Entrepreneurship: The Practice and Mindset

Höfundar: Heidi M. Neck; Christopher P. Neck; Emma L. Murray (Útgáfa: 3)
Entrepreneurship: The Practice and Mindset

Kaup valmöguleikar

Recipient of a 2021 Textbook Excellence Award from the Textbook & Academic Authors Association (TAA) Entrepreneurship: The Practice and Mindset emphasizes practice and learning through action, helping students adopt an entrepreneurial mindset so they can create opportunities and take action in uncertain environments. Based on the world-renowned Babson Entrepreneurship program, the updated Third Edition aids in the development of the entrepreneurial skillset and toolset that can be applied to startups as well as organizations of all kinds.

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Útgefandi
SAGE Publications, Inc. (US)
ISBN
9781071884898
Print ISBN
9781071884874
Format
ePub
Útgáfa
3
Höfundar
Heidi M. Neck; Christopher P. Neck; Emma L. Murray
Tungumál
English
Útgefið
2023-11-29
Prent takmörkun á líftíma
10
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Cover
  • Contents
  • Preface
  • Acknowledgments
  • About the Authors
  • An Open Letter to All Students
  • Entrepreneurship Is a Life Skill
  • Chapter 1 Practicing Entrepreneurship
  • Entrepreneurship May Be Different From What You Think
  • Features of Modern Entrepreneurship
  • Feature 1: Entrepreneurship Is a Method That Requires Practice
  • Feature 2: Entrepreneurs Think Differently
  • Feature 3: Entrepreneurs Act More Than Plan
  • Feature 4: Entrepreneurs Aren’t Driven Purely by Profit
  • Feature 5: Entrepreneurs Collaborate More Than They Compete
  • Feature 6: Entrepreneurship Is a Life Skill
  • Beyond the Startup: Ways to Access Entrepreneurship
  • Corporate Entrepreneurship
  • Entrepreneurship Inside
  • Franchising
  • Buying a Small Business
  • Social Entrepreneurship
  • Family Enterprising
  • Entrepreneurship Is a Method That Requires Entrepreneurial Thinking
  • Managerial Versus Entrepreneurial Thinking
  • The Entrepreneurship Method Described
  • Seven Components of the Entrepreneurship Method
  • The Entrepreneurship Method in Practice
  • Entrepreneurship Takes Deliberate Practice
  • Deliberate Practice Shapes the Brain
  • Deliberate Practice and Entrepreneurs
  • How This Book Will Help You Practice Entrepreneurship
  • Summary
  • Key Terms
  • Chapter 2 Activating an Entrepreneurial Mindset
  • What Is Mindset?
  • The Entrepreneurial Mindset
  • Mental Process
  • Value Creation
  • Recognizing and Acting on Opportunities
  • Adaptability and Resilience
  • Decision-Making With Limited Information Under Uncertain Conditions
  • How Your “Why Statement” Connects to Your Entrepreneurial Mindset
  • The Role of Passion
  • Characteristics of a Why Statement
  • Habits to Practice for an Entrepreneurial Mindset
  • The Creativity Habit
  • The Improvisation Habit
  • The Fear Management Habit
  • The Self-Leadership Habit
  • The Reflection Habit
  • Summary
  • Key Terms
  • Chapter 3 Facilitating Social Entrepreneurship
  • The Two Dimensions of Social Entrepreneurship
  • Social Innovation
  • Social Value Creation
  • Social Entrepreneurs Solve Wicked Problems
  • The UN Sustainable Development Goals
  • Types of Social Entrepreneurship
  • For-Profit Social Ventures
  • Enterprising Nonprofits
  • Customer Model
  • Employee Model
  • Product Model
  • Combined Model
  • Hybrid Social Venture
  • Funding Social Ventures
  • Social Venture Capital (for For-Profit Social Ventures)
  • Venture Philanthropy (for Enterprising Nonprofits)
  • Social Entrepreneurs and Their Stakeholders
  • Dormant Stakeholders
  • Discretionary Stakeholders
  • Demanding Stakeholders
  • Dominant Stakeholders
  • Dependent Stakeholders
  • Dangerous Stakeholders
  • Definitive Stakeholders
  • Measuring Impact
  • Developing a Theory of Change
  • Calculating Social Return on Investment
  • Summary
  • Key Terms
  • Creating and Developing Opportunities
  • Chapter 4 Creating and Recognizing New Opportunities
  • What Is “Opportunity” in Entrepreneurship?
  • Innovation, Invention, Improvement, or Irrelevant?
  • Opportunities Start With Thousands of Ideas
  • The Myth of the Isolated Inventor
  • Build Your Idea-Generation Skillset
  • Scanning
  • Connecting
  • Lateral Thinking
  • Imagining
  • Observing
  • Collaborating
  • Four Pathways to Opportunity Identification
  • The Find Pathway
  • The Search Pathway
  • The Effectuate Pathway
  • The Design Pathway
  • The IDEATE Method for Creating New Opportunities
  • Identify
  • Discover
  • Enhance
  • Anticipate
  • Target
  • Evaluate
  • Using IDEATE to Shape One Idea
  • First and Third Person Opportunities
  • Challenges Moving From Idea to Opportunity
  • Summary
  • Key Terms
  • Chapter 5 Using Design Thinking
  • What Is Design Thinking?
  • Design Thinking Is Human Centered
  • Design Thinking Requires Empathy
  • The Design-Thinking Process: Five Phases
  • Empathize
  • Define
  • Ideate
  • Prototype
  • Test
  • A Deeper Dive Into Observation and Interviewing
  • Observation Techniques
  • Interviewing Potential Customers to Better Understand Their Needs
  • Preparing for an Interview
  • Conducting the Interview
  • After the Interview
  • Service Design Thinking
  • Principles of Service Design
  • Summary
  • Key Terms
  • Chapter 6 Building Business Models
  • What Is a Business Model?
  • The Four Parts of a Business Model
  • The Offering
  • The Customers
  • The Infrastructure
  • Financial Viability
  • The Customer Value Proposition
  • Jobs, Pain Points, and Needs
  • Four Problems Experienced by Customers
  • Lack of Time
  • Lack of Money
  • Lack of Skills
  • Lack of Access
  • Different Types of CVPs and Customer Segments
  • Types of Value Propositions
  • Types of Customer Segments
  • Two Canvases, One Business Model
  • The Business Model Canvas (BMC)
  • The Lean Canvas
  • Summary
  • Key Terms
  • Chapter 7 Developing Your Customers
  • Customers and Markets
  • Customer Psychology
  • Actors in the Buying Process
  • Customer Personas
  • Customer Journey Maps
  • Elements of a Customer Journey Map
  • Confirming Your Findings
  • Website Analytics
  • Social Media Tools
  • Direct Customer Contact
  • Customer Segmentation
  • Target Customers
  • Crossing the Chasm
  • Launch Market
  • The Tornado
  • Main Street
  • Market Sizing
  • Calculating Market Size
  • 1. Define your segment of the market.
  • 2. Conduct a top-down analysis.
  • 3. Conduct a bottom-up analysis.
  • 4. Don’t forget to do sanity checks.
  • 5. Check out the competition.
  • Summary
  • Key Terms
  • Chapter 8 Testing and Experimenting With New Ideas
  • Experiments: What They Are and Why We Do Them
  • Types of Experiments
  • Interview
  • Paper Testing
  • Advertising
  • Button to Nowhere
  • Landing Page
  • Task Completion
  • Prototype
  • Preselling
  • Live Product and Business
  • A Deeper Look at Prototypes
  • Levels of Prototypes
  • Low-Fidelity Prototypes
  • Medium-Fidelity Prototypes
  • High-Fidelity Prototypes
  • The Power of Storyboarding
  • The Scientific Method Applied to Entrepreneurship
  • Experimentation Template
  • Low-Cost Customer Engagement
  • Interviewing for Customer Feedback
  • The Case for Curiosity
  • How to Stay Curious
  • The Reward of Gathering Your Own Evidence
  • Summary
  • Key Terms
  • Chapter 9 Developing Networks and Building Teams
  • The Power of Networks
  • The Value of Networks
  • Advantages to Networks
  • Impression Management and Self-Confidence
  • Self-Selected Stakeholders
  • Building Networks
  • Incubators and Accelerators
  • Learning How to Network
  • Networking Events
  • The Give and Take of Networking
  • Networking to Find Mentors
  • Networking to Build the Founding Team
  • Characteristics of a Great Founding Team
  • The Value of Team Diversity
  • Homogeneous and Heterogeneous Teams
  • Groupthink and Healthy Conflict
  • Summary
  • Key Terms
  • Evaluating and Acting on Opportunities
  • Chapter 10 Creating Revenue Models
  • What Is a Revenue Model?
  • Unit Sales Revenue Model
  • Advertising Revenue Model
  • Data Revenue Model
  • Intermediation Revenue Model
  • Licensing Revenue Model
  • Franchising Revenue Model
  • Subscription Revenue Model
  • Professional Revenue Model
  • Utility and Usage Revenue Model
  • Generating Revenue From “Free”
  • Revenue and Cost Drivers
  • Revenue Drivers
  • Cost Drivers
  • Cost of Goods Sold (COGS)
  • Operating Expenses
  • Income Statement
  • Pricing Strategies
  • Pricing Products and Services
  • Different Types of Pricing Strategies
  • Competition-Led Pricing
  • Customer-Led Pricing
  • Loss Leader
  • Introductory Offer
  • Skimming
  • Psychological Pricing
  • Fair Pricing
  • Bundled Pricing
  • Calculating Price
  • Cost-Led Pricing
  • Target-Return Pricing
  • Value-Based Pricing
  • Summary
  • Key Terms
  • Chapter 11 Anticipating Failure
  • Failure and Entrepreneurship
  • Common Reasons for Startup Failure
  • The Failure Spectrum
  • Deviance
  • Inattention
  • Lack of Ability
  • Process Inadequacy
  • Uncertainty
  • Exploratory Experimentation
  • Fear of Failure
  • Dimensions of Fear of Failure
  • Coping Strategies for Fear of Failure
  • Global Fear of Failure
  • Learning From Failure
  • Building a Blame-Free Environment
  • Using Resilience to Overcome Failure
  • Grit Versus Resilience
  • Psychological Resilience and Mental Health
  • Developing Resilience
  • Removing the Stigma of Failure
  • Summary
  • Key Terms
  • Supporting New Opportunities
  • Chapter 12 Bootstrapping and Crowdfunding for Resources
  • What Is Bootstrapping?
  • Bootstrapping or External Financing?
  • The Bootstrapped Startup
  • Crowdfunding Versus Crowdsourcing
  • Crowdsourcing for Customer Engagement and Satisfaction
  • Crowdsourcing to Reduce Labor Costs
  • Crowdsourcing for Innovation
  • Crowdsourcing as a Product
  • Crowdfunding Startups and Entrepreneurship
  • Types of Crowdfunding Sites
  • Equity Crowdfunding
  • The 4 Contexts for Crowdfunding
  • Patronage Model
  • Lending Model
  • Reward-Based Model
  • Investor Model
  • Advantages of Crowdfunding for Global Entrepreneurs
  • A Quick Guide to Successful Crowdfunding
  • 1.  Make Sure Your Product or Service Solves a Real Problem
  • 2.  Test and Refine Your Idea
  • 3.  Be Prepared
  • 4.  Seek and Accept Advice
  • 5.  Start Socializing Your Campaign Early
  • 6.  Money Matters
  • 7.  Focus on the Video
  • 8.  Make the Most of Crowdfunding Opportunities
  • 9.  Promote Your Campaign Extensively
  • 10.  Commit to and Manage Your Campaign
  • Summary
  • Key Terms
  • Chapter 13 Financing for Startups
  • What Is Equity Financing?
  • Splitting the Ownership Pie
  • Stages of Equity Financing
  • Forms of Equity Financing
  • The Basics of Valuation
  • How Can Entrepreneurs Value Their Companies?
  • How Do Investors Value Startups?
  • The Age of the Unicorn
  • Convertible Debt
  • Benefits and Advantages
  • Cautions and Disadvantages
  • Angel Investors
  • Finding an Angel Investor
  • Types of Angel Investors
  • Entrepreneurial Angels
  • Corporate Angels
  • Professional Angels
  • Enthusiast Angels
  • Angel Groups
  • Venture Capitalists
  • The History and Future of Venture Capital
  • How Venture Capital Works
  • Finding the Right VC for Your Venture
  • Why VCs Might Say No
  • What About a Bank Loan?
  • Due Diligence
  • The Due Diligence Process for VCs
  • Exits/Harvesting
  • Rich or Ruler? The Trade-Off Entrepreneurs Make
  • Summary
  • Key Terms
  • Chapter A Supplement A: Financial Statements and Projections for Startups
  • 3 Essential Financial Statements
  • The Income Statement
  • The Balance Sheet
  • Other Types of Assets
  • Liabilities and Shareholder Equity
  • The Cash Flow Statement
  • Net Income Versus Cash Flow
  • Linkages Between the 3 Financial Statements
  • The Journey of Cash: The Cash Conversion Cycle
  • Building Pro Forma Financial Statements
  • The Mechanics and Research
  • Research
  • Building Assumptions: Forecasting Sales
  • Building Assumptions: Cost of Goods and Operating Expenses
  • Labor Estimates
  • Building Assumptions: Operating Policies and Other Key Assumptions
  • Building Integrated Pro Forma Financial Statements
  • Sensitivity Analysis
  • Reasonableness Test
  • Summary
  • Key Terms
  • Chapter 14 Navigating Legal and IP Issues: With Contributions From Richard Mandel, JD
  • Legal Considerations
  • The Founders’ Agreement
  • Types of Legal Structures
  • Sole Proprietorship
  • General Partnership
  • C Corporation
  • S Corporation
  • Limited Liability Company
  • Limited Partnership and Limited Liability Partnership
  • Benefit Corporation
  • Not-for-Profit Entities
  • Legal Mistakes Made by Startups
  • Intellectual Property (IP)
  • The Four Types of Intellectual Property
  • Copyright
  • Trademark and Service Mark
  • Trade Secret
  • Patent
  • Nondisclosure Agreement
  • Global IP Theft
  • Common IP Traps
  • Publicly Disclosing Your Innovation
  • Failure to Protect Product and Processes
  • Inability to Determine Originality
  • Failure to Assign Ownership
  • Failure to Protect IP in Global Markets
  • Hiring Employees
  • Equal Employment Opportunity
  • Employer Identification Number
  • Unemployment and Workers’ Compensation
  • Withholding Taxes
  • Employee Forms
  • Benefits
  • Safety Measures
  • Payroll
  • Hiring a Contractor or an Employee?
  • Compensating Employees
  • Compensation in the Form of Equity
  • Unpaid Internships
  • Summary
  • Key Terms
  • Chapter 15 Engaging Customers Through Marketing
  • The Basic Principles of Marketing
  • The Marketing Mix
  • Reframing the 4 Ps: The S.A.V.E. Framework
  • Entrepreneurial Marketing
  • Unique Characteristics of Entrepreneurial Marketing
  • Resource Constraints
  • Speed and Experimentation
  • Integrated Marketing Communications
  • Brand Building
  • Growth and Scale
  • Guerrilla Marketing
  • Building a Brand
  • How to Build a Brand
  • Choose a Name
  • Design a Logo
  • Spread the Word
  • Know Your Customer
  • Become Your Brand
  • Write a Tagline
  • Always Deliver on Your Brand Promise
  • Evolving a Brand Through Trends
  • Virtual and Augmented Reality
  • Artificial Intelligence
  • Social Responsibility
  • User-Generated Content
  • Influencer Marketing
  • Digital Marketing
  • Social Media Marketing
  • Start With Research
  • Think About Your Goals
  • Design Your Strategy
  • Post Regular Updates
  • Monitor Your Social Media
  • Content Marketing
  • Email Marketing
  • Company Website
  • Search Engine Optimization
  • Pay-Per-Click Advertising
  • Measuring Results
  • Influencer Marketing
  • Types of Influencers
  • Mega- or Celebrity Influencers
  • Macro-influencers
  • Micro-influencers
  • Nano-influencers
  • Influencer Marketing Strategy
  • Define Goals
  • Set a Budget
  • Choose a Type of Campaign
  • Find the Right Brand Influencers
  • Promote Your Campaign
  • Track the Success of the Campaign
  • Building a Fan Base
  • Summary
  • Key Terms
  • Chapter 16 Pitching to Launch
  • Planning for Pitching
  • The Most Common Planning Activities for Entrepreneurs
  • The Business Brief
  • Feasibility Study
  • The Pitch Deck
  • The Business Plan
  • Which Plan Is Right for You Right Now?
  • The Questions That Any Type of Planning Document Must Answer
  • What Is Your Business and How Does It Add Value?
  • Who Is Your Customer?
  • How Big Is the Market?
  • How Will You Enter the Market?
  • What Do You Know About the Industry?
  • Who Is Your Competition? How Are You Unique?
  • Who Is on Your Team and What Do They Bring to the Table?
  • What Are Your Financial Projections?
  • Pitches Take Many Forms
  • Pocket Pitches
  • The 1-Minute Elevator Pitch
  • The 3-Minute Rocket Pitch
  • The Investor Pitch (a.k.a. the Pitch Deck)
  • The Pitch Deck
  • Slide 1: Title
  • Slide 2: Company Purpose/Description
  • Slide 3: The Problem/Need
  • Slide 4: The Solution
  • Slide 5: Market Opportunity
  • Slide 6: Getting Customers
  • Slide 7: Competitor Analysis and Differentiation
  • Slide 8: Traction
  • Slide 9: Financials
  • Slide 10: Team
  • Slide 11: Call to Action
  • Pitching
  • The Hook to Evoke Emotion
  • Impressions Matter
  • The Q&A Period
  • Team Questions
  • Product/Customer Questions
  • Competition Questions
  • Financial Questions
  • Growth Questions
  • Public Speaking Tips
  • Summary
  • Key Terms
  • Glossary
  • Endnotes
  • Index