Promotion Budget 313Self-Check 31611.2 Advertising, Publicity and Public Relations 31611.2.1 Advertising Basics 31711.2.2 Selecting the Right Media 32011.2.3 Determining Advertising Effectiveness 32811.2.4 Publicity and Public Relations 330Self-Check 33111.3 Selling 33111.3.1 Sales Fundamentals 33111.3.2 The Selling Process 33311.3.3 Sales Psychology 33711.3.4 Organizing and Staffing for Success 341Self-Check 343Summary 343Key Terms 344Summary Questions 345Applying This Chapter. 346You Try It. 34712 E-Commerce and the Small Business Owner—Using the Internet to Reach Customers 348Introduction 34912.1 The Internet and E-Commerce 34912.1.1 Gathering Information on the Internet 34912.1.2 Selling on the Internet 35012.1.3 The Value of the Internet 351Self-Check. 35312.2 Setting up a Web site 35312.2.1 Creating a Web site 35312.2.2 Web-Hosting Services 355Self-Check. 35612.3 The Mechanics of Web sites Sales. 35612.3.1 Shopping Carts 35612.3.2 Selecting a Quality Shopping Cart 357Self-Check. 35912.4 Internet Marketing 35912.4.1 Banner Ads and Co-marketing Deals 35912.4.2 Become a Popular Link 36012.4.3 Contests and Specials 360Self-Check. 36112.5 Online Customer Relationship 36112.5.1 Web site Statistics 36112.5.2 Customer Service 362Self-Check. 36312.6 Internet Security 36412.6.1 Secure Servers 36412.6.2 Firewalls 36512.6.3 Virus Protection 365Self-Check 367Summary 367Key Terms 367Summary Questions .370Applying This Chapter. 372You Try It. 373PART V: MANAGING FINANCES AND INVENTORY13 Using Financial Statements—The Scorecards of Business Success—or Failure 374Introduction 37513.1 The Balance Sheet 37513.1.1 What is a Balance Sheet? 37513.1.2 Understanding the Balance Sheet. 37613.1.3 Why the Balance Sheet Always Balances 381Self-Check. 38313.2 The Income Statement 38313.2.1 What the Income Statement Reports 38413.2.2 Understanding the Income Statement 384Self-Check. 38713.3 Keeping Proper Records. 38813.3.1 Managing the Books 39013.3.2 Computers, Software, and Financial Preparation 390Self-Check. 39113.4 Analyzing the Balance Sheet 39113.4.1 Current Position Ratios 39213.4.2 Long-run-position Ratios 396Self-Check. 39713.5 Analyzing the Income Statement 39713.5.1 Income Statement Ratios 39813.5.2 Combination Ratios 398Self-Check 401Summary 402Key Terms 402Summary Questions 405Applying This Chapter. 407You Try It. 40914 Budgeting and Taxes—Effective Financial Planning and Giving the Government its Fair Share 412Introduction 41314.1 Financial Budgeting 41314.1.1 Sales Budget 41314.1.2 Cash Budget 41414.1.3 Other Budgetary Considerations 417Self-Check. 41814.2 Tax Strategies for New Businesses 41814.2.1 Tax Identification Numbers 41814.2.3 Business Bank Accounts and Credit Cards 41914.2.4 Tax Assistance 42014.2.5 First-Year Taxes 421Self-Check. 42214.3 Business Forms and Taxes 42214.3.1 Sole Proprietorships 42214.3.2 Partnerships and LLCs. 42214.3.3 C Corporations 42314.3.4 S Corporations 423Self-Check. 42414.4 Accounting Periods and Methods. 42414.4.1 Accounting Periods 42414.4.2 Accounting Methods 426Self-Check. 42814.5 Other Taxes 42814.5.1 State Income Taxes 42814.5.2 Employment Taxes 42914.5.3 Self-Employed Individuals 43014.5.4 Sales and Use Taxes 43014.5.5 Excise Taxes. 431Self-Check 432Summary 432Key Terms 433Summary Questions 435Applying This Chapter. 437You Try It. 43915 Purchasing and Inventory Control—Buying and Holding Materials and Merchandise 440Introduction 44115.1 Purchasing 44115.1.1 Steps in the Purchasing Process 44215.1.2 Purchasing Policies 443Self-Check 44615.2 Inventory Control 44615.2.1 The Basic Inventory Dilemma 44715.2.2 Costs Associated with Inventory 44715.2.3 Tracking Inventory 45215.2.4 Determining How Much to Reorder. 45415.2.5 Determining When to Reorder 45815.2.6 ABC Classification System 45915.2.7 Material Reserves and Balance-of-Stores Ledger 46015.2.8 Supply Chain Management 46215.2.9 Technology and Inventory Control 462Self-Check 463Summary 464Key Terms 465Summary Questions 466Applying This Chapter. 467You Try It. 469Appendix 471Endnotes 514Glossary 526Index 538