Higher Education

Small Business Management, 17th Edition

  • Justin G. Longenecker Baylor University
  • J. William Petty Baylor University
  • Leslie E. Palich Baylor University
  • Frank Hoy Worcester Polytechnic Institute
  • ISBN-10: 1133947751  |  ISBN-13: 9781133947752
  • 736 Pages
  • © 2014 | Published
  • College Bookstore Wholesale Price = $247.50
  • Newer Edition Available

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About

Overview

Help your students realize their dreams of small business success with Longenecker's market-leading text SMALL BUSINESS MANAGEMENT: LAUNCHING AND GROWING ENTREPRENEURIAL VENTURES, 17E. This popular text continues to lead with its comprehensive approach, precedent-setting coverage, innovative tools, engaging examples, and integrated resource package. SMALL BUSINESS MANAGEMENT, 17E delves into the fundamentals of business management with an emphasis on how to start a business as well as how to manage, grow, and harvest one--the full business cycle. The book's thorough emphasis on building the business plan offers a full complement of chapters plus a full business plan that gives you flexibility in assignment options. All-new cases, proven exercises, and online activities place students in the role of decision makers to sharpen their understanding of concepts. Unforgettable examples, exciting video cases, and coverage of the most current developments in business management today keep this engaging text as current and practical now as it was when it led the market in its first edition 50 years ago. Each edition builds upon past strengths with new innovations and breakthrough developments. SMALL BUSINESS MANAGEMENT, 17E provides the valuable resources your students will reference and rely upon throughout their entire business careers. Available with InfoTrac® Student Collections http://gocengage.com/infotrac.

Features and Benefits

  • CLEARLY PRESENTED FINANCE CHAPTERS KEEP IMPORTANT FINANCIAL INFORMATION UNDERSTANDABLE AND PRACTICAL: Understanding and using financial information is frequently a challenge for both students and today's small business owners. The authors continue to hone in on these challenging chapters, fine tuning them based on student and reviewer feedback. The revised material should help create a level playing field for the "non-accounting" student.
  • SMALL BUSINESS AND ENTREPRENEURSHIP RESOURCE CENTER EXERCISES HIGHLIGHT BREAKING RESEARCH AND ENTREPRENEURIAL CONCEPTS: Dynamic Exercises at the end of each chapter and on the CourseMate Web site direct students to the Small Business and Entrepreneurship Resource Center with more than 900,000 business articles and company information on various exciting entrepreneurial ventures. Students examine how chapter topics apply to each situation as they examine intriguing companies.
  • FULL SECTION DEVOTED TO DEVELOPING A THOROUGH BUSINESS PLAN ENSURES SUCCESS: This book includes a full complement of chapters devoted to the essential tasks associated with developing a business plan. The authors ensure that students answer all of the tough questions in developing a business plan. Targeted questions within the chapters in Part 3 lead students through the process of building their own plans by ensuring that they focus on the pertinent, not the peripheral. An in-text sample business plan gives students a finished product to dissect and analyze. LivePlan Pro helps take students to the next level by completing their business plans online.
  • INTEGRATED LEARNING SYSTEM COORDINATES TEXT AND SUPPLEMENTS FOR WINNING APPROACH: Beginning with the learning objectives that open each chapter, this book organizes information into distinct, focused, and comprehensible segments. Numbered icons in the text margins indicate where coverage related to each objective appears. All relevant content related to learning objectives is recapped in end-of-chapter summaries.
  • WEALTH OF ONLINE RESOURCES TO ASSIST IN CASE ANALYSIS AND WRITING BUSINESS PLANS: Enrich your students' learning experience with the wealth of resources. Students gain instant access to the popular "StartUp Stories" videos, useful business plan templates, exercises to accompany the Small Business and Entrepreneurship Resource Center as well as helpful interactive quizzes and e-lectures. You will have the ability to track student progress and identify at-risk students while it's still early enough to help.

Table of Contents

1. The Entrepreneurial Life.
2. Entrepreneurial Integrity and Ethics.
3. Getting Started.
4. Franchising and Buyouts.
5. The Family Business.
6. The Business Plan: Visualizing the Dream.
7. The Marketing Plan.
8. The Human Resource Plan: Managers, Owners, Allies, and Directors.
9. The Location Plan.
10. Understanding a Firm's Financial Statements.
11. Forecasting Financial Requirements.
12. A Firm's Sources of Financing.
13. Planning for the Harvest.
14. Building Customer Relationships.
15. Product and Supply Chain Management.
16. Pricing and Credit Decisions.
17. Promotional Planning.
18. Global Opportunities for Small Business.
19. Professional Management in the Entrepreneurial Firm.
20. Managing Human Resources.
21. Managing Operations.
22. Managing the Firm's Assets.
23. Managing Risk in the Small Business.

What's New

  • NEW, EXPANDED CONTENT ADDRESSES TIMELY GLOBAL ISSUES, BREAKING TECHNOLOGY, AND FAMILY BUSINESS: Now you can give your students a solid understanding of multi-level marketing, e-business, and legal and global issues affecting entrepreneurs in tough economic times. Content updates include: increased coverage of social media and social marketing; more information on Internet businesses; more examples of problems running a business; condensed coverage of ethics material; discussion of the effects of the ongoing recession on small businesses; more on building customer relationships; and updated coverage of promotional planning.
  • Revised STARTUP features throughout provide direction/guidance on entrepreneurial Skills, Tools, Actions, Resources, and Transforming. For this edition, we've reduced them in length to make them more direct and useful.
  • NEW and REVISED CASES ALLOW STUDENTS TO EXPLORE TIMELY ENTRPRENUERIAL OPPORTUNITIES: Careful thought has gone into preparing new thought-provoking cases at the end of the text that highlight student friendly companies and organizations. Students apply concepts they learn in each chapter to these realistic entrepreneurial situations.
  • InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at: http://gocengage.com/infotrac.

Alternate Formats

Choose the format that best fits your student's budget and course goals

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  • MindTap 1 Term (6 Months) + Bound Book

    ISBN-10: 1305513029 | ISBN-13: 9781305513020

    List Price = $342.95  | CengageBrain Price = $342.95  | College Bookstore Wholesale Price = $257.50

Learning Resource Bundles

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Learning Consultant for more information.

Bundle: Text + CourseMate with LivePlan, Career Transitions 2.0 Printed Access Card

ISBN-10: 1305128664  | ISBN-13: 9781305128668

List Price = $348.95  | College Bookstore Wholesale Price = $262.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Printed Access Card
    List Price = $230.00  | College Bookstore Wholesale Price = $172.00


ePack: Text + CourseMate with LivePlan, Career Transitions 2.0 Instant Access

ISBN-10:  1305137620  | ISBN-13:  9781305137622

List Price = $342.95  | CengageBrain Price = $342.95  | College Bookstore Wholesale Price = $257.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Instant Access
    List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00


ePack: CourseMate with LivePlan, Career Transitions 2.0 Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management + Cengage Learning Write Experience 2.0 Powered by MyAccess Instant Access: Small Business Management

ISBN-10:  1305247256  | ISBN-13:  9781305247253

List Price = $332.95  | CengageBrain Price = $332.95  | College Bookstore Wholesale Price = $250.00

This Bundle Includes:

  • CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Instant Access
    List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00
  • Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term (6 months) Instant Access
    List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00


Bundle: Text + MindTap® Management, 1 term (6 months) Printed Access Card

ISBN-10:  1305363051  | ISBN-13:  9781305363052

List Price = $342.95  | College Bookstore Wholesale Price = $257.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • MindTap® Management, 1 term (6 months) Printed Access Card
    List Price = $100.00  | College Bookstore Wholesale Price = $75.00


Printed Text + LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access

ISBN-10:  1305386302  | ISBN-13:  9781305386303

List Price = $342.95  | CengageBrain Price = $342.95  | College Bookstore Wholesale Price = $257.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • LMS Integrated for CengageNOW™, 1 term (6 months) Instant Access
    List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00


ePack: CourseMate with LivePlan, Career Transitions 2.0 Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management + Cengage Learning Write Experience 2.0 Powered by MyAccess Instant Access: Small Business Management + MindTap® Management Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management

ISBN-10:  1305424506  | ISBN-13:  9781305424500

List Price = $345.95  | CengageBrain Price = $345.95  | College Bookstore Wholesale Price = $260.00

This Bundle Includes:

  • Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term (6 months) Instant Access
    List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00
  • CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Instant Access
    List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00
  • MindTap® Management, 1 term (6 months) Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management
    List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00


Printed Text + MindTap® Management Instant Access

ISBN-10:  1305513029  | ISBN-13:  9781305513020

List Price = $342.95  | CengageBrain Price = $342.95  | College Bookstore Wholesale Price = $257.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • MindTap® Management, 1 term (6 months) Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management
    List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00


Bundle: Text + CourseMate with LivePlan, Career Transitions 2.0 Printed Access Card + MindTap® Management Printed Access Card

ISBN-10:  1305622731 | ISBN-13:  9781305622739

List Price = $361.95  | CengageBrain Price = $361.95  | College Bookstore Wholesale Price = $272.50

This Bundle Includes:

  • Small Business Management
    List Price = $329.95  | CengageBrain Price = $329.95  | College Bookstore Wholesale Price = $247.50
  • CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Printed Access Card
    List Price = $230.00  | College Bookstore Wholesale Price = $172.00
  • MindTap® Management, 1 term (6 months) Printed Access Card
    List Price = $100.00  | College Bookstore Wholesale Price = $75.00


Efficacy and Outcomes

Reviews

"I really enjoyed reviewing the text. I like having input on how the text that I utilize is designed. So far, the students seem to like this text. They really enjoy the real-life examples. The examples give them hope that they can start a business too."

— Alecia N. Lawrence, Williamsburg Technical College

"3 Strongest chapters: Chapter 1. Good stories for getting the student's interest Chapter 5: The Family Business. This is a common business model and was very relevant to some of my students. Chapter 6: The Business Plan: Because of the plan's importance to the success of a business."

— Richard McEuen, Crowley's Ridge College

Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About" tab, then select "What's New" for updates specific to title's edition.

For more information about these supplements, or to obtain them, contact your Learning Consultant.

Instructor Supplements

Instructor's Resource CD-ROM  (ISBN-10: 1133958850 | ISBN-13: 9781133958857)

This easy-to-use CD gives you immediate desktop access to all of the text's time-saving instructor ancillaries. You are easily able to electronically review, edit, or copy any of the resources you need. The CD includes the Instructor's Manual, Test Bank in Microsoft Word and ExamView, PowerPoint slides, and business plan templates. The revised Test Bank provides a variety of true/false, multiple-choice, and discussion questions, grouped by learning objective and tied to learning outcomes. The Instructor's Manual includes Lecture Notes, useful sources for audio/video and other instructional materials, answers to the "Discussion Questions," comments on "You Make the Call" situations, and teaching notes for the cases. The PowerPoint slides include a complete set of teaching notes and images for lectures as well as a brief student version to assist in study and class preparation. The IRCD has been updated to match text updates.

DVD  (ISBN-10: 1133958869 | ISBN-13: 9781133958864)

The Start-Up Stories videos let you and your students see big ideas at work in a variety of innovative small businesses. Some of the videos cover Five Guys Burgers and Fries, Two Men and a Truck, Kind Snacks, Big Belly Solar, among many others. Use these videos to bring the real world into your classroom and let your students learn, first-hand, from business experts. Videos are available in a convenient DVD format as well as online.

Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term (6 months) Instant Access  (ISBN-10: 1285055373 | ISBN-13: 9781285055374)

Cengage Learning's Write Experience is a new technology that is the first in higher education to offer students the opportunity to improve their writing and analytical skills without adding to your workload. Offered through an exclusive agreement with Vantage Learning, creator of the software used for GMAT essay grading, Write Experience evaluates students' answers to a select set of assignments for writing for voice, style, format, and originality. For more information about this unique course solution, contact your local sales representative or visit www.cengage.com/writeexperience. Better Writing. Better Outcomes. Write Experience.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1285059034 | ISBN-13: 9781285059037)

This robust, online course management system gives you more control in less time and delivers better student outcomes -- NOW. CengageNOW includes teaching and learning resources organized around lecturing, creating assignments, grading, quizzing, and tracking student progress and performance. Flexible assignments options include Self Assessments, Experiential Exercises, Role Play Exercises, Case analysis questions, and more. These features enhance the text's unique approach to not only explaining but also showing management in action. Automatic grading and a gradebook option provide more control while saving you valuable time. A Personalized Study diagnostic tool empowers students to master concepts, prepare for exams, and become more involved in class.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Instant Access  (ISBN-10: 1285058909 | ISBN-13: 9781285058900)

Find all of the offerings of CourseMate, along with this powerful, interactive online tool that walks students step by step through building a business plan--a skill that will benefit them throughout their careers. The system provides informational modules and videos featuring real-world business leaders about each part of the business plan and then prompts students to fill in the templates with information supporting their own business plan. Step by step, the program literally "builds" the business plan from the ground up for these future entrepreneurs and business leaders.

List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00

MindTap® Management, 1 term (6 months) Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management  (ISBN-10: 1285513967 | ISBN-13: 9781285513966)

MINDTAP™ FOR Small Business Management is a personalized, fully online digital learning platform of authoritative Cengage Learning content, assignments, and services that engages your students with interactivity while also offering you choice in the configuration of coursework and enhancement of the curriculum with complimentary web-apps known as MindApps. MindApps range from ReadSpeaker (which reads the text out-loud to students), to Kaltura (allowing you to insert inline video and audio into your curriculum) to ConnectYard (allowing you to create digital "yards" through social media—all without "friending" your students). MINDTAP FOR Small Business Management is well beyond an eBook, a homework solution or digital supplement, a resource center website, a course delivery platform or a Learning Management System. It is the first in a new category—the Personal Learning Experience.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

LMS Integrated for MindTap® Management, 1 term (6 months) Instant Access  (ISBN-10: 1285588193 | ISBN-13: 9781285588193)

This access code will provide your students with seamless access to their MindTap™ Management resources from within your campus Learning Management System. Students will be prompted to enter this access code the first time that they click on a link in your course that includes Cengage content.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

LMS Integrated for CourseMate™, 1 term (6 months) Instant Access  (ISBN-10: 1285756142 | ISBN-13: 9781285756141)

List Price = $230.00  | College Bookstore Wholesale Price = $230.00

LMS Integrated for CourseMate™, 1 term (6 months) Instant Access  (ISBN-10: 1285762991 | ISBN-13: 9781285762999)

List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00

Student Supplements

Cengage Learning Write Experience 2.0 Powered by MyAccess, 1 term (6 months) Instant Access  (ISBN-10: 1285055373 | ISBN-13: 9781285055374)

Cengage Learning's Write Experience Is a new technology that is the first in higher education to offer students the opportunity to improve their writing and analytical skills without adding to your workload. Offered through an exclusive agreement with Vantage Learning, creator of the software used for GMAT essay grading, Write Experience evaluates students' answers to a select set of assignments for writing for voice, style, format, and originality. For more information about this unique course solution, contact your local sales representative or visit www.cengage.com/writeexperience. Better Writing. Better Outcomes. Write Experience.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

CengageNOW™, 1 term (6 months) Instant Access  (ISBN-10: 1285059034 | ISBN-13: 9781285059037)

CengageNOW is an easy-to-use online resource that helps you study in LESS TIME to get the grade you want NOW. A Personalized Study diagnostic tool assists you in accessing areas where you need to focus study. Built-in technology tools help you master concepts as well as prepare for exams and daily class.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Instant Access  (ISBN-10: 1285058909 | ISBN-13: 9781285058900)

This powerful, interactive online tool walks students step by step through building a business plan−a skill that will benefit them throughout their careers. The system provides informational modules and videos featuring real-world business leaders about each part of the business plan and then prompts students to fill in the templates with information supporting their own business plan. Step by step, the program literally "builds" the business plan from the ground up for these future entrepreneurs and business leaders.

List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00

CourseMate with LivePlan, Career Transitions 2.0, 1 term (6 months) Printed Access Card  (ISBN-10: 1285058917 | ISBN-13: 9781285058917)

List Price = $230.00  | College Bookstore Wholesale Price = $172.00

MindTap® Management, 1 term (6 months) Instant Access for Longenecker/Petty/Palich/Hoy's Small Business Management  (ISBN-10: 1285513967 | ISBN-13: 9781285513966)

MindTap™ Management for Longenecker/Petty/Palich/Hoy's Small Business Management, 17th Edition provides you with the tools you need to better manage your limited time -- you can complete assignments whenever and wherever you are ready to learn with course material speciaIIy customized for you by your instructor and streamlined in one proven, easy-to-use interface. With an array of tools and apps -- from note taking to flashcards -- you'II get a true understanding of course concepts, helping you to achieve better grades and setting the groundwork for your future courses. Access to this product is valid for 6 months of usage.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

LMS Integrated for MindTap® Management, 1 term (6 months) Instant Access  (ISBN-10: 1285588193 | ISBN-13: 9781285588193)

This access code will provide you with seamless access to your MindTap™ Management resources from within your campus Learning Management System. You will be prompted to enter this access code the first time that you click on a link in your course that includes Cengage content.

List Price = $100.00  | CengageBrain Price = $100.00  | College Bookstore Wholesale Price = $100.00

LMS Integrated for CourseMate™, 1 term (6 months) Instant Access  (ISBN-10: 1285756142 | ISBN-13: 9781285756141)

List Price = $230.00  | College Bookstore Wholesale Price = $230.00

LMS Integrated for CourseMate™, 1 term (6 months) Instant Access  (ISBN-10: 1285762991 | ISBN-13: 9781285762999)

List Price = $240.00  | CengageBrain Price = $240.00  | College Bookstore Wholesale Price = $240.00

Meet the Author

Author Bio

Justin G. Longenecker

Justin G. Longenecker established SMALL BUSINESS MANAGEMENT as a leader in the market from the first edition of the book 52 years ago. In addition to this market-leading text, he wrote a number of other business books and numerous articles in journals, such as Journal of Small Business Management, Academy of Management Review, Business Horizons, and Journal of Business Ethics. Longenecker was active in several professional organizations and served as president of the International Council for Small Business. In 2005, the United States Association for Small Business and Entrepreneurship (USASBE) honored him with the Max S. Wortman Lifetime Achievement Award. In addition, the selection as a USASBE Justin G. Longenecker Fellow is the highest recognition that the Association gives to individuals who have made an outstanding contribution to the development, furtherance and benefit of small and medium businesses. Justin Longenecker truly was a legend in his own time and continues to have profound influence through the lives of those who knew him. Longenecker grew up in a family business. After attending Central Christian College of Kansas for two years, he earned his B.A. in political science from Seattle Pacific University, his M.B.A. from Ohio State University, and his Ph.D. from the University of Washington. He taught at Baylor University, where he was Emeritus Chavanne Professor of Christian Ethics in Business until his death in 2005.

J. William Petty

Bill Petty is Professor of Finance and the W.W. Caruth Chairholder in Entrepreneurship at Baylor University, and has been named a University Master Teacher. He also helped establish the Baylor Angel Network where he now serves on the Board. He holds a PhD and an MBA from the University of Texas at Austin and a BS from Abilene Christian University, where he is a member of the University's Board of Trustees. He has taught at Virginia Tech University and Texas Tech University, and has served as the dean of the business school at Abilene Christian University. Petty's research interests include acquisitions of privately held companies, shareholder value-based management, the financing of small and entrepreneurial firms, angel financing, and exit strategies for privately held firms. He has served as co-editor for the Journal of Financial Research and editor of the Journal of Entrepreneurial Finance. He has published articles in a number of finance and small business journals and is the co-author of a leading corporate finance textbook Foundations of Finance. Petty has worked as a consultant for oil and gas firms and consumer product companies. He also served as a subject matter expert on a best-practices study on shareholder value–based management, funded by the American Productivity and Quality Center, and he was part of a research team for the Australian Department of Industry to study the feasibility of establishing a public equity market for small- and medium-sized enterprises in Australia. He has served on the Board of Trustees for the Financial Management Association and currently serves on the Board of the United States Association of Small Business and Entrepreneurship (USASBE). Finally, he serves as the audit chair for a publicly traded energy firm.

Leslie E. Palich

Leslie E. Palich is Professor of Management and Entrepreneurship and the W.A. Mays Professor of Entrepreneurship at Baylor University, where he teaches courses in Small Business Management, International Entrepreneurship, Strategic Management, and International Business to undergraduate and graduate students in the Hankamer School of Business. He is also associate director of the Entrepreneurship Studies program at Baylor. He holds a PhD and an MBA from Arizona State University, and a BA from Manhattan Christian College. Palich's research has been published in the Academy of Management Review, Strategic Management Journal, Journal of Business Venturing, Journal of International Business Studies, Journal of Management, Journal of Organizational Behavior, journal of small business management, and several other periodicals. Palich has taught entrepreneurship and strategic management in a number of countries in Europe and Latin America. His interest in entrepreneurial opportunity and small business management dates back to his grade-school years, when he set up a produce sale venture to experiment with small business ownership. That early experience became a springboard for a number of other enterprises. Since that time, he has owned and operated domestic ventures in agribusiness, automobile sales, real estate development, and educational services, as well as an international import business. Dr. Palich currently owns and operates Lead Generation X, an Internet marketing firm that employs cutting-edge promotional methods to serve its clients and their customers.

Frank Hoy

Frank Hoy is the Paul R. Beswick Professor of Innovation and Entrepreneurship in the School of Business at Worcester Polytechnic Institute, where he serves as director of the Collaborative for Entrepreneurship & Innovation. Previously, he was director of the Centers for Entrepreneurial Development, Advancement, Research and Support at the University of Texas at El Paso (UTEP). Professor Hoy joined the WPI faculty in August 2009. He holds a BBA from the University of Texas at El Paso, an MBA from the University of North Texas, and a PhD in management from Texas A&M University. He was a faculty member in the Department of Management at the University of Georgia for 10 years, where he founded and directed the Center for Business and Economic Studies, coordinated the entrepreneurship curriculum, and served as state director of the Georgia Small Business Development Center. In 1991, he returned to Texas to join UTEP as a professor of management and entrepreneurship and dean of the College of Business Administration. Hoy is a past president of the United States Association for Small Business and Entrepreneurship, which honored him in 2014 with the Max S. Wortman Lifetime Achievement Award. He is a past chair of the Entrepreneurship Division of the Academy of Management. His research has appeared in the Academy of Management Journal, Academy of Management Review, Journal of Business Venturing, and Family Business Review, and he is a past editor of Entrepreneurship Theory and Practice.