Essentials of Entrepreneurship examines all phases of the entrepreneurial process: generating ideas for something new and better than what currently exists, determining whether these ideas suggest viable business opportunities, identifying and obtaining the financial and human resources required, securing intellectual property protection, launching the new venture, developing strategies for gaining and maintaining competitive advantage, and building a customer base. In discussing these and other topics, the text draws on research findings that help identify variables that play a role in entrepreneurs’ effective performance of these tasks, and so–ultimately–in their success. New to the second edition: • Two brand new chapters, addressing the issues facing the next generation of entrepreneurs: • how to achieve long-term success through maintaining growth with sustainable business goals the emerging trends to look out for, including the gig economy and technological advances.• New updated case studies place entrepreneurial theory into practice, identifying how others can take inspiration from them. Updated cases and examples include Pets.com; aeroponic farming; Martha Stewart Living ; the amphicar and social networks New discussion of non-traditional forms of support such as crowd funding and social media, and their effect on the modern entrepreneur Updated chapter on opportunity recognition; why some people are better at it than others and the role of self-regulatory theory, including signal detection theory New coverage of the effects of business failure, including the role of psychological capital and how successful serial entrepreneurs learn from their failures and mistakes Updated coverage of the government regulation and legislation affecting new ventures. Presenting a concise and current overview of entrepreneurship and assuming no previous knowledge, this text is ideal for use in any undergraduate or MBA level entrepreneurship course, whether within a business school or any other discipline.