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Truth About Starting a Business, The

Truth About Starting a Business, The

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  • Copyright 2009
  • Edition: 1st
  • eBook (Watermarked)
  • ISBN-10: 0-13-264346-4
  • ISBN-13: 978-0-13-264346-7


“This is one of the best entrepreneurship books I’ve read...I wish I had this book when I first started out.”

RYAN O’DONNELL, Cofounder and CEO, BullEx Digital Safety

Your own business: Take the leap, make it happen, and make it succeed!

·   The truth about choosing the right business for you and maintaining a healthy personal life

·   The truth about planning, funding, hiring, and successful launches

·   The truth about financial management, marketing, and growth

This book reveals 53 bite-size, easy-to-use techniques for choosing, planning, launching, and growing your winning business.

You’ll learn how to generate and test business ideas, and pick the one that’s best for you...select the right entry strategy...name and locate your business...raise capital...build your team and get expert advice...protect your business secrets and intellectual property...effectively brand your business and market its offerings...handle pricing, distribution, and sales...manage your finances to specific objectives...prepare for growth...and even maintain your work/life balance as an entrepreneur. This isn't “someone's opinion”: it's a definitive, evidence-based guide to building your own successful enterprise--a set of bedrock principles you can rely on whoever you are, wherever you are, and whatever business you choose to launch.

Sample Content

Table of Contents

Part I   The Truth About What It Takes to Be a Business Owner

Truth 1    Why people start businesses  1

Truth 2    The right business for you  5

Truth 3    Questions to ask before you quit your job  9

Truth 4    Key characteristics of successful business owners  13

Truth 5    You may not need “prior business experience”  17

Part II   The Truth About Generating and Testing Business Ideas

Truth 6    The most common sources of new business ideas  21

Truth 7    Want several alternatives? Techniques for generating new business ideas  25

Truth 8    A make-it or break-it issue: Selecting an idea that can be sold into a niche market  29

Truth 9    Screening and testing business ideas  33

Truth 10   Writing a business plan: Still as important as ever  37

Part III  The Truth About Entry Strategies

Truth 11   Starting from scratch: Developing your own product or service  41

Truth 12   Franchising: Buying into someone else’s formula for success  45

Truth 13   Believe it or not: There are legitimate opportunities in direct sales  49

Truth 14   Buying a business  54

Truth 15   Internet businesses: The sky does seem to be the limit  58

Part IV   The Truth About Getting Up and Running

Truth 16   Choosing a location for your business  61

Truth 17   Something you’ll say a million times: Your business’s name  65

Truth 18   The paper chase: Obtaining business licenses and permits  69

Truth 19   Choosing a form of business ownership  73

Truth 20   Creating a Web site: An absolute necessity  79

Part V    The Truth About Raising Money

Truth 21   How to think about money as it relates to starting a business  83

Truth 22   Calculating your initial start-up costs  87

Truth 23   Personal funds, loans from friends and family, and bootstrapping  91

Truth 24   Debt financing  95

Truth 25   Equity funding  99

Truth 26   Grants: It takes the right fit  103

Truth 27   Persistence pays off: Finding alternative sources of startup funds  107

Part VI   The Truth About Building a New Business Team

Truth 28   How to approach the task of building a “new business” team  111

Truth 29   Starting a business as a team rather than an individual  115

Truth 30   Recruiting and hiring employees  119

Truth 31    Board of directors  123

Truth 32   Board of advisors  127

Part VII   The Truth About Intellectual Property

Truth 33   Intellectual property: What is it, and how is it protected?  131

Truth 34   To patent or not to patent?  135

Truth 35   Trademarks: An essential form of protection  139

Truth 36   Copyright laws: A surprising breadth of protection  143

Truth 37   Trade secrets: Guard them carefully  147

Part VIII  The Truth About Marketing

Truth 38   How to approach marketing in a new business  151

Truth 39   Segmenting the market and selecting a target market  155

Truth 40   Establishing a brand  159

Truth 41   Selling benefits rather than features  163

Truth 42   Pricing: The most dicey element of the marketing mix  165

Truth 43   It’s okay to advertise, but think through your choices carefully  169

Truth 44   Public relations: More important than ever  173

Truth 45   Distribution and sales: More choices than ever  177

Part IX   The Truth About Financial Management

Truth 46   Managing a business’s finances  181

Truth 47   Financial objectives of a business  185

Truth 48   The nitty-gritty: Forecasts, budgets, and financial statements  189

Part X    The Truth About Growing a Business

Truth 49   Preparing for growth  193

Truth 50   Stages of growth: More opportunities, more challenges  197

Truth 51   Strategies for growth 201

Part XI   The Truth About Starting a Business and Maintaining a Healthy Personal Life

Truth 52   Work life balance: Practical tips  205

Truth 53   Starting a business as a means of achieving a healthy personal life  209

References  213

About the Author  221


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