RESEARCHING FOR A TARGET MARKET No matter what the size of the target market, it is crucial that an entrepreneur know as much as possible about the customer. In the beginning of a market analysis, the customer definition may be fairly loose and may even change fairly substantially as field...
Month: July 2022
HOW TO FORECAST NEW PRODUCT/SERVICE DEMAND One of the most difficult tasks facing the entrepreneur is forecasting the demand for new product or service, particularly if that product or service has never existed previously in the marketplace. Much of this difficulty is due to the lack of historical data and...
WHAT DEFINES AN EFFECTIVE CHANNEL AND CREATING A DISTRIBUTION STRATEGY An effective distribution channel has several characteristics, which are discussed briefly below. Inventory At various points along the channel, inventory must be warehoused and ready to be shipped where needed, whether it is raw materials to the manufacturer, or finished...
FUNDING A RAPIDLY GROWING VENTURE (PART FOUR) The Initial Public Offering (IPO) Making the initial public offering or “going public” is the goal of many companies because it is an exciting way to raise large amounts of money for growth that probably couldn’t be raised from other sources. However, deciding...
FUNDING A RAPIDLY GROWING VENTURE (PART THREE) Capital Structure It may seem that the entrepreneur is totally at the mercy of the venture capitalist. That, unfortunately, is true if the entrepreneur enters the negotiation from a weak position, desperately needing the money to keep his business alive. A better approach...
FUNDING A RAPIDLY GROWING VENTURE (PART TWO) The Venture Capital Market Private venture capital companies have been the bedrock of many high-growth ventures, particularly in the computer, software, biotechnology, and telecommunications industries. Because venture capitalists rarely invest in start-up ventures outside the high-tech arena, the growth state of a new...
FUNDING A RAPIDLY GROWING VENTURE (PART ONE) The natural by-product of a successful start-up is growth. But growth is costly and often puts on enormous strain on the already sparse resources of a young venture. Typically, to meet significant demand, the new company will need additional capital beyond any internal...
MAINTAINING AND WARRANTING PRODUCTION PROCESS In the production process, maintenance refers both to the maintenance of plant and equipment used to produce a product or project outcome and to the maintenance or servicing of the product or project outcome after it is sold. Maintenance must be taken into account when...
ENRICHING JOBS TO MOTIVATE WORKFORCE One way to improve motivation is to enrich jobs. The “scientific” management school divided work into component parts, at which each worker, by repetition, became proficient – and bored. Aim for variety, multiskilling, and high interest levels. Raising Interest Levels The interest in a job...
