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PREFACE xvii PART I ENTREPRENEURIAL PERSPECTIVE CHAPTER 1 SMALL BUSINESS AND THE ENTREPRENEUR 3 1.1 What is Entrepreneurial Finance? 3 1.2 Significance of the Small Business 5 1.3 Entrepreneurship and the Entrepreneur 9 1.4 The Idea and the Opportunity 12 1.5 From an Idea to Reality 16 1.6 Summary 18 Key Concepts 18 Discussion Questions 19 CHAPTER 2 SMALL BUSINESS OPTIONS 20 2.1 Starting a New Business 20 2.2 Buying an Existing Business 22 2.3 Purchase Options 24 2.4 Franchise 26 2.5 Home Business and Family Business 30 2.6 Summary 34 Key Concepts 34 Discussion Questions 34 CHAPTER 3 SMALL BUSINESS PURCHASE PRICE 36 3.1 Asset–Based Value 36 3.2 Cash Flow–Based Value 39 3.3 Market–Based Value 40 3.4 Capitalized Earnings–Based Value 41 3.5 Financial Ratios–Based Value 43 3.6 Summary 44 Key Concepts 45 Discussion Questions 45 PART II ENTREPRENEURIAL ORGANIZATION CHAPTER 4 FORMS OF BUSINESS OWNERSHIP 49 4.1 Sole Proprietorship 49 4.2 Partnership 50 4.3 Corporation 54 4.4 Other Forms of Business Ownership 58 4.5 Summary 62 Key Concepts 62 Discussion Questions 63 CHAPTER 5 THE BUSINESS PLAN 64 5.1 What is a Business Plan? 64 5.2 Contents of the Plan 66 5.3 Other Elements of the Plan 76 5.4 Reviewing the Plan 79 5.5 Anticipating and Preparing Responses to Potential Risks 82 5.6 Financing the Plan 83 5.7 Presenting the Plan 84 5.8 Updating the Plan 86 5.9 Grooming the Plan 86 5.10 Summary 88 Key Concepts 88 Discussion Questions 89 PART III ENTREPRENEURIAL FINANCE AND VALUATION CHAPTER 6 FINANCIAL STATEMENTS AND THEIR ANALYSIS 93 6.1 The Balance Sheet 93 6.2 Income–Expenses Statement 97 6.3 Financial Statement Analysis 99 6.4 Ratio Analysis 102 6.5 The DuPont Model 115 6.6 Summary 117 Key Concepts 118 Discussion Questions 118 CHAPTER 7 CAPITAL STRUCTURE AND LEVERAGE 120 7.1 Debt and Equity Capital 120 7.2 The Optimal Capital Structure 125 7.3 Leverage 133 7.4 Summary 145 Key Concepts 146 Discussion Questions 146 CHAPTER 8 PROFIT AND THE COST–VOLUME ANALYSIS 148 8.1 Profit Concept Between Economics and Accounting 148 8.2 Profit Margin and Markup 149 8.3 Profit and Cash Flow 152 8.4 Profitability and Earning Power 154 8.5 When Would a Firm Start Collecting Profits? 156 8.6 Break–Even Quantity and Break–Even Revenue 158 8.7 Break–Even Graphics 162 8.8 Desired Profit and the Break–Even Point 164 8.9 Non–Cash Charges and the Break–Even Point 166 8.10 Profit Planning 168 8.11 Summary 169 Key Concepts 170 Discussion Questions 170 CHAPTER 9 PRO FORMA STATEMENT AND FINANCIAL FORECASTING 172 9.1 Basic Pro Forma Statements 173 9.2 Pro Forma and the Sales Ratio 176 9.3 Change in Sales (ΔS) and the Needed Fund 178 9.4 Role of Financial Forecasting 179 9.5 Basic Steps of Forecasting 180 9.6 Types of Forecasting Models 181 9.7 The Analysis of Time Series 184 9.8 Fitting the Model 185 9.9 Adjusting for Seasonality 189 9.10 The Smoothed Forecasts 197 9.11 Barometric Forecasting 204 9.12 Testing Forecasting Accuracy 206 9.13 Summary 212 Key Concepts 213 Discussion Questions 213 CHAPTER 10 WORKING CAPITAL 214 10.1 What is Working Capital? 214 10.2 Working Capital and Profit–Risk Manipulation 215 10.3 Working Capital and Financing Strategies 218 10.4 Summary 221 Key Concepts 221 Discussion Questions 221 CHAPTER 11 FINANCIAL MANAGEMENT OF WORKING CAPITAL 223 11.1 Cash Management 223 11.2 Marketable Securities Management 228 11.3 Account Receivable 229 11.4 Account Payable and Trade Discounts 238 11.5 Summary 241 Key Concepts 241 Discussion Questions 242 CHAPTER 12 INVENTORY MANAGEMENT AND CONTROL 243 12.1 What is Inventory? 243 12.2 Economic Order Quantity (EOQ) 245 12.3 The Reorder Point 255 12.4 JIT–Inventory System 260 12.5 Summary 260 Key Concepts 261 Discussion Questions 261 CHAPTER 13 INVESTMENT PROJECT EVALUATION AND RISK MANAGEMENT 263 13.1 Categories of Investment Purposes 264 13.2 Steps for Project Selection 265 13.3 Types of Projects 266 13.4 Patterns of Cash Flow 267 13.5 Project Evaluation Techniques 269 13.6 Risk and its Sources 287 13.7 Methods of Risk Management 288 13.8 Sensitivity Analysis, Scenario Analysis, and Simulation 297 13.9 Summary 300 Key Concepts 301 Discussion Questions 301 CHAPTER 14 BUSINESS VALUATION AND HARVESTING 303 14.1 What is Business Valuation? 303 14.2 Valuation Tools 304 14.3 Valuation Techniques 305 14.4 What is Business Harvesting? 311 14.5 Harvesting Strategies 312 14.6 Summary 317 Key Concepts 317 Discussion Questions 317 PART IV ENTREPRENEURIAL MANAGEMENT AND CONTROL CHAPTER 15 BASIC ENTREPRENEURIAL MANAGEMENT 321 15.1 Planning 322 15.2 Organizing 324 15.3 Staffing 326 15.4 Directing 326 15.5 Controlling 329 15.6 Business Strategies 330 15.7 Summary 331 Key Concepts 332 Discussion Questions 332 CHAPTER 16 LOCATION AND LAYOUT 334 16.1 Factors Affecting the Selection of Location 335 16.2 Types of Business Outlets and Locations 337 16.3 Site Selection 341 16.4 Site Alternatives 347 16.5 Layout and Design 348 16.6 Summary 357 Key Concepts 357 Discussion Questions 358 CHAPTER 17 OPERATIONS, BUDGETING, AND TAXES 359 Operations 359 17.1 Material and Supplies: Buying or Making? 360 17.2 Product Quality 361 17.3 Budgetary Variance and Flexible Budgeting 364 17.4 Types of Budgets 365 17.5 Considerations for Budgetary Control 368 17.6 Types of Taxes 369 17.7 Taxes and Forms of Business Ownership 371 17.8 Considerations and Strategies 371 17.9 Summary 373 Key Concepts 374 Discussion Questions 374 CHAPTER 18 MARKETING, PROMOTION, AND DISTRIBUTION 375 18.1 Market and Customer 375 18.2 Marketing and Customer’s Decisions 378 18.3 Marketing Research 381 18.4 Product 383 18.5 Price 389 18.6 Place 393 18.7 Promotion 396 18.8 Summary 400 Key Concepts 400 Discussion Questions 401 CHAPTER 19 HUMAN RESOURCE MANAGEMENT 402 19.1 Job Analysis 402 19.2 Personnel Planning 404 19.3 Summary 419 Key Concepts 420 Discussion Questions 420 APPENDIX 421 GLOSSARY 427 FURTHER READING 439 INDEX 441