Entrepreneurship, 3rd Edition

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 doing business. Entrepreneurship stirs up the existing economic order and prunes out the dead wood. Established companies that fail to adapt to the changes cease to be competitive in the marketplace and go out of business.

Within the broadest definition, entrepreneurs are found throughout the world of business because any firm, big or small, must have its share of entrepreneurial drive if it is to survive and prosper. This textbook focuses on starting and growing independent new ventures. It is based on entrepreneurship courses taught at Babson College and at universities around the world.

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 entrepreneur will be more successful if he or she has taken a course on how to start and grow a new venture. About 30% of the students who have taken the new-venture course at Babson College since 1985 have gone on to start full-time businesses at some time in their careers. Many have started more than one.

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 entrepreneurial process and the role of entrepreneurship in the economy. ...