New to this edition Concepts drawn from modern business prepare students for real industry. Real-World Examples show students how entrepreneurs are putting the text's material into action, and help learners understand key concepts in the course. Ten additional cases cover several topics about small companies, and challenge students to think critically about the concepts covered in the text. Stay current with the latest entrepreneurial data. Every chapter in this text reflects the most recent statistics, studies, surveys, and research about entrepreneurship and small business management. New content gives student the tools to approach the subject like a professional. Chapters now include insights on the use of social media as a powerful modern business tool, from attracting investors and screening potential franchises to getting feedback from customers. Separate chapters on 'Forms of Business Ownership' and 'Buying an Existing Business'. 5-step process included in the chapter on buying a business, including valuation methods on potential business opportunities.