Effective Small Business Management, 10th Edition

Effective Small Business Management An Entrepreneurial Approach Tenth Edition Norman M. Scarborough William Henry Scott III Associate Professor of Entrepreneurship Presbyterian College Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor-in-Chief: Eric Svendsen Acquisitions Editor: Kim Norbuta Editorial Project Manager: Claudia Fernandes Editorial Assistant: Carter Anderson Director of Marketing: Patrice Lumumba Jones Marketing Manager: Nikki Ayana Jones Marketing Assistant: Ian Gold Senior Managing Editor: Judy Leale Production Project Manager: Kelly Warsak Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Creative Director: Christy Mahon Senior Art Director: Janet Slowik Art Director: Steven Frim Text Designer: Frubilicious Design Group Cover Designer: Frubilicious Design Group Photo Researcher: Sheila Norman Manager, Rights and Permissions: Hessa Albader Media Project Manager: Lisa Rinaldi Editorial Media Project Manager: Denise Vaughn Full-Service Project Management: Sharon Anderson/BookMasters, Inc. Composition: Integra Software Services Printer/Binder: Edwards Brothers Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 10/12, Times Photo credits back cover (from left to right): Nikreates/Alamy, ©Alan Haynes.com/Alamy, ©Wiskerke/Alamy, ©Sheryl Savas/Alamy, © Garry Gay Photography/Alamy Photo credits spine: David Hughes/Shutterstock Photo credit front cover (from left to right): eriana/Shutterstock, Paul Matthew Photography, Susan Law Cain/Shutterstock, ©Fancy Photography/Veer, Netrun78/Shutterstock Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Microsoft® and Windows® are registered trademarks of the Microsoft Corporation in the U.S.A. and other countries. Screen shots and icons reprinted with permission from the Microsoft Corporation. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation. Copyright © 2012, 2009, 2006, 2003, 2000 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458. Many of the designations by manufacturers and seller to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Scarborough, Norman M. Effective small business management : an entrepreneurial approach / Norman M. Scarborough—10th ed. p. cm. Includes bibliographical references and index. ISBN