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Resources for Principles of Entrepreneurship

Ways to grow your business. Plan for business growth. Options for growing your business. There are many different ways to grow your business.

Options for growing your business

Before you decide which option is best for you, we recommend you identify new opportunities or revisit any ideas that you may have for your business. Here is an introduction to some of the ways you can grow your business. Apply for grants and assistance. Getting ready to grow. Assessing the current performance of your business will help you to decide whether you are ready to grow, and where any growth will come from.

Getting ready to grow

We recommend that you regularly assess how well your business is operating. Any growth is more likely to be successful if your business is already operating efficiently. Analyse your business. Pros and cons of business growth. It is essential that you research and plan the growth of your business.

Pros and cons of business growth

If your business grows too quickly, or expands too much, you could experience financial, legal, staffing, resource and supplier problems. For business growth to be successful, it should be sustainable. Common problems caused by rapid growth You could outgrow your premises in the short-term. Four Types of Intellectual Property Protection - Free Legal Resource. Intellectual Property Protection - Four Types of IP Protection for Businesses. Entrepreneurs and business owners need to understand the basics of intellectual property law to best protect their hard-earned creations and ideas from unfair competition.

Here are four main types of intellectual property that you can use to protect your business. 1. Three Steps to Protect Your Trade Secrets. Authored by P.

Three Steps to Protect Your Trade Secrets

Andrew Riley According to a recent article in the Washington Post, a confidential Department of Defense investigation found that foreign hackers had stolen secret designs for advanced military weapons.1 This much-publicized loss of confidential military information underscores the need for companies to actively protect their intellectual property, including their data, software, processes, methods, customer and supplier lists, and other valuable confidential information—the foundation of most businesses.

Hackers, however, represent only one of the many ways U.S. companies can lose their intellectual property to theft. Step 1: Regularly Identify and Label Trade Secrets Companies should regularly inventory or audit their existing IP. This regular trade-secret inventory should also determine whether information identified in a prior inventory as a trade secret should be declassified due to public disclosure or because the company no longer uses it. Intellectual Property: Trade Secrets. THUNK - 5. Patents and Open Source.

Copyright, Trademark and Patent: What's the Difference? Market Positioning Strategy. Next, you want to conduct a thorough competitor analysis to understand who they are, what strategies they use or may have planned, how they may react to your strategic actions, and how your actions may influence their behavior to your advantage.

Market Positioning Strategy

Some of the data you’ll need is easy to find. Some will take time and effort to gather and analyze. As long as you understand that this process will aid the development of your own marketing strategies – and help locate needs in the market that aren’t being met – then maintaining the motivation to see the process through shouldn’t be a problem. A thorough competitor analysis can be broken down into four subcategories. Competitor Objectives — These aren’t necessarily financial objectives, and may instead relate to market share or growth rate.

Competitor Positioning Analysis. The Art of Startup Finance: Financial Monitoring - Your Performance Metrics. The Art of Startup Finance: Financial Budgeting - Your Long-Term Forecast. The Art of Startup Finance: Financial Foundations - Your Capitalization Table. The Art of Startup Finance: Financial Foundations - Your Balance Sheet. The Art of Startup Finance: Financial Budgeting - Your Operating Budget. The Art of Startup Finance: Financial Processes - Your Cash Flow. The Art of Startup Finance: Financial Processes - Your Income Statement. The Four Ps of Marketing. Marketing Mix, a term coined by Neil Borden, are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from it’s competitors.

The Four Ps of Marketing

The ideas behind Borden’s model were refined over the years until E. Jerome McCarthy reduced them to 4 elements called “The Four Ps.” This proposed classification has been used by marketing companies, branding agencies and web design companies throughout the world. The Four Ps Model Product – The first of the Four Ps of marketing is product. Understanding the Marketing Mix Concept - 4Ps. 5 Essential Components of a Sales Development Process. Sales development is the process of warming up leads or prospects and readying them for the eventual buying decision.

5 Essential Components of a Sales Development Process

When sales development is used effectively, prospects are primed for decision-making when they’re handed over to sales closers, making the close of the deal easier to achieve. “Simply stated, the function of sales is to sell directly to the end customer. The function of business development is to work through partners to sell to the end customer, in a scalable way,” says Andrew Dumont, who advises several early-stage startups. Sales vs. Business Development: What's the Difference? [FAQ] Sales and business development.

Sales vs. Business Development: What's the Difference? [FAQ]

Just two different ways to refer to the same activity -- getting your company’s product into customers' hands. Right? Actually, sales and business development should not be considered the same job at all. Market Segmentation Definition. A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes.

Market Segmentation Definition

Each market segment is unique, and marketers use various criteria to create a target market for their product or service. Marketing professionals approach each segment differently, after fully understanding the needs, lifestyles, demographics and personality of the target consumer. BREAKING DOWN 'Market Segment' A market segment is a segmented category of customers who have similar likes and dislikes in an otherwise homogenous market.

Mark Cuban: Only Morons Start a Business on a Loan. Understanding Debt vs. Equity Financing with Bond Street. Using debt financing. Equity Funding. 1. Introduction. How to Raise Money For a Startup. Business Startup Costs: It's In The Details. There's more to a business than furnishings and office rental.

Business Startup Costs: It's In The Details

Especially in the early stages, startup costs require careful planning and meticulous accounting. Allocating and Monitoring Budgets - How Finance Works - Information for Staff - Finance. The Basics Of Business Forecasting. It is not unusual to hear a company's management speak about forecasts: "Our sales did not meet the forecasted numbers," or "we feel confident in the forecasted economic growth and expect to exceed our targets. " In the end, all financial forecasts, whether about the specifics of a business, like sales growth, or predictions about the economy as a whole, are informed guesses.

In this article, we'll look at some of the methods behind financial forecasts, as well as the actual process and some of the risks that crop up when we seek to predict the future. TUTORIAL: Financial Statements Financial Forecasting MethodsThere are a number of different methods by which a business forecast can be made. All the methods fall into one of two overarching approaches: qualitative and quantitative. Qualitative ModelsQualitative models have generally been successful with short-term predictions, where the scope of the forecast is limited. How Does Forecasting Work? 1. 2. 3. 4. 5. 6. 1. 2. 3. The Art of Startup Finance. Founders' Agreement Template - Download FREE. The undersigned (each a “Founder” and together the “Founders”) are collaborating with the purpose of developing together a Business Concept related to the following: [PROJECT NAME] is a [PROJECT DESCRIPTION] Founders agree that all related technology to the Business Concept is also owned by the Founders pursuant to this Agreement (together, the “Business Concept and Technology”).

As the Business Concept is further developed, Founders intend to transfer the Business Concept and Technology to either a California or Delaware Corporation that shall be formed by the Founders (the “Company”) upon the earliest of the following circumstances: [WHEN THE PROJECT WILL BECOME A COMPANY] Marsdd. Forbes Welcome. Founders Agreement. Public Relations Society of America (PRSA) Member Code of Ethics. Differences in Business Entities. Forming, Storming, Norming, and Performing: Bruce Tuckman's Team Stages Model Explained. The 3 Most Important Things Investors Look For in a Winning Business Plan. Industry Analysis. How to write a Business Plan. 14 Ways to Do Competitive Marketing Analysis. The small business landscape is arguably tougher than ever before.

A recent Constant Contact survey found that 59% of SMB CEOs feel it’s harder to run a business than it was 5 years ago, a factor which can primarily be attributed to quickly-changing technology and marketing best practices. The difficulty of success means that competitive marketing analysis is more crucial than ever. As Expert Stacy Poehler points out, “nothing happens in a vacuum.” Without well-defined points of comparison, and continual analysis, you’ll never know whether your marketing strategy is really working, or allowing you to capture a greater share of your market. However, best practices have changed significantly, and the tactics you learned in business school aren’t necessarily effective today.

What About SWOT Analysis? Historically, companies of all sizes have relied heavily on SWOT for competitive marketing analysis, an acronym which stands for strengths, weaknesses, opportunities, and threats. 1. 2. 3. University of South Florida. Business Model Canvas Explained. "The Lean Startup" by Eric Ries - BOOK SUMMARY. Untitled. The Lean Startup. “Startup success can be engineered by following the process, which means it can be learned, which means it can be taught.”- Eric Ries. Untitled. Startup Capital: 6 Ways To Fund Your Businesses. Explore Loans, Grants & Funding. Top 10 Qualities That Make A Great Leader. Do Your Market Research. Conducting Market Research.

Untitled. 7 Ways to Generate Great Ideas. 10 Great Ways to Generate Business Ideas. Iowa Entrepreneurial and Small Business Development Center. One of the most important questions an entrepreneur should ask: Idea or Opportunity? According to my mother-in-law, my wife invented the pet rock. As a child she would adopt a pebble and look after it, just like they did with those pet rocks a decade later. She had the idea before the inventor! You have probably met someone with a story about how they had an idea, years ago, that someone else later turned into a successful product. What Makes a Good Opportunity?, Starting a Business Article. Untitled. 120 Reasons Why Being an Entrepreneur Is Awesome. Credit: bleakstar/Shutterstock If you've ever thought seriously about starting your own business, you know it requires a lot of hard work and sacrifice.

However, most entrepreneurs will tell you that it's worth it. Entrepreneurship comes with a lot of great perks and rewards — from being your own boss and making the rules, to having a more flexibility and the ability to work anywhere you want. Business News Daily asked 120 entrepreneurs why they love what they do, and their responses ranged from incredibly inspiring to painfully honest and even downright funny. Here's what they had to say. No. 1: "I love being an entrepreneur because I am able to set my own schedule around my family life. No. 2: "Being an entrepreneur gives you the opportunity to take a calculated risk on a passion.

" – Francesco Clark, founder, Clark's Botanicals. 10 Entrepreneurial Land Mines to Avoid. Every entrepreneur will make mistakes. Nobody is perfect, and most business owners are constantly sailing in uncharted waters, learning as they go. While completely avoiding all mistakes is impossible, there are some that I see entrepreneurs make over and over -- errors that shouldn’t be as common as they are.

In no particular order, here are 10 entrepreneurial land mines to avoid. 1. The 7 Secrets to Entrepreneurial Success. 6 Genuine Reasons Why People Become Entrepreneurs. Entrepreneur motivation. VALUETAINMENT. 12 Mistakes I Made My First Year as an Entrepreneur. 50 Entrepreneurs share priceless advice.