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Lessons for Starting Your Own Business | |
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Preface | |
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Acknowledgments | |
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Introduction | |
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Prerequisites for Start-Up Survival and Success | |
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Creating a New Business | |
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Can You Beat the Odds? | |
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Don't Be One of the Losers | |
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Prerequisites for Start-Up Survival and Success | |
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Key Entrepreneurial Qualities | |
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Conclusion: Starting a Business Is Survival of the Fittest | |
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Entrepreneurial Qualities Self-Test: Part 1 | |
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Identifying New Business Opportunities | |
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An Opportunity Can Be Found within Every Problem | |
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Creating Customers | |
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Maintaining Customers | |
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Are There Any Opportunities Left for New Businesses? | |
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Find Gaps in the Market | |
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Yes, There Are Opportunities! | |
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What Kind of Business Should I Start? | |
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Entrepreneurial Qualities Self-Test: Part 2 | |
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Scoring Breakdown for Question 8 | |
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Notes | |
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Preparing Your Business Plan | |
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The General Overview and Legal Structure | |
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The Executive Summary | |
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Overview of the Business Concept | |
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The Objectives for the New Business | |
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The Legal Form of Organization | |
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Profile of the Management Team and Organization Chart | |
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Description of the Market(s) to Be Served and the Location of the Business | |
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Basis for Financing the Business | |
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Timetable for Establishing the Business | |
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Exit Strategy | |
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The General Overview Helps You Think Things Through | |
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Selecting the Right Target Market | |
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Studying the Industry | |
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Analyzing the Market | |
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Competitive Analysis | |
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Identifying Your Prospective Customers | |
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Putting Together the Customer Profile | |
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Product and Price Strategy | |
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Product-Service Strategy | |
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Pricing Strategy | |
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Promotional Strategy and Physical Distribution Strategy | |
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Promotional Strategy | |
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Physical Distribution Strategy | |
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Be Prepared to Change Your Marketing Mix | |
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Determining Your Initial Capital Requirement | |
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Determining Your Initial Capital Requirement | |
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Estimating the First Year's Sales | |
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Identifying Your Cash Outlays | |
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Estimating Monthly Cash Outlays | |
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Identifying Starting Costs That You Have to Pay Only Once | |
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Completing the SBA Worksheet | |
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Proceed with Caution | |
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Projecting Your Financial Status for the First Years | |
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Profit Planning: Conducting Cost-Volume-Profit Analysis | |
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Cash Flow Projections | |
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Preparing Your Pro Forma Financial Statements | |
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Preparing Your First Calendar-Year-End Balance Sheet | |
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Running the Numbers Is an Essential Part of the Business Plan | |
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Sources of Funding, Alternatives to Starting from Scratch, and Entrepreneurial Do's and Don'ts | |
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Sources of Funding | |
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"Show Me the Money!" | |
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Few Entrepreneurs Have All the Money They Need | |
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Entrepreneurs Have to Be Willing to Accept Risks | |
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Don't Expect to Get a Loan from a Bank | |
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Take a Good Look at Yourself ... Are You Credit/Investment-Worthy? | |
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Sometimes You Have to Give Up Something to Get Something | |
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Raising Money Takes Considerable Time | |
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You Will Need to Be a Salesperson to Get Funding | |
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Raising Funds Also Takes Resilience | |
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Not All Money Is Alike | |
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You Need an "F-Plan." | |
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Developing the F-Plan for Your Venture | |
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Bootstrapping: Proactive Ways to Raise and Conserve Cash | |
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Bootstrapping Techniques | |
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Funding Sources Come in All Shapes and Sizes | |
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Criteria That Banks Use When Considering a Loan Request | |
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Other Factors to Consider When You Seek a Loan | |
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Conclusion: Anita Roddick Was Right--Finding Funding Can Be a Real Challenge | |
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Notes | |
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Buying an Existing Business | |
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Sometimes It's Better Not to Start from Scratch | |
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Why Buy an Existing Business? | |
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Some Businesses Are for Sale, Others Can Be Bought | |
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Buyer Beware: All That Glitters May Not Be Gold! | |
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Guidelines for Analyzing a Business | |
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The Book Value Approach to Valuing a Business | |
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The Capitalization-of-Earnings Approach to Valuing a Business | |
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The Cash Flow Approach to Valuing a Business | |
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Valuation May Be a Hybrid of Various Approaches | |
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Closing the Sale: Don't Forget Your Accountant and Your Attorney | |
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Notes | |
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Acquiring a Franchise | |
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Buying Someone Else's Formula for Success | |
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The Benefits of Buying a Franchise | |
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The Drawbacks of Buying a Franchise | |
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Finding the Right Franchise Opportunity | |
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Checking Out the Franchisers | |
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Look before You Leap | |
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Epilogue: Entrepreneurial Do's and Don'ts | |
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Take a Good Look at Yourself, Your Life, and What Is Driving You | |
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Time: You Will Never Have Enough | |
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Preparation: Stack the Odds in Your Favor | |
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Management: Who Ever Said It Would Be Easy? | |
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The Business Plan: The Mental Journey Must Precede the Physical Journey | |
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Strategy: How Do You Plan to Gain Sustainable Competitive Advantages? | |
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Human Resources: Your Business Will Be Only as Good as Your People | |
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Legal: It's a Minefield Out There! | |
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Financial Side: Money Is like Oxygen--You Need It to Live | |
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The Business Opportunity: Analyze the Marketplace and Do the Right Marketing | |
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Suppliers: You Can't Live without Them | |
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Closing Points | |
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Sources of Helpful Information | |
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Index | |