The Entrepreneur’s Guide to Building a Successful Business - EFMD Global
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The Entrepreneur's Guide to Building a Successful Business
Experience and advice from hundreds of small business owners /operators in fourteen countries
by Jonathan T. Scott
A PRACTITIONER'S GUIDE TO ACHIEVING LONG-TERM PROFITABILITY AND COMPETITIVENESS
2ND EDITION Taking the First Steps Toward Understanding, Implementing and Managing Sustainability from a Cost/Profit Perspective
Jonathan T. Scott
by the author of The Sustainable Business
The Entrepreneur's Guide to Building a Successful Business
By Jonathan T Scott
Published by: EFMD aisbl Rue Gachard 88 ? Box 3 1050 Brussels, Belgium T +32 (0)2 629 08 10 F +32 (0)2 629 08 11 E info@
EFMD is an international not-for-profit association (aisbl)
Copyright 2017 by Jonathan T. Scott and EFMD. All rights reserved. The moral rights of the author have been asserted. No part of this work may be reproduced, offered for sale, sold, traded, or utilized in any form by any means, electronic or mechanical, including photocopying, microfilm, and recording, or by any information storage or retrieval system with the expressed written approval of the author and publisher. Cover design: Jebens Design Library of Congress Cataloging-in-Publication Data Scott, Jonathan (Jonathan T.) The Entrepreneur's Guide to Building a Successful Business (2nd Edition): with Collective Advice from Seasoned Practitioners / Jonathan T. Scott Includes bibliographical references and index ISBN: 978-0-9818-260-1-1 1. Entrepreneurship ? handbooks, manuals, study guides 2. Entrepreneurship, small business ownership, starting a business ? handbooks, manuals, study guides 3. Business - handbooks, manuals, study guides etc. I. Title
Contents
1
10
Part I: Preparation
11
1. Do You Have What It Takes?
12
Stage I: The Right Attitude
12
Stage II: Implementation (Putting Plans into Action)
12
Stage III: Diligence (Going the Distance)
12
The Four Main Fears of Entrepreneurship
15
The Top Ten Myths of Entrepreneurship
16
Overcoming Negativity
16
Developing a Healthy Definition of Success
17
The Other End of the Scale: Overconfidence
17
Advice from the Pros
18 2. Starting Your New Business: Why, When, and Where Should You Do It?
18
Starting a New Business
19
Good Reasons for Starting a New Business
19
Poor Reasons for Starting a Business
20
When is the Best Time to Start a New Business Venture?
20
Where is the Best Place to Start a Business?
20
Advice from the Pros
22
3. Finding a Good Business Idea
26
How Stupid is a Stupid Idea?
27
The Need for New Ideas Never Ends
28
Advice from the Pros
29
4. Setting Up Your New Business: The Options
30
Part-Time Businesses
30
Full-Time Businesses
30
The Start-Up Business
30
Buying an Existing Business
31
Franchising
32
Advice from the Pros
33 5. An Introduction to the Importance of Business Research
33
Step Number 1: Building a Strong Foundation
34
Defining Market Research
35
The Objectives of Market Research
35
Tools for Conducting Market Research
36
Sources of Secondary Data Collection
37
Sources of Primary Data Collection
39 Don't Walk Away from the Hard Work and Time Research Demands
39
Advice from the Pros
40
6. Suggestions for Conducting Business Research
40
Conducting External Research
42
Making Adjustments
42
Conducting Internal Research
42
Researching the Cost of Overheads
43
SWOT Analysis
44
Advice from the Pros
2 Contents -- The Entrepreneur's Guide to Building a Successful Business
45
7.Choosing a Location
45
Questions to Ask When Choosing a Business Location
47
Learning about Leases
48
Advice from the Pros
49
8.Finding a Manufacturer or Supplier...
49
Beginning the Search
51
Keeping Manufacturers and Suppliers
51
Selecting an Overseas Manufacturer or Supplier
52
Advice from the Pros
53
9.Business Models
53 What's Good for the Goose is not always Good for the Gander
53
Sales Volume vs. Profit Margins
53
Trying to Get It Right: The Paradox of Business Models
54
Profit Margins vs. Sales Volume
54
High Prices vs. Low Prices
54
Market Share vs. Profitability
55
Less Choice vs. More Choice
55
Competition vs. Cooperation
55
Lean Thinking vs. Business as Usual
56
Selling vs. Sales and Service
56 Persistence vs. Stubbornness (or Knowing When to Stop and Change)
57
There are No Guarantees in Business
58
Advice from the Pros
59 10. The Thirteen Main Reasons Why New Businesses Fail (and How to Prevent Them)
59
Inadequate Planning
59
Underestimating the Commitment it Takes to Succeed
60
Cash Flow Problems
61
Poor Management
61
Not Understanding the Importance of Customers
61
Staffing Problems
62
Inflexibility
63
Poor Marketing and/or an Inability to Sell
63
Not Enough Capital
63
Pricing Problems
64
Lack of a Competitive Edge
64
Going It Alone
64
Growing too Fast
65
Advice from the Pros
66
Part II: Laying the Foundation
67
11. Writing a Business Plan
67
Why Write a Business Plan?
67
The Essentials of Good Planning
68
A Sample Business Plan Layout
69 The Most Common Mistakes Made When Writing a Business Plan
69
Additional Tips for Writing a Solid Business Plan
70
Advice from the Pros
70
Examples of Numerical Data
73
12. Finding Finance
73
Sources of Finance
? Jonathan T. Scott and EFMD
3
Contents -- The Entrepreneur's Guide to Building a Successful Business
73
Banks
74
Corporate Venturing
74
Equipment Loans
74
Crowdfunding
74
Family and Friends
74
Government Help
75
Grants
75
Issuing Shares
75
Small Business Administration Loans
75
Soft Loans
75
Trade Credit
75
Venture Capitalists
76
Mixing up the Options
76
Advice from the Pros
77 13. A Brief Look at Bookkeeping, Numbers, Taxes, and Formulas
77
The Importance of Numbers
78
Audits
78
Balance Sheets
78
Basic Bookkeeping
79
Break-Even Point
79
Cash Register Sales
79
Cost of Goods Sold
80
Inventory
80
Ledger Books
80
Monthly Net Profit
81
Profits
81
Taxes
81
Advice from the Pros
82 14. Naming Your Business (or Product) and Other Tasks Before Getting Started
82
Naming the Business (or Product)
83
Choosing a Logo
83 Obtaining a Business Mailing Address and Phone Number
83
Opening a Separate Bank Account
83
Setting Up a Website
84
Ordering Business Cards and Stationary
84
Establishing a Separate Work Space and Work Time
85
Insurance
85
Advice from the Pros
86
15. Making Your Business Legal
86
The Sole Proprietorship (or Sole Trader)
87
Partnerships
87
Limited Liability Companies
88
Incorporation
89
Subchapter S Corporations
89
Staying Legal (or, Keeping Abreast of the Law)
90
Advice from the Pros
91 16. Protecting Your Business with Copyrights, Trademarks, Patents, and UPC Codes
91
Copyright
? Jonathan T. Scott and EFMD
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