Introduction to Business
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Persons
Heidi Neck, Ph.D., is the Jeffry Timmons Professor of Entrepreneurial Studies at Babson College, where she also serves as the Academic Director of the Babson Academy. In this role, she is at the forefront of shaping the future of entrepreneurship education, influencing universities worldwide to rethink and innovate their approaches to teaching entrepreneurship. The Babson Academy, under Neck's leadership, serves as a catalyst for this transformation, expanding access to high-quality entrepreneurship education and fostering a global community of educators dedicated to advancing the field.
A cornerstone of Neck's work is her leadership of Babson's Symposia for Entrepreneurship Educators (SEE) programs equipping faculty from around the world with the skills and knowledge necessary to teach entrepreneurship "entrepreneurially." She emphatically believes that how we teach entrepreneurship is just as important, if not more important, than the content. Additionally, Neck founded the Babson Collaborative, which connects colleges and universities worldwide, helping them strengthen their capacity and capability in growing entrepreneurship education ecosystems. This global institutional membership organization provides a platform for knowledge exchange, collaboration, and professional development.
Throughout her tenure at Babson College, Neck has been recognized for her outstanding contributions to education at all levels, from undergraduate and graduate students to executive education learners. Her teaching excellence has been celebrated not only at Babson but also by prestigious international organizations, including the Academy of Management and the United States Association for Small Business and Entrepreneurship (USASBE). In 2016, she was named the Entrepreneurship Educator of the Year by The Schulze Foundation, an honor she received again in 2022 from USASBE for her continued innovation and leadership in entrepreneurship education.
Neck's influence extends beyond the classroom and into the broader field of entrepreneurship education. As a Past President of USASBE, she has played a crucial role in shaping policies and initiatives aimed at improving entrepreneurship education. Her research focuses on key areas such as entrepreneurship education, the entrepreneurial mindset, ideation, and entrepreneurship within organizations. These interests have led to the development of influential academic works that have set new standards in entrepreneurship pedagogy.
As an accomplished author, Neck has made significant contributions to the field through her publications. Her widely adopted textbook, "Entrepreneurship: The Practice & Mindset," now in its third edition, has received numerous accolades, including the Breakthrough Book of 2018 award from Sage Publishing, the 2018 Most Promising New Textbook Award, and the 2021 Textbook Excellence Award from the Textbook & Academic Authors Association (TAA). The book is widely recognized for its innovative approach, emphasizing an experiential and practice-based perspective on entrepreneurship.
Neck's latest textbook, "Introduction to Business: For a Sustainable and Entrepreneurial Future" takes a fresh approach by incorporating sustainability and an entrepreneurial mindset into general business education, aligning with contemporary trends in the field. Additionally, she is the lead author of "Teaching Entrepreneurship: A Practice-Based Approach," a two-volume series published by Elgar Publishing, which serves as a practical guide for educators seeking to implement experiential teaching methods in their classrooms. Overall, Neck has authored six books and more than 45 refereed articles, book chapters, and research monographs, solidifying her reputation as a thought leader in entrepreneurship education.
Beyond academia, Neck is a sought-after speaker and educator, regularly delivering keynotes and workshops on the importance of fostering an entrepreneurial mindset and leveraging entrepreneurship as a tool for positive societal impact. Her ability to translate complex concepts into practical, actionable insights has made her a respected voice in the field. She has also successfully bridged academia and practice by co-founding VentureBlocks, an entrepreneurship education technology company, and achieving a successful exit with FlowDog, a canine aquatic fitness and rehabilitation center near Boston. Additionally, she has served on the board of A. Wilbert's & Sons, a seventh-generation, family-owned land-management company in Louisiana, further demonstrating her ability to apply entrepreneurial principles in diverse settings.
Neck's academic journey began at Louisiana State University, where she earned her B.S. in Marketing. She went on to complete her MBA and Ph.D. in Strategic Management and Entrepreneurship at the University of Colorado at Boulder. Her multidisciplinary background, coupled with her passion for education and entrepreneurship, has shaped her approach to teaching and research, making her one of the most influential figures in entrepreneurship education today.
When she's not inspiring the next generation of entrepreneurs or shaping the future of entrepreneurship education, Neck enjoys engaging in one of her newest passions: pickleball. Whether on the court or in the classroom, she continues to embody the entrepreneurial spirit, pushing boundaries and challenging conventional wisdom to drive innovation in education and beyond.
Content
Preface
Acknowledgments
About the Authors
Part I: Business in a Sustainable and Entrepreneurial World
Chapter 1: The Business of Business
What Is Business?
The Economics of Business
The Building Blocks of a Business
Balancing Profit and Purpose
The Future of Work
In Review
Key Terms
Chapter 2: Business Impact, Entrepreneurship, and Ethics
Growth Mindset
Principle 1-Environmental and Social Impact
Principle 2-Entrepreneurial Thinking
Principle 3-Ethical Behavior
In Review
Key Terms
Chapter 3: Business Without Borders
Global Business Today
Conducting Business in Other Countries
Multinational Corporations in the Global Economy
Working Across Cultures
Models to Improve Your Cultural Awareness
In Review
Key Terms
Part II: Block 1 The Product and Service Offering
Chapter 4: Business Creation
Entrepreneurship Is the Economic Engine of Society
Types of Entrepreneurship
Starting With Idea Generation
From Idea to Strong Business Opportunity
In Review
Key Terms
Chapter 5: Business Models
The Four Parts of a Business Model
Types of Business Models
The Business Model Canvas
Business Model Disruption
In Review
Key Terms
Part III: Block 2 Markets and Customers
Chapter 6: Marketing
Modern Marketing is Digital Marketing
The Marketing Mix
Content Marketing
Influencer Marketing
Data-Driven Marketing Decisions
In Review
Key Terms
Chapter 7: Customers and Market Segments
How Customers Create Markets
Consumer Behavior and Buying Decisions
The Buying Process
Market Segmentation
In Review
Key Terms
Chapter 8: Sales
Businesses Don't Exist Without Sales
The Sales Cycle
Popular Sales Techniques
Sales Tools
In Review
Key Terms
Part IV: Block 3 Structure and Strategy
Chapter 9: Organizational Structure
The Role of Organizational Structure
Traditional Organizational Structures
Contemporary Organizational Structures
Primary Factors in Determining Structural Type
In Review
Key Terms
Chapter 10: Organizational Culture
Organizational Culture
Organization Mission, Vision, and Values
Dimensions of Organizational Culture
Employee Fit with Organizational Culture
Symbols of Organizational Culture
In Review
Key Terms
Chapter 11: Business Strategy for Competitive Advantage
Business Strategy for Competitive Advantage
Strategic Analysis Tools
Strategy Frameworks
The Industry Life Cycle Curve and Popular Growth Strategies
Strategic Planning: Putting It Altogether
In Review
Key Terms
Part V: Block 4 People Inside the Business
Chapter 12: Managers and Leaders
The Functions and Skills of Managers
Management Roles and Styles
Leading Versus Managing
Emotional Intelligence for Leadership Effectiveness
Leading for Diversity, Equity, and Inclusion (DEI)
The Impact of AI on Management and Leadership
In Review
Key Terms
Chapter 13: Human Resources
Why Human Resources Matters
Recruitment and Selection
Standing Out and Progressing Your Career
The Performance Management Process
Retaining Employees
In Review
Key Terms
Chapter 14: Business Communications
What is Business Communication?
Forms of Communication
Barriers to Effective Communication
Listening Skills for Effective Communication
Communicating Within the Organizational Structure
In Review
Key Terms
Chapter 15: Operations, Production, And Supply Chain
Operating Businesses
The Production Process
The Supply Chain
Approaches to Improving Operations
Service Operations
In Review
Key Terms
Chapter 16: Accounting Basics
Accounting is the Language of Business
The Three Major Financial Statements
Analyzing Performance: Ratio Analysis
In Review
Key Terms
Chapter 17: Accounting and Financial Statements
Financial Management Overview
Financial Planning
Equity Financing
Debt Financing
Internal Financial Controls
In Review
Key Terms
Chapter 18 : Data, Systems, and Business Analytics
Business Analytics Defined
The Business Analytics Cycle
Types of Business Analytics
Application and Challenges of Business Analytics
Data Privacy and Security
In Review
Key Terms
Appendix A: Economics Basics
Appendix B: Legal Issues
Appendix C: The Business Impact Project
Appendix D: Personal Finance Supplement: Credit and Debt Payoff Project
Glossary
Endnotes
Index