Instructor Manual for
Entrepreneurship
Theory, Process,
Practice 12 Edition by
th
Donald Kuratko (All
Chapters 1-15, 100%
Original Verified, A+
Grade)
All Chapters Arranged
Reverse: 15-1
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
Instructor Manual
Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024,
9780357899502; Chapter 15: Harvesting the Entrepreneurial Venture
TABLE OF CONTENTS
Purpose and Perspective of the Chapter ........................................................................... 2
Chapter Objectives ............................................................................................................... 2
Complete List of Chapter Activities and Assessments ..................................................... 2
Key Terms .............................................................................................................................. 3
What’s New in This Chapter ................................................................................................ 4
Chapter Outline ..................................................................................................................... 4
Suggested Answers For Review And Discussion Questions (End-Of-Chapter) ............. 11
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 1
duplicated, or posted to a publicly accessible website, in whole or in part.
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
PURPOSE AND PERSPECTIVE OF THE CHAPTER
This chapter focuses on the harvesting of the venture. Beginning with the issue of
management succession as one of the greatest challenges for entrepreneurs, a
number of considerations that affect succession are discussed, with privately held
firms as the focal point in this chapter. Two types of successors exist: An
entrepreneurial successor provides innovative ideas for new-product development,
whereas a managerial successor provides stability for day-to-day operations. An
entrepreneur may search inside or outside the family as well as inside or outside the
business.
Developing a succession plan involves understanding these important contextual
aspects: time, type of venture, capabilities of managers, the entrepreneur’s vision,
and environmental factors. Also, forcing events may require the implementation of a
succession plan, regardless of whether or not the firm is ready to implement one.
The chapter closes with a discussion of the entrepreneur’s decision to sell out. The
process was viewed as a method to “harvest” the investment, and eight specific
steps are presented for entrepreneurs to follow.
[return to top]
CHAPTER OBJECTIVES
The following objectives are addressed in this chapter:
15.1 Discuss the concept of “harvest” as a plan for the future.
15.2 Explain the key factors in the management succession of a venture.
15.3 Identify some of the most important sources of succession.
15.4 Explain the potential impact of regulations on family business succession.
15.5 Outline the ways to develop a succession strategy.
15.6 Describe the specifics of an initial public offering (IPO) as a potential
harvest strategy.
15.7 Discuss “selling out” as a final alternative in the harvest strategy.
[return to top]
COMPLETE LIST OF CHAPTER ACTIVITIES AND ASSESSMENTS
The following table organizes activities and assessments by objective, so that you can
see how all this content relates to objectives and make decisions about which
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 2
duplicated, or posted to a publicly accessible website, in whole or in part.
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
content you would like to emphasize in your class based on your objectives. For
additional guidance, refer to the Teaching Online Guide.
Chapter Activity/Assessment Source (i.e., PPT Duration Certification
Objective slide, Standard
Workbook)
LO15.1 Harvesting the venture: A Page 417 (of 5 minutes
focus on the future text)
LO15.2 The management Page 417 (of 5 minutes
succession strategy text)
LO15.2 Group activity 15-1 Slide 10 of PPT 5 minutes
LO15.3 Sources of Succession Page 421 (of 5 minutes
text)
LO15.4 Legal restrictions Page 422 (of 5 minutes
text)
LO15.5 Developing a succession Page 423 (of 5 minutes
strategy text)
LO15.5 Discussion activity Slide 18 of PPT
LO15.6 The initial public offering Page 425 (of 5 minutes
(IPO) text)
LO15.6 Group activity Slide 25 of PPT 5 minutes
LO15.7 Complete sale of the Page 429 (of 5 minutes
venture text)
[return to top]
KEY TERMS
Buy/sell agreements: Agreements designed to handle situations in which one (or
more) of the entrepreneurs wants to sell their interest in the venture.
Delayed entry strategy: A succession strategy that encourages the younger
generation to enter the business at a later age to gain experience outside the family
held firm.
Early entry strategy: A succession strategy that encourages the younger generation to
enter the business at an early age to gain experience.
Employee stock ownership plans (ESOPs): Passing control of the enterprise to the
employees if the owner has no immediate successor in mind.
Entrepreneurial successor: A successor to a venture who is highly gifted with
ingenuity, creativity, and drive.
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 3
duplicated, or posted to a publicly accessible website, in whole or in part.
Entrepreneurship
Theory, Process,
Practice 12 Edition by
th
Donald Kuratko (All
Chapters 1-15, 100%
Original Verified, A+
Grade)
All Chapters Arranged
Reverse: 15-1
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
Instructor Manual
Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024,
9780357899502; Chapter 15: Harvesting the Entrepreneurial Venture
TABLE OF CONTENTS
Purpose and Perspective of the Chapter ........................................................................... 2
Chapter Objectives ............................................................................................................... 2
Complete List of Chapter Activities and Assessments ..................................................... 2
Key Terms .............................................................................................................................. 3
What’s New in This Chapter ................................................................................................ 4
Chapter Outline ..................................................................................................................... 4
Suggested Answers For Review And Discussion Questions (End-Of-Chapter) ............. 11
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 1
duplicated, or posted to a publicly accessible website, in whole or in part.
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
PURPOSE AND PERSPECTIVE OF THE CHAPTER
This chapter focuses on the harvesting of the venture. Beginning with the issue of
management succession as one of the greatest challenges for entrepreneurs, a
number of considerations that affect succession are discussed, with privately held
firms as the focal point in this chapter. Two types of successors exist: An
entrepreneurial successor provides innovative ideas for new-product development,
whereas a managerial successor provides stability for day-to-day operations. An
entrepreneur may search inside or outside the family as well as inside or outside the
business.
Developing a succession plan involves understanding these important contextual
aspects: time, type of venture, capabilities of managers, the entrepreneur’s vision,
and environmental factors. Also, forcing events may require the implementation of a
succession plan, regardless of whether or not the firm is ready to implement one.
The chapter closes with a discussion of the entrepreneur’s decision to sell out. The
process was viewed as a method to “harvest” the investment, and eight specific
steps are presented for entrepreneurs to follow.
[return to top]
CHAPTER OBJECTIVES
The following objectives are addressed in this chapter:
15.1 Discuss the concept of “harvest” as a plan for the future.
15.2 Explain the key factors in the management succession of a venture.
15.3 Identify some of the most important sources of succession.
15.4 Explain the potential impact of regulations on family business succession.
15.5 Outline the ways to develop a succession strategy.
15.6 Describe the specifics of an initial public offering (IPO) as a potential
harvest strategy.
15.7 Discuss “selling out” as a final alternative in the harvest strategy.
[return to top]
COMPLETE LIST OF CHAPTER ACTIVITIES AND ASSESSMENTS
The following table organizes activities and assessments by objective, so that you can
see how all this content relates to objectives and make decisions about which
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 2
duplicated, or posted to a publicly accessible website, in whole or in part.
, Instructor Manual: Donald F. Kuratko, Entrepreneurship: Theory, Process, Practice, 2024, 9780357899502; Chapter 15:
Harvesting the Entrepreneurial Venture
content you would like to emphasize in your class based on your objectives. For
additional guidance, refer to the Teaching Online Guide.
Chapter Activity/Assessment Source (i.e., PPT Duration Certification
Objective slide, Standard
Workbook)
LO15.1 Harvesting the venture: A Page 417 (of 5 minutes
focus on the future text)
LO15.2 The management Page 417 (of 5 minutes
succession strategy text)
LO15.2 Group activity 15-1 Slide 10 of PPT 5 minutes
LO15.3 Sources of Succession Page 421 (of 5 minutes
text)
LO15.4 Legal restrictions Page 422 (of 5 minutes
text)
LO15.5 Developing a succession Page 423 (of 5 minutes
strategy text)
LO15.5 Discussion activity Slide 18 of PPT
LO15.6 The initial public offering Page 425 (of 5 minutes
(IPO) text)
LO15.6 Group activity Slide 25 of PPT 5 minutes
LO15.7 Complete sale of the Page 429 (of 5 minutes
venture text)
[return to top]
KEY TERMS
Buy/sell agreements: Agreements designed to handle situations in which one (or
more) of the entrepreneurs wants to sell their interest in the venture.
Delayed entry strategy: A succession strategy that encourages the younger
generation to enter the business at a later age to gain experience outside the family
held firm.
Early entry strategy: A succession strategy that encourages the younger generation to
enter the business at an early age to gain experience.
Employee stock ownership plans (ESOPs): Passing control of the enterprise to the
employees if the owner has no immediate successor in mind.
Entrepreneurial successor: A successor to a venture who is highly gifted with
ingenuity, creativity, and drive.
© 2024 Cengage Learning, Inc. All Rights Reserved. May not be scanned, copied or 3
duplicated, or posted to a publicly accessible website, in whole or in part.
