iii Copyright Goodheart-Willcox Co., Inc. Introduction In today’s fast-paced economy, investigating multiple career options is more challenging than ever. Entrepreneurship helps you meet that challenge. By providing a comprehensive framework to learn about a career as an entrepreneur, you can explore what it is like to be a business owner. One of the major goals of this text is to provide direction to create a business plan. To help accomplish this, each chapter concludes with a project-based activity designed to lead you through this process. A template is available on the companion website to assist in writing a customized business plan. It is important to understand how our free enterprise system plays a role in business. Each unit starts with an Entrepreneurs and the Economy feature article discussing important economic concepts that relate to entrepreneurship. The step-by-step narrative leads you through selecting an idea for a business, social and ethical responsibilities, start-up options for the new business, operating the business, and exiting the business. Separate chapters on funding the business and financial management of the business add clarity to the two separate finance functions. A new learning tool has been included to help you study. QR codes are provided for use with your smartphone to go directly to selected activities. In addition, the G-W Learning Companion Website makes it easy for you to study on the go! About the Authors Brenda Clark is a retired CTE director, marketing and business instructor, SBE advisor, and DECA advisor for Jenison, Michigan Public Schools. She was named Marketing Teacher of the Year at state and national levels, and her marketing program was named Business of the Year by the Jenison Chamber of Commerce. She received the Outstanding Service Award from DECA and was given the Honorary Life Membership Award for Michigan. Brenda currently serves as the Professional Development Manager for MBA Research and Curriculum Center and is a coauthor of Marketing Dynamics and Principles of Business, Marketing, and Finance. She earned a bachelor degree in marketing education, a master degree in educational leadership, and an EdD in educational leadership with a concentration in career and technical education from Western Michigan University. Judy Commers has been a marketing teacher-coordinator and DECA advisor in Indiana for 40 years. For 24 years, she supervised a DECA School-Based Enterprise at Porter County Career and Technical Center in Valparaiso, Indiana. She currently teaches business and marketing at Ivy Tech Community College. She has bee n an instructor for the Indiana Marketing Academy, instructing high school business and marketing teachers. She received her bachelor degree in business and distributive education and an MAE in vocational business and distributive education from Ball State University.