Entrepreneurship SucceSSfully launching new VentureS FiFth Edition Bruce R. Barringer Oklahoma State University R. Duane Ireland Texas A & M University Boston Columbus Indianapolis New York San Francisco Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Vice President, Business Publishing: Donna Battista Editor in Chief: Stephanie Wall Acquisitions Editor: Daniel Tylman Program Management Lead: Ashley Santora Program Manager: Claudia Fernandes Editorial Assistant: Linda Albelli Vice President, Product Marketing: Maggie Moylan Director of Marketing, Digital Services and Products: Jeanette Koskinas Executive Product Marketing Manager: Anne Fahlgren Field Marketing Manager: Lenny Ann Raper Senior Strategic Marketing Manager: Erin Gardner Project Management Lead: Judy Leale Project Manager: Ann Pulido Procurement Specialist: Diane Peirano VP, Director of Digital Strategy & Assessment: Paul Gentile Manager of Learning Applications: Paul Deluca Digital Editor: Brian Surette Digital Studio Manager: Diane Lombardo Digital Studio Project Manager: Robin Lazrus Digital Studio Project Manager: Alana Coles Digital Studio Project Manager: Monique Lawrence Digital Studio Project Manager: Regina DaSilva Text and Cover Designer: Integra-Chicago Cover Images: LuminAID Lab, LLC Full-Service Project Management: Alverne Ball/Integra-Chicago Composition: Integra Software Services Printer/Binder: RR Donnelley/Willard Cover Printer: Phoenix Color/Hagerstown Text Font: 10/12 ITC Bookman Std Copyright © 2016, 2012, 2010 by Pearson Education, Inc. 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. For information regarding permissions, request forms and the appropriate contacts within the Pearson Education Global Rights & Permissions department, please visit www. pearsoned.com/permissions/. Acknowledgments of third party content appear on the appropriate page within the text, which constitutes an extension of this copyright page Unless otherwise indicated herein, any third-party trademarks that may appear in this work are the property of their respective owners and any references to third-party trademarks, logos or other trade dress are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc. or its affiliates, authors, licensees or distributors. Library of Congress Cataloging-in-Publication Data Barringer, Bruce R. Entrepreneurship : successfully launching new ventures/Bruce Barringer, Oklahoma State University, Duane Ireland, Texas A&M University.—5 Edition. pages cm Includes bibliographical references and index. ISBN 978-0-13-379719-0 (alk. paper) 1. Entrepreneurship. 2. New business enterprises. I. Ireland, R. Duane. II. Title. HB615.B374 2016 658.1’1—dc23 2014016425 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-379719-8 ISBN 13: 978-0-13-379719-0