The Truth About Starting a Business [NOOK Book]

Overview

&n>

“This book should be on the seasoned entrepreneur’s list of ‘what I should have read before I started my business.’”

JOE KEELEY, President & CEO, College Nannies & Tutors Development

“This is one of the best entrepreneurship books I’ve read...I wish I had this book when I first started out.”

RYAN O’DONNELL, Cofounder and CEO, BullEx Digital Safety

Your own ...

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The Truth About Starting a Business

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Overview

&n>

“This book should be on the seasoned entrepreneur’s list of ‘what I should have read before I started my business.’”

JOE KEELEY, President & CEO, College Nannies & Tutors Development

“This is one of the best entrepreneurship books I’ve read...I wish I had this book when I first started out.”

RYAN O’DONNELL, Cofounder and CEO, BullEx Digital Safety

Your own business: Take the leap, make it happen, and make it succeed!

· The truth about choosing the right business for you and maintaining a healthy personal life

· The truth about planning, funding, hiring, and successful launches

· The truth about financial management, marketing, and growth

This book reveals 53 bite-size, easy-to-use techniques for choosing, planning, launching, and growing your winning business.

You’ll learn how to generate and test business ideas, and pick the one that’s best for you...select the right entry strategy...name and locate your business...raise capital...build your team and get expert advice...protect your business secrets and intellectual property...effectively brand your business and market its offerings...handle pricing, distribution, and sales...manage your finances to specific objectives...prepare for growth...and even maintain your work/life balance as an entrepreneur. This isn't “someone's opinion”: it's a definitive, evidence-based guide to building your own successful enterprise--a set of bedrock principles you can rely on whoever you are, wherever you are, and whatever business you choose to launch.

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Product Details

  • ISBN-13: 9780137005901
  • Publisher: Pearson Education
  • Publication date: 12/30/2008
  • Series: Truth About
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 224
  • Sales rank: 1,323,437
  • File size: 263 KB

Meet the Author

Bruce R. Barringer, a renowned expert on entrepreneurship, is a professor of management at the University of Central Florida. His books include Entrepreneurship: Successfully Launching New Ventures, 2nd Edition, Preparing Effective Business Plans: An Entrepreneurial Approach, and What's Stopping You?: Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business.
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Read an Excerpt

PrefacePreface

Think quickly. Should you buy this book? You have to make a decision. Every minute of every day, you are making a series of small decisions that could change the course of your career and your life. Our lives are the sum of our decisions. Your success is largely a result of the quality of your decisions. Have you given any thought to how you make decisions?

This book won’t keep you from making stupid decisions. Alas, it won’t offer you a life without regret or buyer’s remorse. It will help you step back from the heat of decision making and think about how you approach decision making. I’ve had the opportunity to work with some of the leading researchers in the field of decision making, including Paul Schoemaker, author of Decision Traps and Winning Decisions, Howard Kunreuther, co-director of the Wharton School’s Risk and Decision Processes Center, and Jerry Wind and Colin Crook, authors of The Power of Impossible Thinking. I have learned a great deal from them about making decisions.

I wish I could say that all this good schooling has kept me from making absolutely disastrous decisions, but I’d be lying. I’ve walked away from a stable job to start a business (turned out to be a pretty good decision). I’ve moved 2,000 miles from Pennsylvania to Colorado with a St. Bernard and three kids and back again in one year (a disaster but a fascinating adventure as well). It is a decision I’d make again in a heartbeat because it was for the sake of family. So the little knowledge I have hasn’t kept my tail out of the fire. But the way I think about and approach decisions has changed.

There is no simple formula for decisions, but we can become better at making them. No decision is perfect, but often doing nothing is worse. The time to act is now. On the following pages are a series of sharp insights that will give you new ways of thinking about your decisions. There are no shortcuts or machines to make decisions for you. You just need to dig in, open your eyes and get to work. I hope the following truths about decision making can help you in making your own tough decisions.

But some decisions are not all that tough. I mean, buy the book already.

—Robert Gunther

Praise for The Truth About Starting a Business

“When thinking about starting a business, have you ever felt discouraged because you did not know somebody or some thing? If that is the case, Barringer can be your wise uncle. In this insightful new book, he shares common-sense advice, based on research that can help to get you started and going in the right direction to launch your own venture.”

James Fiet, Ph.D., Brown Forman Chair in Entrepreneurship, University of Louisville

“Relevant and easily accessible advice on how to start your own business. Barringer’s great primer covers it all, from naming your company to handling legalities, from publicity to the psychology of being an entrepreneur.”

Matt Hedges, Founder and President, Vino de Sol

“This book is a must read! Barringer has developed an easy-to-follow blueprint on how to start a new business. He takes the complexity of entrepreneurship and streamlines it, providing insight and expertise that is invaluable to those venturing out on their own.”

Christopher Jones, CAGS, Licensed Educational Psychologies, NCSP, President & CEO,
Dynamic Interventions, Inc.

“I found myself smiling as I read some of the truths because I found it talking about myself and peers who have started numerous companies. This book should be on the seasoned entrepreneur’s list of ‘what I should have read before I started my business.’”

Joe Keeley, President & CEO, College Nannies & Tutors Development

“This book is the ultimate handbook for starting a business: from coming up with an idea to implementing it with success and vigor. It walks a potential business owner through the steps of writing a business plan, creating an identity, financing a business, hiring personnel, marketing, and creating a work-life balance. It is a tool that no new business owner should be without.”

Dr. Emily Levy, Founder & CEO, EBL Coaching

“Barringer cuts to the chase with his simple, relevant, and hard-hitting truths. In practical language and with significant insight about the realities of venture start-up, he speaks on very personal level to the prospective entrepreneur.”

Michael H. Morris, PhD, Chris J. Witting Chair and Professor, Whitman School of Management,
Syracuse University

“This is one of the best entrepreneurship books I’ve read. If you’re an entrepreneur or are thinking about starting a business, this book is a must read! I wish I had this book when I first started out.”

Ryan O’Donnell, Co-Founder and CEO, BullEx Digital Safety

“Barringer reveals many realities about being an entrepreneur and starting a business. Beyond just loving what you do, it is obviously critical to understand as many of the components that go into running your business as possible.”

Evan Shapiro, Co-Founder, Blue Maze Entertainment

© Copyright Pearson Education. All rights reserved.

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Table of Contents

Part I The Truth About What It Takes to Be a Business Owner

Truth 1 Why people start businesses 1

Truth 2 The right business for you 5

Truth 3 Questions to ask before you quit your job 9

Truth 4 Key characteristics of successful business owners 13

Truth 5 You may not need “prior business experience” 17

Part II The Truth About Generating and Testing Business Ideas

Truth 6 The most common sources of new business ideas 21

Truth 7 Want several alternatives? Techniques for generating new business ideas 25

Truth 8 A make-it or break-it issue: Selecting an idea that can be sold into a niche market 29

Truth 9 Screening and testing business ideas 33

Truth 10 Writing a business plan: Still as important as ever 37

Part III The Truth About Entry Strategies

Truth 11 Starting from scratch: Developing your own product or service 41

Truth 12 Franchising: Buying into someone else’s formula for success 45

Truth 13 Believe it or not: There are legitimate opportunities in direct sales 49

Truth 14 Buying a business 54

Truth 15 Internet businesses: The sky does seem to be the limit 58

Part IV The Truth About Getting Up and Running

Truth 16 Choosing a location for your business 61

Truth 17 Something you’ll say a million times: Your business’s name 65

Truth 18 The paper chase: Obtaining business licenses and permits 69

Truth 19 Choosing a form of business ownership 73

Truth 20 Creating a Web site: An absolute necessity 79

Part V The Truth About Raising Money

Truth 21 How to think about money as it relates to starting a business 83

Truth 22 Calculating your initial start-up costs 87

Truth 23 Personal funds, loans from friends and family, and bootstrapping 91

Truth 24 Debt financing 95

Truth 25 Equity funding 99

Truth 26 Grants: It takes the right fit 103

Truth 27 Persistence pays off: Finding alternative sources of startup funds 107

Part VI The Truth About Building a New Business Team

Truth 28 How to approach the task of building a “new business” team 111

Truth 29 Starting a business as a team rather than an individual 115

Truth 30 Recruiting and hiring employees 119

Truth 31 Board of directors 123

Truth 32 Board of advisors 127

Part VII The Truth About Intellectual Property

Truth 33 Intellectual property: What is it, and how is it protected? 131

Truth 34 To patent or not to patent? 135

Truth 35 Trademarks: An essential form of protection 139

Truth 36 Copyright laws: A surprising breadth of protection 143

Truth 37 Trade secrets: Guard them carefully 147

Part VIII The Truth About Marketing

Truth 38 How to approach marketing in a new business 151

Truth 39 Segmenting the market and selecting a target market 155

Truth 40 Establishing a brand 159

Truth 41 Selling benefits rather than features 163

Truth 42 Pricing: The most dicey element of the marketing mix 165

Truth 43 It’s okay to advertise, but think through your choices carefully 169

Truth 44 Public relations: More important than ever 173

Truth 45 Distribution and sales: More choices than ever 177

Part IX The Truth About Financial Management

Truth 46 Managing a business’s finances 181

Truth 47 Financial objectives of a business 185

Truth 48 The nitty-gritty: Forecasts, budgets, and financial statements 189

Part X The Truth About Growing a Business

Truth 49 Preparing for growth 193

Truth 50 Stages of growth: More opportunities, more challenges 197

Truth 51 Strategies for growth 201

Part XI The Truth About Starting a Business and Maintaining a Healthy Personal Life

Truth 52 Work life balance: Practical tips 205

Truth 53 Starting a business as a means of achieving a healthy personal life 209

References 213

About the Author 221

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Preface

Preface

Think quickly. Should you buy this book? You have to make a decision. Every minute of every day, you are making a series of small decisions that could change the course of your career and your life. Our lives are the sum of our decisions. Your success is largely a result of the quality of your decisions. Have you given any thought to how you make decisions?

This book won’t keep you from making stupid decisions. Alas, it won’t offer you a life without regret or buyer’s remorse. It will help you step back from the heat of decision making and think about how you approach decision making. I’ve had the opportunity to work with some of the leading researchers in the field of decision making, including Paul Schoemaker, author of Decision Traps and Winning Decisions, Howard Kunreuther, co-director of the Wharton School’s Risk and Decision Processes Center, and Jerry Wind and Colin Crook, authors of The Power of Impossible Thinking. I have learned a great deal from them about making decisions.

I wish I could say that all this good schooling has kept me from making absolutely disastrous decisions, but I’d be lying. I’ve walked away from a stable job to start a business (turned out to be a pretty good decision). I’ve moved 2,000 miles from Pennsylvania to Colorado with a St. Bernard and three kids and back again in one year (a disaster but a fascinating adventure as well). It is a decision I’d make again in a heartbeat because it was for the sake of family. So the little knowledge I have hasn’t kept my tail out of the fire. But the way I think about and approach decisions has changed.

There is no simple formula for decisions, but we can become better at making them. No decision is perfect, but often doing nothing is worse. The time to act is now. On the following pages are a series of sharp insights that will give you new ways of thinking about your decisions. There are no shortcuts or machines to make decisions for you. You just need to dig in, open your eyes and get to work. I hope the following truths about decision making can help you in making your own tough decisions.

But some decisions are not all that tough. I mean, buy the book already.

—Robert Gunther

Praise for The Truth About Starting a Business

“When thinking about starting a business, have you ever felt discouraged because you did not know somebody or some thing? If that is the case, Barringer can be your wise uncle. In this insightful new book, he shares common-sense advice, based on research that can help to get you started and going in the right direction to launch your own venture.”

James Fiet, Ph.D., Brown Forman Chair in Entrepreneurship, University of Louisville

“Relevant and easily accessible advice on how to start your own business. Barringer’s great primer covers it all, from naming your company to handling legalities, from publicity to the psychology of being an entrepreneur.”

Matt Hedges, Founder and President, Vino de Sol

“This book is a must read! Barringer has developed an easy-to-follow blueprint on how to start a new business. He takes the complexity of entrepreneurship and streamlines it, providing insight and expertise that is invaluable to those venturing out on their own.”

Christopher Jones, CAGS, Licensed Educational Psychologies, NCSP, President & CEO,
Dynamic Interventions, Inc.

“I found myself smiling as I read some of the truths because I found it talking about myself and peers who have started numerous companies. This book should be on the seasoned entrepreneur’s list of ‘what I should have read before I started my business.’”

Joe Keeley, President & CEO, College Nannies & Tutors Development

“This book is the ultimate handbook for starting a business: from coming up with an idea to implementing it with success and vigor. It walks a potential business owner through the steps of writing a business plan, creating an identity, financing a business, hiring personnel, marketing, and creating a work-life balance. It is a tool that no new business owner should be without.”

Dr. Emily Levy, Founder & CEO, EBL Coaching

“Barringer cuts to the chase with his simple, relevant, and hard-hitting truths. In practical language and with significant insight about the realities of venture start-up, he speaks on very personal level to the prospective entrepreneur.”

Michael H. Morris, PhD, Chris J. Witting Chair and Professor, Whitman School of Management,
Syracuse University

“This is one of the best entrepreneurship books I’ve read. If you’re an entrepreneur or are thinking about starting a business, this book is a must read! I wish I had this book when I first started out.”

Ryan O’Donnell, Co-Founder and CEO, BullEx Digital Safety

“Barringer reveals many realities about being an entrepreneur and starting a business. Beyond just loving what you do, it is obviously critical to understand as many of the components that go into running your business as possible.”

Evan Shapiro, Co-Founder, Blue Maze Entertainment

© Copyright Pearson Education. All rights reserved.

Read More Show Less

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Sort by: Showing all of 2 Customer Reviews
  • Posted May 10, 2010

    more from this reviewer

    Comprehensive plan for success in business

    Starting a business is a serious undertaking. You need an inexhaustible supply of enthusiasm, energy, resilience and good fortune - and plenty of funding doesn't hurt either. getAbstract finds that management professor Bruce Barringer cites every salient detail - however briefly - in this comprehensive, condensed look at entrepreneurship. In his list of 53 "truths" about getting a business underway, he doesn't try to discourage you from fulfilling your dreams, but he asks you to be deeply introspective about your motives and abilities. Owning a business can be fraught with pitfalls, and any lack of commitment will greatly diminish your chances. Despite entrepreneurship's numerous challenges and frustrations, Barringer contends that it offers tremendous potential rewards, and he tells you how to pursue them.

    To learn more about this book, check out the following link: http://www.getabstract.com/summary/11804/the-truth-about-starting-a-business-.html

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 16, 2012

    No text was provided for this review.

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