Entrepreneurship Theory Process and Practice 9th Edition by Donald F Kuratko ISBN 1285051750 978-1285051758

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ISBN 10: 1285051750

ISBN 13: 978-1285051758

Author: Donald F. Kuratko

Learn the true process of a successful entrepreneur with ENTREPRENEURSHIP: THEORY, PROCESS, PRACTICE, 9e! Presenting the most current thinking in this explosive field, this renowned entrepreneurship text provides a practical, step-by-step approach that makes learning easy. Using exercises and case presentations, you can apply your own ideas and develop useful entrepreneurial skills. Cases and examples found throughout the text present the new venture creations or corporate innovations that permeate the world economy today. This book will be your guide to understanding the entrepreneurial challenges of tomorrow.

Table of contents: 

PART 1. UNDERSTANDING THE IMPACT OF THE ENTREPRENEURIAL MINDSET
Chapter 1. Entrepreneurship: Evolutionary Developmentb-Revolutionary Impact
1-1. Entrepreneurs-Breakthrough Innovators
1-2. Entrepreneurs: A Typology of Distinctive Journeys
1-3. Entrepreneurship: A Mindset
1-4. The Evolution of Entrepreneurship
1-5. Avoiding Folklore: The Myths of Entrepreneurship
1-5a. Myth 1: Entrepreneurs Are Doers, Not Thinkers
1-5b. Myth 2: Entrepreneurs Are Born, Not Made
1-5c. Myth 3: Entrepreneurs Are Always in Tech Ventures
1-5d. Myth 4: Entrepreneurs Are Academic and Social Misfits
1-5e. Myth 5: Entrepreneurs Must Fit the Profile
1-5f. Myth 6: All Entrepreneurs Need Is Money
1-5g. Myth 7: All Entrepreneurs Need Is an Idea
1-5h. Myth 8: Entrepreneurship Is Unstructured and Chaotic
1-5i. Myth 9: Most Entrepreneurial Initiatives Fail
1-5j. Myth 10: Entrepreneurs Are Extreme Risk Takers
1-5k. Myth 11: The Unicorn Fallacy
1-5l. Myth 12: Entrepreneurship Education Is Not Needed
1-6. Approaches to Entrepreneurship
1-6a. Schools-of-Thought Approaches to Entrepreneurship
1-6b. Process Approaches to Entrepreneurship
1-7. The Entrepreneurial Revolution: A Global Phenomenon
1-7a. The Impact of Entrepreneurial Ventures in the United States
1-7b. The Growth of Gazelles, Unicorns, and Decacorns
1-7c. Legacy of Entrepreneurial Firms
1-8. Twenty-First-Century Trends in Entrepreneurship Research
1-9. The Future Trajectory of Entrepreneurship: The Entrepreneurial Mindset
1-10. Key Entrepreneurship Concepts
1-10a. Entrepreneurship
1-10b. Entrepreneur
1-10c. Entrepreneurial Discipline
1.10d. Entrepreneurial Leadership
Summary
Key Terms
Review and Discussion Questions
Chapter 2. The Entrepreneurial Mindset in Individuals: Cognition, the Dark Side, and Ethics
2-1. The Entrepreneurial Mindset
2-1a. Entrepreneurial Cognition
2-1b. Metacognitive Perspective
2-2. Who Are Entrepreneurs?
2-2a. Characteristics and Skills Associated with the Entrepreneurial Mindset
2-3. The Skills of Hustle and Coachability
2-3a. Entrepreneurial Hustle
2-3b. Entrepreneurial Coachability
2-4. Dealing with Failure
2-4a. The Grief Recovery Process
2-5. The Entrepreneurial Experience
2-6. The Dark Side of Entrepreneurship
2-6a. The Entrepreneur’s Confrontation with Risk
2-6b. Stress and the Entrepreneur
2-6c. Entrepreneurial Stress and Sleep
2-6d. The Entrepreneurial Ego
2-7. Entrepreneurial Ethics
2-8. Ethical Dilemmas
2-8a. Ethical Rationalizations
2-8b. The Matter of Morality
2-8c. Complexity of Decisions
2-8d. Online Ethical Dilemmas in E-Commerce
2-9. Establishing a Strategy for an Ethical Venture
2-9a. Ethical Codes of Conduct
2-9b. Ethical Responsibility
2-10. Ethical Considerations of Corporate Entrepreneurs
2-11. Ethical Leadership by Entrepreneurs
2-12. Entrepreneurial Motivation
Summary
Key Terms
Review and Discussion Questions
Chapter 3. The Entrepreneurial Mindset in Organizations: Corporate Entrepreneurship
3-1. The Entrepreneurial Mindset in Organizations
3-2. Corporate Innovation Philosophy
3-3. Corporate Entrepreneurship and Innovation
3-3a. Defining the Concept of Corporate Entrepreneurship and Innovation
3-3b. The Need for Corporate Entrepreneurship and Innovation
3-3c. Obstacles to Corporate Entrepreneurship and Innovation
3-4. Corporate Entrepreneurship Strategy
3-4a. Developing the Vision
3-4b. Encouraging Innovation
3-4c. Structuring the Work Environment
3-4d. Control versus Autonomy
3-4e. Preparation for Failure
3-4f. Developing Management
3-4g. Developing I-Teams
3-5. Sustaining a Corporate Entrepreneurship Strategy
Summary
Key Terms
Review and Discussion Questions
Chapter 4. The Global Entrepreneurial Mindset: Social Entrepreneurship
4-1. Social Entrepreneurship
4-1a. Defining the Social Entrepreneur
4-1b. Defining the Social Enterprise
4-1c. Measuring the Impact of Social Entrepreneurship
4-2. Social Enterprise and Sustainability
4-2a. Sustainable Entrepreneurship
4-2b. Ecopreneurship
4-3. Shared Value and the Triple Bottom Line
4-3a. Bottom-Line Measures of Economic Performance
4-3b. Bottom-Line Measures of Environmental Performance
4-3c. Bottom-Line Measures of Social Performance
4-4. Benefit Corporations: Promoting Sustainable Enterprises
4-5. Global Poverty and Entrepreneurship
4-6. The Global Marketplace
4-6a. Global Entrepreneurs
4-6b. Global Thinking
4-6c. Diaspora Networks
4-6d. Global Organizations and Agreements
4-6e. Venturing Abroad
4-6f. Methods of Going International
4-6g. Researching Foreign Markets
Summary
Key Terms
Review and Discussion Questions
PART 2. INITIATING ENTREPRENEURIAL VENTURES
Chapter 5. Innovation: The Creative Pursuit of Ideas
5-1. Opportunity Identification: The Search for New Ideas
5-1a. Sources of Innovative Ideas
5-1b. The Knowledge and Learning Process
5-2. Entrepreneurial Imagination and Creativity
5-2a. The Role of Creative Thinking
5-2b. The Nature of the Creative Process
5-2c. Developing Your Creativity
5-3. Recognizing Relationships
5-4. A Creative Exercise
5-4a. Developing a Functional Perspective
5-4b. Using Your Brains
5-4c. Eliminating Muddling Mindsets
5-5. Arenas of Creativity
5-6. The Creative Climate
5-7. Innovation and the Entrepreneur
5-7a. The Innovation Process
5-7b. Types of Innovation
5-7c. The Major Misconceptions of Innovation
5-8. Principles of Innovation
Summary
Key Terms
Review and Discussion Questions
Chapter 6. Assessment of Entrepreneurial Opportunities
6-1. The Challenge of New-Venture Start-Ups
6-2. Pitfalls in Selecting New Ventures
6-2a. Lack of Objective Evaluation
6-2b. No Real Insight into the Market
6-2c. Inadequate Understanding of Technical Requirements
6-2d. Poor Financial Understanding
6-2e. Lack of Venture Uniqueness
6-2f. Ignorance of Legal Issues
6-3. Critical Factors for New-Venture Development
6-3a. Uniqueness
6-3b. Investment Size
6-3c. Growth of Sales
6-3d. Product Availability
6-3e. Customer Availability
6-4. Developing an Effective Entrepreneurial Team
6-5. Why New Ventures Fail
6-6. The Traditional Venture Evaluation Processes
6-6a. Profile Analysis Approach
6-6b. Feasibility Criteria Approach
6-6c. Comprehensive Feasibility Approach
6-7. The Contemporary Methodologies for Venture Evaluation
6-7a. The Design Methodology
6-7b. Design-Centered Entrepreneurship
6-7c. The Lean Start-Up Methodology
6-8. The Challenge of New-Venture Legitimacy
Summary
Key Terms
Review and Discussion Questions
Appendix 6A. Feasibility Plan Outline
Chapter 7. Pathways to Entrepreneurial Ventures
7-1. Creating New Ventures
7-1a. New-New Approach to Creating New Ventures
7-1b. New-Old Approach to Creating New Ventures
7-1c. A Newness Framework for New Ventures
7-1d. Examining the Financial Picture When Creating New Ventures
7-2. Acquiring an Established Entrepreneurial Venture
7-2a. Personal Preferences
7-2b. Examination of Opportunities
7-2c. Advantages of Acquiring an Ongoing Venture
7-2d. Evaluation of the Selected Venture
7-2e. Key Questions to Ask
7-2f. Negotiating the Deal
7-3. Franchising: The Hybrid
7-3a. How Franchising Works
7-3b. Advantages of Franchising
7-3c. Disadvantages of Franchising
7-3d. Franchise Law
7-3e. Evaluating Franchising Opportunities
7-4. Incubators, Accelerators, and Entrepreneurial Ecosystems
Incubators
Accelerators
Entrepreneurial Ecosystems
Summary
Key Terms
Review and Discussion Questions
Chapter 8. Sources of Capital for Entrepreneurs
The Search for Capital
8-1. Bootstrapping
Advantages and Disadvantages of Bootstrapping
8-2. Debt versus Equity Financing
Debt Financing
8-3. Commercial Loans
Advantages of Debt Financing
8-4. Equity Financing
Public Offerings
8-5. The Rise of Special Purpose Acquisition Companies
8-6. Private Placements
8-7. Crowdfunding
8-8. The Venture Capital Market
8-8a. Recent Developments in Venture Capital
8-8b. Dispelling Venture Capital Myths
8-8c. Venture Capitalists’ Objectives
8-8d. Criteria for Evaluating New-Venture Proposals
8-8e. Evaluating the Venture Capitalist
8-9. Informal Risk Capital: Angel Financing
8-9a. Types of Angel Investors
Summary
Key Terms
Review and Discussion Questions
PART 3. DEVELOPING THE ENTREPRENEURIAL PLAN
Chapter 9. Legal Challenges for Entrepreneurial Ventures
9-1. Intellectual Property Protection: Patents
9-1a. Securing a Patent: Basic Rules
9-1b. Securing a Patent: The Application
9-2. Intellectual Property Protection: Copyrights
9-2a. Understanding Copyright Protection
9-2b. Protecting Ideas?
9-3. Intellectual Property Protection: Trademarks
9-3a. Avoiding Trademark Pitfalls
9-3b. Trade Secrets
9-3c. Trademark Protection on the Internet
9-4. Legal Forms for Entrepreneurial Ventures
9-4a. Sole Proprietorships
9-4b. Partnerships
9-4c. Corporations
9-5a. Limited Partnerships
9-5b. Limited Liability Partnerships
9-5c. S Corporations
9-5d. Limited Liability Companies
9-5e. B Corporations
9-5f. L3C
9-6. Final Thoughts on Legal Forms
9-7. Bankruptcy
9-7a. The Bankruptcy Act
9-7b. Chapter 7: Straight Bankruptcy
9-7c. Chapter 11: Reorganization
9-7d. Chapter 13: Adjustment of Debts
9-8. Minimizing Legal Expenses
Summary
Key Terms
Review and Discussion Questions
Chapter 10. Marketing Challenges for Entrepreneurial Ventures
10-1. The New Marketing Concept for Entrepreneurs
10-2. Marketing Research
10-2a. Defining the Research Purpose and Objectives
10-2b. Gathering Secondary Data
10-2c. Gathering Primary Data
10-2d. Quantitative versus Qualitative Marketing Research
10-2e. Interpreting and Reporting Information
10-2f. Marketing Research Questions
10-3. Inhibitors to Marketing Research
10-3a. Cost
10-3b. Complexity
10-3c. Strategic Decisions
10-3d. Irrelevancy
10-4. Social Media Marketing
10-4a. Key Distinctions of Social Media Marketing
10-4b. Developing a Social Media Marketing Plan
10-4c. Mobile Marketing
10-5. Entrepreneurial Tactics in Market Research
10-6. The Components of Effective Marketing
10-6a. Marketing Philosophy
10-6b. Market Segmentation
10-6c. Consumer Behavior
10-6d. Channels of Distribution
10-7. Developing a Marketing Plan
10-7a. Current Marketing Research
10-7b. Current Sales Analysis
10-7c. Marketing Information System
10-7d. Sales Forecasting
10-7e. Evaluation
10-7f. Final Considerations for Entrepreneurs
10-8. Pricing Strategies
10-8a. Views of Pricing
10-8b. Product Life Cycle Pricing
10-8c. Pricing in the Social Media Age
Summary
Key Terms
Review and Discussion Questions
Chapter 11. Financial Preparation for Entrepreneurial Ventures
11-1. The Importance of Financial Information for Entrepreneurs
11-2. Understanding the Key Financial Statements
11-2a. The Balance Sheet
11-2b. The Income Statement
11-2c. The Cash-Flow Statement
11-3. Preparing Financial Budgets
11-3a. The Operating Budget
11-3b. The Cash-Flow Budget
11-4. Pro Forma Statements
11-5. Capital Budgeting
11-5a. Payback Method
11-5b. Net Present Value
11-5c. Internal Rate of Return
11-6. Break-Even Analysis
11-6a. Break-Even Point Computation
11-7. Ratio Analysis
Summary
Key Terms
Review and Discussion Questions
Chapter 12. Developing an Effective Business Plan
12-1. Pitfalls to Avoid in the Venture Planning Process
12-1a. Pitfall 1: No Realistic Goals
12-1b. Pitfall 2: Failure to Anticipate Roadblocks
12-1c. Pitfall 3: No Commitment or Dedication
12-1d. Pitfall 4: Lack of Demonstrated Experience (Business or Technical)
12-1e. Pitfall 5: No Market Niche (Segment)
12-2. Business Model Canvas: Initiating the Venture Formation Process
12-3. What Is a Business Plan?
12-4. Benefits of a Business Plan
12-5. Developing a Well-Conceived Business Plan
12-5a. Who Reads the Plan?
12-5b. Putting the Package Together
12-5c. Guidelines to Remember
12-5d. Questions to Be Answered
12-6. Elements of a Business Plan
12-6a. Executive Summary
12-6b. Venture Concept and Value Proposition
12-6c. Marketing Segment
12-6d. Market Niche and Market Share
12-6e. Research, Design, and Development Segment
12-6f. Operations Segment
12-6g. Management Segment
12-6h. Financial Segment
12-6i. Critical-Risks Segment
12-6j. Harvest (Exit) Strategy Segment
12-6k. Milestone Schedule Segment
12-6l. Appendix and Bibliography Segment
12-7. Updating the Business Plan
12-7a. A Practical Example of a Business Plan
12-8. Presentation of the Business Plan: The “Pitch”
12-8a. Suggestions for Presentation
12-8b. What to Expect
Sample New Venture and Business Plan
Table of Contents
Executive Summary
The Business Concept and Value Proposition
Industry and Market Analysis
Go-to-Market Plan
Operational Plan
Management Team
Product Development, Growth, and Exit Strategy
Finance
Works Cited
Appendix.
Summary
Key Terms
Review and Discussion Questions
Appendix 12A. Hydraulic Wind Power LLC
PART 4. GROWTH STRATEGIES FOR ENTREPRENEURIAL VENTURES
Chapter 13. Strategic Entrepreneurial Growth: Scaling
13-1. Strategic Planning and Emerging Firms
13-2. The Nature of Strategic Planning
13-2a. The Lack of Strategic Planning
13-2b. The Value of Strategic Planning
13-2c. Fatal Visions in Strategic Planning
13-2d. Entrepreneurial and Strategic Actions
13-2e. Strategic Positioning: The Entrepreneurial Edge
13-2f. An Entrepreneurial Strategy Matrix Model
13-3. Managing Entrepreneurial Growth
13-3a. Venture Development Stages
13-3b. Transitioning from Entrepreneurial to Managerial
13-3c. Understanding the Growth Stage
13-3d. Managing Paradox and Contradiction
13-3e. Confronting the Growth Wall
13-3f. The Rise of Growth Hacking
13-3g. The Challenges of Blitzscaling
13-4. Building an Entrepreneurial Company in the Twenty-First Century
13-4a. The Entrepreneurial Mindset
13-4b. Key Elements for an Entrepreneurial Firm
13-5. Unique Managerial Concerns of Growing Ventures
13-5a. The Distinctiveness of Size
13-5b. The One-Person-Band Syndrome
13-5c. Time Management
13-5d. Community Pressures
13-5e. Continuous Learning
13-6. Achieving Entrepreneurial Leadership for the Future
Summary
Key Terms
Review and Discussion Questions
Chapter 14. Valuation of Entrepreneurial Ventures
14-1. The Importance of Business Valuation
14-2. Underlying Issues When Acquiring a Venture
14-2a. Goals of the Buyer and Seller
14-2b. Emotional Bias
14-2c. Reasons for the Acquisition
14-3. Due Diligence
14-4. Analyzing the Business
14-5. Establishing a Firm’s Value
14-5a. Valuation Methods
14-6. Term Sheets in Venture Valuation
14-7. Additional Factors in the Valuation Process
14-7a. Avoiding Start-Up Costs
14-7b. Accuracy of Projections
14-7c. Control Factor
Summary
Key Terms
Review and Discussion Questions
Appendix 14A: Term Sheet
Chapter 15. Harvesting the Entrepreneurial Venture
15-1. Harvesting the Venture: A Focus on the Future
15-2. The Management Succession Strategy
15-3. Key Factors in Succession
15-3a. Succession Pressures and Interests inside the Firm
15-3b. Succession Pressures and Interests outside the Firm
15-3c. Forcing Events
15-3d. Sources of Succession
15-3e. Legal Restrictions
15-4. Developing a Succession Strategy
15-4a. Understanding Contextual Aspects of Succession
15-4b. Identifying Successor Qualities
15-4c. Writing a Succession Strategy
15-5. The Exit Strategy: Liquidity Events
15-5a. The Initial Public Offering (IPO)
15-6. Complete Sale of the Venture
15-6a. Steps for Selling a Business
Summary

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