Forbes Welcome. 4 Essential Steps to Managing Growth. A funny little thing happens on the road to success. Often the prosperity of the business can outpace the ability of the business to maintain that success. At this point most of you are probably wondering what am I talking about. Rapid success can lead to failure? Get real. How does it happen? One day you get a disturbing memo from accounting. Your first reaction is typically one of disbelief and anger. Often as entrepreneurs we become so focused on bringing the product to market, advertising the product, and selling the same that we fail to grow all aspects of the business in unison.
Don’t think this can really happen? However, over the past two years this modern titan has experienced a dramatic fall. How could this happen to such a juggernaut of technology? For instance, for months we attempted to reach their online marketing department through various channels only to have our efforts constantly thwarted. 1. 2. Now the actual number will vary for every company. 3. 4. 9 Ways to Prepare for Growth and Success - Preparing for Business Growth - Entrepreneur.com. Reader Resource Position yourself for growth in 2017—join us live at the Entrepreneur 360™ Conference in Long Beach, Calif. on Nov. 16. Secure Your Seat » It's Business 101 to have contingency plans in place for when things go wrong. But, conversely, are you prepared for growth and success? What if it turns out your positive expectations were too conservative? What if an unexpected celebrity endorsement sends demand for your product soaring? On a more practical--and likely--note, as the economy shows signs of turning around, are you ready for what that will mean for your operation?
Here's what you need to do to be prepared for growth: Know what growth means for you and your company. Just as you plan for when things go wrong, also plan for when things go well. JK Harris is the founder of Flashpoints Consulting, LLC and of JK Harris & Company, the nation's largest tax resolution firm. 10 Ways to Prepare Your Company for Explosive Growth. By now, your New Year's resolutions have worn off. The everyday pressures of running a business have taken you back to business as usual. And that means all those plans for growing your business have fallen by the wayside, too. Instead of having a plan, all you have is hope. And we all know what simply hoping gets us. Here's a better approach from Kevin Allen, the founder of re:kap, a business transformation company, and the author of The Hidden Agenda (a book that made my list of "Six Books for the Well-Rounded Entrepreneur. ") The key? Don't just wish.
Rate yourself on each of the following, using a scale of 1 (never) to 10 (always): 1. Effective growth strategies have individual initiatives, managed in parallel in each of four growth pathways: existing customers, new business, new competencies, and new ways to market. 2. Winning new customers and keeping existing ones means carefully understanding what the emotional needs of your customers are...even more so than the functional ones. 3. How Fast Should Your Company Grow? The phrase “fast growth” conjures up a picture of a high-technology company serving markets that have seemingly inexhaustible appetites for its products. Panting investors and rising stock prices are generally part of the image. A typical example of such a high-growth company is Tandy Corporation, owner of the Radio Shack chain and manufacturer of the TRS-80 microcomputer.
At the other end of the growth spectrum are companies whose markets shrink due to declining demand and/or foreign competition and whose stock prices fall. These companies are typified by National Steel Corporation. (National Steel recently formed a holding company and adopted a new corporate name, National Intergroup, Inc.) Exhibit I shows the performances of Tandy and National Steel. Exhibit I Relative price performance of Tandy Corporation and National Steel Corporation common stocks and the Dow Jones industrial average Shareholders think growth desirable if it adds to the value of their common stock. 1. 2.
Trade Secrets. If you decide you don't want to pursue a patent, either it's too expensive at this point or it's not the right kind of technology for a patent protection, you might decide to keep it as a trade secret. A trade secret or patent protection is important information how to produce a product, some little trick in the processing. It could be a customer list. Trade secret could be business plans. It can be a lot of things. And it's an asset of your company that you need to protect. 4 Reasons Entrepreneurs Need to Know About the New Trade Secrets Law. On April 27, 2016 Congress passed the Defend Trade Secrets Act (“DTSA”) which President Obama will soon sign into law.
Why should you care? Because it will have a broad effect on your business even if you do not realize it. Here are 4 reasons why. 1. Your most valuable asset. You own trade secrets and they are probably the most valuable assets your company owns. That customer list, your business plans, your software code and search algorithms, or other business information that has potential economic value are potentially trade secrets. Related: The One Question All Businesses Must Ask About Protecting Trade Secrets 2. Now it is easier to get the information back. Related: The Balancing Act: Sharing Data Versus Guarding Trade Secrets 3. Your competitors can use the DTSA against you. Related: Is Your Company's Data Safe in the Cloud? 4.
Lawsuits cost money and in order to use the DTSA you are going to have to hire lawyers and file a lawsuit. The DTSA will have an effect on your business. In Technology Wars, Using the Patent as a Sword. Soon after, Apple and Google stopped returning phone calls. The company behind Siri switched its partnership from Mr. Phillips to Mr. Ricci’s firm. And the millions of dollars Mr.
Phillips had set aside for research and development were redirected to lawyers and court fees. When the first lawsuit went to trial last year, Mr. But it was too late. Mr. Alongside the impressive technological advances of the last two decades, they argue, a pall has descended: the marketplace for new ideas has been corrupted by software patents used as destructive weapons.
Vlingo was a tiny upstart on this battlefield, but as recent litigation involving Apple and Samsung shows, technology giants have also waged wars among themselves. In the smartphone industry alone, according to a Stanford University analysis, as much as $20 billion was spent on patent litigation and patent purchases in the last two years — an amount equal to eight Mars rover missions. “There’s a real chaos,” said Richard A. Mr. Mr. When Mr. 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. In discharging its patent related duties, the USPTO examines applications and grants patents on inventions when applicants are entitled to them; it publishes and disseminates patent information, records assignments of patents, maintains search files of U.S. and foreign patents, and maintains a search room for public use in examining issued patents and records.
What Are Patents, Trademarks, Servicemarks, and Copyrights? Some people confuse patents, copyrights, and trademarks. What is a Patent? There are three types of patents: What Is a Trademark or Servicemark? Patent Laws. Forbes Welcome. 10 Business Development Techniques to Grow Sales Fast. Branding in the Age of Social Media. The 7 Tenets of Branding. This story appears in the August 2015 issue of Entrepreneur. Subscribe » In today’s competitive marketplace, entrepreneurs—tasked with raising capital, attracting talent and getting their businesses off the ground—are up against a staggering statistical fail rate. But by following some basic principles related to design, marketing and user experience—tenets of some of the most powerful businesses out there—you can increase your odds of starting and maintaining a successful brand. 1. Simplicity While it’s tempting to try to be everything to everyone, one of the most impactful ways to stand out in a crowded marketplace is to do one thing well.
Vrai & Oro is a jewelry line that shucked the categorical norm of creating marked-up, seasonal items, focusing instead on a limited line of classic, timeless pieces—no gimmicks. 2. Strategies that break from norms can force an entire category to reevaluate its behavior. 3. 4. 5. 6. 7. Product Positioning - Encyclopedia - Business Terms. Positioning - Small Business Encyclopedia. Definition: How you differentiate your product or service from that of your competitors and then determine which market niche to fill . Positioning helps establish your product's or service's identity within the eyes of the purchaser. A company's positioning strategy is affected by a number of variables related to customers' motivations and requirements, as well as by its competitors' actions. Before you position your product or service, you should answer the following strategic questions about your market and your products or services: What's your customer really buying from you?
Once you've answered these strategic questions based on your market research, you can then begin to develop a positioning strategy for your business plan. Remember, the right image packs a powerful marketing punch. Create a positioning statement for your company. Equity Financing vs. Debt Financing: Which is Right for You? About Debt & Equity Entrepreneurs today have two options when it comes to raising money to fund their company, debt or equity.
Debt is a loan which must pay back within an agreed upon amount of time, with interest. Equity, instead, is a portion of ownership in the company given in exchange for an investor’s money. Debt is most commonly used during Seed Investment Rounds and during Bridge rounds in order to get a company from a Series A to a Series B to a Series C led by a Venture Capital firm. Debt is also most commonly used in order to lessen dilution of the companies founders and existing investors, because every time equity is issued, existing investors share becomes smaller and smaller. This being said, many a times startups will use a combination of debt and equity financing as they grow. Before we dig into the advantages and disadvantages we need to introduce one more concept—convertible debt. Startup Equity When to use equity to fund your business Startup Debt Convertible Debt.
Equity Crowdfunding 101: Is It Right For Your Startup? “I need capital, Eric.” Sitting in my archives are hundreds of emails with the same plea. And although my comeback tells entrepreneurs to bootstrap and run lean for as long as possible, there does come a time to seek the almighty buck. Startup entrepreneurs can knock on the door of angels, venture capitalists, friends, banks or their Aunt Milly — but crowdfunding? Judd Hollas, Founder and CEO of EquityNet, shares helpful details of crowdfunding so you can determine if it’s right for your startup. To get your arms around this, last year the global online crowdfunding industry raised $5.1 billion for thousands of cash strapped businesses, charities, and startups. Simply put, equity-based crowdfunding allows entrepreneurs to reach investors interested in purchasing equity in their startup or other privately held small business.
Three Types Of Equity Crowdfunding Four Tips To Make The Most Of Your Fundraising Efforts 1. 2. 3. 4. 10 Crowdfunding Tools And Resources Startup Risk Calculator. Forbes Welcome. To Bootstrap Or Not? | TechCrunch. Bootstrapping is a tougher choice than ever for startups. Seed capital is so widely available that deals for the hottest companies can close in days, and many entrepreneurs never even consider bootstrapping their company — especially in the race to join the “Unicorn Club.” On the other hand, some startups don’t have the luxury of securing investors to help launch their company, and others see enough value in going it alone they forgo outside funding. In 2009, I left my job as a software engineer at Facebook and took a leap of faith to found Storm8 with a few friends.
We scraped together our savings and funded the company ourselves. Over the following six years, we grew the company to more than 250 employees without raising any outside capital. Remaining bootstrapped hasn’t made our journey any easier, but the required differentiated approach itself has been incredibly rewarding and satisfying. Bootstrapping: Is Your Company A Viable Candidate? Don’t Spend, Invest Empower Your Employees. Is Bootstrapping Right For You? How to Decide. How to Forecast Revenue and Growth. Forecasting business revenue and expenses during the startup stage is really more art than science. Many entrepreneurs complain that building forecasts with any degree of accuracy takes a lot of time--time that could be spent selling rather than planning. But few investors will put money in your business if you're unable to provide a set of thoughtful forecasts.
More important, proper financial forecasts will help you develop operational and staffing plans that will help make your business a success. Here's some detail on how to go about building financial forecasts when you're just getting your business off the ground and don't have the luxury of experience. 1. Start with expenses, not revenues. Fixed Costs/Overhead RentUtility billsPhone bills/communication costsAccounting/bookkeepingLegal/insurance/licensing feesPostageTechnologyAdvertising & marketingSalaries Variable Costs Cost of Goods SoldMaterials and suppliesPackagingDirect Labor CostsCustomer serviceDirect salesDirect marketing 2. 7 Tips for Business Forecasting.
What is your business going to spend next year? What do you think you'll bring in? When do you think that money will actually reach your bank account? How are sales going to flow and ebb? Forecasting for sales and cash flow is never simple, and the shaky economic recovery is making attempting to create an accurate forecast even more perplexing. We've talked to CEOs who say it's not impossible to forecast effectively, and we've compiled their smartest advice from Inc. articles and Inc.com guides. 1. Plan for the worst, but project for the best, too.To be prepared to at least break even in tough times, but also be ready for growth, Orb Audio CEO Ethan Siegel makes three different spreadsheets for his high-end speaker manufacturing business, Donna Fenn reports. 2. 3. 4. 5. 6.
{*style:<b>*}7. Six Rules for Effective Forecasting. The Art of Startup Finance. Lecture 18 - Legal and Accounting Basics for Startups (Kirsty Nathoo, Carolynn Levy) Top 10 Questions About Small Business Incorporation Answered. The Ethical Challenges Facing Entrepreneurs. How--and Why--to Incorporate Your Business - Entrepreneur.com. Choose Your Business Structure. The 3 Essential Things Needed in a Founders' Agreement. How to write a Business Plan. How To Write A Business Plan. Blue Ocean Strategy: The Basics. Competitive Analysis - Small Business Encyclopedia. Have a Business Idea? 6 Ways to Research Your Industry. The Customer Development Process. 2 Minutes to See Why. Why the Lean Start-Up Changes Everything. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses: Eric Ries: 9780307887894: Amazon.com: Books.
Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers (9780470876411): Alexander Osterwalder, Yves Pigneur: Books. Business Model Canvas Explained. Top 10 Business Crowdfunding Campaigns Of All Time. 10 Extreme Bootstrapping Ideas. How To Build A Core Startup Team. How to Define Your Target Market. 10 Questions to Ask Before Determining Your Target Market. Companies That Went Bankrupt From Innovation Lag. WHERE GOOD IDEAS COME FROM by Steven Johnson. The Four Forces of Entrepreneurial Opportunities | The MIT Entrepreneurship Review. The Five Cs of Opportunity Identification. The three pieces of entrepreneurship: opportunity recognition, opportunity assessment, and opportunity realization - The Berkeley Science Review.
Cameron Herold: Let's raise kids to be entrepreneurs. Forbes Welcome. Forbes Welcome. Business Plans for Successful Entrepreneurs. 5 Reasons Why You've Failed as an Entrepreneur. 21 Reasons You Became an Entrepreneur. What It Means to Be an Entrepreneur. How Entrepreneurs Identify New Business Opportunities. How To Build A Core Startup Team. Fastcompany.