This document provides an overview of industry, competitor, and market analysis for entrepreneurship. It discusses the importance of conducting an industry analysis before starting a new venture to understand factors like threats from new entrants, competition among existing firms, bargaining power of suppliers and buyers, and availability of substitutes. The document also explains Porter's Five Forces model as a framework for assessing industry attractiveness.

1. ABDM4233 ENTREPRENEURSHIP
Industry,
Competitor &
Market Analysis
by
Stephen Ong
Principal Lecturer (Specialist)
Visiting Professor, Shenzhen

2. Elements of a Feasibility Analysis
Industry and Product or Service
Market Feasibility
Feasibility
Financial
Feasibility

3. The 360° CUBE Pitch
Six Posters in a 6 minute Investor Pitch
SOCIAL MARKETING
PROBLEM & SALES
VISION & OPERATIONS TEAM
MISSION & KEY PARTNERS
BUSINESS FINANCIAL
MODEL MILESTONES

4. 360° Business CUBE
1. The Problem : How BIG is the problem?
2. The Solution : Our Social Enterprise’s
Vision & Mission
3. The Business Model : Getting the
JOB done for the Customer
Segments
4. Marketing & Sales (and Fundraising)
5. The Team & Key Partners
6. The Financial Plan : Goals and objectives,
with a timeline (Milestones)

5. What is Industry Analysis?
 Industry
 An industry is a group of firms producing a similar
product or service, such as airlines, fitness drinks,
furniture, or electronic games.
 Industry Analysis
 Is business research that focuses on the potential of an
industry.
5-5

6. Why is Industry Analysis Important?
Importance
• Once it is determined that a new
venture is feasible in regard to the
Industry Analysis industry and market in which it
will compete, a more in-depth
analysis is needed to learn the ins
and outs of the industry.
• The analysis helps a firm
determine
if the target market it identified
during feasibility analysis is
favorable for a new firm.
5-6

7. Three Key Questions
When studying an industry, an entrepreneur must answer
three questions before pursuing the idea of starting a firm.
Question 1 Question 3
Is the industry Question 2 Are there positions in
accessible—in other
words, is it is realistic the industry that
Does the industry
place for
contain markets that avoid
a new areripe some of the
venture negative
for innovation
to enter? or are underserved? attributes
of the
industry as a whole?

8. How Industry and Firm-Level Factors
Affect Performance
 Firm-Level Factors
 Include a firm’s assets, products, culture, teamwork
among its employees, reputation, and other resources.
 Industry-Level Factors
 Include threat of new entrants, rivalry among existing
firms, bargaining power of buyers, and related factors.
 Conclusion
 In various studies, researchers have found that from
8% to 30% of the variation in firm profitability is
directly attributable to the industry in which a firm
competes.
5-8

9. Techniques Available to Assess Industry
Attractiveness
Assessing Industry Attractiveness
Study Environmental The Five Competitive
and Business Trends Forces Model
Politics Substitutes
Economics
Socio-Demographics
New Entrants
Technology Competitors
Environment Suppliers
Legal Buyers

10. Studying Industry Trends
 Environmental Trends
 Include economic trends, social trends, technological
advances, and political and regulatory changes.
 For example, industries that sell products to seniors are
benefiting by the aging of the population.
 Business Trends
 Other trends that impact an industry.
 For example, are profit margins in the industry
increasing or falling? Is innovation accelerating or
waning? Are input costs going up or down?
5-10

11. The Five Competitive Forces Model
1 of 3
 Explanation of Porter’s Five Forces
Model
 The five competitive forces model is a
framework for understanding the
structure of an industry.
 The model is composed of the forces that
determine industry profitability.
 They help determine the average rate of
return for the firms in an industry.
5-11

12. The Five Competitive Forces Model
2 of 3
 Explanation of the Five Forces Model (continued)
 Each of the five forces impacts the
average rate of return for the firms in an
industry by applying pressure on
industry profitability.
 Well managed firms try to position their
firms in a way that avoids or diminishes
these forces—in an attempt to beat the
average rate of return of the industry.
5-12

13. Porter’s Five Competitive Forces Model
3 of 3
Potential
Entrants
Threat of
New Entrants
Bargaining Power
Industry
of Suppliers Bargaining Power
Competitors
of Buyers
Suppliers Buyers
Rivalry among
existing firms
Threat of Substitute
Products or Services
Substitutes

14. Threat of Substitutes
1 of 3
 Threat of Substitutes
 The price that consumers are willing to pay for
a product depends in part on the availability of
substitute products.
 For example, there are few if any substitutes for
prescription medicines, which is one of the
reasons the pharmaceutical industry is so
profitable.
 In contrast, when close substitutes for a product
exist, industry profitability is suppressed,
because consumers will opt out if the price gets
too high. 5-14

15. Threat of Substitutes
2 of 3
 Threat of Substitutes (continued)
 The extent to which substitutes suppress the
profitability of an industry depends on the
propensity for buyers to substitute between
alternatives.
 This is why firms in an industry often offer
their customers amenities to reduce the
likelihood that they will switch to a substitute
product, even in light of a price increase.
5-15

16. Threat of Substitutes
3 of 3
• This independently owned
coffee shop doesn’t just sell
coffee.
• It also offers its patrons a
convenient and pleasant place
to meet, socialize, and study.
• It provides these amenities to
decrease the likelihood that its
customers will “substitute”
coffee at this shop for less
expensive alternatives.
5-16

17. Threat of New Entrants
1 of 6
 Threat of New Entrants
 If the firms in an industry are highly profitable,
the industry becomes a magnet to new entrants.
 Unless something is done to stop this, the
competition in the industry will increase, and
average industry profitability will decline.
 Firms in an industry try to keep the number of
new entrants low by erecting barriers to entry.
 A barrier to entry is a condition that creates a
disincentive for a new firm to enter an industry.
5-17

18. Threat of New Entrants
2 of 6
Barriers to Entry
Barrier to Entry Explanation
Industries that are characterized by large economies
Economies of of scale are difficult for new firms to enter, unless
Scale they are willing to accept a cost disadvantage.
Industries such as the soft drink industry that are
Product characterized by firms with strong brands are difficult
differentiation to break into without spending heavily on advertising.
Capital The need to invest large amounts of money to gain
entrance to an industry is another barrier to entry.
requirements
5-18

19. Threat of New Entrants
3 of 6
Barriers to Entry (continued)
Barrier to Entry Explanation
Existing firms may have cost advantages not related
Cost advantages to size. For example, the existing firms in an industry
independent of may have purchased land when it was less expensive
size than it is today.
Access to Distribution channels are often hard to crack. This is
particularly true in crowded markets, such as the
distribution convenience store market.
channels
Some industries, such as broadcasting, require the
Government granting of a license by a public authority to compete.
and legal
barriers
5-19

20. Threat of New Entrants
4 of 6
 Non-traditional Barriers to Entry
 It is difficult for start-ups to execute barriers to entry
that are expensive, such as economies of scale, because
money is usually tight.
 Start-ups have to rely on non-traditional barriers to
entry to discourage new entrants, such as assembling a
world-class management team
that would be difficult for another company to
replicate.
5-20

21. Threat of New Entrants
5 of 6
Nontraditional Barriers to Entry
Barrier to Entry Explanation
Strength of If a start-up puts together a world-class management
team, it may give potential rivals pause in taking on
management the start-up in its chosen industry.
team
First-mover If a start-up pioneers an industry or a new concept
within an industry, the name recognition the start-up
advantage establishes may create a barrier to entry.
Passion If the employees of a start-up are motivated by the
unique culture of a start-up, and anticipate a large
of the management financial reward, this is a combination that cannot be
team and replicated by larger firms.
employees
5-21

22. Threat of New Entrants
6 of 6
Nontraditional Barriers to Entry (continued)
Barrier to Entry Explanation
If a start-up is able to construct a unique business
Unique model and establish a network of relationships that
makes the business model work, this set of advantages
business model creates a barrier to entry.
Internet Some Internet domain names are so “spot-on” that
they give a start-up a meaningful leg up in terms of e-
domain name commerce opportunities.
If a start-up invents a new approach to an industry
Inventing a and executes it in an exemplary fashion, these factors
new approach create a barrier to entry for potential imitators.
to an industry
5-22

23. Rivalry Among Existing Firms
1 of 3
 Rivalry Among Existing Firms
 In most industries, the major
determinant of industry profitability is
the level of competition among existing
firms.
 Some industries are fiercely competitive,
to the point where prices are pushed
below the level of costs, and industry-
wide losses occur.
 In other industries, competition is much
less intense and price competition is 5-23

24. Rivalry Among Existing Firms
2 of 3
Factors that determine the intensity of the rivalry among
existing firms in an industry.
Number &
The more competitors there are, the more likely it
balance of is that one or more will try to gain customers by
competitors cutting its price.
Degree of The degree to which products differ from one
product to another affects industry rivalry.
difference
between
products
5-24

25. Rivalry Among Existing Firms
3 of 3
Factors that determine the intensity of the rivalry among existing
firms in an industry (continued)
Growth rate The competition among firms in a slow-growth
of an industry is stronger than among those in fast-
growth industries.
industry
Level of Firms that have high fixed costs must sell a higher
volume of their product to reach the break-even
fixed point than firms with low fixed costs.
costs
5-25

26. Bargaining Power of Suppliers
1 of 3
 Bargaining Power of Suppliers
 Suppliers can suppress the profitability of the
industries to which they sell by raising prices or
reducing the quality of the components they
provide.
 If a supplier reduces the quality of the components
it supplies, the quality of the finished product will
suffer, and the manufacturer will eventually have
to lower its price.
 If the suppliers are powerful relative to the firms
in the industry to which they sell, industry
profitability can suffer. 5-26

27. Bargaining Power of Suppliers
2 of 3
Factors that have an impact on the ability of suppliers to
exert pressure on buyers
Supplier When there are only a few suppliers that supply a
concen- critical product to a large number of buyers, the
supplier has an advantage.
tration
Switching costs are the fixed costs that buyers
Switch encounter when switching or changing from one
supplier to another. If switching costs are high, a
-ing buyer will be less likely to switch suppliers.
costs
5-27

28. Bargaining Power of Suppliers
3 of 3
Factors that have an impact on the ability of suppliers to exert
pressure on buyers (continued)
Attractive- Supplier power is enhanced if there are no
ness of attractive substitutes for the product or services
the supplier offers.
substitutes
The power of a supplier is enhanced if there is a
Threat of credible possibility that the supplier might enter
the buyer’s industry.
forward
integration
5-28

29. Bargaining Power of Buyers
1 of 3
 Bargaining Power of Buyers
 Buyers can suppress the profitability of the
industries from which they purchase by
demanding price concessions or increases in
quality.
 For example, the automobile industry is dominated
by a handful of large companies that buy products
from thousands of suppliers in different industries.
This allows the automakers to suppress the
profitability of the industries from which they buy
by demanding price reductions.
5-29

30. Bargaining Power of Buyers
2 of 3
Factors that have an impact on the ability of suppliers to exert
pressure on buyers
Buyer If there are only a few large buyers, and they buy
from a large number of suppliers, they can
group pressure the suppliers to lower costs and thus
concentra affect the profitability of the industries from which
they buy.
-tion
The greater the importance of an item is to a
Buyer’s buyer, the more sensitive the buyer will be to the
price it pays.
costs
5-30

31. Bargaining Power of Buyers
3 of 3
Factors that have an impact on the ability of buyers to exert
pressure on suppliers (continued)
Degree of The degree to which a supplier’s product
standardi differs from its competitors affects the buyer’s
bargaining power.
-zation of
supplier’s
products
Threat of The power of buyers is enhanced if there is a
backward credible threat that the buyer might enter the
supplier’s industry.
integration
5-31

32. First Application of the Five Forces
Model
1 of 2
 First Application of the Model
 The five forces model can be used to assess the
attractiveness of an industry by determining the level of
threat to industry profitability for each of the forces.
 If a firm fills out the form shown on the next slide and
several of the threats to industry profitability are high,
the firm may want to reconsider entering the industry
or think carefully about the position it would occupy.
5-32

33. First Application of the Five Forced
Model
2 of 2
Assessing Industry Attractiveness Using the Five Forces Model

34. Second Application of the Five Forces
Model
1 of 2
 Second Application of the Model
 The second way a new firm can apply the
five forces model to help determine
whether it should enter an industry is by
using the model to answer several key
questions.
 The questions are shown in the figure on
the next slide, and help a firm project the
potential success of a new venture in a
particular industry. 5-34

35. Second Application of the Five Forces
Model
2 of 2
Using the Five Forces Model to Pose Questions to Determine the Potential
Success of a New Venture in an Industry
5-35

36. Second Application of the Five
Forces Model
 Can achieve
Higher Profits and
Social Good?
 Maintain a Unique
Position in the
industry?
 Have a Superior
Business Model
that is hard to
duplicate?

37. Industry Types and the Opportunities
They Offer
1 of 3
 Emerging Industries
 Industries in which standard operating
procedures have yet to be developed.
First-mover advantage
 Opportunity:
 Fragmented Industries
 Industries that are
characterized by a
large number of firms of approximately
equal size.
 Opportunity: Consolidation 5-37

38. Industry Types and the Opportunities
They Offer
2 of 3
 Mature Industries
 Industries that are experiencing slow or no increase
in demand.
 Opportunities: Process innovation and after-
sale service innovation
 Declining Industries
 Industries that are experiencing a reduction in
demand.
 Opportunities: Leadership, establishing a niche
market, and pursuing a cost reduction strategy 5-38

39. Industry Types and the Opportunities
They Offer
3 of 3
 Global Industries
 Industries that are experiencing
significant international sales.
Multi-domestic and
 Opportunities:
global strategies
5-39

40. Market Analysis
&
6P of Marketing

41. Selecting a Market and Establishing a
Position in the Market
 Important Questions That All Start-ups
Must Ask
 In order to succeed, a new firm must address
this important issue: Who are our customers
and how will we appeal to them?
 A well-managed start-up approaches this query
by following a three-step process:
 Segmenting the market
 Selecting a target market
 Establishing a unique position

42. The Process of Selecting a Target
Market and Positioning Strategy

43. Market Segmentation
• Involves studying a firm’s
industry and determining the
different target markets in that
industry.
Segmenting the • Markets can be segmented in
Market a number of different ways,
including
- Product type
- Geography (city, state,
region)
- Demographic variables

44. Example: Segmenting the Dance Studio
Market by Customers Served
Professional Dancing Adult Dancing Youth Dancing
Serious Ballroom and other Ballet and other types
dancers who aspire types of dancing of dancing for young
to make a living for adults who want girls who want to
dancing in Broadway to learn dance for learn to dance to
plays recreation and fun develop poise and
grace

45. Selecting a Target Market
• Once a firm has segmented
the market, a target market
must be chosen.
• The market must be sufficiently
Target Market
attractive and the firm must have
the capability to serve it.
• By focusing on a clearly defined
market, a firm can become an
expert in that market and then
be able to provide customers a
high level of service.

46. Establishing a Unique Position
1 of 2
• After selecting a target market, the
firm’s next step is to establish a
“position” within the market that
Positioning differentiates it from its rivals.
• A “position” is the part of a market
that the firm is claiming as its own.
• A firm establishes a unique
position in its customers’
minds by drawing attention to
two or three of the
product’s attributes.

47. Establishing a Unique Position
2 of 2
 Positioning (continued)
 Firms often develop a “tagline” to reinforce the
position they have staked out in their market,
or a phrase that is used consistently in a
company’s literature and thus becomes
associated with the company.
 An example is Nike’s familiar tagline, “Just do
it.”
 The beauty of this simple three-word expression is
that it applies equally to a 21-year-old triathlete and
a 65-year-old mall walker.
11-47

48. Taglines—Developed to Reinforce a
Firm’s Positioning Strategy

49. Who are you?
1. Live on the Coke side of Life.
2. Smarter together.
3. Your potential. Our passion.
4. Don’t do evil.
5. Imagination at work.
6. I’m lovin’ it.
7. Leap ahead.
8. Think different.
9. Where dreams come true.
10. Invent.
11. It’s not the destination, it’s the journey.

50. Branding
1 of 4
 Establishing a Brand

A brand is the set of attributes —
positive or negative—that people associate with a
company.
 These attributes can be positive, such as trustworthy,
dependable, or easy to deal with.
 Or they can be negative, such as cheap, unreliable, or difficult
to deal with.
 The customer loyalty a company creates through its
brand is one of its most valuable assets.
 Brand Management
 Some companies monitor the integrity of their brands
through a program called “brand management.”

51. Branding : What is a Brand?
2 of 4

52. Branding
3 of 4
 Establishing a Brand
 So how does a firm establish a brand?
 On a philosophical level, a firm must have
meaning in its customers’ lives. It must create
value—something for which customers are
willing to pay.
 On a more practical level, brands are built
through a number of techniques, including
advertising, public relations, sponsorships,
support of social causes, and good performance.
 A firm’s name, logo, Web site design, Facebook
page, and even its letterhead are part of its
brand. 11-52

53. Branding
4 of 4
 Power of a Strong Brand
 Ultimately, a strong brand can be a very
powerful asset for a firm.
 Over 50% of consumers say that a known and
trusted brand is a reason to buy a product.
 A brand allows a company to charge a price
for its products or services that is consistent
with its image.
 A successful brand can increase the market
value of a company by 50% to 75%.
11-53

54. Who are the Best?
1. The way the world tells its story.
2. Whatever it takes.
3. United for a more equitable world.
4. Harnessing the past. Enriching the future.
5. From harm to home.
6. Pioneering solutions, lifesaving results.
7. Defending dignity. Fighting poverty.
8. Our doctors go to places photographers don’t.
9. It’s about saving lives.
10. Changes the way information flows in the world.
11. No good food should go to waste.

55. Competitor Analysis
 What is a Competitor Analysis?
 A competitor analysis is a detailed analysis of a firm’s
competition.
 It helps a firm understand the positions of its
major competitors and the
opportunities that are available.
 A competitive analysis grid is a tool for organizing the
information a firm collects about its competitors.

56. Identifying Competitors
Types of Competitors New Ventures Face

57. Sources of Competitive Intelligence
1 of 3
 Collecting Competitive Intelligence
 To complete a competitive analysis grid, a firm must
first understand the strategies and behaviours of its
competitors.
 The information that is gathered by a firm to learn
about its competitors is referred to as competitive
intelligence.
 A new venture should take care that it collects
competitive intelligence in a professional and ethical
manner.
5-57

58. Sources of Competitive Intelligence
2 of 3
Ethical ways to obtain information about competitors
• Attend conferences and trade shows.
• Purchase competitors’ products.
• Study competitors’ Web sites.
• Set up Google and Yahoo! e-mail alerts.
• Read industry-related books, magazines, and
Web sites.
• Talk to customers about what motivated them
to buy your
product as opposed to your competitor’s 5-58

59. Sources of Competitive Intelligence
3 of 3
• Many companies attend
trade shows to not only
display their products,
but to see what their
competitors are up to.
• This is a photo of the
2011 Consumer
Electronics Trade Show
in Las Vegas.
5-59

60. Completing a Competitive Analysis Grid
 Competitive Analysis Grid
 A tool for organizing the information a firm collects
about its competitors
 A competitive analysis grid can help a firm see how it
stacks up against its competitors, provide ideas
for markets to pursue, and identify
competitive
its primary sources of
advantage. 5-60

61. Competitive Analysis Grid for Element
Bars
5-61

62. The 6 Ps of Marketing for New Ventures
Product Price
Promotion Place (or
Marketing Mix distribution
channel)
Philantrophy People (or
Customer
(Do GOOD) Service)
11-62

63. Product
 Product
 Is the good or service a firm offers to its target
market.
 The initial rollout is one of the most critical
times in the marketing of a new product.
 All firms face the challenge that they are
unknown and that it takes a leap of faith for the
first customers to buy their products.
 Some start-ups meet this challenge by using
reference accounts.
11-63

64. Core Product vs. Actual Product
Core Product Actual Product
The product itself, such The product plus all the
as an antivirus software attributes that come
program. with it such as quality
level, features, design,
packaging, and
warranty.
11-64

65. Price
 Price
 Price is the amount of money consumers pay to
buy a product.
 The price a company charges for its products
sends an important message to its target
market.
 For example, Oakley positions its sunglasses as
innovative, state-of-the-art products that are both
high quality and visually appealing.
 This position in the market suggests a premium
price that Oakley charges.
 Most entrepreneurs use one of two methods to
set the price for their products, as shown on the
next slide.
11-65

66. Core Product vs. Actual Product
Cost-Based Pricing Value-Based Pricing
The list price is The list price is
determined by adding a determined by
markup percentage to a estimating what
product’s cost. consumers are willing
to pay for a product.

67. Promotion
 Promotion
 Refers to the activities the firm takes to
communicate the merits of its product to its
target market.
 There are several common activities that
entrepreneurs use to promote their products
and services.
 Advertising
 Advertising is making people aware of a
product or service in hopes of persuading them
to buy it.

68. Pluses and Minuses of Advertising
Pluses
• Raise customer awareness of a product.
• Explain a product’s comparative features and benefits.
• Create associations between a product and a certain lifestyle.
Minuses
• Low credibility.
• The possibility that a high percentage of people who see the ad
will not be interested.
• Message clutter.
• Relative costliness compared to other forms of promotion.
• Intrusiveness.

69. Steps Involved in Putting Together an
Advertisement
11-69

70. Google AdWords and AdSense Program
1 of 2
 AdWords
 Allows advertisers to buy keywords on the
Google home page.
 Triggers text-based ads to the side of (and
sometimes above) search results when the
keyword is used.
 The program includes local, national, and
international distribution.
 Advertisers pay a certain amount per click.
 Advertisers benefit because they are able to
place their ads in front of people who are
already searching for information about their
product.

71. Google AdWords and AdSense Program
2 of 2
 AdSense
 Allows advertisers to buy ads that will be shown
on other Web sites instead of Google’s home
page.
 Google selects sites of interest to the
advertiser’s customers.
 Advertisers are charged on a pay-per-click or a
per-thousand impression basis.
 Advertisers benefit because the content of the
ad is often relevant to the Web site.
 Web site owners benefit by using the service to
monetize their Web site.

72. Public Relations
 Public Relations
 One of the most cost effective ways to increase
the awareness of the products of a company is
through public relations.
 Public relations refer to efforts to establish and
maintain a company’s image with the public.
 The major difference between public relations
and advertising is that public relations is not
paid for—directly.

73. Public Relations Techniques
Traditional media
Press release
coverage
Social media Articles in industry
coverage press and periodicals
Blogging Monthly newsletter
Civic, social, and community
involvement
11-73

74. Social Media
 Social Media
 Consists primarily of blogging and connecting with
customers and others through social networking sites
like Facebook and Twitter.
 Blogging
 The idea behind blogs is that they familiarize people
with a business and help build an emotional bond
between a business and its customers.
 Facebook and Twitter
 Businesses establish a presence on Facebook and
Twitter to build a community around their products
and services.
11-74

75. Other Promotions Techniques
Viral Marketing Guerrilla Marketing
Facilitates and A low-budget approach
encourages people to to marketing that relies
pass along a marketing on ingenuity,
message about a cleverness, and surprise
particular product or rather than traditional
service techniques
11-75

76. Place (or Distribution)
 Place
 Encompasses all the activities that move a firm’s
product from its place of origin to the consumer.
 The first choice a firm has to make regarding
distribution is whether to sell its products directly to
consumers or through intermediaries (such as
wholesalers and retailers).
 Within most industries, both choices are available, so
the decision typically depends on how a firm believes its
target market wants to buy its product.
11-76

77. Selling Direct Vs. Selling Through an
Intermediary
1 of 2
Approach to Description
Distribution
Selling Many firms sell direct to the customer, maintaining
Direct control of the distribution and sales process.
Selling Through Other firms sell through intermediaries and pass off
Intermediaries their products to wholesalers who place them in retail
outlets to be sold.
11-77

78. Selling Direct Vs. Selling Through an
Intermediary
2 of 2

79. Sales Process
1 of 3
 Sales Process
 A firm’s sales process (or sales funnel) depicts the steps
it goes through to identify prospects and close sales.
 A formal sales process involves a number of identifiable
steps.
 Importance of Process
 Some companies simply wing it when it comes to sales,
which isn’t recommended.
 It’s much better to have a well thought-out approach to
prospecting customers and closing sales.

80. Sales Process
2 of 3
11-80

81. Sales Process
3 of 3
 Usefulness of Sales Process
 Mapping the sales process in the manner shown on the
previous slide provides a standard method for a firm’s
employees to use, and provides a starting point for
careful analysis and continuous improvement.
 Often, when companies lose an important sale they’ll
find that an important step in the sales process was
missed or mishandled.
 Having a well thought-out sales process, along with
appropriate follow-through, can dramatically improve
a company’s sales performance.

82. Further Reading
 Scarborough, Norman, M. 2011. Essentials of
Entrepreneurship and Small Business
Management. 6th edition. Pearson.
 Brooks, Arthur C. (2006) Social Entrepreneurship :
A Modern Approach to Social Value Creation.
Pearson
 Barringer, Bruce R. & Ireland, R. Duane, 2011
Entrepreneurship – Successfully launching new
ventures 4th edition, Pearson.
 Schaper, M., Volery, T., Weber, P. & Lewis, K. 2011.
Entrepreneurship and Small Business. 3rd Asia
Pacific edition. John Wiley.