Entrepreneurship: Owning Your Future, High School Version

Hardcover | January 21, 2016

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Written by an award-winning expert demystifies the process of starting a business by presenting difficult economic, financial and business concepts in a manner easily understood by beginners. This book addresses the demands of integrating workplace relevant activities to meet academic standards. Placing an emphasis on developing business plans, it can be used as a professional resource for anyone looking to start their own business.

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Written by an award-winning expert demystifies the process of starting a business by presenting difficult economic, financial and business concepts in a manner easily understood by beginners. This book addresses the demands of integrating workplace relevant activities to meet academic standards. Placing an emphasis on developing busine...

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Paperback|May 4 2016

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Format:HardcoverDimensions:608 pages, 10.9 × 8.5 × 1.4 inPublished:January 21, 2016Publisher:Pearson EducationLanguage:English

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ISBN - 10:013432482X

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Table of Contents

UNIT 1
Big Idea: Developing an Entrepreneurial Mindset

Chapter 1 Importance of Entrepreneurship  2

Entrepreneurial Investigation: Weathering the Storm  4

1.1 Entrepre-What?  4

How Employees and Entrepreneurs Differ  5

Big Business versus Small Business  6

Entrepreneurial Case Study: Opportunity Recognition: Vincent Quigg–TechWorld  7

1.2 To 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

1.3 Entrepreneurship Through the Years  11

The 1800s  11

Early 1900s  12

Mid-to-Late 1900s  13

Today’s Entrepreneurs  13

Chapter 1 Assessment  15

Chapter 2 Characteristics of an Entrepreneur  16

Entrepreneurial Investigation  18

2.1 Who Are Entrepreneurs?  18

Background of Entrepreneurs  18

Entrepreneurial Case Study: Initiative & Self-Reliance: Mike McGee & Neal Sales-Griffin–The Starter League  20

2.2 Assessing 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

2.3 NFTE Entrepreneurial Mindset  27

NFTE Entrepreneurial Mindset in Action  27

Chapter 2 Assessment  30

Chapter 3 Being an Intrapreneur  32

Entrepreneurial Investigation: An Idea That Sticks  34

3.1 Why Study Entrepreneurship?  34

Thinking Like an Entrepreneur, Being an Intrapreneur  34

Entrepreneurial Case Study: Future Orientation: Sofia Contreras–Las 5 Americas Restaurant Corp.  36

3.2 Career Clusters  38

Analyzing the Career Clusters  38

Exploring the Career Clusters  38

Career Competencies: Utilize Resources That Can Contribute to Professional Development  55

3.3 Using an Entrepreneurial Mindset in Career Exploration  56

Chapter 3 Assessment  59

Chapter 4 Social Entrepreneurship  60

Entrepreneurial Investigation  62

4.1 Doing 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

4.2 Taking Responsibility for the Environment  69

Environmentally Friendly Enterprises  70

Energy-Efficient Workplaces  72

Career Competencies: Utilize Job-Search Strategies  74

4.3 Supporting the Community  75

Serving the Community  75

Community Outreach  76

Philanthropy  77

Chapter 4 Assessment  79

Chapter 5 Managing Risk  82

Entrepreneurial Investigation: Risky Business  84

5.1 Managing 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

5.2 Navigating Ethical Scenarios  92

Intellectual Property  92

Conflict of Interest  94

Confidentiality  95

Career Competencies

Write a Letter of Application/Cover Letter  96

5.3 Here’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 2 Big Idea: Opportunity Recognition & Market Analysis

Chapter 6 Idea Generation  118

Entrepreneurial Investigation: Apple’s Innovation  120

6.1 Creativity 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

6.2 Creative Thinking Exercises  125

Creative Thinking Techniques  125

Career Competencies: Demonstrate Writing/Publishing Applications  127

6.3 Creative Thinking for Idea Generation  128

Brainstorm Potential Ideas  128

Challenge the Usual  129

Draw Idea Maps  129

Chapter 6 Assessment  131

Chapter 7 Turning Ideas into Opportunities  132

Entrepreneurial Investigation: Solve a Problem, Make a Million  134

7.1 Recognizing Business Opportunities  134

Ideas vs. Opportunities  134

Entrepreneurial Case Study: Opportunity Recognition: Melissa Ruiz-Vera–Vera Natural  136

7.2 Sources 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

7.3 Turning 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 8 Evaluating Opportunities  150

Entrepreneurial Investigation: One Man’s “C” is Another Man’s “Billion Dollar Idea”  152

8.1 Critical Thinking and the Entrepreneurial Process  152

Using Critical Thinking  152

Entrepreneurial Case Study: Critical Thinking & Problem Solving: Gregg Kaplan–redbox  154

8.2 Tools 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

8.3 Ongoing Opportunity Evaluation  161

Chapter 8 Assessment  163

Chapter 9 Market Research Methods  164

Entrepreneurial Investigation: Paying People to Watch TV?  166

9.1 Why 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

9.2 Sources of Research Data  171

Market Research Methods  171

Secondary Data Sources  171

Primary Research Techniques  174

Career Competencies: Demonstrate Database Applications  175

9.3 Determining Market Research Questions  176

Primary or Secondary Research  176

Creating Survey Questions  177

Chapter 9 Assessment  179

Chapter 10 Using Data to Make Business Decisions  180

Entrepreneurial Investigation: Coca-Cola’s Evil Twin: New Coke  182

10.1 Evaluating Research Data  182

Business Model Validation  182

Entrepreneurial Case Study

Flexibility & Adaptability: Seth Goldman–Honest Tea  184

10.2 Market Research Cycle  185

Steps in Researching a Market  185

Career Competencies: Evaluate Credibility of Internet Resources  188

10.3 Acting 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 3 Big Idea: Competition

Chapter 11 Entrepreneurship and the Economy  208

Entrepreneurial Investigation: Different Strokes for Different Folks!  210

11.1 Economics 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

11.2 Types 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

11.3 The 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 12 Supply and Demand  220

Entrepreneurial Investigation: Gamer Demand  222

12.1 Opposing Forces of Supply and Demand  222

The Law of Supply and Demand  222

Entrepreneurial Case Study: Opportunity Recognition: Andrea Dashiell–Honeecakes Bakery  223

12.2 Finding Equilibrium  225

Meeting in the Middle  225

Career Competencies: Demonstrate Spreadsheet Applications  226

12.3 Visualizing Supply and Demand  227

Supply and Demand Curves  227

Chapter 12 Assessment  230

Chapter 13 Direct and Indirect Competition  232

Entrepreneurial Investigation: Beyond the Box Lunch  234

13.1 Identifying 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

13.2 Market Share  238

Calculating Market Share  238

Career Competencies: Communicate by Computer; Develop Cultural Sensitivity  240

13.3 Competition and the Global Economy  241

The Global Economy  241

Entrepreneurs and International Trade  242

Chapter 13 Assessment  245

Chapter 14 EOU and Competitive Pricing  246

Entrepreneurial Investigation: Tale of Two Book Sellers  248

14.1 Competition 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

14.2 Competition-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

14.3 Competition and the Economics of One Unit  255

Economics of One Unit  255

Chapter 14 Assessment  258

Chapter 15 Establishing a Competitive Advantage  260

Entrepreneurial Investigation: The Roast Off  262

15.1 Gather Competitive Intelligence  262

Gathering Competitive Intelligence  262

Entrepreneurial Case Study: Initiative & Self-Reliance: Jesus Fernandez-Ortiz & Toheeb Okenla–T&J Soccer  264

15.2 Identify Your Differentiators  265

What Is a Differentiator for a Business?  265

Career Competencies: Write Persuasive Messages  267

15.3 Determining 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 4 Big Idea: Delivering Value to Customers

Chapter 16 Identifying a Target Market  286

Entrepreneurial Investigation: Profiled by Facebook  288

16.1 Mass Market vs. Target Market  288

Target Market Customer Categories  289

Entrepreneurial Case Study: Critical Thinking & Problem Solving: Deena Kishawi–modestie  290

16.2 Market Segments: Breaking Up the Customers  292

Career Competencies: Make Oral Presentations  294

16.3 Not 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 17 Understanding the Needs of a Customer Segment  300

Entrepreneurial Investigation: Cleaning Up the Competition  302

17.1 What Matters–Benefits vs. Features  302

Entrepreneurial Case Study: Flexibility & Adaptability: Luke Cooper–CEO & Founder, PeachMe  304

17.2 Creating Value  305

Career Competencies: Apply Effective Listening Skills  307

17.3 Value Is in the Eye of the Beholder  308

Chapter 17 Assessment  310

Chapter 18 Delivering Value to a Customer Segment  312

Entrepreneurial Investigation: A Simple Goal  314

18.1 Setting 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

18.2 In 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

18.3 Name Your Price  322

Allowing for Price Adjustments  324

Chapter 18 Assessment  326

Chapter 19 Communicating Value to Customers  328

Entrepreneurial Investigation: High Flying Customer Service  330

19.1 It’s Personal: Selling Your Business to Your Customers  330

Characteristics of Successful Salespeople  331

Entrepreneurial Case Study: Communication & Collaboration: Sylvester Chisom–Showroom Shine  333

19.2 Effective 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

19.3 Pitching Your Business  339

Chapter 19 Assessment  341

Chapter 20 Attracting and Retaining Customers  342

Entrepreneurial Investigation: A Shoe-in for Success!  344

20.1 Promotions: Building Awareness, Making Sales, Keeping Customers  344

Entrepreneurial Case Study: Creativity & Innovation: Mark Cuban–Dallas Mavericks  347

20.2 It’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

20.3 What’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 5 Big Idea: Business Model

Chapter 21 Channels of Distribution  376

Entrepreneurial Investigation: Not a Mom-and-Pop Store  378

21.1 What 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

21.2 Understanding 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

21.3 Shipping 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 22 Identifying Internal Resources  392

Entrepreneurial Investigation: Finger-Licking Secret  394

22.1 Identifying 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

22.2 Protecting 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

22.3 Human 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 23 Determining Operating Activities  412

Entrepreneurial Investigation: Popularity Contest  414

23.1 Operating 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

23.2 The Importance of Customer Service  420

Customer Service Policies  420

Career Competencies: Explain the Nature of Business Records  422

23.3 Inventory Management  423

Why Manage Inventory?  423

Calculating Inventory Investment  425

Controlling Inventory Level  425

Inventory Systems  426

Warehousing  427

Chapter 23 Assessment  429

Chapter 24 Establishing External Partnerships  430

Entrepreneurial Investigation: Missed the Bull’s-Eye  432

24.1 Determining External Partnerships  432

Types of Partnerships  432

Vendor Relationships  433

Entrepreneurial Case Study: Comfort with Risk: Alice Niles–A.P. Orleans Risk Management  436

24.2 Outsourcing 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

24.3 Why 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 25 Legal Structures  450

Entrepreneurial Investigation: On the Hook  452

25.1 Sole 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

25.2 Corporations and Other Business Structures  457

Corporation  457

Cooperative  459

Career Competencies: Negotiate Contracts with Vendors; Business Contracts  460

25.3 Choosing the Best Structure  462

Chapter 25 Assessment  465

Unit 5 Review & Assessment  466

Information Technology  476

Case Study: Business Model  478

UNIT 6 Big Idea: Financial & Expense Management

Chapter 26 The Cost of Doing Business  482

Entrepreneurial Investigation: Not Always a Piece of Cake  484

26.1 What 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

26.2 The 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

26.3 Calculating 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 27 Expense Management  502

Entrepreneurial Investigation: Frugal Operations  504

27.1 Fixed Expenses  504

What Are Fixed Expenses?  505

Depreciation  506

Entrepreneurial Case Study: Creativity & Innovation: Dagim Girma–The Audible  507

27.2 Breaking 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

27.3 Managing 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 28 Revenue Streams and Sales Projections  518

Entrepreneurial Investigation: There’s No Business Like Show Business  520

28.1 Identifying Sources of Revenue  520

Revenue Streams  520

Non-Traditional Revenue Streams  522

Entrepreneurial Case Study: Future Orientation: Dan Trepanier–The Style Blogger  522

28.2 Sales Forecasting  524

Preparing a Sales Forecast  524

Sales Forecasting Techniques  525

Career Competencies: Develop Savings Plan  527

28.3 Income 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 29 Financing the Business  538

Entrepreneurial Investigation: Lending a Helping Dollar  540

29.1 How 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

29.2 Sources 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

29.3 Sources 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 30 Financial Analysis  558

Entrepreneurial Investigation: Rise and Fall of the Record Megastore  560

30.1 What 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

30.2 Balance 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

30.3 Ratios 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 7 Big Idea: Operating the Business

Chapter 31 Managing the Business  596

Entrepreneurial Investigation: A Happy Company Is a Profitable Company  598

31.1 What Is Management?  599

Planning  599

Organizing  600

Directing  601

Controlling  602

Entrepreneurial Case Study: Communication & Collaboration: Kirsten Kelly & Anne de Mare–Spargel Productions  603

31.2 Organizational Structures  605

Traditional Structures  605

Trends in Structures  607

Career Competencies

Write Informational Messages  608

31.3 Maintaining a Healthy Business Environment  610

Chapter 31 Assessment  612

Chapter 32 Government Regulations  614

Entrepreneurial Investigation: Government to the Rescue  616

32.1 The Role of Regulation for Employees  616

Employee Protection  617

Entrepreneurial Case Study: Flexibility & Adaptability: Mercy Hernandez–EDGE Charitable Foundation  620

32.2 Customer 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

32.3 Help for Small Business  627

Chapter 32 Assessment  629

Chapter 33 Recordkeeping  630

Entrepreneurial Investigation: Transparent Clothing  632

33.1 Financial 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

33.2 Accounting 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

33.3 Computerized Accounting vs. Human Accountants  645

Using Accountants and Bookkeepers  646

Chapter 33 Assessment  648

Chapter 34 Accounting Systems  650

Entrepreneurial Investigation: The Danger of Cooking the Books  652

34.1 Using 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

34.2 Using the Accounting Worksheet  658

Career Competencies: Respect the Privacy of Others;Explain Ethical Considerations in Providing Information  661

34.3 Creating 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 35 Taxes and Your Business  672

Entrepreneurial Investigation: Paying Uncle Sam  674

35.1 Why 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

35.2 What 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

35.3 Tax-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 8 Big Idea: Growing the Business

Chapter 36 Planning for Business Growth  706

Entrepreneurial Investigation: Growing Pains  708

36.1 What Is Business Growth?  708

Deciding When to Grow  709

Product Life Cycles  710

Entrepreneurial Case Study: Creativity & Innovation: Abi Mandelbaum–YouVisit  712

36.2 Growth Strategies  714

Intensive Growth Strategies  714

Integrative Growth Strategies  716

Diversification Growth Strategies  716

Career Competencies: Describe Costs Associated with Credit  717

36.3 Challenges of Growth  719

Practical Challenges of Growing a Business  720

Can a Business Grow?  720

Chapter 36 Assessment  722

Chapter 37 Growing Operations  724

Entrepreneurial Investigation: Whole Lot of Ice Cream  726

37.1 Managing and Scaling Operations  727

Site Selection and Layout Planning  727

Entrepreneurial Case Study: Initiative & Self-Reliance: Marcelo Claure–Brightstar  729

37.2 Production Management  730

Scheduling  731

Productivity  732

Quality  733

Career Competencies: Handle Telephone Calls in a Businesslike Manner  734

37.3 Managing 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 38 Recruiting and Training Staff  742

Entrepreneurial Investigation: Good Help Is So Hard to Find  744

38.1 Managing 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

38.2 Employee Training and Development  752

In-House Programs  753

Training and Development Providers  754

Career Competencies: Interview for a Job  756

38.3 Motivating 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 39 Franchising and Licensing  766

Entrepreneurial Investigation: Subway Hits 40,000  768

39.1 Franchising a Business  768

Franchising Documents  769

Entrepreneurial Case Study

Opportunity Recognition: Kevin Plank–Under Armour  771

39.2 Advantages and Disadvantages for Franchisors  773

Advantages for Franchisors  773

Disadvantages for Franchisors  773

Career Competencies: Make Decisions  774

39.3 Licensing a Brand  776

Licensing Agreements  777

Advantages and Disadvantages of Licensing  778

Market Saturation  779

Chapter 39 Assessment  781

Chapter 40 Exit Strategies  782

Entrepreneurial Investigation: PayPal’s Payout  784

40.1 When to Leave a Business  784

How to Value a Business  785

Entrepreneurial Case Study: Future Orientation: Andres Cardona–Elite Basketball Academy  787

40.2 Strategies for Leaving the Business  788

Harvesting Value from a Business  789

Career Competencies: Set Personal Goals  790

40.3 Building 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