ENTREPRENEURSHIP Ideas in Action

432 Pages·2008·19.47 MB·English

by  Cynthia L. Greene

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ANNOTATED INSTRUCTOR’S EDITION
ENTREPRENEURSHIP
Ideas in Action
4e
Cynthia L. Greene
Australia (cid:127)Brazil (cid:127)Japan (cid:127) Korea (cid:127)Mexico (cid:127)Singapore (cid:127) Spain (cid:127) United Kingdom (cid:127) United States
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Entrepreneurship:IdeasinAction, ©2009,2006South-Western,apartofCengageLearning
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Reviewers
Tatyana Berkovich Catherine Hayes
President and Founder Teacher
Ivy Academia Culinary Arts & Entrepreneurship
K-12th grade Entrepreneurial Charter School Albuquerque Public Schools
Woodland Hills, California Del Norte High School
Albuquerque, New Mexico
Becky Bernard
Coordinator/Instructor, Small Business Linda Hughes
Vanguard Sentinel Adult Career Centers Business Educator
Fremont, Ohio Rapides High School
Lecompte, Louisiana
Julie Carney
Program Manager Susan Krebsbach
NFIB Young Entrepreneur Foundation Teacher
Washington, DC Broken Arrow High School
Broken Arrow, Oklahoma
Pat Edwards
Instructor, Hospitality Management Carol T. Majors
Fairfax County Public Schools Consultant
Chantilly Academy Consortium for Entrepreneurship Education
Chantilly, Virginia Lee’s Summit, Missouri
Mary A. Fugate Azzie L. Olds
Business Education/OJT Instructor Business Instructor
Grants High School North Caddo Magnet High School
Grants, New Mexico Vivian, Louisiana
Roger H. Fulk Michael Vialpando
Professor, Office Information Systems Business Department Chair
Wright State University—Lake Campus La Joya Community High School
Celina, Ohio Phoenix, Arizona
Arlene Gibson Kim Watson
Director, Office of Career and Marketing Teacher
Technical Education The Academy of Irving
Career and Technical Education Irving, Texas
Detroit Public Schools
Jasper L. Wilson
Detroit, Michigan
Business Education Supervisor
Michael Hackman Prince George’s County Public Schools
Teacher, Business Department Upper Marlboro, Maryland
Columbus North High School
Columbus, Indiana
Reviewers iii
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Contents
1
Should You Become Lesson Assessment 41, 48, 54
Chapter Assessment 56
an Entrepreneur? 2
Build Your Business Plan Project 59
Sharpen Your Entrepreneurial Skills
Ideas in Action
Making Job Connections 3 EffectivePresentationSkills 55
Planning a Career in
1-1 All about Entrepreneurship 4 PropertyManagement 60
1-2 Is Entrepreneurship Right for You? 10 Winning Edge
1-3 Exploring Ideas and Opportunities 16 FBLAEmergingBusiness IssuesEvent 61
1-4 Problem Solving for Entrepreneurs 21
BeYourOwn Boss 19 3
DevelopYourReadingSkills 5
Did YouKnow? 11
Develop a Business
Famous Entrepreneur 7
Net Bookmark 17 Plan 62
Teamwork 9,15,20,25
WhatWentWrong? 13
Ideas in Action
Turning an Idea into a
Lesson Assessment 9, 15, 20, 25
Business 63
Chapter Assessment 28
Build Your Business Plan Project 31
3-1 Why a Business Plan Is Important 64
Sharpen Your Entrepreneurial Skills
3-2 What Goes into a Business Plan? 69
EffectiveBusiness Letters 26
3-3 How to Create an Effective Business
Planning a Career in
Plan 78
Human Services 32
BeYourOwnBoss 80
Winning Edge
DevelopYourReadingSkills 65
BPA PresentationManagementTeam 33
DidYouKnow? 79
FamousEntrepreneur 67
2
NetBookmark 81
Teamwork 68,77,82
Entrepreneurs in a WhatWentWrong? 72
Lesson Assessment 68, 77, 82
Market Economy 34
Chapter Assessment 84
Build Your Business Plan Project 87
Ideas in Action
Web Site Design 35 Sharpen Your Entrepreneurial Skills
UsingTechnologyTools 83
2-1 EntrepreneursSatisfyNeedsandWants 36
Planning a Career in
2-2 How Economic Decisions Are Made 42
LandscapeArchitecture 88
2-3 What Affects Price? 49 Winning Edge
BeYourOwn Boss 47 BPAPrepared Speech 89
DevelopYourReadingSkills 37
Did YouKnow? 46
Famous Entrepreneur 44
Net Bookmark 38
Teamwork 41,48,54
WhatWentWrong? 53
iv Contents
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4
Identify and Meet a Lesson Assessment 125, 130, 138
Chapter Assessment 140
Market Need 90
Build Your Business Plan Project 143
Sharpen Your Entrepreneurial Skills
Ideas in Action ServingCustomers’Needs 91 Breakeven Point 139
Planning a Career in
4-1 Identify Your Market 92 E-marketing 144
4-2 Research the Market 97 Winning Edge
4-3 Know Your Competition 104 BPA GlobalMarketingTeamEvent 145
BeYourOwnBoss 107
DevelopYourReadingSkills 93 6
DidYouKnow? 99
FamousEntrepreneur 98 Distribution,
NetBookmark 101
Teamwork 96,103,110 Promotion, and
WhatWentWrong? 94
Selling 146
Lesson Assessment 96, 103, 110
Chapter Assessment 112
Ideas in Action
Build Your Business Plan Project 115 Turning a Bad Experience
Sharpen Your Entrepreneurial Skills into a Million Dollars 147
UsingSpreadsheets toAnalyzeData 111
Planning a Career in 6-1 The Marketing Mix—Distribution 148
MarketingResearch 116 6-2 The Marketing Mix—Promotion 154
Winning Edge 6-3 Selling and Promoting 164
FBLAMultimedia Presentation 117 BeYourOwn Boss 150
DevelopYourReadingSkills 149
5 Did YouKnow? 155
Famous Entrepreneur 167
Market Your Net Bookmark 157
Teamwork 153,163,168
Business 118
WhatWentWrong? 161
Lesson Assessment 153, 163, 168
Ideas in Action Chapter Assessment 170
Turning Creative Fun into
Build Your Business Plan Project 173
Dollars 119
Sharpen Your Entrepreneurial Skills
5-1 Develop the Marketing Plan 120 Marketing andtheWeb 169
5-2 The Marketing Mix—Product 126 Planning a Career in
5-3 The Marketing Mix—Price 131 PublicSafety 174
BeYourOwnBoss 136 Winning Edge
DevelopYourReadingSkills 121 DECAEntrepreneurship PromotionProject 175
DidYouKnow? 127
FamousEntrepreneur 122
NetBookmark 129
Teamwork 125,130,138
WhatWentWrong? 128
Contents v
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Select a Type of BeYourOwnBoss 227
DevelopYourReadingSkills 211
Ownership 176
DidYouKnow? 220
FamousEntrepreneur 221
Ideas in Action NetBookmark 222
Capitalize on Youth
Teamwork 217,223,228
Marketing 177
WhatWentWrong? 215
Lesson Assessment 217, 223, 228
7-1 Decide to Purchase, Join, or Start
Chapter Assessment 230
a Business 178
Build Your Business Plan Project 233
7-2 Choose a Legal Form of Business 187
Sharpen Your Entrepreneurial Skills
7-3 Legal Issues and Business Ownership 194
E-MailEtiquette 229
BeYourOwn Boss 192
Planning a Career in
DevelopYourReadingSkills 179
Architecture andConstruction 234
Did YouKnow? 184
Famous Entrepreneur 197 Winning Edge
Net Bookmark 183 DECABuyingand MerchandisingManagement
Teamwork 186,193,200 TeamDecisionMakingEvent 235
WhatWentWrong? 190
9
Lesson Assessment 186, 193, 200
Chapter Assessment 202
Plan and Track Your
Build Your Business Plan Project 205
Sharpen Your Entrepreneurial Skills Finances 236
EffectiveTelephone Conversations 201
Planning a Career in
Ideas in Action
Electronic Safekeeping 237
Franchising 206
Winning Edge
9-1 Finance Your Business 238
DECABusiness LawandEthicsManagement
9-2 Pro Forma Financial Statements 246
TeamDecision MakingEvent 207
9-3 Recordkeeping for Businesses 253
BeYourOwnBoss 259
8
DevelopYourReadingSkills 239
DidYouKnow? 245
Locate and Set Up
FamousEntrepreneur 243
Your Business 208 NetBookmark 244
Teamwork 245,252,260
WhatWentWrong? 256
Ideas in Action
A Neighborhood Lesson Assessment 245, 252, 260
Business 209 Chapter Assessment 262
Build Your Business Plan Project 265
8-1 Choose a Location 210
Sharpen Your Entrepreneurial Skills
8-2 Obtain Space and Design the Physical
PrepareaResume 261
Layout 218
Planning a Career in
8-3 Purchase Equipment, Supplies, and Finance 266
Inventory 224 Winning Edge
FBLABusiness Financial Plan 267
vi Contents
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Operations Lesson Assessment 306, 314, 322
Chapter Assessment 324
Management 268
Build Your Business Plan Project 327
Sharpen Your Entrepreneurial Skills
Ideas in Action
Entertaining and Promoting Teamwork 323
Planning 269 Planning a Career in
Audio-Video Technology 328
10-1 Operating Procedures 270 Winning Edge
10-2 Inventory Management 276 FBLABusinessPlan 329
10-3 Financial Management 283
BeYourOwnBoss 278 12
DevelopYourReadingSkills 271
DidYouKnow? 284 Risk Management 330
FamousEntrepreneur 281
NetBookmark 272
Teamwork 275,282,290 Ideas in Action
Growth Is Risky 331
WhatWentWrong? 285
Lesson Assessment 275, 282, 290 12-1 Business Risks 332
Chapter Assessment 292 12-2 Insure Against Risks 338
Build Your Business Plan Project 295 12-3 Other Risks 345
Sharpen Your Entrepreneurial Skills BeYourOwn Boss 336
Leadership Skills 291 DevelopYourReadingSkills 333
Planning a Career in Did YouKnow? 339
Information Technology 296 Famous Entrepreneur 351
Winning Edge Net Bookmark 335
FBLAPartnershipwithBusiness 297 Teamwork 337,344,352
WhatWentWrong? 342
11 Lesson Assessment 337, 344, 352
Chapter Assessment 354
Human Resource Build Your Business Plan Project 357
Sharpen Your Entrepreneurial Skills
Management 298
Respect CulturalDiversity 353
Planning a Career in
Ideas in Action
Working for What You Insurance 358
Believe In 299 Winning Edge
DECABusiness ServicesMarketing
11-1 Identify Your Staffing Needs 300 SeriesEvent 359
11-2 Staff Your Business 307
11-3 Direct and Control Human Resources 315
BeYourOwnBoss 316
DevelopYourReadingSkills 301
DidYouKnow? 311
FamousEntrepreneur 312
NetBookmark 304
Teamwork 306,314,322
WhatWentWrong? 318
Contents vii
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Management for the Lesson Assessment 369, 377, 384
Chapter Assessment 386
Future 360
Build Your Business Plan Project 389
Sharpen Your Entrepreneurial Skills
Ideas in Action
Starting Young and TimeManagement 385
Moving Up 361 Planning a Career in
Transportation 390
13-1 Growth Strategies 362 Winning Edge
13-2 Ethical and Social Issues 370 BPASmallBusiness Management
13-3 Global Trends and Opportunities 378 TeamEvent 391
BeYourOwn Boss 380
DevelopYourReadingSkills 363 Glossary 392
Did YouKnow? 375
Index 397
Famous Entrepreneur 383
Net Bookmark 374
Teamwork 369,377,384
WhatWentWrong?364
viii Contents
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About the Author
Cynthia L. Greene taught business education at the high school level for 25 years. She taught in
the Fulton County School System in Atlanta, Georgia, and she was the program specialist for
Business and Information Technology for the Georgia Department of Education for six years. She
has been active in the National Business Education Association (NBEA), serving as NBEA President
in 2005–2006 and on the Entrepreneurship Standards Committee as a writer and reviewer and as a
writer for the Entrepreneurship Lesson Plans.
About the Author ix
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Excellent Business Plan Coverage
Entrepreneurship: Ideas in Action takes you step-by-step through the entire process of owning
and managing a business. Business plan coverage has been moved earlier in the text and expanded.
You learn what it takes to get an entrepreneurial venture off to a good start.
Build Your Business Plan Project
concludes each chapter and is
designed to help you prepare a
complete business plan by the end
of the course.
Comprehensive Coverage of
BPA, FBLA, and DECA
Competitive Events
Winning Edge features help you prepare for
competitive events.
BPA Presentation Management Team 33
FBLA Emerging Business Issues Event 61
BPA Prepared Speech 89
FBLA Multimedia Presentation 117
BPA Global Marketing Team Event 145
DECA Entrepreneurship Promotion Project 175
DECA Business Law and Ethics Management
Team Decision Making Event 207
DECA Buying and Merchandising Management
Team Decision Making Event 235
FBLA Business Financial Plan 267
FBLA Partnership with Business 297
FBLA Business Plan 329
DECA Business Services Marketing Series
Event 359
BPA Small Business Management Team
Event 391
x