Entrepreneurship

633 Pages·2010·10.944 MB·English

by  William D. Bygrave, Andrew Zacharakis

This page intentionally left blank
Entrepreneurship
SecondEdition
William Bygrave
Babson College
Andrew Zacharakis
Babson College
John Wiley & Sons, Inc.
To Frederic C. Hamilton and John H. Muller, Jr., pioneers, entrepreneurs,
and benefactors of Babson College.
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LibraryofCongressCataloging-in-PublicationData
Bygrave,WilliamD.,1937-
Entrepreneurship/WilliamD.Bygrave. – 2nded.
p.cm.
Includesindex.
ISBN978-0-470-45037-6(pbk.)
1.Newbusinessenterprises.2.Enterpreneurship.3.Smallbusiness–Management.I.Zacharakis,Andrew.II.
Title.
HD62.5.B9382010
(cid:2)
658.421–dc22
2010027088
PrintedintheUnitedStatesofAmerica
10987654321
CONTENTS
Preface vii 3 OpportunityRecognition,Shaping,and
Reshaping 83
1 ThePowerofEntrepreneurship 1 FromGlimmertoAction:HowDoIComeUpwithaGood
Idea? 84
EntrepreneurshipandSmallBusinessintheUnited
FindingYourPassion 84
States 2
IdeaMultiplication 85
EntrepreneurialRevolution 4
IsYourIdeaanOpportunity? 89
Web:ThreeRevolutionsConverge 8
TheCustomer 89
EntrepreneurshipRevolutionStrikesGold 9
TheCompetition 100
CreativeDestruction 11
SuppliersandVendors 103
CausesoftheEntrepreneurialRevolution 12
TheGovernment 103
ChangesintheEntrepreneurialFramework
TheGlobalEnvironment 104
Conditions 13
TheOpportunityChecklist 104
ChurningandEconomicGrowth 18
‘‘IDon’tHaveanOpportunity’’ 104
GlobalEntrepreneurshipMonitor 19 (cid:2)Conclusion 106
PrincipalFindingsfromGEM 20 (cid:2)YourOpportunityJournal 107
Age 22 (cid:2)WebExercise 107
Gender 23 (cid:2)Notes 107
Education 23
CASE:JIMPOSS 110
Financing 25
JobCreation 25
4 UnderstandingYourBusinessModeland
21st-CenturyEconomies:Anglo-SaxonorSocial
DevelopingYourStrategy 125
Models? 27
(cid:2)Conclusion 29 TheBusinessModel 125
(cid:2)YourOpportunityJournal 30 TheRevenueModel 126
(cid:2)WebExercise 30 TheCostModel 128
(cid:2)Notes 30 TheFirst-MoverMyth 130
CASE:MALINCHO 36 FormulatingaWinningStrategy 132
ThePeopleAreWhatMatters 133
EntryStrategy 134
2 TheEntrepreneurialProcess 49 GrowthStrategy 138
(cid:2)Conclusion 145
CriticalFactorsforStartingaNewEnterprise 50 (cid:2)YourOpportunityJournal 146
PersonalAttributes 52 (cid:2)WebExercise 146
EnvironmentalFactors 52 (cid:2)Notes 146
OtherSociologicalFactors 54
CASE:ADAMAIRCRAFT 149
EvaluatingOpportunitiesforNewBusinesses 56
TheOpportunity 57
5 EntrepreneurialMarketing 167
TheCustomer 58
TheTiming 58 WhyMarketingIsCriticalforEntrepreneurs 168
TheEntrepreneurandtheManagement EntrepreneursFaceUniqueMarketingChallenges 168
Team 59 AcquiringMarketInformation 169
Resources 60 MarketingStrategyforEntrepreneurs 170
DeterminingResourceNeedsandAcquiringResources 60 Segmentation,Targeting,andPositioning 170
StartupCapital 62 TheMarketingMix 171
ProfitPotential 64 GuerrillaMarketing 182
IngredientsforaSuccessfulNewBusiness 66 MarketingSkillsforManagingGrowth 184
(cid:2)Conclusion 68 UnderstandingandListeningtotheCustomer 184
(cid:2)YourOpportunityJournal 68 BuildingtheBrand 185
(cid:2)Notes 68 (cid:2)Conclusion 185
CASE:ALISONBARNARD 70 (cid:2)YourOpportunityJournal 186
iv Contents
(cid:2)WebExercise 186
8 BuildingYourPro-FormaFinancialStatements 305
Appendix:CustomerInterview 186
GeneralOutline:ItNeedstoBeTailoredtoMeetYour CommonMistakes 306
ResearchNeeds 187 FinancialStatementOverview 307
(cid:2)Notes 188 BuildingYourPro-FormaFinancialStatements 308
CASE:COLLEGECOACH 189 Build-UpMethod 308
RevenueProjections 310
6 BuildingtheFoundingTeam 199 CostofGoodsSold 311
OperatingExpenses 311
PoweroftheTeam 200
PreliminaryIncomeStatement 314
WhereDoYouFit? 201
ComparableMethod 315
HowtoBuildaPowerfulTeam 205
BuildingIntegratedFinancialStatements 317
Bootstrapping:BuildingtheTeamBasedon
IncomeStatement 318
Stage-of-VentureLife 206
BalanceSheet 320
Compensation 208
Cash-FlowStatement 321
Equity 208
PuttingItAllTogether 322
Salary 213 (cid:2)Conclusion 323
OtherCompensationConsiderations 213 (cid:2)YourOpportunityJournal 323
ExternalTeamMembers 214 (cid:2)WebExercise 324
OutsideInvestors 214 (cid:2)Notes 324
Lawyers 215
CASE:P’KOLINOFINANCIALS 325
Accountants 215
BoardofAdvisors 216 9 FinancingEntrepreneurialVenturesWorldwide 337
BoardofDirectors 216
EntrepreneurialFinancingfortheWorld’sPoorest 338
KeepingtheTeamTogether 217
Microfinancing 338
Burnout 218
MicrocreditforthePoorestofthePoor 339
FamilyPressure 219
EntrepreneursandInformalInvestors 340
InterpersonalConflicts 219
(cid:2)Conclusion 220 AmountofCapitalNeededtoStartaBusiness 342
(cid:2)YourOpportunityJournal 220 CharacteristicsofInformalInvestors 343
(cid:2)WebExercise 220 FinancialReturnsonInformalInvestment 345
(cid:2)Notes 221 SupplyandDemandforStartupFinancing 346
VentureCapital 347
CASE:AJAYBAM 222
ClassicVentureCapital 347
ImportanceofVentureCapitalintheU.S.Economy 350
7 TheBusinessPlanningProcess 235
MechanismofVentureCapitalInvesting 352
ThePlanningProcess 237 FinancialReturnsonVentureCapital 354
TheStoryModel 239 VentureCapitalinEurope 356
TheBusinessPlan 240 FactorsAffectingAvailabilityofFinancing 357
TheCover 240 TotalEntrepreneurialActivityandInformal
ExecutiveSummary 240 Investing 357
TableofContents 241 FactorsAffectingInformalInvesting 357
Industry,Customer,andCompetitorAnalysis 242 FactorsAffectingClassicVentureCapital 357
CompanyandProductDescription 246 (cid:2)Conclusion 358
MarketingPlan 246 (cid:2)YourOpportunityJournal 358
OperationsPlan 250 (cid:2)WebExercise 359
DevelopmentPlan 251 (cid:2)Notes 359
Team 252 CASE:DAYONE 361
CriticalRisks 255
10 RaisingMoneyforStartingandGrowing
Offering 256
Businesses 379
FinancialPlan 256
Appendices 256 JimPoss,BigBellySolar 379
TypesofPlans 257 BootstrappingNewVentures 380
StylePointersfortheWrittenPlanandOral Valuation 381
Presentation 258 EarningsCapitalizationValuation 381
(cid:2)Conclusion 259 PresentValueofFutureCashFlows 382
(cid:2)YourOpportunityJournal 259 Market-ComparableValuation(Multipleof
(cid:2)WebExercise 259 Earnings) 382
(cid:2)Notes 260 Asset-BasedValuation 383
CASE:P’KOLINO 261 ExampleofMarket-ComparableValuation 383
Contents v
Asset-BasedValuationExample 385 Obtaining‘‘Financing’’fromCustomerPrepayments 435
FinancingaNewVenture 386 ChoosingtheRightMixofShort-TermFinancing 436
InformalInvestors 387 TraditionalBankLending:Short-TermBankLoans 436
BusinessAngels 388 MaturityofLoans 437
SearchingforBusinessAngels 390 InterestRates 437
TypesofBusinessAngels 391 Collateral 438
PuttingTogetheraRoundofAngelInvestment 392 ApplyingforaBankLoan 439
VentureCapital 393 RestrictiveCovenants 439
CandidatesforVentureCapital 393 GeneralProvisions 439
IdealCandidatesforVentureCapital 394 RoutineProvisions 440
ActualVenture-Capital-BackedCompanies 395 SpecificProvisions 441
DealingwithVentureCapitalists 396 EquipmentFinancing 441
NegotiatingtheDeal 398 ObtainingEarlyFinancingfromExternalSources 442
Follow-OnRoundsofVentureCapital 398 SBA-GuaranteedLoans 442
HarvestingInvestments 399 ApplyingforanSBALoan 442
InitialPublicOffering 399 PlanningCashFlowandPlanningProfits 444
ProsandConsofanIPO 400 (cid:2)Conclusion 444
TheProcessofGoingPublic 402 (cid:2)YourOpportunityJournal 445
BFWSGoesPublic 404 (cid:2)WebExercise 445
SellingtheCompany 404 (cid:2)Notes 446
AStrategicAcquisition:LowerMyBills.com 404 CASE:FEEDRESOURCERECOVERY 447
WhyBeAcquired? 406
(cid:2)Conclusion 407
(cid:2)YourOpportunityJournal 408 12 LegalandTaxIssues 461
(cid:2)WebExercise 408
LeavingYourPresentPosition 462
(cid:2)Notes 409
CorporateOpportunity 462
CASE:BLADELOGIC 412
RecruitmentofFellowEmployees 463
ProprietaryInformation 463
11 DebtandOtherFormsofFinancing 421
Noncompetition 465
GettingAccesstoFunds—StartwithInternalSources 421 ChoosinganAttorneyandanAccountant 466
StartwithCreditCardsandHomeEquityLines 422 ChoiceofLegalForm 466
CashConversionCycle 423 Control 467
WorkingCapital:GettingCashfromReceivablesand PersonalLiability 469
Inventories 424 Taxation 470
UsingAccountsReceivableasWorkingCapital 425 InitialInvestmentoftheFounders 472
TheSalesPattern 426 AdministrativeObligations 474
CashVersusCreditSales 426 ChoosingaName 474
CreditPolicies 426 Stockholders’andOperatingAgreements 475
SettingCreditTerms 427 NegotiatingEmploymentTerms 475
CollectionPolicies 428 DispositionofEquityInterests 475
SettingCreditLimitsforIndividualAccounts 429 DistributionsofCompanyProfits 477
Inventory 430 RedemptionProvisions 478
SourcesofShort-TermCash:MorePayables,Less LegalandTaxIssuesinHiringEmployees 478
Receivables 431 EmployeesasAgentsoftheCompany 478
CashfromShort-TermBankLoans 431 EmploymentDiscrimination 479
CashfromTradeCredit 431 OtherEmploymentStatutes 480
CashObtainedbyNegotiatingwithSuppliers 432 EmploymentAgreements 480
CashAvailableBecauseofSeasonalBusinessCredit EquitySharing 481
Terms 432 Insurance 482
AdvantagesofTradeCredit 433 PropertyInsurance 482
CashObtainedbyTighteningUpAccountsReceivable LiabilityInsurance 482
Collections 433 KeyPersonLifeInsurance 483
ObtainingBankLoansThroughAccountsReceivable BusinessInterruptionInsurance 483
Financing 434 GroupLife,Disability,andHealthInsurancefor
Pledging 434 Employees 483
PledgingwithNotification 434 RaisingMoney 483
Factoring 434 LegalIssuesintheSaleofSecuritiestoInvestors 483
Recourse 435 (cid:2)Conclusion 485
ObtainingLoansagainstInventory 435 (cid:2)YourOpportunityJournal 485
vi Contents
(cid:2)WebExercise 486 14 EntrepreneurialGrowth 531
(cid:2)Notes 486
CASE:CADENCEDESIGNSYSTEMSANDAVANT!(A) 487 MakingtheTransitionfromStartuptoGrowth 532
LookingForward:TheChoicetoGrow,orNot,...
orSell 532
13 IntellectualProperty 499
AModelofDrivingForcesofGrowth 534
TheBasics:WhatIsProtectableandHowShouldItBe TheGrowthProcess 535
Protected? 500 Execution 535
Patents 501 InstitutingControls 535
ObtainingaUtilityPatent 501 TrackingPerformance 537
CriteriaforObtainingaUtilityPatent 503 ManagingtheCashCycle 538
DraftingthePatentClaims 504 LeveragingtheValueChain 540
ProvisionalPatentApplications 506 MaintainingtheEntrepreneurialOrganization 540
DesignPatents 506 OpportunityDomain 541
ManagingPatentCosts 506 OrganizationalResourcesandCapabilities 544
TradeSecrets 507 ObtainingFinancialResourcesfortheGrowing
Trademarks 510 Company 544
RegisteringaMark 511 IntangibleResourcesandCapabilities 545
OwnershipofaMark 512 Leadership 546
Copyright 512 StartingtheDelegationProcess 547
SummingUp 513 First-LevelManagement 548
InternationalProtectionforIntellectual FromDelegationtoDecentralization 549
Property 513 ProfessionalManagementandBoards 549
PatentFilingDeadlines 514 CoordinatingtheDrivingForces 550
HowtoExtendPatentFilingDeadlines 514 LeadingPeople;DevelopingEntrepreneurs 550
LicensingandTechnologyTransfer 515 (cid:2)Conclusion 551
CommonConcernsandClauses 515 (cid:2)YourOpportunityJournal 552
DefiningthePropertyBeingLicensed 516 (cid:2)WebExercise 553
LimitationsonLicenses 516 (cid:2)Notes 553
AssigningValuetoaLicense 516 CASE:LAZYBONES 554
RoyaltyRates 517
NegotiatingLicenseAgreements 517 15 SocialEntrepreneurship:AnOverview 563
ForeignLicenses 518
SoftwareProtection 518 Definition 564
PatentsforSoftware 518 ImitativeNonprofitOrganizations 566
SoftwareCopyrights 519 InnovativeNonprofitOrganizations 567
SoftwareTradeSecretProtection 519 Hybrids 568
TheInternet 520 For-Profits 569
IPAgreements 520 NewFormsofOrganizations 570
PreparingEmploymentContracts 521 GettingStarted 571
TransferofEmployeeRightstoCompany IdentifyinganOpportunity 571
Innovations 521 ForminganOrganization 573
HowEmployeeMoonlightingMightCompromise SecuringResources 575
Confidentiality 522 EvaluatingResults 576
NoncompetitionClauses 522 GoingtoScale 578
PreventingEmployeeRaiding 523 (cid:2)Conclusion 578
EmployeeOwnershipofCopyright 524 (cid:2)YourOpportunityJournal 579
RightsofPriorEmployees 524 (cid:2)WebExercise 580
ConsultantContracts 524 (cid:2)Notes 580
ConfidentialDisclosureAgreements 525 CASE:EARTHWATCH 583
(cid:2)Conclusion 526
(cid:2)YourOpportunityJournal 527 Glossary 597
(cid:2)WebExercise 527 CompanyIndex 607
(cid:2)Notes 527 NameIndex 611
CASE:CADENCEDESIGNSYSTEMSANDAVANT!(B) 528 SubjectIndex 613
PREFACE
The green shoots of entrepreneurship give an economy its vitality. They give rise to new
products and services, fresh applications for existing products and services, and new ways of
doingbusiness.Entrepreneurshipstirsuptheexistingeconomicorderandprunesoutthedead
wood.Established companiesthat fail toadapt to thechangescease to becompetitivein the
marketplaceandgooutofbusiness.
Withinthebroadestdefinition,entrepreneursarefoundthroughouttheworldofbusiness
becauseanyfirm,bigorsmall,musthaveitsshareofentrepreneurialdriveifitistosurviveand
prosper.Thistextbookfocusesonstartingandgrowingindependentnewventures.Itisbased
onentrepreneurshipcoursestaughtatBabsonCollegeandatuniversitiesaroundtheworld.
One of the most common questions that entrepreneurship educators are asked is,
Can entrepreneurship be taught? Our response is that anyone with a desire to become an
entrepreneurwillbemoresuccessfulifheorshehastakenacourseonhowtostartandgrow
anewventure.About30%ofthestudentswhohavetakenthenew-venturecourseatBabson
College since 1985 have gone on to start full-time businesses at some time in their careers.
Manyhavestartedmorethanone.
While this textbook empowers would-be entrepreneurs to start and grow their new
ventures, it’s not only for them. Any student who reads this book will learn about the
entrepreneurialprocess and theroleof entrepreneurshipintheeconomy.We believethat all
business students, whether or not they start a new business, will benefit from learning about
entrepreneurship.Afterall,entrepreneurshipandsmallbusinesscreatemostofthejobsinthe
U.S.economyandaccountforalmosthalftheGDP.Theyareubiquitous,andsointegralto
the economy that almost every student will work in one way or another with entrepreneurs
and small businesses after graduation. This textbook will stand students in good stead—not
only for starting their own firms, but also for dealing with startups as investors, bankers,
accountants,lawyers,customers,vendors,employees,landlords,andinanyothercapacity.
Anentrepreneurialrevolutionhastransformedtheeconomysincethemid-1970s.Central
tothatrevolutionisinformationtechnology,especiallypersonalcomputersandtheInternet.
Informationtechnologyhasprofoundlychangedthewaycompaniesdobusiness,nonemore
so than startup companies. Today’s students were born after the personal computer came
into common use, and they came of age in the era of the Web. We believe they need an
entrepreneurship text in which information technology is completely integrated all the way
through.
Thisbookcombinesconceptsandcasestopresentthelatesttheoryaboutentrepreneurship
andrelateactualexperiences.Theconceptscoverwhatwould-beentrepreneursneedtoknow
to start and grow their businesses, and the cases illustrate how real entrepreneurs have gone
out and done it. They cover all stages of the entrepreneurial process, from searching for an
opportunitytoshapingitintoacommerciallyattractiveproductorservice,launchingthenew
venture,buildingitintoaviablebusiness,andeventuallyharvestingit.
Chapter 1 discusses the role of entrepreneurship in the U.S. economy and looks at the
entrepreneurialcompetitivenessofnationsthroughouttheworld.Chapter2isanoverviewof
thefactorscriticalforstartinganewenterpriseandbuildingitintoasuccessfulbusiness.
Chapters 3 through 8 look in detail at what budding entrepreneurs need to do before
they open their doors for business. The section starts with searching for opportunities and
evaluating them. It explains how to build a workable business model and covers marketing,
viii Preface
strategy,teambuilding,financialprojections,andbusinessplanning.Attheendofthissection
studentsknowhowtowriteabusinessplanandhowmuchstartupcapitaltheyneedtostart
theirventures.
The next section, Chapter 9 through 11, deals with financing businesses. Chapter 9
reviewsthesourcesoffinancingforstartingandgrowingbusinesses,bothintheUnitedStates
andworldwide.Chapter10discussesthenutsandboltsofraisingmoney,particularlyequity,
tostartandgrowabusiness.Chapter11examinesdebtandothersourcesoffinancing.
Entrepreneurs need to understand the legal and tax issues associated with organizing a
new business. They also need to know how to protect their intellectual capital. Chapters 12
and13explorethesetopics.
Anyone can start a new venture, but very few new businesses grow into substantial
enterprises.Chapter14discusseswhatittakestogrowabusinessintoahealthycompanythat
providesfinancialrewardsfortheentrepreneurandgoodjobsforemployees.
Finally, Chapter 15 looks at social entrepreneurship. Today, many students are looking
atbusinessideasthatmaynotonlyearnaprofit,butalsoaddressasocialconcern.
Each chapter is accompanied by a case study of entrepreneurs in action. We chose the
casescarefully,usingthesecriteria:
• Theentrepreneursandtheircompaniesrepresentaspectrumofsituationsandindustries
thatisasbroadaswecouldmakeit.
• The judgmentpoint in most cases occursin thetwenty-firstcentury—some as recently
as2008and2009.
• Allstagesoftheentrepreneurialprocessarecovered,frompre-startupthroughharvest.
• Almost all the entrepreneurs in the cases are in their 20s and 30s; some are recent
graduates.
There’s no substitute for the experience gained fromactually starting a business, but we
believethatbycompletingthecasestudiesinthisbookstudentswillgainwisdomthatwould
takeyearstopickupbytrialanderrorasentrepreneursstartingandbuildingbusinessesfrom
scratch.
Each chapter ends with a uniqueOpportunityJournal. Here studentscan reflect on the
lessonslearnedandthinkabouthowtoapplythemtotheirownentrepreneurialventures,or
to managing their careers. Finally, a Web exercise builds upon key concepts covered in each
chapter.
New to this Edition
The second edition has been thoroughly updated and enhanced throughout. Since the first
edition, the U.S. and world have seen increasing turmoil: the great recession; continuing
wars in Iraq and Afghanistan; a major oil spill in the Gulf of Mexico; earthquakes in Haiti
and Chile; and an ongoing debate over climate change, just to name a few issues. To that
end, we’ve noticed that more students than ever before are interested in not only creating
great companies, but also addressing social issues. Thus, we’ve added Chapter 15 on Social
Entrepreneurship, written by our colleague John Whitman. John has created a number of
cuttingedgecourses onSocialEntrepreneurship.In Chapter 15, he uses hisexpertise to talk
aboutdifferentorganizationstructuresandhowentrepreneurscancreatecompaniesthathave
adoubleortriplebottomline.We’vealsoaddedsomenewcasesthatillustrateventureswith
astrongsocialobjective.InadditiontotheJimPosscasefromthefirstedition,nowthetext
includesacaseonFeedResourceRecovery,abusinessthatconvertsfoodwasteintoenergyand
organic fertilizer, and on Earthwatch, the story of a social enterprise that uses eco/adventure
tourismtofundresearchonimportantearthscienceinitiatives.