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Table Of Contents

Highlights from Unlocking Your Entrepreneurial Potential
Reasons for Becoming an Entrepreneur
Dreaming
Avoiding Analysis Paralysis
The Four M’s
Writing
The Self-Funded Entrepreneur’s IQ Test
Buying a Franchise versus Creating a Unique Product or Service
The “Two out of Three” Rule
Where Does Capital Come From?
Creative Problem-Solving
Business Plans
Will It to Happen
What Do You Want to Accomplish?
Networking—A Weak Link for Us
Start Small
Getting Started
Selecting a Product or Service
Creating a Product or Service
Pricing
Positioning
Promotion
Testing Your Ideas
The Name Game
Descriptive versus Nonspecifc Names
Search-Engine-Friendly Names
One Name Fits All
Sales Channels
Cash Is King
Selecting an Accountant
Partner Funding
Husband and Wife as Business Partners
Strengths and Weaknesses
Legal Issues
Fear of Failure
Start-Up Traits
Sales Truths
Underpromise and Overdeliver Rule
Be Ready for Curveballs
Emotions: The Highs Are Higher, the Lows Are Lower
The SFE Emotional Roller Coaster
The Twenty-Four Hour Rule
Guerrilla Marketing
Our Sale to Popsicle
Direct Mail
What Do Direct Mail and E-mail Marketing Have in Common?
The Role of the Brochure or Booklet
Website Creation
Case Studies and References
Our Launch: “The Demonstration Seminar”
Sales versus Marketing
What Is the Next Step?
Lead Qualifcation
Sales Process
Closing the Deal
Maximizing Sales Revenues
Minimizing Costs
Hiring
Once the New Hire Is Onboard
How Much to Pay New Hires
Time Management
Take Notes!
Policies and Procedures
Mind-Set
Reaching the Break-Even Point
Friends
Invest in Your Own Company
What Lies Ahead
Lifetime Learning
Have Fun!
A Merger or Acquisition on the Horizon?
Marketing
Sales Approach
Telesales versus Sales Calls
Webinars
Sales Methodologies
Recon
Competitive Sales Cycles
Our First Major Competitor: Greentree Software
Next Challenger: Verian Technologies
Selling to Existing Customers
Trade Shows
Online Advertising
Money
The Budgeting Fallacy
Bank Loans and Lines of Credit
Save Your Money
How to Invest
Taxes
Double Your Prices and Keep Half Your Customers
Pay Employees Frequent Bonuses
Management
Building the Organization
Let Go!
Assembling Your Team
What If You Make a Hiring Mistake?
Managing Managers
Reasons for Growing
Understanding Venture Capitalists
The Odds
Going Global
Selling to Current Customers
Buzz
Ten Ways to Deal with Entrepreneurial Stress
Stock Options
Ethics
Product Life Cycle
Obsolete Your Own Product
Making the Right Choice (and Avoiding Big Mistakes)
Walking the Tightrope
Planned Obsolescence
Leverage Customer Experiences
Changing Company or Product Names
The Thirty-Second Elevator Pitch
Pricing Models
Creating More Value for Customers
Customer-Loyalty Programs
Getting Input from Customers
Building a Cushion
Financial Impact of Reinventing Yourself
Patents
Creating the Right Environment for Reinvention
Brainstorming
Consultants
Board of Advisors
Management Changes
Hedging Your Bets
Temporary or Permanent Decline?
Decline Examples
Ten Tips for Dealing with a Long-Term or Permanent Decline
Getting Creative
Increasing Recurring Revenue
New Customers
Product Development
Staff Reductions
Temporary Manpower Reductions
Travel Expenses
Marketing Expenses
Rent Reduction
Renegotiate with Suppliers
Placing a Value on Your Time
Negotiate with Your Banker
Employee Benefts
Our Cost Reduction Scorecard
Core People
Forced Ranking: The Bottom 10 Percent
Marginal Employees
Giving a Heads-Up
Moving Quickly
M&A (Mergers and Acquisitions)
Preparing for Sale
Value Drivers
Strategic versus Financial Buyers
When to Sell
Do I Need Help from a Third Party?
How to Select a Middleman
The Language of M&A
Top Five Questions Asked by Potential Buyers
Finding Potential Buyers
After the Initial Conversation
The First of Six Near Misses
The Second Near Miss
Near Miss Number Four
Near Miss Number Five
Keep Quiet!
Creating a “Soft Landing” for Employees
Closing
my ToP TEn mulliganS
PoSTScriPT
Prescription for Economic Recovery
abouT ThE auThor
aPPEndix a
Sample Letter of Intent
aPPEndix b
Sample Due-Diligence Checklist
rESourcES
rEFErEncES
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Unlocking Your Entrepreneurial Potential

Unlocking Your Entrepreneurial Potential

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Published by iUniverseBooks
BASED ON PERSONAL EXPERIENCE, THIS BUSINESS GUIDE SHARES PRINCIPLES, TECHNIQUES, STRATEGIES, AND TACTICS TO HELP SELF-FUNDED ENTREPRENEURS IMPROVE THEIR CHANCES OF SUCCESS. Statistics indicate more than 50 percent of all new businesses will fail within five years, and 50 percent of the survivors will fail during the following five-year period. But there are ways to survive and thrive. In Unlocking Your Entrepreneurial Potential, author and entrepreneur Tim S. McEneny shares insights from his thirty-year entrepreneurial career to help other self-funded entrepreneurs unlock their potential and improve their probability of success. McEneny discusses his mistakes, his successes, and his important business lessons; he also provides tips on such topics as hiring great people, investing, dealing with stress, and selling more to existing customers. He covers the basic information an entrepreneur needs to understand while navigating the life cycle of a business. From the perspectives of mind-set, marketing, money, and management, Unlocking Your Entrepreneurial Potential describes principles and techniques for a start-up business’s seven stages: Preparation and planning Launch through breakeven Achieving and maintaining profitability Growth Reinvention Decline (and cost-cutting) Selling the company. More than a self-help book, Unlocking Your Entrepreneurial Potential provides a prescription for economic prosperity—for the individual, the United States, and entrepreneurs throughout the world.
BASED ON PERSONAL EXPERIENCE, THIS BUSINESS GUIDE SHARES PRINCIPLES, TECHNIQUES, STRATEGIES, AND TACTICS TO HELP SELF-FUNDED ENTREPRENEURS IMPROVE THEIR CHANCES OF SUCCESS. Statistics indicate more than 50 percent of all new businesses will fail within five years, and 50 percent of the survivors will fail during the following five-year period. But there are ways to survive and thrive. In Unlocking Your Entrepreneurial Potential, author and entrepreneur Tim S. McEneny shares insights from his thirty-year entrepreneurial career to help other self-funded entrepreneurs unlock their potential and improve their probability of success. McEneny discusses his mistakes, his successes, and his important business lessons; he also provides tips on such topics as hiring great people, investing, dealing with stress, and selling more to existing customers. He covers the basic information an entrepreneur needs to understand while navigating the life cycle of a business. From the perspectives of mind-set, marketing, money, and management, Unlocking Your Entrepreneurial Potential describes principles and techniques for a start-up business’s seven stages: Preparation and planning Launch through breakeven Achieving and maintaining profitability Growth Reinvention Decline (and cost-cutting) Selling the company. More than a self-help book, Unlocking Your Entrepreneurial Potential provides a prescription for economic prosperity—for the individual, the United States, and entrepreneurs throughout the world.

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Publish date: Sep 6, 2011
Added to Scribd: Sep 13, 2011
Copyright:Traditional Copyright: All rights reservedISBN:9781462032464
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