This book is designed for upper year undergraduate students and graduate students studying fundamental entrepreneurship concepts. The business world is often equated to an ecosystem: the environment is comprised of interacting organizations and individuals much like the biological ecosystem. Entrepreneurship is no different, as it can be thought of as its own ecosystem, with new ventures being created, maturing, needing to adapt, or becoming extinct.
1.5: Chapter 5 – Business PlanningThis chapter describes the purposes of business planning, the general concepts related to business planning, and guidelines and a format for a comprehensive business plan. 1.6: Chapter 6 – Financing EntrepreneurshipSecuring needed financing is one of the most important functions related to starting a business. It is important, then, to understand what sources of financing exist at various stages of venture development. It is also important to determine what kinds of financing provide the most value for the entrepreneur and the new venture. Debt and equity financing decisions must be considered in relation to the cost of the financing and the amount of control that the owner is willing to sacrifice. 1.7: Chapter 7 – Business Set-Up, Start-Up, and GrowthThis chapter introduces entrepreneurship topics related to the business set-up phase, start-up phase, and growth phase. These phases are relevant for most start-ups other than those that follow the lean start-up approach in which the elements of the phases described in this chapter are blended together in a process that involves releasing and continually revising product or service prototypes in response to customer feedback. 1.8: Chapter 8 – Strategic EntrepreneurshipThere are many strategic considerations for entrepreneurs, including a few big strategic issues like determining their exit strategies, planning for succession, and embracing ideas like sustainable entrepreneurship.