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Part II: The Truth About Generating and Testing Business Ideas
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Part II: The Truth About Generating and Testing Business Ideas
by Bruce Barringer, Edward D. Hess, Charles F. Goetz, R. Duane Ireland, Wes Moss
Entrepreneurship Lessons for Success (Collection)
Title Page
The Truth About Starting a Business
Copyright Page
Praise for The Truth About Starting a Business
Part I: The Truth About What It Takes to Be a Business Owner
Truth 1. Why people start businesses
Aspiration gaps
Passion for a business idea
Truth 2. The right business for you
Truth 3. Questions to ask before you quit your job
Truth 4. Key characteristics of successful business owners
Passion for their business
Tolerance for ambiguity
Self-efficacy
Truth 5. You may not need “prior business experience”
Part II: The Truth About Generating and Testing Business Ideas
Truth 6. The most common sources of new business ideas
Changing environmental trends
Unsolved problems
Gaps in the marketplace
Truth 7. Want several alternatives? Techniques for generating new business ideas
Brainstorming
Library and Internet research
Truth 8. A make-it or break-it issue: Selecting an idea that can be sold into a niche market
Truth 9. Screening and testing business ideas
Truth 10. Writing a business plan: Still as important as ever
Part III: The Truth About Entry Strategies
Truth 11. Starting from scratch: Developing your own product or service
Advantages of starting a business from scratch
Disadvantages of starting a business from scratch
Making the call—Is starting a business from scratch the right strategy for you?
Truth 12. Franchising: Buying into someone else’s formula for success
Advantages of buying a franchise
Disadvantages of buying a franchise
Caution
Truth 13. Believe it or not: There are legitimate opportunities in direct sales
Truth 15. Internet businesses: The sky does seem to be the limit
E-commerce Web sites
Advertising-supported special interest Web sites
Part IV: The Truth About Getting Up and Running
Truth 16. Choosing a location for your business
If location is important, what type of location will work best for you?
How much can you afford?
Is the physical structure you’re considering adequate?
Truth 17. Something you’ll say a million times: Your business’s name
Consumer-driven companies
Product- or service-driven companies
Industry-driven companies
Personality- or image-driven companies
Other considerations
Truth 18. The paper chase: Obtaining business licenses and permits
Obtaining a business license
Permits
Sources of assistance
Truth 19. Choosing a form of business ownership
Truth 20. Creating a Web site: An absolute necessity
Determining the objectives of your Web site
Building Your Web Site
Monitoring your Web site to assess and improve its effectiveness
Part V: The Truth About Raising Money
Truth 21. How to think about money as it relates to starting a business
Skimpy finances can be a blessing rather than a curse
Techniques that enable business owners to minimize start-up costs
Truth 22. Calculating your initial start-up costs
How to calculate your start-up costs
Finding information on start-up costs
Determining the financing that you’ll need
Truth 23. Personal funds, loans from friends and family, and bootstrapping
Loans from friends and family
Bootstrapping
Truth 24. Debt financing
Truth 25. Equity funding
Business angels
Venture capitalists
Truth 26. Grants: It takes the right fit
Truth 27. Persistence pays off: Finding alternative sources of start-up funds
Business plan competitions and other contests
State and community small business loan and assistance programs
Patriot Express Pilot Loan Initiative
Loan and grant programs for women and minority business owners
Customer and supplier financing
Tapping into personal funds
Part VI: The Truth About Building a New Business Team
Truth 28. How to approach the task of building a “new business” team
Being open to advice
Having a clear sense of how the business will evolve
Truth 29. Starting a business as a team rather than an individual
Advantages to starting as a team rather than an individual
Disadvantages to starting as a team rather than an individual
Founders’ agreement
Truth 30. Recruiting and hiring employees
Hiring your first employee
Hiring tips and techniques
Truth 31. Board of directors
Provide guidance
Lend legitimacy
Truth 32. Board of advisors
Part VII: The Truth About Intellectual Property
Truth 33. Intellectual property: What is it, and how is it protected?
Truth 34. To patent or not to patent?
Steps to take before applying for a patent
What is a patent, and what’s eligible for patent protection?
Provisional patent applications
Truth 35. Trademarks: An essential form of protection
What is a trademark?
How a trademark is obtained
What can be trademarked?
Rules of thumb for selecting appropriate trademarks
Truth 36. Copyrights laws: A surprising breadth of protection
What is protected by a copyright?
How to obtain a copyright
Copyright infringement
Truth 37. Trade secrets: Guard them carefully
What qualifies for trade secret protection?
Trade secret disputes
Part VIII: The Truth About Marketing
Truth 38. How to approach marketing in a new business
Make your marketing efforts consistent with your mission
Know your customers
Learn about the full array of marketing techniques that are available
Truth 39. Segmenting the market and selecting a target market
Segmenting the market
Selecting a target market
Truth 40. Establishing a brand
Truth 41. Selling benefits rather than features
Truth 42. Pricing: The most dicey element in the marketing mix
Cost-based pricing
Value-based pricing
Truth 43. It’s okay to advertise, but think through your choices carefully
Print and media advertising
Internet advertising
Truth 44. Public relations: More important than ever
Truth 45. Distribution and sales: More choices than ever
Distribution and sales alternatives
Sales strategy and related issues
Part IX: The Truth About Financial Management
Truth 46. Managing a business’s finances
Particularly important issues for first-time business owners
Truth 47. Financial objectives of a business
Profitability
Liquidity
Overall financial stability
Truth 48. The nitty-gritty: Forecasts, budgets, and financial statements
Forecasts
Budgets
Financial statements
Part X: The Truth About Growing a Business
Truth 49. Preparing for growth
Appreciating the nature of business growth
Planning for growth
Truth 50. Stages of growth: More opportunities, more challenges
Introduction
Early growth
Continuous growth stage
Truth 51. Strategies for growth
Internal growth strategies
External growth strategies
Part XI: The Truth About Starting a Business and Maintaining a Healthy Personal Life
Truth 52. Work life balance: Practical tips
Establish a routine
Get help
Set up systems and procedures
Truth 53. Starting a business as a means of achieving a healthy personal life
Flexibility
Achieving a personal goal or aspiration
The ability to pursue a passion
References
Dedication Page
About the Author
So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap
Copyright Page
Praise for So, You Want to Start a Business?
Dedication Page
Contents
Acknowledgments
About the Authors
Introduction
Who Should Buy This Book?
Why Is This Book Important?
What Topics Are Covered?
Why Are We Qualified to Write This Book?
How to Use This Book
Chapter One. Can You Be a Successful Entrepreneur?
What Do Successful Entrepreneurs Do?
Who Are Successful Entrepreneurs?
Two Common Paths to Entrepreneurial Success
Chapter One: Lessons Learned
Chapter Two. Basic Rules of Business Success
The 8 Common Start–Up Mistakes
Basic Rules of Business Success
Chapter Two: Lessons Learned
Chapter Three. What Is a Good Business Opportunity?
Pencil It
Example 1: The Best Sandwich Shop
Example 2: Children’s Clothing Shop
Two Different Types of Businesses
Estimating Your Costs
Chapter Three: Lessons Learned
Chapter Four. How Do You Choose the Right Customers?
The Right Customers
The Competition
Chapter Four: Lessons Learned
Chapter Five. How Do You Design Your Product or Service?
Give Customers Only What They Truly Need
Features or Benefits
What Is Value?
Example: Enhancing Your Product/Service Value
Your "Reason for Being"
Low Innovation
It’s Now Time to Build Your Product/Service
Can You Build or Produce It?
The Prototype—The Test
Chapter Five: Lessons Learned
Chapter Six. What Is the Right Price for Your Product or Service?
Competitive Pricing
Break-even Formula
Additional Pricing Factors
Chapter Six: Lessons Learned
Chapter Seven. How Can You Overcome Customer Inertia?
Obstacles to a Sale
The Risks of Buying from You
Making Sales Takes Practice
Chapter Seven: Lessons Learned
Chapter Eight. How to Manage Your Business
Start-Up Overload
Your Value Chain
Your Supply Chain
Your Manufacturing (Assembling) Chain
Why Do You Flow Chart Your Business?
Management by Objectives
Management by Exceptions
The Power of Simplicity
Measurements and Rewards
Stay on the Front Lines
Iteration
Make Work Fun
Chapter Eight: Lessons Learned
Chapter Nine. How Do You Find and Keep Good Employees?
This People Stuff Is Hard
What Do Employees Want?
Why Is High Employee Turnover Bad?
Hire for Fit
Hiring Tools
Buy-In
The Rules of the Game
Best Practices of Managing Employees
Mental Rehearsal
Mental Replay
Chapter Nine: Lessons Learned
Chapter Ten. How Do You Manage Growth?
Growth Can Be Good or Bad
The Two Absolutes
Process
Financing Growth
Financial Controls
Managing the Unexpected
People
Small Business Services
Check-Off
Legal
Legal Structure
Small Business Networks
Upgrading People
Customer Diversification
Growth Changes Your Job
Chapter Ten: Lessons Learned
Conclusion
Business Rules
Lessons Learned
Bibliography and Resources[1]
Books
Articles
Information Portals
Author’s Commentaries
Index
Financial Times Press
What’s Stopping You?: Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business
Copyright Page
Praise for What’s Stopping You?
Dedication Page
Contents
About the Authors
Preface
Who Is This Book Written For?
What Will You Learn by Reading This Book?
How Is This Book Organized?
Part I: Getting Started—It May Not Be as Hard as You Think
Chapter 1. Myth No. 1: It Takes an Extraordinary Person to Start a Business Truth No. 1: You Can Do It!
Introduction
Factors That Prompt and Motivate a Person to Start His or Her Own Business
Summary
Endnotes
Chapter 2. Myth No. 2: Starting a Business Involves Lots of Risk Truth No. 2: It May Not Be as Risky as You Think
Introduction
Why It’s Difficult for People to Quit Their Jobs and Start Their Own Businesses
Make an Objective Decision About Starting a Business by Setting Aside Anxieties About Risk
Determining What You Want Out of Life
Having a Good Sense of What’s the "Worst Thing That Can Happen" if Your Business Fails
Researching the Business Opportunity
Summary
Endnotes
Chapter 3. Myth No. 3: It Takes a Lot of Money to Start a Business Truth No. 3: It Might Not Cost as Much as You Think
Insights Into How to Think About Money as It Relates to Starting a Business
Skimpy Finances Can Be a Blessing Rather Than a Curse
Raising or Borrowing Money Is Trading One Boss for Another
Excess Funds Can Enable a start-up to Operate Unprofitably for Too Long
Techniques That Enable Business Owners to Minimize the Costs Associated with Starting a Business
Choices That Small Business Owners Have for Raising Start-Up Funds if Needed
Summary
Endnotes
Chapter 4. Myth No. 4: It Takes a Great Deal of Business Experience to Start a Successful Business Truth No. 4: Successful Businesses Are Started by People with All Levels of Business Experience
Introduction
Insights Into the Role That Prior Business Experience Plays in the Business Start-Up Process
Opportunities That Minimize the Need for Substantial Business Experience
Techniques That Help People Overcome the Lack of Business Experience
Summary
Endnotes
Chapter 5. Myth No. 5: The Best Business Ideas Are Already Taken Truth No. 5: There Are an Infinite Number of Possibilities for Good Business Ideas
Introduction
Three Most Common Sources of New Business Ideas
Techniques for Generating Ideas
Summary
Endnotes
Part II: Running and Growing a Business—Don’t Underestimate Your Chances
Chapter 6. Myth No. 6: No One Can Compete Against Wal-Mart and the Other Big-Box Retailers Truth No. 6: You Can Compete Against the Big-Box Retailers if You Have the Right Plan
Introduction
How Big-Box Retailers Compete and What Their Vulnerabilities Are
Approaches for Competing Successfully Against Big-Box Retailers
Specific Tactics That Local Businesses Use to Support Their Independent Status
Summary
Endnotes
Chapter 7. Myth No. 7: It’s Almost Impossible for a New Business to Get Noticed Truth No. 7: There Are Many Ways for New Businesses to Get Noticed and Recognized
Introduction
Rules-of-Thumb for How to Approach the Challenge of Getting Noticed
Establishing a Brand
The Most Common Tactics and Techniques for Getting a New Business Noticed
Summary
Endnotes
Chapter 8. Myth No. 8: The Internet Isn’t What It Was All Hyped Up to Be Truth No. 8: There Are Many Legitimate and Enjoyable Ways to Make Money Online
Introduction
Factors That Facilitate Internet-Related Business Success
The Most Common Ways That Individuals and Businesses Make Money Online
Platforms That Help Freelancers Sell Their Products and Services Online
Summary
Endnotes
Chapter 9. Myth No. 9: It’s Easy to Start a Business, But It’s Difficult and Stressful to Grow One Truth No. 9: Businesses Can Be Grown Profitably and Enjoyably
Introduction
Preparing for Growth
Managing Growth
Growth Strategies
Summary
Endnotes
Index
Make More, Worry Less: Secrets from 18 Extraordinary People Who Created a Bigger Income and a Better Life
Copyright Page
Praise for Make More, Worry Less
Dedication Page
Contents
Acknowledgments
Work
Outside of Work
About the Author
Introduction
Make More
Worry Less
HUNT
Happy Medium
Best of Both Worlds
Partner with Your Employer
Part I: Harness What You Have
Compartmentalize
Natural Edge
Value Log
Learning
Compensation
1. The Compound Income Effect
Starting from Scratch
Underestimating Obstacles
Building Momentum—Simply
Taking the Next Leap
2. Embrace Risk
Starting from Scratch
Underestimating Obstacles
Building Momentum—Adventurously
Taking the Next Leap
3. Ambition Addiction
Starting from Scratch
Underestimating Obstacles
Building Momentum—Daringly
Taking the Next Leap
Make More, Worry Less Investing*
4. Sell from the Heart
Starting from Scratch
Underestimating Obstacles
Building Momentum—Enjoyably
Taking the Next Leap
5. Rally for a Cause
Starting from Scratch
Underestimating Obstacles
Building Momentum—Optimistically
Taking the Next Leap
Part II: Underestimate Your Obstacles
Attitude
Raise the Bar
Don't Underestimate Your Competition
Push the Envelope
Mistakes Are Inevitable
6. Be Distinct or Be Extinct
Starting from Scratch
Underestimating Obstacles
Building Momentum—Virtually
Taking the Next Leap
7. See Around the Corner
Starting from Scratch
Underestimating Obstacles
Building Momentum—Persistently
Taking the Next Leap
8. Chart Your Course
Starting from Scratch
Underestimating Obstacles
Building Momentum—Analytically
Taking the Next Leap
9. Command Attention
Starting from Scratch
Underestimating Obstacles
Building Momentum—Helpfully
Taking the Next Leap
Part III: Notice Your Network
Strong Alliances
Be a Leader
Currency of Goodwill
Have Mentors
Birds of a Feather
10. The Butterfly Effect
Starting from Scratch
Underestimating Obstacles
Building Momentum—Accountably
Taking the Next Leap
11. Look the Part
Starting from Scratch
Underestimating Obstacles
Building Momentum—Confidently
Taking the Next Leap
12. Walk a Mile in Their Shoes
Starting from Scratch
Underestimating Obstacles
Building Momentum—Empathetically
Taking the Next Leap
13. One Step Ahead
Starting from Scratch
Underestimating Obstacles
Building Momentum—Creatively
Taking the Next Leap
Part IV: Take the Next Step
Dream
Pen to Paper
Action
Talk to People
Measure Your Progress
14. Reminisce about Your Future
Starting from Scratch
Underestimating Obstacles
Building Momentum—Heroically
Taking the Next Leap
15. Nudge the Top Line
Starting from Scratch
Underestimating Obstacles
Building Momentum—Passionately
Taking the Next Step
16. Ask Without Asking
Starting from Scratch
Underestimating Obstacles
Building Momentum—Sanely
Taking the Next Step
17. Find the Need
Starting from Scratch
Underestimating Obstacles
Building Momentum—Assertively
Taking the Next Leap
18. Exercise Your Middle Brain
Starting from Scratch
Underestimating Obstacles
Building Momentum—Flexibly
Taking the Next Leap
Conclusion
Index
Financial Times Press
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Truth 5. You may not need “prior business experience”
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Truth 6. The most common sources of new business ideas
Part II: The Truth About Generating and Testing Business Ideas
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