And when you need more products or materials in a hurry, you revert to calling your good old friend at the same supplier or distributor, getting it shipped out without taking time to get another price quote from a different supplier. Interest is the amount paid for the use of capital. The #1 reason entrepreneurs go into business is freedom. Ken Olsen raised money to start Digital Equipment Corporation with the help of a plan copied out of a textbook.

Focusing on financial management

Maybe you stand for the right to education for every child around the world, or are very sensitive to gender equality. Means and incentives of economic policy are guided by assumptions about how the business world behaves, acts and reacts. And think about how you can leverage what else you've got to offer. Then you wait for the results of your efforts.

Asking for too much money for Operations

Even if you are successful in finding an investor, odds are good that you won t get quite what you asked for. Your brand represents how you want the world to see you, and it s also how the world does see you. The combination of your story, values, mission, perspective, and what you stand for is unique. Other industries will require 3 to 5 percent or more of your total sales to attract enough customers for your business to be profitable.

Don't be a product of your circumstances

Obviously, the customers avatars that you will create won t represent all members of your audience perfectly, but you should be aware of and look for commonalities among the members of your niche. Good trained help is a result of you making people a priority, building a great place to work, and having systems in place to make sure your people are recognized, motivated, and on track to meeting their goals. Many old-school bosses don't offer motivation, praise, recognition, or encouragement. We know many successful small-business owners who work at their craft 40 hours a week or less and some who work part-time at their business in addition to holding a regular job.

Opening and closing procedures for the Distribution Department

Board members can provide more than oversight and sounding board skills; they provide a wealth of contacts and referrals. It seems sensible to plan to put up as collateral the exact item you re borrowing money to buy. Provide a brief recap and reiterate assigned tasks. Most people don't try new ideas on their own because they are afraid of making a mistake and incurring their boss's wrath, and because the way they're doing it works.

Getting contracts and then arguing about the terms

For now, you just want to give people an idea of how the ownership will be divided. Darwin says that the fittest survive because they have a slight advantage over those which do not survive. For example, call forwarding and call waiting are features; never missing another call is their benefit. If you re starting a fine restaurant, for example, and your chef graduated at the top of her class from the Culinary Institute of America, play that front and center.