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Entrepreneurship and Small Business, 4th Asia Pacific Edition

Entrepreneurship and Small Business, 4th Asia Pacific Edition

Michael Schaper, Thierry Volery, Paull Weber, Brian Gibson

ISBN: 978-1-118-36254-9

Sep 2013

497 pages

Select type: Paperback


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Now in its 4th Asia-Pacific edition, the internationally acclaimed author team of Entrepreneurship and Small Business have revised their market-leading text with a simple pedagogy and a clear purpose.

Starting and running your own enterprise is one the most rewarding – and challenging – journeys towards developing a business career. This text provides students with the theoretical and practical knowledge required to successfully own and manage a new, small or growing business venture.

ESB 4th Asia-Pacific edition is abundant with insightful real world case studies and opportunities for experiential learning. It provides comprehensive information about small business management and entrepreneurship in Australia, New Zealand, China, India, Singapore, Malaysia and Hong Kong; providing students with a genuinely international perspective.

The text includes a bolstered section on family business start-ups and integrated coverage of the impact of sustainability and social media. Yet again, the author team have brought to life what successful small business owners actually do, not just what they think or the theoretical concepts behind their strategy.

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Preface xvii

Acknowledgements xviii

PART 1 The nature of small business and entrepreneurship 1

CHAPTER 1 Entrepreneurship: definition and evolution 3

Defining entrepreneurship 4

Entrepreneur profile: Olivia Lum, Hyflux 9

The role of entrepreneurship in economic growth and development 11

Common features of entrepreneurship in the Asia–Pacific region 16

CHAPTER 2 Opportunities and entrepreneurs 29

Individuals and opportunities 30

The discovery perspective 30

Understanding the profile of an entrepreneur 35

The risks of a career in entrepreneurship 39

Relevant performance measures 41

Entrepreneurs in a social context 43

CHAPTER 3 Creativity, innovation and entrepreneurship 51

Creativity 52

Innovation 59

Linking creativity, innovation and entrepreneurship 65

From creativity to entrepreneurship: screening opportunities 67

CHAPTER 4 Small business: definitions and characteristics 77

Defining small business 78

Characteristic features of a small business 82

The advantages and disadvantages of operating a small business 86

The economic significance of the small business sector 90

General importance 90

Entrepreneur or small business owner–manager? 95

CHAPTER 5 Community contexts of small business 105

Integrating entrepreneurship and society 106

Societal and philanthropic responsibility 107

Environmental responsibility 109

Social entrepreneurship 111

The nature and extent of family business 113

Issues unique to family business 115

PART 2 Getting into business 125

CHAPTER 6 Options for going into business 127

Issues to consider before going into business 128

Starting a new business 130

Purchasing an existing business 134

Entering a franchise system 140

Comparison of options 143

Procedural steps when starting a business venture 143

1. Undertake market research 144

2. Check the statutory requirements 144

3. Access suitable core resources 145

4. Critically evaluate options: buy, start-up or franchise? 145

5. Work out financial projections 145

6. Prepare a business plan 146

CHAPTER 7 Market research and strategy formulation 151

The role of market research 152

Constraints on research 154

Developing a strategy 161

Developing a business model 170

CHAPTER 8 Preparing a business plan 177

The concept of a business plan 178

Elements of a business plan 180

Different types of plans 186

Preparing the document: the business-planning process 189

CHAPTER 9 Legal issues 219

Legal structures 220

Intellectual property 230

Other legal issues 235

CHAPTER 10 Financing business ventures 243

Sources of debt finance 244

Sources of equity finance 247

Other useful categorisations of finance sources 254

Alternative sources of finance 259

CHAPTER 11 Accessing business advice and assistance 267

The business adviser 268

Forms of support for new and small firms 280

PART 3 Managing key functions 289

CHAPTER 12 Marketing 291

The concept of marketing 292

An overview of the marketing process 293

The marketing mix 295

CHAPTER 13 Operations management 317

Operations as a management process 318

Physical site factors 319

Production processes 323

Service design 323

Evaluating, improving and securing operational activities 330

Procedural systems and quality assurance 334

Risk management 335

CHAPTER 14 Human resource issues in new and small firms 343

Concept and functions of human resource management 344

HRM as a business strategy 345

Acquisition of staff 346

Maintenance 354

Termination 358

Governmental and regulatory requirements 359

Self-employment and human resources 361

Differences in employment practices between large and small firms 362

HRM variations across the Asia–Pacific region 363

CHAPTER 15 Financial information and management 369

The purpose of financial information 370

Differences between small and large firms 372

Regional variations in financial management 373

Types of financial information 374

Analysing financial data 382

Keeping records of financial information 385

PART 4 Selected topics 399

CHAPTER 16 ICT as a business tool 401

The role and importance of ICT for SMEs 403

Information systems for SMEs 405

Implementing an ICT strategy 409

Attracting visitors to a website 416

CHAPTER 17 Managing growth and transition 427

The dimensions of business growth 428

Theorising about small business growth 431

Growth predictors 434

Growth strategies and growth enablers 435

From the entrepreneur to the manager 440

Harvesting 443

CHAPTER 18 Corporate entrepreneurship 453

Dimensions of and rationale for corporate entrepreneurship 454

The new venture development process 460

The key steps in developing entrepreneurial spirit 465

Glossary 480


  • Inclusion of ‘family business’ section
  • 16 new Entrepreneur Profiles
  • 14 new What would you do? scenario planning features
  • 13 new Case studies
  • Integrated coverage of impact of social media, sustainability, globalisation and ethics
  • What would you do? Presents a scenario in each chapter in which an entrepreneur/small business manager needs to respond to a problem or situation
  • The Entrepreneur Profile in every chapter highlights business operators from across Australia, New Zealand and the Asia-Pacific region.
  • The end-of-chapter Case Study profiles an entrepreneurial approach and/or small business management issue in the Australasian region.
  • Web links to numerous practical sources of business advice and information