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Key Termssalvage value - the estimated value of property after a person is finished with it. Questions
Activities
Questions and Answers on Small BusinessIn stage number one, you simply try to give yourself a job. In stage two, you build that job into a thriving business. In stage number three, you build the business into a valuable company that you can sell and retire from. One of the greatest advantages of being the boss is that stage three doesn't have to happen when you are 65, 70, or 75. Stage three can happen when you are 50, 40, 35, or even younger. You can retire from business development and concentrate on personal development. What's the best form of advertising? Testimonials. Word-of-mouth from your customers who have used and appreciate your product or service is your best source of advertising and, best of all, it's free. So, don't be shy. If you provide maid service, you should be doing the best cleaning job you can at every home. Since your excellence will often be recognized, ask for the testimonial and then put the testimonial into all your other advertising. Also, when you're complimented, remember to ask for more business. Can the homeowner recommend you to a neighbor? Does the homeowner's spouse use a cleaning service at his or her office? Is the homeowner aware of the other services that your company offers besides cleaning? Don't most small businesses fail? No, most small businesses succeed. Only a small percentage, between 2% and 3% of existing small businesses, close each year. And, of this small number, only 20% can be considered failures with the business closing with unpaid debts. There can be many reasons for business failure, ranging from undercapitalization to over-expectation. Most new business owners that fail simply did not do adequate research. If you expect to run a successful business for the next fifteen or twenty years, then asking you to do six months of research before you open shouldn't be a hardship. Booksby Robert G. Merrick (1998) (303 pages) This is a how-to book for fledgling inventors, and anyone who desires to develop and market their own ideas or who want to work for themselves by starting their own businesses, especially persons wanting to start a home-based business. It is an invaluable resource for anyone who has a new idea for a product, but doesn't know how to proceed. The author provides practical advice drawn from his experience as a successful inventor and manufacturer. Step-by-step guidance shows how to go from brainstorm to store shelf on your own and without going into debt. Covers financing, manufacturing, packaging, advertising, locating distributors and direct marketing, including via Cable TV and the Internet. Includes a Resource Section of over 800 hard-to-find services, product sources, and buyer contacts by industry, which are needed to launch a new product. Start Your Business : A Beginner's Guide by Vickie Reierson (1998) (202 pages) User-friendly workbook is uniquely designed to help beginning business owners realize what needs to be done and what should be done before opening their doors. With its checklist format and easy-to-read text, you can easily check off the activities you feel you need to complete and it encourages you to consider optional activities that will only strengthen your position in the marketplace. Start Your Own Business in Thirty Days by Gary Joseph Grappo (1998) (176 pages) The recent technological growth that produced the fax machine, the Internet, and a wealth of online services has made home-based businesses more popular than ever. This book offers thirty key concepts that will help you launch your own successful venture. With helpful charts and problem-solving tips, this practical, easy-to-use guide covers everything you need to know, including: - discovering the business that's right for you - preparing a game plan - developing leads and networking - generating sales and following up - staffing your company - using the Internet for marketing and promotion. The Start-Up Guide : A One-Year Plan for Entrepreneurs by David H., Jr. Bangs (1998) (192 pages) Designed around an entrepreneur's one-year timetable, this book outlines a complete 12-month action plan for creating a new business. It provides a practical framework to research and test ideas inexpensively, define and identify ways to reach the best markets, forecast sales and expenses, and use the Internet as a source for low-cost resources. 
Consulting
Go to Lesson Fifteen8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18Index
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