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About this book

This beautifully written and thoroughly modern core textbook provides a strong bridge between entrepreneurship theory and practice and looks at the entire life cycle of a business, including the often neglected area of business closure. Underpinned by strong academic rigour, the text takes a critical approach, yet is also highly accessible and readable, explaining complex concepts clearly and succinctly. Research-led yet practice oriented, it examines the latest evidence-based thinking in the field and applies this to the practice of entrepreneurship through a plethora of practical examples, global cases, useful tools, and engaging, multi-faceted pedagogy.

Written by a recognised expert on entrepreneurship, Entrepreneurship Theory and Practice is the ideal textbook for undergraduate, postgraduate, and MBA students taking modules on entrepreneurship that blend theory and practice. It requires no prior knowledge of entrepreneurship.

Table of Contents

Entrepreneurial foundations

Frontmatter

Chapter 1. Entrepreneurship in Focus

Abstract
Across the globe, more of us try to set up a business than have children. In countries such as Australia, Sweden, Singapore and the United Kingdom (UK), more people start up than get married.
Francis J. Greene

Chapter 2. What Makes an Entrepreneur? Traits and Biases

Abstract
In 1977 a university dropout was arrested for running a red light and driving without a licence in the US city of Albuquerque, New Mexico. This was not his first traffic offence. His ‘mug shot’ was taken and he had to post bail. This young man was Bill Gates, the founder of Microsoft.
Francis J. Greene

Chapter 3. Entrepreneurial Characteristics and Contexts

Abstract
Is having a business idea at university a good reason to drop out?1 Bill Gates and Mark Zuckerberg did, and they went on to become two of the world’s wealthiest people.2 Or is staying at university better because most self-made billionaires have a university degree?
Francis J. Greene

Planning the start-up journey

Frontmatter

Chapter 4. From Idea to Start-Up Proposition

Abstract
The journey from an idea to a viable business opportunity can appear an instantaneous ‘eureka’ moment. The UK inventor James Dyson was frustrated by the poor suction of his bagged vacuum cleaner. This led to a ‘eureka’ moment when he saw a large industrial cyclone sucking ‘bad air’ up at a sawmill. Feeling inspired, he went back to his garden shed and developed a miniature version of the cyclone for a domestic vacuum cleaner.
Francis J. Greene

Chapter 5. Start-Up Planning Pathways

Abstract
Mike Tyson, the former world heavyweight boxing champion, was once asked what his next opponent would do in their impending fight. Would he dance around, counter-punch or seek to tire him out? Tyson replied: ‘Everybody has a plan until they get punched in the mouth.’
Francis J. Greene

Chapter 6. Start-Up Feasibility Planning I: Using the Business Model Canvas

Abstract
The Business Model Canvas (BMC) is one of the most common ways for start-up founders to sketch out their initial business model. It helps because it uses a simple one-page template that has nine fundamental building blocks for creating, delivering and capturing value.
Francis J. Greene

Chapter 7. Start-Up Feasibility Planning II: Identity, Ideas, Teams and the Competition

Abstract
In this chapter, you will learn about areas of start-up planning often overlooked by the Business Model Canvas (BMC).
Francis J. Greene

Financing the Venture

Frontmatter

Chapter 8. Start-Up Financial Information

Abstract
Start-ups can fail for many reasons. Product entry might be too early or late into the market. A new business may fail to educate and inform customers about its product or service benefits. Entrepreneurs may be unable to sell, create dysfunctional working environments or badly organise product production and delivery. Competitors can also eat a new business for breakfast.
Francis J. Greene

Chapter 9. Entrepreneurial Finance

Abstract
If the entrepreneur is the heart and brains of a start-up, finance is its life-blood. In Uganda, a randomly controlled trial gave some unemployed people $382 to set up in business while others got nothing.
Francis J. Greene

Beyond Start-Up

Frontmatter

Chapter 10. Entrepreneurial Growth

Abstract
One way of understanding entrepreneurship is to see it as a process by which start-up founders create, deliver and capture customer value. But what sets entrepreneurs such as Walt Disney, Jamsetji Tata or Coco Chanel apart is that they all came to dominate their industry. Rather than just creating, delivering and capturing value, these entrepreneurs ‘cornered’ value.
Francis J. Greene

Chapter 11. Entrepreneurial Exit

Abstract
Business mortality rates are grim. A new European business has less than a 50 per cent chance of surviving to its fifth birthday party.
Francis J. Greene

Chapter 12. Entrepreneurship Policy

Abstract
Governments have supported entrepreneurs for a long time. The United States established its Small Business Administration in 1953. Meanwhile, the UK and many other counties actively began promoting entrepreneurship in the 1980s.
Francis J. Greene
Additional information