So, You Want to Start a Business?
8 Steps to Take Before Making the Leap
Published on 18. September 2008
Book
Paperback/Softback
232 pages
978-0-13-712667-5 (ISBN)
Description
"Hess and Goetz present a roadmap for how to avoid the things that can cause you to stumble and how to build a business the right way."
-JEFF ZEIGLER, CEO, TechTurn.com, Austin, TX
"When I started my graphic design business, I knew I had enough talent to impress and keep my clients, but I struggled with the day to day running of the business. So, You Want To Start A Business? is the blueprint I needed to get organized and put all the right things in place."
-KORY BAILEY, Owner, Creative Counterpart
Build the Successful Company You've Always Wanted to Own!
Avoid the 8 disastrous operational mistakes that kill new businesses
Walk step-by-step through the entire process of building a winning business
Master 55 amazingly simple rules of business success
For every entrepreneur and potential entrepreneur...no previous business experience necessary!
Launch the winning business you've always wanted...or make more money in the business you've already started!
More than 5,000,000 new businesses are started each year...but 70% of them will fail. Now, two renowned experts on entrepreneurship identify the 8 "killer mistakes" that cause most business failures-and give you the knowledge, tools, and hands-on advice to avoid them, so you can build a business that thrives.
Unlike other books on entrepreneurship, this book focuses on the crucial operational issues associated with consistent profitability. You'll learn how to identify the right opportunities and customers; design winning products and services; set the right prices; overcome customer inertia; avoid common day-to-day management mistakes; find and keep good employees; and finally, smoothly manage growth.
Throughout, the authors draw on real life entrepreneurial experiences, case studies, and leading-edge research. There's nothing theoretical here: This is fast-paced, 100% practical advice you can use to make your business dreams and goals come true-starting right now.
What really makes a successful entrepreneur?
What they do, how they act...and how to find your best path to business success
Get the 3 "Ws" right from the start
What will you sell, who will buy it-and why will they buy it?
55 simple, indispensable rules for success
What you must know about customers, competitors, and your employees
The art and science of managing people, operations, and growth
Create processes, set priorities, maximize quality, measure people-and improve every day
-JEFF ZEIGLER, CEO, TechTurn.com, Austin, TX
"When I started my graphic design business, I knew I had enough talent to impress and keep my clients, but I struggled with the day to day running of the business. So, You Want To Start A Business? is the blueprint I needed to get organized and put all the right things in place."
-KORY BAILEY, Owner, Creative Counterpart
Build the Successful Company You've Always Wanted to Own!
Avoid the 8 disastrous operational mistakes that kill new businesses
Walk step-by-step through the entire process of building a winning business
Master 55 amazingly simple rules of business success
For every entrepreneur and potential entrepreneur...no previous business experience necessary!
Launch the winning business you've always wanted...or make more money in the business you've already started!
More than 5,000,000 new businesses are started each year...but 70% of them will fail. Now, two renowned experts on entrepreneurship identify the 8 "killer mistakes" that cause most business failures-and give you the knowledge, tools, and hands-on advice to avoid them, so you can build a business that thrives.
Unlike other books on entrepreneurship, this book focuses on the crucial operational issues associated with consistent profitability. You'll learn how to identify the right opportunities and customers; design winning products and services; set the right prices; overcome customer inertia; avoid common day-to-day management mistakes; find and keep good employees; and finally, smoothly manage growth.
Throughout, the authors draw on real life entrepreneurial experiences, case studies, and leading-edge research. There's nothing theoretical here: This is fast-paced, 100% practical advice you can use to make your business dreams and goals come true-starting right now.
What really makes a successful entrepreneur?
What they do, how they act...and how to find your best path to business success
Get the 3 "Ws" right from the start
What will you sell, who will buy it-and why will they buy it?
55 simple, indispensable rules for success
What you must know about customers, competitors, and your employees
The art and science of managing people, operations, and growth
Create processes, set priorities, maximize quality, measure people-and improve every day
More details
Persons
Edward D. Hess, JD, LLM, has spent most of his business life advising entrepreneurs and financing their business ventures. He is currently Professor of Business Administration and Batten Executive-in-Residence at the Darden School of Business, University of Virginia. 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. He has personally built three successful service businesses. His website is www.EDHLTD.com.
Charles F. Goetz, MBA, Distinguished Lecturer in Entrepreneurship at Emory's Goizueta Business School, has built nine successful businesses in six industries. He serves on the boards of several entrepreneurial ventures and not-for-profits. He recently published The Great Entrepreneurial Divide. His specialties are marketing, customer acquisition, and product development.
Charles F. Goetz, MBA, Distinguished Lecturer in Entrepreneurship at Emory's Goizueta Business School, has built nine successful businesses in six industries. He serves on the boards of several entrepreneurial ventures and not-for-profits. He recently published The Great Entrepreneurial Divide. His specialties are marketing, customer acquisition, and product development.
Content
Acknowledgments xvii
About the Authors xix
Introduction xx
Chapter 1 Can You Be a Successful Entrepreneur? 1
What Do Successful Entrepreneurs Do? 2
Who Are Successful Entrepreneurs? 3
Two Common Paths to Entrepreneurial Success 5
Chapter One: Lessons Learned 6
Chapter 2 Basic Rules of Business Success 9
The 8 Common Start-Up Mistakes 10
Basic Rules of Business Success 18
Chapter Two: Lessons Learned 19
Chapter 3 What Is a Good Business Opportunity? 21
Pencil It 23
Example 1: The Best Sandwich Shop 24
Example 2: Children's Clothing Shop 30
Two Different Types of Businesses 32
Estimating Your Costs 35
Chapter Three: Lessons Learned 38
Chapter 4 How Do You Choose the Right Customers? 41
The Right Customers 42
The Competition 52
Chapter Four: Lessons Learned 58
Chapter 5 How Do You Design Your Product or Service? 59
Give Customers Only What They Truly Need 60
Features or Benefits 60
What Is Value? 61
Example: Enhancing Your Product/Service Value 62
Your "Reason for Being" 66
Low Innovation 68
It's Now Time to Build Your Product/Service 69
Can You Build or Produce It? 70
The Prototype-The Test 70
Chapter Five: Lessons Learned 74
Chapter 6 What Is the Right Price for Your Product or Service? 77
Competitive Pricing 80
Break-even Formula 81
Additional Pricing Factors 82
Chapter Six: Lessons Learned 84
Chapter 7 How Can You Overcome Customer Inertia? 97
Obstacles to a Sale 88
The Risks of Buying from You 89
Making Sales Takes Practice 92
Chapter Seven: Lessons Learned 95
Chapter 8 How to Manage Your Business 97
Start-Up Overload 98
Your Value Chain 99
Your Supply Chain 100
Your Manufacturing (Assembling) Chain 101
Why Do You Flow Chart Your Business? 102
Management by Objectives 103
Management by Exceptions 106
The Power of Simplicity 108
Measurements and Rewards 110
Stay on the Front Lines 114
Iteration 114
Make Work Fun 115
Chapter Eight: Lessons Learned 116
Chapter 9 How Do You Find and Keep Good Employees? 119
This People Stuff Is Hard 120
What Do Employees Want? 121
Why Is High Employee Turnover Bad? 121
Hire for Fit 121
Hiring Tools 122
Buy-In 123
The Rules of the Game 124
Best Practices of Managing Employees 124
Mental Rehearsal 127
Mental Replay 127
Chapter Nine: Lessons Learned 128
Chapter 10 How Do You Manage Growth? 131
Growth Can Be Good or Bad 132
The Two Absolutes 134
Process 135
Financing Growth 136
Financial Controls 137
Managing the Unexpected 137
People 138
Small Business Services 139
Check-Off 140
Legal 140
Legal Structure 140
Small Business Networks 141
Upgrading People 142
Customer Diversification 142
Growth Changes Your Job 142
Chapter Ten: Lessons Learned 145
Conclusion 147
Business Rules 148
Lessons Learned 160
Bibliography and Resources 169
Books 169
Articles 181
Information Portals 183
Author's Commentaries 184
Index 187
About the Authors xix
Introduction xx
Chapter 1 Can You Be a Successful Entrepreneur? 1
What Do Successful Entrepreneurs Do? 2
Who Are Successful Entrepreneurs? 3
Two Common Paths to Entrepreneurial Success 5
Chapter One: Lessons Learned 6
Chapter 2 Basic Rules of Business Success 9
The 8 Common Start-Up Mistakes 10
Basic Rules of Business Success 18
Chapter Two: Lessons Learned 19
Chapter 3 What Is a Good Business Opportunity? 21
Pencil It 23
Example 1: The Best Sandwich Shop 24
Example 2: Children's Clothing Shop 30
Two Different Types of Businesses 32
Estimating Your Costs 35
Chapter Three: Lessons Learned 38
Chapter 4 How Do You Choose the Right Customers? 41
The Right Customers 42
The Competition 52
Chapter Four: Lessons Learned 58
Chapter 5 How Do You Design Your Product or Service? 59
Give Customers Only What They Truly Need 60
Features or Benefits 60
What Is Value? 61
Example: Enhancing Your Product/Service Value 62
Your "Reason for Being" 66
Low Innovation 68
It's Now Time to Build Your Product/Service 69
Can You Build or Produce It? 70
The Prototype-The Test 70
Chapter Five: Lessons Learned 74
Chapter 6 What Is the Right Price for Your Product or Service? 77
Competitive Pricing 80
Break-even Formula 81
Additional Pricing Factors 82
Chapter Six: Lessons Learned 84
Chapter 7 How Can You Overcome Customer Inertia? 97
Obstacles to a Sale 88
The Risks of Buying from You 89
Making Sales Takes Practice 92
Chapter Seven: Lessons Learned 95
Chapter 8 How to Manage Your Business 97
Start-Up Overload 98
Your Value Chain 99
Your Supply Chain 100
Your Manufacturing (Assembling) Chain 101
Why Do You Flow Chart Your Business? 102
Management by Objectives 103
Management by Exceptions 106
The Power of Simplicity 108
Measurements and Rewards 110
Stay on the Front Lines 114
Iteration 114
Make Work Fun 115
Chapter Eight: Lessons Learned 116
Chapter 9 How Do You Find and Keep Good Employees? 119
This People Stuff Is Hard 120
What Do Employees Want? 121
Why Is High Employee Turnover Bad? 121
Hire for Fit 121
Hiring Tools 122
Buy-In 123
The Rules of the Game 124
Best Practices of Managing Employees 124
Mental Rehearsal 127
Mental Replay 127
Chapter Nine: Lessons Learned 128
Chapter 10 How Do You Manage Growth? 131
Growth Can Be Good or Bad 132
The Two Absolutes 134
Process 135
Financing Growth 136
Financial Controls 137
Managing the Unexpected 137
People 138
Small Business Services 139
Check-Off 140
Legal 140
Legal Structure 140
Small Business Networks 141
Upgrading People 142
Customer Diversification 142
Growth Changes Your Job 142
Chapter Ten: Lessons Learned 145
Conclusion 147
Business Rules 148
Lessons Learned 160
Bibliography and Resources 169
Books 169
Articles 181
Information Portals 183
Author's Commentaries 184
Index 187