Leading marketing practices of fast-growth firms Deliver products and services that are perceived as high quality for expanding segments. Cultivate pacesetting new products and services that stand out in the market as the best breed. iii. Deliver product and service benefits that demand average or higher market pricing. Generate […]
Management
A worker is an employee if he or she: Must follow the employer’s instructions about how to do the work. Receives training from the employer. Provides services that are integrated into the business. Provides services that must be rendered personally. Cannot hire, supervise, and pay his or her own […]
[contact-form][contact-field label=”Name” type=”name” required=”true” /][contact-field label=”Email” type=”email” required=”true” /][contact-field label=”Website” type=”url” /][contact-field label=”Message” type=”textarea” /][/contact-form] Anew business typically does not have the resources to pay for all the management staff that may be necessary to keep it running. In fact, most entrepreneurs try to avoid hiring employees as long as […]
The advisory board is an informal panel of experts and other people who are interested in seeing the new venture succeed. They are a useful and less costly alternative to a formal board of directors, Advisory boards can range from those that meet once or twice a year and do […]
The decision to have a board of directors is influenced by the legal form of a business venture. If the new venture is a corporation, a board of directors is required and is elected by the shareholders. If the business needs venture capital, a board will be necessary, and the […]
Most entrepreneurs overlook the value of a relationship with a competent insurance agent, but a growing venture will require several types of insurance: Property Medical Errors and Omissions Life (on key managers) Workers’ Compensation Directors and Officers Unemployment Auto (on the firm’s vehicles) Liability (product and personal) Bonding Major insurance […]
[contact-form][contact-field label=”Name” type=”name” required=”true” /][contact-field label=”Email” type=”email” required=”true” /][contact-field label=”Website” type=”url” /][contact-field label=”Message” type=”textarea” /][/contact-form] There is a saying that all banks are alike until you need a loan. Today, this is truer than ever, so having a qualified banker on the advisory team will put a new venture […]
A lawyer is an advocate, but an accountant is bound by rules and ethics that do not permit advocacy. Whereas an attorney is bound to represent his or her client no matter what the client does, an accountant cannot defend a client who does something that violates the accounting industry’s […]
When a new venture is in its infancy, it generally doesn’t have the resources to hire in-house professional help such as an attorney or accountant. Instead, it must rely on building relationships with professionals on an “as needed” basis. These professionals provide information and services not normally within the […]
Choosing partners to start a new venture is one of the most critically important tasks that the entrepreneur must undertake. And it is a difficult task because it is often not possible to understand a person’s character until that person has spent some time working in the company. The […]
