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Soundview Executive Book SummariesA Step-by-Step Guide for the New Entrepreneur
Filled from end to end with passion, enthusiasm, encouragement and motivation, Kick Start Your Dream Business is a how-to guide for anyone who wants to take a good idea into the marketplace. Author Romanus Wolter, an international marketing consultant and director of the San Francisco Small Business Development Center, has the ability to turn a seemingly endless list of business requirements and necessities into an inspirational guide to becoming an entrepreneur. He does this by taking the important aspects of starting a business from the ground up and breaking them down into a list of 35 clear and concise steps to success.
Start with a Product Profile
The first step in Wolter's plan is the creation of a written profile of the product to be developed. By defining a dream, an entrepreneur begins to shape the product into something that can be explained and shared with the people who can help to make it real. Then, the author explains, the next step is the creation of an internal and an external intent, which serve to define what the business will accomplish. Once the dream is profiled and the intent is clear, Wolter urges the reader to create a self-contract that describes the idea, its benefits and a date when the business will be launched. He suggests that accuracy will make this foundation more solid.
Next, the author shows the entrepreneur how to gather useful information about the marketplace and competition through market brainstorming, real-life investigation, research and surveys.
After these steps have been completed, the author details the actions that will be necessary to bring theproduct to life. These include developing a reference guide that will help the product to be marketed, which involves a product description, competition information, customer profiles, target markets, retailing ideas, distribution channels, marketing ideas, contact information and the trends that are shaping the marketplace.
The next step is to recognize the opportunities that can make the product successful and the threats that might stand in its way.
The Marketing Plan
Now it is time for a product statement that summarizes goals, the product and a marketing plan. Once this has been accomplished, the product is ready to be sold. This will require a tangible, real-life example to be produced so people can grasp the potential of the concept and jump on the bandwagon to its success. Packaging ideas should be considered at this point as well. Before this prototype is shown off to everyone in all its glory, beware! The fourth part of Wolter's book, "Protecting It," is crucial for finding out what must be done to copyright, trademark and patent the product.
Once the appropriate protective steps have been taken, the product can be made better through contact with the creative energies of others who can help improve it before it enters the marketplace. These are available in the forms of focus groups and other inventors who might have some helpful tips to offer.
The ins and outs of manufacturing, marketing, promotion, price setting, distribution and fulfillment are then revealed in detail, as are the important legal, financial and record-keeping aspects of the business world. Wolter rounds out his book with words of advice about seeking investors, creating a business action plan, and keeping the business growing.
Passion and Practicality
"'Dream like a child, decide as an adult' is the operating principle incorporated into every step in this book," the author writes, and using this mantra, he is able to maintain the passion that will help entrepreneurs bring their ideas to fruition.
The simplicity of Wolter's suggestions makes them valuable and realistic. He is able to dismantle the intricacies of entrepreneurial ventures into approachable basics that are easy to grasp. Among the important guidelines, brief anecdotes from other start-ups and succinct words of wisdom about the topics at hand, he also includes dozens of useful worksheets, forms and tables to help create, document and market the product at hand.
These, and the time-tested knowledge he imparts, create a one-stop resource for everything an entrepreneur needs to get started, move forward, and turn an idea into a successful product. Copyright (c) 2002 Soundview Executive Book Summaries