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Small Business Management
Creating a Sustainable Competitive Advantage

Seventh Edition
Experience with SAGE edge


January 2019 | 520 pages | SAGE Publications, Inc
Now with SAGE Publishing!

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 Activities 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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1. Small Business: An Overview
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  
 
2. Small Business Management and Entrepreneurship
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  
 
3. Social Entrepreneurs, Ethics, and Strategic Planning
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  
 
4. The Business Plan
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  
 
5. Franchising
Concept Module 5.1 About Franchising  
Concept Module 5.2: Why Open a Franchise?  
Concept Module 5.3 Selecting a Franchise  
Summary  
Key Terms  
 
6. Taking Over an Existing Business & Family Business
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  
 
7. Starting a New Business
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  
 
8. Accounting Records and Financial Statements
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  
 
9. Small Business Finance
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  
 
10. The Legal Environment
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  
 
11. Small Business Marketing: Strategy and Research
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  
 
12. Small Business Marketing: Location
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  
 
13. Small Business Marketing: Price and Promotion
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  
 
14. Professional and Small Business Management
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  
 
15. Human Resource 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  
 
16. Operations Management
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  

Supplements

Instructor Resource Site

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 *For use in: Blackboard, Canvas, Brightspace by Desire2Learn (D2L), and Moodle

Don’t use an LMS platform? No problem, you can still access many of the online resources for your text via SAGE edge.

With SAGE coursepacks, you get: 

  • quality textbook content delivered directly into your LMS
  • an intuitive, simple format that makes it easy to integrate the material into your course with minimal effort;
  • assessment tools that foster review, practice, and critical thinking, including:
    • diagnostic chapter pre tests and post tests that identify opportunities for improvement, track student progress, and ensure mastery of key learning objectives
    • test banks built on Bloom’s Taxonomy that provide a diverse range of test items with ExamView test generation
    • activity and quiz options that allow you to choose only the assignments and tests you want 
    • instructions on how to use and integrate the comprehensive assessments and resources provided;
  • assignable SAGE Premium Video (available via the interactive eBook version, linked through SAGE coursepacks) that is tied to learning objectives, and curated and produced exclusively for this text to bring concepts to life, featuring: 
    • Small Business in Action videos that showcase stories and interviews from a wide variety of small business owners with footage showing the business owner and their businesses in action
    • How To… videos that focus on basic concepts to further clarify and enhance understanding of common, basic business needs
    • Corresponding multimedia assessment options that automatically feed to your gradebook
    • Comprehensive, downloadable, easy-to-use Media Guide in the Coursepack for every video resource, listing the chapter to which the video content is tied, matching learning objective(s), a helpful description of the video content, and assessment questions 
  • editable, chapter-specific PowerPoint® slides that offer flexibility when creating multimedia lectures so you don’t have to start from scratch;
  • sample course syllabi with suggested models for structuring your course that give you options to customize your course to your exact needs;
  • Instructor’s manual containing: lecture notes that summarize key concepts on a chapter-by-chapter basis to help you with preparation for lectures and class discussions; teaching tips to provide some additional ideas for integrating classroom content; suggested answers to Concept Check questions, notes for use of the experiential learning activities and case notes. 
  • integrated links to the interactive eBook that make it easy for students to maximize their study time with this “anywhere, anytime” mobile-friendly version of the text. It also offers access to more digital tools and resources, including SAGE Premium Video; and
  • all tables and figures from the textbook 
Student Study Site

edge.sagepub.com/hatten7e

SAGE edge for students enhances learning, it’s easy to use, and offers:

  • an open-access site that makes it easy for students to maximize their study time, anywhere, anytime;
  • multimedia resources that bring concepts to life, are tied to learning objectives, and are curated and produced exclusively for this text; 
  • eFlashcards that strengthen understanding of key terms and concepts;
  • eQuizzes that allow students to practice and assess how much they’ve learned and where they need to focus their attention;
  • chapter summaries with learning objectives that reinforce the most important material;
  • chapter-specific study questions that allow students to engage with the material; and
  • Business Plan Guide for help in writing a plan for your business
Key features

NEW TO THIS EDITION:

  • Two Experiential Learning Activities in each chapter bring the application of "what" and "how" alive to students
  • Tech in Action boxes highlight the use of technology and social media practices into small business
  • Creating Competitive Advantage boxes consistently bring the theme of the book to the front of students’ minds
  • Issues in Small Business boxes prompt critical thinking on current issues that small business owners face
  • Assignable SAGE Premium Video (available via the interactive eBook version, linked through SAGE coursepacks) that is tied to learning objectives, and curated and produced exclusively for this text to bring concepts to life, featuring: 
    • Small Business in Action videos that showcase stories and interviews from a wide variety of small business owners with footage showing the business owner and their businesses in action
    • How To… videos that focus on basic concepts to further clarify and enhance understanding of common, basic business needs
    • Corresponding multimedia assessment options that automatically feed to your gradebook
    • Comprehensive, downloadable, easy-to-use Media Guide in the Coursepack for every video resource, listing the chapter to which the video content is tied, matching learning objective(s), a helpful description of the video content, and assessment questions

 

KEY FEATURES:

  • Organized around the overarching theme of maintaining a sustainable competitive advantage
  • Examples and cases illustrate the unique opportunities and challenges that small business owners encounter every day 
  • Experiential Activities and Concept Checks provide opportunities for students to test their knowledge and practice essential skills

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

 


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