The fact is, building a home-based business isn't for everyone. Some people like the commute. They really do enjoy having a boss who tells them what to do, and they like the routine of working nine-to-five for an ordinary salary that can barely pay the mortgage. Personally, I think they're nuts. More reasonably, there are people who are concerned about the risk of starting up their own business. They're not sure it's worth the investment of time and money, and they're scared of the responsibility that comes with running their own company. They wonder if there is another way to escape the rat race.
This is a quiz to determine whether or not you might become a successful entrepreneur. True home-based entrepreneurs would put a check mark beside most of the statements below. Determine whether each statement describing a successful home business owner also describes YOU I have a strong desire to be successful in my own home-based business. If so, GREAT You have what it takes to become a successful entrepreneur
If youve been thinking about starting your own homebased Internet business but arent sure that you have the right
In recent years business professionals have learned a lot about what it takes to become a successful entrepreneur. Although there is no 'perfect' combination, most successful entrepreneurs share very similar characteristics. You may discover that the profile fits you like a glove. On the other hand, you may find that you prefer instead to work for those who blaze the entrepreneurial trail. In either case, you owe it to yourself to discover your true path.
Small businesses, in particular, have become a Holy Grail for business marketers. w 111 the United States, small businesses are now responsible fur 3d percent of lhe gross national product, according u Ihe U.S. Small Business Administration, and this segment is growing ill i 1 percent annually, three percentage points higher than the growth o Marge companies. I lure are two examples of companies focusing on small businesses.
It wasn't until after my Internet business became successful and I'd already quit my job, that I realized that I had always been an entrepreneur at heart. If you've been thinking about starting your own home-based Internet business, but aren't sure that you have the right qualifications to become an entrepreneur, read on. In recent years business professionals have learned a lot about what it takes to become a successful entrepreneur. Although there is no 'perfect' combination, most successful entrepreneurs share very similar characteristics. You may discover that the profile fits you like a glove. On the other hand, you may find that you prefer instead to work for those who blaze the entrepreneurial trail. In either case, you owe it to yourself to discover your true path. Entrepreneurs are 1. Healthy and Energetic - Starting a business takes an enormous amount of time and energy. Working long hours is easier to do when you are healthy and fit for the task. It's no surprise therefore...
I once knew a business owner who had the me too syndrome. He always waited to see what everyone else was doing and then he would do the same thing. Big mistake Over time, customers became aware he was always copying other people's ideas, and he continued to lose business until he had no choice but to get out of the industry. If he would have focused on his uniqueness, he would still be around today
Healthy and Energetic - Starting a business takes an enormous amount of time and energy. Working long hours is easier to do when you are healthy and fit for the task. It's no surprise therefore that entrepreneurs pursue healthy sporting activities in their spare time rather than lounging on the couch in front of the TV. 2. Self-Aware - Entrepreneurs who become successful know who they are, what they are good at and what they like to do. They choose businesses that are based on their fields of expertise or in areas that they particularly enjoy. 3. Knowledgeable - Knowledge is power. To succeed in a particular business you must know all aspects of that business, including your competition and trends for growth or decline. Smart entrepreneurs get smarter by regularly investing time and money in advanced 4. Goal-Oriented and Ambitious - Entrepreneurs love to set highly specific, challenging goals for themselves and then take action to achieve them. They feel at 'loose ends' when they...
If you have the benefit of working for a large software company with deep pockets, then there's probably a dedicated department to handle all of the marketing for the products you create. But if you're an independent developer who's responsible for managing every aspect of your own business, then you're all too familiar with the haunting questions that arise when wondering how to implement effective marketing strategies to increase app sales.
Granted, as an entrepreneur, there won't be anyone to shake your hand and show you the door in thirty-five years. However, based on the incomes of successful Internet marketing entrepreneurs, you probably won't have to work for thirty-five years. With careful planning, I'd be surprised if it took more than five or ten years for you to build a VERY comfortable retirement fund. Chances are however, that you'll be having too much fun too stop working even after you've achieved that goal. Lifestyle and freedom of choice, not money, is what being self-employed is really all about. I hope I've done justice to the average affiliate marketer's lifestyle portrait. From my perspective, it is 99 accurate. My commute is just a little shorter.
Store-based retailers are suffering from an oversaturation of retailing. Small retailers are succumbing to the growing power of giant retailers and category killers. Store-based retailers are facing growing competition from direct-mail firms newspaper, magazine, and TV direct-to-customer ads home shopping TV and the Internet. As a result, they are experiencing shrinking margins. In response, entrepreneurial retailers are building entertainment into stores with coffee bars, lectures, demonstrations, and performances, marketing an experience rather than a product assortment.
Information on the internet is experiencing a hot sell - must buy phenomenon. Internet entrepreneurs who provide information are making fortunes simply by taking advantages of the facilities offered on the World Wide Web. The future of mankind is definitely all electronic and service based.
Well, this is a real offer, from one of the savviest marketers I know in Las Vegas, Mr. Bob Stupak, the sole, entrepreneurial owner of the giant, always-growing Vegas World Hotel. Bob keeps his hotel filled to capacity, keeps a waiting list going, and gets paid months, even years in advance by his guests all thanks to his invention of this irresistible offer.
Marketing effectiveness is not necessarily revealed by current marketing performance. Good results and growing sales may be due to the organization being in the right place at the right time rather than having effective marketing management. This is frequently the situation during the entrepreneurial phase of an organization's growth and development. The innovator frequently has considerable discretion in the market. At this stage the driving force is entrepreneurship rather than marketing. With acceptance of the product or service in the market and with the rise in competition which normally accompanies the acceptance of a new product or service, performance becomes more marketing-dependent.
No Production Costs - The cost to develop and produce a new product is prohibitive for almost anyone who wants to start a home-based business. With affiliate programs, production costs aren't an issue. The product has been developed and proven - all on the merchant's nickel.
Many types of advertising do work for small businesses. The types of ads that often work for small businesses include the telephone Yellow Pages, business directory listings, flyers posted in laundromats, good Internet Web pages and notification type ads placed in all sorts of appropriate locations, from free penny saver newspapers to, in the case of a restaurant with late evening hours, the program of the local symphony. who live in a certain area will print a map along with a short description of their work and host open studio weekends. Motels and bed and breakfast inns are good places for many small businesses to be listed as part of the establishment's recommended services.
To succeed in this industry, you'll need more than a love of photography. You must have a basic understanding of the laws of business and a marketing plan that's second to none. It also demands initiative, self-discipline, and a tremendous amount of mental energy drawn from the depths of your creative being. Small business owners have gigantic challenges to face each and every day, whether it be the increasing costs of doing business, more competition for consumer dollars, regulations from the government, or the need to find the energy to keep your nose to the grindstone when things get tough. I don't know about you, but I'm self-employed so that I can have more time off and the financial means to fully appreciate that time. And that's where marketing comes in. Having a solid marketing plan will allow you to do the things in life that are most important to you. I established my business in a small town, like many of you. The town has a population of about 2,400 people. It is...
This governmental influence is not mentioned very much by managers, because it is not in line with the type of go-it-alone hero entrepreneurs they think they are. But it is a fact that without the Department of Defense (DOD) many Internet companies would have never existed. The U.S. government funded the Internet as a way to protect information from a nuclear strike or terrorism by creating an unrefined network to distribute information and data among research labs and university campuses. Furthermore, it created most of the first Internet companies, either by providing the technologies and staff, training people with the technology skills necessary to create the new markets, or funding startups as direct spin-offs of government institutions or through government contracts. For instance, in 1995 the National Science Foundation gave to MCI a 5-year, 50 million contract to develop the very high-speed
You and your spouse dine that evening at a delightful new restaurant and later attend a play that has received rave
All in all, you think that this has been a perfect day. Generally speaking, whether your days are challenging or fun-filled, you are very happy. You've discovered that lifestyle and freedom of choice, are the true benefits of self-employment. Granted, as an entrepreneur, there won't be anyone to shake your hand and show you the door in thirty-five years. However, based on the incomes of successful Internet marketing entrepreneurs, you probably won't have to work for thirty-five years. With careful planning, it may take no more than five or ten years for you to build a VERY comfortable retirement fund. After achieving that goal, you'll still be having too much fun too stop working.
You can do the same, even without a huge research investment. If you're willing to devote time, you don't need a huge budget to unearth the information you need. You can start by looking for telltale signs within your own business and sales records. You can talk directly to customers (something that smaller business owners do on a daily basis anyway), and you can conduct do-it-yourself research.
From a cost standpoint, IBM's use of third-party parts meant a fully loaded IBM PC would cost you only about 4,000.00 to 5,000.00, give or take an accessory or two. This was more than an Apple II but not a huge financial barrier for the small businesses IBM anticipated would be the system's primary customers. To soften any perception that PCs were expensive, IBM even produced a stripped loss-leader model for only 1,265.00 (with 16KB of memory, no monitor, and no floppies). These units turned out to be much prized, because enterprising buyers often bought them,4 added cheaper, non-IBM parts to make them functional, and in some cases even resold them at a profit to a gray market hungry to get its hands on any unit it could.
The key to success on the Net for the small business owner is to master an in-demand niche. With a niche-focused business, your competition will be lower and it will be easier for targeted, interested visitors to find your Web site. Make the critical offline-to-online mind shift and you will join the 2 of small business owners who succeed on the Net. Focus on Most small businesses fail because they skip several important steps. They prepare to sell and collect money, before they have provided what their visitors are searching for -information. How disappointing This type of result is completely avoidable. However, there is one big difference to note successful online small business owners realize that product service development is really an extension (or the logical next step ) to developing a Theme-Based Content Site.
Many aspiring entrepreneurs assume that because they and their family think their idea is fabulous, that the marketplace will agree. That's a serious mistake. As an entrepreneur exploring a new venture you must answer the following question Does my idea have profit potential
Many businesses, especially many small businesses that desperately want to increase sales, try to make their products attractive to anyone and everyone. They're afraid to pinpoint their distinctions or target precise market segments for fear that they'll miss sales opportunities. In fact, the reverse is true. If you can't tell customers what you do best, they have no reason to choose your offering. If you try to tell them you're best at everything, your claim isn't very credible.
Unwelcome (such as Russians in Latvia or Muslims in Serbia), and many of these groups are migrating to safer areas. As foreign groups enter other countries for political sanctuary, some local groups start protesting. In the United States, there has been opposition to the influx of immigrants from Mexico, the Caribbean, and certain Asian nations. Yet many immigrants have done very well. Forward-looking companies and entrepreneurs are taking advantage of the growth in immigrant populations and marketing their wares specifically to these new members of the population.
In most small businesses, there is an informal complaint structure. An employee who doesn't like something tells the boss or a supervisor face-to-face. This process is generally workable as long as the problems are minor and the business small. However, when a business employs more than five or six people, a formal process, including personnel reviews, makes it easier to deal with a wide array of problems that are not so minor. Even in very small businesses, a formal employee grievance process should be written, posted and given to each employee to sign. The grievance procedure should specify where and how to complain about all types of potential problems. It should discuss in detail how the complaint will be investigated and, if necessary, be formally considered and resolved.
What does the word positioning mean to you To me it's a very simple concept it means putting yourself in front of the exact customers you want, with precisely the message you want to communicate, at just the right time. The best part about being an entrepreneur is that you can decide all of these things on your own.
Oh, no, no, no you cannot just tell them. You give them your opinion that's the aim of the whole thing. You give them good product, or good advises. You give them reports, you give them free information how to develop themselves to make their own business. At the same time you have the opportunity there to tell them, if you need one of those information, even to make it better, you go to this link. You know You go here, this fellow sells that product.
First, make sure that the apparent nature of the people living there works for you. This is a cheap (in fact free) and very simplistic look at demographics, but it is nonetheless effective. Do what my carpet-cleaning entrepreneur and I did drive the neighborhoods. Look around and get a feel for the people who live there. You can tell a lot just by driving around. What does the condition of the homes and yards tell you What kind of cars predominate If compacts and sporty cars, young marrieds. If big, bulky sedans and luxury cars, middle aged. If you see BMWs and the like, Yuppies. Do you see a lot of tricycles and skateboards, a lot of basketball backboards on the garages
The jewellery quarter in Birmingham is one of the last surviving British examples of the transition from an essentially domestic to an industrialised economy. Three centuries of industrial innovation, growth and decay can be traced in its streets and buildings. It typifies the essential character of entrepreneurial activity in Victorian Birmingham and it throws out a challenge to any ability to plan for the future. Working in precious metal in Birmingham dates from at least the 14th century, but the industry did not attain national importance until the second half of the 18th century.
Independent brands These are stand-alone brands that represent every offering and activity of the organizations they represent. Most small businesses create independent brands for the simple reason that they're easier to build, manage, and market. At the same time, many very large organizations also present all their offerings under a single brand. The Red Cross is a good example. is sufficient for most smaller businesses, and more than one brand is more than most small businesses can handle and manage well.
What is the moral of this for small businesses that develop intellectual property At this point you may be saying, Great story, but what's the point for my small business I don't write software, splice genes or have a pantry full of secret recipes. While the issue of licensing and the principle of generosity in marketing doesn't come up often for small businesses, something very similar does commonly occur for all providers of goods (and sometimes, services) under the guise of exclusive marketing agreements and exclusive territory agreements.
Of the many factors that affect consumer buyer behavior, social responsibility is playing an increasing role. While there have always been companies that have Integrated doing good with corporate strategy, a new generation of activist entrepreneurs has now taken up the reins. The ones most likely to succeed are those who recognize that beyond just doing good,
In today's fierce market economy the risks faced by businesses are great. Aggressive competitors pose serious threats for both large and small businesses in the constant fight to maintain and increase their market share. To maximize opportunities the successful business person must make the right decisions at the right time. The consequence of making the wrong decision can be financial ruin.
A statement of what your business is may seem so obvious to you as to not bear mention. It isn't. After working with many small businesses, we have learned that the business owner who can clearly communicate what he does is the exception. When many of us are asked what we do, we make statements such as, What don't I do or Isn't it obvious or You know pretty much what the average small office CPA (financier, vet, etc.) does. This sort of vagueness usually exists even in seemingly straightforward operations such as bicycle repair or independent grocery store businesses. or their own businesses who have short-term emotional problems such as divorce, family stress or trauma. She includes it in her written flyers and other materials and delivers it orally at all sorts of gatherings, including meetings of businesspeople the kind where you stand up and tell who you are and what you do.
Other technology companies followed suit. The same month, Microsoft unveiled a new program that allowed small businesses to take out loans to finance software purchases. It also launched a special 24-month zero-percent financing promotion targeting customers of Microsoft's Business Solutions division, which sells enterprise resource planning and customer relationship management software.
You are not a large business, but most likely a small entrepreneurial firm facing cash flow concerns, limited time availability, and a lack of marketing moxie. These issues can be viewed as insurmountable and the reason you cannot create a marketing plan or they can be viewed as the very impetus to create a marketing plan. Problem or opportunity It's all in how you view it. If you have given up, don't read any further. Get back to the grindstone. If you see this as an opportunity, let's begin to plan for what you can do to keep sales flowing and growing.
Freeformers are typically not in standard employment, rather they are self-employed or complete work that is project-based or freelance. Examples include consultants and entrepreneurs. Consequently, their incomes and lifestyles may be irregular, although they may still be assessed as creditworthy. According to James Alexander, 'they're people who are not understood by banks, which value stability in people's lives and income over everything else'. The Institute of Directors (IOD) (2005) reported that the research showed that freeformers had 'much less of a spending model of money and much more of an asset model'. From reviewing the customer base, lenders and borrowers are often united by a desire to distance themselves from conventional institutions. James Alexander says 'I spend a lot of time talking to members and have found enormous goodwill towards the idea, which is really like lending to family members or within a community'. But he also says that some of the lenders are simply...
Previously, Dell followed the path of Compaq to overtake it. Started as a PC vendor, Dell sold only through direct marketing, first to consumers, then to small businesses, and finally to larger organizations. Then Dell managed to move successfully up-market by offering workstations first and then servers, storage, and networking to its corporate customers. But Dell is also expanding in other markets. First, in March 2003, Dell made the decision to challenge HP and IBM by rolling out inkjet printers. Then, in September 2003, it announced it was entering the consumer electronics market, selling MP3 players and flat-panel TVs on its popular Web site. Dell was not the first computer firm to go into this new business dominated by Asian companies, such as Sony, Samsung, and Matsushita. Gateway was the first to act in 2002 when it started marketing large-screen plasma TV monitors and took the biggest market share in the United States in less than 1 year now Gateway is also selling digital...
Six Figure Income - Help and inspirational materials for home-based entrepreneurs. (Yes, it's true. I was featured as a member of the SFI 100,000 Club in the April 2002 issue of the Six Figure Income magazine. I am also a panel member in their 'Ask the Experts' section, and a member of the IAHBE, which stands for the International Association of Home Business Entrepreneurs. It is an organization that champions the home-business lifestyle and provides its members with a multitude of resources designed to achieve maximum home-business success.)
Jarillo, J.C. (1989), Entrepreneurship and growth the strategic use of external resources, Journal of Business Venturing, 4 (2), pp. 133-147. McAuley, A. (1999), Entrepreneurial instant exporters in the Scottish arts and crafts sector, journal of International Marketing, 7 (4), pp. 67-82. McClenahen, J.S. (1988), How U.S. entrepreneurs succeed in world markets they think positively - and globally, Industry Week, 236 (9), p. 47 (3) InfoTrac http www.galegroup.com
Boom as explosive, spectacular, and sudden as the great dot-com ad boom of the late 90s that continued on into the new millennium. Ads for Internet companies such as portals and e-commerce sites were everywhere. And as these companies competed for consumers' attention and a piece of their mind-set, many were producing a new type of advertising whose style was as daring and unconventional as the entrepreneurs who built the online companies.
I Most brand introductions come from small businesses that work with relatively small budgets. Huge corporations either buy and reintroduce existing brands or introduce parent-dominant brands that slide into the market under the strong umbrella identity of the well-known corporate brand. Nearly all other brands start with budget, distribution, and staffing constraints that are best managed by introduction in highly focused target markets.
New products continue to fail at a disturbing rate. In 1997, a record 25,261 new packaged-goods products were launched, and that doesn't even include products you won't find at your local supermarket, like techno-gizmos and software programs. But equally stunning is the number that fail Tom Vierhile, general manager of Market Intelligence Service Ltd., a new-product reporting and retrieval firm, estimates that 80 percent of recently launched products aren't around today.4 When you consider that it costs 20 million to 50 million to launch a new product, you wonder why people continue to innovate at all. Yet product failures can serve one useful purpose Inventors, entrepreneurs, and new-product team leaders can learn valuable lessons about what not to do. With this credo in mind, marketing consultant Robert McMath has collected about 80,000 consumer products, most of them abject flops, in his New Product Showcase and Learning Center in the rolling hills of Ithaca, New York. See the...
The Internet has opened new opportunities for musicians and small businesses to easily and economically promote their products on a global scale. Web marketing should be a part of every recording artist's marketing plan, but it should not be the only aspect of the plan. Even though the Internet has become a great tool for selling music, the traditional methods of live performance, radio airplay, advertising, and publicity are still significant aspects of marketing and should not be neglected.
If being an entrepreneur were easy, everyone would be doing it. It takes a very special person to keep their nose to the grindstone each and every day, through good and bad times. Seven days is long enough to only begin to create new habits, so upon reviewing this chapter, your goal should be to make these steps part of your everyday routine. It's very easy for us to get caught up in the day-today details of running our businesses instead of designing our lives. I challenge you to take this project seriously you will reap the rewards for doing so
By mid-2008 easyJet was operating 152 aircraft on 383 routes. Although the company was floated on the stock exchange, Stelios remains the largest single shareholder and is still the chairman of the board of directors. Stelios was knighted in November 2006 for services to entrepreneurship. easyJet remains a dominant force in the low-cost aviation sector in Europe and has enjoyed continual growth since it was founded. Sources Quotes and other information from easyJet (www.easyjet. com) Sir Stelios Haji-loannou (www.stelios.com) Top Business Entrepreneurs (www.topbusinessentrepreneurs.com) and EasyGroup (www.easy.com).
Most charities and nonprofit organizations welcome the interest of any business owner who might assist them in their fund-raising activities. You'll probably be surprised at how easy it is to get involved and how little it takes in fund-raising capability to be considered a VIP by the organization.
Seldom is there a single dominant product technology underpinning a product market. In most instances companies have the choice of pursuing quite different product technologies, sometimes incremental and sometimes radical. While many organizations excel in developing and implementing sustaining technologies, many more avoid radical or disruptive innovation. The fear is based on the costs involved and the larger the market share already held, the more there is at stake if the disruptive innovation does not work or is not accepted in mainstream markets. This occurs even when the radical technology embodies a new and improved value proposition for customers in rapidly growing non-mainstream market segments. For these reasons large established organizations are rarely at the forefront of radical new product innovation whereas small entrepreneurial organizations are. - small teams of internal entrepreneurs with responsibility for driving radical innovation
Overall, market screening can be expensive in money and time if data is gathered directly from international markets. The reliability of secondary data can also be dubious, or it may be based on groupings and categories which are not standardized internationally. Often with such a vast range of information available, it can be difficult to reduce the number of potentially relevant variables to those which are really critical. Perhaps not enough attention is given to the pragmatic or entrepreneurial drive within the systematic approaches to market selection. A decision process solely based on these techniques would be difficult to justify. Moseley (1996) has suggested a more practical approach to market selection which is detailed in Box 6.3.
Earning a 5 percent commission on digital items that may only be priced at 99 cents does not sound like a windfall of money, but just like low-priced app sales, this business model is all about volume. If you're sending app users or site visitors to the iTunes Store and Apple's making money from your links, why shouldn't you be compensated for the sales you're generating for them It's hard enough to make money in the App Store if you're not in the Top 200, so why would you ignore an easy option to earn some extra cash As a software business owner, you should be looking for any and all possible
Similarly, Granovetter (1985), has underlined the social nature of business interactions through the concept of embeddedness. This perspective suggests that all economic action, including that of organizations is enabled, constrained and shaped by social ties among individuals. Uzzi (1997) is just one author who has built on these concepts in a study of 23 entrepreneurial firms to suggest, amongst other things, the personal nature of inter-firm ties and how these can impact organisational and economic outcomes.
Include as wide a range of community members as possible in the design and decision-making of your recourse policy. A good example of this is the Pike Place Market in Seattle, which houses many small businesses. This group has wisely created a committee of both business operators and members of the general public, which meets periodically to review specific complaints about consumer problems. This is a marvelous process, as it both allows many different points of view to be aired and creative solutions to be developed.
As previously explained, software prices tend to be lower for historical reasons than strict arithmetic justifies. Entrepreneurs tend to try to amortize development over too long a period or share costs among more customers than ever materialize. They omit the unavoidable on-going costs of product maintenance and development.
Many people in the fashion industry have aspirations to run their own business. Indeed, the industry is characterized by many small firms and regrettably many failures. This book embraces the fashion marketing needs of people starting their own business it does not, however, extend to all the needs of small businesses, particularly the financial and legal aspects of new ventures. For the new entrepreneur the chapter on marketing research will provide a sound basis on
SMEs are traditionally characterized as being more agile and responsive to the marketplace and as a result can experience rapid growth (which in itself can lead to other problems). The small firms also benefit from having less internal politics to cope with, which allows them to focus more directly on the objectives of the business. Solomon et al. (1997) suggest that firms must build internal structures correctly from the beginning, get personally involved and use outside experts where necessary. Entrepreneurial leadership can create new enterprises which can thrive in the global economy, such as the growth and development of Lonely Planet (see Box 5.8). 3. How important is the entrepreneur or owner-manager to the success of a small exporting firm Discuss.
The Export-Import Bank of the United States, for the fiscal year ended in 1999, authorized 3.7 billion in insurance cover, of which 33 was for small businesses. This was made up of 1600 policies of which 83 were to small businesses. The top ten markets where the shipments went are listed in Table 9.4.
Bodeganet acts like a referral for other small businesses in the Bodega, California, area. On this site you will find links to Rasberry's website, Eschenbach Construction (discussed later in this chapter) and several other small businesses. One of these is Northern Light Surf Shop which, in addition to T-shirts and surfboards, offers real-time satellite ocean data that are continually updated and show the exact heights of waves and wind speeds at nearby beaches.
In addition to seeking blogvertorials on third-party blogs, companies can set up their own business blogs to promote a company or brand. Of course, to compete for readers with the other 10 million plus blogs (not to mention other websites), a business blog has to offer compelling, constantly updated, content. This is often achieved by inviting key employees, typically high-profile, opinion-leading executives or board members, to regularly blog their thoughts, musings and opinions. The challenge is to keep readers coming back for more with fresh content that offers breaking news, insider insights, and interesting opinions.
Nolo.com, publisher of this book, operates a Self-Help Law Center on the Web (www.nolo.com). The site features plenty of information about Nolo books and software, but it also offers loads of free legal information on common topics such as debts, wills and trusts, small businesses and real estate.
Early in my business career, I was wisely advised, Boy, the first think you gotta do is avoid going broke while you're getting rich and famous. Had I payed closer attention, I might very well have saved myself from considerable financial strife. Observing others, I've noticed how frequently entrepreneurs bankrupt themselves with expensive advertising and marketing schemes when their interests would be better served by low-cost methods. When you stop to think about it, it's easy to buy customers given enough money (or credit), any idiot can build up a business, and many idiots have, using up millions of dollars of stockholders' equity in the process. Genius is in getting customers and making sales without having to use up a huge chunk of capital to do it. The ideas in this chapter are dedicated to that objective.
Few small businesses have the expertise and time to design and maintain their websites. Fortunately, many individuals and companies offer this service, at a cost that ranges from minimal to expensive. As in any technology, the first questions to ask yourself are what you need and want from your website, and how much you want to spend. You absolutely do not need a lot of bells and whistles in some businesses, such things can be inappropriate and distracting. As in all business marketing, you have to look at what others in your industry offer and what customers expect. One last warning Don't put up your site until it's ready. It's very off-putting to visit a site that says under construction.
What does Monster know that others do not The goal of the new Monster campaign is to raise brand awareness. The company believes that in a time when the economy is down and layoffs may occur, a job placement firm has a golden opportunity to gain by increased investing. Jim Dietz, president of Andover Franchising, Inc., agrees with this philosophy. As Dietz notes, Pink slips can help us. When downsizing is in the headlines, more folks are willing to look at making an investment in themselves. Andover has increased its expenditures, as well as its media options. Primarily an online advertiser, its 2002 plan included print ads in Entrepreneur and Franchise Times magazines.
Rut successful new-product development is not just about having a special organizational structure for new-product development. An innovative organization must have, at its helm, top management thai gives priority to new products, which are seen as the life blood of the company. Their -vision for innovation is clearly communicated to, and its value shared by, staff at all levels of the organization. A clear strategy as guiding force, backed by top management support, ensures that teams consistently perform. Top management not only believes wholeheartedly in, but also devotes sufficient resources to new-product development. A strongly innovative organization is also committed to its people (staff), investing continually in helping them to acquire and maintain the necessary skills for innovation. The organization must also embrace the product champions who, against all the odds, strive to take1 projects to completion. They, in turn, rely on the executive champion, whose authority is...
1970, and while there were a few Australian franchises already operating, new locally based franchises soon began to appear. There followed a decade of steady growth of the franchising sector and an acceleration of this process in the 1980s. At the same time the major banks created sections specializing in financing franchisees, and the state and federal governments began to take an interest in the performance of the franchising sector (McCosker and Frazer, 1999). In 1988 the first comprehensive survey of franchising was conducted by the government. It was found that franchising had been so embraced by local entrepreneurs that the number of business format franchises per capita was greater than in the US. The youthfulness of the franchising sector was characterized by the fact that the number of franchised outlets per system was less than one half of that in the US.
Overture continues to drive traffic on a scale unmatched by any other PPC, largely because its paid listings appear on many major SEs like Yahoo and MSN Search. However, due to intense competition and policy implementations discussed earlier, Overture has become too expensive for many small businesses.
EBay's C2C online trading community of more than 275 million registered users worldwide (greater than the combined populations of France, Germany, Italy, and Britain ) transacted some 60 billion in trades last year. At any given time, the company's Web site lists more than 115 million items up for auction in more than 50,000 categories. Such C2C sites give people access to much larger audiences than the local market or newspaper classifieds (which, by the way, have also gone online at Web sites such as Craigslist.com and eBay's Kijiji.com). Interestingly, based on its huge success in the C2C market, eBay has now attracted more than 500,000 B2C sellers, ranging from small businesses peddling their regular wares to large businesses liquidating excess inventory at auction.42
There is often almost an obsession with trying to know in advance if a venture is going to be successful. Partly the attitude of an individual relates to their own perception of risk. Some decision makers are prepared to jump with only 50 certainty or less, while others are highly risk averse and will only jump when they think they have 95 certainty or more Nothing ventured, nothing gained is not a bad maxim for business. If taking risks is not for you, try a. different career. On the other hand, there is some literature in entrepreneurship which suggests that entrepreneurs never take risks, because they have so carefully assimilated the information needed that they know they are onto a winner. activities, it requires careful planning, commitment and perhaps most importantly having a product or service that customers actually want. For the smaller firm making use of networks and knowing when and how to obtain advice and information can also be an important contributor to success. The...
Combining your effort with other web entrepreneurs is a win-win strategy that can do wonders for your business. Imagine gaining access to thousands of new customers instantly You do that by exchanging your web-based customer base with another web seller's customer base. If your businesses are complimentary, the results can be swift and profitable. Make an agreement to let a friend sell to your customers if you can sell to theirs. Use each other's captured e-mail lists to piggy-back your marketing messages on each other's. Combining efforts in this way can cost almost nothing, but generate amazing income. That's an opportunity just too rich too ignore. Start searching for a web partner today and explore the possibilities. Make sure you link up with an entity you can be proud to be associated with, and also do your best to represent your partner well. The two of you together - or three or four of you together - multiply your individual efforts accordingly. This is one of the fastest...
Hallmark was a pioneer of the branded-content genre, creating sentimental television movies as extensions of their sentimental greeting cards. In just a few years, the concept of branded entertainment has matured markedly. An early example is The Bulgari Connection, a mystery book commissioned by the high-end jeweller. American Express invested in the creation of The Restaurant and Blow Out, two US TV shows that tout the company's open business for entrepreneurs and small-business owners. In the world of action sports, where credibility and authenticity are paramount, Vans and Quiksilver worked with surfer Stacey Peralta to create the movies Dogtown and Z-Boys and Riding Giants, respectively. The former promoted the origins of skateboarding and made Vans appear to be one of the original brands in the sport. The latter premiered at Sundance where it made a huge impact on an audience eager to learn more about the origins of big-wave surfing.
Yeah, I teach people how to run profitable home based antiques and collectibles businesses. I got started by running my own business, buying and selling toy trains, and then I started teaching people how to buy and sell toy trains, moved into the general antiques market, and then when eBay came along I added eBay to the mix, because basically eBay is the elephant in the room.
When entrepreneur Freddie Laker frontally attacked the established airlines (then BOAC and TWA) by offering cheap transatlantic flights, they fought back and bankrupted him. Now TWA has all but disappeared and British Airways is facing Virgin Atlantic run by a much wilier entrepreneur. Richard Branson. He makes guerrilla attacks on his much larger competitors. In these attacks the agile challenger typically makes small, periodic attacks to harass and demoralize the competitor, hoping eventually to establish permanent footholds. It might use selective price cuts, novel products, executive raids, intense promotional outbursts or assorted legal actions. Virgin has been successful so far and taken 22 per cent of the London to New York market. It is also expanding quickly using franchising, an approach new to the airline industry.34
For major rejection issues that are not so easily remedied, it's important to remain calm and deal with this as a professional business owner. I know that just the idea of several months of your life being thrown out the window because of an unacceptable app would be enough to drive any person into a screaming frenzy. Your first instinct may be to write a scathing blog post in an effort to rally the troops behind your cause. Social media networks like Twitter and FriendFeed make it entirely too easy to gather an angry mob of online followers, but raging against the machine won't endear you to Apple or the app review team. Yes, they do read blog posts and news sites just like you. Although it might feel personally satisfying to have TechCrunch report on how you're yet another victim of app rejection, that won't help you get into the App Store.
You should never put all your marketing eggs in one basket, but diversify so your traffic comes from many difference channels, including PPC, article marketing, content marketing, and yes, email marketing. I use email marketing in my own business, and I would advise every serious affiliate marketer to build one or more opt-in lists as a way of getting targeted traffic that is interested in your products.
I am an old entrepreneur who have actually been in business for myself for about 12 years now and I came out of a technology background working in the defense industry and started an Internet website business in, it was about '95, I think. And we originally started off as just a Mom & Pop website design shop, and because of where we are in Huntsville, it's very high-tech town. There's a lot of government contractors here. And I was very fortunate because along with being an entrepreneur I am also a writer, I have a weekly column on small business for the newspaper here in Huntsville. I have written for Entrepreneur Magazine and just - it's very easy for me to write. So, I started developing my own info products and marketing those, and that was about three years ago and today we have eight or nine products of our own. I also, I have a weekly newsletter that goes out, and occasionally we will do a thematic newsletter. For example this week we did, Women Entrepreneurs and so I...
Most small to midsize businesses have small or nonexistent information technology departments, but to remain competitive, all need cutting-edge computing capabilities. The global market for these IT needs is estimated at 500 billion, so IBM, a goliath company that does not yet serve this market, is developing a Global Applications Marketplace (also called Blue Business Platform) for small businesses. Through this platform, a small business can search and purchase software applications from independent software vendors around the world. However, local IBM partners will install and manage the applications for the business. When businesses enter information and receive recommendations through the Global Applications Marketplace, they receive product reviews along with access to an online IBM advisor. IBM is setting up hundreds of local vendor partners called innovation centers around the world, several of them in emerging markets. The Global Applications Marketplace is designed much like...
It goes without saying that invitations by the press and the developer community to be interviewed for a story or a featured guest on a popular podcast should always be accepted when your schedule permits. This can have a similar effect to publishing frequent blog articles and Twitter posts, enabling consumers and peers to learn more about you as a person and business owner. It represents yet one more valuable audience for increasing sales and awareness for your app
Oh yeah, well, case in point this week in my newsletter I promoted Ros Gardner's book. I first promoted that book, what, two years ago, and I have probably promoted it a half dozen times between then and now. It is such a great book, any time we do anything on affiliate marketing, or in this case women entrepreneurs, if there is a theme there that that book makes sense, I'll promote it over and over.
Being a successful Internet entrepreneur doesn't require massive amounts of investment or a genius idea. It simply requires a good plan, a modest investment and some initial time and effort. It also requires an understanding of how businesses actually work on the Internet and, above all, an unshakable drive to succeed.
Cox Target Media provides direct-marketing services and solutions to advertisers who want to reach specific target audiences. Its first branded product, the Valpak blue envelope, has been mailed to consumers for over 35 years and is currently distributed to more than 50 million homes and businesses throughout the United States, Canada, Puerto Rico, and the United Kingdom. Every year, 500 Valpak mailings deliver over 15 billion coupons and advertising offers to consumers in highly recognizable light blue envelopes. Valpak is sold through a network of over 220 independent franchisees and has a varied reputation that depends on the quality of the local business owner and content mix. As a direct-mail product, Valpak relies on consumers to open the envelope and examine the contents to spur increased redemptions of the coupons and other promotional offers for its clients' products.
Since production could be done in immediate response to orders, Eeonornos decided to set up as close to customers as possible. Its distributors would no longer need to carry large inventories, which meant lower prices and higher margins for their customers. Machinery makers could also contemplate abandoning the stocking and supplying of replacement seals. More recently, Economos has set up, together with local partners, seal service centres worldwide. It supplies the rough blocks of materials and the lathes to the local entrepreneur, who, under a franchise agreement, machines and supplies seals in response to manufacturers' orders. To date, there are 250 such service centres operating with the brand name Seal-Jet, The company's managing director, Ernst Stocker, estimates that its combined annual sales arc about Schl,424 million. Economos' own revenues of over Sch420 million have come from selling not only seals, but also, increasingly, machines and materials.
Within the fashion industry there is enormous variation in the size and structure of businesses serving the needs of customers. From a small business comprising a self-employed knitwear designer to major multinational corporations such as Liz Claiborne or Zara, diversity remains a key feature. With legislative changes and expansion of the EU, the gradual removal of trade barriers on a global scale and the growth of the Internet, the fashion industry is increasingly a global business. This implies considerable variation in the cultural, social and economic perspective of the participants. The consequence of these variations in size, experience and perspective is that the practice of fashion marketing is not uniform at a national level, let alone at an international one.
Dabs.com was originally created by entrepreneur David Atherton in partnership with writer Bruce Smith (the name 'dabs' comes from the combined initials of their two names). Their first venture, Dabs Press was a publisher of technology books. Although David and Bruce remain firm friends, Dabs has been 100 owned by David since 1990.
In 1990 an entrepreneur named Chris Whittle created a national controversy and gave parents and educators fits because of a plan to put news programming and advertisements in high school classrooms all over America. In return for providing free TV sets for every classroom and a satellite hookup, Whittle's Channel One would be allowed to show a 12-minute daily news program that contained 2 minutes of commercials for products such as acne medicine, electric razors, cereals, and candy. Channel One struggled in its early years, as many schools were reluctant to provide marketers with yet another way of reaching young people with their advertising messages. However, as the demand for upgraded technology in classrooms increased and funds available to pay for it decreased, many school districts became more receptive to Whittle. Today Channel One broadcasts into nearly 12,000 middle, junior, and high schools, and some 8.3 million teenagers see its news show and commercials every school day.
Boo.com was a European company founded in 1998 and operating out of a London head office, which was founded by three Swedish entrepreneurs, Ernst Malmsten, Kajsa Leander and Patrik Hedelin. Malmsten and Leander had previous business experience in publishing where they created a specialist publisher and had also created an online bookstore, bokus.com, which in 1997 became the world's third largest book e-retailer behind Amazon and Barnes & Noble. They became millionaires when they sold the company in 1998. At Boo.com, they were joined by Patrik Hedelin who was also the financial director at bokus, and at the time they were perceived as experienced European Internet entrepreneurs by the investors who backed them in their new venture.
This overall plan can be created by analyzing how risk and time horizons in executive pay plans suit the strategic objectives of each business unit. For example, the top manager at Alpha is engaged in a very long-term project. Exceptional growth and profitability are planned, and the risks incurred in executing the plan are considerable. These circumstances call for a pay package geared to the entrepreneurial challenges facing Alpha. Accordingly, the time horizon is very long and the risk posture is high. At Beta, where the prime objective is to maximize returns from a well-established market position, the time horizon and risk posture are moderate. At Gamma, the turnaround candidate, the time horizon is short and the risk posture is very high. At Delta, being managed for window dressing, the time horizon is short and the risk posture is low. In addition, other special sell-off compensation arrangements (e.g., a percentage of the sale price) may be needed.
In a few cases, the needs of the two categories may overlap, leading to some measure of market cannibalization 26 , usually when a business wants to have new, flashy attractive consumer goods for their own business, like Dell or Nokia have discovered. It also happens to some high-tech services, such as Orange, when some business wants to get the same special services or promotions offered to the consumer markets.
In simple terms, affiliate marketing is where you refer visitors from your website to a merchant's website. A merchant is any individual or company that sells products or services online. Wal-Mart, Home Depot, eBay, and Yahoo are all examples of merchants with affiliate programs. These companies pay their affiliates to promote their products and services online. Merchants with affiliate programs range in size from small businesses to Fortune 500 companies.
How often have you said I wish I had my own business Then I could take a day off whenever I wanted Now you can do it Chances are, for a while you'll be working more days with your own business than you would when you were employed by someone else. If you don't take the weekends off from your business, make sure you take at least one day a week for no work and all play. Then, on top of that, schedule a couple of days every month for a mini vacation. For at least one day, do no work whatsoever and spend all day with your family. That means no computer (unless you're helping your kids with homework or playing games), no business phone, no fax, no meetings, and no paperwork for one entire day. Have fun I do.
With 52 percent nl its comiiiercial tursiness earning from small businesses. Penn National Insurance decided it needed to identify the different classes of business that offer the gfeatest opportunity for prplit. Worhing wilt) a commercial insurance database, the company was able to categorize sucn Key information as exposure data, growth, and employment intOTittat'.on by fitness classification, siie, and location. Beyond making it easier fen agents to pinpoint prospects, the segmentation schome also helped Pcnn National diversify beyond its concentration in the construction business. Overall, some 244 small business segments (based on SIC codes) were a idenlilied.
Myself first, my name is Anik Singal. I am at the time of this recording 22 years old. I started online doing internet marketing and things of that sort, late 19. when I was still in college. And I started as part time, just kind of you know, more a kind of goofing around type of thing, just to see what the internet was all about, and trying to start a business.
New telecommunication technologies.64 The FCC plans to open more doors for small businesses to get involved in the broadband arena, which is now dominated by large companies. The FCC is also looking for new ways to expand ITV services, which are expected to reach over 18 million U.S. households by 2003 (Exhibit 21-10). ITV enables consumers to request product information or make a purchase without having to dial an 800 number or write down a mail-order address. 5 A major hurdle to the growth of ITV is incompatibility among different service providers' technologies. The FCC plans to develop standard criteria for ITV services that will address the problem of incompatible platforms and help facilitate the growth of this technology.
When asked if they thought it was a good idea for a recruitment agency to be opened in the college, 89.6 said that it was. The most frequent reason given for the idea being perceived as a good one was the belief that the service would be specifically designed for the students of the college. It was thought that an agency in the college might have more flexible consulting times. This flexibility would enable the students to meet consultants on a more frequent and regular basis than would be the case with an agency situated several miles away. Of all the respondents, 37.9 said they would definitely use an agency based in the college and 48.3 said they would probably use it. Of the respondents, 10.3 usually lived outside the UK and, of the remainder, 80.8 were resident in London. The majority of respondents (96.5 ) were female. There were no respondents over 50 years of age and 34.5 were under 20 years of age. When it came to employment, 51.7 of the students classed themselves as...
The Internet has basically rewritten the rules on how businesses communicate, present offerings, and even sell products. At the same time, market territories, even for small businesses, have expanded almost without limits. Self-employed entrepreneurs in home offices now serve market areas that literally span the globe.
This has happened so many times it's almost legendary, yet for some unknown reason, very few entrepreneurs learn from it. What am I talking about This a business person decides to change just a word, or two, in an ad's headline, and suddenly the sales increase by 500 , and sometimes even more. Note that nothing else in the ad changed same product, same price, same deal all around. Yet a slight alteration in the headline multiplies its effectiveness by dozens of times. SOME FINAL TIPS always be watchful and observant. Start an ad file. Clip and save the best ads you find and study them. Use them, adapt the best of them for your own business. The same goes for sales letters. You probably already get a half dozen a week as 'junk mail.' Save them and dissect them. Call the company who sent them to you to ask how well the letter worked. Listen to radio ad and observe television ads. If you see a print ad or hear a radio ads that has been running for three years straight, you can bet that...
Although, you may think it's a little over the top to do a pricing analysis for an iPhone iPad app, these skills will come in handy as you build your brand and start to build multiple apps. A pricing analysis (or cost benefit analysis) is also an exercise you should do prior to developing your app. So many developers (or entrepreneurs) think of an idea for an app and set out to develop it or contract with someone to develop it without thinking through what it might cost them. It's easy to get caught up in your life-changing, world-domination idea for an app, but prudence should take the upper hand.
There are many ways to collaborate with other vendors. Try to find companies and entrepreneurs who would be willing to talk about your app in their product pitches, meetings, and sales conferences. For example, look for industry conferences where your app might be appropriate to that audience, and contact speakers who might be willing to mention your app.
While both the approaches outlined here have some merit, they are limited in that the BERI index focuses on political stability and the shift-share method on imports and their relative growth. It can be argued that they do not take enough account of other macro criteria or, especially in the case of micro or smaller enterprises, the crucial influence of the entrepreneur or owner-manager.
Companies often pay too little attention to their distribution channels. Managers who see channel functions merely as the physical transportation, storage and distribution of finished goods to the end-user fail to utilize the channel of distribution as a competitive weapon. AH we saw in the case of Economos, like the rest of its competitors in the seal-making industry, the firm had relied on the use of a rigid distribution channel system. Constraints in materials and production technologies were generally accepted to rule out speed and flexibility in small-order delivery. However, by forceful investment in technological innovations, Economos overcame these barriers and found a means of creating superior channel advantage - closeness to customers, flexibility, no order-size restriction, faster customer-order response time, international reach, lower costs, higher margins and rewards for its distributors and entrepreneurial franchises. It had used a more imaginative distribution system...
A low price acts as the sole selling point under penetration strategy, but the market should be broad enough to justify low prices. Thus, price elasticity of demand is probably the most important factor in determining how low prices can go. This point can be easily illustrated.7 Convinced that shoppers would willingly sacrifice convenience for price savings, an entrepreneur in 1981 introduced a concentrated cleaner called 4 + 1. Unlike such higher-priced cleaners as Windex, Fantastik, and Formula 409, this product did not come in a spray bottle. It also needed to be diluted with water before use. The entrepreneur hoped for 10 percent of the 200 million market. But the product did not sell well. The product was not as price elastic as the entrepreneur had assumed. Though the consumer tends to talk a lot about economy, the lure of convenience is apparently stronger than the desire to save a few cents. Ultimately, 4 + 1 had to be withdrawn from most markets.
To use ebooks effectively as a viral marketing tool they should be offered to visitors of your website for free. The production and distribution costs of an ebook are generally very small. This is what makes it an effective tool for viral marketing. As you can see by reading my Dotcomology ebook, viral ebook marketing is not just something I talk about. It's something I practice in my own business.
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