Why Entrepreneurs Are Important for the Economy. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent. Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
The following are six reasons why entrepreneurs are important to the economy. Entrepreneurs Create New Businesses Path breaking offerings by entrepreneurs, in the form of new goods & services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. The stimulation of related businesses or sectors that support the new venture add to further economic development. For example, a few IT companies founded the Indian IT industry in the 1990s as a backend programmers' hub. Entrepreneurs Add to National Income Entrepreneurs Also Create Social Change The Bottom Line. 25 Common Characteristics of Successful Entrepreneurs. Regardless of your definition of success, there are, oddly enough, a great number of common characteristics that are shared by successful businesspeople.
You can place a check beside each characteristic that you feel that you possess. This way, you can see how you stack up. Even if you don't have all of these characteristics, don't fret. Most can be learned with practice and by developing a winning attitude, especially if you set goals and apply yourself, through strategic planning, to reach those goals in incremental and measurable stages.
The Home Business Musts Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. To legally operate a vehicle on public roadways, one must have a driver's license; to excel in sports, one must train and practice; to retire comfortably, one must become an informed investor and actively invest for retirement. 1. 2. 3. 4. The lifeblood of any business enterprise is cash flow. 5. 6. 7. 8. 9. 10. 11.
Business Plan Definition. What is a 'Business Plan' A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint. Sometimes, a business plan is prepared for an established business that is moving in a new direction. BREAKING DOWN 'Business Plan' A business plan is a fundamental tool that any startup business needs to have in place prior to beginning its operations. Usually, banks and venture capital firms make the existence of a viable business plan a prerequisite to the investment of funds in a business. A good business plan starts with an executive summary of the business; includes a detailed description of the business, its services and/or products; and states how the business intends to achieve its goals. Financial Projections A complete business plan must also include a set of financial projections for the business.
Practical Considerations. How To Write A Business Plan. Opinions expressed by Entrepreneur contributors are their own. Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help.
With that in mind, jump right in. Executive Summary Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. Related: How to Start a Business With (Almost) No Money Business Description The business description usually begins with a short description of the industry. Business Plan Guide » Before Writing Your Plan Writing Your Business Plan Business Plan Tools Market Strategies Competitive Analysis. What Is Competitive Advantage? 3 Strategies That Work. Definition: A competitive advantage is what makes you better than the competition in your customers' minds. Businesses were the first to adopt this method of success. But it is true for anyone, from an employee to a country. Before determining your competitive advantage, you've got to know these three determinants. What you produce. Whether it's a good or service, you must be clear on what you are providing.
It must be something that offers real value. That means you need to describe the advantages and benefits of your product or service. Get clear on these determinants. You must reinforce that message in every communication to your customers. If you are the employee, treat yourself as if you were in business for yourself -- because you are. Sustainable Competitive Advantage Just because a company is the market leader now, doesn't mean it has a sustainable competitive advantage. A temporary price cut to gain market share might work in the short-term. Competitive Analysis - Small Business Encyclopedia. Definition: Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service . A competitive analysis is a critical part of your company marketing plan.
With this evaluation, you can establish what makes your product or service unique--and therefore what attributes you play up in order to attract your target market. Evaluate your competitors by placing them in strategic groups according to how directly they compete for a share of the customer's dollar. For each competitor or strategic group, list their product or service, its profitability, growth pattern, marketing objectives and assumptions, current and past strategies, organizational and cost structure, strengths and weaknesses, and size (in sales) of the competitor's business.
Who are your competitors? A quick and easy way to compare your product or service with similar ones on the market is to make a competition grid. What is industry analysis? definition and meaning - BusinessDictionary.com. When looking for land to build your company you must make sure you do and Industry Analysis, to be sure this is the kind of company you would like to enter into.. make sure this is the type of work you can build a company in.. are sales up.. are sales down... can you make profit, can you hire employees. You also will need to see how many other companies out there are like yours... this all goes into you industy ananlysis. 19 people found this helpful The industry analysis concluded in determining that the region was a good choice for locations to build our new factory. 16 people found this helpful Before purchasing the pig farm from Ezekiel, Biohazies R Us conducted an in depth industry analysis on profit margins for developing anthrax. 14 people found this helpful.
What is business growth? definition and meaning - BusinessDictionary.com. The Five Stages of Small Business Growth. Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles. Yet on closer scrutiny, it becomes apparent that they experience common problems arising at similar stages in their development. These points of similarity can be organized into a framework that increases our understanding of the nature, characteristics, and problems of businesses ranging from a corner dry cleaning establishment with two or three minimum-wage employees to a $20-million-a-year computer software company experiencing a 40% annual rate of growth.
The framework also provides a basis for evaluating the impact of present and proposed governmental regulations and policies on one’s business. Developing a Small Business Framework Stage I: Existence 1. 10 Ways to Grow Your Business. When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have gotten information from books, magazines and other readily available sources. You invested a lot-in terms of money, time and sweat equity-to get your business off the ground. So...now what? For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status. There are numerous possibilities, 10 of which we'll outline here. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and sweat equity you're willing to invest all over again.
If you're ready to grow, we're ready to help. 1. 2. Streamlining their internal systems and marketing in nearby states helped the couple bring in their first few franchisees. 3. 4. 5. 6. 7. 8. Customer retention. 9. 10. Got Cash? 1. 2. 3. 7 deadly sins of business growth. © Time Inc. All rights reserved. Fortune.com is a part of the Time.com network of sites. Powered by WordPress.com VIP Email address or Password is incorrect Forgot Password? Want the Full Story? Privacy Policy Thank you for your interest in licensing Fortune content. 1. X. 7 Ways Rapid Growth Can Kill Your Business. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy <h1 id="title">7 Ways Rapid Growth Can Kill Your Business</h1><div id="author"><div id="name">Carla Young</div><div id="title">MOMeo Magazine.com</div><div id="bio"></div></div><div id="content"><p>How and when to grow are key decisions that every small business must face eventually.
In startup mode, growing too slowly means you risk running out of the capital needed to support the basic operational costs before sales reach the break-even point. </p><p>But just because you made it past that early stage doesn’t mean you're safe. Copyright legal definition of copyright. A bundle of intangible rights granted by statute to the author or originator of certain literary or artistic productions, whereby, for a limited period, the exclusive privilege is given to that person (or to any party to whom he or she transfers ownership) to make copies of the same for publication and sale. A copyright is a legal device that gives the creator of a literary, artistic, musical, or other creative work the sole right to publish and sell that work. Copyright owners have the right to control the reproduction of their work, including the right to receive payment for that reproduction.
An author may grant or sell those rights to others, including publishers or recording companies. Violation of a copyright is called infringement. As the media on which artistic and intellectual works are recorded have changed with time, copyright protection has been extended from the printing of text to many other means of recording original expressions. History of Copyright Law Exclusive Rights. Frequently Asked Questions about Copyright | U.S. Copyright Office. What is group registration of unpublished works? What does “GRAM” stand for? How do I register musical works (with or without lyrics) with the same application? How do I register sound recordings with the same application? Can I register a work that was previously published as a single before it was published on the album? How do I register photographs, artwork, or liner notes with the same application? What’s the difference between a “musical work” and a “sound recording”?
Can I register a musical work (with or without lyrics) and sound recordings with the same group registration application? Can I register musical works (with or without lyrics), photographs, artwork, and liner notes with the same application? Where can I learn about this group registration option? When did this change go into effect?
When was this change announced? Do I need to submit my claim through the electronic registration system? Where do I find information about the online registration system? What is a collective work? Trademarks legal definition of Trademarks. The Open Source Definition | Open Source Initiative. Open source doesn't just mean access to the source code. The distribution terms of open-source software must comply with the following criteria: 1. Free Redistribution The license shall not restrict any party from selling or giving away the software as a component of an aggregate software distribution containing programs from several different sources. 2.
The program must include source code, and must allow distribution in source code as well as compiled form. 3. The license must allow modifications and derived works, and must allow them to be distributed under the same terms as the license of the original software. 4. The license may restrict source-code from being distributed in modified form only if the license allows the distribution of "patch files" with the source code for the purpose of modifying the program at build time. 5.
The license must not discriminate against any person or group of persons. 6. 7. 8. 9. 10. General information concerning patents | USPTO. October 2015 Functions of the United States Patent and Trademark Office The United States Patent and Trademark Office (USPTO or Office) is an agency of the U.S. Department of Commerce. The role of the USPTO is to grant patents for the protection of inventions and to register trademarks. It serves the interests of inventors and businesses with respect to their inventions and corporate products, and service identifications.
It also advises and assists the President of the United States, the Secretary of Commerce, the bureaus and offices of the Department of Commerce, and other agencies of the government in matters involving all domestic and global aspects of “intellectual property.” What Are Patents, Trademarks, Servicemarks, and Copyrights? Some people confuse patents, copyrights, and trademarks. What is a Patent? A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. There are three types of patents: Patent Laws. Why Branding Is Important When It Comes to Marketing. 8 Tips for Successful Business Development. 10 Business Development Techniques to Grow Sales Fast. The 7 Steps of the Sales Process | The Steady Sales Group. How to Define Your Target Market. Debt Financing - Small Business Encyclopedia. Debt vs. Equity Financing: What's the Best Choice for Your Business? What is Equity Crowdfunding? | Equity Crowdfunding UK.
How to Raise Money for Your Business. Bootstrapping Your Startup | Startups. Beginners' Guide to Financial Statement. How to Monitor & Improve Workplace Operations. 7 Tips for Business Forecasting. Income Statement Overview. 10 Signs Your Company Has Outgrown the Startup Phase. Types of business entity. The 3 Essential Things Needed in a Founders' Agreement.
Identify Your Competitive Advantage: Some Examples - dummies. Competitive Analysis - Small Business Encyclopedia. What is industry analysis? definition and meaning - BusinessDictionary.com. Business Model Canvas Explained. An Introduction to Business Plans. What is customer development? Five Best Startup Management Tools. The Lean Startup | The Movement That Is Transforming How New Products Are Built And Launched. How to Do Market Research--The Basics. Difference Between Industry and Market Analysis. Feasibility - definition of feasibility by The Free Dictionary. What is Financial Feasibility? definition and meaning. Differences Between Organizational and Financial Feasibilities. What are the opportunity costs of wasting time? - Quora. 7 Ways to Generate Great Ideas. What Makes a Good Opportunity?, Starting a Business Article.
The 5 Types of Entrepreneurs. Job Benefits of Becoming an Entrepreneur. Why Entrepreneurs Are Important for the Economy. 6 Genuine Reasons Why People Become Entrepreneurs. 10 Reasons Why Entrepreneur Fail Their Business | Financial and Business Resources, Ideas, Tips. Center for Entrepreneurship | University of South Florida. Top 30 Influential Entrepreneurs | Successful Entrepreneurs. Entrepreneurship Comes Down to Execution, Not Just Ideas | US News Opinion. Is Entrepreneurship For You? Mindset News & Topics.