Small Business Management
Creating a Sustainable Competitive Advantage
- Timothy S. Hatten - Colorado Mesa University
Timothy S. Hatten’s Small Business Management: Creating a Sustainable Competitive Advantage, Seventh Edition equips students with the tools they need to navigate the important financial, legal, marketing, managerial, and operational decisions to help them create and maintain a sustainable competitive advantage in small business. Strong emphasis is placed on application with Experiential Learning Exercises and application of technology and social media throughout. New cases, real-world examples, and illuminating features spotlight the diverse, innovative contributions of small business owners to the economy. Whether your students dream of launching a new venture, purchasing a franchise, managing a lifestyle business, or joining the family company, they will learn important best practices for competing in the modern business world.
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| Concept Module 1.1 What is Small Business? |
| Concept Module 1.2 Small Businesses in the US Economy |
| Concept Module 1.3 Workforce Diversity and Small Business Ownership |
| Concept Module 1.4 Secrets of Small Business Success |
| Concept Module 1.5 Understanding the Risks of Small Business Ownership |
| Summary |
| Key Terms |
| Concept Module 2.1 The Entrepreneur-Manager Relationship |
| Concept Module 2.2 A Model of the Start-Up Process |
| Concept Module 2.3 Your Decision for Self-Employment |
| Concept Module 2.4 Creativity and Innovation in Small Business |
| Summary |
| Key Terms |
| Concept Module 3.1 Relationship between Social Responsibility, Ethics, and Strategic Planning |
| Concept Module 3.2 Social Entrepreneurship |
| Concept Module 3.3 Ethics and Business Strategy |
| Concept Module 3.4 Strategic Planning |
| Summary |
| Key Terms |
| Concept Module 4.1 Every Business Needs a Plan |
| Concept Module 4.2 Business Models and Feasibility Analysis |
| Concept Module 4.3 Business Plan Contents |
| Concept Module 4.4 Review Process |
| Concept Module 4.5 The Pitch |
| Summary |
| Key Terms |
| Concept Module 5.1 About Franchising |
| Concept Module 5.2: Why Open a Franchise? |
| Concept Module 5.3 Selecting a Franchise |
| Summary |
| Key Terms |
| Concept Module 6.1 Business-Buyout Alternative |
| Concept Module 6.2 How Do You Find a Business for Sale? |
| Concept Module 6.3 What Do You Look for in a Business? |
| Concept Module 6.4 What are You Buying? |
| Concept Module 6.5 How Much Should You Pay? |
| Concept Module 6.6 Buying the Business |
| Concept Module 6.7 Taking Over a Family Business |
| Summary |
| Key Terms |
| Concept Module 7.1 About Start-Ups |
| Concept of Module 7.2 Types of New Businesses |
| Concept Module 7.3 Evaluating Potential Start-Ups |
| Concept Module 7.4 Getting Started |
| Summary |
| Key Terms |
| Concept Module 8.1 Small Business Accounting |
| Concept Module 8.2 Small Business Accounting Basics |
| Concept Module 8.3 Analyzing Financial Statements |
| Concept Module 8.4 Managing Cash Flow |
| Summary |
| Key Terms |
| Concept Module 9.1 Small Business Finance |
| Concept Module 9.2 Basic Financial Vocabulary |
| Concept Module 9.3 How Can You Find Capital? |
| Summary |
| Key Terms |
| Concept Module 10.1 Small Business and the Law |
| Concept Module 10.2 Bankruptcy Laws |
| Concept Module 10.3 Contract Law for Small Businesses |
| Concept Module 10.4 Laws to Protect Intellectual Property |
| Concept Module 10.5 Forms of Business Organization |
| Summary |
| Key Terms |
| Concept Module 11.1 Small Business Marketing |
| Concept Module 11.2 Marketing Strategies for Small Businesses |
| Concept Module 11.3 Market Research |
| Summary |
| Key Terms |
| Concept Module 12.1 Small Business Distribution |
| Concept Module 12.2 Location for the Long Run |
| Concept Module 12.3 Site Selection |
| Concept Module 12.4 Location Types |
| Concept Module 12.5 Layout and Design |
| Concept Module 12.6 Lease, Buy, or Build? |
| Summary |
| Key Terms |
| Concept Module 13.1 The Economics of Pricing |
| Concept Module 13.2 Breakeven Analysis |
| Concept Module 13.3 Price-Setting Techniques |
| Concept Module 13.4 Getting Paid |
| Concept Module 13.5 Promotion |
| Summary |
| Key Terms |
| Concept Module 14.1 Managing Small Business |
| Concept Module 14.2 Small Business Growth |
| Concept Module 14.3 Leadership in Action |
| Concept Module 14.4 Special Management Concerns: Time and Stress Management |
| Concept Module 15.1 Hiring the Right Employees |
| Concept Module 15.2 Employee Recruitment |
| Concept Module 15.3 Selecting Employees |
| Concept Module 15.4 Placing and Training Employees |
| Concept Module 15.5 Compensating Employees |
| Concept Module 15.6 When Problems Arise: Employee Discipline and Termination |
| Concept Module 16.1 Elements of Operating Management |
| Concept Module 16.2 Operations Management |
| Concept Module 16.3 What about Scheduling Operations? |
| Concept Module 16.4 Quality-Centered Management |
| Concept Module 16.5 Purchasing for Small Business |
| Concept Module 16.6 Managing Inventory |
New to this Edition
New features include: Issues in Small Business, Creating a Competitive Advantage, Tech in Action
Inclusion of Experiential Activities
The following features have been eliminated from this edition: Entre-perspectives; ‘Trep Connections, and Reality Check
Chapter 1
· New chapter opening story highlighting Skillz Inc.
· Added discussion of Microbusinesses
· Added mention of the Small Business Act
· Eliminated discussion of downsizing
· Deleted feature on Elon Musk and Beer Entrepreneur
· Provided new examples throughout
· Expanded discussion of innovation
· Added feature Issues in Small Business: Lighting the Fuse of Innovation
· Deleted discussion of government intervention in the face of failure
Chapter 2
· New chapter opening story on Bacon Boxes and Ephemeral Tattoos
· New Issues in Small Business: The Balance of Life in Small Business
· Creating Competitive Advantage: Are You Ready? (formerly Entre-Perspectives)
· New Tech in Action: Big Data for Small Business
· Module 2.4 – Forms of Business has been moved to Chapter 10
· New Module 2.4 Creativity and Innovation in Small Business has been added; this includes incorporation of content from Module 12.1 Product: The Heart of the Marketing Mix
· New Closing Case
Chapter 3
· New chapter opening story highlighting several social entrepreneurs
· Broadens discussion of social entrepreneurship and the role it plays in business and the triple bottom line.
· Entre-Perspectives on Competitive Intelligence changed to Competitive Advantage and expanded upon.
· New Chapter Closing Case
Chapter 4
· New chapter opening story featuring the product Brad Powel of Redboard
· Module 4.1 from 6e has been split up into two modules. The new Module 4.1 focuses on the business plan and expands the discussion of its importance and role in planning a new business. The new Module 4.2 provides an updated discussion of contemporary business models with an added discussion of conducting feasibility analysis.
· Revised feature Issues in Small Business: Feasible, Viable, Good Idea
· Revised feature Issues in Small Business: How Does Your Plan Rate?
· New Module 4.5 focuses on creation of a pitch.
· New feature Tech in Action: Power Point Alternatives
· New Chapter Closing Case
Chapter 5
· New chapter opening story featuring the College Hunks Hauling Junk
· Updated statistics
· Added timeline of franchising
· New feature Tech in Action: Techno-franchise
· New feature Issues in Small Business: What Do You Need to Know
· New feature Creating Competitive Advantage: Millennial Franchises
· New feature What Would You Do – College Hunks Hauling Junk
· Removed content on International Franchising
Chapter 6
· New chapter opener on buying a family business
· New feature Tech in Action: Buy an Online Business…Online
· Expanded discussion of methods used to value a business
· New feature Creating Competitive Advantage: Shark Tank Acquisition Launch
· New feature Issues in Small Business: Small Business Flip
· Expanded discussion of family business
· New Case
Chapter 7
· New chapter opening story on Christopher Mitchell and Thomas Dickerson of Geopipe and Derek Johnson of Tatango
· Updated statistics
· New feature Issues in Small Business: Startup Challenges
· New feature Tech in Action: There’s an App for That
· Added discussion of e-commerce and use of apps
· New feature Creating Competitive Advantage: Entrepreneurs Solve Big Problems
· New Closing Case
Chapter 8
· Expanded discussions on accounting and accounting needs/issues.
· ‘Trep Connection converted to Tech in Action feature
· Updated references of Peachtree to Sage50
· Reality Check converted into Issues in Small Business
· Entre-Perspectives converted to Creating a Competitive Advantage
· New Chapter Closing Case
Chapter 9
· New chapter opening story on crowdfunding
· New feature box Issues in Small Business: Mobile Money
· New feature Box Tech in Action: Crowdfunding
Chapter 10
· New chapter opening story on counterfeiting
· Revised with the goal of being more succinct in the reading
· New feature Issues in Small Business: Small Business Legal Worries
· New feature Creating a Competitive Advantage: Choosing an Attorney
· Converted Reality Check into Tech in Action: IP App Protection?
· New module: Concept Module 10.5 Forms of Business Organization. Moved here from chapter 2.
Chapter 11
· New chapter opening story about Alex Schulze and Andrew Cooper of 4Ocean.
· Removed discussion of time series analysis and regression analysis
· New feature Creating Competitive Advantage: Online Video Marketing
· New feature Issues in Small Business: Target Markets of One
· New feature Tech in Action: PPC or SEO?
· New Chapter Closing Case
Chapter 12
· Chapter 12 from 6e has been eliminated – some content has been moved into the operations chapter.
· Formerly chapter 13 with a title change from Place to Location
· New feature Creating a Competitive Advantage: Location, Location, Location
· Removed content on city selection, going global
· New feature Issues in Small Business: New Way We Work
· New feature Tech in Action: If You’re Not Online You Don’t Exist
Chapter 13
· Formerly Chapter 14
· New chapter opening story about online market influencers
· New feature Issues in Small Business: The Danger with Discounts
· New feature Creating Competitive Advantage: Anchors, Bumps, and Charms
· New feature Tech in Action: Online Big Dogs
Chapter 15 from 6e has been removed from the print book and placed online only.
Chapter 14
· Formerly chapter 16
· New chapter opening story
· New feature Tech in Action: Podcasts – Listen, Learn, and Tell
· New feature Issues in Small Business: Leadership in Small Business
· New feature Creating Competitive Advantage: Advantageous Culture
Chapter 15
· Formerly Chapter 17
· New chapter opening story
· New feature Creating Competitive Advantage: Keeping Your Most Valuable Asset
· New feature Tech in Action: Finding Employees via LinkedIn
· Eliminated discussion of Temporary Employees and Professional Employer Organizations
· New feature Issues in Small Business: Handling Harassment
· New chapter closing case
Chapter 16
· Formerly Chapter 18
· Heavily revised chapter incorporating the newest trends and technologies in operations management. Some content from former chapter 12 has been integrated into this chapter.
· New feature Tech in Action: Small Businesses Impact the IoT
· New feature Issues in Small Business: Women in Manufacturing
· New feature Creating a Competitive Advantage: Lean Manufacturing
· Module on purchasing placed in this chapter
· Module on inventory management placed here, moved from old chapter 12
HEOA Compliance
Available formats
| ISBN: 9781544356099 | Electronic Version | Suggested Retail Price: $88.00 | Bookstore Price: $70.40 |
| ISBN: 9781544330860 | Paperback | Suggested Retail Price: $110.00 | Bookstore Price: $88.00 |
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