Entrepreneurship Lessons for Success (Collection)

Bruce Barringer, Ph.D., Associate Professor in the Department of Management at University of Central Florida, works closely with UCF’s innovative technology incubator. His research interests include feasibility analysis, firm growth, and entrepreneurship. With R. Duane Ireland, he co-authored Entrepreneurship: Successfully Launching New Ventures. Edward D. Hess, J.D., LL.M., is Professor and Batten Executive in Residence at the Darden Graduate School of Business. He founded and led the Center for Entrepreneurship and Corporate Growth and The Values Based Leadership Institute at the Goizueta Business School, Emory University. His books include The Successful Family Business, The Search For Organic Growth, and The Road To Organic Growth. Charles F. Goetz, MBA, Professor of Entrepreneurship at Emory’s Goizueta Business School, has built nine businesses in six industries. He serves on the boards of several entrepreneurial ventures and not-for-profits. R. Duane Ireland, Ph.D., chairs the Department of Management at Mays Business School, Texas A&M. A Fellow of the Academy of Management, his research interests include strategic alliances, organizational resource management, and entrepreneurship.

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    1

Truth 2  The right business for you    5

Truth 3  Questions to ask before you quit your job    9

Truth 4  Key characteristics of successful business owners    13

Truth 5  You may not need “prior business experience”    17

Part II  The Truth About Generating and Testing Business Ideas

Truth 6  The most common sources of new business ideas    21

Truth 7  Want several alternatives? Techniques for generating new business ideas    25

Truth 8  A make-it or break-it issue: Selecting an idea that can be sold into a niche market    29

Truth 9  Screening and testing business ideas    33

Truth 10  Writing a business plan: Still as important as ever    37

Part III  The Truth About Entry Strategies

Truth 11  Starting from scratch: Developing your own product or service    41

Truth 12  Franchising: Buying into someone else’s formula for success    45

Truth 13  Believe it or not: There are legitimate opportunities in direct sales    49

Truth 14  Buying a business    54

Truth 15  Internet businesses: The sky does seem to be the limit    58

Part IV  The Truth About Getting Up and Running

Truth 16  Choosing a location for your business    61

Truth 17  Something you’ll say a million times: Your business’s name    65

Truth 18  The paper chase: Obtaining business licenses and permits    69

Truth 19  Choosing a form of business ownership    73

Truth 20  Creating a Web site: An absolute necessity    79

Part V  The Truth About Raising Money

Truth 21  How to think about money as it relates to starting a business    83

Truth 22  Calculating your initial start-up costs    87

Truth 23  Personal funds, loans from friends and family, and bootstrapping    91

Truth 24  Debt financing    95

Truth 25  Equity funding    99

Truth 26  Grants: It takes the right fit    103

Truth 27  Persistence pays off: Finding alternative sources of startup funds    107

Part VI  The Truth About Building a New Business Team

Truth 28  How to approach the task of building a “new business” team    111

Truth 29  Starting a business as a team rather than an individual    115

Truth 30  Recruiting and hiring employees    119

Truth 31  Board of directors    123

Truth 32  Board of advisors    127

Part VII  The Truth About Intellectual Property

Truth 33  Intellectual property: What is it, and how is it protected?    131

Truth 34  To patent or not to patent?    135

Truth 35  Trademarks: An essential form of protection    139

Truth 36  Copyright laws: A surprising breadth of protection    143

Truth 37  Trade secrets: Guard them carefully    147

Part VIII  The Truth About Marketing

Truth 38  How to approach marketing in a new business    151

Truth 39  Segmenting the market and selecting a target market    155

Truth 40  Establishing a brand    159

Truth 41  Selling benefits rather than features    163

Truth 42  Pricing: The most dicey element of the marketing mix    165

Truth 43  It’s okay to advertise, but think through your choices carefully    169

Truth 44  Public relations: More important than ever    173

Truth 45  Distribution and sales: More choices than ever    177

Part IX  The Truth About Financial Management

Truth 46  Managing a business’s finances    181

Truth 47  Financial objectives of a business    185

Truth 48  The nitty-gritty: Forecasts, budgets, and financial statements    189

Part X  The Truth About Growing a Business

Truth 49  Preparing for growth    193

Truth 50  Stages of growth: More opportunities, more challenges    197

Truth 51  Strategies for growth 201

Part XI  The Truth About Starting a Business and Maintaining a Healthy Personal Life

Truth 52  Work life balance: Practical tips    205

Truth 53  Starting a business as a means of achieving a healthy personal life    209

References    213

About the Author    221

 

So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap

Acknowledgments    xvii

About the Authors    xix

Introduction    xx

Chapter 1  Can You Be a Successful Entrepreneur?    1

Chapter 2  Basic Rules of Business Success    9

Chapter 3  What Is a Good Business Opportunity?    21

Chapter 4  How Do You Choose the Right Customers?    41

Chapter 5  How Do You Design Your Product or Service?    59

Chapter 6  What Is the Right Price for Your Product or Service?    77

Chapter 7  How Can You Overcome Customer Inertia?    97

Chapter 8  How to Manage Your Business    97

Chapter 9  How Do You Find and Keep Good Employees?    119

Chapter 10 How Do You Manage Growth?    131

Conclusion    147

Bibliography and Resources    169

Index    187

 

What's Stopping You?: Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business

Preface    ix

Part I: Getting Started–It May Not Be as Hard as You Think    1

Chapter 1: Myth No. 1: It Takes an Extraordinary Person to Start a Business;
Truth No. 1: You Can Do It!    3

Chapter 2: Myth No. 2: Starting a Business Involves Lots of Risk;
Truth No. 2: It May Not Be as Risky as You Think    23

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    43

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    67

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    87

Part II: Running and Growing a Business–Don't Underestimate Your Chances    111

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    113

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    133

Chapter 8: Myth No. 8: The Internet Isn’t What It Was All Hyped Up to Be;
Truth No. 8: The Are Many Legitimate and Enjoyable Ways to Make Money Online    157

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    179

Index    205