So, you want to start a business? 8 steps to take before making the leap

Edward D. Hess

Book - 2009

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Subjects
Published
Upper Saddle River, N.J. : FT Press c2009.
Language
English
Main Author
Edward D. Hess (-)
Other Authors
Charles F. Goetz, 1956- (-)
Physical Description
xxiv, 194 p. : ill. ; 23 cm
Bibliography
Includes bibliographical references and index.
ISBN
9780137126675
  • Acknowledgments
  • About the Authors
  • Introduction
  • Who Should Buy This Book?
  • Why Is This Book Important?
  • What Topics Are Covered?
  • Why Are We Qualified to Write This Book?
  • How to Use This Book
  • Chapter 1. Can You Be a Successful Entrepreneur?
  • What Do Successful Entrepreneurs Do?
  • Who Are Successful Entrepreneurs?
  • Key Definitions
  • Two Common Paths to Entrepreneurial Success
  • Chapter 1. Lessons Learned
  • Chapter 2. Basic Rules of Business Success
  • The 8 Common Start-Up Mistakes
  • Common Mistake #1. Choosing a Bad Business Opportunity
  • Common Mistake #2. Choosing the Wrong Customers
  • Common Mistake #3. The Wrong Product
  • Common Mistake #4. Pricing Products or Services Improperly
  • Common Mistake #5. Not Selling to Enough Customers Fast Enough
  • Common Mistake #6. Not Executing Well
  • Common Mistake #7. People Problems
  • Common Mistake #8. Mismanaging Growth
  • Basic Rules of Business Success
  • Chapter 2. Lessons Learned
  • Chapter 3. What Is a Good Business Opportunity?
  • Pencil It
  • Example 1. The Best Sandwich Shop
  • What Is the Average Price You Can Sell Your Sandwiches For?
  • Competitors
  • Back to the Math
  • Example 2. Children's Clothing Shop
  • Customer Conversion Ratio
  • Customer Conversion Rates
  • Two Different Types of Businesses
  • Estimating Your Costs
  • What Does Net Profit Margin Tell You About Costs?
  • Why Do You Need to Know Your Costs?
  • 7 Ws
  • Chapter 3. Lessons Learned
  • Chapter 4. How Do You Choose the Right Customers?
  • The Right Customers
  • Who Is a Prospect?
  • Example Survey Questions
  • The Competition
  • Chapter 4. Lessons Learned
  • Chapter 5. How Do You Design Your Product or Service?
  • Give Customers Only What They Truly Need
  • Features or Benefits
  • What Is Value?
  • Example: Enhancing Your Product/Service Value
  • Your "Reason for Being"
  • Low Innovation
  • It's Now Time to Build Your Product/Service
  • Can You Build or Produce It?
  • The Prototype-The Test
  • What Is a Prototype and How Does It Work?
  • Other Tips
  • 3 Ws
  • Chapter 5. Lessons Learned
  • Chapter 6. What Is the Right Price for Your Product or Service?
  • Competitive Pricing
  • Break-even Formula
  • Number of Products Required to Be Sold to Break Even
  • Additional Pricing Factors
  • Chapter 6. Lessons Learned
  • Chapter 7. How Can You Overcome Customer Inertia?
  • Obstacles to a Sale
  • The Risks of Buying from You
  • Making Sales Takes Practice
  • The Psychology of Sales
  • The Customer Buying Timeline
  • Time Is Your Enemy-Your Money Is Burning
  • Selling Is Like Fishing
  • Customer Referral Programs and Customer Loyalty Programs
  • Start with a Customer
  • Chapter 7. Lessons Learned
  • Chapter 8. How to Manage Your Business
  • Start-Up Overload
  • Your Value Chain
  • Your Supply Chain
  • Your Manufacturing (Assembling) Chain
  • Why Do You Flow Chart Your Business?
  • Management by Objectives
  • Management by Exceptions
  • The Power of Simplicity
  • Rule of 3s
  • Rule of 7s
  • Measurements and Rewards
  • Stay on the Front Lines
  • Iteration
  • Make Work Fun
  • Chapter 8. Lessons Learned
  • Chapter 9. How Do You Find and Keep Good Employees?
  • This People Stuff Is Hard
  • What Do Employees Want?
  • Why Is High Employee Turnover Bad?
  • Hire for Fit
  • Hiring Tools
  • Probationary Hiring
  • Buy-In
  • The Rules of the Game
  • Best Practices of Managing Employees
  • Promote from Within
  • The Meaning of Work
  • Mental Rehearsal
  • Mental Replay
  • Chapter 9. Lessons Learned
  • Chapter 10. How Do You Manage Growth?
  • Growth Can Be Good or Bad
  • The Two Absolutes
  • Process
  • Financing Growth
  • Financial Controls
  • Managing the Unexpected
  • People
  • Small Business Services
  • Check-Off
  • Legal
  • Legal Structure
  • Small Business Networks
  • Upgrading People
  • Customer Diversification
  • Growth Changes Your Job
  • Chapter 10. Lessons Learned
  • Conclusion
  • Business Rules
  • Lessons Learned
  • Bibliography and Resources
  • Books
  • "Building a Company" Books
  • Business Strategy Books
  • Entrepreneurship Books
  • Family Business Books
  • Finance, Accounting, and Measurement Books
  • Leadership Books
  • Books on Lessons to Learn from Bad Leadership
  • Management Books
  • Marketing and Sales Books
  • Articles
  • Information Portals
  • Author's Commentaries
  • Index
Review by Booklist Review

Two former corporate executives, entrepreneurs, and now professors Hess and Goetz combine their wisdom and experience to offer new and wannabe business owners some critical thinking, management strategies, and tried-and-tested pointers. Their book is written in a simple albeit very academic style, with logical headlines, practical sidebars, and summarized lessons learned at the end of each chapter. Although the authors are generous about sharing the ABC's of business, whether it's how to find and keep good employees or explanations of financial gotta-haves, the overall subtitle 8 Steps to Take gets buried in a welter of other numbers: the 8 mistakes business owners make (e.g., pricing incorrectly), the 7 techniques to get a customer to try your product (references/testimonials), the rule of 3s and the rule of 7s (only manage 7 or fewer people at any given time). Use this as a novice's springboard (and remind the authors to follow their own advice: keep it simple!).--Jacobs, Barbara Copyright 2008 Booklist

From Booklist, Copyright (c) American Library Association. Used with permission.

Praise for So, You Want to Start a Business? "I used So, You Want To Start a Business? to restructure my furniture hardware company. The book was full of applicable information that I have used and will continue to incorporate into my company. I couldn't ask for a better resource." --Adam Prestwood, Vice President, Pampco, Inc. "Practical, sensible advice to anyone starting a business. A great short course in entrepreneurship." --Billy D. Prim, Chairman and CEO, Primo Water Corporation, Winston-Salem, NC "This is exactly the kind of book first time entrepreneurs always needed but was never available. Everyone who is thinking about becoming an entrepreneur must read this book." --Dr. E.W. Leonard, Associate Dean, Executive MBA Program, Goizueta Business School, Emory University "Here is the straight story about being a successful entrepreneur from people who have been one and taught many. Clear, practical, and concise, this book delivers the goods." --Andy Fleming, Principal, Core Growth Partners, Atlanta, GA "Solid advice for building and growing a sustainable business." --Andrew Bourne, CEO, WayPoint Technologies, Phoenix, AZ "Professor Hess's book has helped me improve my services and make clients feel appreciated, respected, and most of all, like they're getting a great service at a fair price." --Sammy Starnes, Owner, Hair Concepts, Inc. "A treasure trove of information! I just started my company, and I have to say that this book helped me make the right decisions from the very beginning." --Derica Justice, Owner, Bon Bini Print & Design "This is a great practical guide with lessons and insights for anyone who wants to start a business. You will go back to it again and again." --Ned Morgens, CEO, SarahCare.com, Atlanta, GA "Whether you are a striving young entrepreneur or a middle-aged person with the courage to trust your wits, this book is indispensable." --Ben Dyer, General Partner, Cordova Ventures, Atlanta, GA "A must read for entrepreneurs who want to know what it really takes to launch a successful small business." --Jay Myers, CEO, Interactive Solutions, Inc., Memphis, TN "A precise, pragmatic, wisdom-dripping, rich read. The authors walk the talk." --Jim Christian, CEO, Kandumedia.com, Denver, CO "A powerful book full of good how-to advice." --Philippe Sommer, Director of Entrepreneurship Programs, Batten Institute, Darden School of Business, Charlottesville, VA "This book is a great primer and an excellent reference book for an entrepreneur." --Walter Negley, CEO, TSP, Houston, TX (c) Copyright Pearson Education. All rights reserved. Excerpted from So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap by Edward D. Hess, Charles F. Goetz All rights reserved by the original copyright owners. Excerpts are provided for display purposes only and may not be reproduced, reprinted or distributed without the written permission of the publisher.