Entrepreneurship A Process Perspective (with InfoTrac)

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ISBN: 9780324273564 | 0324273568
Cover: Hardcover
Copyright: 1/5/2004

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Entrepreneurship books may, understandably, be viewed with some suspicion, as being nothing more than common sense dressed-up, and nothing unique or innovative. But Baron and Shane have attempted something new. Baron and Shane focus on the entrepreneurial process as it moves through several distinct phases: (1) generating ideas and recognizing opportunities, (2) assembling resources, (3) launching the new venture, (4) building success, and (5) harvesting the rewards. At each stage, they analyze these processes along three dimensions, examining individual, group, and societal contexts. Accessible and rich in examples, Baron and Shane gain the upper hand by fusing concepts, theory, and research with the supporting pedagogy.

PART 1 Entrepreneurship: Who, What, Why?

(80)

Entrepreneurship: A Field---And An Activity

(25)

The Field of Entrepreneurship: Its Nature and Roots

(5)

Entrepreneurship: An Engine of Economic Growth

(1)

Entrepreneurship: Foundations in Other Disciplines

(2)

Entrepreneurship: A Process Perspective

(5)

Levels of Analysis: Micro Versus Macro Revisited

(1)

Entrepreneurship: The Intersection of Valuable Opportunities and Enterprising Individuals

(1)

Sources of Knowledge About Entrepreneurship: How We Know What We Know

(6)

Observation, Reflection, and Experimentation: Alternative Routes to Knowledge

(3)

Theory: Answering the Questions ``Why'' and ``How''

(2)

A User's Guide to This Text

(2)

Summary and Review of Key Points

(5)

Uncovering Opportunities: Understanding Entrepreneurial Opportunities and Industry Analysis

(26)

Sources of Opportunities: The Origins of New Ventures

(4)

Technological Change

(1)

Political and Regulatory Change

(1)

Social and Demographic Change

(2)

Forms of Opportunity: Beyond New Products and Services

(1)

Industries That Favor New Firms: Fertile Grounds for New Ventures

(6)

Knowledge Conditions

(1)

Demand Conditions

(1)

Industry Life Cycles

(1)

Industry Structure

(2)

Opportunities and New Firms

(6)

Why Most Opportunities Favor Established Firms

(2)

Opportunities That Favor New Firms

(2)

Danger! Pitfall Ahead! Exploiting an Incremental Innovation by Starting a Firm

(2)

Summary and Review of Key Points

(7)

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

(28)

The Raw Materials for Creativity and Opportunity Recognition: Mental Structures That Allow Us to Store---And Use---Information

(4)

Cognitive Systems for Storing---And Using---Information: Memory, Schemas, and Prototypes

(2)

Limited Capacity to Process Information: Why Total Rationality Is Rarer Than You Think

(2)

Creativity: Escaping from Mental Ruts

(7)

Danger! Pitfall Ahead! ``Too Much Invested to Quit'': The Potentially Devastating Effects of Sunk Costs

(1)

Creativity: Generating the Extraordinary

(1)

Concepts: Building Blocks of Creativity

(2)

Creativity and Human Intelligence

(1)

Encouraging Creativity: The Confluence Approach

(2)

Opportunity Recognition: A Key Step in the Entrepreneurial Process

(8)

Access to Information and Its Effective Use: The Core of Opportunity Recognition

(1)

Opportunity Recognition: Additional Insights from Cognitive Science

(3)

Practical Techniques for Increasing Opportunity Recognition

(1)

The Voice of Experience Some Thoughts on Avoiding False Alarms

(2)

Summary and Review of Key Points

(6)

PART 2 Assembling the Resources

(104)

Acquiring Essential Information: Why ``Look Before You Leap'' Is Truly Good Advice for Entrepreneurs

(25)

Market Information: Determining What Your Customers Really Want

(5)

Direct Techniques for Gathering Market Information: Surveys, Perceptual Mapping, and Focus Groups

(3)

Indirect Techniques for Gathering Market Information: The Entrepreneur as Sherlock Holmes

(1)

Government Policies and Regulations: How They Affect New Ventures

(4)

Taxes: An Important Consideration for Entrepreneurs

(1)

Government Policy: Increasingly Favorable to New Ventures

(2)

Government Regulations: What Every Entrepreneur Should Know

(4)

Danger! Pitfall Ahead! When Good Ideas Fail: The Costs of Ignoring the Rules

(1)

Interpreting Information: Potential Pitfalls for Decision-Making Groups

(5)

Accepting ``Early Favorites'': Or, Why the Initial Majority Usually Wins

(1)

Group Polarization: Why Groups Often Do Go off the Deep End

(1)

Groupthink: When Too Much Cohesion Among Group Members Is a Dangerous Thing

(1)

Ignoring Unshared Information

(1)

Improving Group Decisions: Techniques for Countering the Pitfalls

100

(1)

The Voice of Experience Know Your Market---And Your Competitive Edge---Before You Start!

101

(1)

Summary and Review of Key Points

102

(5)

Assembling The Team: Acquiring and Utilizing Essential Human Resources

107

(26)

Similarity Versus Complementarity: ``Know Thyself'' Revisited

109

(4)

Self-Assessment: Knowing What You Have Helps Determine What You Need

110

(3)

Choosing Cofounders: Maximizing the New Venture's Human Resources

113

(5)

Impression Management: The Fine Art of Looking Good---And How to Recognize It

113

(2)

Deception: Beyond Impression Management

115

(2)

Danger! Pitfall Ahead! The Partner Who Wasn't What He Claimed: When Social Perception Fails

117

(1)

Utilizing the New Venture's Human Resources: Building Strong Working Relationships Among the Founding Team

118

(6)

Roles: The Clearer the Better

118

(1)

Perceived Fairness: An Elusive But Essential Component

119

(1)

The Voice of Experience Why Your Family Should Be Part of the Team---Or at Least Fully On Board

120

(2)

Effective Communication

122

(2)

Expanding the New Venture's Human Resources: Beyond the Founding Team

124

(3)

Obtaining Excellent Employees: The Key Role of Social Networks

124

(1)

Is Bigger Necessarily Better? Number of Employees as a Factor in New Venture Growth

125

(1)

Should New Ventures Hire Temporary or Permanent Employees? Commitment Versus Cost

126

(1)

Summary and Review of Key Points

127

(6)

Financing New Ventures

133

(30)

Why Is It so Difficult to Raise Money? The Problems of Uncertainty and Information Asymmetry

135

(5)

Information Asymmetry Problems

135

(2)

Uncertainty Problems

137

(1)

Solutions to Venture Finance Problems

137

(3)

Amounts and Sources of Capital: How Much and What Type Do You Need?

140

(11)

Amount of Start-Up Capital

140

(1)

Estimating Financial Needs: Start-Up Costs, Proforma Financial Statements, Cash Flow Statements, and Breakeven Analysis

141

(4)

Danger! Pitfall Ahead! The Hazards of Raising Too Little Money

145

(1)

Types of Capital: Debt Versus Equity

146

(1)

Sources of Capital

147

(4)

The Structure of Venture Finance

151

(4)

The Equity Financing Process

151

(1)

Staging of Investment

152

(1)

The Cost of Capital

152

(3)

Social Capital and the Behavioral Side of Venture Finance

155

(2)

Social Ties and the Process of Raising Money

155

(1)

Behaviors and Actions That Encourage Investors

155

(2)

Summary and Review of Key Points

157

(6)

Writing an Effective Business Plan: Crafting a Road Map to Success

163

(22)

Why Write a Business Plan? The Benefits of Clear-Cut Goals

165

(2)

Components of a Business Plan: Basic Requirements

167

(11)

The Executive Summary

168

(2)

Background, Product, and Purpose

170

(1)

Market Analysis

171

(1)

Development, Production, and Location

172

(1)

The Management Team

172

(1)

Financial Plans and Projections

173

(1)

Critical Risks: Describing What Might Go Wrong

174

(1)

Reaping the Rewards: Harvest and Exit

175

(1)

Scheduling and Milestones

175

(1)

Appendices

176

(1)

A Note on the Intangibles

176

(1)

Danger! Pitfall Ahead! The Seven Deadly Sins for New Venture Business Plans

177

(1)

Making an Effective Business Plan Presentation: The Ball Is Definitely in Your Court

178

(3)

Summary and Review of Key Points

181

(4)

PART 3 Launching the New Venture

185

(106)

The Legal Form of New Ventures---And the Legal Environment in Which They Operate

186

(27)

The Legal Forms New Ventures Can Take

187

(8)

Sole Proprietorship: One Company, One Owner

188

(1)

Partnerships: Different Forms, Different Benefits

189

(3)

Corporations: Limited Liability, But at a Cost

192

(1)

The S Corporation

193

(1)

The Limited Liability Company (LLC)

193

(1)

The Joint Venture

194

(1)

The Professional Corporation

194

(1)

The Legal Environment of New Ventures: Some Basics

195

(4)

New Ventures and the Law

195

(2)

Danger! Pitfall Ahead! What Can Happen When Entrepreneurs Are Ignorant of the Law

197

(1)

Business Contracts: Their Essential Components

197

(1)

Basic Elements of a Contract

197

(1)

Obligations Under Contracts

198

(1)

Franchising

199

(8)

Types of Franchising

200

(1)

The Benefits of Becoming a Franchisee

200

(2)

Drawbacks of Becoming a Franchisee

202

(2)

Legal Aspects of Franchising

204

(1)

The Future Shape of Franchising

205

(2)

Summary and Review of Key Points

207

(6)

Market in a New Firm

213

(26)

Assessing the Market

215

(7)

Starting with a Real Need

215

(2)

Assessing Customer Preferences and the Market for New Products and Services

217

(3)

Conjoint Analysis: Determining Which Dimensions Are Most Important

220

(2)

Market Dynamics

222

(2)

Knowing Your Market: The Importance of Market Size and Market Growth

222

(1)

Timing the Market: The S-Curve Story

222

(2)

Achieving Market Acceptance

224

(6)

Adoption Patterns: Understanding Which Customers Adopt When

224

(2)

Moving from Early Adopters to the Early Majority

226

(1)

Focus: Choosing the Right Customers to Target First

227

(1)

Dominant Design: Product Convergence and Its Effect on New Ventures

227

(1)

Technical Standards: Getting Customers to Adopt Your Design as the Market Standard

228

(1)

Danger! Pitfall Ahead! Stymied by the Dominant Design: The Story of Electric Vehicles

229

(1)

The Marketing Process in a New Company

230

(3)

Personal Selling: The Central Component of Entrepreneurial Marketing

230

(1)

Pricing New Products: The Role of Cost Structure and Supply and Demand

231

(2)

Summary and Review of Key Points

233

(6)

Strategy: Planning for Competitive Advantages

239

(28)

Competitive Advantage: An Essential Ingredient

241

(1)

Strategy: Protecting Profits from the Exploitation of Opportunity

242

(7)

Secrecy: Keeping Others from Learning About or Understanding How to Exploit the Opportunity

243

(2)

Danger! Pitfall Ahead! Arrow's Paradox: The Problem of Disclosure

245

(1)

Establishing Barriers to Imitation

246

(2)

The Voice of Experience Establishing Competitive Advantage: Recognize Your Strengths

248

(1)

Franchising or Licensing? The Choice of Organizational Form

249

(6)

Minimizing the Cost of Exploiting the Opportunity

250

(1)

Accelerating the Pace to Market

251

(1)

Making Use of the Best Capabilities

251

(1)

Managing Information Problems in Organizing

252

(3)

Managing Information Asymmetry and Uncertainty in the Pursuit of Opportunity

255

(6)

Growth from Small Scale

256

(2)

Forming Alliances and Partnerships with Established Firms

258

(1)

Legitimating the Opportunity and the New Venture

259

(2)

Summary and Review of Key Points

261

(6)

Intellectual Property: Protecting Your Ideas

267

(24)

Capturing the Profits from New Products and Services

269

(6)

The Product Development Process

269

(1)

New Firm Advantages at Product Development

270

(2)

Ease of Imitating Entrepreneurs' Intellectual Property

272

(2)

Danger! Pitfall Ahead! Nondisclosure and Noncompete Agreements

274

(1)

Legal Forms of Intellectual Property Protection

275

(6)

Patents

275

(2)

Trade Secrets

277

(2)

Trademarks

279

(1)

Copyrights

280

(1)

Nonlegal Forms of Intellectual Property Protection

281

(5)

Learning Curves, Lead Time, and the First-Mover Advantage

282

(2)

Complementary Assets

284

(2)

Summary and Review of Key Points

286

(5)

PART 4 Running the Business: Building Lasting Success

291

(56)

Essential Skills for Entrepreneurs: Enhancing Social Competence, Creating Trust, Managing Conflict, Exerting Influence, and Dealing with Stress

292

(27)

Getting Along Well with Others: Building Social Competence

294

(3)

The Nature of Social Skills

294

(1)

The Impact of Social Competence on Entrepreneurs

295

(2)

Working Effectively with Others: Building Trust and Managing Conflict

297

(8)

The Voice of Experience Why People Skills Really Matter

298

(1)

Building Cooperation: The Key Role of Trust

298

(3)

Managing Conflict: Heading Off Trouble at the Pass

301

(3)

Danger! Pitfall Ahead! How to Create an Affective Conflict When There Is None

304

(1)

Influencing Others: From Persuasion to Vision

305

(3)

Tactics of Influence: Which Ones Are Most Common?

305

(1)

Other Tactics of Influence: From Ingratiation to the Foot-in-the-Door

306

(2)

Managing Stress: How Entrepreneurs Can Survive to Enjoy the Fruits of Their Labor

308

(5)

Stress: Its Nature and Causes

308

(2)

The Adverse Effects of Stress

310

(1)

Personal Techniques for Managing Stress

311

(2)

Summary and Review of Key Points

313

(6)

Building the New Venture's Human Resources: Recruiting, Motivating, and Retaining High-Performing Employees

319

(28)

Recruiting and Selecting High-Performing Employees

321

(5)

The Search for High-Performing Employees: Knowing What You Need and Where to Look

321

(1)

Selection: Techniques for Choosing the ``Cream of the Crop''

322

(4)

Motivating Employees: Maximizing the Value of the New Venture's Human Resources

326

(7)

Reaching for the Moon---Or at Least, the Next Level Up: The Key Role of Goals---And Vision

326

(2)

Tying Rewards to Performance: The Role of Expectancies

328

(2)

Fairness: An Essential Ingredient in Motivation

330

(1)

Danger! Pitfall Ahead! Employee Theft: Evening the Score with an Unfair Employer

331

(1)

Designing Jobs to Make Them Motivating

332

(1)

Retaining High-Performing Employees

333

(6)

Reward Systems: Linking Pay and Performance

333

(2)

Building Employee Commitment

335

(1)

Overcoming the ``Control Barrier'': A Note on the Necessity of ``Letting Go''

336

(1)

The Voice of Experience The Four Pillars of New Venture Success

337

(2)

Summary and Review of Key Points

339

(8)

PART 5 Harvesting the Rewards

347

(26)

Exit Strategies for Entrepreneurs: When---And How---To Harvest the Rewards

348

(25)

Exit Strategies: The Major Forms

350

(9)

Sale or Transfer to Insiders: Succession, Leveraged Buyouts, and Employee Stock Ownership Plans

351

(2)

Sale to Outsiders: When Valuation Becomes Crucial

353

(1)

Determining the Value of a Business: A Little Art, a Little Science

354

(3)

Taking a Company Public: The Lure of IPOs

357

(2)

Negotiation: The Universal Process

359

(6)

Negotiation: Its Basic Nature

359

(1)

The Voice of Experience The Multiple Benefits of an Appropriate Exit Strategy

360

(1)

Tactics of Negotiation: Procedures for Reducing an Opponent's Aspirations

360

(4)

Danger! Pitfall Ahead! The Costs of Negotiating to Win: Watch Out for the ``Ankle-Biters''!

364

(1)

Exit Strategies and the Life Span: Different Needs---And Goals---At Different Times of Life

365

(3)

Summary and Review of Key Points

368

(5)

Appendix 1 Case Studies

373

(24)

Appendix 2 Video Case Library

397

(18)

Glossary

415

(6)

Name Index

421

(4)

Subject Index

425

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Entrepreneurship A Process Perspective (with InfoTrac)

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