Entrepreneurship in a European Perspective

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1 Christine K. Volkmann Kim Oliver Tokarski Marc Grunhagen Entrepreneurship in a European Perspective Concepts for the Creation and Growth of New Ventures GABLER

2 Table of Contents FOREWORD AUTHORS'PREFACE ABOUT THE AUTHORS TABLE OF CONTENTS ILLUSTRATION INDEX TABLE INDEX V VII IX XI XVII XXI 1 BASIC PRINCIPLES OF ENTREPRENEURSHIP Start-up and Growth in the Context of Entrepreneurship History of the Concepts of Entrepreneurship and Entrepreneur Entrepreneurship, Start-up and Growth University Entrepreneurship Intrapreneurship: Entrepreneurship in Established Corporations Characteristics of a Young Enterprise Forms of New Enterprise Formation Innovative and Imitative New Enterprise Formation Original or Derivative New Business Formation and Mixed Forms Ethics, Enterprise Culture and Entrepreneurship Business Ethics Ethics as a Challenge for a Young Enterprise Ethical Orientation for Young Enterprises Social Entrepreneurship Enterprise Culture and Entrepreneurship Comprehension Test and Recommended Literature 65 2 PROCESSES, ENTREPRENEURIAL OPPORTUNITY, INNOVATION The Entrepreneurial Process Aspects of the Entrepreneurial Process Individual Decision Process of the Founder From Entrepreneurial Opportunity to Business Idea Entrepreneurial Opportunity Business Idea 90 XI

3 The Concept of Business Ideas Development of a Business Idea Evaluation of a Business Idea Presentation of a Business Idea The Business Idea and Industrial Property Rights Innovation Invention, Innovation and Imitation Innovation and the Innovation Process Comprehension Test and Recommended Literature THE BUSINESS PLAN AND FORMATION OF THE ENTERPRISE The Business Plan Intention of a Business Plan Significance and Target Groups of a Business Plan Requirements for a Business Plan Proposals for Structuring Business Plans Executive Summary Enterprise, Products and Services Industry, Market and Competition Founder Team, Personnel and Organization Marketing and Distribution Procurement and Production Financial Plan and Financing Opportunities and Risks Appendices Typical Mistakes in Business Plans Business Plan and Controlling Constitutional Aspects Choice of Company Form within a European Context Significance of Legal-entity Formation in the Start-up Process Choosing a Principal Type of Business Ownership Competition of Private Limited Company Forms in Europe Societas Europaea (SE) a legal Form for High-growth Companies Choice of Location.' Comprehension Test and Recommended Literature 182 XII

4 4 MARKETING The Importance of Marketing in Young Enterprises Marketing Planning and the Marketing Plan Situation and Environment Analysis Enterprise and Potential Analysis Market and Competition Analysis Environmental Analysis Planning of Marketing Objectives Planning of Market Entry Market Entry Strategies Timing of Market Entry Planning of Marketing Strategies Planning of the Marketing Mix Product and Service Policy Pricing Policy Communication Policy Distribution Policy Media Mix Planning Comprehension Test and Recommended Literature ORGANIZATION AND PERSONNEL Organizational Planning Organization as a Challenge for Young Enterprises Informal and Learning Organization Selected Organization Concepts Functional Organization Project Organization Team Organization Personnel Planning and Human Resource Management Personnel Requirements Personnel Recruitment, Personnel Induction and Employment Personnel Development 271 XIII

5 5.2.5 Personnel Motivation Non-Material Incentives Material Incentives Personnel Release Comprehension Test and Recommended Literature START-UP AND GROWTH FINANCING Survey of Financing Alternatives Methods of Systematizing Different Types of Financing Systematization within the Context of Start-up and Growth Models of Start-up and Growth Financing Low-Budget-Models Big-Money-Model Importance of the Financing Models in Practice Typical Financing Phases Equity Financing Concept and Forms of Equity Financing Equity Financing: Founders, Family and Friends Equity Financing: Business Angels Concept and Characteristics of a Business Angel Equity Investment Process of Business Angels Equity Financing: Venture Capital Companies Concept and Significance of Venture Capital Structure of Venture Capital Companies The Venture Capital Investment Process Exit Alternatives in Venture Capital Financing Debt Financing Concepts and Forms of Debt Financing Short-term Debt Financing Current Account Credit Supplier Credit : Customer Prepayments Medium- and Long-term Debt Financing Loans from Friends and Family Credit Granting Process from the Point of View of the Bank 325 XIV

6 6.4.4 Micro-lending Concept and Forms of Micro-lending Information Asymmetry of a Credit Relationship Micro-lending Contracts Practical Forms of Micro-lending Mezzanine Financing Concept and Forms of Mezzanine Financing Forms of Mezzanine Financing Public Enterprise Policy and Start-up Financing Comprehension Test and Recommended Literature GROWTH AND GROWTH MANAGEMENT Basic Principles Concept of Enterprise Growth Quantitative Growth Qualitative Growth Systematization of Different Types of Growth Internal Growth External Growth Co-operative Growth Selected Growth Models Life-cycle and Phase Models Complexity Management Growth Model Growth, Vision and Targets Growth and Vision Growth Objectives Growth Analysis Portfolio Analysis ERRCGrid SWOT Analysis Growth Strategies Concept and Forms of Growth Strategies Product-Market Growth Strategies Geographical Growth Strategies Growth Strategies according to the Degree of Co-operation 380 XV

7 Internal Growth Strategies External Growth Strategies Merger and Acquisition Due Diligence and Enterprise Valuation Co-operative Growth Strategies Networks and Network Management Strategic Alliances Joint Ventures Franchising and Licensing Growth within the Context of Collaborative Technologies Growth Obstacles Problem Areas of Young, Growing Enterprises Enterprise-internal Dimension Leadership, Management and Vision Innovation Marketing Organization Personnel Financing Information and Communication Internal Accounting and Controlling Enterprise-external Dimension External Framework Conditions External Resources,.:' Dependencies on Third Parties Lacking External Support Comprehension Tests and Recommended Literature 448 REFERENCE LITERATURE 451 SUBJECT INDEX 495 XVI

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