UNIT 1
Big Idea: Developing an Entrepreneurial Mindset
Chapter 1Importance of Entrepreneurship 2
Entrepreneurial Investigation: Weathering the Storm 4
1.1Entrepre-What? 4
How Employees and Entrepreneurs Differ 5
Big Business versus Small Business 6
Entrepreneurial Case Study: Opportunity Recognition: Vincent
Quigg–TechWorld 7
1.2To Be or Not To Be an Entrepreneur: The Risks and Rewards 8
Rewards of Being an Entrepreneur 8
Risk of Being an Entrepreneur 9
Career Competencies: Analyze Employer Expectations in the Business
Environment 10
1.3Entrepreneurship Through the Years 11
The 1800s 11
Early 1900s 12
Mid-to-Late 1900s 13
Today’s Entrepreneurs 13
Chapter 1 Assessment 15
Chapter 2Characteristics of an Entrepreneur 16
Entrepreneurial Investigation 18
2.1Who Are Entrepreneurs? 18
Background of Entrepreneurs 18
Entrepreneurial Case Study: Initiative & Self-Reliance: Mike McGee
& Neal Sales-Griffin–The Starter League 20
2.2Assessing Characteristics and Skills 21
Characteristics of Successful Entrepreneurs 21
Attitude 22
Personal Characteristics 22
Skills 24
Business Knowledge 24
Financial Skills 24
Career Exploration 24
Community Awareness 25
Education 25
Relationships 26
Career Competencies: Determine Skills Needed to Enhance Career
Progression; Prepare a Resume 26
2.3NFTE Entrepreneurial Mindset 27
NFTE Entrepreneurial Mindset in Action 27
Chapter 2 Assessment 30
Chapter 3Being an Intrapreneur 32
Entrepreneurial Investigation: An Idea That Sticks 34
3.1Why Study Entrepreneurship? 34
Thinking Like an Entrepreneur, Being an Intrapreneur 34
Entrepreneurial Case Study: Future Orientation: Sofia Contreras–Las
5 Americas Restaurant Corp. 36
3.2Career Clusters 38
Analyzing the Career Clusters 38
Exploring the Career Clusters 38
Career Competencies: Utilize Resources That Can Contribute to
Professional Development 55
3.3Using an Entrepreneurial Mindset in Career Exploration 56
Chapter 3 Assessment 59
Chapter 4Social Entrepreneurship 60
Entrepreneurial Investigation 62
4.1Doing Well by Doing Good 62
Corporate Social Responsibility 62
Mission and Vision Statement 63
Responsibility to Individuals 64
Employees 64
Customers 65
Suppliers 66
Investors and Creditors 67
Entrepreneurial Case Study: Critical Thinking & Problem Solving:
Michael K. Pearson–Union Packaging 68
4.2Taking Responsibility for the Environment 69
Environmentally Friendly Enterprises 70
Energy-Efficient Workplaces 72
Career Competencies: Utilize Job-Search Strategies 74
4.3Supporting the Community 75
Serving the Community 75
Community Outreach 76
Philanthropy 77
Chapter 4 Assessment 79
Chapter 5Managing Risk 82
Entrepreneurial Investigation: Risky Business 84
5.1Managing Entrepreneurial Risks 84
Business Ethics 85
Why Practice Business Ethics? 86
Establishing an Ethical Workplace 87
Creating Transparency 87
Writing a Code of Ethics 88
Entrepreneurial Case Study: Comfort with Risk: Cheri
Garcia–Luminous Envy 91
5.2Navigating Ethical Scenarios 92
Intellectual Property 92
Conflict of Interest 94
Confidentiality 95
Career Competencies
Write a Letter of Application/Cover Letter 96
5.3Here’s the Plan: Managing Predictable Risks 97
Purpose of a Business Plan 97
Types of Business Plans 98
Entrepreneurial Discovery 99
Chapter 5 Assessment 103
Unit 1 Review & Assessment 104
Information Technology 112
Case Study: Developing an Entrepreneurial Mindset 114
UNIT 2Big Idea: Opportunity Recognition & Market Analysis
Chapter 6Idea Generation 118
Entrepreneurial Investigation: Apple’s Innovation 120
6.1Creativity and the Entrepreneurial Process 120
Thinking Creatively 120
Barriers to Creative Thinking 121
Entrepreneurial Case Study: Creativity & Innovation: Melverton
Hunter, Jayson Isaac, Karishma Maraj, Jin Ruan, and Alan
Tenemaza–SproutEd 123
6.2Creative Thinking Exercises 125
Creative Thinking Techniques 125
Career Competencies: Demonstrate Writing/Publishing
Applications 127
6.3Creative Thinking for Idea Generation 128
Brainstorm Potential Ideas 128
Challenge the Usual 129
Draw Idea Maps 129
Chapter 6 Assessment 131
Chapter 7Turning Ideas into Opportunities 132
Entrepreneurial Investigation: Solve a Problem, Make a
Million 134
7.1Recognizing Business Opportunities 134
Ideas vs. Opportunities 134
Entrepreneurial Case Study: Opportunity Recognition: Melissa
Ruiz-Vera–Vera Natural 136
7.2Sources of Opportunity 137
Internal Sources of Opportunity 137
External Sources of Opportunity 138
Where to Look for Opportunities 139
Career Competencies: Demonstrate Basic Search Skills on the
Web 140
7.3Turning Ideas into Opportunities 142
Starting a New Business 142
Buying an Independent Business 142
Buying a Franchise 143
Becoming an Inventor 145
Chapter 7 Assessment 148
Chapter 8Evaluating Opportunities 150
Entrepreneurial Investigation: One Man’s “C” is Another Man’s
“Billion Dollar Idea” 152
8.1Critical Thinking and the Entrepreneurial Process 152
Using Critical Thinking 152
Entrepreneurial Case Study: Critical Thinking & Problem Solving:
Gregg Kaplan–redbox 154
8.2Tools for Evaluating Opportunities 155
Evaluating an Opportunity 155
Cost/Benefit Analysis 156
Opportunity Cost Analysis 157
SWOT Analysis 157
Career Competencies: Demonstrate Presentation Applications 160
8.3Ongoing Opportunity Evaluation 161
Chapter 8 Assessment 163
Chapter 9Market Research Methods 164
Entrepreneurial Investigation: Paying People to Watch TV? 166
9.1Why Is Market Research Important? 166
Understanding Your Market 166
Avoiding Costly Mistakes 168
Obtaining Finances 168
Entrepreneurial Case Study: Future Orientation: Tina
VonderHaar–Brighton Agency 169
9.2Sources of Research Data 171
Market Research Methods 171
Secondary Data Sources 171
Primary Research Techniques 174
Career Competencies: Demonstrate Database Applications 175
9.3Determining Market Research Questions 176
Primary or Secondary Research 176
Creating Survey Questions 177
Chapter 9 Assessment 179
Chapter 10Using Data to Make Business Decisions 180
Entrepreneurial Investigation: Coca-Cola’s Evil Twin: New
Coke 182
10.1Evaluating Research Data 182
Business Model Validation 182
Entrepreneurial Case Study
Flexibility & Adaptability: Seth Goldman–Honest Tea 184
10.2Market Research Cycle 185
Steps in Researching a Market 185
Career Competencies: Evaluate Credibility of Internet
Resources 188
10.3Acting on a Business Plan 189
Putting Your Plan Together 189
Acting Before/While Your Plan 190
Chapter 10 Assessment 192
Unit 2 Review & Assessment 194
Information Technology 202
Case Study: Opportunity Recognition & Market Analysis 204
UNIT 3Big Idea: Competition
Chapter 11Entrepreneurship and the Economy 208
Entrepreneurial Investigation: Different Strokes for Different
Folks! 210
11.1Economics and Economic Systems 210
What Is an Economic System? 210
Fundamental Questions of Economics 211
Entrepreneurial Case Study: Communication & Collaboration: Koran
Bolden–Street Dreamz 212
11.2Types of Economic Systems 213
What Are the Types of Economic Systems? 213
The Command Economy 213
The Market Economy 214
Career Competencies: Use Communications: Technologies and
Systems 215
11.3The Role of Entrepreneurs in the Economy 216
Role of Entrepreneurs in Industry 216
Role of Entrepreneurs in the Local Economy 217
Chapter 11 Assessment 219
Chapter 12Supply and Demand 220
Entrepreneurial Investigation: Gamer Demand 222
12.1Opposing Forces of Supply and Demand 222
The Law of Supply and Demand 222
Entrepreneurial Case Study: Opportunity Recognition: Andrea
Dashiell–Honeecakes Bakery 223
12.2Finding Equilibrium 225
Meeting in the Middle 225
Career Competencies: Demonstrate Spreadsheet Applications 226
12.3Visualizing Supply and Demand 227
Supply and Demand Curves 227
Chapter 12 Assessment 230
Chapter 13Direct and Indirect Competition 232
Entrepreneurial Investigation: Beyond the Box Lunch 234
13.1Identifying Your Competition 234
Types of Competition 234
Other Forms of Competition 235
Expand Your SWOT Analysis 236
Entrepreneurial Case Study: Flexibility & Adaptability: Maxine
Clark–Build-A-Bear Workshop 237
13.2Market Share 238
Calculating Market Share 238
Career Competencies: Communicate by Computer; Develop Cultural
Sensitivity 240
13.3Competition and the Global Economy 241
The Global Economy 241
Entrepreneurs and International Trade 242
Chapter 13 Assessment 245
Chapter 14EOU and Competitive Pricing 246
Entrepreneurial Investigation: Tale of Two Book Sellers 248
14.1Competition Between Suppliers and Consumers 248
Competition in a Market Economy 248
Competition Between Suppliers 249
Competition Between Consumers 250
Entrepreneurial Case Study: Comfort with Risk: Ambar Romero–Styles
by Ambar 250
14.2Competition-Based Pricing and Profit Motive 252
Profit Motive 252
Benefits of Profit 253
Career Competencies
Explain the Nature of E-commerce; Develop Basic Website 254
14.3Competition and the Economics of One Unit 255
Economics of One Unit 255
Chapter 14 Assessment 258
Chapter 15Establishing a Competitive Advantage 260
Entrepreneurial Investigation: The Roast Off 262
15.1Gather Competitive Intelligence 262
Gathering Competitive Intelligence 262
Entrepreneurial Case Study: Initiative & Self-Reliance: Jesus
Fernandez-Ortiz & Toheeb Okenla–T&J Soccer 264
15.2Identify Your Differentiators 265
What Is a Differentiator for a Business? 265
Career Competencies: Write Persuasive Messages 267
15.3Determining Your Competitive Advantage 268
Analyze the Competition 268
Using a Competitive Matrix 268
Anticipate Future Competition 269
Chapter 15 Assessment 270
Unit 3 Review & Assessment 272
Information Technology 279
Case Study: Competition 281
UNIT 4Big Idea: Delivering Value to Customers
Chapter 16Identifying a Target Market 286
Entrepreneurial Investigation: Profiled by Facebook 288
16.1Mass Market vs. Target Market 288
Target Market Customer Categories 289
Entrepreneurial Case Study: Critical Thinking & Problem Solving:
Deena Kishawi–modestie 290
16.2Market Segments: Breaking Up the Customers 292
Career Competencies: Make Oral Presentations 294
16.3Not All Segments Are for Every Business 295
Niche Market Segment 295
Segmented Market Segment 296
Diversified Market Segment 296
Multi-sided Market Segment 296
Chapter 16 Assessment 298
Chapter 17Understanding the Needs of a Customer Segment 300
Entrepreneurial Investigation: Cleaning Up the Competition 302
17.1What Matters–Benefits vs. Features 302
Entrepreneurial Case Study: Flexibility & Adaptability: Luke
Cooper–CEO & Founder, PeachMe 304
17.2Creating Value 305
Career Competencies: Apply Effective Listening Skills 307
17.3Value Is in the Eye of the Beholder 308
Chapter 17 Assessment 310
Chapter 18Delivering Value to a Customer Segment 312
Entrepreneurial Investigation: A Simple Goal 314
18.1Setting Market Goals 314
What Is a Marketing Plan? 314
Acting on Your Goals 316
Entrepreneurial Case Study: Future Orientation: Daymond John–CEO &
Founder of FUBU, and Star of ABC’s Emmy Award-Winning Series Shark
Tank 316
18.2In the Mix: Where Will You Sell? 318
Where and When Will You Sell? 319
How Will You Transport and Store Products? 320
Career Competencies: Address People Properly 321
18.3Name Your Price 322
Allowing for Price Adjustments 324
Chapter 18 Assessment 326
Chapter 19Communicating Value to Customers 328
Entrepreneurial Investigation: High Flying Customer
Service 330
19.1It’s Personal: Selling Your Business to Your Customers 330
Characteristics of Successful Salespeople 331
Entrepreneurial Case Study: Communication & Collaboration:
Sylvester Chisom–Showroom Shine 333
19.2Effective Sales Techniques 334
Finding and Qualifying Sales Leads 335
Making a Sales Call 336
Closing a Sale and Following Up 337
Career Competencies: Demonstrate Negotiation Skills 338
19.3Pitching Your Business 339
Chapter 19 Assessment 341
Chapter 20Attracting and Retaining Customers 342
Entrepreneurial Investigation: A Shoe-in for Success! 344
20.1Promotions: Building Awareness, Making Sales, Keeping
Customers 344
Entrepreneurial Case Study: Creativity & Innovation: Mark
Cuban–Dallas Mavericks 347
20.2It’s All in the Mix 348
Forms of Advertising 349
Visual Merchandising 351
Public Relations and Publicity 351
Personal Selling and Sales Promotion 352
Social Media 353
Career Competencies: Handle with Care: Dealing with a Difficult
Customer 354
20.3What’s the Plan? 355
Creating Campaign Strategies 355
Measuring Promotion Effectiveness 356
Budgeting for Promotion 356
Consider Low-Cost Promotion Strategies 357
Chapter 20 Assessment 360
Unit 4 Review & Assessment 362
Information Technology 369
Case Study: Delivering Value to a Customer 371
UNIT 5Big Idea: Business Model
Chapter 21Channels of Distribution 376
Entrepreneurial Investigation: Not a Mom-and-Pop Store 378
21.1What Type of Business Do I Have? 378
Business Model Goals 378
Types of Businesses 379
Trends in Business Startups 382
Entrepreneurial Case Study
Opportunity Recognition: Neil Blumenthal & Dave Gilboa–Warby
Parker 382
21.2Understanding Distribution and Supply Chain Management 384
Distribution Chains 384
What Channels Will You Use? 384
Determining Markup 385
Career Competencies: Foster Positive Working Relationships 386
21.3Shipping and Handling 387
Distribution Management 387
Transportation 387
Shipping and Receiving 388
Storage and Warehousing 388
Materials Handling 389
Delivery Terms 389
Chapter 21 Assessment 391
Chapter 22Identifying Internal Resources 392
Entrepreneurial Investigation: Finger-Licking Secret 394
22.1Identifying Internal Resources 394
What Are Internal Resources? 394
The Benefits of Intellectual Property Law 395
Entrepreneurial Case Study: Creativity & Innovation: Sean
Combs–Combs Enterprises 396
22.2Protecting Intellectual Resources 398
Protecting Your Works 398
Copyright 398
Patents 400
Trademarks and Service Marks 402
Trade Secrets 403
Career Competencies
Use Time-Management Principles 404
22.3Human Resources 405
Is It Time to Hire? 405
Advantages of Hiring Employees 406
Disadvantages of Hiring Employees 407
Looking at Yourself 408
Chapter 22 Assessment 410
Chapter 23Determining Operating Activities 412
Entrepreneurial Investigation: Popularity Contest 414
23.1Operating Activities 414
What Are Operating Activities? 414
General Business Policies 415
Hours of Operation 415
Extending Credit to Customers 416
Returns and Rework Requests 416
Delivery Policy 417
Entrepreneurial Case Study: Communication & Collaboration: Teressa
Moore Griffin–Spirit of Purpose 418
23.2The Importance of Customer Service 420
Customer Service Policies 420
Career Competencies: Explain the Nature of Business
Records 422
23.3Inventory Management 423
Why Manage Inventory? 423
Calculating Inventory Investment 425
Controlling Inventory Level 425
Inventory Systems 426
Warehousing 427
Chapter 23 Assessment 429
Chapter 24Establishing External Partnerships 430
Entrepreneurial Investigation: Missed the Bull’s-Eye 432
24.1Determining External Partnerships 432
Types of Partnerships 432
Vendor Relationships 433
Entrepreneurial Case Study: Comfort with Risk: Alice Niles–A.P.
Orleans Risk Management 436
24.2Outsourcing Risk Reduction 437
Reducing Business Risk 437
Securing Physical Property 438
Safeguarding Information 439
Promoting Health and Safety 439
Career Competencies: Obtain Insurance Coverage 441
24.3Why Do I Need Insurance? 443
Understanding Insurance 443
Insurance As Risk Management 443
Insurance 443
Types of Business Insurance 444
Chapter 24 Assessment 449
Chapter 25Legal Structures 450
Entrepreneurial Investigation: On the Hook 452
25.1Sole Proprietorships and Partnerships 452
Liability of Business Owners 452
Sole Proprietorship 453
How to Set Up a Sole Proprietorship 453
Partnership 454
Writing a Partnership Agreement 455
Entrepreneurial Case Study: Initiative & Self-Reliance: Jacob
Makoulian & Kaleb Smith–Makoulian Smith 456
25.2Corporations and Other Business Structures 457
Corporation 457
Cooperative 459
Career Competencies: Negotiate Contracts with Vendors; Business
Contracts 460
25.3Choosing the Best Structure 462
Chapter 25 Assessment 465
Unit 5 Review & Assessment 466
Information Technology 476
Case Study: Business Model 478
UNIT 6Big Idea: Financial & Expense Management
Chapter 26The Cost of Doing Business 482
Entrepreneurial Investigation: Not Always a Piece of Cake 484
26.1What Is a Variable Expense? 484
Business Model Goals 484
Variable Expenses 485
Variable or Not Variable? 486
Entrepreneurial Case Study: Critical Thinking & Problem Solving:
Ben Kaufman–Quirky 487
26.2The Economics of One Unit of Sale 489
What Is a Unit of Sale? 489
The Economics of One Unit of Sale 490
Economy of Scale 490
Career Competencies: Open an Account with a Financial
Institution 491
26.3Calculating Your EOU 493
EOU for a Manufacturing Business 493
EOU for a Wholesale Business 494
EOU for a Retail Business 495
EOU for a Business Selling More Than One Product 495
EOU for a Service Business 497
EOU for Tech-Based Businesses 499
Chapter 26 Assessment 501
Chapter 27Expense Management 502
Entrepreneurial Investigation: Frugal Operations 504
27.1Fixed Expenses 504
What Are Fixed Expenses? 505
Depreciation 506
Entrepreneurial Case Study: Creativity & Innovation: Dagim
Girma–The Audible 507
27.2Breaking Even 509
What Is a Break-Even Point? 509
Break-Even Analysis 509
The Burn Rate 511
Career Competencies: Develop Spending Plan; Develop Personal
Budget 511
27.3Managing Cash Flow 513
Why Worry About Cash Flow? 513
Reading a Cash Flow Statement 514
Ways to Keep Cash Flowing 516
Chapter 27 Assessment 517
Chapter 28Revenue Streams and Sales Projections 518
Entrepreneurial Investigation: There’s No Business Like Show
Business 520
28.1Identifying Sources of Revenue 520
Revenue Streams 520
Non-Traditional Revenue Streams 522
Entrepreneurial Case Study: Future Orientation: Dan Trepanier–The
Style Blogger 522
28.2Sales Forecasting 524
Preparing a Sales Forecast 524
Sales Forecasting Techniques 525
Career Competencies: Develop Savings Plan 527
28.3Income Statements 529
When to Prepare an Income Statement 529
Differences in Income Statements 530
Parts of a Typical Income Statement 530
Income Statement for a Manufacturer 532
Income Statement for a Service Business 533
Chapter 28 Assessment 536
Chapter 29Financing the Business 538
Entrepreneurial Investigation: Lending a Helping Dollar 540
29.1How Much Money Will I Need? 540
Start-Up Investment 541
Return on Investment (ROI) 543
Entrepreneurial Case Study: Comfort with Risk: Joe
Mansueto–Morningstar 544
29.2Sources of Debt Financing 546
Personal Savings 546
Banks 547
Credit Unions 549
Microloans 549
Relatives and Friends 549
Using Credit Cards 550
Payback 550
Career Competencies: Build Positive Credit History; Improve/Repair
Creditworthiness 551
29.3Sources of Equity Financing 553
Relatives and Friends 553
Angels and Venture Capital Companies 554
Partners 555
Customer Financing 555
Barter Financing 556
Chapter 29 Assessment 557
Chapter 30Financial Analysis 558
Entrepreneurial Investigation: Rise and Fall of the Record
Megastore 560
30.1What Are Financial Ratios? 560
Analysis Based on an Income Statement 560
Income Statement Ratios 562
Entrepreneurial Case Study
Comfort with Risk: Eddie C. Brown–Brown Capital Management 564
30.2Balance Sheet 566
What Is a Balance Sheet? 566
Fiscal Year 567
Assets Are Owned 567
Liabilities Are Owed 567
Preparing Balance Sheets 568
Analyzing Balance Sheets 569
Comparative Balance Sheet 570
Same-Size Balance Sheet Analysis 572
Career Competencies: Supervise/Implement Regular Accounting
Procedures and Financial Reports 574
30.3Ratios from Balance Sheets 576
Debt Ratio and Debt-to-Equity Ratio 576
Quick Ratio and Current Ratio 577
Chapter 30 Assessment 579
Unit 6 Review & Assessment 580
Information Technology 590
Case Study: Financial and Expense Management 592
UNIT 7Big Idea: Operating the Business
Chapter 31Managing the Business 596
Entrepreneurial Investigation: A Happy Company Is a Profitable
Company 598
31.1What Is Management? 599
Planning 599
Organizing 600
Directing 601
Controlling 602
Entrepreneurial Case Study: Communication & Collaboration: Kirsten
Kelly & Anne de Mare–Spargel Productions 603
31.2Organizational Structures 605
Traditional Structures 605
Trends in Structures 607
Career Competencies
Write Informational Messages 608
31.3Maintaining a Healthy Business Environment 610
Chapter 31 Assessment 612
Chapter 32Government Regulations 614
Entrepreneurial Investigation: Government to the Rescue 616
32.1The Role of Regulation for Employees 616
Employee Protection 617
Entrepreneurial Case Study: Flexibility & Adaptability: Mercy
Hernandez–EDGE Charitable Foundation 620
32.2Customer and Environmental Protection 622
Labeling 622
Product Safety 622
Fair Competition 623
Licenses and Permits 625
Zoning Laws 625
Environmental Protection 626
Career Competencies: Write Business Letters 626
32.3Help for Small Business 627
Chapter 32 Assessment 629
Chapter 33Recordkeeping 630
Entrepreneurial Investigation: Transparent Clothing 632
33.1Financial Records 633
Savings Accounts 633
Checking Accounts 633
Bank Reconciliation 635
Business Documents 636
Entrepreneurial Case Study: Comfort with Risk: Sam Zell–Equity
Group Investments 637
33.2Accounting Principles 639
Chart of Accounts 640
Single-Column, Database Approach 641
Double-Column Approach 641
Duality 643
Basic Process 643
Career Competencies: Demonstrate File-Management Skills 644
33.3Computerized Accounting vs. Human Accountants 645
Using Accountants and Bookkeepers 646
Chapter 33 Assessment 648
Chapter 34Accounting Systems 650
Entrepreneurial Investigation: The Danger of Cooking the
Books 652
34.1Using an Accounting Worksheet 652
The Accounting Worksheet 652
Parts of the Accounting Worksheet 653
Entering Transactions 655
Entrepreneurial Case Study: Critical Thinking & Problem Solving:
Lang Dobson–Newsies Clothing Co. 656
34.2Using the Accounting Worksheet 658
Career Competencies: Respect the Privacy of Others;Explain Ethical
Considerations in Providing Information 661
34.3Creating Financial Statements 662
Balance Sheet 662
Income Statement 665
Statement of Cash Flows 666
Tracking Inventory 668
Using a Computerized Spreadsheet 668
Chapter 34 Assessment 670
Chapter 35Taxes and Your Business 672
Entrepreneurial Investigation: Paying Uncle Sam 674
35.1Why Do Businesses Pay Taxes? 674
Public Services 675
Social Programs 676
Defense 677
Business 677
Entrepreneurial Case Study: Initiative & Self-Reliance: Onyekachi
C. Ekeagwu–Solar Powered RC Toys 679
35.2What Taxes Do Businesses Pay? 680
Payroll Taxes 681
Federal Unemployment Tax 681
Consumption Taxes 682
Business Income Tax 683
Property Tax 684
Career Competencies: Read and Interpret a Pay Stub 685
35.3Tax-Saving Strategies 686
Taking Deductions 687
Using Tax Credits 688
Chapter 35 Assessment 690
Unit 7 Review & Assessment 692
Information Technology 700
Case Study: Operating the Business 702
UNIT 8Big Idea: Growing the Business
Chapter 36Planning for Business Growth 706
Entrepreneurial Investigation: Growing Pains 708
36.1What Is Business Growth? 708
Deciding When to Grow 709
Product Life Cycles 710
Entrepreneurial Case Study: Creativity & Innovation: Abi
Mandelbaum–YouVisit 712
36.2Growth Strategies 714
Intensive Growth Strategies 714
Integrative Growth Strategies 716
Diversification Growth Strategies 716
Career Competencies: Describe Costs Associated with Credit 717
36.3Challenges of Growth 719
Practical Challenges of Growing a Business 720
Can a Business Grow? 720
Chapter 36 Assessment 722
Chapter 37Growing Operations 724
Entrepreneurial Investigation: Whole Lot of Ice Cream 726
37.1Managing and Scaling Operations 727
Site Selection and Layout Planning 727
Entrepreneurial Case Study: Initiative & Self-Reliance: Marcelo
Claure–Brightstar 729
37.2Production Management 730
Scheduling 731
Productivity 732
Quality 733
Career Competencies: Handle Telephone Calls in a Businesslike
Manner 734
37.3Managing Purchasing 736
Selecting the Right Quality 736
Selecting the Right Quantity 736
Timing Purchases 737
Getting the Right Payment Terms 737
Receiving and Following Up on Purchases 738
The Process of Purchasing 738
Chapter 37 Assessment 741
Chapter 38Recruiting and Training Staff 742
Entrepreneurial Investigation: Good Help Is So Hard to
Find 744
38.1Managing and Scaling Operations 745
Staffing 745
Writing a Job Description 745
Determining Compensation 746
Locating Job Candidates 747
Screening Candidates 748
Hiring Outside Professionals 750
Entrepreneurial Case Study: Communication & Collaboration: The
Tattoo Team–Henoo 750
38.2Employee Training and Development 752
In-House Programs 753
Training and Development Providers 754
Career Competencies: Interview for a Job 756
38.3Motivating and Evaluating Employees 757
Performance-Based Rewards 758
Flexible Work Arrangements 758
Delegating Responsibility 759
A Positive Environment 760
Evaluating Employees 761
Chapter 38 Assessment 765
Chapter 39Franchising and Licensing 766
Entrepreneurial Investigation: Subway Hits 40,000 768
39.1Franchising a Business 768
Franchising Documents 769
Entrepreneurial Case Study
Opportunity Recognition: Kevin Plank–Under Armour 771
39.2Advantages and Disadvantages for Franchisors 773
Advantages for Franchisors 773
Disadvantages for Franchisors 773
Career Competencies: Make Decisions 774
39.3Licensing a Brand 776
Licensing Agreements 777
Advantages and Disadvantages of Licensing 778
Market Saturation 779
Chapter 39 Assessment 781
Chapter 40Exit Strategies 782
Entrepreneurial Investigation: PayPal’s Payout 784
40.1When to Leave a Business 784
How to Value a Business 785
Entrepreneurial Case Study: Future Orientation: Andres
Cardona–Elite Basketball Academy 787
40.2Strategies for Leaving the Business 788
Harvesting Value from a Business 789
Career Competencies: Set Personal Goals 790
40.3Building Wealth 792
Importance of Saving 792
Time Value of Money 792
Future Value of Money 793
Risk Factors: Time and Liquidity 793
Tolerating Risk 795
Investing 795
Volatile Investments 796
Diversification 796
What Would You Do with Wealth? 796
Chapter 40 Assessment 799
Unit 8 Review & Assessment 800
Information Technology 809
Case Study: Growing the Business 811
Appendix A
Eva’s Edibles–Sample Business Canvas 815
Appendix B
Eva’s Edibles–Sample Plan 817
Appendix C
Glossary 837
Index 879
Photo Credits 919
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