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Key Terms
Questions
Activities
Questions and Answers on Small BusinessIf you follow the Master Small Business philosophy, you'll be a researcher. You'll be a researcher when you start your business and throughout your small business career. In the course of your researching, you will become an expert in your industry. How can you put that expertise to work to secure your financial future? Well, if you owned an insurance agency, you could invest in the stocks of publicly traded insurance companies. Who would know value better than you? You could buy and sell or finance other insurance agencies. Who would know value better than you? Now, let's say that as an expert who is investing in an industry where you have expertise, you made a modest return of 15%. If you had $500,000 to invest, you'd earn $75,000 a year. If you had $800,000 to invest, you'd have returns of $120,000 a year. The magic number is based on how much you want to earn each year. Reach that magic number and you can progress from a full-time business operator to part-time researcher and investor. What is your "person of action" speech? You can only win the game if you are playing the game. You will always be able to find plenty of people without the courage to live their dreams who will tell you not to act. They will give you plenty of excuses to hang your inaction on. Get in the game. Be a person of action. Will you make mistakes and wrong decisions and lose money? Probably. Will you have self-doubt at times? Probably. But, the only way that you will win the game is to be in the game. You have one life to live. You can choose how you want to live it. It seems that many small business owners work long hours for short profits. What do you think is their problem? Look at the marketing. In many cases, you will find that the marketing efforts are non-existent or inadequate. Too many owners presume that because they are offering a quality product or service that the public will beat a path to their door. Wrong. You have to work to get new customers and to keep existing customers. When you are starting a business, up to 2/3 of your time may be needed to get the word out to develop enough business to survive. If you need marketing ideas, look to the leaders in your industry and to your industry associations. What are the best doing? There are some creative businesses, like songwriting or scriptwriting, where 99% of the work time may have to be devoted to getting one song or script published. Most folks cannot deal with those percentages, and although they may be very talented, they are never recognized. Booksby Christopher R. Malburg: (1997) (304 pages) A small and easy and to read overview of accounting terms and procedures. Adams Streetwise Small Business Start-Up : Your Comprehensive Guide to Starting and Managing a Business by Bob Adams: (1996) This book is a good beginner's overview presented in an easy-to-read format. The information in short, easy to digest bites, and runs the gamut from where to get ideas for a business, to hiring your first employee, to firing your first employee, to selling the business. A wide range of topics are covered such as, legal matters, cash management, customer service, taxes, accounting, buying equipment, etc. Advertising Without an Agency: A Comprehensive Guide to Radio, Television, Print, Direct Mail, and Outdoor Advertising for Small Business by Kathy J. Kobliski: (1998) (175 pages) A great deal of money is wasted on inappropriate and misplaced advertising. Any time studying advertising and marketing is a good investment. This book is a good basic reference and covers how to identify your customers and write advertising copy for radio, television, and print advertising. It will show you how to use interns, press releases, logos, and the Internet to promote your business. Basic Law for Small Businesses by Susan S. Jarvis: (1997) (244 pages) A brief practical business law text that focuses on legal issues affecting small businesses particularly issues that are relevant to owners and employees. Be Your Own Business! : The Definitive Guide to Entrepreneurial Success by Laverne L. Ludden (Editor), Marcia R. Fox (Editor): (1997) (331 pages) This systematic guide to choosing the right kind of business and dealing with the unique challenges of entrepreneurship helps you make the right choices along the road to becoming successful entrepreneurs. Beating the Odds in Small Business by Tom Culley: (1998) (320 pages) Practical advice on such matters as funding, management, technology, sales and marketing, and employees versus contractors. Sprinkled with anecdotes that illustrate important points to help newcomers avoid common pitfalls. 
Franchising
Go to Lesson Three1 | 2 | 3 | 4 | 5 | 6Index
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