WHY EXIT PLAN IS IMPERATIVE FOR ENTREPRENEURS Many first-time entrepreneurs have questioned the need for an exit plan, or harvest plan, because they are more concerned with launching the business and making it a success than with thinking about how they are going to get out. But even though some...
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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 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...
THE PROCESS OF DEVELOPING A CODE OF ETHICS The process of developing a code of ethics begins with company self-examination to identify values held by individuals and alert everyone to inconsistencies in how people deal with particular issues. For a new company, this means getting the founding team together to...
THE PRODUCT DEVELOPMENT CYCLE There are ways for entrepreneurial firms to compete effectively in the area of production development. In fact the environment for product development is uniquely suited to smaller companies, which are often better able to adapt to change and move quickly in new directions. Three fundamental strategies...
NEW VENTURE CREATION: FROM FEASIBILITY CONCEPT TO BUSINESS PLAN Simply stated, feasibility is about the business idea and testing the business concept. The business plan is about the execution strategy that will bring that idea to market. The business plan serves three purposes: (1) it serves as a reality check...
BENEFITS OF WEIGHING DELIVERY OPTIONS Virtually every business owner makes use of delivery services in their operations. For some companies, reliable, timely deliveries of parcels, letters, and documents are an essential element of their overall business practices. For others, delivery services are needed only occasionally to distribute contracts, business proposals,...
HOW TO FIND A COST-SHARING PARTNER Cost-sharing is a process wherein two or more organizations work together to secure savings in one or more areas of business operations. Such partnerships may also be pursued to realize other business advantages – increased marketplace exposure, access to technology, etc. – but cost...
HOW TO DEVELOP ADVERTISING BUDGET The advertising budget of a business typically grows out of the marketing goals and objectives of the company, although fiscal realities can play a large part as well, especially for new and/or small business enterprises. In some cases, your budget will be established before goals...
