PREFACE

The chapter sequence in Entrepreneurship: A Contemporary Approach, Fifth Edition, is systematically organized around the creation, assessment, growth development, and operation of new and emerging ventures. Each major part of the text contains chapters that specifically address these pertinent concepts of entrepreneurship.

Part One (Chapters 1-3) introduces the contemporary world of entrepreneurship. The emerging trend of the Internet and e-commerce are reviewed as they affect the entrepreneurial movement. Examining the entrepreneurial revolution throughout the world, this part reveals the evolving nature of entrepreneurship and its importance to the entire world economy. Finally, the concept of intrapreneurship is introduced as an emerging corporate strategy to foster entrepreneurial creativity within the larger domain.

Part Two (Chapters 4-6) addresses the entrepreneurial perspective that resides within individuals. We explore creativity for individuals and the concept of innovation. We also focus on the ethical perspective that entrepreneurs need to take in developing a more socially conscious approach to business.

Part Three (Chapters 7-10) focuses on the development of an entrepreneurial plan. We discuss the assessment of industrial, competitive, and local environments and their effect on new and emerging ventures.

We also address the issues of marketing that affect the preparation, planning, and operating of entrepreneurial start-ups as well as the financial tools that entrepreneurs need. Finally, the development of a clear and comprehensive business plan is examined. A complete sample business plan appears in the Entrepreneurial Case Analysis following Chapter 10.

Part Four (Chapters 11-14) examines the initiation of entrepreneurial ventures. The methods of assessing new ventures and business opportunities are presented. We examine the legal structures of organizations (sole proprietorships, partnerships, and corporations) as well as certain critical legal issues such as proprietary protection (patents, copyrights, and trademarks) and bankruptcy laws. This part concludes with a thorough examination of the sources of capital formation available to entrepreneurs.

Part Five (Chapters 15-17) focuses on the growth and development of entrepreneurial ventures, which are diverse yet interrelated areas. The need for strategic planning, the challenge of managing entrepreneurial growth, and the global opportunities available to entrepreneurs are all discussed within this part.
Part Six (Chapters 18-21) is devoted to some contemporary issues in the world of entrepreneurship. We discuss, from a family business perspective, final challenges facing growing entrepreneurial ventures. First, the valuation process needed to acquire a business venture (or sell an existing firm) is discussed. Second, the critical considerations of management succession and continuity are explored. Third, the powerful emergence of minority entrepreneurship is examined. Finally, the challenge of total quality and the human factor is explored with emphasis on quality tools and techniques for growing firms.