Preface xvii
Acknowledgements xviii
PART 1 The nature of small business and entrepreneurship 1
CHAPTER 1 Entrepreneurship: definition and evolution 3
Defining entrepreneurship 4
Entrepreneur profile: Olivia Lum, Hyflux 9
The role of entrepreneurship in economic growth and development
11
Common features of entrepreneurship in the Asia?Pacific
region 16
CHAPTER 2 Opportunities and entrepreneurs 29
Individuals and opportunities 30
The discovery perspective 30
Understanding the profile of an entrepreneur 35
The risks of a career in entrepreneurship 39
Relevant performance measures 41
Entrepreneurs in a social context 43
CHAPTER 3 Creativity, innovation and entrepreneurship 51
Creativity 52
Innovation 59
Linking creativity, innovation and entrepreneurship 65
From creativity to entrepreneurship: screening opportunities
67
CHAPTER 4 Small business: definitions and characteristics 77
Defining small business 78
Characteristic features of a small business 82
The advantages and disadvantages of operating a small business
86
The economic significance of the small business sector 90
General importance 90
Entrepreneur or small business owner?manager? 95
CHAPTER 5 Community contexts of small business 105
Integrating entrepreneurship and society 106
Societal and philanthropic responsibility 107
Environmental responsibility 109
Social entrepreneurship 111
The nature and extent of family business 113
Issues unique to family business 115
PART 2 Getting into business 125
CHAPTER 6 Options for going into business 127
Issues to consider before going into business 128
Starting a new business 130
Purchasing an existing business 134
Entering a franchise system 140
Comparison of options 143
Procedural steps when starting a business venture 143
1. Undertake market research 144
2. Check the statutory requirements 144
3. Access suitable core resources 145
4. Critically evaluate options: buy, start-up or franchise?
145
5. Work out financial projections 145
6. Prepare a business plan 146
CHAPTER 7 Market research and strategy formulation 151
The role of market research 152
Constraints on research 154
Developing a strategy 161
Developing a business model 170
CHAPTER 8 Preparing a business plan 177
The concept of a business plan 178
Elements of a business plan 180
Different types of plans 186
Preparing the document: the business-planning process 189
CHAPTER 9 Legal issues 219
Legal structures 220
Intellectual property 230
Other legal issues 235
CHAPTER 10 Financing business ventures 243
Sources of debt finance 244
Sources of equity finance 247
Other useful categorisations of finance sources 254
Alternative sources of finance 259
CHAPTER 11 Accessing business advice and assistance 267
The business adviser 268
Forms of support for new and small firms 280
PART 3 Managing key functions 289
CHAPTER 12 Marketing 291
The concept of marketing 292
An overview of the marketing process 293
The marketing mix 295
CHAPTER 13 Operations management 317
Operations as a management process 318
Physical site factors 319
Production processes 323
Service design 323
Evaluating, improving and securing operational activities
330
Procedural systems and quality assurance 334
Risk management 335
CHAPTER 14 Human resource issues in new and small firms 343
Concept and functions of human resource management 344
HRM as a business strategy 345
Acquisition of staff 346
Maintenance 354
Termination 358
Governmental and regulatory requirements 359
Self-employment and human resources 361
Differences in employment practices between large and small
firms 362
HRM variations across the Asia?Pacific region 363
CHAPTER 15 Financial information and management 369
The purpose of financial information 370
Differences between small and large firms 372
Regional variations in financial management 373
Types of financial information 374
Analysing financial data 382
Keeping records of financial information 385
PART 4 Selected topics 399
CHAPTER 16 ICT as a business tool 401
The role and importance of ICT for SMEs 403
Information systems for SMEs 405
Implementing an ICT strategy 409
Attracting visitors to a website 416
CHAPTER 17 Managing growth and transition 427
The dimensions of business growth 428
Theorising about small business growth 431
Growth predictors 434
Growth strategies and growth enablers 435
From the entrepreneur to the manager 440
Harvesting 443
CHAPTER 18 Corporate entrepreneurship 453
Dimensions of and rationale for corporate entrepreneurship
454
The new venture development process 460
The key steps in developing entrepreneurial spirit 465
Glossary 480
Index
