Extraordinary entrepreneurship: the professional's guide to starting an exceptional enterprise
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, N.J.
Wiley
2005
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| Schlagworte: | |
| Online-Zugang: | Publisher description Table of contents only Contributor biographical information Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | XXXVII, I-21, ill. 26 cm |
| ISBN: | 0471697192 |
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| 245 | 1 | 0 | |a Extraordinary entrepreneurship |b the professional's guide to starting an exceptional enterprise |c Stephen C. Harper |
| 264 | 1 | |a Hoboken, N.J. |b Wiley |c 2005 | |
| 300 | |a XXXVII, I-21, |b ill. |c 26 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a New business enterprises | |
| 650 | 4 | |a Entrepreneurship | |
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| 856 | 4 | |u http://www.loc.gov/catdir/enhancements/fy0616/2004013487-b.html |3 Contributor biographical information | |
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Datensatz im Suchindex
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| adam_text | Contents
About the Author xxiii
Foreword xxv
Preface xxix
Acknowledgments xxxvii
Introduction: The Nature of Entrepreneurship 1 1
What Are the Characteristics
of Successful Entrepreneurs? I 2
Entrepreneurship Is Not for the Faint of Heart I 3
Mapping The Entrepreneurial Journey I 4
The New Venture Creation Process I 4
Incorporating The Entrepreneurial Triangle I 5
Which Dimension Is the Most Important? I 6
Entrepreneurs Are Like Explorers I 7
Entrepreneurs Need to Identify Gaps in the Triangle I 8
Entrepreneurship Involves Various Types of Personal
Challenges and Risks I 8
Beware of Entrepreneurial Myths 1 13
Myth 1: Entrepreneurs Are Born Not Made 1 13
Myth 2: Entrepreneurship Cannot Be Taught 1 13
Myth 3:1 Will Be My Own Boss I 1 4
Myth 4: Most New Ventures Fail 1 14
Myth 5:1 Can Always Start My Own Business 1 15
Myth 6:1 Can Be an Entrepreneur Because I Have Been
Successful in Corporate America 1 16
v
vi CONTENTS: CHAPTER 1
New Venture Facts of Life 1 17
Are You Committed Enough to Take The Journey? 1 17
Conclusion: Entrepreneurship Is a Different World 1 19
Endnotes I 20
1 Essential Entrepreneurial Qualities and Capabilities 1
Step One: Know Thyself! 2
Check Your Motives 3
Show Me the Money 3
Step Two: Develop the Entrepreneurial Profile 5
Step Three: Identify the Entrepreneurial Gaps 5
Step Four: Bridge the Entrepreneurial Caps 8
Step Five: Supplement Your Skills and Capabilities 9
Personal Qualities That Can Make a Difference 10
Entrepreneurs Don t Have to Be Inventors 10
Entrepreneurs Need to Be Entrepreneurs 13
Entrepreneurs Need to Be Leaders 14
Entrepreneurs Need to Be Managers 14
Types of Entrepreneurs 15
Wanted: An Entrepreneur for All Seasons 16
Key Entrepreneurial Qualities 17
Entrepreneurs Have a Vision for What Can Be 17
Entrepreneurs Are Perceptive and Demonstrate
a Kaleidoscopic Perspective 18
Entrepreneurs Are Venturesome 18
Entrepreneurs See Opportunities Where Others See Problems 18
Entrepreneurs Live at the Edge 19
Entrepreneurs Have the Ability to Make
Good Things Happen—in Spite of the Odds 19
Entrepreneurs Thrive in Times of Uncertainty 20
Entrepreneurs Have a Tolerance for Turbulence 21
Entrepreneurs Need Confidence to Take the Plunge 22
Entrepreneurs Are Opportunistic and Have Contempt
for the Status Quo 24
Entrepreneurs Are Open Minded and Quick to Learn 24
Entrepreneurs Must Be Focused and Decisive 25
CONTENTS: CHAPTER 2 vii
Entrepreneurs Must Be Committed 26
Entrepreneurs Must Have Passion and Selling Skills 26
Entrepreneurs Need to Be Persistent, Tenacious, and Resilient 27
Entrepreneurs Need to Be Aware of the Impact
They Have on Their People 29
Entrepreneurs Should Use the Talents of People Outside the Firm 29
Never Underestimate the Value of Experience 29
Conclusion: I Do Not Have Superhuman Powers! 30
Endnotes 31
~~2 What Type of Venture Do You Have in Mind? 35
Lifestyle Ventures: An Alternative to Working
for Someone Else 36
Modest Ventures: Viable Ventures But
Not That Profitable 37
Promising Ventures: Capitalizing on
Hospitable Markets 38
High Growth Ventures: Professional Management
Is Essential 42
Revolutionary Ventures: Rolling
the Dice to Change the World 47
Factors Affecting New Venture Success and Growth 49
Scalability: Can the Venture Be Started in a Small Scale? 50
Newness Can Affect Growth and Risk 51
Planning versus Adaptation Paradox 52
Barriers to Entry and Competitive Advantages
Can Make a Difference 56
Investment and Uncertainty 57
Potential Return on Investment and Time to Get Profitable 58
Innovation and Execution Characterize
the Exceptional Enterprise 59
Innovation and Improvement: Two Dimensions for Gaining
a Competitive Advantage 61
Operating at the Edge: The Innovation Portal 62
Conclusion: In Search of Goodness of Fit 63
Endnotes 64
viii CONTENTS: CHAPTER 3
3 Identifying New Venture Opportunities 67
New Venture Creation Process 67
Mistake 1: Entrepreneurship by Braille 68
Mistake 2: Assuming Customers Will Come 69
The Door Is Wide Open for Entrepreneurial Ventures 70
Is There an Ideal Business Situation? 70
Identifying Business Opportunities:
Raise Your Opportunity Antennae 72
Change Brings Challenges—and
New Venture Opportunities 72
The Marketplace Is Exploding with
Entrepreneurial Opportunities 74
Developing a Kaleidoscopic Perspective Can
Help Identify Opportunities 75
Examples of Market Gaps that Were Filled
by Perceptive Entrepreneurs 76
Techniques for Identifying Business Opportunities 77
Ask People to Identify Areas Where Their Needs
Aren t Being Met 77
Focus Groups Can Identify Gaps and Solutions 78
Reverse Brainstorming: Contempt for the Status Quo 78
Matrix Charting May Reveal Interesting Insights 80
The Big Dream Approach Encourages Unbounded Thinking 80
Free Association and Paired Comparison
May Provide New Insights 81
The Slice of Life Approach Can Identify Opportunities 81
The Market Area Saturation Approach Asks,
What s Missing in This Picture? 82
The Competitive Matrix May Reveal Market Gaps 83
Referrals and the Trend Toward Outsourcing
Open Entrepreneurial Doors 85
Acquiring Ideas versus Inventing Them 85
Alliances and Joint Ventures Can
Open Entrepreneurial Doors 86
Franchises May Offer New Venture Opportunities 87
Sold! Buying a Business to Capitalize
On an Opportunity 88
Keep a Notebook of Potential
Entrepreneurial Opportunities 88
CONTENTS: CHAPTER 4 ix
Broaden Your Perspective: Opportunities Are Out There 89
The Proximity Effect: Where You Are Can Lead
to Interesting Opportunities 92
If This Company Won t Do It, Then I Will... . 93
Don t Wait for Downsizing: Initiate a Preemptive Strike 94
Look Ahead 95
Listen and Ask 96
Most Large and Established Companies
Are Not Entrepreneurial 97
Conclusion: The Door Is Wide Open
for Entrepreneurial Ventures 98
Endnotes 99
4 Ventures that Capitalized on Market Gaps 101
Entrepreneurial Perceptiveness Created Some
of Today s Household Names 102
Pick an Area and Identify Potential Opportunities 103
Proximity Plays a Key Role in Identifying Market Gaps 105
Health Care Gap: Contain This! 106
Health Care: Are We Covered? 106
Health Care: Language Translation in the Emergency Room 107
Health: Be Careful about the Air You Breathe 107
Technology Gap: Expand Bandwidth! 107
Technology: When Does the Movie Start? 107
Technology: Paging Mr.Ms. ... 108
Information: Linking the New World to the Old World 108
Information: Market to Niche Groups 108
Environment and Convenience: Boating
Is Supposed to Be Fun! 108
Dogs, Dogs, and More Dogs: It s a Dog s World 109
How Much Is that Biscotti in the Window? 109
Beware of My Dog 109
Fasten Rover s Sealbelt! 109
Food and Drink: The Opportunities Are Unlimited 109
Forget Tea and Cola—Give Them Juice! 110
Mixing Food and Play: Play Dough ? No, Cookie Dough 110
Food: Offer Premium When They Have Only Tasted Regular 110
Convenience: Hey Buddy, Can You Spare Some Change? 110
x CONTENTS: CHAPTER 4
Convenience: Couch Potatoes Need All the Help They Can Get 11 7
Sports and Recreation: Out with the Old, In with the New 7 7 7
Recreation and Sports: I Need Streamlined Water! 112
Travel: I Only Need a Few Square Feet. 712
Travel: Help, I Need to Get Away from It All! 712
Safety: Get Me Out of Here! 17 3
Environment: It s Too Late to Build an Ark! 113
Clothing: Do We Have to Wear Green? 113
Electronic Commerce: A Brave New World 714
Amazon.com: One Statistic Can Change the Retailing Game 114
eBay: From Garage Sales and Flea Markets to Cyberspace 714
Yahoo! Bringing Order Out of Chaos 115
Chris Evans: Surfing Multiple E Commerce Waves 715
Opportunities Also Exist In the Softer Side of Technology 115
Internet Crossing: When in Rome, Do as the Romans Do 115
ValiCert: Creating a Virtual Gallery 116
Entrepreneurs Relish the Opportunity to Change
the Rules of the Game 116
Dragon Systems: Avoiding Paralysis by Analysis 17 6
Richard Branson: Shaking Up Existing Markets 117
1 800 Auto Tow: Professionalizing Fragmented Industries 117
Staples: Cater to Those Who Are Ignored 117
Research Triangle Consultants: Offer the Whole Package 117
Starbucks: Taking an Established Industry
to a Whole New Level 118
Adopting a Kaleidoscopic Perspective 118
Air Surveillance Corp.: Stay Away from the Obvious,
Look for Niches 118
Radiant Systems: One Venture Can Lead to Another Venture 718
America s Finest Pasta Sauces: Embracing the Concept
of Opportunity Transfer 119
Capital Concierge Inc.: Geographic Transfer
May Beat Reinventing the Wheel 119
Trakus Inc.: Looking for A and Finding B 120
Regulation and Deregulation 120
Reno Air: Who Says Flying into Reno Is a Gamble? 120
International Opportunities 120
The Vietnam Business Journal: Return to Vietnam 121
CONTENTS: CHAPTER 5 xi
American Tours International: Coming to America 121
Lucille Roberts Health Clubs: Girls
Just Want to Have Fun 121
Conclusion: The Possibilities Are Limitless! 121
Endnotes 122
5 Evaluating New Venture Opportunities 125
New Venture Creation Process 125
Screening New Venture Opportunities 126
Evaluation Thresholds and Critical Mass 128
Reflections: What Can Prospective Entrepreneurs Learn
from the Original Wave of Dot coms? 130
It s Time to Apply Various Screens
for Evaluating the Opportunities 132
Entrepreneurial Analysis 132
Attractiveness of the Opportunity 132
Timing and Opportunity: The Dynamic Duo 133
Opportunity/Strategy Analysis 134
What Does the OveralI Market Look Like? 138
What Is the Nature and Duration of the Window? 139
First Mover Advantage: The Jury Is Still Out 140
What Is the Nature of the Target Market? 141
What Is the Competitive Situation? 142
How Distinct Will Your New Venture s
Market Offering Be? 143
Financial Dimensions 146
Identifying Each Opportunity s Resource Requirements 149
What Happens If None of the Opportunities Exceeds
the Three Thresholds? 151
Ranking the Opportunities 151
It s Time to Determine If the Market Truly Values
Your Product/Service Concept 153
Market Research Round Two 154
Learning from the Market Research 155
It s Time to Test Market Your Product/Service 157
It s Time for the Dog Food Test 160
Estimating Demand 161
xii CONTENTS: CHAPTER 6
How to Use Market Research to Look Before
You Leap: An Example 162
Testing Patentability and Market Acceptance 163
It s Time for a Technical and Logistics Test 163
Vulnerability Analysis 164
Conclusion: Insights Identify Opportunities
and Reduce Risk 165
Endnotes 166
6 Developing the Business Plan 169
The Role of the Business Plan 170
Yes, You Really Need to Prepare a Business Plan! 171
Developing a Business Plan Takes Commitment 172
Business Plan Is a Reflection of the Entrepreneur 173
Basics of the New Venture Business Plan 175
The Nature of Planning: Constructing
a Business Model for the Venture 176
The Business Plan Puts Things In Perspective 177
Documentation, Documentation, and More Documentation 178
The Business Plan Provides Focus 178
Identify the Drivers of Success 179
Separate the Funding from the Plan 181
Business Plans, Like Entrepreneurs, Come
In AII Shapes and Sizes 182
The Plan Evolves Through a Number of Iterations 182
Going from the Preliminary Plan
to the Comprehensive Business Plan 183
The Comprehensive Business Plan Will Require
Additional Brain Power 184
Find a Mentor Who Will Help You Shoot the Rapids 184
External Advisors/Service Providers 185
Certified Public Accountant 185
Legal Counsel 186
Bankers 186
Consultants 187
Insurance Advisor 187
Management Team 187
CONTENTS: CHAPTER 7 xiii
Advisory Committee 189
Technology Advisory Committee 191
Board of Directors 191
Avoid Paralysis by Analysis 193
The Business Plan Must Be a Living Document 194
The Business Plan Emphasizes Hitting the Target,
Not Hitting the Bull s Eye! 194
The Business Plan Should Provide a Compelling Reason
for Creating the Venture 195
The Business Plan Shows How You Plan to Deal with Risk 197
Software Is Not the Panacea 198
Resist the Temptation to Outsource the Business Plan 199
The Timeline for Preparing and Writing the Business Plan 199
Conclusion: Predicting Rain versus Building Arks 200
Endnotes 201
7 Components of the Business Plan 203
The Plan Must Fulfill Its Purpose 203
Components of the Business Plan 204
Cover Page 205
Confidentiality: The Nondisclosure Agreement 205
Executive Summary 208
Table of Contents 210
General Description of the Venture 210
Venture Objectives 210
The Opportunity 210
Context 211
Industry 211
Overall Strategy 211
Management Team 211
Ownership Structure 212
Funding Structure 212
Advisors 213
Legal Form 213
The Marketing Part of the Business Plan 217
Target Market 217
Analysis of Competition 217
xiv CONTENTS: CHAPTER 8
Market Offering/Competitive Advantage 219
How Will Your Competitors Respond? 22 7
The Name of Your Business 222
Product/ Service Strategy 222
Price Strategy 224
Promotion Strategy 225
Distribution Strategy 226
Getting Your First Customers 226
Proprietary Position 228
The Financial Part of the Business Plan 229
Projecting Sales 230
Projected Income Statements 232
Projected Initial Capital Requirement 232
Projected Cash Flow 234
Projected Balance Sheets 234
Key Financial Ratios and Indicators 235
Sources and Uses of Funds 235
Budgeting and Financial Management 236
Operational Issues 236
Key Risks and How They Will Be Addressed 237
Exit Strategy 237
Summary of the Business Plan 238
Appendices 238
Conclusion: The Plan Is Not an End in Itself 238
Endnotes 239
8 Sources of Funding 243
Entrepreneurs Need to Know the Facts of Funding Life 243
Fact of Funding 1: Entrepreneurs Have to Accept Risk 243
Fact of Funding 2: Determine if You
Are Credit/Investment Worthy 245
Fact of Funding 3: Entrepreneurs
Need Other People s Money 245
Fact of Funding 4: Raising Money Takes Considerable Time 245
Fact of Funding 5: Seeking Funding Is Not Fun
and It Takes Resilience 246
Fact of Funding 6: Seeking Funding Is Rarely
a One Time Occurrence 246
CONTENTS: CHAPTER 8 xv
Fact of Funding 7: Each Funding Source Has Its Own Set
of Expectations 247
Fact of Funding 8: There Is No Such Thing
as Truly Patient Money 247
Fact of Funding 9: Know the Difference Between Dumb Money
and Smart Money 248
Fact of Funding 7 0: If It s Not Your Money,
It s No Longer Your Business 248
Fact of Funding 11: There Are Various Ways to Raise Money 249
Fact of Funding 12: Entrepreneurs Need an F Plan 249
Developing an F plan for Your Venture 250
The Amount, Timing, and Type of Funding Play
a Critical Role in the F plan 251
Proactive Ways to Raise and Conserve Cash 253
The Benefits of Bootstrapping 253
Bootstrapping and Early Positive Cash Flow
Can Make a Difference 255
Bootstrapping Tips/Insights 256
Examples of Creative—Even Desperate Financing 257
Sources of Funding 258
Founder Funding 258
Diligent Purchasing and Budgeting 259
Friends and Family 259
Third Party Guarantees 259
Credit Cards 259
Leasing 26 1
Sale/Leaseback 261
Discounted Fees or Fee for Equity Propositions 261
Supplier Financing 261
Customer Prepayment or Investment 262
Factoring 262
Bartering 262
Management Team Taking Pay Cuts in Exchange
for Bonuses or Stock 263
Economic Incentives 263
Banks 263
Small Business Administration (SBA) 263
Government Grants 263
Incubators 264
xvi CONTENTS: CHAPTER 9
Strategic Alliances and Corporate Partnerships 264
Licensing or Royalties 266
Small Business Investment Companies (SBICs) 267
Issuing Stock to Individuals 267
Angel Investors 268
Venture Capital Firms (VCs) 268
Private Offering 268
Investment Banks 268
Initial Public Offering (IPO) 269
Financial Intermediaries 269
Internet Search Engines 270
Conclusion: Funding Should Be Tailored
to Your Unique Venture 270
Endnotes 272
9 Debt Financing 275
Advantages of Debt Financing 276
Disadvantages of Debt Financing 277
Commercial Loans Are Tied to the Concept of Leverage 277
What Entrepreneurs Need to Know About Banks 278
Not All Banks Are Alike 278
Banks Prefer Certain Types of Loans 278
Banks Do Not Like to Make Small Loans 279
What Do Bankers Look for When
Reviewing a Loan Request? 280
Documentation—Documentation—Documentation 281
Prepare to Enter the World of Bankers 282
Entrepreneur s Character 282
Entrepreneur and Team s Capability to Manage the Business 283
Capacity to Pay Off the Loan 284
Conditions or Terms of the Loan 285
Context Surrounding the Venture 286
Collateral to Reduce Downside Risk 288
Developing a Favorable Relationship with
the Bank and Banker 289
Prospecting: Finding the Right Bank and the Right Banker 290
Timing: Adopt the Gretzky Approach 292
CONTENTS: CHAPTER 10 xvii
Covenants: The Bank s Ten Commandments 292
SBA Financing May Be a Possibility 293
Conclusion: Borrowing Money Is Possible
If You Know What You Are Doing 294
Endnotes 295
10 Seeking Investors 297
Close Ties Between the Stage of New Venture
Evolution and Funding 299
Seed Stage (Conception) 299
Start up Stage (Birth) 300
Early Stage (Adolescence) 300
Later Stage (Adulthood) 300
Each Stage of Evolution Has Its Own Financing Challenges 301
Seed Stage 301
Start Up Stage 301
Early Stage 302
Later Stage 302
The Nature of the New Venture Will Affect Its Ability
to Attract Investors 303
Profiles of Investor Categories 304
Founder Funding 304
Friends and Family Funding 304
Angel Funding 305
Types of Angels 306
Angels Help Bridge the Equity Gap 307
Who Are Angel Investors? 308
SEC Rules Relating to Angel Investors 309
Degree of Involvement 309
Angels Can Leverage Their Positions 310
Beware of Strangers Bearing Gifts 310
How Are Angels Different from Venture Capitalists? 311
Stage of the Emerging Venture 312
Entrepreneurial Experience 312
Specific Nature of Firms Considered 312
Amount of Money per Investment 313
xviii CONTENTS: CHAPTER 11
Number of In vestments 3 1 4
Length of Time for Investment and Concern
with L iquidity Event 314
Follow Up Funding 314
Aggressiveness and Breadth of Search 314
Geographic A vailability of Funding 314
Amount of Due Diligence 315
Criteria Used in Analyzing an Investment 315
Amount of Time Committed to Helping the Emerging Venture 316
Conditions Placed on the Operations of the Emerging Venture 316
Conclusion: Angels Fill a Critical Void 316
Endnotes 316
H Going the Angel Route 31^
How Do You Find Angel Investors? 319
Timing Plays an Important Role When Seeking Funding 321
Timing Is a Catch 22 321
Entrepreneurs Need to Plan Ahead 324
To Attract an Angel, Think Like an Angel 324
Criteria 1: Can the Entrepreneur Take the Venture
to the Next Level? 325
Criteria 2: The Team Must Be There or Be
on the Near Term Horizon 325
Criteria 3: The Opportunity Must Have
Considerable Upside Potential 326
Criteria 4: The Business Plan Must Demonstrate
the Ability to Capitalize on the Opportunity 326
Criteria 5: The Angel Must Find the Investment
to Be Compelling 328
Doing the Deal: How the Deal May Be Structured 329
Valuation Can Make or Break a Deal 330
Tips on Prospecting: Look for Goodness of Fit 333
Profile of the Ideal Angel 334
Profi le of the Ideal I nvestment 334
Entrepreneur 334
Management Team 335
Market Opportunity 335
CONTENTS: CHAPTER 12 xix
Product/Service Offering 335
Business Plan 336
Financials 336
Location of the Venture 336
The Deal 336
Why Do Angels Reject Deals? 337
Lack of Integrity 337
Lack of Entrepreneurial and Management Prowess 337
Lack of Interpersonal Chemistry 337
Questionable Coachability 338
Lack of Commitment 338
Weak or Incomplete Management Team 338
Limited Appreciation Potential 339
Unfavorable Valuation or Terms 339
Lack of Interest or Experience in the Venture s Market 339
Using Intermediaries, Angel Networks, and Electronic Listings 340
Don t Forget About Legal Issues When Seeking Investors 343
Tips When Seeking Angel Funding 345
It s a Whole New BalIgame 348
Exit Strategy: Begin with the End In Mind 349
A Few Reminders When Seeking Angel Investors 349
Conclusion: Angel Route Offers 351
Endnotes 351
12 Venture Capital Funding 355^
1 In 1,000: Start Ups Rarely Qualify for Funding 355
30 Seconds: Gone In the Blink of an Eye! 356
2 In 100: Many Seek Funding But Few Are Chosen 356
2 In 10: Of the Few that Are Chosen, Even
Fewer Will Succeed 357
How Do Venture Capital Funds Work? 357
Venture Capital Firms Provide Smart Money 358
Securing Venture Capital Is Not Just a Funding Event 359
Embark on the Venture Capital Journey with Both Eyes Open 360
Timing Is Everything: VCs Rarely Fund a Business
Before Its Time 361
Venture Capitalists Fill a Gap in the Financial Marketplace 362
xx CONTENTS: CHAPTER 13
Show Me the Money! 363
Venture Capital Criteria 364
Criteria 1: Lead Entrepreneur/Team 365
Criteria 2: Rapid Growth: Industry and the Market 367
Criteria 3: Proprietary Position and Sustainable
Competitive Advantage 368
Criteria 4: A Business Plan that Makes Sense
and Can Be Executed 369
Criteria 5: Great Profitability 370
Exceptional Businesses Beat the Odds! 371
Choose the Right Venture Capital Firm(s) 372
Know Thyself and What You Want Out of the Deal 3 74
Submitting the Request for Funding: Don t Self Destruct 374
Presentation to Venture Capitalists 375
What Happens Next? 377
Conclusion: Leap Forward 378
Endnotes 378
13 Initial Public Offering 38?
Taking the Firm to the Next Level 382
IPO: Its Benefits 383
IPO: Its Drawbacks 384
Will Your Firm Fit the IPO Profile? 386
Timing Plays a Key Role in Going Public 386
Valuation: Art and Science Combined 387
Investment Bankers: Take My Firm Public, Please! 387
Choosing the Investment Banker 388
Selling to the Public versus Doing an Initial Public Offering 389
Legal Counsel: An Important Part of Your IPO Team 389
Conclusion: The IPO Process Is Neither Simple Nor Easy 389
Endnotes 390
Epilogue Entrepreneurial Dos and Don ts 391
Take the Mirror Test: Look at Yourself, Your Life,
and What Is Driving You 392
Time Is Your Enemy: You Will Never Have Enough Time 394
CONTENTS: CHAPTER 13 xxi
Preparation: Stack the Odds in Your Favor 395
Management: Who Ever Said It Would Be Easy? 397
The Business Plan: The Mental Journey Must Precede
the Physical Journey 402
Strategy: How Do You Plan to Gain Sustainable
Competitive Advantages? 405
Human Resources: You Will Only Be as Good as Your People 407
Financial Side: Money Is Like Oxygen—You Need It to Live 410
The Business Opportunity and Business Concept 415
Market Opportunity: Analyze the Marketplace
and Do the Right Marketing 416
Marketing Plan 417
Marketing: Competition 419
Marketing: Customers 419
Suppl iers: You Can t Live Without Them 421
Legal: It s a Minefield Out There! 422
Things to Remember After You Have Started Your Business 423
Closing Points 425
Index 427
|
| adam_txt |
Contents
About the Author xxiii
Foreword xxv
Preface xxix
Acknowledgments xxxvii
Introduction: The Nature of Entrepreneurship 1 1
What Are the Characteristics
of Successful Entrepreneurs? I 2
Entrepreneurship Is Not for the Faint of Heart I 3
Mapping The Entrepreneurial Journey I 4
The New Venture Creation Process I 4
Incorporating The Entrepreneurial Triangle I 5
Which Dimension Is the Most Important? I 6
Entrepreneurs Are Like Explorers I 7
Entrepreneurs Need to Identify Gaps in the Triangle I 8
Entrepreneurship Involves Various Types of Personal
Challenges and Risks I 8
Beware of Entrepreneurial Myths 1 13
Myth 1: Entrepreneurs Are Born Not Made 1 13
Myth 2: Entrepreneurship Cannot Be Taught 1 13
Myth 3:1 Will Be My Own Boss I 1 4
Myth 4: Most New Ventures Fail 1 14
Myth 5:1 Can Always Start My Own Business 1 15
Myth 6:1 Can Be an Entrepreneur Because I Have Been
Successful in Corporate America 1 16
v
vi CONTENTS: CHAPTER 1
New Venture Facts of Life 1 17
Are You Committed Enough to Take The Journey? 1 17
Conclusion: Entrepreneurship Is a Different World 1 19
Endnotes I 20
1 Essential Entrepreneurial Qualities and Capabilities 1
Step One: Know Thyself! 2
Check Your Motives 3
Show Me the Money 3
Step Two: Develop the "Entrepreneurial Profile" 5
Step Three: Identify the "Entrepreneurial Gaps" 5
Step Four: Bridge the Entrepreneurial Caps 8
Step Five: Supplement Your Skills and Capabilities 9
Personal Qualities That Can Make a Difference 10
Entrepreneurs Don't Have to Be Inventors 10
Entrepreneurs Need to Be Entrepreneurs 13
Entrepreneurs Need to Be Leaders 14
Entrepreneurs Need to Be Managers 14
Types of Entrepreneurs 15
Wanted: An Entrepreneur for All Seasons 16
Key Entrepreneurial Qualities 17
Entrepreneurs Have a Vision for What Can Be 17
Entrepreneurs Are Perceptive and Demonstrate
a Kaleidoscopic Perspective 18
Entrepreneurs Are Venturesome 18
Entrepreneurs See Opportunities Where Others See Problems 18
Entrepreneurs Live at the Edge 19
Entrepreneurs Have the Ability to Make
Good Things Happen—in Spite of the Odds 19
Entrepreneurs Thrive in Times of Uncertainty 20
Entrepreneurs Have a Tolerance for Turbulence 21
Entrepreneurs Need Confidence to Take the Plunge 22
Entrepreneurs Are Opportunistic and Have Contempt
for the Status Quo 24
Entrepreneurs Are Open Minded and Quick to Learn 24
Entrepreneurs Must Be Focused and Decisive 25
CONTENTS: CHAPTER 2 vii
Entrepreneurs Must Be Committed 26
Entrepreneurs Must Have Passion and Selling Skills 26
Entrepreneurs Need to Be Persistent, Tenacious, and Resilient 27
Entrepreneurs Need to Be Aware of the Impact
They Have on Their People 29
Entrepreneurs Should Use the Talents of People Outside the Firm 29
Never Underestimate the Value of Experience 29
Conclusion: I Do Not Have Superhuman Powers! 30
Endnotes 31
~~2 What Type of Venture Do You Have in Mind? 35
Lifestyle Ventures: An Alternative to Working
for Someone Else 36
Modest Ventures: Viable Ventures But
Not That Profitable 37
Promising Ventures: Capitalizing on
Hospitable Markets 38
High Growth Ventures: Professional Management
Is Essential 42
Revolutionary Ventures: Rolling
the Dice to Change the World 47
Factors Affecting New Venture Success and Growth 49
Scalability: Can the Venture Be Started in a Small Scale? 50
Newness Can Affect Growth and Risk 51
Planning versus Adaptation Paradox 52
Barriers to Entry and Competitive Advantages
Can Make a Difference 56
Investment and Uncertainty 57
Potential Return on Investment and Time to Get Profitable 58
Innovation and Execution Characterize
the Exceptional Enterprise 59
Innovation and Improvement: Two Dimensions for Gaining
a Competitive Advantage 61
Operating at the Edge: The Innovation Portal 62
Conclusion: In Search of Goodness of Fit 63
Endnotes 64
viii CONTENTS: CHAPTER 3
3 Identifying New Venture Opportunities 67
New Venture Creation Process 67
Mistake 1: "Entrepreneurship by Braille" 68
Mistake 2: Assuming Customers Will Come 69
The Door Is Wide Open for Entrepreneurial Ventures 70
Is There an Ideal Business Situation? 70
Identifying Business Opportunities:
Raise Your "Opportunity Antennae" 72
Change Brings Challenges—and
New Venture Opportunities 72
The Marketplace Is Exploding with
Entrepreneurial Opportunities 74
Developing a Kaleidoscopic Perspective Can
Help Identify Opportunities 75
Examples of Market Gaps that Were Filled
by Perceptive Entrepreneurs 76
Techniques for Identifying Business Opportunities 77
Ask People to Identify Areas Where Their Needs
Aren't Being Met 77
Focus Groups Can Identify Gaps and Solutions 78
Reverse Brainstorming: Contempt for the Status Quo 78
Matrix Charting May Reveal Interesting Insights 80
The Big Dream Approach Encourages Unbounded Thinking 80
Free Association and Paired Comparison
May Provide New Insights 81
The "Slice of Life" Approach Can Identify Opportunities 81
The Market Area Saturation Approach Asks,
"What's Missing in This Picture?" 82
The Competitive Matrix May Reveal Market Gaps 83
Referrals and the Trend Toward Outsourcing
Open Entrepreneurial Doors 85
Acquiring Ideas versus Inventing Them 85
Alliances and Joint Ventures Can
Open Entrepreneurial Doors 86
Franchises May Offer New Venture Opportunities 87
Sold! Buying a Business to Capitalize
On an Opportunity 88
Keep a Notebook of Potential
Entrepreneurial Opportunities 88
CONTENTS: CHAPTER 4 ix
Broaden Your Perspective: Opportunities Are Out There 89
The Proximity Effect: Where You Are Can Lead
to Interesting Opportunities 92
"If This Company Won't Do It, Then I Will. ." 93
Don't Wait for Downsizing: Initiate a Preemptive Strike 94
Look Ahead 95
Listen and Ask 96
Most Large and Established Companies
Are Not Entrepreneurial 97
Conclusion: The Door Is Wide Open
for Entrepreneurial Ventures 98
Endnotes 99
4 Ventures that Capitalized on Market Gaps 101
Entrepreneurial Perceptiveness Created Some
of Today's Household Names 102
Pick an Area and Identify Potential Opportunities 103
"Proximity" Plays a Key Role in Identifying Market Gaps 105
Health Care Gap: Contain This! 106
Health Care: Are We Covered? 106
Health Care: Language Translation in the Emergency Room 107
Health: Be Careful about the Air You Breathe 107
Technology Gap: Expand Bandwidth! 107
Technology: When Does the Movie Start? 107
Technology: Paging Mr.Ms. . 108
Information: Linking the New World to the Old World 108
Information: Market to Niche Groups 108
Environment and Convenience: "Boating
Is Supposed to Be Fun!" 108
Dogs, Dogs, and More Dogs: It's a Dog's World 109
How Much Is that Biscotti in the Window? 109
Beware of My Dog 109
Fasten Rover's Sealbelt! 109
Food and Drink: The Opportunities Are Unlimited 109
Forget Tea and Cola—Give Them Juice! 110
Mixing Food and Play: "Play Dough"? No, Cookie Dough 110
Food: "Offer Premium When They Have Only Tasted Regular" 110
Convenience: "Hey Buddy, Can You Spare Some Change?" 110
x CONTENTS: CHAPTER 4
Convenience: "Couch Potatoes Need All the Help They Can Get" 11 7
Sports and Recreation: Out with the Old, In with the New 7 7 7
Recreation and Sports: "I Need Streamlined Water!" 112
Travel: "I Only Need a Few Square Feet." 712
Travel: "Help, I Need to Get Away from It All!" 712
Safety: Get Me Out of Here! 17 3
Environment: It's Too Late to Build an Ark! 113
Clothing: "Do We Have to Wear Green?" 113
Electronic Commerce: A Brave New World 714
Amazon.com: One Statistic Can Change the Retailing Game 114
eBay: From Garage Sales and Flea Markets to Cyberspace 714
Yahoo! Bringing Order Out of Chaos 115
Chris Evans: Surfing Multiple E Commerce Waves 715
Opportunities Also Exist In the Softer Side of Technology 115
Internet Crossing: When in Rome, Do as the Romans Do 115
ValiCert: Creating a "Virtual Gallery" 116
Entrepreneurs Relish the Opportunity to Change
the Rules of the Game 116
Dragon Systems: Avoiding Paralysis by Analysis 17 6
Richard Branson: Shaking Up Existing Markets 117
1 800 Auto Tow: Professionalizing Fragmented Industries 117
Staples: Cater to Those Who Are Ignored 117
Research Triangle Consultants: Offer the Whole Package 117
Starbucks: Taking an Established Industry
to a Whole New Level 118
Adopting a Kaleidoscopic Perspective 118
Air Surveillance Corp.: Stay Away from the Obvious,
Look for Niches 118
Radiant Systems: One Venture Can Lead to Another Venture 718
America's Finest Pasta Sauces: Embracing the Concept
of "Opportunity Transfer" 119
Capital Concierge Inc.: "Geographic Transfer"
May Beat Reinventing the Wheel 119
Trakus Inc.: Looking for A and Finding B 120
Regulation and Deregulation 120
Reno Air: Who Says Flying into Reno Is a Gamble? 120
International Opportunities 120
The Vietnam Business Journal: Return to Vietnam 121
CONTENTS: CHAPTER 5 xi
American Tours International: Coming to America 121
Lucille Roberts Health Clubs: "Girls
Just Want to Have Fun" 121
Conclusion: The Possibilities Are Limitless! 121
Endnotes 122
5 Evaluating New Venture Opportunities 125
New Venture Creation Process 125
Screening New Venture Opportunities 126
Evaluation Thresholds and Critical Mass 128
Reflections: What Can Prospective Entrepreneurs Learn
from the Original Wave of Dot coms? 130
It's Time to Apply Various Screens
for Evaluating the Opportunities 132
Entrepreneurial Analysis 132
Attractiveness of the Opportunity 132
Timing and Opportunity: The Dynamic Duo 133
Opportunity/Strategy Analysis 134
What Does the OveralI Market Look Like? 138
What Is the Nature and Duration of the Window? 139
First Mover Advantage: The Jury Is Still Out 140
What Is the Nature of the Target Market? 141
What Is the Competitive Situation? 142
How Distinct Will Your New Venture's
Market Offering Be? 143
Financial Dimensions 146
Identifying Each Opportunity's Resource Requirements 149
What Happens If None of the Opportunities Exceeds
the Three Thresholds? 151
Ranking the Opportunities 151
It's Time to Determine If the Market Truly Values
Your Product/Service Concept 153
Market Research Round Two 154
Learning from the Market Research 155
It's Time to Test Market Your Product/Service 157
It's Time for the Dog Food Test 160
Estimating Demand 161
xii CONTENTS: CHAPTER 6
How to Use Market Research to Look Before
You Leap: An Example 162
Testing Patentability and Market Acceptance 163
It's Time for a Technical and Logistics Test 163
Vulnerability Analysis 164
Conclusion: Insights Identify Opportunities
and Reduce Risk 165
Endnotes 166
6 Developing the Business Plan 169
The Role of the Business Plan 170
Yes, You Really Need to Prepare a Business Plan! 171
Developing a Business Plan Takes Commitment 172
Business Plan Is a Reflection of the Entrepreneur 173
Basics of the New Venture Business Plan 175
The Nature of Planning: Constructing
a Business Model for the Venture 176
The Business Plan Puts Things In Perspective 177
Documentation, Documentation, and More Documentation 178
The Business Plan Provides Focus 178
Identify the Drivers of Success 179
Separate the Funding from the Plan 181
Business Plans, Like Entrepreneurs, Come
In AII Shapes and Sizes 182
The Plan Evolves Through a Number of Iterations 182
Going from the Preliminary Plan
to the Comprehensive Business Plan 183
The Comprehensive Business Plan Will Require
Additional Brain Power 184
Find a Mentor Who Will Help You Shoot the Rapids 184
External Advisors/Service Providers 185
Certified Public Accountant 185
Legal Counsel 186
Bankers 186
Consultants 187
Insurance Advisor 187
Management Team 187
CONTENTS: CHAPTER 7 xiii
Advisory Committee 189
Technology Advisory Committee 191
Board of Directors 191
Avoid Paralysis by Analysis 193
The Business Plan Must Be a Living Document 194
The Business Plan Emphasizes Hitting the Target,
Not Hitting the Bull's Eye! 194
The Business Plan Should Provide a Compelling Reason
for Creating the Venture 195
The Business Plan Shows How You Plan to Deal with Risk 197
Software Is Not the Panacea 198
Resist the Temptation to Outsource the Business Plan 199
The Timeline for Preparing and Writing the Business Plan 199
Conclusion: Predicting Rain versus Building Arks 200
Endnotes 201
7 Components of the Business Plan 203
The Plan Must Fulfill Its Purpose 203
Components of the Business Plan 204
Cover Page 205
Confidentiality: The Nondisclosure Agreement 205
Executive Summary 208
Table of Contents 210
General Description of the Venture 210
Venture Objectives 210
The Opportunity 210
Context 211
Industry 211
Overall Strategy 211
Management Team 211
Ownership Structure 212
Funding Structure 212
Advisors 213
Legal Form 213
The Marketing Part of the Business Plan 217
Target Market 217
Analysis of Competition 217
xiv CONTENTS: CHAPTER 8
Market Offering/Competitive Advantage 219
How Will Your Competitors Respond? 22 7
The Name of Your Business 222
Product/'Service Strategy 222
Price Strategy 224
Promotion Strategy 225
Distribution Strategy 226
Getting Your First Customers 226
Proprietary Position 228
The Financial Part of the Business Plan 229
Projecting Sales 230
Projected Income Statements 232
Projected Initial Capital Requirement 232
Projected Cash Flow 234
Projected Balance Sheets 234
Key Financial Ratios and Indicators 235
Sources and Uses of Funds 235
Budgeting and Financial Management 236
Operational Issues 236
Key Risks and How They Will Be Addressed 237
Exit Strategy 237
Summary of the Business Plan 238
Appendices 238
Conclusion: The Plan Is Not an End in Itself 238
Endnotes 239
8 Sources of Funding 243
Entrepreneurs Need to Know the Facts of Funding Life 243
Fact of Funding 1: Entrepreneurs Have to Accept Risk 243
Fact of Funding 2: Determine if You
Are Credit/Investment Worthy 245
Fact of Funding 3: Entrepreneurs
Need "Other People's Money'' 245
Fact of Funding 4: Raising Money Takes Considerable Time 245
Fact of Funding 5: Seeking Funding Is Not Fun
and It Takes Resilience 246
Fact of Funding 6: Seeking Funding Is Rarely
a One Time Occurrence 246
CONTENTS: CHAPTER 8 xv
Fact of Funding 7: Each Funding Source Has Its Own Set
of Expectations 247
Fact of Funding 8: There Is No Such Thing
as Truly Patient Money 247
Fact of Funding 9: Know the Difference Between Dumb Money
and Smart Money 248
Fact of Funding 7 0: If It's Not Your Money,
It's No Longer "Your" Business 248
Fact of Funding 11: There Are Various Ways to Raise Money 249
Fact of Funding 12: Entrepreneurs Need an "F Plan" 249
Developing an F plan for Your Venture 250
The Amount, Timing, and Type of Funding Play
a Critical Role in the F plan 251
Proactive Ways to Raise and Conserve Cash 253
The Benefits of Bootstrapping 253
Bootstrapping and Early Positive Cash Flow
Can Make a Difference 255
Bootstrapping Tips/Insights 256
Examples of Creative—Even Desperate Financing 257
Sources of Funding 258
Founder Funding 258
Diligent Purchasing and Budgeting 259
Friends and Family 259
Third Party Guarantees 259
Credit Cards 259
Leasing 26 1
Sale/Leaseback 261
Discounted Fees or Fee for Equity Propositions 261
Supplier Financing 261
Customer Prepayment or Investment 262
Factoring 262
Bartering 262
Management Team Taking Pay Cuts in Exchange
for Bonuses or Stock 263
Economic Incentives 263
Banks 263
Small Business Administration (SBA) 263
Government Grants 263
Incubators 264
xvi CONTENTS: CHAPTER 9
Strategic Alliances and Corporate Partnerships 264
Licensing or Royalties 266
Small Business Investment Companies (SBICs) 267
Issuing Stock to Individuals 267
Angel Investors 268
Venture Capital Firms (VCs) 268
Private Offering 268
Investment Banks 268
Initial Public Offering (IPO) 269
Financial Intermediaries 269
Internet Search Engines 270
Conclusion: Funding Should Be Tailored
to Your Unique Venture 270
Endnotes 272
9 Debt Financing 275
Advantages of Debt Financing 276
Disadvantages of Debt Financing 277
Commercial Loans Are Tied to the Concept of Leverage 277
What Entrepreneurs Need to Know About Banks 278
Not All Banks Are Alike 278
Banks Prefer Certain Types of Loans 278
Banks Do Not Like to Make Small Loans 279
What Do Bankers Look for When
Reviewing a Loan Request? 280
Documentation—Documentation—Documentation 281
Prepare to Enter the World of Bankers 282
Entrepreneur's Character 282
Entrepreneur and Team's Capability to Manage the Business 283
Capacity to Pay Off the Loan 284
Conditions or Terms of the Loan 285
Context Surrounding the Venture 286
Collateral to Reduce Downside Risk 288
Developing a Favorable Relationship with
the Bank and Banker 289
Prospecting: Finding the Right Bank and the Right Banker 290
Timing: Adopt the Gretzky Approach 292
CONTENTS: CHAPTER 10 xvii
Covenants: The Bank's Ten Commandments 292
SBA Financing May Be a Possibility 293
Conclusion: Borrowing Money Is Possible
If You Know What You Are Doing 294
Endnotes 295
10 Seeking Investors 297
Close Ties Between the Stage of New Venture
Evolution and Funding 299
Seed Stage (Conception) 299
Start up Stage (Birth) 300
Early Stage (Adolescence) 300
Later Stage (Adulthood) 300
Each Stage of Evolution Has Its Own Financing Challenges 301
Seed Stage 301
Start Up Stage 301
Early Stage 302
Later Stage 302
The Nature of the New Venture Will Affect Its Ability
to Attract Investors 303
Profiles of Investor Categories 304
Founder Funding 304
Friends and Family Funding 304
Angel Funding 305
Types of Angels 306
Angels Help Bridge the Equity Gap 307
Who Are Angel Investors? 308
SEC Rules Relating to Angel Investors 309
Degree of Involvement 309
Angels Can Leverage Their Positions 310
Beware of Strangers Bearing Gifts 310
How Are Angels Different from Venture Capitalists? 311
Stage of the Emerging Venture 312
Entrepreneurial Experience 312
Specific Nature of Firms Considered 312
Amount of Money per Investment 313
xviii CONTENTS: CHAPTER 11
Number of In vestments 3 1 4
Length of Time for Investment and Concern
with L iquidity Event 314
Follow Up Funding 314
Aggressiveness and Breadth of Search 314
Geographic A vailability of Funding 314
Amount of Due Diligence 315
Criteria Used in Analyzing an Investment 315
Amount of Time Committed to Helping the Emerging Venture 316
Conditions Placed on the Operations of the Emerging Venture 316
Conclusion: Angels Fill a Critical Void 316
Endnotes 316
H Going the Angel Route 31^
How Do You Find Angel Investors? 319
Timing Plays an Important Role When Seeking Funding 321
Timing Is a Catch 22 321
Entrepreneurs Need to Plan Ahead 324
To Attract an Angel, Think Like an Angel 324
Criteria 1: Can the Entrepreneur Take the Venture
to the Next Level? 325
Criteria 2: The Team Must Be There or Be
on the Near Term Horizon 325
Criteria 3: The Opportunity Must Have
Considerable Upside Potential 326
Criteria 4: The Business Plan Must Demonstrate
the Ability to Capitalize on the Opportunity 326
Criteria 5: The Angel Must Find the Investment
to Be Compelling 328
Doing the Deal: How the Deal May Be Structured 329
Valuation Can Make or Break a Deal 330
Tips on Prospecting: Look for Goodness of Fit 333
Profile of the Ideal Angel 334
Profi le of the Ideal I nvestment 334
Entrepreneur 334
Management Team 335
Market Opportunity 335
CONTENTS: CHAPTER 12 xix
Product/Service Offering 335
Business Plan 336
Financials 336
Location of the Venture 336
The Deal 336
Why Do Angels Reject Deals? 337
Lack of Integrity 337
Lack of Entrepreneurial and Management Prowess 337
Lack of Interpersonal Chemistry 337
Questionable Coachability 338
Lack of Commitment 338
Weak or Incomplete Management Team 338
Limited Appreciation Potential 339
Unfavorable Valuation or Terms 339
Lack of Interest or Experience in the Venture's Market 339
Using Intermediaries, Angel Networks, and Electronic Listings 340
Don't Forget About Legal Issues When Seeking Investors 343
Tips When Seeking Angel Funding 345
It's a Whole New BalIgame 348
Exit Strategy: Begin with the End In Mind 349
A Few Reminders When Seeking Angel Investors 349
Conclusion: Angel Route Offers 351
Endnotes 351
12 Venture Capital Funding 355^
1 In 1,000: Start Ups Rarely Qualify for Funding 355
30 Seconds: Gone In the Blink of an Eye! 356
2 In 100: Many Seek Funding But Few Are Chosen 356
2 In 10: Of the Few that Are Chosen, Even
Fewer Will Succeed 357
How Do Venture Capital Funds Work? 357
Venture Capital Firms Provide Smart Money 358
Securing Venture Capital Is Not Just a Funding Event 359
Embark on the Venture Capital Journey with Both Eyes Open 360
Timing Is Everything: VCs Rarely Fund a Business
Before Its Time 361
Venture Capitalists Fill a Gap in the Financial Marketplace 362
xx CONTENTS: CHAPTER 13
Show Me the Money! 363
Venture Capital Criteria 364
Criteria 1: Lead Entrepreneur/Team 365
Criteria 2: Rapid Growth: Industry and the Market 367
Criteria 3: Proprietary Position and Sustainable
Competitive Advantage 368
Criteria 4: A Business Plan that Makes Sense
and Can Be Executed 369
Criteria 5: Great Profitability 370
Exceptional Businesses Beat the Odds! 371
Choose the Right Venture Capital Firm(s) 372
Know Thyself and What You Want Out of the Deal 3 74
Submitting the Request for Funding: Don't Self Destruct 374
Presentation to Venture Capitalists 375
What Happens Next? 377
Conclusion: Leap Forward 378
Endnotes 378
13 Initial Public Offering 38?
Taking the Firm to the Next Level 382
IPO: Its Benefits 383
IPO: Its Drawbacks 384
Will Your Firm Fit the IPO Profile? 386
Timing Plays a Key Role in Going Public 386
Valuation: Art and Science Combined 387
Investment Bankers: Take My Firm Public, Please! 387
Choosing the Investment Banker 388
Selling to the Public versus Doing an Initial Public Offering 389
Legal Counsel: An Important Part of Your IPO Team 389
Conclusion: The IPO Process Is Neither Simple Nor Easy 389
Endnotes 390
Epilogue Entrepreneurial Dos and Don'ts 391
Take the Mirror Test: Look at Yourself, Your Life,
and What Is Driving You 392
Time Is Your Enemy: You Will Never Have Enough Time 394
CONTENTS: CHAPTER 13 xxi
Preparation: Stack the Odds in Your Favor 395
Management: Who Ever Said It Would Be Easy? 397
The Business Plan: The Mental Journey Must Precede
the Physical Journey 402
Strategy: How Do You Plan to Gain Sustainable
Competitive Advantages? 405
Human Resources: You Will Only Be as Good as Your People 407
Financial Side: Money Is Like Oxygen—You Need It to Live 410
The Business Opportunity and Business Concept 415
Market Opportunity: Analyze the Marketplace
and Do the Right Marketing 416
Marketing Plan 417
Marketing: Competition 419
Marketing: Customers 419
Suppl iers: You Can't Live Without Them 421
Legal: It's a Minefield Out There! 422
Things to Remember After You Have Started Your Business 423
Closing Points 425
Index 427 |
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| illustrated | Illustrated |
| index_date | 2024-07-02T15:53:50Z |
| indexdate | 2024-07-09T20:45:23Z |
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| language | English |
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| publisher | Wiley |
| record_format | marc |
| spelling | Harper, Stephen C. Verfasser aut Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise Stephen C. Harper Hoboken, N.J. Wiley 2005 XXXVII, I-21, ill. 26 cm txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index New business enterprises Entrepreneurship Unternehmensgründung (DE-588)4078599-3 gnd rswk-swf Unternehmensgründung (DE-588)4078599-3 s DE-604 http://www.loc.gov/catdir/description/wiley042/2004013487.html Publisher description http://www.loc.gov/catdir/toc/wiley041/2004013487.html Table of contents only http://www.loc.gov/catdir/enhancements/fy0616/2004013487-b.html Contributor biographical information HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015032155&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Harper, Stephen C. Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise New business enterprises Entrepreneurship Unternehmensgründung (DE-588)4078599-3 gnd |
| subject_GND | (DE-588)4078599-3 |
| title | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise |
| title_auth | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise |
| title_exact_search | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise |
| title_exact_search_txtP | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise |
| title_full | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise Stephen C. Harper |
| title_fullStr | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise Stephen C. Harper |
| title_full_unstemmed | Extraordinary entrepreneurship the professional's guide to starting an exceptional enterprise Stephen C. Harper |
| title_short | Extraordinary entrepreneurship |
| title_sort | extraordinary entrepreneurship the professional s guide to starting an exceptional enterprise |
| title_sub | the professional's guide to starting an exceptional enterprise |
| topic | New business enterprises Entrepreneurship Unternehmensgründung (DE-588)4078599-3 gnd |
| topic_facet | New business enterprises Entrepreneurship Unternehmensgründung |
| url | http://www.loc.gov/catdir/description/wiley042/2004013487.html http://www.loc.gov/catdir/toc/wiley041/2004013487.html http://www.loc.gov/catdir/enhancements/fy0616/2004013487-b.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015032155&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT harperstephenc extraordinaryentrepreneurshiptheprofessionalsguidetostartinganexceptionalenterprise |