Essentials of Entrepreneurship and Small Business Management

About our authors Norman M. Scarborough is the William Henry Scott III Professor of Entrepreneurship at Presbyterian College, where he has taught since 1979. He is the author of many books and articles. In addition to his track record of publications, Scarborough is recognized as an outstanding teacher, having been named the South Carolina Professor of the Year by the prestigious Council for the Advancement and Support of Education. He has served on the Board of Directors for the United States Association for Small Business and Entrepreneurship (USASBE) and in 2010 was named a USASBE Longenecker Fellow, the organization's highest honor, given to individuals who have made outstanding contributions to the development, furtherance, and benefit of entrepreneurship in their teaching, writing, research, training, and public service. Scarborough is also very active in his local community, donating hundreds of hours each year to nonprofit organizations. In 2005, he was named the Citizen of the Year in his local community. In his spare time, Scarborough enjoys the outdoors, particularly fly fishing and skeet shooting. Jeffrey R. Cornwall is the Jack C. Massey Chair in Entrepreneurship and Professor of Entrepreneurship at Belmont University in Nashville, Tennessee. He has spent more than 40 years as a serial entrepreneur and teacher of entrepreneurs. In the 1970s, he started several small businesses and was involved in various family ventures. In the late 1980s, following several years in academics, he co founded Atlantic Behavioral Health Systems in Raleigh, NC and spent nearly a decade leading the company as President/CEO. He remains active as an entrepreneur with the digital content venture he co-founded in 2014, Entrepreneurial Mind, LLC. In his academic career, Cornwall has received national awards for his work in curriculum development and teaching. In 2013, the United States Association of Small Business and Entrepreneurship named Cornwall the National Entrepreneurship Educator of the Year. He has authored 9 books and numerous articles on entrepreneurship.

Table of Contents SECTION 1: THE CHALLENGE OF ENTREPRENEURSHIP

The Foundations of Entrepreneurship
Ethics and Social Responsibility: Doing the Right Thing
Creativity and Innovation: Keys to Entrepreneurial Success

SECTION 2: THE ENTREPRENEURIAL JOURNEY BEGINS

Conducting a Feasibility Analysis and Designing a Business Model
Crafting a Business Plan and Building a Solid Strategic Plan
Forms of Business Ownership
Buying an Existing Business
Franchising and the Entrepreneur

SECTION 3: LAUNCHING THE BUSINESS

Building a Powerful Bootstrap Marketing Plan
E-Commerce and the Entrepreneur
Pricing and Credit Strategies
Creating a Successful Financial Plan
Managing Cash Flow
Choosing the Right Location and Layout

SECTION 4: PUTTING THE BUSINESS PLAN TO WORK: SOURCES OF FUNDS

Sources of Financing: Equity and Debt
Global Aspects of Entrepreneurship
Building a New Venture Team and Planning for the Next Generation

Appendix: The Daily Perc Business Plan Cases