So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap

“Hess and Goetz present a roadmap for how to avoid the things that can cause you to stumble and how to build a business the right way.” –JEFF ZEIGLER, CEO, TechTurn.com, Austin, TX   “When I started my graphic design business, I knew I had enough talent to impress and keep my clients, but I struggled with the day to day running of the business. So, You Want To Start A Business? is the blueprint I needed to get organized and put all the right things in place.” –KORY BAILEY, Owner, Creative Counterpart   Build the Successful Company You’ve Always Wanted to Own! Avoid the 8 disastrous operational mistakes that kill new businesses Walk step-by-step through the entire process of building a winning business Master 55 amazingly simple rules of business success For every entrepreneur and potential entrepreneur...no previous business experience necessary! Launch the winning business you’ve always wanted…or make more money in the business you’ve already started! More than 5,000,000 new businesses are started each year…but 70% of them will fail. Now, two renowned experts on entrepreneurship identify the 8 “killer mistakes” that cause most business failures–and give you the knowledge, tools, and hands-on advice to avoid them, so you can build a business that thrives.   Unlike other books on entrepreneurship, this book focuses on the crucial operational issues associated with consistent profitability. You’ll learn how to identify the right opportunities and customers; design winning products and services; set the right prices; overcome customer inertia; avoid common day-to-day management mistakes; find and keep good employees; and finally, smoothly manage growth.   Throughout, the authors draw on real life entrepreneurial experiences, case studies, and leading-edge research. There’s nothing theoretical here: This is fast-paced, 100% practical advice you can use to make your business dreams and goals come true–starting right now.   What really makes a successful entrepreneur? What they do, how they act...and how to find your best path to business success   Get the 3 “Ws” right from the start What will you sell, who will buy it–and why will they buy it?   55 simple, indispensable rules for success What you must know about customers, competitors, and your employees   The art and science of managing people, operations, and growth Create processes, set priorities, maximize quality, measure people–and improve every day

Table of Contents:
Acknowledgments  xvii About the Authors  xix Introduction  xx Chapter 1 Can You Be a Successful Entrepreneur? 1 What Do Successful Entrepreneurs Do? 2 Who Are Successful Entrepreneurs? 3 Two Common Paths to Entrepreneurial Success 5 Chapter One: Lessons Learned 6 Chapter 2 Basic Rules of Business Success 9 The 8 Common Start-Up Mistakes 10 Basic Rules of Business Success 18 Chapter Two: Lessons Learned 19 Chapter 3 What Is a Good Business Opportunity? 21 Pencil It 23 Example 1: The Best Sandwich Shop 24 Example 2: Children’s Clothing Shop 30 Two Different Types of Businesses 32 Estimating Your Costs 35 Chapter Three: Lessons Learned 38 Chapter 4 How Do You Choose the Right Customers? 41 The Right Customers 42 The Competition 52 Chapter Four: Lessons Learned 58 Chapter 5 How Do You Design Your Product or Service? 59 Give Customers Only What They Truly Need 60 Features or Benefits 60 What Is Value? 61 Example: Enhancing Your Product/Service Value 62 Your “Reason for Being” 66 Low Innovation 68 It’s Now Time to Build Your Product/Service 69 Can You Build or Produce It? 70 The Prototype–The Test 70 Chapter Five: Lessons Learned 74 Chapter 6 What Is the Right Price for Your Product or Service? 77 Competitive Pricing 80 Break-even Formula 81 Additional Pricing Factors 82 Chapter Six: Lessons Learned 84 Chapter 7 How Can You Overcome Customer Inertia? 97 Obstacles to a Sale 88 The Risks of Buying from You 89 Making Sales Takes Practice 92 Chapter Seven: Lessons Learned 95 Chapter 8 How to Manage Your Business 97 Start-Up Overload 98 Your Value Chain 99 Your Supply Chain 100 Your Manufacturing (Assembling) Chain 101 Why Do You Flow Chart Your Business? 102 Management by Objectives 103 Management by Exceptions 106 The Power of Simplicity 108 Measurements and Rewards 110 Stay on the Front Lines 114 Iteration 114 Make Work Fun 115 Chapter Eight: Lessons Learned 116 Chapter 9 How Do You Find and Keep Good Employees? 119 This People Stuff Is Hard 120 What Do Employees Want? 121 Why Is High Employee Turnover Bad? 121 Hire for Fit 121 Hiring Tools 122 Buy-In 123 The Rules of the Game 124 Best Practices of Managing Employees 124 Mental Rehearsal 127 Mental Replay 127 Chapter Nine: Lessons Learned 128 Chapter 10 How Do You Manage Growth? 131 Growth Can Be Good or Bad 132 The Two Absolutes 134 Process 135 Financing Growth 136 Financial Controls 137 Managing the Unexpected 137 People 138 Small Business Services 139 Check-Off 140 Legal 140 Legal Structure 140 Small Business Networks 141 Upgrading People 142 Customer Diversification 142 Growth Changes Your Job 142 Chapter Ten: Lessons Learned 145 Conclusion 147 Business Rules 148 Lessons Learned 160 Bibliography and Resources 169 Books 169 Articles 181 Information Portals 183 Author’s Commentaries 184 Index  187

About the Author :
Edward D. Hess, JD, LLM, has spent most of his business life advising entrepreneurs and financing their business ventures. He is currently Professor of Business Administration and Batten Executive-in-Residence at the Darden School of Business, University of Virginia. He founded and led the Center for Entrepreneurship and Corporate Growth and the Values-Based Leadership Institute at the Goizueta Business School, Emory University. His books include The Successful Family Business, The Search For Organic Growth, and The Road To Organic Growth. He has personally built three successful service businesses. His website is www.EDHLTD.com.   Charles F. Goetz, MBA, Distinguished Lecturer in Entrepreneurship at Emory’s Goizueta Business School, has built nine successful businesses in six industries. He serves on the boards of several entrepreneurial ventures and not-for-profits. He recently published The Great Entrepreneurial Divide. His specialties are marketing, customer acquisition, and product development.