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[...]... and running a business provides no guarantees that an entrepreneur will earn enough money to survive Even though business owners tend to earn more than wage-and-salary workers, some small businesses barely generate enough revenue to provide the owner-manager with an adequate income The median income of small business owners ($59,708) is 56 percent higher than the median income of full-time wage and... week, compared to the 39.5 hours per week the typical U.S production employee works.43 A Small Business Watch survey reports that 61 percent of small business owners work 6 or 7 days a week.44 In many start-ups, 1 0- to 12-hour days and 6- or 7-day workweeks with no paid vacations are the norm Thirty percent of business owners say that they have not taken a vacation of at least 1 week in 4 years or... stories/2007/12/10/smallb1.html; “Interview with Sean Belnick,” Retire@21, www.retireat21.com/interview/interview-with-sean-belnickmaking-millions-selling -business- chairs; Patricia B Gray, “Can Entrepreneurship Be Taught?” FSB, March 2006, pp 34–51 The Cultural Diversity of Entrepreneurship 7 Discuss the role of diversity in small business and entrepreneurship As we have seen, virtually anyone has the potential to become... business opportunities 4 Describe the benefits of owning a small business 5 Describe the potential drawbacks of owning a small business 6 Explain the forces that are driving the growth in entrepreneurship 7 Discuss the role of diversity in small business and entrepreneurship 8 Describe the contributions small businesses make to the U.S economy 9 Put business failure into the proper perspective 10 Explain... using this book in your small business management or entrepreneurship class you will join this economic revolution to bring about lasting, positive changes in your community and around the world If you are interested in launching a business of your own, Effective Small Business Management: An Entrepreneurial Approach is the ideal book for you! This tenth edition of Effective Small Business Management:... consider the risk-reward trade-off before putting their financial and mental well-being at risk: What is the worst that could happen if I open my business and it fails? How likely is the worst to happen? What can I do to lower the risk of my business failing? (See Table 1.1) If my business were to fail, what is my contingency plan for coping? Long Hours and Hard Work The average small business owner... a business plan for a successful new venture Chapter 6 offers comprehensive coverage of how to conduct a feasibility study for a business idea and then how to create a sound business plan for the ideas that pass the feasibility test Your professor may choose to bundle Prentice Hall’s Business Feasibility Analysis Pro or Palo Alto’s Business Plan Pro™ software with this edition of Effective Small Business. .. which is equivalent to the amount of sleep that a TABLE 1.1 Top Five Reasons Start-up Businesses Fail Research by the U.S Small Business Administration shows the following top five reasons that start-up companies fail Make sure that your business does not fall victim to them! 1 Insufficient start-up capital Starting a business with too little capital is a sure recipe for failure Experts suggest that... Start a New Small Business in a Turbulent Economy,” Small Business Administration, Office of Advocacy, November 2008, p 1 CHAPTER 1 • ENTREPRENEURS: THE DRIVING FORCE BEHIND SMALL BUSINESS 15 parent loses in the first year of a baby’s life.46 Dan Croft left a top management job at a large mobile communications company to start Mission Critical Wireless, a small business that helps other businesses select... and layout that is designed to be user-friendly Each chapter begins with learning objectives, which are repeated as in-margin markers within the chapter to guide you as you study Chapter 13, “E-Commerce and Entrepreneurship,” serves as a practical guide to using the Internet to conduct business in the twenty-first century Business Plan Pro™, the best-selling business planning software package from . : alk. paper) 1. Small business Management. 2. New business enterprises—Management. 3. Small business United States— Management. 4. New business enterprises—United. a business of your own, Effective Small Business Management: An Entrepreneurial Approach is the ideal book for you! This tenth edition of Effective Small