Are You Really an Entrepreneur?
Many of us like to think of ourselves as entrepreneurs. Entrepreneurs are glorified in the press and loved for their independence. The reality about most entrepreneurs and their ventures is far more circumspect. What really is an entrepreneur? What does it take to create a start-up and, more importantly, what is needed for it to be successful?
Passion, Reality, and Starting a Business
When an entrepreneur thinks about starting a business, there are two distinct concepts critical to success that pop-up time and time again: passion and reality. Starting a business is not easy. An entrepreneur needs to understand and express their passion. To do so means to develop a mission statement and a plan. It also requires enthusiasm, energy, and persistence to market their business concepts to suppliers, customers, and investors.
How to Write a Sales Pitch
These days, we refer to a very short synopsis of your business as an “elevator speech,” and in this article, we’ll call it simply “the sales pitch.” A sales pitch is a concise, carefully planned, and well-practiced description about your company that anyone should be able to understand in 60 seconds or less.
Branding and Differentiation
One of the greatest challenges — and opportunities — faced by small businesses has to do with building the brand for their product or service, and distinguishing them from the host of established and emerging competitors. Many entrepreneurs do not fully appreciate the importance and value of a great branding and differentiation strategy.
Market Research Overview
One of the first questions a would-be investor or lender wants answered by the authors of a business plan is: how much do you really know about your Market? As enamored as we may be of our own discoveries, products and/or services, it is ultimately the market that will decide their value. And investors know this all too well.
Presentation and Image
Many entrepreneurs fail to realize that a critical factor in startup success is your image and presentation. And fewer still understand the need for SIMPLICITY. The Good News? Creating a professional business presentation and image need not be expensive or complex. The (potentially) Bad News? Creating a simple, clear business presentation and image can be very challenging.
How Poor Forecasting Can Sabotage Your Business Plan (And How to Avoid the Pitfalls!)
Few, if any, good investors believe the forecasts presented to them, due mainly to the fact that few entrepreneurs understand the importance of realistic forecasting. Here are some of the major ways poor forecasting can sabotage your business plan and your financing, as well as some of the lessons about how to avoid these pitfalls.
Rethinking Pricing
Despite the increased complexity and ever-changing nature of today’s pricing environment, there are still some basic rules and simple tips you can follow to build your market share, make money in the process, and establish long term success. Here are some considerations to review to maximize your pricing results.
Startup Business Internet Guide
In today’s world, when someone is looking for a product or service the chances are they are doing some if-not-all of their shopping online. The question is not “why?” you should do business and market on the internet, but “how?” to intend to do so and make the most of it. The internet provides a highly efficient and cost-effective means for businesses.
Guidelines for Building a Website
Before you run off and hire a high-priced designer and developer, there are a few critical questions you need to ask yourself and issues you should consider to ensure your that your website design helps you in your business goals, and ends up being more than a waste of money.
Marketing on the Internet
Even if you are not currently selling directly on the internet, you need to be aware of competition and trends, and you need to develop an internet marketing strategy. U.S. retail e-commerce sales have been growing about 15% per year and are expected to have a compounded annual growth over the next few years at 14%. Brick and mortar sales have been relatively flat and actually on the decline.
Glossary – A Few Web Marketing Terms
It helps to know the jargon when you venture into new territory, like web marketing. To make the most of your web marketing strategies, familiarizing yourself with the terms in this list will help in your conversations and further research.
Why The “Eighty–Twenty Rule” Rocks!
The Eighty Twenty Rule has been proven for many decades. Yet many businesses — especially the small ones — ignore this rule, and produce a myriad of styles, colors, sizes, models and features to serve what they presume to be an endless stream of “niches.” Often, by taking their eye off the ball in this way, many companies fail.
Financial Statements
Financial statements have been developed over the centuries to answer different questions about an organization’s past, current and future performance. These business templates show the three main financial statements you will need to plan, finance, and operate your business. These are the Balance Sheet, Profit and Loss Statement, and Cash Flow Statement.
How Effective Operations and Logistics Can Create Marketing Opportunities
Just as with large business, small business requires effective logistics and operations planning to produce products or services and deliver those products or services to the end user. The process starts with determining key issues, understanding tradeoffs and developing goals and standards.
Customer Service
Here is an overview of key relevant issues of customer service, with a focus on their importance to marketing sales and growth. While you need to address specific issues for your business, this guide provides a general perspective on the procedures and systems for your efforts.
What Is a Merchandising Plan?
A good merchandising plan is essential to insure smooth and stable growth, especially when a company is young and running on slim inventory reserves. With a merchandising plan you are able to answer many questions that might arise as sales begin to grow and change. While the merchandising plan is mainly a retail or internet concept, it also should be adapted for service industries.
Marketing Plan for Startups
No matter what era or region of the world, Marketing is one of the most integral parts of running a new business. It involves knowing how to succeed in convincing your customer to purchase your product or service. Remember one thing above all else: whatever you do has to be specifically targeted towards the needs and wants of your customers.
Selling for Startup Businesses
Sales is a process involving both art and science. It is much more about understanding the product, the market, and the customer than the individual personality of the sales person. Creating a sales environment that appeals to your prospective customer, and emphasizing your product’s benefits for them individually is part of a winning combination to generate and build sales.
Creating Effective Management Practices and Excellence
Creating a company culture that promotes excellence and commitment is a critical requirement for startups. However, the term “Human Resources” frequently conjures up negative stereotypes. Human Resources should be viewed as an opportunity for a company to maximize its goals of productivity, success, employee loyalty and stability — all of which lie at the center of the culture of the organization.
Taxes for Small Business
There is a major contradiction on taxes. Paying you business tax is good; it means you are earning money. However, you also want to pay as little business tax as possible. You also need to make it as easy as possible in terms of time, effort and worry. This article details some of the requirements and issues to help you meet those requirements with as much ease as possible.
Business Insurance
Business insurance is a vital necessity for all businesses to protect the assets of the company against loss from liability judgments and loss to physical property caused by weather related, accident or criminal activity. Business insurance can be highly complex and this information is intended only as an overview to allow the reader to achieve a very basic knowledge of insurance components.
Determining the Legal Structure for Your Business
You need to choose to be a sole proprietorship, a partnership, a limited liability company (LLC), or a corporation. There’s no right or wrong choice that fits everyone. Your job is to understand the advantages and disadvantages of each business legal structure and pick the one that best meets your needs. The best choice is not always obvious.
Financing Your Business
Many clients start the entrepreneurial process asking the age-old question, “How do I raise money?” Unfortunately, beginning a business is a process that involves fulfilling a number of requirements before one can even think about raising money. The requirements for financing a business may seem obvious, but they are critical to actually raising money.
Patents, Trademarks, and Copyrights
All entrepreneurs want to and frequently need to protect their innovations. The questions then become can you and do you need to? You need to consider patents trademarks and copyrights. You do need to protect many technological innovations. You also need to understand the limits of protection, especially if your idea is not really new.
Importing Goods from Other Countries
There are real and ongoing concerns about importing goods. Overseas plants can have environmental and safety issues that should be concerning. Paperwork, laws, duties, transportation, and lead times that require extra organization and management can be demanding. Unfortunately, the majority of plants are built for large quantities, minimums can be an issue and the economies of scale generally come from higher volumes.
The Business Plan Disconnect
Entrepreneurs can get guidance on how to write a business plan from numerous sources. Most of the sources are quite useful. The real question is why, despite all the useful information available, most start-up business plans are off the mark. Where do aspiring start-up executives go wrong?
Evaluating and Buying a Business
Buying a business is generally faster, less risky in terms of being a known entity and already has an operations system in place. The most important aspect of buying a business is: is it for you? Anything less than a good fit will turn your dream into a nightmare quickly. Take time to do some soul searching before you begin to prospect for a business and when you begin, if you find something, make sure it is right for you.
Accounting for Startup Businesses
Accounting is a critical component of any business. Small business accounting has special importance in a startup. Do not let small business accounting issues disrupt your business. Make sure you have proper record keeping and recording to help you manage the business and meet any outside requirements.
