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Patterns of Entrepreneurship Management, 5th Edition

January 2016, ©2016
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Patterns of Entrepreneurship Management
 is the essential road-map for anyone interested in starting a new business. This text is infused with the authors' experience teaching, writing, and launching successful ventures and challenges students with real situations and examples on which they can practice the broad range of skills required to start and build a company in today's complex world.
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Table of Contents

Preface vii

List of Cases and Profiles xv

Part I Getting Started as an Entrepreneur

1 The Entrepreneurial Process 2

Introduction, 3

Profile: Wayne Mcvicker—A Typical Entrepreneur, 4

An Entrepreneurial Perspective, 4

Commonly Shared Entrepreneurial Characteristics, 5

Types of Entrepreneurs, 6

The Need to Control, 7

The Spider-web Model, 9

Finding Early Mentors, 10

Managing Stress, 11

The Five-Stage Entrepreneurial Process, 12

The Growth of Entrepreneurial Companies, 15

The Growth Period, 16

Entrepreneurship Roller Coaster, 16

So Why Become an Entrepreneur?, 17

Use the Master-Case to Develop Management Skills, 17

Summary, 18

Study Questions, 18

Exercises, 18

Interactive Learning on the Web, 20

Additional Resources, 20

Additional Cases for Reading, 21

Endnotes, 21

2 The Art of Innovation 22

Introduction, 23

Profile: Becky Minard and Paal Gisholt—Finding a Point of Pain, 23

Why Innovation is Important, 24

Definition and Types of Innovation, 28

Frameworks for Learning Innovation Skills, 31

Finding and Assessing Ideas, 35

Converting an Idea into an Opportunity, 36

Opportunity: Five Phases to Success, 37

Summary, 46

Study Questions, 46

Exercises, 46

Interactive Learning on the Web, 47

Additional Resources, 47

Appendix: The Bayh-Dole Act (Online), 47

Endnotes, 47

3 Ideas into Business Models 49

Introduction, 50

Profile: Alexander Osterwalder—Inventor of Canvas Model, 51

Definition of Business Models, 51

The Business Model Canvas, 52

Testing Assumptions and Value Proposition, 54

Mini-Case: “tinyUpdates”—Testing Your Idea with Customers, 55

Minimum Viable Product Concept, 57

Examples of Innovative Business Models, 63

Mini-Case: General Fasteners, Locking in Customers, 66

Licensing and Franchising, 67

Mini -Case: ChemStation, 70

Models Built around Social Networks, 72

Corporate Partnering, 72

Summary, 73

Study Questions, 74

Exercises, 74

Interactive Learning on the Web, 75

Additional Resources, 75

Endnotes, 75

4 Customers, Markets, Competitors, in a Digital World 77

Introduction, 78

Profile: Brian Halligan, CEO and Founder, HubSpot, 78

Conducting Marketing Research Using Digital Tools to Start The Venture, 79

Mini -Case: BreatheSimple Web -Based Market Research, 79

Formulating a Successful Marketing Plan, 84

Defining the Market Segmentation, 88

Conducting a Competitive Analysis, 90

Preparing the Pricing and Sales Strategy, 91

Using Digital Channels to Create Demand, 95

Penetrating the Market and Setting up Sales Channels, 96

Summary, 99

Study Questions, 100

Exercises, 100

Interactive Learning on the Web, 101

Case Study: Smart Card LLC Marketing Plan 102

Case Study Questions, 103

Appendix: Marketing Research Techniques 104

Additional Resources, 105

Endnotes, 106

5 Using the Crowd 107

Introduction, 108

Profile: Daniel Gulati, Fashionstake, 109

Closed versus Open Innovation, 110

Motivations to Be a Contributor to a Crowd, 111

Types of Crowdsourcing, 112

Entrepreneurship: Relevant Applications of Crowdsourcing, 116

Intellectual Property Issues, 125

Summary, 126

Study Questions, 126

Exercises, 126

Management Exercise—Neoforma in the age of Crowdsourcing, 127

Interactive Learning on the Web, 127

Additional Resources, 127

Endnotes, 127

6 Writing the Winning Business Plan 129

Introduction, 130

Profile: Nikolay Shkolnik—Business Plan Turns a Dream into Reality, 130

The Value of a Business Plan, 131

Setting Goals and Objectives, 132

Starting the Process to Write the Plan: Five Steps, 134

Determining What Type of Business Plan is Best, 136

A Lean and Full Business Plan Format and Content, 138

Understanding Why Business Plans Fail, 143

Summary, 144

Study Questions, 145

Exercises, 145

Case Study: Surfparks LLC (Online), 146

Appendix: The Roadmap Guide for Writing a Business Plan, 147

Interactive Learning on the Web, 150

Additional Resources, 150

Endnotes, 150

7 Setting up the Company 151

Introduction, 152

Profile: Ethan Wendle and Matt Chverchko—When to Convert from an S- to a C-Corporation, 152

Identifying What Form of Ownership is Best, 153

Forms of Doing Business, 153

Sole Proprietorship, 154

C -Corporation, 156

S -Corporation, 162

Partnership, 164

Limited Liability Company, 166

Business Start -Up Checklist, 167

Summary, 171

Study Questions, 171

Exercises for Determining Best Form of Ownership, 172

Interactive Learning on the Web, 173

Endnotes, 173

Part II Funding the Venture

8 Funding the Venture 176

Introduction to Part A, 178

Profile: James Dyson—Bootstrapping out of Necessity, 180

The “Virtual” Company, 181

Securing Early -Stage Funding, 182

Self-Funding—Example: Benchprep Inc., 183

Moonlighting and Part-Time Consulting, 184

Bootstrapping Methods—Example: Injection

Research Specialists, 186

Family and Friends, 187

Angels, 187

MicroEquity and MicroLoans: A Little Money, a Lot of Help, 188

Bank Loans, Factoring, and Supplier Lines of Credit, 190

Managing Your Personal Credit Rating, 191

Government Sources of Funding, 191

How to qualify, 192

Summary of Part A, 193

Introduction to Part B, 194

Profile: Jason Cong, Vivado-High Level Synthesis, Super ]angels, VC, and Corporate Investors, 195

The State of the Venture Capital Industry, 196

Super-Angels, 197

Equity Investment Fundamentals, 198

Using Private Equity for Fundraising, 199

Understanding the Venture Capital Process, 207

Guide to Selecting a Venture Capitalist, 211

Private Placements, 211

Home Runs or Singles?, 213

Corporate Debt, 213

Strategic Partnerships and Corporate Investments, 216

How To Value a Business at the Early Stage, 217

Summary for Part B, 219

Study Questions for Part A of the Chapter, 219

Study Questions for Part B of the Chapter, 220

Exercises for Part A, 220

Exercises for Part B, 221

Appendix: Guidelines for Selecting an Incubation Program, 223

Interactive Learning on the Web, 223

Additional Resources, 223

Web Resources, 224

Networks, 224

Appendix 1: Due Diligence Checklist (Online), 225

Appendix 2: Model Venture Capital Term Sheet—Series A Preferred Stock (Online), 225

Endnotes, 225

Part III Building and Exiting

9 Managing Resources—Money and People 228

Introduction, 229

Profile: Paul Silvis—Conserving Cash While Building an Embracing Culture, 230

Financial Statements, 231

The Value of the Balance Sheet, 231

The Value of an Income Statement, 232

The Value of a Cash Flow Statement, 233

Preparing Financial Projections, 235

Preparing an Annual Budget, 236

Preparing a Cash Flow Forecast, 237

Preparing a Breakeven Analysis, 239

Analyzing an Investment Decision, 241

Taxes and Filing, 242

The Stresses of Managing Money, 243

Managing Human Resources—Introduction, 243

Developing a Strong Corporate Culture, 243

Finding and Hiring the Best People, 245

Dealing with Firing an Employee, 248

Dealing with a Resignation, 249

Conflicts of Interest and Business Ethics, 250

Legal Issues, 251

Setting Up Stock -Option Agreements, 253

Summary, 253

Study Questions, 254

Exercises, 254

Interactive Learning on the Web, 256

Additional Resources, 256

Appendix: Legal Document Templates (Online), 256

Endnotes, 256

10 Communicating the Opportunity 257

Introduction, 258

Profile: Craig Bandes—Matching Presentations to Investors, 259

Locating Investors, 259

Preparing a Teaser, 261

The Elevator Pitch, 265

Note on Confidentiality, 265

After the Presentation, 270

Summary, 273

Study Questions, 274

Exercises, 274

Interactive Learning on the Web, 274

Endnotes, 274

11 Exiting the Venture 276

Introduction, 277

Profile: Alan Trefler: Private to Public Ownership, 277

Why Create an Exit Strategy and Plan, 278

Selling an Equity Stake To a Strategic Partner, 278

Valuing a Later -Stage Company, 279

Implementing the Plan of Action, 282

Selling the Business, 283

Preparing a Selling Memorandum, 284

Merge with Another Business, 288

Using an Employee Stock Ownership Plan (ESOP), 289

Using a Management Buyout (MBO), 289

Consider a Public Offering, 289

Summary, 295

Study Questions, 296

Exercises, 296

Interactive Learning on the Web, 297

Additional Resources, 297

Endnotes, 297

Part IV Special Topics: Social Entrepreneurship Technology Entrepreneurship Family Business 12 Special Topic: Social Entrepreneurship (online) 2

Introduction, 3

Social Entrepreneurs and Green Initiatives, 4

Profile: Khanjan Mehta—A Social Entrepreneur, 4

To Profit or Not to Profit, 5

Social Entrepreneurship and Tax Issues, 5

Differences Between Business and Social Entrepreneurs, 6

Stakeholder Issues and Challenges, 6

Growth and Management Challenges, 7

Enhanced Revenue Opportunities, 7

Social Entrepreneurship Business Models, 8

Using the Inverse Commons to Build a Social Enterprise, 14

Using Social Media to Grow, 16

Appplying Other Chapters in this Book to Social Entrepreneurship, 18

Summary, 20

Study Questions, 20

Exercises, 20

Interactive Learning on the Web, 21

Additional Resources, 21

Endnotes, 21

13 Technology Entrepreneurship (online) 22

Introduction, 23

Profile: Ian Kibblewhite—An Integrated IP Strategy, 24

Concepts Relevant to Technology-Based Companies, 25

Intellectual Property Management, 32

Summary, 44

Internet IP Source Sites, 45

Study Questions, 45

Exercises, 45

Case Study: Question, 46

Interactive Learning on the Web, 47

Additional Resources, 47

Endnotes, 47

14 Family Businesses: Important and Different (online) 49

Introduction, 50

Profile: Richard Edelman: A Family Business Entrepreneur, 50

What Is a Family Business?, 51

The Three Subsystem Model, 53

Types of Family Business, 54

Considerations and Challenges of Family Businesses, 55

Governing the Family Firm, 63

Family Business Capital and Competitive Advantage, 65

Summary, 68

Study Questions, 68

Exercises, 69

Useful Web Sites: General Background Articles for Further Reading, 70

Articles Highlighting Problems in Family Businesses, 70

Endnotes, 70

Addendum: Three Case Studies Covering The Whole Book (Online)

Glossary of Terms 299

Index 311

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New To This Edition

• Chapter on crowd-sourcing co-authored by Professor Marion Poetz from Copenhagen Business School

• Chapter on family-owned businesses written by Dr. Isabel C. Botero from The University of Kentucky

• Dr. Jeremy Kagan from Columbia University has joined us to add content in Chapter 4 on the tools now available in digital marketing

• Dr. Jack McGourty also from Columbia Business School has added to the discussions on lean company structure and the minimally viable product strategy

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The Wiley Advantage

• Focus on Real Entrepreneurs. Throughout the text, material is illustrated through real entrepreneurs, helping students understand how entrepreneurs position their companies to meet the various marketing, financial, and technological challenges.

• Roadmap Actions. Each chapter begins with a list of roadmap actions that lay out the practical tasks students will accomplish in the chapter.

• Neoforma “Master-Case”. Presents the company’s history through the lens of Wayne McVicker, one of the company’s founders. He provides, in diary form, the entire company history from concept to eventual sale, covering every conceivable management challenge that all entrepreneurs inevitably face.

• Case Studies. Most chapters include a shorter case study that looks at a potential entrepreneurial opportunity

• From Idea to Opportunity. Through powerful examples, cases, and exercises, students explore important “soft” issues such as how to continuously innovate, design sustainable business models, and create a culture in their companies that will increase their chances of success as they launch a new enterprise

• Innovation and Technology Venture Framework. Throughout the text there are sections devoted to creating a framework for screening ideas, thinking about strategy and business models, determining the capital and resources required, attracting management talent, and preparing the plan to ensure that practices are accepted and implemented effectively.

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Instructors Resources
Wiley Instructor Companion Site
Instructor's Manual
Offers helpful teaching ideas, advice on course development, sample assignments, learning objectives, lecture outlines, class exercises, lecture notes, chapter reviews, and more!
Computerized Test Bank (Diploma)
Test your students' comprehension with this digital collection of fill-in-the-blank, multiple-choice, true/false, and free-response questions. Easily pick, choose, and incorporate questions to include in your student assessments. Wiley's CBTs allows you to tailor exams according to study objectives
Neoforma Master Case
The story of Neoforma Inc., this tool describes in vivid detail all of the stages of starting and growing a company, from the original idea to the final sale of the company
Case Notes
A number of case questions based on the Neoforma Master Case contain instructor’s notes for these case study exercises appear in the Instructor’s Guide.
PowerPoint Presentations
Our PowerPoint presentations contain a combination of key concepts allowing you to illustrate important topics with images, figures, and problems from the textbook.
Test Bank
Test your students' comprehension with this digital collection of fill-in-the-blank, multiple-choice, true/false, and free-response questions.
Online Chapters
The web content of the book contains three special topic chapters that deal with the issues that are specific to important types of entrepreneurial ventures.
Appendices
Digital evaluation copy available for this title
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Students Resources
Wiley Student Companion Site
Neoforma Master Case
The story of Neoforma Inc., this tool describes in vivid detail all of the stages of starting and growing a company, from the original idea to the final sale of the company
PowerPoint Presentations
Our PowerPoint presentations contain a combination of key concepts allowing you to illustrate important topics with images, figures, and problems from the textbook.
Online Chapters
The web content of the book contains three special topic chapters that deal with the issues that are specific to important types of entrepreneurial ventures.
Legal Documents
A series of downloadable legal documents, including sample By Laws, Confidentially Agreements, NDAs, and Noncompete agreements.
Personal Entrepreneurial Skills Assessment
Students can test their understanding of entrepreneurship by competing and answering a Personal Entrepreneurial Skills Assessment.
Collaborative Business Plan Tool
Sample business plans are divided according to market and stage of development. Downloadable plans are available for students.
Additional Resources
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Purchase Options
Wiley E-Text   
Patterns of Entrepreneurship Management, 5th Edition
ISBN : 978-1-119-22820-2
342 pages
February 2016, ©2016
$48.00   BUY

Paperback   
Patterns of Entrepreneurship Management, 5th Edition
ISBN : 978-1-119-23905-5
348 pages
January 2016, ©2016
$115.95   BUY

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