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Small Business Management: Creating a Sustainable Competitive Advantage, 7th Edition
Author: Timothy S. Hatten (Author)
Now with SAGE Publishing, Timothy S. Hatten’s Seventh Edition of Small Business Management equips students with the tools they need to navigate the important financial, legal, marketing, managerial, and operational decisions to help them create and maintain a sustainable competitive advantage in small business. Strong emphasis is placed on application with Experiential Learning Activities and application of technology and social media throughout. New cases, real-world examples, and illuminating features spotlight the diverse, innovative contributions of small business owners to the economy. Whether students dream of launching a new venture, purchasing a franchise, managing a lifestyle business, or joining the family company, they will learn important best practices for competing in the modern business world.
This title is accompanied by a complete teaching and learning package. Contact your SAGE representative to request a demo.Digital Option / Courseware
SAGE Vantage is an intuitive digital platform that delivers this text’s content and course materials in a learning experience that offers auto-graded assignments and interactive multimedia tools, all carefully designed to ignite student engagement and drive critical thinking. Built with you and your students in mind, it offers simple course set-up and enables students to better prepare for class. Learn more.
Assignable Video with Assessment
Assignable video (available with SAGE Vantage) is tied to learning objectives and curated exclusively for this text to bring concepts to life. Watch a sample video on advice for new business owners.
Import this title’s instructor resources into your school’s learning management system (LMS) and save time. Don’t use an LMS? You can still access all of the same online resources for this title via the password-protected Instructor Resource Site. Learn more.
Are you thinking about starting your own business some day? For many students, preparation for small business ownership begins with a course in Small Business Management. My goal as an instructor (and the purpose of this text) is to help students fulfill their dreams of becoming entrepreneurs and achieving the independence that comes with small business success.
The theme of this book revolves around creating and maintaining a sustainable competitive advantage in a small business. Running a small business is difficult in today’s rapidly evolving environment. At no other time has it been so important for businesses to hold a competitive advantage. Every chapter in this book can be used to create your competitive advantage—whether it be your idea, your product, your
location, or your marketing plan. Running a small business is like being in a race with no finish line. You must continually strive to satisfy the changing wants and needs of your customers. This book can help you run your best race.
The writing style is personal and conversational. I have tried to avoid excessive use of jargon by explaining topics in simple, understandable language. The book is written in the first person, present tense, because I, the author, am speaking directly to you, the student. I believe that a good example can help make even the most complex concept more understandable and interesting to read. To strengthen the flow of the material and reinforce important points, examples have been carefully selected from the business press and small business owners I have known.
New to this Edition
In preparing this seventh edition, I incorporated suggestions from instructors and students who used the previous edition. In addition, an advisory board of educators from around the country was consulted to help me determine the best ways to meet the needs of students in this course. Here are some of the changes that have been made in this edition: You know all the material that is normally called “end-of-chapter” pedagogy? I didn’t leave it at the end of the chapter—questions for review, discussion, and critical thinking have been moved to the section where the content is covered. I call the approach of blocking Learning Objectives, content, examples, review, and assessment material together “Concept Modules.” I hope you like them.
Two Experiential Learning Activities have been added to each chapter to emphasize the application of what you have just learned to running a small business.
The latest information on topics critical to small business has been added.
These topics include Balance of Life for Small Business Owners
Creativity, Innovation, and Integrity in Small Business
The Gig Economy
Valuation of Small Business
Online Customer Acquisition Costs
Small Business Harvest
Risk Management in Small Business
And, of course, facets of online business, web development, social media, and mobile presence have been added in many chapters/concept modules throughout the book.
New feature boxes highlight important issues in small business management. The four types of boxed features used are Creating Competitive Advantage, Issues in Small Business, Tech in Action, and
What Would You Do? In this edition, the number of boxes was reduced to avoid reader confusion, and the length of boxes was shortened to hold readers’ attention. (Believe it or not, a rumor exists that some students actually skip reading these highlight boxes. Of course, you would never do this and risk missing some of the juiciest stories.) Here is what to expect in each type of highlight box:
Creating Competitive Advantage: These real-world stories come from streetwise business practitioners who know how it’s done and are willing to share the secrets of their success. Building a competitive advantage is the primary theme of this book.
Issues in Small Business: New to this edition, these boxes bring attention to the latest developments and topics facing small businesses.
Tech in Action: Another brand new box contains cutting-edge information on how entrepreneurs use social media and other technology to build their businesses.
What Would You Do? As part of the effort to build Concept Modules, these boxes provide students with a scenario similar to the content they are reading at that moment and are asked to describe, well, what they would do. Clever, eh?
In addition to the highlight boxes, new and revised examples, issues facing small business, and pedagogical tools that bring self-employment to life have been included all through the body of the book.
Some notable examples of small business owners (some of which have businesses that are no longer small, but they started that way):
Alex and Andrew—4Ocean
Roni and Ken DiLullo—Doggles
Jon Kourn/Brian Acton—WhatsApp
Jorge Oden—Wow, you HAVE to read about the device this auto mechanic created to reduce childbirth deaths in developing countries.
Don Sadoway—This chemistry professor developed a radical new battery (and business) that can store power from alternative energy sources like solar and wind.
Leigh-Kathryn Bonner—Bee Downtown
Daniel Katz—No Cow
Topics you will find that tell the stories of small businesses include Creating a small business start-up on campus Building a business model Analyzing what to do if you create a tattoo removal cream Crowdfunding cases from Indiegogo and Kickstarter Illuminating the path to innovation Using big data for small businesses Pricing with anchors, bumps, and charms Pricing by Spotify to attract college students
Making the most of financial dashboards in the cloud Building podcasts for your small business Making LinkedIn your go-to place for hiring
The pedagogical features of this book are designed to complement, supplement, and reinforce material from the body of the text. The following features enhance critical thinking and show practical small
Chapter opening vignettes, Creating Competitive Advantage, and extensive use of examples throughout the book show you what real small businesses are doing.
Each chapter is broken into Concept Modules, each with its own Learning Objective that directly correlates to the topic being covered. These objectives are then revisited and summarized at the end of the chapter.
A running glossary in the margins highlights important terms as they appear in the text. Questions for review and discussion allow you to assess your retention and comprehension at the end of Concept Modules. More questions designed to spark critical thinking prompt you to apply what you have learned to realistic situations.
Experiential Learning Activities is a new feature of this edition. These offer you the opportunity to “roll up your sleeves” and discover what it’s really like in the trenches.
Chapter Closing Cases present real-life business scenarios, allowing you to think critically about the management challenges presented and to further apply chapter concepts.
Every effort has been made to prevent “new edition bloat.” Attention has been paid to items to delete as well as what to add to stay current and streamlined. Special attention has been paid to sharpen the focus of the book to make it about “small business,” not crossing into the related but separate topic of “entrepreneurship.”