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Entrepreneurship
The Practice and Mindset

Second Edition
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December 2019 | 536 pages | SAGE Publications, Inc

From Heidi Neck, one of the most influential thinkers in entrepreneurship education today, Chris Neck, an award-winning professor, and Emma Murray, business consultant and author, comes the new edition of this ground-breaking text.
 
Entrepreneurship: The Practice and Mindset catapults students beyond the classroom by helping them develop an entrepreneurial mindset so they can create opportunities and take action in uncertain environments. Based on the world-renowned Babson Entrepreneurship program, this text emphasizes practice and learning through action. Students learn entrepreneurship by taking small actions to get feedback, experiment, and move ideas forward. They will walk away from this text with the entrepreneurial mindset, skillset, and toolset that can be applied to startups as well as organizations of all kinds. Whether your students have backgrounds in business, liberal arts, engineering, or the sciences, this text will take them on a transformative journey and teaches them crucial life skills.  

The Second Edition includes a new chapter on customer development, 15 new case studies, 16 new Mindshift Activities and 16 new Entrepreneurship in Action profiles, as well as expanded coverage of prototyping, incubators, accelerators, building teams, and marketing trends. 

INSTRUCTORS: Entrepreneurship is accompanied by a complete teaching and learning package! Contact your rep to request a demo.

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Share with your students: 7 Truths About Entrepreneurship


 
Preface
 
Acknowledgments
 
About the Authors
 
Part I. Entrepreneurship Is a Life Skill
 
CHAPTER 1: Practicing Entrepreneurship
1.1 Entrepreneurship Requires Action and Practice

 
1.2 Entrepreneurship May Be Different From What You Think

 
1.3 Types of Entrepreneurship

 
1.4 Entrepreneurship Is a Method, Not a Process

 
1.5 The Method Involves Creating the Future, Not Predicting It

 
1.6 The Key Components of the Entrepreneurship Method

 
1.7 Entrepreneurship Requires Deliberate Practice

 
1.8 How This Book Will Help You Practice Entrepreneurship

 
Summary

 
Key Terms

 
Case Study: Saurbh Gupta, founder, Gyan-I Inc.

 
 
CHAPTER 2: Activating an Entrepreneurial Mindset
2.1 The Power of Mindset

 
2.2 What Is Mindset?

 
2.3 The Self-Leadership Habit

 
2.4 The Creativity Habit

 
2.5 The Improvisation Habit

 
2.6 The Mindset as the Pathway to Action

 
Summary

 
Key Terms

 
Case Study: Maliha Khalid, founder and CEO, Doctory

 
 
Part II. Creating and Developing Opportunities
 
CHAPTER 3: Creating and Recognizing New Opportunities
3.1 The Entrepreneurial Mindset and Opportunity Recognition

 
3.2 Opportunities Start With Thousands of Ideas

 
3.3 Four Pathways to Opportunity Identification

 
3.4 Alertness, Prior Knowledge, and Pattern Recognition

 
3.5 From Idea Generation to Opportunity Recognition

 
Summary

 
Key Terms

 
Case Study: Jillian Lakritz, founder, Yoee Baby

 
 
CHAPTER 4: Using Design Thinking
4.1 What Is Design Thinking?

 
4.2 Design Thinking as a Human-Centered Process

 
4.3 Design Thinking Requires Empathy

 
4.4 The Design-Thinking Process: Inspiration, Ideation, Implementation

 
4.5 Pathways Toward Observation and Insights

 
4.6 Interviewing as a Useful Technique for Identifying Needs

 
4.7 Variations of the Design-Thinking Process

 
Summary

 
Key Terms

 
Case Study: Anton Yakushin, cofounder and CEO, VentureBlocks

 
 
CHAPTER 5: Building Business Models
5.1 What Is a Business Model?

 
5.2 The Four Parts of a Business Model

 
5.3 The Customer Value Proposition (CVP)

 
5.4 Different Types of CVPs and Customer Segments

 
5.5 The Business Model Canvas (BMC)

 
Summary

 
Key Terms

 
Case Study: Gautam Gupta, cofounder, NatureBox

 
 
CHAPTER 6: Developing Your Customers
6.1 Customers and Markets

 
6.2 Types of Customers

 
6.3 Customer Segmentation

 
6.4 Target Customer Group

 
6.5 Customer Personas

 
6.6 Customer Journey Mapping Process

 
6.7 Market Sizing

 
Summary

 
Key Terms

 
Case Study: Haim Saban, The Mighty Morphin’ Power Rangers

 
 
CHAPTER 7: Testing and Experimenting With New Ideas
7.1 Experiments: What They Are and Why We Do Them

 
7.2 Types of Experiments

 
7.3 A Deeper Look at Prototypes

 
7.4 Hypothesis Testing and the Scientific Method Applied to Entrepreneurship

 
7.5 The Experimentation Template

 
7.6 Interviewing for Customer Feedback

 
Summary

 
Key Terms

 
Case Study: Katrina Lake, CEO, Stitch Fix

 
 
CHAPTER 8: Developing Networks and Building Teams
8.1 The Power of Networks

 
8.2 The Value of Networks

 
8.3 Building Networks

 
8.4 Virtual Networking

 
8.5 Networking to Build the Founding Team

 
Summary

 
Key Terms

 
Case Study: Jeff Goudie, AmeriCan Packaging

 
 
Part III. Evaluating and Acting on Opportunities
 
CHAPTER 9: Creating Revenue Models
9.1 What Is a Revenue Model?

 
9.2 Different Types of Revenue Models

 
9.3 Generating Revenue From “Free”

 
9.4 Revenue and Cost Drivers

 
9.5 Pricing Strategies

 
9.6 Calculating Price

 
Summary

 
Key Terms

 
Case Study: Balaji Viswanathan, founder, Invento Robotics

 
 
CHAPTER 10: Planning for Entrepreneurs
10.1 What Is Planning?

 
10.2 Planning Starts With a Vision

 
10.3 Plans Take Many Forms

 
10.4 Questions to Ask During Planning

 
10.5 The Business Plan Debate

 
10.6 Tips for Writing Any Type of Plan

 
Summary

 
Key Terms

 
Case Study: Boyd Cohen, cofounder, IoMob

 
 
CHAPTER 11: Anticipating Failure
11.1 Failure and Entrepreneurship

 
11.2 The Failure Spectrum

 
11.3 Fear of Failure

 
11.4 Learning From Failure

 
11.5 Getting Gritty: Building a Tolerance for Failure

 
Summary

 
Key Terms

 
Case Study: Emily Lagasse, founder, Petwell Supply Co.

 
 
Part IV. Supporting New Opportunities
 
CHAPTER 12: Bootstrapping and Crowdfunding for Resources
12.1 What Is Bootstrapping?

 
12.2 Bootstrapping Strategies

 
12.3 Crowdfunding Versus Crowdsourcing

 
12.4 Crowdfunding Startups and Entrepreneurships

 
12.5 The Four Contexts for Crowdfunding

 
12.6 A Quick Guide to Successful Crowdfunding

 
Summary

 
Key Terms

 
Case Study: Daymond John, founder, FUBU

 
 
CHAPTER 13: Financing for Startups
13.1 What Is Equity Financing?

 
13.2 The Basics of Valuation

 
13.3 Angel Investors

 
13.4 Venture Capitalists

 
13.5 Due Diligence

 
Summary

 
Key Terms

 
Case Study: Rich Palmer, founder, Gravyty

 
 
SUPPLEMENT A: Financial Statements and Projections for Startups
Financial Projections for Startups

 
Three Essential Financial Statements

 
Linkages Between the Three Financial Statements

 
The Journey of Cash: The Cash Conversion Cycle

 
Building Pro Forma Financial Statements

 
Building Assumptions: Operating Policies and Other Key Assumptions

 
Summary

 
Key Terms

 
 
CHAPTER 14: Navigating Legal and IP Issues
14.1 Legal Considerations

 
14.2 Types of Legal Structures

 
14.3 Legal Mistakes Made by Startups

 
14.4 Intellectual Property (IP)

 
14.5 Global IP Theft

 
14.6 Common IP Traps

 
14.7 Hiring Employees

 
Summary

 
Key Terms

 
Case Study: Matthew Vega-Sanz, cofounder, Lula

 
 
CHAPTER 15: Engaging Customers Through Marketing
15.1 What Is Entrepreneurial Marketing?

 
15.2 The Basic Principles of Marketing

 
15.3 Building a Brand

 
15.4 Entrepreneurial Marketing

 
15.5 Creating Your Personal Brand

 
Summary

 
Key Terms

 
Case Study: Justin Real, founder, Realplay

 
 
SUPPLEMENT B: The Pitch Deck
Types of Pitches

 
Overview of the Pitch Deck

 
The Pitch Deck

 
The Question and Answer Period

 
Public Speaking Tips

 
Summary

 
Key Term

 
 
CHAPTER 16: Supporting Social Entrepreneurship
16.1 The Role of Social Entrepreneurship

 
16.2 Social Entrepreneurship and Wicked Problems

 
16.3 Types of Social Entrepreneurship

 
16.4 Capital Markets for Social Entrepreneurs

 
16.5 Social Entrepreneurs and Their Stakeholders

 
16.6 Differences Between Social Entrepreneurship and Corporate Social Responsibility

 
16.7 Social Entrepreneurship and Audacious Ideas

 
16.8 Global Entrepreneurship

 
Summary

 
Key Terms

 
Case Study: Brandale Randolph, founder and CEO, 1854 Cycling Company

 
 
Glossary
 
Notes
 
Name Index
 
Subject Index

Supplements

Instructor Resource Site
Supplements

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Student Study Site
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SAGE Edge for students enhances learning, it’s easy to use, and offers:
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  • Mindset Vitamins are brief, fun, daily activities that can help you practice developing your entrepreneurial mindset every day;
  • sample pitch decks that provide suggested models for developing a pitch; and
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Key features
NEW TO THIS EDITION:
  • Available as a digital option through SAGE Vantage, an intuitive digital platform that offers auto-graded assignments and interactive multimedia tools, all carefully designed to ignite student engagement and drive critical thinking. Learn more.
  • A new chapter on Developing Your Customers helps students gain a deeper understanding of customers. 
  • 15 new case studies and 16 new Entrepreneurship in Action profiles highlight a diverse range of entrepreneurs and starts ups. 
  • 16 new Mindshift Activities provide students with even more opportunities to practice developing their entrepreneurial mindset and skillset.  
  • New expanded coverage of prototyping, incubators, accelerators, building teams, and marketing trends. 
  • Streamlined table of contents allows students to begin exploring new opportunities earlier in the text.  
  • Updated research, statistics, and examples throughout.  

KEY FEATURES:

  • 2 Mindshift Activities per chapter challenge students to take action outside the classroom and do entrepreneurship.  
  • Instructors are provided with detailed, imaginative experiential learning activities.  
  • A chapter on Learning From Failure helps students anticipate setbacks, develop grit, and understand the value of experimentation and iteration. 
  • Coverage of contemporary topics such as design thinking, business model canvas, bootstrapping, and crowdfunding are covered in depth, exposing your students to the latest developments in the field.   
  • The text concludes with Creating Your Pitch Deck, delivering a template to help students create a unique and memorable way to present their business idea to investors.
  • VentureBlocks Simulation can be packaged with the book to help students practice entrepreneurial processes. Created by Heidi Neck and Anton Yakushin, the simulation has students complete missions to practice interviewing customers, identifying new opportunities, and reflecting on what they learn. 
  • Assignable SAGE Premium Video (available via the SAGE Vantage platform, linked through SAGE Coursepacks) that is tied to learning objectives, and curated and produced exclusively for this text to bring concepts to life, featuring Entrepreneur Challenge, Entrepreneurship in Action, and Make the Pitch video activities. These include assignable assessment questions, complete assignable chapter knowledge check quizzes, and take a comprehensive chapter test to bring the subject matter to life in a way a traditional print text cannot. 
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