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Tokyo Seoul

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MilanEntrepreneurship

SUCCESSFULLY LAUNCHING NEW VENTURES

SIXTH EDITION

GLOBAL EDITION

Bruce R. Barringer

Oklahoma State University

R. Duane Ireland

Texas A & M UniversityA01_BARR5330_06_GE_FM.indd 112/04/18 8:20 PM

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© Pearson Education Limited 2019

The rights of Bruce. R. Barringer and R. Duane Ireland to be identified as the authors of this work have been asserted

by them in accordance with the Copyright, Designs and Patents Act 1988.

Authorized adaptation from the United States edition, entitled Entrepreneurship: Successfully Launching New Ventures,

6th edition, ISBN 978-0-13-472953-4, by Bruce. R. Barringer and R. Du�ane Ireland, published by Pearson Education © 2019

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A catalogue record for this book is available from the British Library.

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Printed and bound by Vivar, Malaysia. ISBN 10: 1-292-25533-1ISBN 13: 978-1-292-25533-0

A01_BARR5330_06_GE_FM.indd 212/04/18 8:20 PM

Dedication

To my wife, Jan. Thanks for your never-ending encouragement and support. Without you, this book would have never been possible. Also, thanks to all the student entrepreneurs who contributed to the chap ter opening features in the book. Your stories are both insightful and inspiring. - Bruce R. Barringer To my family: I am so proud of each of you and so blessed by your per- severance and never-ending love and support. I know that sometimes it seems as though "we lose ourselves in work to do and bills to pay and that it's a ride, ride, ride without much cover." But you are always in my heart, a gift for which I remain deeply grateful. - R. Duane Ireland

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Brief Contents

Perface

13

PART 1 Decision to Become an Entrepreneur 27

CHAPTER 1 Introduction to Entrepreneurship 29

PART 2 Developing Successful Business Ideas 69

CHAPTER 2 Recognizing Opportunities and Generating Ideas 71

CHAPTER 3 Feasibility Analysis 107

CHAPTER 4 Developing an Effective Business Model 147

CHAPTER 5 Industry and Competitor Analysis 187

CHAPTER 6 Writing a Business Plan 221

PART 3 Moving from an Idea to an Entrepreneurial Firm 259

CHAPTER 7 Preparing the Proper Ethical and Legal

Foundation

261
CHAPTER 8 Assessing a New Venture's Financial Strength and�Viability 301

CHAPTER 9 Building a New-Venture Team 337

CHAPTER 10 Getting Financing or Funding 371

PART 4 Managing and Growing an Entrepreneurial Firm 409

CHAPTER 11 Unique Marketing Issues 411

CHAPTER 12 The Importance of Intellectual Property 451 CHAPTER 13 Preparing for and Evaluating the Challenges of

Growth

489

CHAPTER 14 Strategies for Firm Growth 521

CHAPTER 15 Franchising 557

Glossary

597

Name Index

607

Company Index

610

Subject Index

613

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Contents

Preface

13 PART 1

Decision to Become an

Entrepreneur

27

CHAPTER 1

Introduction to

Entrepreneurship

29

Opening Profile

- SUPERJAM:

The Classic

Entrepreneurial Story

29

Prim: How a Lack of Passion

and Resolve Can Kill a Business 39

Start-Up

Incubators and Accelerators: A Smart Way of

Gaining Access to Mentors, Partners, Investors,

and Other Critical Start-up Resources 42

Partnering with College

Students via Campus Ambassador and Campus Rep

Programs

46

Chapter Summary

55 Key Terms 57

Review Questions

57 Application Questions 57

You Be the VC 1.1

59 You Be the VC 1.2 59

CASE 1.1

60 CASE 1.2 63

PART 2

Developing Successful Business

Ideas 69

CHAPTER 2

Recognizing Opportunities

and Generating Ideas 71

Opening Profile

- WIIVV:

Solving Foot Pain

and Fatigue via Custom Fitted 3D Printed

Insoles

71

Careem: Mobiliz

ing a Solution to a Problem 82

Why a Company That

Solved a Problem with a Great Product Went Out of

Business

85

A01_BARR5330_06_GE_FM.indd 712/04/18 8:20 PM

8 CONTENTS

PARTNERING FOR SUCCESS:

Want Help Converting

a Business Idea into a Profitable Company? Find a

Mentor

93

Other Techniques

94

Chapter Summary

94 | Key Terms 95

Review Questions

95 | Application Questions 96

You Be the VC 2.1

97 | You Be the VC 2.2 97

CASE 2.1

98 | CASE 2.2 101

Endnotes

103

CHAPTER 3

Opening Profile

- OWLET BABY CARE:

The Value of

Validating a Business Idea

107

Feasibility Analysis

109

Product/Service Feasibility Analysis

110

Product/Service Desirability

111

Product/Service Demand

115

Industry/Target Market Feasibility Analysis

118

SAVVY ENTREPRENEURIAL FIRM:

Prototyping: How

to Build What the Customer Wants 119

Industry Attractiveness

120

Target Market Attractiveness

121

Organizational Feasibility Analysis

122

Management Prowess

122

Resource Sufficiency

122

PARTNERING FOR SUCCESS:

Finding the Right

Business Partner

123

Financial Feasibility Analysis

124

Total Start-Up Cash Needed

124

Financial Performance of Similar Businesses

125

Overall Financial Attractiveness of the Proposed

Venture

126

A Feasibility Analysis Template

127

WHAT WENT WRONG?

How Feasible Was the

Keurig�At-Home Soda Machine to Begin With?

128

Chapter Summary

129 | Key Terms 130

Review Questions

130 | Application Questions 131

You Be the VC 3.1

132 | You Be the VC 3.2 132

CASE 3.1

133 | CASE 3.2 136

Appendix 3.1

139

Appendix 3.2

140

Appendix 3.3

142

Endnotes

144

CHAPTER 4

Opening Profile

- INDIEU:

Executing on an Established

Business Model and Preparing for the Future

147

Business Models and Their Importance

149

SAVVY ENTREPRENEURIAL FIRM:

CoachUp: How

One Company Creates, Delivers, and Captures Value

for Its Stakeholders 150

General Categories of Business Models

151

Standard Business Models

151

Disruptive Business Models

153

WHAT WENT WRONG?

Peer-to-Peer

Business

Models: Good for Some, Not So Good for

Others

154

The Barringer/Ireland Business Model

Template

156

Core Strategy

156

Resources

160

Financials

162

Operations

165

PARTNERING FOR SUCCESS:

Upwork and Guru:

Platforms That Facilitate the Forming of Partnerships with Freelancers 168

Chapter Summary

169 | Key Terms 170

Review Questions

170 | Application Questions 171

You Be the VC 4.1

172 | You Be the VC 4.2 172

CASE 4.1

173 | CASE 4.2 177

Appendix 1

182

Endnotes

183

CHAPTER 5

Opening Profile

- WRITELAB:

Occupying a Unique

Position in a Challenging Industry - and Thriving

187

Industry Analysis

189

Studying Industry Trends

190

PARTNERING FOR SUCCESS:

Three Ts That Are

Important for Becoming Active in an Industry: Trade

Associations, Trade Shows, and Trade Journals

191

The Five Forces Model

192

Threat of Substitutes

193

Threat of New Entrants

194

Rivalry among Existing Firms

195

Bargaining Power of Suppliers

196

Bargaining Power of Buyers

197

The Value of the Five Forces Model

198

WHAT WENT WRONG?

SharpScholar: Lessons

Learned from a Failed EdTech Start-up

199

Industry Types and the Opportunities They

Offer 201

Emerging Industries

201

Fragmented Industries

202

Mature Industries

203

Declining Industries

203

Global Industries

204

Competitor Analysis

204

Identifying Competitors

204

SAVVY ENTREPRENEURIAL FIRM:

Thriving in a

Crowded Industry by Creating Meaningful Value and

Differentiation from Competitors

206

A01_BARR5330_06_GE_FM.indd 812/04/18 8:20 PM

CONTENTS 9

Sources of Competitive Intelligence

207

Completing a Competitive Analysis Grid

207

Chapter Summary

209 | Key Terms 210

Review Questions

210 | Application Questions 211

You Be the VC 5.1

212 | You Be the VC 5.2 212

CASE 5.1

213 | CASE 5.2 215

Endnotes

219

CHAPTER 6

Writing a Business

Plan 221

Reasons for Writing a Business Plan

224

A Firm's Employees

225

Investors and Other External Stakeholders

226

Structure of the Business Plan

227

Content of the Business Plan

228

Exploring Each Section of the Plan

230

The Oral Presentation of a Business Plan

244

Questions and Feedback to Expect from Investors

246

Chapter Summary

246 | Key Terms 247

Review Questions

247 | Application Questions 248

quotesdbs_dbs21.pdfusesText_27

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