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.