Low Risk, High Reward
Description
By following his own prescription for managing risk, and using real-life success stories from experienced entrepreneurs, Reiss covers every obstacle the entrepreneur is likely to encounter. Where do ideas come from and how do you get started? Where can you find money and expert advice? How do you hire the best people and build credibility? How do you get orders and reorders? How do you develop and introduce successful products? Should you go public? Through every step in the process, Reiss emphasizes how risk can be anticipated, managed, and significantly reduced.
Full of practical suggestions and insights, this easy-to-read book is an indispensable guide for anyone thinking about starting a business and particularly for those would-be entrepreneurs without experience or much capital. It is equally valuable to entrepreneurs looking for ways to make their businesses more successful.
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Content
Foreword by Howard H. Stevenson
Introduction
1. Attributes and Skills for LRHR Entrepreneurship
* Passion * Curiosity * Work Ethic * Energy * Flexibility * Balance * Mental Toughness * Egotism * Greed * Building Trust * Integrity * Creativity * Communications Skills * Salesmanship * Decision Making2. Numeracy
Company Snapshot * Cash Flow * Product Cost Analysis * Break-even Analysis * Other Analyses3. Managing Risk
Thinking About Risk * Mitigating Risk * Staging Risk * Converting Fixed to Variable Costs * Getting Outside Advice: Mentors, SCORE, Incubators4. The Idea
Three Kinds of Ideas * Testing Ideas5. Getting Started
Starting Your Own Company Versus Buying an Existing One * Franchising * Direct Selling * Best Company Structure * The Business Plan * The Mission Statement * Getting the Money: Savings, Friends, Family, Banks, Leasing, Credit Cards, Factors, Venture Capitalists, Angels, SBA, Barter, Suppliers, Strategic Alliances * Getting the Right People * Locating Your Business * Insurance * Minorities6. Building the Company
Planning * Culture * Managing Suppliers * Managing Professionals * Gaining Credibility: Publicity, Trade on Someone Else's Good Name * Licensing7. Building Your Products
Profits * Product Ideas * Product Construction * Packaging * Pricing * Product Extensions * Product Knock-offs * Barriers to Entry * Product Testing * Product Timing * Products Introduction * Close-outs8. Getting the Order
Who Should Sell * Preparing for the Sale * Defining a Sale * Effective Selling Techniques * Why the Buyer Buys * Using Sales Representatives * Selling Without a Field-Based Sales Force: Direct Response, Advertising Internet, Trade Shows9. The Reorder
Getting Sell-Through * Word of Mouth * Advertising: Co-op Ads, Multiple Retail Listing Ads, Statement Inserts, Per Inquiry Ads, PR, Demos * Sales Training * Packaging * Events and Promotion * The Offer * Keeping the Customer Satisfied: Quality, Instructions, Service * Managing Your Inventory * Controlling Knock-offs10. The Reassessment -- "What's Next?"
Defining Success * Five Options: Keeping Company As Is or Shrinking It, Growing the Company, Going Public, Selling the Company, Closing the Company * The ChecklistAppendix 1: Creating a Cash Flow Statement
Appendix 2: Attorney Letter re Knockoffs
Appendix 3: The R&R Case
Appendix 4: Interviewees
Acknowledgments
Index
About the Authors
