The Entrepreneur s Guide to Building a Successful Business

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The Entrepreneur s Guide to Contents, Building a Successful Business 10 Part I Preparation. 11 1 Do You Have What It Takes,By Jonathan T Scott 12 Stage I The Right Attitude. 12 Stage II Implementation Putting Plans into Action. Published by 12 Stage III Diligence Going the Distance. EFMD 12 The Four Main Fears of Entrepreneurship,aisbl 15 The Top Ten Myths of Entrepreneurship. Rue Gachard 88 Box 3 16 Overcoming Negativity, 1050 Brussels Belgium 16 Developing a Healthy Definition of Success. T 32 0 2 629 08 10 17 The Other End of the Scale Overconfidence. F 32 0 2 629 08 11 17 Advice from the Pros, E info efmd org 18 2 Starting Your New Business Why When and Where.
www efmd org Should You Do It, EFMD is an international not for profit association aisbl. 18 Starting a New Business,19 Good Reasons for Starting a New Business. 19 Poor Reasons for Starting a Business, 20 When is the Best Time to Start a New Business Venture. 20 Where is the Best Place to Start a Business, Copyright 2017 by Jonathan T Scott and EFMD All rights reserved The moral rights of the author have been asserted 20 Advice from the Pros. No part of this work may be reproduced offered for sale sold traded or utilized in any form by any means electronic or. mechanical including photocopying microfilm and recording or by any information storage or retrieval system with the 22 3 Finding a Good Business Idea. expressed written approval of the author and publisher 26 How Stupid is a Stupid Idea. Cover design Jebens Design 27 The Need for New Ideas Never Ends. Library of Congress Cataloging in Publication Data 28 Advice from the Pros. Scott Jonathan Jonathan T,29 4 Setting Up Your New Business The Options.
The Entrepreneur s Guide to Building a Successful Business 2nd Edition with Collective Advice from Seasoned Practitioners 30 Part Time Businesses. Jonathan T Scott,30 Full Time Businesses, Includes bibliographical references and index 30 The Start Up Business. ISBN 978 0 9818 260 1 1 30 Buying an Existing Business. 1 Entrepreneurship handbooks manuals study guides 31 Franchising. 2 Entrepreneurship small business ownership starting a business handbooks manuals study guides 32 Advice from the Pros. 3 Business handbooks manuals study guides etc I Title 33 5 An Introduction to the Importance of Business. 33 Step Number 1 Building a Strong Foundation,34 Defining Market Research. 35 The Objectives of Market Research,35 Tools for Conducting Market Research. 36 Sources of Secondary Data Collection,37 Sources of Primary Data Collection. 39 Don t Walk Away from the Hard Work and Time Research Demands. 39 Advice from the Pros,40 6 Suggestions for Conducting Business Research.
40 Conducting External Research,42 Making Adjustments. 42 Conducting Internal Research,42 Researching the Cost of Overheads. 43 SWOT Analysis,44 Advice from the Pros,10 Part I Preparation. 11 1 Do You Have What It Takes,12 Stage I The Right Attitude. 12 Stage II Implementation Putting Plans into Action. 12 Stage III Diligence Going the Distance,12 The Four Main Fears of Entrepreneurship.
15 The Top Ten Myths of Entrepreneurship,16 Overcoming Negativity. 16 Developing a Healthy Definition of Success,17 The Other End of the Scale Overconfidence. 17 Advice from the Pros, 18 2 Starting Your New Business Why When and Where. Should You Do It,18 Starting a New Business,19 Good Reasons for Starting a New Business. 19 Poor Reasons for Starting a Business, 20 When is the Best Time to Start a New Business Venture.
20 Where is the Best Place to Start a Business,20 Advice from the Pros. 22 3 Finding a Good Business Idea,26 How Stupid is a Stupid Idea. 27 The Need for New Ideas Never Ends,28 Advice from the Pros. 29 4 Setting Up Your New Business The Options,30 Part Time Businesses. 30 Full Time Businesses,30 The Start Up Business,30 Buying an Existing Business.
31 Franchising,32 Advice from the Pros, 33 5 An Introduction to the Importance of Business. 33 Step Number 1 Building a Strong Foundation,34 Defining Market Research. 35 The Objectives of Market Research,35 Tools for Conducting Market Research. 36 Sources of Secondary Data Collection,37 Sources of Primary Data Collection. 39 Don t Walk Away from the Hard Work and Time Research Demands. 39 Advice from the Pros,40 6 Suggestions for Conducting Business Research.
40 Conducting External Research,42 Making Adjustments. 42 Conducting Internal Research,42 Researching the Cost of Overheads. 43 SWOT Analysis,44 Advice from the Pros, 2 Contents The Entrepreneur s Guide to Building a Successful Business. 45 7 Choosing a Location, 45 Questions to Ask When Choosing a Business Location. 47 Learning about Leases,48 Advice from the Pros,49 8 Finding a Manufacturer or Supplier.
49 Beginning the Search,51 Keeping Manufacturers and Suppliers. 51 Selecting an Overseas Manufacturer or Supplier,52 Advice from the Pros. 53 9 Business Models, 53 What s Good for the Goose is not always Good for the Gander. 53 Sales Volume vs Profit Margins, 53 Trying to Get It Right The Paradox of Business Models. 54 Profit Margins vs Sales Volume,54 High Prices vs Low Prices.
54 Market Share vs Profitability,55 Less Choice vs More Choice. 55 Competition vs Cooperation,55 Lean Thinking vs Business as Usual. 56 Selling vs Sales and Service, 56 Persistence vs Stubbornness or Knowing When to Stop and Change. 57 There are No Guarantees in Business,58 Advice from the Pros. 59 10 The Thirteen Main Reasons Why New Businesses Fail. and How to Prevent Them,59 Inadequate Planning, 59 Underestimating the Commitment it Takes to Succeed.
60 Cash Flow Problems,61 Poor Management,61 Not Understanding the Importance of Customers. 61 Staffing Problems,62 Inflexibility,63 Poor Marketing and or an Inability to Sell. 63 Not Enough Capital,63 Pricing Problems,64 Lack of a Competitive Edge. 64 Going It Alone,64 Growing too Fast,65 Advice from the Pros. 66 Part II Laying the Foundation,67 11 Writing a Business Plan.
67 Why Write a Business Plan,67 The Essentials of Good Planning. 68 A Sample Business Plan Layout, 69 The Most Common Mistakes Made When Writing a Business Plan. 69 Additional Tips for Writing a Solid Business Plan. 70 Advice from the Pros,70 Examples of Numerical Data. 73 12 Finding Finance,73 Sources of Finance,Jonathan T Scott and EFMD www efmd org. Contents The Entrepreneur s Guide to Building a Successful Business. 74 Corporate Venturing,74 Equipment Loans,74 Crowdfunding.
74 Family and Friends,74 Government Help,75 Issuing Shares. 75 Small Business Administration Loans,75 Soft Loans. 75 Trade Credit,75 Venture Capitalists,76 Mixing up the Options. 76 Advice from the Pros,77 13 A Brief Look at Bookkeeping Numbers Taxes. and Formulas,77 The Importance of Numbers,78 Balance Sheets.
78 Basic Bookkeeping,79 Break Even Point,79 Cash Register Sales. 79 Cost of Goods Sold,80 Inventory,80 Ledger Books. 80 Monthly Net Profit,81 Profits,81 Advice from the Pros. 82 14 Naming Your Business or Product and Other Tasks. Before Getting Started,82 Naming the Business or Product. 83 Choosing a Logo, 83 Obtaining a Business Mailing Address and Phone Number.
83 Opening a Separate Bank Account,83 Setting Up a Website. 84 Ordering Business Cards and Stationary, 84 Establishing a Separate Work Space and Work Time. 85 Insurance,85 Advice from the Pros,86 15 Making Your Business Legal. 86 The Sole Proprietorship or Sole Trader,87 Partnerships. 87 Limited Liability Companies,88 Incorporation,89 Subchapter S Corporations.
89 Staying Legal or Keeping Abreast of the Law,90 Advice from the Pros. 91 16 Protecting Your Business with Copyrights,Trademarks Patents and UPC Codes. 91 Copyright,Jonathan T Scott and EFMD www efmd org. 4 Contents The Entrepreneur s Guide to Building a Successful Business. 92 Trademarks,92 Patents,92 Three Do s and Don ts Regarding Patents. 93 Playing It Safe, 93 Obtaining a UPC Number and Bar Code for a Product.
94 Advice from the Pros,95 17 Re Energizing, 95 Feeling Overwhelmed and Its Relation to Time Management. 96 The Warning Signs of Stress and or Overwork,97 Suggestions for Eliminating Stress. 98 Advice from the Pros,99 18 Announcing the Existence of Your Business. 99 Preparing to Advertise,100 Getting the Word Out. 101 Grand Openings,102 Advice from the Pros, 103 19 A Front Line Marketing and Promotion Checklist.
103 In House Marketing,103 Point of Sale Areas,103 In Store Promotion. 104 In Store Advertising,104 Internal Public Relations. 104 Out of House Marketing,104 Unique Selling Points. 104 Community Relations,105 Direct Sales Campaigns. 105 Indirect Sales Campaigns, 105 Suggestions for Ensuring that Marketing Attempts Obtain Results.
106 Advice from the Pros,108 20 Developing Internal and External Customers. 109 Evaluating Customers and Employees,109 Establishing a Customer Data Base. 110 Developing and Enhancing Employees or Training Employees. 111 Monitoring Employees Job Evaluations,111 Dealing with Consistently Poor Performance. 111 Dealing with Consistently Poor Performance,111 Work evaluations should avoid. 112 Nothing Recedes Like Success,112 Advice from the Pros.
113 Part III Business Managerial Basics,114 21 Management. 115 The Two Choices of Management,115 The Two Choices of Management A Case Study. 116 The Biggest Obstacle of All Ego,117 Common Management Styles. 117 So Which Style is Best And When Should it Be Used. 117 Management is about Doing What is Best for the Business. 118 One Last Time Management is about Service,118 Advice from the Pros. 120 22 Understanding the Importance of Customers,Jonathan T Scott and EFMD www efmd org.
Contents The Entrepreneur s Guide to Building a Successful Business. 120 Same Theme Different Story,121 Getting Back to Basics. 121 Business 101,121 Lip Service vs Customer Service. 122 How Important are Personalized Customer Relationships. 122 Elementary Customer Mathematics or Penny Wise and Pound Foolish. 122 What is Good Customer Service,123 What Do Customers Want. 123 Two Examples of Good Customer Service,123 The Ten Commandments of Business Success. 124 The Customer Paradox or Customer Wants vs Customer Needs. 124 Dealing with Difficult Customers,125 Thinking in the Long Term.
125 The Final Word,125 Advice from the Pros,126 23 The Basic Levels of Every Product. 126 How Well Do You Know Your Product, 127 Which Product Level Attracts the Most Customers. 128 What to Do When a Major Competitor Moves Into Town. 128 Which Product Element Results in the Most Sales. 129 Sometimes What Customers Want is Just So Simple. 129 Once Again,129 Advice from the Pros,131 24 The Importance of Marketing. 131 A Definition of Marketing,131 The Marketing Mix. 132 The Promotion Mix,133 Product Life Cycle,133 Increasing a Product s Life.
133 Don t Go It Alone, 134 Marketing Doesn t Require Fancy Schemes or Costly Expenses. 134 The False Illusion Inherent in Digital,135 Advice from the Pros. 136 25 Competitive Advantage Strategy,136 Types of Strategies. 137 Sometimes a Good Strategy is so Obvious it s Difficult to See. 137 Small Business Advantages,138 Which Strategy is Best. 138 The Ten Commandments of Business Strategy,138 Matching Strategy to the Business.
138 Advice from the Pros,140 26 Quality, 140 W Edwards Deming s Points for Achieving Quality. 141 Condensing the Master,141 The Eight Dimensions of Quality. 142 Benchmarking,142 Putting Quality into Action,143 The Mother of All Battles. 143 Advice from the Pros,144 27 Pricing,144 Facts about Pricing. Jonathan T Scott and EFMD www efmd org, 6 Contents The Entrepreneur s Guide to Building a Successful Business.
144 Common Mistakes in Pricing,145 Starting the Pricing Process. 145 Internal and External Factors that Affect Pricing. 146 Pricing in Action,147 Summing up Pricing,148 Advice from the Pros. 149 28 Selling,149 The Art and Science of Selling,149 Selling 101 Understanding Customer Motivation. 149 Doing Your Homework or Knowing Where Your Customers Are. 150 What Every Good Salesperson Learns,150 Two Basic Sales Approaches. 151 Sales Calls,151 The Do s of Making a Sales Call.
152 The Don ts of Making a Sales Call,152 Advice from the Pros. 154 29 Closing a Sale,154 When the Customer has an Objection. 155 When the Customer Displays Buying Signals,155 When the Customer Says No. 156 When the Customer Says Yes, 156 Issues that Should be Pondered Towards the Close of a Sale. 156 Closing the Sale,156 What to Do When the Customer Balks.
157 Advice from the Pros,158 30 Getting the Most from Employees. 158 Motivating Employees Four Separate Theories,158 Maslow s Pyramid. 158 McClelland s Theory of Three Essential Motivations. 159 Herzberg s Two Factor Theory,159 Alderfer s Existence Related Growth Theory. 159 Which Theory is Best,160 Getting to the Top of the Pyramid. 160 Taking the Fear out of Delegation,161 Making Delegation Work for You.
162 Taking the Next Step,162 Employee Empowerment,162 Empowerment in Action. The Entrepreneur s Guide to Building a Successful Business www efmd org Experience and advice from hundreds of small business owners operators in fourteen countries by Jonathan T Scott The Entrepreneur s Guide to Building a Successful Business Everything you need to build your successful business Finding a profitable business idea Choosing a location Writing a business plan

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