...Summary: When you're starting a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, you'll be much less likely to fall victim to them yourself. Here are the top 7 reasons why businesses fail and tips for avoiding them. According to statistics published by the Small Business Administration (SBA), seven out of ten new employer establishments survive at least two years and 51 percent survive at least five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years. Better success rates notwithstanding, a significant percentage of new businesses do fail. Expert opinions abound about what a business owner should and shouldn't do to keep a new business afloat in the perilous waters of the entrepreneurial sea. There are, however, key factors that -- if not avoided -- will be certain to weigh down a business and possibly sink it forevermore. 1. You start your business for the wrong reasons. Would the sole reason you would be starting your own business be that you would want to make a lot of money? Do you think that if you had your own business that you'd have more time with your family? Or maybe that you wouldn't have to answer to anyone else? If so, you'd better think again. On the other hand, if you start your business for these reasons, you'll have a better chance at entrepreneurial success: * You have a passion...
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...get the odds for success in their favor, defYing the pattern of disappointment and failure experienced by many. 4. Examined the Timmons Model of the entrepreneurial process, how it can be applied to your entrepreneurial career aspirations and ideas for businesses, and how recent research confirms its validity. Demystifying Entrepreneurship Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced. 1 Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for owners, but for all participants and stakeholders. At the heart of the process is the creation and/or recognition of opportunities, 2 followed by the will and initiative to seize these opportunities. It requires a willingness to take risksboth personal and financial-out in a very calculated fashion in order to constantly shift the odds of success, balancing the risk with the potential reward. Typically, entrepreneurs devise ingenious strategies to marshall their limited resources. 1 Today, entrepreneurship has evolved beyond the classic startup notion to include companies and organizations of all types, in all stages. Thus, entrepreneurship can occur-and fail...
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...The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs Shakarra Warner Principles of Management 27 January 2015 The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs In the modern world, people do not always rely on the traditional aspect of working for someone or a company. Many individuals want more control and power over their lives and money. With inspiration from a hobby or skill, some people decide to become entrepreneurs. According to Bateman and Snell, 2013 “…an entrepreneur is an enterprising individual who pursues a lucrative opportunity.” Entrepreneurs increase job development and decrease unemployment amounts that affect the economic growth. With all the benefits of entrepreneurship, state agencies strive to promote the awareness of resources available to build a better economic system while distinguishing an enterprise from a small business. Sometimes there is confusion between the meaning of entrepreneur and small business owner. Entrepreneurs are managers just as small business owners, but in a less formal aspect and without a hierarchy of management levels (Bateman and Snell, 2013). Entrepreneurs make an effort for growth and high profitability as their principal objective, whereas small businesses expect regular to reasonable sales and fixed growth (Bateman and Snell, 2013). It is important to know the difference between the two when deciding the types...
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...The Mission to Mars Project Signature Assignment Submitted to: Dr. Archer 06/28/2013 Abstract The purpose of this paper is to describe what the Mission to Mars Project and understand how they plan on surviving accordingly and what they plan to accomplish. The Mission to Mars project is a huge exploration venture for man-kind and can possibly cause a paradigm shift in our world as we know it today. I will describe the Mission exactly as it planned and many flaws that come with their plans. NASA has been defunded so this mission has been privatized by a nonprofit organization (Mission One). Mission One is seeking individuals to volunteer for their mission to Mars. The individuals they choose for the mission will have to expect to live on Mars and colonize the red planet. Most of their plans are just theory and I will research more of their plans like growing vegetation, using solar power, and survival. Introduction to “The Mission to Mars” Project Many great men and women have been able to experience the glory beyond our atmosphere. Retired NASA astronaut, Frank Borman, was one of those great men. Borman was one of the first 24 individuals to fly around the moon. Borman is a modern explorer, beyond the constraints of the seas, or land, Borman was able to reach new heights. This great explorer once said, “Exploration really is the essence of the human spirit, and to pause, to falter, to turn our back...
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...methods of strengthening entrepreneurship in Kenya: Strengthening financial systems The biggest challenge to entrepreneurial ventures is lack of capital to realize entrepreneurial dreams. A lack of resilient financial systems has been a hindrance to development of MSEs and hence entrepreneurship. A sound financial system therefore improves the entrepreneurial ecosystem. Private equity and venture capital are an important source of seed money. Overall, access to credit is some of the financial challenges of entrepreneurship in Kenya. Development of capital markets is the key to encouraging graduation of SMEs from ordinary small companies to public listed entities. Is the same vein, a healthy banking sector improves access to capital for startups. Government support through policy perceived as friendly by entrepreneurs The...
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...to hone in on things that are paramount, foundational and fundamental to them. Both internal and external customers are no longer content with mediocrity. They are no longer appeased with organizations that lack the ability and understanding to implement change. Companies must now create environments that are suitable for the future and adaptable to humans. We are now in a world where large corporations are among the least trusted and shareholders are more concerned with value than ever before. The ideological aspects of businesses that foster control are the cause of organizations being less innovative, and less adaptive. Organizations are eliminating the gap between reality and what is considered rhetoric. Innovation is one of the only ways to achieve longevity and long-term value. In attempt to overcome these obstacles, organizations will have to completely reengineer their business process. The systems of management in today’s business focuses on measurable goals, results, capital gains and order. (Rud, 2011). Humans on the other hand are born curious to learn and naturally motivated with the expectation of change. The recalibration of priorities has become a perquisite for most organizations to remain successful. There is a high demand of diversification for products coupled with the increase number of turnover rates for employees (Agostinho, 2012). Organizations need to focus on the now and let go of the pyramidal structures that hinders their businesses. For the lack of...
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...Innovation Strategies for the Global Recession A Special Report from Chuck Frey of InnovationTools.com and Renee Hopkins Callahan of Innosight December 8, 2008 Innovating in a Recession Page 2 Executive Summary As the global economy slowly slides into recession, organizations face new challenges and opportunities. In today's interconnected world, it's impractical for companies to suspend their innovation initiatives until the worst of the storm blows over. To do so is to risk being well behind the curve when the economy does recover, and losing precious ground to competitors who found creative ways to keep their innovation initiatives moving during the darkest days of the downturn. As part of this study, Chuck Frey of InnovationTools and Renee Hopkins Callahan of Innosight recently contacted a diverse collection of innovation experts and practitioners to learn more about the strategies they recommend for maintaining innovation during these challenging times. Respondents include some of the best and brightest innovation authors, bloggers, consultants, and practitioners. In addition, this report includes links to more than 60 examples of recent coverage of this topic in online media and the blogosphere. This collection of resources represents a practical roadmap that your firm can use to help identify opportunities for adapting your innovation initiatives to the current economic downturn. Use this roadmap to help to position your firm to take full advantage of the...
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...Nisha Moodley talks about shattering the pedestal. She has some key points that can help: “Over the years, the more I have shared my experiences with integrity – not telling stories that aren’t mine to tell, spewing my feelings all over my readers for them to manage, or sharing in a way that asks (explicitly or implicitly) for my readers to hold/soothe/cheerlead/validate me – the more my business has grown. I am not perfect at this art, but I learn every time I lead from the truth, in a way that serves.” This is powerful advice for people who are limited by their seat on a pedestal, in a sea of people who could gain so much from your insights if they could ‘see’ you better. We can help them see us better when we are vulnerable and share...
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...and pay a premium for the product. The second channel is retail where customers purchase their favorite brand of ice cream from a retail chain like Wal-Mart. Food services constitute a larger portion of the two channels accounting for 57 percent of overall ice cream sales (New Hope 360). Products The products in the ice cream industry include premium ice creams and novelties. Premium ice creams include sorbet, sherbet, and fruity flavored ice products packaged by the pint or quart. Novelties are separately packaged ice cream products like ice cream sandwiches and fudge sticks. The highest production periods are the summer with the peak in June (Milk Facts). Five Forces Analysis Rivalry Small Austin Startups Austin is populated with innovative startups and creative entrepreneurs. For example, Lick Honest Ice Creams has become a “favorite local establishment in Austin despite being new” and competes directly...
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...work to create a curated resource for creative entrepreneurs. This book is the teaching and inspirational aid for our kbs+ Ventures Fellows – a highly select group of kbs+ staffers from all levels and areas of the agency – who go through a six-month educational program to immerse themselves in the startup and venture capital world. Share this entrepreneurial inspiration with friends using @kbspvc or #kbspvcbook. If you would like to share any inspiration, thoughts or feedback, please contact us at @kbspvc anytime – we look forward to hearing from you. Thank you for downloading our book! Darren Herman Taylor Davidson Creative Entrepreneurship Darren Herman Taylor Davidson a kbs+ partner We have received explicit permission from all authors of the works found in this book. Unless otherwise stated, we do not claim to have written or own any of this work. We are purely aggregating it into a simple book format for the education of anyone who picks up this book. The price of this book is free; if anyone tries to sell this book to you, please report them to us. Hopefully this book inspires you as much as it does us. We do not guarantee you will start the next successful startup after reading this book but we do think it will make you at least one IQ point smarter. Enjoy it and after you are done with it, hand it to someone else to read. Sharing means caring. The author and publisher have taken care in the preparation of this book, but make no expressed or implied warranty...
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...Acclaim for THE LEAN STARTUP Acclaim for THE LEAN STARTUP “The Lean Startup isn’t just about how to create a more successful entrepreneurial business; it’s about what we can learn from those businesses to improve virtually everything we do. I imagine Lean Startup principles applied to government programs, to health care, and to solving the world’s great problems. It’s ultimately an answer to the question How can we learn more quickly what works and discard what doesn’t?” —Tim O’Reilly, CEO, O’Reilly Media “Eric Ries unravels the mysteries of entrepreneurship and reveals that magic and genius are not the necessary ingredients for success but instead proposes a scienti c process that can be learned and replicated. Whether you are a startup entrepreneur or corporate entrepreneur, there are important lessons here for you on your quest toward the new and unknown.” —Tim Brown, CEO, IDEO “The road map for innovation for the twenty-first century. The ideas in The Lean Startup will help create the next industrial revolution.” —Steve Blank, lecturer, Stanford University, UC Berkeley Hass Business School “Every founding team should stop for forty-eight hours and read The Lean Startup. Seriously, stop and read this book now.” —Scott Case, CEO, Startup America Partnership “The key lesson of this book is that startups happen in the present —that messy place between the past and the future where nothing happens according to PowerPoint. Ries’s ‘read and react’ approach to this sport, his...
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...Acclaim for THE LEAN STARTUP “The Lean Startup isn’t just about how to create a more successful entrepreneurial business; it’s about what we can learn from those businesses to improve virtually everything we do. I imagine Lean Startup principles applied to government programs, to health care, and to solving the world’s great problems. It’s ultimately an answer to the question How can we learn more quickly what works and discard what doesn’t?” —Tim O’Reilly, CEO, O’Reilly Media “Eric Ries unravels the mysteries of entrepreneurship and reveals that magic and genius are not the necessary ingredients for success but instead proposes a scientific process that can be learned and replicated. Whether you are a startup entrepreneur or corporate entrepreneur, there are important lessons here for you on your quest toward the new and unknown.” —Tim Brown, CEO, IDEO “The road map for innovation for the twenty-first century. The ideas in The Lean Startup will help create the next industrial revolution.” —Steve Blank, lecturer, Stanford University, UC Berkeley Hass Business School “Every founding team should stop for forty-eight hours and read The Lean Startup. Seriously, stop and read this book now.” —Scott Case, CEO, Startup America Partnership “The key lesson of this book is that startups happen in the present—that messy place between the past and the future where nothing happens according to PowerPoint. Ries’s ‘read and react’ approach to this sport, his relentless focus on validated...
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...Mombasa County Veronica W. Ngugi1, Dr F. Kerongo2 1 Jomo Kenyatta University of Agriculture and Technology (JKUAT), Kenya, Department of Economics and Commerce, School of Human Resource Development 2 Jomo Kenyatta University of Agriculture and Technology (JKUAT), Kenya, Department of Economics and Commerce, School of Human Resource Development loans to finance their business operations. The fundamental objective of this study was to assess the effects of Micro financing on growth of small and micro enterprises in Mombasa County. Despite access to credit SMEs growth remains a major problem. Access to credit should enable a business to achieve their growth objective. Despite this it is interesting to note that most of the SMEs could not survive third year of incubation period. Descriptive Survey method was employed in this study. The study adopted stratified and systematic random sampling method. The sample size was 157 SMEs. Semi-structured questionnaire was designed to facilitate the acquisition of data. Data was collected from 102 respondents, a response rate of sixty five percent. Sales, income and competitiveness were used as the independent variable while growth of SMEs as dependant variable. Descriptive statistics was used to analyze data. Results indicated that microfinance has positive effects on growth of SMEs. Majority of the owners indicated that microfinance has enabled them to expand businesses, build their business assets. Also ability of the business to complete...
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...MARKETING PLAN Senior Care Plus Final Draft Marketing Management Keller Graduate School of Management Contents 1.0 Executive Summary 3 2.0. Situation Analysis Overview 4 2.1. Market Summary 4 2.2. SWOT Analysis 8 2.2.1. Strengths: 8 2.2.2. Weaknesses: 8 2.2.3. Opportunities: 9 2.2.4. Threats: 9 2.3. Competition 9 2.4. Product Offering 10 2.5. Keys to Success 10 2.6. Critical Issues 10 3.0. Marketing Strategy Overview 11 3.1. Mission Statement 11 3.2. Marketing Objectives 12 3.2.1. Brand Identity 12 3.2.2. Value Proposition 13 3.2.3. Estimated Unit Sales 14 3.3. Financial Objectives 15 3.4. Target Markets 15 3.5 Positioning 17 3.6 Pricing Strategies 18 3.7. Marketing Attack Strategy 19 3.7.1 Advertising 20 3.7.2 Public Relations 21 3.7.3 Internet 21 3.7.4 Sales Promotion 22 3.8. Marketing Research 24 4.0 Controls Overview 24 4.1. Progress Milestones 25 4.2 Marketing Organization 26 4.3 Contingency Planning 26 4.4 Conclusion 27 References 29 1.0 Executive Summary The aging population of America is, no doubt, booming. Thus, a good number of businesses have been organized that cater to this sector of society. One of these are those retail stores that serve the needs of the senior population. Senior Care Plus (SCP) was conceptualized to specialize on the sales and service of specialized lifts, mobility aids, bed and bath safety products, medical alert systems...
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...e- Book Series Guide to Writing a Killer Marketing Plan Written by: Steven Fisher Purpose of this book You are either someone that has been doing marketing as a part of your professional career or you look at as that “thing you do to promote your business and attract customers to buy”. Regardless of where you are along that spectrum, you have arrived here because you have been charged by the CEO of the startup you work for to write a marketing plan for your business or you need to create one for your own business. You need to not just write just any marketing plan. You need to write a Killer Marketing Plan. One that your boss will say “awesome, let’s get started” and which will tell all those people who have been looking for a product or service like yours for a long time. This book is written for you. Marketing plans are sexy mistresses that tempt you to include all of the coolest of campaign ideas without the sanity of budgetary constraints. While marketing is one of the more important functions of a small business, it is one that is limited by the budgets of that business and campaigns must demonstrate a return in order to justify their existence. Since I have written more marketing plans than I care to tell you, I can share with you my knowledge and experience of what has worked almost all the time, some of the time and none of the time. While this is not the single tome on marketing plans, I hope that this helps you balance the unlimited creative...
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