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TABLE OF CONTENTS
Introduction Part 1 What Is Entrepreneurship?
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principles of

Entrepreneurship
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Introduction

Part 2 What Makes Someone an Entrepreneur?
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E

conomists and business people differ in their definitions of entrepreneurship. Most, however,

Part 3 Why Become an Entrepreneur?
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agree that entrepreneurship is vital for stimulating economic growth and employment opportunities in all societies. This is particularly true in the developing world, where successful small businesses are the primary engines of job creation and poverty reduction. This page introduces the first eight of what eventually will be a series of 21 one-page primers on the fundamentals of entrepreneurship. It discusses the essentials for building and running a business from the planning stages to marketing a product. Author Jeanne Holden is a free-lance writer with expertise in economic issues. She worked as a writer-editor in the U.S. Information Agency for 17 years.

Part 4 Decisions and Downfalls
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Next>>> Part 1 What Is Entrepreneurship? Part 5 Go It Alone or Team Up?
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Editor-in-Chief: George Clack | Executive Editor: Mildred Neely | Writer: Jeanne Holden | Designer: Tim Brown

Part 6 Choosing a Product and a Market
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Part 7 Entry Strategies for New Ventures
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Part 8 Marketing Is Selling
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Part 9 The Entrepreneur and the Internet
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Part 10 Selling Online
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Part 11 Choosing a Form of Business
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Part 12 Creating a Business Plan
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Part 13 The Entrepreneur's Need for Capital
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Part 14 Sources of Financing
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Part 15 Intellectual Property: A Valuable Business Asset
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Part 16 The Strengths of Small Business
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Part 17 Entrepreneurship Aids the Economy
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Part 18 The Importance of Government Policies
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Part 19 Resources for Aspiring and Existing Entrepreneurs
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Part 20 Entrepreneurship: Glossary of Terms
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Part 21 Additional Readings
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Schumpeter viewed entrepreneurship as a force of "creative destruction. Different levels of entrepreneurship may stem from cultural differences that make entrepreneurship more or less rewarding personally." Government officials can provide incentives that encourage entrepreneurs to risk attempting new ventures. Each paper combines the thinking of mainstream economic theorists with examples of practices that are common to entrepreneurship in many countries. successful small businesses are the primary engines of job creation. and poverty reduction. the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 1. The series attempts to answer: Why and how do people become entrepreneurs? Why is entrepreneurship Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . responds to it. Many simply equate it with starting one's own business. Others emphasize the entrepreneur's role as an innovator who markets his innovation. Established ways of doing business are destroyed by the creation of new and better ways to do them. A community that accords the highest status to those at the top of hierarchical organizations or those with professional expertise may discourage entrepreneurship." thereby helping render old industries obsolete. government support for entrepreneurship is a crucial strategy for economic development. describing the entrepreneur as someone who actually searches for change. As the Business and Industry Advisory Committee to the Organization for Economic Cooperation and Development (OECD) said in 2003. economist Joseph Schumpeter (1883-1950) focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change. income growth. What Is Entrepreneurship? Part 2 What Makes Someone an Entrepreneur? download PDF W hat is meant by entrepreneurship? The concept of entrepreneurship was first established in the 1700s. Among these are laws to enforce property rights and to encourage a competitive market system. Therefore. A quick look at changes in communications – from typewriters to personal computers to the Internet – illustrates these ideas. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Most economists believe it is more than that. and exploits change as an opportunity. This overview is the first in a series of one-page essays about the fundamental elements of entrepreneurship. Business expert Peter Drucker (1909-2005) took this idea further. and the meaning has evolved ever since. To some economists. The culture of a community also may influence how much entrepreneurship there is within it. In the developing world. "Policies to foster entrepreneurship are essential to job creation and economic growth. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the 20th century." The entrepreneur carries out "new combinations. A culture or policy that accords high status to the "self-made" individual is more likely to encourage entrepreneurship.

economic growth? Part 11 Choosing a Form of Business download PDF Next>>> Part 2 What Makes Someone an Entrepreneur? Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . and. with it.Part 10 Selling Online download PDF beneficial to an economy? How can governments encourage entrepreneurship.

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and. Business expert Peter Drucker (1909-2005) took this idea further. describing the entrepreneur as someone who actually searches for change.” thereby helping render old industries obsolete. income growth. Different levels of entrepreneurship may stem from cultural differences that make entrepreneurship more or less rewarding personally. Each paper combines the thinking of mainstream economic theorists with examples of practices that are common to entrepreneurship in many countries. the entrepreneur is one who is willing to bear the risk of a new venture if there is a significant chance for profit. economic growth? U. responds to it. Schumpeter viewed entrepreneurship as a force of “creative destruction. and the meaning has evolved ever since. What Is Entrepreneurship? W hat is meant by entrepreneurship? The concept of entrepreneurship was first established in the 1700s. The culture of a community also may influence how much entrepreneurship there is within it. successful small businesses are the primary engines of job creation. govern- ment support for entrepreneurship is a crucial strategy for economic development. economist Joseph Schumpeter (1883-1950) focused on how the entrepreneur’s drive for innovation and improvement creates upheaval and change. As the Business and Industry Advisory Committee to the Organization for Economic Cooperation and Development (OECD) said in 2003. with it.S. A culture or policy that accords high status to the “self-made” individual is more likely to encourage entrepreneurship. A community that accords the highest status to those at the top of hierarchical organizations or those with professional expertise may discourage entrepreneurship. Among these are laws to enforce property rights and to encourage a competitive market system. and exploits change as an opportunity. Most economists believe it is more than that. Therefore. Established ways of doing business are destroyed by the creation of new and better ways to do them. and poverty reduction. Others emphasize the entrepreneur’s role as an innovator who markets his innovation. To some economists.” Government officials can provide incentives that encourage entrepreneurs to risk attempting new ventures. Still other economists say that entrepreneurs develop new goods or processes that the market demands and are not currently being supplied. Department of State/Bureau of International Information Programs . “Policies to foster entrepreneurship are essential to job creation and economic growth.” The entrepreneur carries out “new combinations.principles of Entrepreneurship >>>> 1. The series attempts to answer: •  Why and how do people become entrepreneurs? •  Why is entrepreneurship beneficial to an economy? •  How can governments encourage entrepreneurship. In the developing world. Many simply equate it with starting one’s own business. This overview is the first in a series of one-page essays about the fundamental elements of entrepreneurship. A quick look at changes in communications—from typewriters to personal computers to the Internet—illustrates these ideas. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies. In the 20th century.

Part 7 Entry Strategies for New Ventures download PDF q Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF q . It is the capacity to follow through to see that rules are followed and goals are accomplished. passion. leadership. Dedication makes it happen. self-confidence. to get the endeavor off the ground. They differ in education and experience. money is the reward. flexibility. and race. Dedication is what motivates the entrepreneur to work hard. It is being true to a dream while also being mindful of market realities. But customers wanted to buy muffins as well. questioning. Rather than risking the loss of these customers. even seven days a week. But research indicates that most successful entrepreneurs share certain personal attributes. Part 4 Decisions and Downfalls download PDF q Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF q Determination is the extremely strong desire to achieve success. dedication. determination. the entrepreneur modified her vision to accommodate these needs. Success is the motivator. and "smarts." q Creativity is the spark that drives the development of new products or services. money is not the motivation. income levels.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 2. What Makes Someone an Entrepreneur? Part 2 What Makes Someone an Entrepreneur? download PDF W ho can become an entrepreneur? There is no one definitive profile. 12 hours a day or more. It is continuous learning. A story is told about an entrepreneur who started a fancy shop selling only French pastries. after nine have yielded nothing. For the true entrepreneur. It includes persistence and the ability to bounce back after rough times. Successful Part 3 Why Become an Entrepreneur? download PDF entrepreneurs come in various ages. gender. or ways to do business. It persuades the entrepreneur to make the 10th phone call. It is the push for innovation and improvement. Planning and ideas must be joined by hard work to succeed. including: creativity. and thinking outside of prescribed formulas. Leadership is the ability to create rules and to set goals. Flexibility is the ability to move quickly in response to changing market needs. especially in the beginning.

Employment. but it will help them to stay focused and to get others to look at their plans. education. A person who successfully keeps a household on a budget has organizational and financial skills. Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated. It also comes from expertise. The former gives a person good instincts. Many people have smarts they don't recognize. Next>>> Part 3 Why Become an Entrepreneur? Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . But what if a person lacks one or more? Many skills can be learned. and life experiences all contribute to smarts.Part 10 Selling Online download PDF q Passion is what gets entrepreneurs started and keeps them there. Or. It gives entrepreneurs the ability to convince others to believe in their vision. Part 11 Choosing a Form of Business download PDF q Part 12 Creating a Business Plan download PDF spacer q spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Every entrepreneur has these qualities in different degrees. someone can be hired who has strengths that the entrepreneur lacks. the latter. expertise. "Smarts" is an American term that describes common sense joined with knowledge or experience in a related business or endeavor. The most important strategy is to be aware of strengths and to build on them. Self-confidence comes from thorough planning. It can't substitute for planning. which reduces uncertainty and the level of risk.

Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . Links to other internet sites should not be construed as an endorsement of the views contained therein.gov.S.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. Department of State's Bureau of International Information Programs. This site is produced and maintained by the U.

leadership. Employment. income levels. passion. But customers wanted to buy muffins as well. The most important strategy is to be aware of strengths and to build on them. flexibility. 1 hours a day or more.” • Creativity is the spark that drives the development of new products or services or ways to do business. and life experiences all contribute to smarts. Every entrepreneur has these qualities in different degrees. It also comes from expertise. money is not the motivation. Successful entrepreneurs come in various ages. Or. U. But what if a person lacks one or more? Many skills can be learned. • Determination is the extremely strong desire to achieve success. Department of State/Bureau of International Information Programs . Many people have smarts they don’t recognize. Rather than risking the loss of these customers. • Leadership is the ability to create rules and to set goals. after nine have yielded nothing. determination. to get the endeavor off the ground. which reduces uncertainty and the level of risk. It is continuous learning. gender. Dedication makes it happen. and “smarts. questioning. education. It can’t substitute for planning. even seven days 2 a week. the latter. someone can be hired who has strengths that the entrepreneur lacks. It includes persistence and the ability to bounce back after rough times. the entrepreneur modified her vision to accommodate these needs. self-confidence. A person who successfully keeps a household on a budget has organizational and financial skills. • Self-confidence comes from thorough planning. But research indicates that most successful entrepreneurs share certain personal attributes. Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated. • “Smarts” consists of common sense joined with knowledge or experience in a related business or endeavor. For the true entrepreneur. It gives entrepreneurs the ability to convince others to believe in their vision. and race. It is being true to a dream while also being mindful of market realities. It is the capacity to follow through to see that rules are followed and goals are accomplished. • Passion is what gets entrepreneurs started and keeps them there. including: creativity.principles of Entrepreneurship W >>>> 2. money is the reward. dedication. especially in the beginning. expertise. and thinking outside of prescribed formulas. What Makes Someone an Entrepreneur? ho can become an entrepreneur? There is no one definitive profile. . It is the push for innovation and improvement. Success is the motivator. • Dedication is what motivates the entrepreneur to work hard. • Flexibility is the ability to move quickly in response to changing market needs. A story is told about an entrepreneur who started a fancy shop selling only French pastries.S. but it will help them to stay focused and to get others to look at their plans. They differ in education and experience. The former gives a person good instincts. Planning and ideas must be joined by hard work to succeed. It persuades the entrepreneur to make the 10th phone call.

from concept to design and creation. Why Become an Entrepreneur? Part 2 What Makes Someone an Entrepreneur? download PDF W hat leads a person to strike out on his own and start a business? Perhaps a person has Part 3 Why Become an Entrepreneur? download PDF been laid off once or more. or passed on to the next generation. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 3. They make the decisions. It provides the ability to be involved in the total operation of the business. Other people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. from sales to business operations and customer response. It gives an individual the opportunity to build equity. Some people are actually repulsed by the idea of working for someone else. sold. In contrast. Sometimes a person realizes that his or her job is in jeopardy. which can be kept. It offers the prestige of being the person in charge. They object to a system where reward is often based on seniority rather than accomplishment. These include: Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF q Entrepreneurs are their own bosses. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills. Some are tired of trying to promote a product. as well as what to pay and whether to take vacations. Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for someone else. They choose whom to do business with and what work they will do. Perhaps a person already has been passed over for promotion. or where they have to conform to a corporate culture. or way of doing business that is outside the mainstream operations of a large company. Part 7 Entry Strategies for New Ventures download PDF q q Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF q q . some people are attracted to entrepreneurship by the advantages of starting a business. service. They decide what hours to work. Sometimes a person is frustrated with his or her current job and doesn't see any better career prospects on the horizon.

none guarantee success. can lead to a very engaging and profitable endeavor. One example is entrepreneur Steve Jobs. and hard work.Part 10 Selling Online download PDF q Entrepreneurship creates an opportunity for a person to make a contribution. careful planning. combined with a good idea. a strong desire to start a business. A few – through their innovations – contribute to society as a whole. Most new entrepreneurs help the local economy. spacer No one reason is more valid than another. who co-founded Apple in 1976. and ignited the subsequent revolution in desktop computers. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF Some people evaluate the possibilities for jobs and careers where they live and make a conscious decision to pursue entrepreneurship. spa Part 13 The Entrepreneur's Need for Capital download PDF Next>>> Part 4 Decisions and Downfalls Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . However.

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Tell us how you like this publication by contacting us at: iiptcp@state.gov.

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principles of

Entrepreneurship
>>>> 3. Why Become an Entrepreneur?

W

hat leads a person to strike out on his own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn’t see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills. Some people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment, or where they have to conform to a corporate culture. Other people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. Some are tired of trying to promote a product, service, or way of doing business that is outside the mainstream operations of a large company. In contrast, some people are attracted to entrepreneurship by the advantages of starting a business. These include: • Entrepreneurs are their own bosses. They make the decisions. They choose whom to do business with and what work they will do. They decide what hours to work, as well as what to pay and whether to take vacations.

• Entrepreneurship offers a greater possibility of achieving significant financial rewards than working for someone else. • It provides the ability to be involved in the total operation of the business, from concept to design and creation, from sales to business operations and customer response. • It offers the prestige of being the person in charge. • It gives an individual the opportunity to build equity, which can be kept, sold, or passed on to the next generation. • Entrepreneurship creates an opportunity for a person to make a contribution. Most new entrepreneurs help the local economy. A few—through their innovations—contribute to society as a whole. One example is entrepreneur Steve Jobs, who co-founded Apple in 1976, and the subsequent revolution in desktop computers. Some people evaluate the possibilities for jobs and careers where they live and make a conscious decision to pursue entrepreneurship. No one reason is more valid than another; none guarantee success. However, a strong desire to start a business, combined with a good idea, careful planning, and hard work, can lead to a very engaging and profitable endeavor.

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USINFO > Publications

TABLE OF CONTENTS
Introduction Part 1 What Is Entrepreneurship?
download PDF

principles of

Entrepreneurship
4. Decisions and Downfalls

Part 2 What Makes Someone an Entrepreneur?
download PDF

E

ntrepreneurship is an attractive career choice. But many decisions have to be made before

launching and managing a new business, no matter its size. Among the questions that need to be answered are:

Part 3 Why Become an Entrepreneur?
download PDF

q

Does the individual truly want to be responsible for a business? What product or service should be the basis of the business? What is the market, and where should it be located? Is the potential of the business enough to provide a living wage for its employees and the owner?

q

Part 4 Decisions and Downfalls
download PDF

q

q

Part 5 Go It Alone or Team Up?
download PDF
q

How can a person raise the capital to get started? Should an individual work full or part time to start a new business? Should the person start alone or with partners?

Part 6 Choosing a Product and a Market
download PDF

q

Part 7 Entry Strategies for New Ventures
download PDF

Answers to these questions are not empirically right or wrong. Rather, the answers will be based on each entrepreneur's judgment. An entrepreneur gathers as much information and advice as possible before making these and other crucial decisions. The entrepreneur's challenge is to balance decisiveness with caution – to be a person of action who does not procrastinate before seizing an opportunity – and at the same time, to be ready for an opportunity by having done all the preparatory work possible to reduce the risks of the new endeavor. Preparatory work includes evaluating the market opportunity, developing the product or service, preparing a good business plan, figuring out how much capital is needed, and making arrangements to obtain that capital. Through careful analysis of entrepreneurs' successes and failures, economists have identified key factors for up-and-coming business owners to consider closely. Taking them into account can reduce risk. In contrast, paying them no attention can precipitate the downfall of a new enterprise.

Part 8 Marketing Is Selling
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Part 9 The Entrepreneur and the Internet
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spa Part 13 The Entrepreneur's Need for Capital download PDF q Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Next>>> Part 5 Go It Alone or Team Up? Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . However. Only then can the entrepreneur examine cash flow projections and decide if he or she is ready to launch a new business. Many entrepreneurs do not even take a salary until they can do so and still leave the firm with a positive cash flow. Strategy: What is the strategy for distinguishing the product or service? Is the plan to compete solely on the basis of selling price? Price is important. Realistic Vision: Is there a realistic vision of the enterprise's potential? Insufficient operating funds are the cause of many failed businesses. but most economists agree that it is extremely risky to compete on price Part 11 Choosing a Form of Business download PDF q Part 12 Creating a Business Plan download PDF spacer alone. money is almost always tight in the startup and early phases of a new business. many entrepreneurs achieve great wealth. Entrepreneurs often underestimate start-up costs and overestimate sales revenues in their business plans.Part 10 Selling Online download PDF q Motivation: What is the incentive for starting a business? Is it money alone? True. Large firms that produce huge quantities have the advantage in lowering costs. Some analysts advise adding 50 percent to final cost estimates and reducing sales projections.

S.gov. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. Department of State's Bureau of International Information Programs. This site is produced and maintained by the U. Links to other internet sites should not be construed as an endorsement of the views contained therein.

and making arrangements to obtain that capital. Only then can the entrepreneur examine cash flow projections and decide if he or she is ready to launch a new business. But many decisions have to be made before launching and managing a new business.principles of Entrepreneurship >>>> 4. Entrepreneurs often underestimate start-up costs and overestimate sales revenues in their business plans. In contrast. Decisions and Downfalls E ntrepreneurship is an attractive career choice. paying them no attention can precipitate the downfall of a new enterprise. However. • Strategy: What is the strategy for distinguishing the product or service? Is the plan to compete solely on the basis of selling price? Price is important. • Realistic Vision: Is there a realistic vision of the enterprise’s potential? Insufficient operating funds are the cause of many failed businesses. Through careful analysis of entrepreneurs’ successes and failures. Preparatory work includes evaluating the market opportunity. figuring out how much capital is needed. money is almost always tight in the startup and early phases of a new business. Among the questions that need to be answered are: • Does the individual truly want to be responsible for a business? • What product or service should be the basis of the business? • What is the market. the answers will be based on each entrepreneur’s judgment. Some analysts advise adding 50 percent to final cost estimates and reducing sales projections.S. but most economists agree that it is extremely risky to compete on price alone. economists have identified key factors for up-and-coming business owners to consider closely. Large firms that produce huge quantities have the advantage in lowering costs. • Motivation: What is the incentive for starting a business? Is it money alone? True. The entrepreneur’s challenge is to balance decisiveness with caution—to be a person of action who does not procrastinate before seizing an opportunity—and at the same time. Department of State/Bureau of International Information Programs . many entrepreneurs achieve great wealth. and where should it be located? • Is the potential of the business enough to provide a living wage for its employees and the owner? • How can a person raise the capital to get started? • Should an individual work full or part time to start a new business? Should the person start alone or with partners? Answers to these questions are not empirically right or wrong. Many entrepreneurs do not even take a salary until they can do so and still leave the firm with a positive cash flow. Rather. preparing a good business plan. An entrepreneur gathers as much information and advice as possible before making these and other crucial decisions. developing the product or service. U. no matter its size. Taking them into account can reduce risk. to be ready for an opportunity by having done all the preparatory work possible to reduce the risks of the new endeavor.

Optimism and a "cando" spirit characterize youth. If one of the founders is unavailable to handle his or her duties. In general. the founder and chairman of Silicon Graphics. In general. Teams share control in making decisions. In 1994. Other important benefits of teaming come from combining monetary resources and expertise. teams share ownership. studies show that almost half of all new businesses are created by teams of two or more people. Entrepreneurs of different ages can create complementary teams also. another can step in. One may be experienced in engineering. This is particularly true when the team includes a marketing expert. Often the people know each other well. Professor Edward Roberts of the Massachusetts Institute of Technology (MIT) reported that technology companies formed by entrepreneurial teams have a lower rate of failure than those started by individuals. Together they created Netscape Navigator. In the United States. Studies show that investors and banks seem to prefer financing new businesses started by more than one entrepreneur. This may create a problem if a team member has Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . team members have complementary skills. for example. strong teams have a better chance at success. But entrepreneurial teams have potential disadvantages as well. while age brings experience and realism. Members of a team can bounce ideas off each other and "brainstorm" solutions to problems. including each entrepreneur's personal qualities and skills and the nature of the planned business. This alone may justify forming a team. which can help reduce individual stress. They need to consider many factors. Team interactions often generate creativity. James Clark. There are many advantages to starting a firm with other entrepreneurs. Team members share decision-making and management responsibilities. First.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 5. for example. In Entrepreneurs in High Technology. entrepreneurs should not offer to share ownership unless the potential partner can make a significant contribution to the venture. saw his vision. and the other may be an expert in promotion. Marc Andreessen was a talented young computer scientist with an innovative idea. Companies formed by teams have somewhat lower risks. for instance. In the best situations. the Internet-browsing computer software that transformed personal computing. it is common for teams to be spouses. in fact. They can also give each other emotional support. Go It Alone or Team Up? Part 2 What Makes Someone an Entrepreneur? download PDF O ne important choice that new entrepreneurs have to make is whether to start a business alone or with other entrepreneurs.

however. or future goals. to its failure. In general. Sometimes such conflicts can be resolved. in others. Most teams eventually experience serious conflict. It may stem from an unequal commitment of time or a personality clash. worse. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer Next>>> Part 6 Choosing a Product and a Market spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . a conflict can even lead to selling the company or. operational procedures. the benefits of teaming outweigh the risks. It is important for a new entrepreneur to be aware of potential problems while considering the advantages of working with other entrepreneurs. This may involve management plans.Part 10 Selling Online download PDF poor judgment or work habits.

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In 1994. Marc Andreessen was a talented. which can help reduce individual stress. Other important benefits of teaming come from combining monetary resources and expertise. First. This alone may justify forming a team. Teams share control in making decisions. a conflict can even lead to selling the company or. to its failure. operational procedures. in others. This may involve management plans. Department of State/Bureau of International Information Programs . U. Team members share decisionmaking and management responsibilities. Go It Alone or Team Up? O ne important choice that new entrepreneurs have to make is whether to start a business alone or with other entrepreneurs. Most teams eventually experience serious conflict. the benefits of teaming outweigh the risks. Sometimes such conflicts can be resolved. Together they created Netscape Navigator. They can also give each other emotional support. It is important for a new entrepreneur to be aware of potential problems while considering the advantages of working with other entrepreneurs.S. young computer scientist with an innovative idea. entrepreneurs should not offer to share ownership unless the potential partner can make a significant contribution to the venture. This is particularly true when the team includes a marketing expert. One may be experienced in engineering. In general. It may stem from an unequal commitment of time or a personality clash. for instance. the founder and chairman of Silicon Graphics. If one of the founders is unavailable to handle his or her duties. for example. studies show that almost half of all new businesses are created by teams of two or more people. including each entrepreneur’s personal qualities and skills and the nature of the planned business. Members of a team can bounce ideas off each other and “brainstorm” solutions to problems. it is common for teams to be spouses. Team interactions often generate creativity. worse. Companies formed by teams have somewhat lower risks. Studies show that investors and banks seem to prefer financing new businesses started by more than one entrepreneur. In Entrepreneurs in High Technology. This may create a problem if a team member has poor judgment or work habits. team members have complementary skills. In the United States. In general. But entrepreneurial teams have potential disadvantages as well. Professor Edward Roberts of the Massachusetts Institute of Technology (MIT) reported that technology companies formed by entrepreneurial teams have a lower rate of failure than those started by individuals. or future goals. for example. saw his vision. while age brings experience and realism. strong teams have a better chance at success. There are many advantages to starting a firm with other entrepreneurs. in fact. Optimism and a “can-do” spirit characterize youth. the Internet-browsing computer software that transformed personal computing. teams share ownership. They need to consider many factors. In the best situations. and the other may be an expert in promotion. James Clark.principles of Entrepreneurship >>>> 5. Often the people know each other well. In general. another can step in. Entrepreneurs of different ages can create complementary teams also.

The idea doesn't have to be revolutionary. It means winning over consumers through merchandising appeal. Read a lot. Igor Ansoff in the Harvard Business Review in 1957: Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF q An existing good or service for an existing market. it became a toy. timing. Choosing a Product and a Market Part 2 What Makes Someone an Entrepreneur? download PDF A prospective entrepreneur needs to come up with a good idea. novelty key chains. It requires the most research and planning. franchise business. Business ideas usually fit into one of four categories that were described by H.S. This is a difficult approach for a start-up operation." with an enthusiastic market: children. for example. There are many ways to look for ideas. Is society changing? What groups have unfulfilled needs? What about people's perceptions? Growing demand for healthy snacks created many business opportunities in the United States. "Silly Putty. to bring pet bathing and grooming to busy people's homes. But when he got a contract with a new venture in Florida – Disney World – he started making Mickey Mouse key chains. advertising. This is the riskiest strategy for a new firm because both the product and the market are unknown. Other times an entrepreneur gets an idea for a product or service and tries to find a market for it. two entrepreneurs founded Aussie Pet Mobile Inc. It is now a top U. and profit is uncertain. and consider questions such as: What limitations exist in current products and services? What would you like that is not available? Are there other uses for new technology? What are innovative ways to use or to provide existing products? In Australia in 1996. A Scottish engineer working at General Electric created putty that bounces but had no use for it. however. In 1971. and achieved tremendous success. Sometimes an entrepreneur sees a market need and – Eureka! – has an idea for a product or service to fill it. and a little luck transform commonplace ideas into successful businesses. This will serve as the foundation of the new venture. Chuck Burkett launched a firm to make an ordinary product. Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF q A new good or service for a new market. talk to people.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 6. If successful. etc. In the hands of a creative entrepreneur. Research. it has the most . Entry costs are high.

(Often this is expanded to include modified goods/services. or market niche. but product and market research can reduce it. The new market could be a different country. are also targeting a new market – people who don't like shopping or are too busy to do so. A new good or service for an existing market. They also offer opportunities for utilizing effective start-up strategies – innovation. entrepreneurial greetingcard makers use edgy humor and types of messages not produced by Hallmark or American Greetings – the major greeting-card makers – to compete in an existing market. differentiation. Entrepreneurs who provide goods/services at customers' homes or offices. The last two categories have moderate risk.Part 10 Selling Online download PDF q potential for new business and can be extremely profitable. An existing good or service for a new market. and market specification.) For example. or who sell them on the Internet. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF q spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Next>>> Part 7 Entry Strategies for New Ventures Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . region.

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but product and market research can reduce it. There are many ways to look for ideas. But when he got a contract with a new venture in Florida—Disney World —he started making Mickey Mouse key chains. This is the riskiest strategy for a new firm because both the product and the market are unknown. Read a lot. It means winning over consumers through merchandising appeal. etc. and consider such questions as: What limitations exist in current products and services? What would you like that is not available? Are there other uses for new technology? What are innovative ways to use or to provide existing products? In Australia in 1996. The new market could be a different country. Entrepreneurs who provide goods/services at customers’ homes or offices. Chuck Burkett launched a firm to make an ordinary product. • A new good or service for an existing market. (Often this is expanded to include modified goods/services. to bring pet bathing and grooming to busy people’s homes. and market specification. It requires the most research and planning. Department of State/Bureau of International Information Programs . entrepreneurial greeting-card makers use edgy humor and types of messages not produced by Hallmark or American Greetings—the major greeting-card makers—to compete in an existing market. and profit is uncertain. it became a toy. talk to people. Is society changing? What groups have unfulfilled needs? What about people’s perceptions? Growing demand for healthy snacks created many business opportunities in the United States. it has the most potential for new business and can be extremely profitable. U. They also offer opportunities for utilizing effective start-up strategies—innovation.principles of Entrepreneurship >>>> 6. In the hands of a creative entrepreneur. If successful. Research. Entry costs are high.S. Choosing a Product and a Market A prospective entrepreneur needs to come up with a good idea. Sometimes an entrepreneur sees a market need and—Eureka!—has an idea for a product or service to fill it. novelty key chains. In 1971. region. Business ideas usually fit into one of four categories that were described by H. Other times an entrepreneur gets an idea for a product or service and tries to find a market for it. It is now a top U. are also targeting a new market—people who don’t like shopping or are too busy to do so. differentiation. The idea doesn’t have to be revolutionary. This is a difficult approach for a start-up operation. The last two categories have moderate risk. however.” with an enthusiastic market: children. two entrepreneurs founded Aussie Pet Mobile Inc. franchise business. and a little luck transform commonplace ideas into successful businesses. and achieved tremendous success.) For example. advertising. or who sell them on the Internet. • A new good or service for a new market. timing. This will serve as the foundation of the new venture. • An existing good or service for a new market. A Scottish engineer working at General Electric created putty that bounces but had no use for it. for example. or market niche. “Silly Putty. Igor Ansoff in the Harvard Business Review in 1957: • An existing good or service for an existing market.S.

Other niches include groups defined by interests or lifestyle. Compaq Computer began competing with Apple and IBM. It is best to avoid an entry strategy based on low cost alone. and one's skills and interests. It may be smaller. Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . One growing market segment in developed countries comprises people over 65 years old. uniqueness can help facilitate the entry of a new product or service into the market. Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF q Niche specification is an attempt to provide a product or service that fulfills the needs of a specific subset of consumers. easier to use or install. Its first product was a single-unit personal computer with a handle. a new venture may satisfy customer needs better than larger competitors can. When differentiation is successful. Large firms usually have the advantage of lowering costs by producing large quantities. It can be difficult. Entry Strategies for New Ventures Part 2 What Makes Someone an Entrepreneur? download PDF I It is easy to be captivated by the promise of entrepreneurship and the lure of becoming one's own boss. Changes in population characteristics may create opportunities to serve niche markets. lighter. and innovation. the competition. such as fitness enthusiasts. New ventures tend to be small. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF q Differentiation is an attempt to separate the new company's product or service from that of its competitors. The concept of a portable computer was new and extremely successful. adventure-travel buffs. By focusing on a fairly narrow market sector. for a prospective entrepreneur to determine what product or service to provide. for example. Then it is important to ask: Why would a consumer choose to buy goods or services from this new firm? One important factor is the uniqueness of the idea. and working parents. Many factors need to be considered. financial resources. however. including: an idea's market potential. niche specification. Successful entrepreneurs often distinguish their ventures through differentiation. the new product or service is relatively less sensitive to price fluctuations because customers value the quality that makes the product unique. some entrepreneurs specialize in making "homemade" dinners for working parents to heat and serve. In 1982. In fact. A product can be functionally similar to its competitors' product but have features that improve its operation. By making a venture stand out from its competitors. etc.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 7.

or sold in their particular market better than the original creators do. and/or market specification are effective strategies to help a new venture to attract customers and start making sales. Tom Monaghan's decision in the late 1960s to create Domino's Pizza based on home delivery and Jeff Bezos's decision in 1995 to launch Amazon. Innovation. Drucker called this process "creative imitation.com as a totally online bookstore are examples of innovative distribution strategies that revolutionized the marketplace." There are two main types of product innovation. Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Next>>> Part 8 Marketing Is Selling Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . Pioneering or radical innovation embodies a technological breakthrough or new-to-the-world product. Drucker explained innovation as "change that creates a new dimension of performance. differentiation. But innovation occurs in all aspects of businesses. used. Visionary business expert Peter F. Incremental innovations are modifications of existing products." Creative imitation takes place whenever the imitators understand how an innovation can be applied. from manufacturing processes to pricing policy.Part 10 Selling Online download PDF q Innovation is perhaps the defining characteristic of entrepreneurship. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Entrepreneurs in less-developed countries often innovate by imitating and adapting products created in developed countries.

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Pioneering or radical innovation embodies a technological breakthrough or new-to-the-world product. Entry Strategies for New Ventures I t is easy to be captivated by the promise of entrepreneurship and the lure of becoming one’s own boss. New ventures tend to be small. It can be difficult. and innovation. com as a totally online bookstore are examples of innovative distribution strategies that revolutionized the marketplace. however. from manufacturing processes to pricing policy. Drucker explained innovation as “change that creates a new dimension of performance. etc. Visionary business expert Peter F. and working parents. adventure-travel buffs. Tom Monaghan’s decision in the late 1960s to create Domino’s Pizza based on home delivery and Jeff Bezos’ decision in 1995 to launch Amazon. But innovation occurs in all aspects of businesses. A product can be functionally similar to its competitors’ product but have features that improve its operation. and one’s skills and interests. including: an idea’s market potential.principles of Entrepreneurship >>>> 7. easier to use or install. a new venture may satisfy customer needs better than larger competitors can. The concept of a portable computer was new and extremely successful. By making a venture stand out from its competitors. Changes in population characteristics may create opportunities to serve niche markets. Department of State/Bureau of International Information Programs . It may be smaller. Compaq Computer began competing with Apple and IBM. differentiation. Many factors need to be considered.S. the competition. Its first product was a single-unit personal computer with a handle. for a prospective entrepreneur to determine what product or service to provide. In 1982. • Niche specification is an attempt to provide a product or service that fulfills the needs of a specific subset of consumers. and/or market specification are effective strategies to help a new venture to attract customers and start making sales.” There are two main types of product innovation. • Differentiation is an attempt to separate the new company’s product or service from that of its competitors. or sold in their particular market better than the original creators do. In fact. One growing market segment in developed countries comprises people over 65 years old. Drucker called this process “creative imitation. By focusing on a fairly narrow market sector. • Innovation is perhaps the defining characteristic of entrepreneurship. Large firms usually have the advantage of lowering costs by producing large quantities. financial resources. When differentiation is successful. U. used. the new product or service is relatively less sensitive to price fluctuations because customers value the quality that makes the product unique. Entrepreneurs in less-developed countries often innovate by imitating and adapting products created in developed countries. such as fitness enthusiasts. lighter. Then it is important to ask: Why would a consumer choose to buy goods or services from this new firm? One important factor is the uniqueness of the idea. Other niches include groups defined by interests or lifestyle. Innovation. for example. niche specification. It is best to avoid an entry strategy based on low cost alone. uniqueness can help facilitate the entry of a new product or service into the market. some entrepreneurs specialize in making “homemade” dinners for working parents to heat and serve.” Creative imitation takes place whenever the imitators understand how an innovation can be applied. Successful entrepreneurs often distinguish their ventures through differentiation. Incremental innovations are modifications of existing products.

The most effective salesperson in a new venture is often the head of the business. the entrepreneur should research the target market and analyze competitive products. This file can be used later for direct mailings – even for invitations to the opening of the new business. can be hired to market a product or service. Many famous entrepreneurs. storing. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . and who can make quick decisions. Some analysts advise treating external representatives like insiders and offering them generous bonuses so that the product or service stands out among the many they represent. such as agents or distributors. For a new business. an entrepreneur can also develop a file of potential customers by collecting names or mailing lists from local churches. Holland founded Yum Yum Donut Shops. magazine. Newspaper. and advertising. all the entrepreneur's plans and strategies will undoubtedly fail. and radio advertisements are effective for reaching large numbers of consumers. effectively. which grew into the largest chain of privately owned doughnut shops in the United States. Direct sales conducted by mail order or on the Internet are less expensive options that can be equally successful. and within the constraints of a budget. the one who knows the advantages of the new venture. and community groups or other organizations. shipping. Without paying customers to buy the goods or services.. marketing means selling. which can be mailed to potential customers. Marketing Is Selling Part 2 What Makes Someone an Entrepreneur? download PDF M arketing is often defined as all the activities involved in the transfer of goods from the producer to the consumer. For example. Advertising and promotion are essential marketing tools. its owners need to get information about their product or service to as many potential customers as possible – efficiently.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 8. A less expensive option is printing fliers. have been gifted at selling their products. Inc. Such individuals must be treated fairly and paid promptly. Company-employed sales people can be effective for a new venture. External channels also can be used. New companies can also compose new product releases. and selling. "Most business sectors have specific marketing strategies that work best for them and have already been put into practice. pricing. television. handed out door to door. such as Bill Gates at Microsoft. schools." entrepreneur Phil Holland said. particularly one aimed at a fairly narrow market. including advertising. or displayed in businesses that permit it. however. Intermediaries. He suggests analyzing competitors' successful selling methods. In 1970. After the new firm is launched. How does a new business get orders? Before launching the business. This is the person with the vision. People will almost always take a call from the "president" of a firm. which trade magazines usually publish without charge.

Publicity is also an extremely valuable way to promote a new product or service. This can be very effective in generating sales.Part 10 Selling Online download PDF It is important to be listed in local telephone directories that group similar businesses under a single heading. and it's free! Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer Next>>> Part 9 The Entrepreneur and the Internet spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . A TV or radio station might interview its owners. New firms should send press releases to media outlets. It is also useful to be listed on Internet search engines such as Google or Yahoo. A local newspaper might publish a feature about the startup. thereby communicating more information. such as the Yellow Pages in the United States. which are used by consumers for locating local businesses. These often link to a company's Web site.

Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . This site is produced and maintained by the U.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. Department of State's Bureau of International Information Programs.S.gov. Links to other internet sites should not be construed as an endorsement of the views contained therein.

This can be very effective in generating sales. and within the constraints of a budget. For a new business. These often link to a company’s Web site. television. External channels also can be used. Marketing Is Selling M arketing is often defined as all the activities involved in the transfer of goods from the producer to the consumer. “Most business sectors have specific marketing strategies that work best for them and have already been put into practice. such as the Yellow Pages in the United States. Without paying customers to buy the goods or services. U. Many famous entrepreneurs. which can be mailed to potential customers. New companies can also compose new product releases. The most effective salesperson in a new venture is often the head of the business. including advertising. such as Bill Gates at Microsoft. In 1970. effectively. handed out door to door.S. Newspaper. which grew into the largest chain of privately owned doughnut shops in the United States. Intermediaries. Company-employed sales people can be effective for a new venture. can be hired to market a product or service. and selling. Department of State/Bureau of International Information Programs . Direct sales conducted by mail order or on the Internet are less expensive options that can be equally successful. Some analysts advise treating external representatives like insiders and offering them generous bonuses so that the product or service stands out among the many they represent.principles of Entrepreneurship >>>> 8. Holland founded Yum Yum Donut Shops. pricing. This is the person with the vision. shipping. schools.” entrepreneur Phil Holland said. for example. An entrepreneur can also develop a file of potential customers. marketing means selling. After the new firm is launched. Inc. It is also useful to be listed on Internet search engines such as Google or Yahoo. This file can be used later for direct mailings—even for invitations to the opening of the new business. Advertising and promotion are essential marketing tools. the entrepreneur should research the target market and analyze competitive products. which trade magazines usually publish without charge. particularly one aimed at a fairly narrow market. A local newspaper might publish a feature about the startup. magazine. He suggests analyzing competitors’ successful selling methods. which are used by consumers for locating local businesses. the one who knows the advantages of the new venture and who can make quick decisions. Such individuals must be treated fairly and paid promptly. Publicity is also an extremely valuable way to promote a new product or service. and it’s free! How does a new business get orders? Before launching the business. and community groups or other organizations. or displayed in businesses that permit it. such as agents or distributors. A less expensive option is printing fliers. It is important to be listed in local telephone directories that group similar businesses under a single heading. New firms should send press releases to media outlets. storing. A TV or radio station might interview its owners. all the entrepreneur’s plans and strategies will undoubtedly fail. however. thereby communicating more information.. its owners need to get information about their product or service to as many potential customers as possible—efficiently. have been gifted at selling their products. by collecting names or mailing lists from local churches. and radio advertisements are effective for reaching large numbers of consumers. People will almost always take a call from the “president” of a firm. and advertising.

organizations. Good business Web site names are easy to remember and evoke the firm and its products or services. clicks the enter button. they run continuously! To create a Web site for her business. to other Internet users is with electronic mail or "e-mail.com). Web sites can be created and updated more quickly and inexpensively than printed promotional materials. Various forms of computer software are available to protect documents from unauthorized access or alteration so that they can be securely shared and easily authenticated. and businesses provide information on the Internet.internic.(The Web is a collection of text and multimedia documents linked to create a huge electronic library. Http://rs. and customers. photographs. On the Internet. Among the most popular search engines are Yahoo! (http://yahoo. A quick and relatively inexpensive way to send letters. The address of the online business is expressed as a Uniform Resource Locator (URL). also. reports. and receives a list of materials — often within seconds. The user types key words for a subject on the computer. Promotion: Web sites. Communications: An entrepreneur must communicate with many people-suppliers. In general. offer an opportunity for entrepreneurs to introduce a new business and its products and/or services to a huge audience. an alternate ending.) Many government agencies. the two are usually the same. An entrepreneur can find information on almost any subject very rapidly by using the Internet's World Wide Web.net is a Web site that lists registrars by country and language used." Email can be used even for marketing. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . The Entrepreneur and the Internet Part 2 What Makes Someone an Entrepreneur? download PDF T he Internet — a vast computer network linking smaller computer networks — has revolutionized commerce by bringing together people from all over the globe. The easiest way to find information on the Web is by using a search engine-a data retrieval system. is often used when a specific Web site name ending in .com) and Google (http://google. where her Web site will reside.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 9. Moreover. Research: Starting a business takes lots of research. Dot net (. The items are linked electronically to the actual documents so that Internet users can read them on their computer screens. for example. pages of print and visual information that are linked together electronically.net). etc. which indicates a "commercial" site. universities.com has already been registered.com). It usually ends in dot com (. distributors. Many universities offer courses that teach how to build a Web site. the entrepreneur can hire a firm to create one or purchase computer software to create it on her own. A Web site needs a name and an address. Web site names and addresses must be registered. The entrepreneur also needs a piece of property in cyberspace. Many of its features can be used to shape a new business. usually at no cost.

Another is setting up an Internet firewall to screen and block undesired traffic between a computer network and the Internet.staysafeonline. such as ones for complementary products. often use search engines to find businesses that provide specific products and services. the National Cyber Security Alliance (http://www." New businesses will develop solutions to enhance the Internet user's experience. One of the most effective steps is installing security software." called Internet service providers (ISPs). and often for free. Entrepreneurs also can provide information about their Web sites to well-known Internet search engines. the Internet offers significant opportunities to build new businesses and enhance existing enterprises. For example. offers educational materials and other resources. associate professor of entrepreneurship at Babson College. an entrepreneur can pay to place a colorful advertisement on non-competitive Web sites. entrepreneurs who use the Internet need to take steps to keep their computer systems safe from the potential hazards of security breaches and viruses.Part 10 Selling Online download PDF Many commercial "hosting services. an organization devoted to raising Internet security awareness. Lange. Existing businesses will take advantage of myriad Internet applications — from customer service to order processing to investor relations. Or. A Web site address can be put on business cards. A technology consultant on contract can install these and other computer defenses. There is a lot of information about computer safety available. rent space on their large computers (called servers) for a small monthly or annual fee." spa Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Next>>> Part 10 Selling Online Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . stationery. Web site promotion is critical. the challenges posed by the Internet are "opportunities to delight customers and create exciting entrepreneurial ventures.info/). As Julian E. for many entrepreneurs. Lange suggests that. has said. Online shoppers. For a fee. Advertising banners usually link back to the advertised firm's Web site. for instance. most search engines will promote a Web site when a selected set of search terms is used. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer Part 13 The Entrepreneur's Need for Capital download PDF Safe Use: Just as shopkeepers lock their storefronts. "For creative entrepreneurs with limited resources. brochures — anything having to do with the new firm.

Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. This site is produced and maintained by the U. Department of State's Bureau of International Information Programs. Links to other internet sites should not be construed as an endorsement of the views contained therein.gov.S.

stationery. The address of the online business is expressed as a Uniform Resource Locator (URL). Moreover. offers educational materials and other resources. such as ones for complementary products. One of the most effective steps is installing security software. to other Internet users is with electronic mail or “e-mail.com). brochures— anything having to do with the new firm. where her Web site will reside.com) and Google (http://google. for example. Good business Web site names are easy to remember and evoke the firm and its products or services. often use search engines to find businesses that provide specific products and services. and receives a list of materials– often within seconds. Web site names and addresses must be registered. “For creative entrepreneurs with limited resources. Department of State/Bureau of International Information Programs . staysafeonline. Online shoppers. clicks the enter button. and often for free.” called Internet service providers (ISPs). offer an opportunity for entrepreneurs to introduce a new business and its products and/or services to a huge audience. rent space on their large computers (called servers) for a small monthly or annual fee. Many commercial “hosting services. distributors.principles of Entrepreneurship >>>> 9..” U. Web sites can be created and updated more quickly and inexpensively than printed promotional materials. is often used when a specific Web site name ending in .) Many government agencies.” New businesses will develop solutions to enhance the Internet user’s experience. Various forms of computer software are available to protect documents from unauthorized access or alteration so that they can be securely shared and easily authenticated. universities.info/). for many entrepreneurs. Http://rs. A quick and relatively inexpensive way to send letters. which indicates a “commercial” site. Advertising banners usually link back to the advertised firm’s Web site.S.com). the two are usually the same. Safe Use: Just as shopkeepers lock their storefronts.net). A technology consultant on contract can install these and other computer defenses. Promotion: Web sites. Lange. associate professor of entrepreneurship at Babson College. Web site promotion is critical. Research: Starting a business takes lots of research. For a fee. Or. also. an organization devoted to raising Internet security awareness. The user types key words for a subject on the computer. A Web site address can be put on business cards. most search engines will promote a Web site when a selected set of search terms is used. Another is setting up an Internet firewall to screen and block undesired traffic between a computer network and the Internet. Entrepreneurs also can provide information about their Web sites to well-known Internet search engines. the entrepreneur can hire a firm to create one or purchase computer software to create it on her own.internic. There is a lot of information about computer safety available. Lange suggests that. etc. In general. (The Web is a collection of text and multimedia documents linked to create a huge electronic library. they run continuously! To create a Web site for her business. The items are linked electronically to the actual documents so that Internet users can read them on their computer screens. The easiest way to find information on the Web is by using a search engine—a data retrieval system. for instance. Communications: An entrepreneur must communicate with many people—suppliers. An entrepreneur can find information on almost any subject very rapidly by using the Internet’s World Wide Web.net is a Web site that lists registrars by country and language used. photographs. an entrepreneur can pay to place a colorful advertisement on non-competitive Web sites. and customers. On the Internet. entrepreneurs who use the Internet need to take steps to keep their computer systems safe from the potential hazards of security breaches and viruses. Many universities offer courses that teach how to build a Web site. the challenges posed by the Internet are “opportunities to delight customers and create exciting entrepreneurial ventures. has said. and businesses provide information on the Internet.com has already been registered. the National Cyber Security Alliance (http://www. Dot net (. The entrepreneur also needs a piece of property in cyberspace. As Julian E. pages of print and visual information that are linked together electronically. usually at no cost. It usually ends in dot com (. Among the most popular search engines are Yahoo! (http:// yahoo. Existing businesses will take advantage of myriad Internet applications — from customer service to order processing to investor relations.” E-mail can be used even for marketing. organizations. The Entrepreneur and the Internet T he Internet — a vast computer network linking smaller computer networks — has revolutionized commerce by bringing together people from all over the globe. the Internet offers significant opportunities to build new businesses and enhance existing enterprises. A Web site needs a name and an address. an alternate ending. For example. Many of its features can be used to shape a new business. reports.

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Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 10. according to ACNielsen. A business can get a bank-authorized transaction-processing account q Part 7 Entry Strategies for New Ventures download PDF q Part 8 Marketing Is Selling download PDF Part 9 The Internet and The Entrepreneur q . Use lots of photos to encourage potential customers to buy. By selling on the Internet. a global information-marketing company. certainly. Some businesses — books.have been transformed by their success in online sales. may not at first seem well suited to the Internet. for example . airline travel. Some companies bill a customer before or after shipping merchandise. But a Web site also can be used for selling tickets. and the number of Web site design and management companies has grown. offering discounts. an entrepreneur must: Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF q Register a domain name — an Internet name and address. Provide clearly written information. however. When entrepreneurs sell online. But the price of creating and managing a Web site has dropped. Buy Internet software to create a Web site or hire an expert to do so. they are on a more level playing field with larger competitors. such as amusement parks. or letting customers make payments over the Internet. some entrepreneurs find it less costly to run an Internet store than to hire a large sales force and maintain one or more bricks and mortar — or actual — stores. Design an attractive and easy-to-navigate online store. or utility companies. Another option is to have customers use credit or debit cards online. In fact. Create an online catalog. Establish a payment method. bowling alleys. Approximately 627 million people were shopping online worldwide in 2005. Selling Online Part 2 What Makes Someone an Entrepreneur? download PDF M any entrepreneurs sell goods or services on the Internet. a neighborhood shop or home-based firm can reach a national or even international group of potential customers. There are costs to Internet selling. Purchase a server or contract with an Internet service provider to host the Web site. This may cause payment delays. and the stock market. Include clear instructions to order by phone or online. To start an online business. Why? The Internet provides access to a large and growing market. without technical language or jargon. Others.

or compliments. newsletters.Part 10 Selling Online download PDF (merchant account) for handling the revenue (and fees) from credit card transactions from a bank or other institution that processes credit cards online. Customers may cancel the sale. "ashwak.worldpay. Customers should never be surprised at the end of a transaction with shipping costs. Getting noticed is the first step to making online sales. Hiring a technology expert is time and money well spent as compared to the potential risk of security violations." "contemporary cooking." "steamed dumplings. it is possible to hire an online payment service. there is still much to do. There are many ways to advertise a Web site." "bulani." "korma. to handle these transactions. One is to print a Web address on business receipts. Web site promotion is crucial. An entrepreneur needs to attract potential customers. Make the Web site secure.com). or explicitly listing shipping charges. Options include letting the business absorb the cost (no charge). suggestions." "lamb." "traditional recipes." and others like these. This can boost customer loyalty. Another is to contact search engines like Google and Yahoo. and to use key subject words in the Web site design so that search-engine users are directed to the entrepreneur's Web site." "kabobs. For example. a restaurant specializing in food from Afghanistan might include the key words and phrases "Afghan cuisine. Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Next>>> Part 11 Choosing a Form of Business Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . Part 11 Choosing a Form of Business download PDF q Part 12 Creating a Business Plan download PDF spacer q Establish a policy for shipping. spa Part 13 The Entrepreneur's Need for Capital download PDF q Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF After creating an online store. especially to protect customers' financial information. including costs in the listed prices. and respond to them. and other materials." "hummus. Offer customers an e-mail address or phone number for complaints. Alternately." "kofta. letterhead. such as WorldPay (www.

gov.S. Department of State's Bureau of International Information Programs. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . Links to other internet sites should not be construed as an endorsement of the views contained therein.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. This site is produced and maintained by the U.

Include clear instructions to order by phone or online. an entrepreneur must: • • Register a domain name — an Internet name and address. airline travel. By selling on the Internet. may not at first seem well suited to the Internet. • • • • After creating an online store. according to ACNielsen. including costs in the listed prices. An entrepreneur needs to attract potential customers. and other materials. and the number of Web site design and management companies has grown. One is to print a Web address on business receipts. For example. and respond to them. or compliments.” “korma. This can boost customer loyalty. To start an online business. to handle these transactions.” “steamed dumplings. a restaurant specializing in food from Afghanistan might include the key words and phrases “Afghan cuisine. it is possible to hire an online payment service. such as amusement parks. Options include letting the business absorb the cost (no charge). Approximately 627 million people were shopping online worldwide in 2005. suggestions. Customers should never be surprised at the end of a transaction with shipping costs. This may cause payment delays. without technical language or jargon. Buy Internet software to create a Web site or hire an expert to do so. for example — have been transformed by their success in online sales.” “bulani. Purchase a server or contract with an Internet service provider to host the Web site. Selling Online • M any entrepreneurs sell goods or services on the Internet.com). Department of State/Bureau of International Information Programs .” “traditional recipes. Design an attractive and easy-to-navigate online store. they are on a more level playing field with larger competitors. or explicitly listing shipping charges.worldpay. bowling alleys. In fact. some entrepreneurs find it less costly to run an Internet store than to hire a large sales force and maintain one or more bricks and mortar — or actual — stores.” “hummus. But a Web site also can be used for selling tickets. Establish a payment method. certainly. Alternately. When entrepreneurs sell online. A business can get a bank-authorized transactionprocessing account (merchant account) for handling the revenue (and fees) from credit card transactions from a bank or other institution that processes credit cards online. and the stock market. Establish a policy for shipping. newsletters. Others. Use lots of photos to encourage potential customers to buy. Another option is to have customers use credit or debit cards online. “ashwak. Getting noticed is the first step to making online sales. Some companies bill a customer before or after shipping merchandise. or letting customers make payments over the Internet.S. Why? The Internet provides access to a large and growing market.” “kofta.” “kabobs. letterhead. Web site promotion is crucial. there is still much to do. There are many ways to advertise a Web site. especially to protect customers’ financial information.principles of Entrepreneurship >>>>10. however. or utility companies.” “lamb. offering discounts. Hiring a technology expert is time and money well spent as compared to the potential risk of security violations. Make the Web site secure. Provide clearly written information. But the price of creating and managing a Web site has dropped. U. Customers may cancel the sale. a neighborhood shop or home-based firm can reach a national or even international group of potential customers. Offer customers an e-mail address or phone number for complaints.” and others like these.” “contemporary cooking. Some businesses — books. a global information-marketing company. Create an online catalog. There are costs to Internet selling. Another is to contact search engines like Google and Yahoo. such as WorldPay (www. and to use key subject words in the Web site design so that search-engine users are directed to the entrepreneur’s Web site.

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USINFO > Publications

TABLE OF CONTENTS
Introduction Part 1 What Is Entrepreneurship?
download PDF

principles of

Entrepreneurship
11. Choosing a Form of Business

Part 2 What Makes Someone an Entrepreneur?
download PDF

I

n many countries, entrepreneurs must select a form of organization when they start a small

Part 3 Why Become an Entrepreneur?
download PDF

business. The basic forms of organization are sole proprietorships, partnerships, and corporations. Each has advantages and disadvantages. Moreover, the laws and regulations that apply to business owners vary from country to country and by local jurisdiction. Entrepreneurs should consult an attorney or other expert to make sure that they have all the necessary licenses and permits, and are aware of all their legal obligations. In many countries, the local Chamber of Commerce or local business council is also a good source of information. Sole Proprietorship: In a sole proprietorship, the individual entrepreneur owns the business and is fully responsible for all its debts and legal liabilities. More than 75 percent of all U.S. businesses are sole proprietorships. Examples include writers and consultants, local restaurants and shops, and home-based businesses. This is the easiest and least expensive form of business to start. In general, an entrepreneur files all required documents and opens a shop. The disadvantage is that there is unlimited personal liability — all personal and business assets owned by the entrepreneur may be at risk if the business goes into debt. Partnership: A partnership consists of two or more people who share the assets, liabilities, and profits of a business. The greatest advantage comes from shared responsibilities. Partnerships also benefit by having more investors and a greater range of knowledge and skills. There are two main kinds of partnerships, general partnerships and limited partnerships. In a general partnership, all partners are liable for the acts of all other partners. All also have unlimited personal liability for business debts. In contrast, a limited partnership has at least one general partner who is fully liable plus one or more limited partners who are liable only for the amount of money they invest in the partnership. The largest disadvantage of any partnership is the potential for disagreements, regardless of how well or how long the partners have known each other. Experts agree that a partnership agreement drawn up by an experienced lawyer is essential to a successful partnership. It is often used to:

Part 4 Decisions and Downfalls
download PDF

Part 5 Go It Alone or Team Up?
download PDF

Part 6 Choosing a Product and a Market
download PDF

Part 7 Entry Strategies for New Ventures
download PDF

Part 8 Marketing Is Selling
download PDF

q

create a mechanism for resolving disagreements; specify each partner's contribution to the partnership; divide up management responsibilities; and

Part 9 The Internet and The Entrepreneur

q

q

Part 10 Selling Online
download PDF

q

specify what happens if a partner leaves or dies.

Part 11 Choosing a Form of Business
download PDF

Corporations: Corporations are recommended for entrepreneurs who plan to conduct a largescale enterprise. As a legal entity that has a life separate from its owners, a corporation can sue or be sued, acquire and sell property, and lend money. Corporations are divided into shares or stocks, which are owned by one, a few, or many people. Ownership is based on the percentage of stock owned. Shareholders are not responsible for the debts of the corporation, unless they have personally guaranteed them. A shareholder's investment is the limit of her liability. Corporations can more easily obtain investment, raise capital by selling stock, and survive a change of ownership. They provide more protection from liability than other forms of business. Their potential for growth is unlimited.

Part 12 Creating a Business Plan
download PDF

spacer

However, corporations are more complex and expensive to set up than other forms of business and are usually subject to a higher level of government regulation.

spa

Part 13 The Entrepreneur's Need for Capital
download PDF

Next>>> Part 12 Creating a Business Plan

Part 14 Sources of Financing
download PDF

Part 15 Intellectual Property: A Valuable Business Asset
download PDF

Part 16 The Strengths of Small Business
download PDF

Part 17 Entrepreneurship Aids the Economy
download PDF

Part 18 The Importance of Government Policies
download PDF

Part 19 Resources for Aspiring and Existing Entrepreneurs
download PDF

Part 20 Entrepreneurship: Glossary of Terms
download PDF

Part 21 Additional Readings
download PDF

download complete set of PDFs zip file

Tell us how you like this publication by contacting us at: iiptcp@state.gov.

This site is produced and maintained by the U.S. Department of State's Bureau of International Information Programs. Links to other internet sites should not be construed as an endorsement of the views contained therein.

Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products

principles of

Entrepreneurship
>>>> 11. Choosing a Form of Business

I

n many countries, entrepreneurs must select a form of organization when they start a small business. The basic forms of organization are sole proprietorships, partnerships, and corporations. Each has advantages and disadvantages. Moreover, the laws and regulations that apply to business owners vary from country to country and by local jurisdiction. Entrepreneurs should consult an attorney or other expert to make sure that they have all the necessary licenses and permits, and are aware of all their legal obligations. In many countries, the local Chamber of Commerce or local business council is also a good source of information. Sole Proprietorship: In a sole proprietorship, the individual entrepreneur owns the business and is fully responsible for all its debts and legal liabilities. More than 75 percent of all U.S. businesses are sole proprietorships. Examples include writers and consultants, local restaurants and shops, and home-based businesses. This is the easiest and least expensive form of business to start. In general, an entrepreneur files all required documents and opens a shop. The disadvantage is that there is unlimited personal liability — all personal and business assets owned by the entrepreneur may be at risk if the business goes into debt. Partnership: A partnership consists of two or more people who share the assets, liabilities, and profits of a business. The greatest advantage comes from shared responsibilities. Partnerships also benefit by having more investors and a greater range of knowledge and skills. There are two main kinds of partnerships, general partnerships and limited partnerships. In a general partnership, all partners are liable for the acts of all other partners. All also have unlimited personal liability for business debts. In contrast, a limited partnership has at least one general partner who is fully liable plus one or more limited partners who are liable only for the amount of money they invest in the partnership.

The largest disadvantage of any partnership is the potential for disagreements, regardless of how well or how long the partners have known each other. Experts agree that a partnership agreement drawn up by an experienced lawyer is essential to a successful partnership. It is often used to: • create a mechanism for resolving disagreements; • specify each partner ’s contribution to the partnership; • divide up management responsibilities; and • specify what happens if a partner leaves or dies. Corporations: Corporations are recommended for entrepreneurs who plan to conduct a large-scale enterprise. As a legal entity that has a life separate from its owners, a corporation can sue or be sued, acquire and sell property, and lend money. Corporations are divided into shares or stocks, which are owned by one, a few, or many people. Ownership is based on the percentage of stock owned. Shareholders are not responsible for the debts of the corporation, unless they have personally guaranteed them. A shareholder’s investment is the limit of her liability. Corporations can more easily obtain investment, raise capital by selling stock, and survive a change of ownership. They provide more protection from liability than other forms of business. Their potential for growth is unlimited. However, corporations are more complex and expensive to set up than other forms of business and are usually subject to a higher level of government regulation.

U.S. Department of State/Bureau of International Information Programs

a professor of entrepreneurship at Babson College. Part 4 Decisions and Downfalls download PDF q q Part 5 Go It Alone or Team Up? download PDF q Part 6 Choosing a Product and a Market download PDF q A business plan can help an entrepreneur to allocate resources appropriately. To attract investors and get financing. a common misperception is that a business plan is primarily used for raising capital. For example. To explain the business to other companies with which it would be useful to create an alliance or contract. To attract employees. handle unexpected problems. Zacharakis. and make good business decisions.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 12. Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . suggests that the primary purpose of a business plan is to help entrepreneurs gain a deeper understanding of the opportunity they envision. There are many reasons for writing a business plan: Part 3 Why Become an Entrepreneur? download PDF q To convince oneself that the new venture is worthwhile before making a significant financial and personal commitment. according to Andrew Zacharakis. However. the information in each plan is essentially the same. but the emphasis is somewhat different. The entrepreneur also should take into account all startup expenses and potential risks so as not to appear naive. It should specify how the business would repay any borrowed money. In this situation. an internal document intended to guide the business does not need detailed biographies of the management. Creating a Business Plan Part 2 What Makes Someone an Entrepreneur? download PDF A comprehensive business plan is crucial for a start-up business. To assist management in goal-setting and long-range planning. researching answers for those questions. A well-organized plan is an essential part of any loan application." Some entrepreneurs create two plans: a planning document for internal use and a marketing document for attracting outside investment. in a plan intended for marketing. It defines the entrepreneur's vision and serves as the firm's resume. However. He explains: "The business plan process helps the entrepreneur shape her original vision into a better opportunity by raising critical questions. the background and experience of management may be the most important feature. and then answering them.

Writing a business plan may seem overwhelming. such as bulleted lists and short paragraphs. These require detailed estimates of expenses and sales. It should be strong on facts in order to convince people to invest money or time in the new venture. First. It should use good visual formatting. marketing. Numerous books on entrepreneurship have detailed instructions.Part 10 Selling Online download PDF A standard business plan is usually about 40 pages in length. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Next>>> Part 13 The Entrepreneur's Need for Capital Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . Sales projections are usually based on market research. The company description highlights the entrepreneur's dream. an income statement. strategy. The basic elements of a standard business plan include: Title Page Table of Contents Executive Summary Company Description Product/Service Market and Competition Marketing and Selling Strategy Operating Plan Management/Organization Financing Supporting Documents The executive summary is the cornerstone of a good plan. and managerial details. and goals. The tone should be business-like and enthusiastic. there are ways to make the process more manageable. The product/service section should stress the characteristics and benefits of the new venture. It should concisely summarize the technical. What differentiates it from its competition? Is it innovative? The financial components of a new venture's business plan typically include three projections: a balance sheet. However. The language should be free of jargon and easy to understand. it needs to convince the reader that the new venture is a worthy investment. there are many computer software packages for producing a standard business plan. and a cash-flow analysis. Expenses are relatively easy to estimate. More importantly. This is the section that people read in order to decide whether to read the rest. and many universities sponsor programs for new businesses. and often utilize sales data for similar products and services produced by competitors. financial.

Department of State's Bureau of International Information Programs.gov. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .S. Links to other internet sites should not be construed as an endorsement of the views contained therein.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. This site is produced and maintained by the U.

there are ways to make the process more manageable. To assist management in goal-setting and long-range planning. The company description highlights the entrepreneur’s dream. and managerial details. suggests that the primary purpose of a business plan is to help entrepreneurs gain a deeper understanding of the opportunity they envision. There are many reasons for writing a business plan: To convince oneself that the new venture is worthwhile before making a significant financial and personal commitment. The entrepreneur also should take into account all startup expenses and potential risks so as not to appear naive. it needs to convince the reader that the new venture is a worthy investment. A well-organized plan is an essential part of any loan application. researching answers for those questions. the information in each plan is essentially the same. there are many computer software packages for producing a standard business plan. and goals. The product/service section should stress the characteristics and benefits of the new venture. strategy. It should be strong on facts in order to convince people to invest money or time in the new venture. A business plan can help an entrepreneur to allocate resources appropriately. Writing a business plan may seem overwhelming. but the emphasis is somewhat different. Sales projections are usually based on market research. To attract employees. Creating a Business Plan A • • • • • comprehensive business plan is crucial for a startup business. The basic elements of a standard business plan include: Title Page Table of Contents Executive Summary Company Description Product/Service Market and Competition Marketing and Selling Strategy Operating Plan Management/Organization Financing Supporting Documents The executive summary is the cornerstone of a good plan. It should use good visual formatting. financial. according to Andrew Zacharakis. a professor of entrepreneurship at Babson College. an income statement. A standard business plan is usually about 40 pages in length. in a plan intended for marketing. These require detailed estimates of expenses and sales. However. To attract investors and get financing.” Some entrepreneurs create two plans: a planning document for internal use and a marketing document for attracting outside investment. The language should be free of jargon and easy to understand. First.principles of Entrepreneurship >>>> 12. a common misperception is that a business plan is primarily used for raising capital. handle unexpected problems. However. an internal document intended to guide the business does not need detailed biographies of the management. It should specify how the business would repay any borrowed money. marketing. It defines the entrepreneur’s vision and serves as the firm’s resume. and many universities sponsor programs for new businesses. such as bulleted lists and short paragraphs. U. However. and a cash-flow analysis. More importantly. and then answering them. He explains: “The business plan process helps the entrepreneur shape her original vision into a better opportunity by raising critical questions. the background and experience of management may be the most important feature. Zacharakis. Numerous books on entrepreneurship have detailed instructions. For example. It should concisely summarize the technical. and make good business decisions. Expenses are relatively easy to estimate. The tone should be business-like and enthusiastic. In this situation. To explain the business to other companies with which it would be useful to create an alliance or contract.S. and often utilize sales data for similar products and services produced by competitors. Department of State/Bureau of International Information Programs . This is the section that people read in order to decide whether to read the rest. What differentiates it from its competition? Is it innovative? The financial components of a new venture’s business plan typically include three projections: a balance sheet.

It is the difference between cash receipts (money taken in) and cash disbursements (money spent) over a specific time period.to start www.000 or less. In 1997. monthly. A cash flow statement estimates anticipated cash sales as well as anticipated cash payments of bills. entrepreneurs need to estimate how much money they need and then raise that amount to transform their dream into a reality. Steve Jobs and Steve Wozniak started Apple Computer by selling a Volkswagen microbus and a Hewlett-Packard scientific calculator to raise $1. and create some advertising materials. and receipts are not usually sufficient to offset start-up costs and monthly expenses. invest in some inventory. This forecast is used to project the money required to finance the operation annually.ragingbull. It doesn't necessarily take a lot of cash to create a successful business. Cash flow refers to the amount of money actually available to make purchases and pay current bills and obligations. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF q An income statement sets out all of the entrepreneur's projected revenues and expenses (including depreciation and mortgages) to determine a venture's profits per month and year. by initially working out of one's home rather than leasing an office or leasing office equipment rather than buying it. There are many ways to reduce expenses: for instance. Bill Martin and Greg Wright used the free Internet connections in their college dorm rooms and $175 — $75 for a New Jersey partnership fee. By Part 8 Marketing Is Selling download PDF q Part 9 The Entrepreneur and the Internet download PDF . Generating sales takes time. but experts recommend that it be done at least once every month for the first year or two of a new business. just enough to establish the business. Depreciation is a method to account for assets whose value is considered to decrease over time. The Entrepreneur's Need for Capital Part 2 What Makes Someone an Entrepreneur? download PDF N ew businesses rarely show a profit in the early months of operation. or quarterly basis. all entrepreneurs need to estimate how much cash they need to cover expenses until the business begins to make a profit. In the mid-1970s. For this task. However. Therefore.300 — enough for a makeshift production line. Many entrepreneurs start businesses with $5. $70 to register their Web domain name. which is now a successful financial Web site. the best financial tools are the income statement and cash flow statement.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 13. and $30 for a month's hosting fee -. This estimate can be done on a weekly. It is important to attach notes to these forecasts to explain any unusual expenses or assumptions used in the calculations.com.

Part 10 Selling Online download PDF calculating this forecast on a cumulative basis. For most of the first year. With these estimates. goods are shipped out before payment is received. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Next>>> Part 14 Sources of Financing Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . the entrepreneur still has to pay his bills. will result in a growing negative amount. A critical point for a new business occurs when monthly sales receipts are enough to cover monthly expenses. which adds each month's total to that of previous months. Financial projections are inevitably somewhat inaccurate simply because every contingency cannot be predicted. the cumulative cash flow. the entrepreneur can forecast his company's overall capital needs at start up. In many cases. the monthly expenditures are likely to exceed the receipts. the negative cumulative cash flow will begin to decrease and move toward a positive one. At this point. Therefore. Meanwhile. The cumulative cash flow amount reached just before it reverses direction indicates approximately how much capital the new business will need. the entrepreneur can seek funding and concentrate more clearly on launching the new business. experts recommend that entrepreneurs add at least 20 percent to the financial needs calculated in the cash flow statement to create a safety net for unforeseen events. The monthly net cash flow shows how much an entrepreneur's cash receipts exceed or fall short of monthly cash expenditures. For this reason.

S. This site is produced and maintained by the U.gov. Links to other internet sites should not be construed as an endorsement of the views contained therein. Department of State's Bureau of International Information Programs.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .

and receipts are not usually sufficient to offset startup costs and monthly expenses. Financial projections are inevitably somewhat inaccurate simply because every contingency cannot be predicted. There are many ways to reduce expenses: for instance. will result in a growing negative amount. It is important to attach notes to these forecasts to explain any unusual expenses or assumptions used in the calculations. The cumulative cash flow amount reached just before it reverses direction indicates approximately how much capital the new business will need.000 or less. The monthly net cash f low shows how much an entrepreneur’s cash receipts exceed or fall short of monthly cash expenditures.ragingbull. For most of the f irst year. For this task. and create some advertising materials. which adds each month’s total to that of previous months. experts recommend that entrepreneurs add at least 20 percent to the financial needs calculated in the cash flow statement to create a safety net for unforeseen events. Many entrepreneurs start businesses with $5. • A cash flow statement estimates anticipated cash sales as well as anticipated cash payments of bills. With these estimates. For this reason. the negative cumulative cash flow will begin to decrease and move toward a positive one. entrepreneurs need to estimate how much money they need and then raise that amount to transform their dream into a reality. It doesn’t necessarily take a lot of cash to create a successful business.com. Generating sales takes time. However. This forecast is used to project the money required to finance the operation annually. It is the difference between cash receipts (money taken in) and cash disbursements (money spent) over a specific time period. or quarterly basis. The Entrepreneur’s Need for Capital N ew businesses rarely show a profit in the early months of operation.principles of Entrepreneurship >>>> 13. the entrepreneur can seek funding and concentrate more clearly on launching the new business. In the mid-1970s. Greg Wright used the free Internet connections in their college dorm rooms and $175: $75 for a New Jersey partnership fee. but experts recommend that it be done at least once every month for the first year or two of a new business. $70 to register their Web domain name. • An income statement sets out all of the entrepreneur’s projected revenues and expenses (including depreciation and mortgages) to determine a venture’s profits per month and year. At this point. A critical point for a new business occurs when monthly sales receipts are enough to cover monthly expenses. Depreciation is a method to account for assets whose value is considered to decrease over time. by initially working out of one’s home rather than leasing an office or leasing office equipment rather than buying it. monthly. U.300 — enough for a makeshift production line. the cumulative cash f low. the best financial tools are the income statement and cash flow statement. In 1997 Bill Martin and . Meanwhile. Steve Jobs and Steve Wozniak started Apple Computer by selling a Volkswagen microbus and a Hewlett-Packard scientific calculator to raise $1. Therefore. This estimate can be done on a weekly. goods are shipped out before payment is received. In many cases. the entrepreneur still has to pay his bills. all entrepreneurs need to estimate how much cash they need to cover expenses until the business begins to make a profit. the entrepreneur can forecast his company’s overall capital needs at start up. Therefore. By calculating this forecast on a cumulative basis. Department of State/Bureau of International Information Programs . just enough to establish the business. which is now a successful financial Web site. invest in some inventory. the monthly expenditures are likely to exceed the receipts. Cash flow refers to the amount of money actually available to make purchases and pay current bills and obligations.S. and $30 for a month’s hosting fee — to start www.

the . and requires no transfer of equity (ownership). personal computers. Sources of Financing Part 2 What Makes Someone an Entrepreneur? download PDF M any entrepreneurs struggle to find the capital to start a new business. If an entrepreneur has good credit. The main disadvantage is the high rate of interest charged on credit card balances that are not paid off in full each month. if the business fails and money goes lost. unless they have expertise to provide.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 14. venture investors insist on retaining part ownership in new businesses that they fund. However. and they are the second easiest source of funds to access. However. it is also relatively easy to get a personal loan from a bank. these funds should be documented and treated like loans. Venture investors: This is a major source of funding for start-ups that have a strong potential for growth. The main disadvantage of these funds is that. They do not usually require the paperwork that other lenders require. There are many sources to consider. Personal savings: Experts agree that the best source of capital for any new business is the entrepreneur's own money. As successful entrepreneur Phil Holland explains. Friends and family: These people believe in the entrepreneur. if an entrepreneur has money in a bank savings account. has no payback terms. such as retirement funds. so it is important for an entrepreneur to fully explore all financing options. These loans tend to be short-term and not as large as business loans. These items can usually be obtained with little or no money paid up front and with small monthly payments. Also. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF q Formal institutional venture funds are usually limited partnerships in which passive limited partners. "Many prospective business owners are disappointed to learn that banks do not make loans to start-up businesses unless there are outside assets to pledge against borrowing. and printers. quick to access." Many entrepreneurs simply do not have enough assets to get a secured loan from a lending institution. However. He also should apply for funds from a wide variety of sources. However. It is easy to use. Neither part ownership nor a decision-making position should be given to these lenders. Banks: Banks are very conservative lenders. it demonstrates to potential investors that the entrepreneur is willing to risk his own funds and will persevere during hard times. These funds have large amounts of money to invest. a valuable relationship may be jeopardized. especially for acquiring business equipment such as photocopiers. she can usually borrow against that money. supply most of the money. Credit cards: The entrepreneur's personal credit cards are an easy source of funds to access.

They often insist on being active advisers to businesses they support. give detailed information on these funds. Part 11 Choosing a Form of Business download PDF q Part 12 Creating a Business Plan download PDF spacer q Angel investors tend to be successful entrepreneurs who have capital that they are willing to risk. spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Government programs: Many national and regional governments offer programs to encourage small. they often seek to gain control of new businesses. Also. But they may make smaller individual investments and have fewer contacts in the banking community. In the United States. Several books. Angel funds are quicker to access than corporate venture funds. Part 15 Intellectual Property: A Valuable Business Asset download PDF Next>>> Part 15 Intellectual Property: A Valuable Business Asset Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . these funds are slow to access compared to other sources of funds. However. such as Part 10 Selling Online download PDF Galante's Venture Capital & Private Equity Directory.process of obtaining venture capital is very slow. the Small Business Administration (SBA) assists small firms by acting as a guarantor of loans made by private institutions for borrowers who may not otherwise qualify for a commercial loan. and they are more likely to be invested in a start-up operation. Corporate venture funds are large corporations with funds for investing in new ventures. These often provide technical and management expertise in addition to large monetary investments.and medium-sized businesses.

Links to other internet sites should not be construed as an endorsement of the views contained therein. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . Department of State's Bureau of International Information Programs. This site is produced and maintained by the U.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state.S.gov.

The main disadvantage of these funds is that. They do not usually require the paper work that other lenders require. the process of obtaining venture capital is very slow. especially for acquiring business equipment such as photocopiers. it is also relatively easy to get a personal loan f rom a bank. Also. As successful entrepreneur Phil Holland explains. has no payback terms. venture investors insist on retaining part ownership in new businesses that they fund. However. • • Government programs: Many national and regional governments offer programs to encourage smalland medium-sized businesses. so it is important for an entrepreneur to fully explore all financing options. such as retirement funds. if an entrepreneur has money in a bank savings account. Credit cards: The entrepreneur’s personal credit cards are an easy source of funds to access. a valuable relationship may be jeopardized. personal computers. Several books. However. give detailed information on these funds. However. Neither part ownership nor a decision-making position should be given to these lenders. it demonstrates to potential investors that the entrepreneur is willing to risk his own funds and will persevere during hard times. she can usually borrow against that money. Angel investors tend to be successful entrepreneurs who have capital that they are willing to risk. Friends and family : These people believe in the entrepreneur. these funds are slow to access compared to other sources of funds. and requires no transfer of equity (ownership). The main disadvantage is the high rate of interest charged on credit card balances that are not paid off in full each month. and they are the second easiest source of funds to access. if the business fails and money goes lost. These often provide technical and management expertise in addition to large monetary investments. Venture investors: This is a major source of funding for start-ups that have a strong potential for growth. and printers. such as Galante’s Venture Capital & Private Equity Directory. However. these funds should be documented and treated like loans. they often seek to gain control of new businesses. U. supply most of the money. Department of State/Bureau of International Information Programs . If an entrepreneur has good credit. Corporate venture funds are large corporations with funds for investing in new ventures. In the United States. However. They often insist on being active advisers to businesses they support.” Many entrepreneurs simply do not have enough assets to get a secured loan f rom a lending institution. Banks: Banks are very conservative lenders.S. He also should apply for funds from a wide variety of sources. These items can usually be obtained with little or no money paid up front and with small monthly payments. These funds have large amounts of money to invest. and they are more likely to be invested in a start-up operation. There are many sources to consider. • Formal institutional venture funds are usually limited partnerships in which passive limited partners. It is easy to use. unless they have expertise to provide. But they may make smaller individual investments and have fewer contacts in the banking community. the Small Business Administration (SBA) assists small firms by acting as a guarantor of loans made by private institutions for borrowers who may not otherwise qualify for a commercial loan. “Many prospective business owners are disappointed to learn that banks do not make loans to start-up businesses unless there are outside assets to pledge against borrowing. Also. Angel funds are quicker to access than corporate venture funds. quick to access. Sources of Financing any entrepreneurs struggle to find the capital to start a new business. These loans tend to be short-term and not as large as business loans.principles of Entrepreneurship M >>>> 14. Personal savings: Experts agree that the best source of capital for any new business is the entrepreneur’s own money.

The main forms of intellectual property rights are: Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF q Patents: A patent grants an inventor the right to exclude others from making. The owner of copyrighted material has the exclusive right to reproduce the work. Instead. computer programs. Protecting intellectual property is a practical business decision. Intellectual Property: A Valuable Business Asset Part 2 What Makes Someone an Entrepreneur? download PDF I ntellectual property is a valuable asset for an entrepreneur. Some businesses have made millions of dollars by licensing or selling their patents or trademarks. Copyright: Copyrights protect original creative works of authors. copyrights. distribute copies of the work. composers. Trade Secrets: Trade secrets consist of knowledge that is kept secret in Part 7 Entry Strategies for New Ventures download PDF q Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF q . An intellectual property lawyer can provide information and advice.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 15. Every entrepreneur should be aware of intellectual property rights in order to protect these assets in a world of global markets. for up to 20 years. Competitors could charge a lower price because they did not incur the startup costs. and a new design. the patent goes into the public domain and anyone may use it. a copyright does not protect the idea itself. Examples of such creations are a new product and its name. or selling an invention for a fixed period of time — in most countries. or given away freely. A fence or a lock cannot protect these intangible assets. sold. and trademarks are used to prevent competitors from benefiting from an individual's or firm's ideas. In general. a new method. offering for sale. Intellectual property rights can be bought. It consists of certain intellectual creations by entrepreneurs or their staffs that have commercial value and are given legal property rights. a new promotional scheme. but only the form in which it appears — from sound recordings to books. using. or perform or display the work publicly. When the time period ends. or architecture. a new process. prepare derivative works. patents. The time and money invested in perfecting an idea might be wasted if others could copy it. and others. licensed. The purpose of intellectual property law is to encourage innovation by giving creators time to profit from their new ideas and to recover development costs.

However. or sources of supply with faster delivery or lower prices may be trade secrets. the founding partner of Iandiorio and Teska. Iandiorio. Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF In most countries. or independent invention.Part 10 Selling Online download PDF order to gain an advantage in business. "Customer lists. sources of supply of scarce materials. Part 17 Entrepreneurship Aids the Economy download PDF Next>>> Part 16 The Strengths of Small Business Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . "Certainly. trademarks must be registered to be enforceable and renewed to remain in force. manufacturing know-how. Consumers use marks to find a specific firm's goods that they see as particularly desirable — for example. many business's trademarks become more valuable over time. which is more than 100 years old. techniques. formulas. Barbie dolls or Toyota automobiles. A service mark similarly identifies the source of a service. reverse engineering. which expire. There is no protection against discovery by fair means such as accidental disclosure. they can be renewed endlessly. Unlike copyrights or patents." explains Joseph S. No other legal form of protection exists. For example. and business plans are all protectable. Apple Computer uses a picture of an apple with a bite out of it and the symbol ®. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF q Trademarks: A trademark protects a symbol. The most famous trade secret is the formula for Coca-Cola. an intellectual property law firm. Trademarks and service marks give a business the right to prevent others from using a confusingly similar mark. word. Trade secrets are valid only if the information has not been revealed. to indicate the source of goods and to distinguish them from goods produced by others. advertising schemes. or design. marketing programs. which means registered trademark." Trade secrets are usually protected by contracts and non-disclosure agreements. used individually or in combination. secret processes.

gov.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state.S. This site is produced and maintained by the U. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . Department of State's Bureau of International Information Programs. Links to other internet sites should not be construed as an endorsement of the views contained therein.

A service mark similarly identifies the source of a service. computer programs. which expire. many business’s trademarks become more valuable over time. The owner of copy- righted material has the exclusive right to reproduce the work. word. a new method. There is no protection against discovery by fair means such as accidental disclosure. Apple Computer uses a picture of an apple with a bite out of it and the symbol (®) which means registered trademark. Intellectual Property: A Valuable Business Asset I ntellectual property is a valuable asset for an entrepreneur. or perform or display the work publicly. to indicate the source of goods and to distinguish them from goods produced by others. and trademarks are used to prevent competitors from benefiting from an individual’s or firm’s ideas. Trademarks and service marks give a business the right to prevent others from using a confusingly similar mark. copyrights. or design. the founding partner of Iandiorio and Teska.in most countries. However. For example. or independent invention. Protecting intellectual property is a practical business decision. techniques. A fence or a lock cannot protect these intangible assets. Instead. used individually or in combination. Consumers use marks to find a specific firm’s goods that they see as particularly desirable — for example. Trademarks: A trademark protects a symbol. for up to 20 years. sold. or selling an invention for a fixed period of time . Trade secrets are valid only if the information has not been revealed. The time and money invested in perfecting an idea might be wasted if others could copy it. The most famous trade secret is the formula for CocaCola. offering for sale. “Certainly. In most countries. they can be renewed endlessly. an intellectual property law firm. The main forms of intellectual property rights are: • Patents: A patent grants an inventor the right to exclude others from making. prepare derivative works. the patent goes into the public domain and anyone may use it.principles of Entrepreneurship >>15. • Copyright: Copyrights protect original creative works of authors.” Trade secrets are usually protected by contracts and nondisclosure agreements. manufacturing know-how. composers. “Customer lists.” explains Joseph S. licensed. a new promotional scheme. formulas. Examples of such creations are a new product and its name. reverse engineering. trademarks must be registered to be enforceable and renewed to remain in force. • Trade Secrets: Trade secrets consist of knowledge that is kept secret in order to gain an advantage in business. Department of State/Bureau of International Information Programs . When the time period ends. Iandiorio. U. An intellectual property lawyer can provide information and advice. using. advertising schemes. a new process. secret processes. Competitors could charge a lower price because they did not incur the startup costs. distribute copies of the work. patents.S. sources of supply of scarce materials. or architecture. Intellectual property rights can be bought. In general.from sound recordings to books. or sources of supply with faster delivery or lower prices may be trade secrets. and a new design. and business plans are all protectable. a copyright does not protect the idea itself. and others. It consists of certain intellectual creations by entrepreneurs or their staffs that have commercial value and are given legal property rights. which is more than 100 years old. Every entrepreneur should be aware of intellectual property rights in order to protect these assets in a world of global markets. but only the form in which it appears . Some businesses have made millions of dollars by licensing or selling their patents or trademarks. No other legal form of protection exists. Unlike copyrights or patents. Barbie dolls or Toyota automobiles. The purpose of intellectual property law is to encourage innovation by giving creators time to profit from their new ideas and to recover development costs. or given away freely. marketing programs.

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USINFO > Publications

TABLE OF CONTENTS
Introduction Part 1 What Is Entrepreneurship?
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principles of

Entrepreneurship
16. The Strengths of Small Business

Part 2 What Makes Someone an Entrepreneur?
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A

ny entrepreneur who is contemplating a new venture should examine the strengths of small

businesses as compared to large ones and make the most of those competitive advantages. With careful planning, an entrepreneur can lessen the advantages of the large business vis-àvis his operation and thereby increase his chances for success. The strengths of large businesses are well documented. They have greater financial resources than small firms and therefore can offer a full product line and invest in product development and marketing. They benefit from economies of scale because they manufacture large quantities of products, resulting in lower costs and potentially lower prices. Many large firms have the credibility that a well-known name provides and the support of a large organization. How can a small firm possibly compete? In general, small start-up firms have greater flexibility than larger firms and the capacity to respond promptly to industry or community developments. They are able to innovate and create new products and services more rapidly and creatively than larger companies that are mired in bureaucracy. Whether reacting to changes in fashion, demographics, or a competitor's advertising, a small firm usually can make decisions in days — not months or years. A small firm has the ability to modify its products or services in response to unique customer needs. The average entrepreneur or manager of a small business knows his customer base far better than one in a large company. If a modification in the products or services offered — or even the business's hours of operation — would better serve the customers, it is possible for a small firm to make changes. Customers can even have a role in product development. Another strength comes from the involvement of highly skilled personnel in all aspects of a start-up business. In particular, start-ups benefit from having senior partners or managers working on tasks below their highest skill level. For example, when entrepreneur William J. Stolze helped start RF Communications in 1961 in Rochester, New York, three of the founders came from the huge corporation General Dynamics, where they held senior marketing and engineering positions. In the new venture, the marketing expert had the title "president" but actually worked to get orders. The senior engineers were no longer supervisors; instead, they were designing products. As Stolze said in his book Start Up, "In most start-ups that I know of, the key managers have stepped back from much more responsible positions in larger companies, and this gives the new company an immense competitive advantage." Another strength of a start-up is that the people involved — the entrepreneur, any partners, advisers, employees, or even family members — have a passionate, almost compulsive, desire to succeed. This makes them work harder and better. Finally, many small businesses and start-up ventures have an intangible quality that comes from people who are fully engaged and doing what they want to do. This is "the entrepreneurial spirit," the atmosphere of fun and excitement that is generated when people work together to

Part 3 Why Become an Entrepreneur?
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Part 4 Decisions and Downfalls
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Part 5 Go It Alone or Team Up?
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Part 6 Choosing a Product and a Market
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Part 7 Entry Strategies for New Ventures
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Part 8 Marketing Is Selling
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Part 9 The Entrepreneur and the Internet
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Part 10 Selling Online
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create an opportunity for greater success than is otherwise available. This can attract workers and inspire them to do their best.

Part 11 Choosing a Form of Business
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Part 12 Creating a Business Plan
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spacer

spa

Part 13 The Entrepreneur's Need for Capital
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Part 14 Sources of Financing
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Part 15 Intellectual Property: A Valuable Business Asset
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Part 16 The Strengths of Small Business
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Part 17 Entrepreneurship Aids the Economy
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Part 18 The Importance of Government Policies
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Part 19 Resources for Aspiring and Existing Entrepreneurs
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Part 20 Entrepreneurship: Glossary of Terms
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Part 21 Additional Readings
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download complete set of PDFs zip file

Tell us how you like this publication by contacting us at: iiptcp@state.gov.

This site is produced and maintained by the U.S. Department of State's Bureau of International Information Programs. Links to other internet sites should not be construed as an endorsement of the views contained therein.

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S. Many large firms have the credibility that a well-known name provides and the support of a large organization. Customers can even have a role in product development. a small firm usually can make decisions in days . demographics. it is possible for a small firm to make changes. many small businesses and start-up ventures have an intangible quality that comes from people who are fully engaged and doing what they want to do. almost compulsive. the key managers have stepped back from much more responsible positions in larger companies.not months or years. U. advisers. The average entrepreneur or manager of a small business knows his customer base far better than one in a large company. As Stolze said in his book Start Up. or even family members — have a passionate. The strengths of large businesses are well documented. employees. the marketing expert had the title “president” but actually worked to get orders. they were designing products.” the atmosphere of fun and excitement that is generated when people work together to create an opportunity for greater success than is otherwise available. A small firm has the ability to modify its products or services in response to unique customer needs. They have greater financial resources than small firms and therefore can offer a full product line and invest in product development and marketing. Whether reacting to changes in fashion. three of the founders came from the huge corporation General Dynamics. Finally. or a competitor’s advertising. Department of State/Bureau of International Information Programs . small start-up firms have greater flexibility than larger firms and the capacity to respond promptly to industry or community developments. where they held senior marketing and engineering positions. Stolze helped start RF Communications in 1961 in Rochester. They benefit from economies of scale because they manufacture large quantities of products. This can attract workers and inspire them to do their best. This makes them work harder and better. New York. This is “the entrepreneurial spirit. In particular. In the new venture. How can a small firm possibly compete? In general. “In most start-ups that I know of. They are able to innovate and create new products and services more rapidly and creatively than larger companies that are mired in bureaucracy.principles of Entrepreneurship >>>> 16.” Another strength of a start-up is that the people involved — the entrepreneur. The Strengths of Small Business A ny entrepreneur who is contemplating a new venture should examine the strengths of small businesses as compared to large ones and make the most of those competitive advantages. and this gives the new company an immense competitive advantage. For example. The senior engineers were no longer supervisors. Another strength comes from the involvement of highly skilled personnel in all aspects of a startup business. resulting in lower costs and potentially lower prices. With careful planning. start-ups benefit from having senior partners or managers working on tasks below their highest skill level. any partners. If a modification in the products or services offered — or even the business’s hours of operation — would better serve the customers. desire to succeed. when entrepreneur William J. an entrepreneur can lessen the advantages of the large business vis-à-vis his operation and thereby increase his chances for success. instead.

responds to it. entrepreneurial activity increases competition and. providing new forms of entertainment. Baretto." Carl J. According to the Small Business Administration. From the automobile to the airplane to personal computers . S. ones that revolutionized how people live and work. They enrich people's lives in numerous ways ." Entrepreneurs innovate and innovation is a central ingredient in economic growth. As Peter Drucker said. "Small businesses broaden the base of participation in society. create jobs. generating jobs for themselves and those they employ. Innovations improve the quality of life by multiplying consumers' choices. administrator of the U. "The entrepreneur always searches for change. Small Business Administration (SBA). innovate far more than large ones do. Hector V. According to the 2006 Summary Results of the Global Entrepreneurship Monitor (GEM) project. Schramm. to name a few. entrepreneurs provide consumers with goods and services for needs they didn't even know they had. employers.making life easier. Entrepreneurs create new businesses. and improving health care. small technology companies produce nearly 13 times more patents per employee than large firms. Small firms in the United States. small businesses provide approximately 75 percent of the net new jobs added to the American economy each year and represent over 99 percent of all U. developed or developing. and Schramm is one of the world's leading experts in this field. for instance. president and chief executive officer of Ewing Marion Kauffman Foundation. In the United States. As Schramm has suggested.individuals with dreams and determination developed these commercial advances. and give people a stake in the future. decentralize economic power.S. Others agree that the benefits of small businesses go beyond income. A look at recent history shows that entrepreneurs were essential to many of the most significant innovations. it can increase productivity as well. Small firms also are more likely than large companies to produce specialty goods and services and custom-demand items. for example. In many cases. Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . improving communications." Entrepreneurs are responsible for the commercial introduction of many new products and services. and for opening new markets. The foundation is dedicated to fostering entrepreneurship. "Entrepreneurs give security to other people. said in February 2007. and exploits it as an opportunity.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 17. The small businesses in the United States are often ones created by selfemployed entrepreneurs. They represent one-third of all companies in possession of 15 or more patents. explains. with technological or operational changes. Entrepreneurship Aids the Economy Part 2 What Makes Someone an Entrepreneur? download PDF M ost economists agree that entrepreneurship is essential to the vitality of any economy. they are the generators of social welfare.

such as the United Nations and the Organization for Economic Cooperation and Development.Part 10 Selling Online download PDF "Regardless of the level of development and firm size. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer For all of these reasons. International and regional institutions. This is particularly true in the developing world. entrepreneurial behavior remains a crucial engine of innovation and growth for the economy and for individual companies since. Founded and sponsored by Babson College (USA) and the London Business School in 1999. where successful small businesses are primary engines of job creation and poverty reduction. agree that entrepreneurs can play a crucial role in mobilizing resources and promoting economic growth and socio-economic development. the study included 42 countries by 2006. governments may wish to pursue policies that encourage entrepreneurship. it implies attention and willingness to take advantage of unexploited opportunities. by definition. spa Part 13 The Entrepreneur's Need for Capital download PDF Next>>> Part 18 The Importance of Government Policies Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF ." The GEM project is a multi-country study of entrepreneurship and economic growth.

This site is produced and maintained by the U. Department of State's Bureau of International Information Programs. Links to other internet sites should not be construed as an endorsement of the views contained therein.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state.gov.S. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .

entrepreneurial activity increases competition and. “The entrepreneur always searches for change. According to the 2006 Summary Results of the Global Entrepreneurship Monitor (GEM) project. small technology companies produce nearly 13 times more patents per employee than large firms. “Small businesses broaden the base of participation in society. Small . and Schramm is one of the world’s leading experts in this field. developed or developing. it can increase productivity as well. and exploits it as an opportunity. innovate far more than large ones do. Founded and sponsored by Babson College (USA) and the London Business School in 1999. and for opening new markets. Hector V Baretto.S. small businesses provide approximately 75 percent of the net new jobs added to the American economy each year and represent over 99 percent of all U. by definition. with technological or operational changes. International and regional institutions. and improving health care.S. According to the Small Business Administration.” Entrepreneurs are responsible for the commercial introduction of many new products and services. This is particularly true in the developing world. the study included 42 countries by 2006. such as the United Nations and the Organization for Economic Cooperation and Development. decentralize economic power. From the automobile to the airplane to personal computers – individuals with dreams and determination developed these commercial advances. generating jobs for themselves and those they employ. As Schramm has suggested. The small businesses in the United States are often ones created by self-employed entrepreneurs. entrepreneurs provide consumers with goods and services for needs they didn’t even know they had.” The GEM project is a multi-country study of entrepreneurship and economic growth. They enrich people’s lives in numerous ways – making life easier. improving communications. Entrepreneurs create new businesses. said in February 2007. U. Department of State/Bureau of International Information Programs . where successful small businesses are primary engines of job creation and poverty reduction. “Regardless of the level of development and firm size. “Entrepreneurs give security to other people. create jobs. they are the generators of social welfare. president and chief executive officer of Ewing Marion Kauffman Foundation. agree that entrepreneurs can play a crucial role in mobilizing resources and promoting economic growth and socio-economic development. Small firms in the United States. for instance. employers. ones that revolutionized how people live and work. They represent one-third of all companies in possession of 15 or more patents.principles of Entrepreneurship >>>> 17. entrepreneurial behavior remains a crucial engine of innovation and growth for the economy and for individual companies since. In many cases. As Peter Drucker said. it implies attention and willingness to take advantage of unexploited opportunities.” Carl J. Innovations improve the quality of life by multiplying consumers’ choices. For all of these reasons. In the United States. Others agree that the benefits of small businesses go beyond income. A look at recent history shows that entrepreneurs were essential to many of the most significant innovations.” Entrepreneurs innovate and innovation is a central ingredient in economic growth. Business Administration (SBA). governments may wish to pursue policies that encourage entrepreneurship. and give people a stake in the future. for example. responds to it. providing new forms of entertainment.S. Small firms also are more likely than large companies to produce specialty goods and services and custom-demand items. Entrepreneurship Aids the Economy M ost economists agree that entrepreneurship is essential to the vitality of any economy. Schramm. administrator of the U. The foundation is dedicated to fostering entrepreneurship. explains. to name a few.

Tax Policy: Governments use taxes to raise money. and foster stability. says that government policies can be categorized as "active" or "passive" depending on whether they involve the government in determining which types of businesses are promoted. Corporate tax rate reductions. discouraging it somewhat. a lawyer and author. There are required procedures and fees as well as the initial costs of the new enterprise itself. But taxes increase the cost of the activity taxed. a senior economist with the Federal Reserve Bank of St. Among the most successful strategies for encouraging entrepreneurship and small business are changes in tax policy. Legal Protection of Property Rights: Small business can thrive where there is respect for individual property rights and a legal system to protect those rights. Thomas A. location or mission-to expand and to thrive. The SBA is a federal agency whose main function is guaranteeing loans. In the United States. Governments can. access to capital. Reducing the cost of compliance with government regulations is also helpful. the Small Business Administration (SBA) helps entrepreneurs get funds. tax credits for investment or education." says Steve Strauss. the law needs to protect intellectual property. "It is this entrepreneurial-friendly environment that will allow any individual or business-regardless of size. Both active and passive policies are effective in promoting small business. Access to Capital: Starting a business takes money. Active policies. such as targeted tax breaks. Louis. The Importance of Government Policies Part 2 What Makes Someone an Entrepreneur? download PDF E ntrepreneurial activity leads to economic growth and helps to reduce poverty. Garrett says. there is little incentive to create or invest. policymakers need to balance the goals of raising revenue and promoting entrepreneurship. while passive policies help create an environment that is friendly to entrepreneurs without regard to specific firms. for example. Therefore. Therefore. and the legal protection of property rights. Banks and other lenders that participate in SBA programs often relax strict loan requirements because the government has promised repayment if the borrower defaults. Without property rights." he says. If innovations Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . This policy makes many loans available for risky new businesses. Garrett. the greater the likelihood of small business expansion. the most important activity a government can undertake is to assist potential entrepreneurs with finding money for start-ups. provide one-stop service centers where entrepreneurs can find assistance and allow electronic filing and storage of forms. It is in the interest of all h governments to implement policies to foster entrepreneurship and reap the benefits of its activity. regulatory policy. who specializes in entrepreneurship. create a middle class. and tax deductions for businesses are all proven methods for encouraging business growth. Regulatory Policy: "The simpler and more expedited the regulatory process.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 18. but passive policies promote entrepreneurship most broadly. help specific forms of businesses. For entrepreneurship to flourish.

Its "Small Business Answer Desk" (telephone: 800-827-5722) and its Web site (www. making publications widely accessible. "Doing Business 2007: How to Reform. spacer spa Part 13 The Entrepreneur's Need for Capital download PDF q Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF q Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Next>>> Part 19 Resources for Aspiring and Existing Entrepreneurs Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . Often business incubators are associated with colleges." Creating a Business Culture: Governments can also show that they value private enterprise by making it easier for individuals to learn business skills and by honoring entrepreneurs and small business owners. Policy makers can: Part 12 Creating a Business Plan download PDF q Offer financial incentives for the creation of business incubators. These usually provide new businesses with an inexpensive space in which to get started and services . for example.html).gov) answer general business questions.which most new businesses couldn't otherwise afford. In the United States.such as a copier and a fax machine . and trademarks. According to the World Bank report." new technologies are adopted more quickly when courts are efficient. Enhance the status of entrepreneurs and businessmen in the society. Governments might create local or national award programs that honor entrepreneurs and call on business leaders to serve on relevant commissions or panels. Make information available.Part 10 Selling Online download PDF Part 11 Choosing a Form of Business download PDF are not legally protected through patents. entrepreneurs are unlikely to engage in the risks necessary to invent new products or new methods.gov/training/ coursestake. the SBA has many offices.sba. and professors offer their expertise. Its online business tutorials are available to anyone with Internet access (http://sba. copyrights. "The reason is that most innovations take place in new businesses-which unlike large firms do not have the clout to resolve disputes outside the courts.

Links to other internet sites should not be construed as an endorsement of the views contained therein. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .S. Department of State's Bureau of International Information Programs.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. This site is produced and maintained by the U.gov.

Legal Protection of Property Rights: Small business can thrive where there is respect for individual property rights and a legal system to protect those rights.S. Regulatory Policy: “The simpler and more expedited the regulatory process. “Doing Business 2007: How to Reform. discouraging it somewhat. Governments might create local or national award programs that honor entrepreneurs and call on business leaders to serve on relevant commissions or panels. making publications widely accessible. policymakers need to balance the goals of raising revenue and promoting entrepreneurship. The SBA is a federal agency whose main function is guaranteeing loans. while passive policies help create an environment that is friendly to entrepreneurs without regard to specific firms. the SBA has many offices. Therefore. create a middle class. says that government policies can be categorized as “active” or “passive” depending on whether they involve the government in determining which types of businesses are promoted. For entrepreneurship to flourish. for example. Garrett says. Thomas A.gov) answer general business questions. But taxes increase the cost of the activity taxed. Garrett. Both active and passive policies are effective in promoting small business.” he says. such as targeted tax breaks. and foster stability. • Make information available. and trademarks. The Importance of Government Policies E ntrepreneurial activity leads to economic growth and helps to reduce poverty. who specializes in entrepreneurship. for example.” new technologies are adopted more quickly when courts are efficient. In the United States.” Creating a Business Culture: Governments can also show that they value private enterprise by making it easier for individuals to learn business skills and by honoring entrepreneurs and small business owners. Corporate tax rate reductions. the Small Business Administration (SBA) helps entrepreneurs get funds. Often business incubators are associated with colleges. a senior economist with the Federal Reserve Bank of St.html). there is little incentive to create or invest. provide one-stop service centers where entrepreneurs can find assistance and allow electronic filing and storage of forms. Its “Small Business Answer Desk” (telephone: 800-827-5722) and its Web site (www. “It is this entrepreneurial-friendly environment that will allow any individual or business—regardless of size. Therefore. It is in the interest of all h governments to implement policies to foster entrepreneurship and reap the benefits of its activity. Without property rights. Active policies. If innovations are not legally protected through patents. • Enhance the status of entrepreneurs and businessmen in the society. and professors offer their expertise. There are required procedures and fees as well as the initial costs of the new enterprise itself. In the United States. access to capital. Governments can. the most important activity a government can undertake is to assist potential entrepreneurs with finding money for start-ups. Louis. Its online business tutorials are available to anyone with Internet access (http://sba. “The reason is that most innovations take place in new businesses—which unlike large firms do not have the clout to resolve disputes outside the courts. entrepreneurs are unlikely to engage in the risks necessary to invent new products or new methods. This policy makes many loans available for risky new businesses. Department of State/Bureau of International Information Programs . a lawyer and author. location or mission—to expand and to thrive. U. Reducing the cost of compliance with government regulations is also helpful. Banks and other lenders that participate in SBA programs often relax strict loan requirements because the government has promised repayment if the borrower defaults. help specific forms of businesses. the law needs to protect intellectual property. copyrights.principles of Entrepreneurship >>>>18. but passive policies promote entrepreneurship most broadly. Access to Capital: Starting a business takes money. regulatory policy. Tax Policy: Governments use taxes to raise money. Policy makers can: • Offer financial incentives for the creation of business incubators. the greater the likelihood of small business expansion. and the legal protection of property rights. Among the most successful strategies for encouraging entrepreneurship and small business are changes in tax policy.gov/training/coursestake.sba. tax credits for investment or education. According to the World Bank report. and tax deductions for businesses are all proven methods for encouraging business growth.” says Steve Strauss. These usually provide new businesses with an inexpensive space in which to get started and services – such as a copier and a fax machine – which most new businesses couldn’t otherwise afford.

doingbusiness. and local economic and employment development. The Web site includes the Commission's 2004 Report. http://www. and outreach initiatives.en_2649_33956792_1_1_1_1_1. counsels. and protects the interests of small business.gov/ International Agencies The Organization for Economic Cooperation and Development." http://www. http://www. and evaluation of initiatives to promote entrepreneurship. Research.html The United Nations Development Program.org/page. SME growth. assists.S. and publishes a newsletter.2688. USA) describes its mission as leading the global advancement of entrepreneurship education and practice through teaching.undp. and Local Development "is in charge of disseminating best practices on the design. http://www. implementation. Centre for Entrepreneurship.html The World Bank's The Doing Business Project provides objective measures of business regulations and their enforcement across 178 countries and selected cities at the subnational and regional level. Its site shares information on tools. SBA delivers its services through an extensive network of field offices and partnerships with public and private organizations.c-e-o.org/ Collegiate Entrepreneurs' Organization is a global entrepreneurship network serving approximately 30.oecd. SMEs.php? mode=privateview&pageID=124&navID=24 Part 9 The Entrepreneur and the Internet download PDF . Blank Center for Entrepreneurship at Babson College (Massachusetts. In partnership with the London School of Business. http://www.org/cpsd/indexF. research. and Private Resources Part 2 What Makes Someone an Entrepreneur? download PDF Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF The Arthur M. through 400 chapters and affiliated student organizations at colleges and universities.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 19.org/department/0. "Unleashing Entrepreneurship: Making Business Work for the Poor. Government The Small Business Administration (SBA) is an independent agency of the federal government that aids." The Web site includes links to publications and programs.edu/eship/research-publications/ The Center for Rural Entrepreneurship supports efforts to stimulate entrepreneurship in communities throughout rural America. Its Web site provides wide-ranging information on starting and running a small business.sba.000 students.org/Downloads/ Academic. Resources for Aspiring and Existing Entrepreneurs U.00. it carries out globally focused entrepreneurship research. Commission on the Private Sector and Development was created to address the obstacles blocking the expansion of the indigenous private sector in developing nations. and research.babson. http://www. http://www3. It holds an annual entrepreneurship research conference and publishes Frontiers of Entrepreneurship Research.energizingentrepreneurs. success stories.

states and in Australia and Russia. or manage a small business. A partnership of Babson College and the London School of Economics. and reports.org/ The Public Forum Institute. http://www. http://www.sife. including news and research.org/ Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Next>>> Part 20 Entrepreneurship: Glossary of Terms Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . the research program is based on an assessment of the level of national entrepreneurial activity in participating countries and an exploration of the role of entrepreneurship in national economic growth.org/ The Global Entrepreneurship Monitor (GEM) is a not-for-profit academic research consortium that aims to make international research data on entrepreneurial activity readily available. http://www. kauffman. GEM 2007 conducted research in 42 countries. Started in 1999 with 10 countries. handson business development courses and workshops for entrepreneurs as well as entrepreneurship curriculum for college students. SIFE challenges teams of college students to develop community outreach projects that include entrepreneurship. It hosts an annual conference aimed at advancing small business and entrepreneurship. One of the largest foundations in the United States.publicforuminstitute.Part 10 Selling Online download PDF Entrepreneur. http://www. It includes reports about steps being taken around the world to encourage innovation and new enterprise growth.eonetwork.gemconsortium.000 business owners who share a common desire to grow their businesses.myownbusiness. complete and in-depth online course on how to start a business. publications. http://www.com is an online and print small business publication that provides information to help start. http://www.org/ My Own Business. The Web site includes a free. and share their experiences. http://www. Inc. is a nonprofit organization dedicated to providing free training and resources to aspiring entrepreneurs. National Dialog on Entrepreneurship provides a wide range of information on entrepreneurship.org/Default.org International Council for Small Business was the first international membership organization to promote the growth and development of small businesses worldwide.S. It also includes links to entrepreneurship success stories.entrepreneur.htm Students in Free Enterprise is a global non-profit organization active in 47 countries that works in partnership with business. train educators. http://www. and to facilitate the commercialization of new technologies. The Web site features global reports and national summaries.aspx The Ewing Marion Kauffman Foundation is a major supporter of research and grants to promote entrepreneurship. the Kauffman Foundation Web site includes links to research. grow.org/nde/ global/index. FastTrac programs are currently provided in 50 U. develop educational programs. http://www. learn from others.com/ The Entrepreneurs' Organization (EO) is a global membership organization of more than 6.icsb.fasttrac.org/ FastTrac is a comprehensive entrepreneurship education program that includes practical.

Department of State's Bureau of International Information Programs.gov. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .S.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. This site is produced and maintained by the U. Links to other internet sites should not be construed as an endorsement of the views contained therein.

icsb.ce-o. develop educational programs.org International Council for Small Business was the first international membership organization to promote the growth and development of small businesses worldwide.com/ U.en_ 2649_33956792_1_1_1_1_1. Department of State/Bureau of International Information Programs . through 400 chapters and affiliated student organizations at colleges and universities. http://www. “Unleashing Entrepreneurship: Making Business Work for the Poor. http://www. Its site shares information on tools. train educators. http://www. It also includes links to entrepreneurship success stories. and publishes a newsletter. It hosts an annual conference aimed at advancing small business and entrepreneurship. http://www. http://www. states and in rac Australia and Russia.2688. Blank Center for Entrepreneurship at Babson College (Massachusetts.principles of Entrepreneurship 19. SME growth. http://www. Government The Small Business Administration (SBA) is an independent agency of the federal government that aids. and evaluation of initiatives to promote entrepreneurship. SBA delivers its services through an extensive network of field offices and partnerships with public and private organizations. and outreach initiatives.org/ Collegiate Entrepreneurs’ Organization is a global entrepreneurship network serving approximately 30. the research program is based on an assessment of the level of national entrepreneurial activity in participating countries and an exploration of the role of entrepreneurship in national economic growth.00.gov/ The Entrepreneurs’ Organization (EO) is a global membership organization of more than 6.org/ nde/global/index. Its Web site provides wide-ranging information on starting and running a small business.org/ FastT is a comprehensive entrepreneurship education program that inrac cludes practical.org/Default. Started in 1999 with 10 countries. http://www. Inc. Centre for Entrepreneurship. http://www.edu/eship/ research-publications/ The Center for Rural Entrepreneurship supports efforts to stimulate entrepreneurship in communities throughout rural America.energizingentrepreneurs. One of the largest foundations in the United States. learn from others. http://www. USA) describes its mission as leading the global advancement of entrepreneurship education and practice through teaching.” The Web site includes links to publications and programs. It includes reports about steps being taken around the world to encourage innovation and new enterprise growth. research.sba. hands-on business development courses and workshops for entrepreneurs as well as entrepreneurship curriculum for college students.babson. counsels. A partnership of Babson College and the London School of Economics. and to facilitate the commercialization of new technologies.org/department/0.S. and share their experiences.org/ The Global Entrepreneurship Monitor (GEM) is a not-for-profit academic research consortium that aims to make international research data on entrepreneurial activity readily available. FastT programs are currently provided in 50 U. or manage a small business. and local economic and employment development. SMEs. http://www.000 business owners who share a common desire to grow their businesses.S.sife. The Web site features global reports and national summaries.gemconsortium.org/page. implementation.com is an online and print small business publication that provides information to help start. http://www. Resources for Aspiring and Existing Entrepreneurs U. publications.php?mode=privateview&pageID=124&navID=24 Entrepreneur.publicforuminstitute. http://www.000 students. success stories.org/Downloads/ Academic.org/ My Own Business. The Web site includes the Commission’s 2004 Report.” http://www. http://www3.undp. Research. including news and research. and protects the interests of small business. SIFE challenges teams of college students to develop community outreach projects that include entrepreneurship.fasttrac.htm Students in Free Enterprise is a global non-profit organization active in 47 countries that works in partnership with business. complete and in-depth online course on how to start a business. The Web site includes a free.S. is a nonprofit organization dedicated to providing free training and resources to aspiring entrepreneurs.eonetwork.html The World Bank’s The Doing Business Project provides objective measures of business regulations and their enforcement across 178 countries and selected cities at the subnational and regional level.myownbusiness. http://www.org/ International Agencies The Organization for Economic Cooperation and Development. it carries out globally focused entrepreneurship research.oecd. and Private Resources The Arthur M. and reports. In partnership with the London School of Business.org/ The Public Forum Institute.kauffman. the Kauffman Foundation Web site includes links to research.org/cpsd/ indexF.html The United Nations Development Program.aspx The Ewing Marion Kauffman Foundation is a major supporter of research and grants to promote entrepreneurship. and Local Development “is in charge of disseminating best practices on the design. assists. GEM 2007 conducted research in 42 countries. grow.entrepreneur.doingbusiness. http://www. and research. Commission on the Private Sector and Development was created to address the obstacles blocking the expansion of the indigenous private sector in developing nations. National Dialog on Entrepreneurship provides a wide range of information on entrepreneurship. It holds an annual entrepreneurship research conference and publishes Frontiers of Entrepreneurship Research.

Its important Part 2 What Makes Someone an Entrepreneur? download PDF Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . often as a bridge from the self-funded stage to the point in which a business can attract venture capital. the market and competition. the operating plan. and artistic works that have been fixed in a tangible or material form. Assets: Items of value owned by a company and shown on the balance sheet. etc. capital often refers to the funds and other assets invested in the business venture. It contains a thorough analysis of the product or service being offered. all of the company's costs. balance sheet. scientific. covering current status. expected needs. Cash flow: The difference between the company's cash receipts and its cash payments in a given period. Collateral: An asset pledged as security for a loan. It grants exclusive rights to the work's creator for a specified period of time. equipment. listing assets as well as liabilities. Business plan: A written document detailing a proposed venture. Breakeven point: Dollar value of sales that will cover. It refers to the amount of money actually available to make purchases and pay current bills and obligations.Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 20. coaching. inventory. and the management as well as profit. Cash flow statement: A summary of a company's cash flow over a period of time. Corporation: A business form that is an entity legally separate from its owners. For entrepreneurs. but not exceed. and projected results for the enterprise. the marketing strategy. and support services are provided to entrepreneurs and early-stage businesses at a free or reduced cost. Bridge finance: Short-term finance that is expected to be repaid quickly. Balance sheet: Summary statement of a company's financial position at a given point in time. Business incubator: This is a form of mentoring in which workspace. Copyright: Copyright is a form of legal protection for published and unpublished literary. Entrepreneurship: Glossary of Terms Angel investors: Individuals who have capital that they are willing to risk. including cash. Capital: Cash or goods used to generate income. Angels are often successful entrepreneurs who invest in emerging entrepreneurial ventures. both fixed and variable. Browser: A computer program that enables users to access and navigate the World Wide Web. and cash flow projections.

Niche marketing: Identifying and targeting markets not adequately served by competitors. advertising.Part 10 Selling Online download PDF features include limited liability. and the resulting profit or loss over a specified period of time. Entrepreneur: A person who organizes. E-commerce: The sale of products and services over the Internet. offering for sale. Short-term liabilities are due within a year. Income statement: Also known as a "profit and loss statement. selling." it shows a firm's income and expenses. Equity: An ownership interest in a business. and raw materials owned by a company. bank loans. spa Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . Marketing plan: A document describing a firm's potential customers and a comprehensive strategy to sell them goods and services Networking: (1) Developing business contacts to form business relationships. promotion. Marketing: The process of researching. Depreciation: The decrease in the value of assets over their expected life by an accepted accounting method. . easy transfer of ownership. increase knowledge. operates. Joint venture: A legal entity created by two or more businesses joining together to conduct a specific business enterprise with both parties sharing profits and losses. and other obligations. Inventory: Finished goods. expand a business. pricing. promoting. and unlimited life. Liabilities: Debts a business owes. and assumes the risk for a business venture. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF spacer Limited partnership: A business arrangement in which the day-to-day operations are controlled by one or more general partners and funded by limited or silent partners who are legally responsible for losses based on the amount of their investment. such as allocating the cost of an asset over the years in which it is used. payroll. of any size or type. taxes. rather than paid employees. Internet: The vast network of networks connecting millions of individual and networked computers worldwide. and packaging. including accounts payable. Marketing covers a broad range of practices. publicity. or serve the community. Line of credit: (1) An arrangement between a bank and a customer specifying the maximum amount of unsecured debt the customer can owe the bank at a given point in time. while long-term liabilities are due in a period of time greater than a year. including advertising. Liquidity: The ability of an asset to be converted to cash as quickly as possible and without any price discount. etc. for standard services such as accounting. Home-based business: A business. and distributing a product or service. or selling an invention for a limited time in exchange for public disclosure of the invention when the patent is granted. Intangible assets: Items of value that have no tangible physical properties. (2) A limit set by a seller on the amount that a purchaser can buy on credit. (2) Linking computers systems together. Patent: A property right granted to an inventor to exclude others from making. using. sharing profits and losses. Outsourcing: The practice of using subcontractors or other businesses. whose primary office is in the owner's home. information technology. such as ideas. Partnership: Legal form of business in which two or more persons are co-owners. work in process of manufacture.

Search engine: A computer program that facilitates the location and the retrieval of information over the Internet. counsels. audio. can be renewed forever as long as they are being used in business. It is sponsored by the SBA to provide consulting to small businesses.S. Unsecured loan: Short-term source of borrowed capital for which the borrower does not pledge any assets as collateral. such as Bill Gates of Microsoft. World Wide Web: The part of the Internet that enables the use of multimedia text. unlike patents.gov. assists. Trademarks. Links to other internet sites should not be construed as an endorsement of the views contained therein. Social entrepreneurs often work through non-profit organization and citizen groups. Seed financing: A relatively small amount of money provided to prove a concept. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products . S. Venture investors: An institution specializing in the provision of large amounts of long-term capital to enterprises with a limited track record but with the expectation of substantial growth. it may involve product development and market research. graphics. but they may also work in the private or governmental sector. symbols. Tell us how you like this publication by contacting us at: iiptcp@state. or colors that distinguish goods and services. and protects the interests of small business.download complete set of PDFs zip file Small Business Administration (SBA): Created in 1953. Service Core of Retired Executives (SCORE): A non-profit organization dedicated to entrepreneurs' education and the success of small business. and video. Department of State's Bureau of International Information Programs. Next>>> Part 21 Additional Readings This site is produced and maintained by the U. Start-up financing: Funding provided to companies for use in product development and initial marketing. names. and manage a venture to make social change. Sole proprietorship: A business form with one owner who is responsible for all of the firm's liabilities. It is usually funding for firms that have not yet sold their product commercially. Social entrepreneur: Someone who recognizes a social problem and uses entrepreneurial principles to organize. have become social entrepreneurs. sounds. Trademark: A form of legal protection given to a business or individual for words. The venture capitalist also may provide varying degrees of managerial and technical expertise. Variable costs: Costs that vary as the amount produced or sold varies. Many successful entrepreneurs. create. federal government that aids. Server: A computer system to provide access to information or Web sites. Small Business Development Centers (SBDC): SBA program using university faculty and others to provide management assistance to current and prospective small business owners. it is an independent agency of the U.

S. easy transfer of ownership. balance sheet. Cash flow statement: A summary of a company’s cash flow over a period of time. bank loans. Assets: Items of value owned by a company and shown on the balance sheet. such as allocating the cost of an asset over the years in which it is used. Entrepreneur: A person who organizes. and unlimited life. Businessplan: A written document detailing a proposed venture. the marketing strategy. and raw materials owned by a company. It grants exclusive rights to the work’s creator for a specified period of time. and projected results for the enterprise. and artistic works that have been fixed in a tangible or material form. Its important features include limited liability. scientific. It contains a thorough analysis of the product or service being offered. both fixed and variable. taxes. equipment. Cash flow: The difference between the company’s cash receipts and its cash payments in a given period. etc. expected needs. listing assets as well as liabilities. Entrepreneurship: Glossary of Terms Angel investors: Individuals who have capital that they are willing to risk. Copyright: Copyright is a form of legal protection for published and unpublished literary. of any size or type. Collateral: An asset pledged as security for a loan. often as a bridge from the self-funded stage to the point in which a business can attract venture capital. and cash flow projections. the market and competition. It refers to the amount of money actually available to make purchases and pay current bills and obligations. capital often refers to the funds and other assets invested in the business venture. and the management as well as profit. Internet: The vast network of networks connecting millions of individual and networked computers worldwide. Angels are often successful entrepreneurs who invest in emerging entrepreneurial ventures. work in process of manufacture. Liabilities: Debts a business owes. E-commerce: The sale of products and services over the Internet. Bridge finance: Short-term finance that is expected to be repaid quickly. Balance sheet: Summary statement of a company’s financial position at a given point in time. while long-term liabilities are due in a period of time greater than a year. including cash. Browser: A computer program that enables users to access and navigate the World Wide Web. Capital: Cash or goods used to generate income. Income statement: Also known as a “profit and loss statement. such as ideas. and support services are provided to entrepreneurs and early-stage businesses at a free or reduced cost. and assumes the risk for a business venture. Inventory: Finished goods. Depreciation: The decrease in the value of assets over their expected life by an accepted accounting method. Department of State/Bureau of International Information Programs . all of the company’s costs. and other obligations. Corporation: A business form that is an entity legally separate from its owners. and the resulting profit or loss over a specified period of time. Breakeven point: Dollar value of sales that will cover. Joint venture: A legal entity created by two or more businesses joining together to conduct a specific business enterprise with both parties sharing profits and losses. coaching. For entrepreneurs. Short-term liabilities are due within a year. Equity: An ownership interest in a business. covering current status. U.” it shows a firm’s income and expenses. inventory. Home-based business: A business. whose primary office is in the owner’s home. Intangible assets: Items of value that have no tangible physical properties. including accounts payable. the operating plan. but not exceed.principles of Entrepreneurship >>>> 20. Business incubator: This is a form of mentoring in which workspace. operates.

Social entrepreneurs often Liquidity: The ability of an asset to be converted to cash as quick. etc. ly served by competitors. symbols. Venture investors: An institution specializing in the provision of large amounts of long-term capital to enterprises with a limited Patent: A property right granted to an inventor to exclude others track record but with the expectation of substantial growth. Start-up financing: Funding provided to companies for use in product development and initial marketing. Partnership: Legal form of business in which two or more persons are co-owners.multimedia text. sponsible for all of the firm’s liabilities. Department of State/Bureau of International Information Programs . or selling an invention for venture capitalist also may provide varying degrees of managea limited time in exchange for public disclosure of the invention rial and technical expertise. assists. sharing profits and losses. using. promotion. Networking: (1) Developing business contacts to form business relationships. Seed financing: A relatively small amount of money provided to prove a concept.work through non-profit organization and citizen groups. U. and manage a venture to make social change. graphics. The from making. increase knowledge. names. Marketing plan: A document describing a firm’s potential customers and a comprehensive strategy to sell them goods and services. Marketing covers a broad range of practices. It is sponsored by the SBA to provide consulting to small businesses. promoting.Limited partnership: A business arrangement in which the day-today operations are controlled by one or more general partners and funded by limited or silent partners who are legally responsible for losses based on the amount of their investment. they may also work in the private or governmental sector. Many successful entrepreneurs. specifying the maximum amount of unsecured debt the customer can owe the bank at a given point in time. it is an inde. T rademarks.renewed forever as long as they are being used in business.the borrower does not pledge any assets as collateral. create. payroll. Sole proprietorship: A business form with one owner who is repricing. and become social entrepreneurs. Search engine: A computer program that facilitates the location and the retrieval of information over the Internet. when the patent is granted. such as Bill Gates of Microsoft. and packaging.S. unlike patents. audio. and uses entrepreneurial principles to organize. offering for sale. it may involve product development and market research. for standard services such as accounting. or serve T rademark: A form of legal protection given to a business or inthe community. but ly as possible and without any price discount. Unsecured loan: Short-term source of borrowed capital for which Outsourcing: The practice of using subcontractors or other busi. advertising. and protects the interests of small business. rather than paid employees. and video. Service Core of Retired Executives (SCORE): A non-profit organization dedicated to entrepreneurs’ education and the success of small business. It is usually funding for firms that have not yet sold their product commercially. distributing a product or service. information technology.S. V ariable costs: Costs that vary as the amount produced or sold varies. World Wide W The part of the Internet that enables the use of eb: Small Business Administration (SBA): Created in 1953. sounds. (2) Linking computers systems together. expand a business. pendent agency of the U. have Marketing: The process of researching. nesses. federal government that aids. counsels. including advertising. can be Niche marketing: Identifying and targeting markets not adequate. Small Business Development Centers (SBDC): SBA program using university faculty and others to provide management assistance to current and prospective small business owners. or colors that distinguish goods and services. dividual for words. publicity. Server: A computer system to provide access to information or Line of credit: (1) An arrangement between a bank and a customer Web sites. (2) A limit set by a Social entrepreneur: Someone who recognizes a social problem seller on the amount that a purchaser can buy on credit. selling.

Conference Proceedings. William A. 2004. http://www. Hoboken.1. State Policies Make a Difference for Those Facing Risk. http://www. 2006. Part 2 What Makes Someone an Entrepreneur? download PDF Part 3 Why Become an Entrepreneur? download PDF Part 4 Decisions and Downfalls download PDF Part 5 Go It Alone or Team Up? download PDF Part 6 Choosing a Product and a Market download PDF Part 7 Entry Strategies for New Ventures download PDF Part 8 Marketing Is Selling download PDF Part 9 The Entrepreneur and the Internet download PDF . Ewing Marion Kauffman Foundation." Bridges. Entrepreneurship for Dummies. http://www. MO: Kauffman Center for Entrepreneurial Leadership.1162/ itgg. March 7.org/doi/pdf/10. Niels Bosma and Rebecca Harding.pdf. 2007.org/ cwp/jsp/redirect. Drucker. Understanding Entrepreneurship: A Research and Policy Report.gemconsortium.2006. "Entrepreneurs Thrive in America: Federal. NJ: Prentice Hall. The Council of State Governments. Zoltan J. Kansas City. 3rd Edition. CA: IDG Books Worldwide. Kansas City: Ewing Marion Kauffman Foundation. Missouri: Federal Reserve Bank of St. Cohen.asp?fid=532 and http://64. http://www. 2005. The Portable MBA in Entrepreneurship.sba. Kathleen.97-107. Thomas A. St. http://research. New York: Harper Business. GEM 2006 Summary Results. The Entrepreneur & Small Business Problem Solver.97 Allen. NJ: John Wiley & Sons.pdf Hiam.1.167.mitpressjournals. June 1999. Sponsored by the U.stlouisfed.. Peter F. Putting It Together: The Role of Entrepreneurship in Economic Development.org/ Bygrave.htm Garrett. 3rd Edition. "How is Entrepreneurship Good for Economic Growth?" Innovations. Foster City. NJ: John Wiley & Sons. Inc. and Andrew Zacharakis.org/publications/br/2005/a/pages/2-article. Alexander Watson and Karen Wise Olander. Michael Camp. Louis.104/search? q=cache:XeMKRlP0P-wJ:www.jsp?&resourceId=Research/Resource/Report_070. 2005. UK. http://www.html. Hoboken. Babson Park. editors. The National Lieutenant Governors Association. 1996. MA and London Business School London. Englewood Cliffs. Small Business Administration Office of Advocacy. William D. Innovation and Entrepreneurship. The Entrepreneur's Complete Sourcebook. 1985.kauffman.gemconsortium. MIT Press Journal (Winter 2006): pp.org/download/1203085057277/GEM%20Global%201999% 20report.233. Reynolds.org/download. Additional Readings Acs. Paul D.gov/advo/research/conf_summary. The Ewing Marion Kauffman Foundation.. 2001. Global Entrepreneurship Monitor: 1999 Executive Report. Michael Hay and S.S. Louis (Spring 2005).Español | Français | C A A : 8 9| | | USINFO > Publications TABLE OF CONTENTS Introduction Part 1 What Is Entrepreneurship? download PDF principles of Entrepreneurship 21.gemconsortium. Founding and Sponsoring Institutions: Babson College.

pdf spa Part 13 The Entrepreneur's Need for Capital download PDF Part 14 Sources of Financing download PDF Part 15 Intellectual Property: A Valuable Business Asset download PDF Part 16 The Strengths of Small Business download PDF Part 17 Entrepreneurship Aids the Economy download PDF Part 18 The Importance of Government Policies download PDF Part 19 Resources for Aspiring and Existing Entrepreneurs download PDF Part 20 Entrepreneurship: Glossary of Terms download PDF Part 21 Additional Readings download PDF . http://www. NY: The Free Press. High Reward: Starting and Growing Your Business with Minimal Risk. Doing Business 2007: How to Reform.Part 10 Selling Online download PDF Jacksack. 2000. with Jeffrey L. Low Risk. Karlgaard. Part 11 Choosing a Form of Business download PDF Part 12 Creating a Business Plan download PDF spacer United Nations Development Programme. New York.: The International Bank for Reconstruction and Development / The World Bank." Forbes. William J. Volume 11. http://www. Cruikshank. Number 1 (January 2006). 2004. http://www. D.html Reiss.com/2004/11/19/cz_rk_1119drucker_print. "Entrepreneurship and Small Business. 1999.org/cpsd/indexF. 2006. Rich. November 19. Run & Grow: A Successful Small Business. Franklin Lakes.C. Bob. Department of State. Washington. forbes.doingbusiness. 3rd Edition. 2000. Commission on the Private Sector and Development. Susan M. 5th Edition.org/ documents/DoingBusiness2007_FullReport.com. NJ: Career Press. Unleashing Entrepreneurship: Making Business Work for the Poor. http://usinfo. New York: United Nations Development Programme." eJournal USA: Economic Perspectives.S. Chicago.htm World Bank. Stolze.gov/journals/ites/0106/ ijee/ijee0106. Start Up: An Entrepreneur's Guide to Launching and Managing a New Business. "Peter Drucker on Leadership.state. Start. IL: CCH Incorporated.html U. 2004.undp.

Department of State's Bureau of International Information Programs. This site is produced and maintained by the U.download complete set of PDFs zip file Tell us how you like this publication by contacting us at: iiptcp@state. Links to other internet sites should not be construed as an endorsement of the views contained therein.gov. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .S.

and Andrew Zacharakis. Englewood Cliffs.S. Founding and Sponsoring Institutions: Babson College. The Entrepreneur & Small Business Problem Solver. http://research.97 Allen. St. 2006.stlouisfed.1. D. 2007.sba. Commission on the Private Sector and Development. http://www.167. 3rd Edition. Kansas City: Ewing Marion Kauffman Foundation. Niels Bosma and Rebecca Harding. GEM 2006 Summary Results.233. 2004.1. org/cpsd/indexF.” eJournal USA: Economic Perspectives. Understanding Entrepreneurship: A Research and Policy Report. Louis.” Bridges. The Portable MBA in Entrepreneurship. 2000. NJ: John Wiley & Sons. Thomas A. 2005.org/cwp/jsp/redirect. Start Up: An Entrepreneur’s Guide to Launching and Managing a New Business.2006. “Peter Drucker on Leadership. 2001.com. William D. Kansas City. Stolze. MO: Kauffman Center for Entrepreneurial Leadership. Department of State.htm World Bank.: The International Bank for Reconstruction and Development / The World Bank. CA: IDG Books Worldwide. 2004.html. 2000.org/doi/pdf/10. 2005. “Entrepreneurs Thrive in America: Federal. Conference Proceedings. Entrepreneurship for Dummies. Unleashing Entrepreneurship: Making Business Work for the Poor. IL: CCH Incorporated.forbes. United Nations Development Programme.state. MA and London Business School London. Department of State/Bureau of International Information Programs . New our Y NY: The Free Press. William J. http://www.kauffman. Cohen. The Entrepreneur’s Complete Sourcebook.” Forbes. Hoboken. Cruikshank. Missouri: Federal Reserve Bank of St.com/2004/1 1/19/ cz_rk_1 19drucker_print.104/ search?q=cache:XeMKRlP0P-wJ:www. http://www. Inc. http://www. jsp?&resourceId=Research/Resource/Report_070.undp. UK. Run & Grow: A Successful Small Business. New Y ork: Harper Business. State Policies Make a Difference for Those Facing Risk. Zoltan J.gemconsortium. Alexander Watson and Karen Wise Olander. The Council of State Governments.C. Innovation and Entrepreneurship. Low Risk.html U. org/documents/DoingBusiness2007_FullReport. New Y United Naork: tions Development Programme. The Ewing Marion Kauffman Foundation. Rich.. Ewing Marion Kauffman Foundation.gemconsortium. William A. Jacksack. Bob. Washington. org/ Bygrave. Chicago. 1985. Babson Park. 2004.pdf.gov/journals/ ites/0106/ijee/ijee0106. ork.97-107. editors.html 1 Reiss. 2006. Michael Camp. Kathleen. “How is Entrepreneurship Good for Economic Growth?” Innovations. Susan M. http://www.mitpressjournals. June 1999. 5th Edition. http://www. Michael Hay and S.. Additional Readings Acs. 3rd Edition. Number 1 (January 2006). http://www. http://www. with Jeffrey L. November 19. Global Entrepreneurship Monitor: 1999 Executive Report.org/download/1203085057277/GEM%20Global%201999%20report. Volume 1 1. NJ: Career Press. Small Business Administration Office of Advocacy.asp?fid=532 and http://64. MIT Press Journal (Winter 2006): pp. The National Lieutenant Governors Association. http://usinfo. NJ: John Wiley & Sons. Doing Business 2007: How to Reform. Hoboken.gemconsortium.doingbusiness. Paul D. Sponsored by the U. pdf Hiam. 3rd Edition. Drucker. Peter F.pdf U.org/publications/ br/2005/a/pages/2-article. Karlgaard. Start. March 7.gov/advo/research/ conf_summary. Reynolds. Foster City.S. Putting It T ogether: The Role of Entrepreneurship in Economic Development. NJ: Prentice Hall.1 162/ itgg. Louis (Spring 2005). 1999. org/download. Franklin Lakes.S. High Reward: Starting and Growing Y Business with Minimal Risk. 1996.principles of Entrepreneurship >>>> 21. “Entrepreneurship and Small Business.htm Garrett.

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SÖa "f/c eâg ‰Áÿ T N΀ xn[šVà} ^v–MON˜Î–i0 R¨dGb a R0uO`ç0 R N [ƒ•Øgen•NŽ~ÏšŒ0 10 •QN N • U.SAk!RªR›0 N*w kcv„R ‘Ñ 6 • RŸbMf/R¨R›ÿ béN§TÁN N ^ W: %Ï •}PDFe‡Nö(‚ñe‡) pum.Español | Français | ˆª‰ ‰ ‰ lûaÈlÄ | | | USINFO > Publications vî_U RMŠ 1 OUŒ N R N c R N |¾y^ÿ •} PDFe‡Nö(‚ñe‡) SW N:R N € ÿ 2. •}PDFe‡Nö(‚ñe‡) %Ï 9 R pí`Åf/[ü•ôR [ƒ†}q6N N € R N TŒOÝc ÿ N ~év„R›‘Ï0 N [ƒO•O lèÿ N [¶€ýY ‹ôg NÖNº N N € N N’€T•Q €ýSÖNã‰ÄR ÿ OF€ýO•NÖNìOÝc QÏ\ O SÈg a N ^v\ QvNÖNºv„lèa R›T •}PDFe‡Nö(‚ñe‡) %Ï •êOágen•NŽTh[ƉÄR € eâ€ýT. %Ï eöSÈN ˆ«•{f •}PDFe‡Nö(‚ñe‡) "|¾f ^8‹ÆR$e-R›ÿ wå‹Æb ~ÏšŒR W(vøQs˜†Wß~Ï„%b _ˆY v„wå‹Æb ~ÏšŒ0 ‚oY}v„vô‰Éÿ Tsw@aˆL0 Nº^vN wå•S•ê]ñv„|¾f NKY .SØ• 0 dÅ••˜†[ü0 [Ìg pí`Å0 •êOáTŒ"|¾f "0 3 N:OU‰•PZR N N € ÿ %Ï R N N Y)ÿ e°€ýR›f/c¨R¨N§u N*N e-[fN`0 e°W‹N§TÁ0 g R¡b ~Ï„%j!_ € v„pua 0 0 [ƒOÕۗie°TŒ•Ûke •}PDFe‡Nö(‚ñe‡) U„NŽcЕî^v•óQú–H‰Ä` N v„R € N v„RäYK]åO\ÿ –6kµ0 •î˜˜v„•Çz 4 kcxnQ³{Vÿ N ••QMY1‹ï %Ï _Õô_×OSs°NŽR ryR+f/W(g w f/N 0 R kÏY)]åO\eö•ôSï•••¾12\ TŒR a eöNåN ÿ u •ó •}PDFe‡Nö(‚ñe‡) ‰ÄR _Ř{O4–•RäYKRªR›bM€ý‰Áb €ýO•h¦`ób 5 SU^r•Øf/T N O ÿ %Ï •}PDFe‡Nö(‚ñe‡) •2€ N € N ‚ [š‰•SÖ_—b ‘Ñ”±Sêf/VÞb¥0 e-SØS O‹Y‚ÿ g |Õp¹0 RŸv„g•Qv_:pÈv„a?g [ùN 0 [ƒS bì—ç`'TŒv~b˜N N € € Š c v„|¾ ÿ W(N]k!x°XÁNKT N͉•PZ{.SØ• ˜~SÊ^ f/”ˆ[ùN v„^ W:— lB•Å• N N O\QúSÍ^”v„€ýR›0 € ÿ € Yyg ^vN R _ [ƒa N†N Tsw@eâbgw [¶SêSVlÕ_ W:s°[ž0 •Ùh7N NŽf/ÿ OMR | 7 e°O N N v„„%• {Vue OF˜~[¢N_‰•Npfn• v„R ˆwÿ •ÙOMR Q’Y1S»•ÙN›˜~[¢v„˜Î–iÿ •}PDFe‡Nö(‚ñe‡) nᕳ˜~[¢v„— ‰•0 v„€ýR›0 [ƒˆhs°N:g 8 „%• N %Ï dÅ••˜†[üf/c Nå[žs°0 [Ìg QI0 R6[š‰ÄzàTŒxnzËvîh €ýR›xnO݉Äzà_—R0•u[ {INŽ• U. NÀNHh7v„Nº€ýb 2 NÀNHh7v„Nº €ýb N N:R N € ÿ •} PDFe‡Nö(‚ñe‡) NÀNHh7v„Nº€ýb N:R N € ÿ [ùkdO<NN^vl¡g N [šNK‰Ä0 b RŸv„R N € N-g N T ^t NÖNìv„[fS†TŒ•DS†N_N vøT 0 OF x zvNºTXSÑs°ÿ Y'Y epb RŸR N € Ž«N •ýg N N›QqT v„ry e°0 N _à •ô_×0 •2€ N ‚ 0 pum.

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One of the most effective steps is installing security software. Or. A Web site needs a name and an address.com).” New businesses will develop solutions to enhance the Internet user’s experience. the entrepreneur can hire a firm to create one or purchase computer software to create it on her own. (The Web is a collection of text and multimedia documents linked to create a huge electronic library. for instance. The user types key words for a subject on the computer.com) and Google (http://google. For example. the two are usually the same. Many commercial “hosting services. they run continuously! To create a Web site for her business. which indicates a “commercial” site. photographs. an entrepreneur can pay to place a colorful advertisement on non-competitive Web sites.” E-mail can be used even for marketing.” U.net is a Web site that lists registrars by country and language used. usually at no cost. etc. and businesses provide information on the Internet. offers educational materials and other resources. universities.principles of Entrepreneurship >>>> 9. An entrepreneur can find information on almost any subject very rapidly by using the Internet’s World Wide Web.info/). and often for free.net). Among the most popular search engines are Yahoo! (http:// yahoo. Online shoppers. Http://rs. The entrepreneur also needs a piece of property in cyberspace. Another is setting up an Internet firewall to screen and block undesired traffic between a computer network and the Internet. A quick and relatively inexpensive way to send letters. Entrepreneurs also can provide information about their Web sites to well-known Internet search engines. and customers. There is a lot of information about computer safety available. Various forms of computer software are available to protect documents from unauthorized access or alteration so that they can be securely shared and easily authenticated.com has already been registered. The items are linked electronically to the actual documents so that Internet users can read them on their computer screens. Safe Use: Just as shopkeepers lock their storefronts. staysafeonline. Communications: An entrepreneur must communicate with many people—suppliers. Research: Starting a business takes lots of research. Web site names and addresses must be registered. brochures— anything having to do with the new firm. Many universities offer courses that teach how to build a Website. the Internet offers significant opportunities to build new businesses and enhance existing enterprises. the challenges posed by the Internet are “opportunities to delight customers and create exciting entrepreneurial ventures.S. Advertising banners usually link back to the advertised firm’s Web site. to other Internet users is with electronic mail or “e-mail. organizations. On the Internet. Department of State/Bureau of International Information Programs . Web sites can be created and updated more quickly and inexpensively than printed promotional materials. Web site promotion is critical. offer an opportunity for entrepreneurs to introduce a new business and its products and/or services to a huge audience. In general. Dot net (. such as ones for complementary products. clicks the enter button. distributors. Lange. an alternate ending. entrepreneurs who use the Internet need to take steps to keep their computer systems safe from the potential hazards of security breaches and viruses. As Julian E. often use search engines to find businesses that provide specific products and services. The Entrepreneur and the Internet T he Internet—a vast computer network linking smaller computer networks—has revolutionized commerce by bringing together people from all over the globe. for example. The address of the online business is expressed as a Uniform Resource Locator (URL). is often used when a specific Web site name ending in . most search engines will promote a Web site when a selected set of search terms is used. Moreover. Promotion: Web sites. the National Cyber Security Alliance (http://www. It usually ends in dot com (. Lange suggests that. also. Many of its features can be used to shape a new business. associate professor of entrepreneurship at Babson College. For a fee. Existing businesses will take advantage of myriad Internet applications – from customer service to order processing to investor relations. pages of print and visual information that are linked together electronically. stationery. rent space on their large computers (called servers) for a small monthly or annual fee.” called Internet service providers (ISPs). where her Web site will reside. A technology consultant on contract can install these and other computer defenses.) Many government agencies. has said..com).internic. Good business Web site names are easy to remember and evoke the firm and its products or services. “For creative entrepreneurs with limited resources. reports. A Web site address can be put on business cards. an organization devoted to raising Internet security awareness. The easiest way to find information on the Web is by using a search engine—a data retrieval system. for many entrepreneurs. and receives a list of materials– often within seconds.

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000 or less. Many entrepreneurs start businesses with $5. the monthly expenditures are likely to exceed the receipts. U. In the mid-1970s. by initially working out of one’s home rather than leasing an office or leasing office equipment rather than buying it. just enough to establish the business. Therefore. Meanwhile. the best financial tools are the income statement and cash flow statement. The Entrepreneur’s Need for Capital N ew businesses rarely show a profit in the early months of operation. For this task. Cash flow refers to the amount of money actually available to make purchases and pay current bills and obligations. In 1997 Bill Martin and .300 — enough for a makeshift production line. the entrepreneur still has to pay his bills. By calculating this forecast on a cumulative basis. It doesn’t necessarily take a lot of cash to create a successful business. will result in a growing negative amount. This forecast is used to project the money required to finance the operation annually.principles of Entrepreneurship >>>> 13. the entrepreneur can seek funding and concentrate more clearly on launching the new business. the cumulative cash f low. For this reason. Generating sales takes time. goods are shipped out before payment is received. and $30 for a month’s hosting fee — to start www. Therefore. experts recommend that entrepreneurs add at least 20 percent to the financial needs calculated in the cash flow statement to create a safety net for unforeseen events. It is important to attach notes to these forecasts to explain any unusual expenses or assumptions used in the calculations. • An income statement sets out all of the entrepreneur’s projected revenues and expenses (including depreciation and mortgages) to determine a venture’s profits per month and year. There are many ways to reduce expenses: for instance. and receipts are not usually sufficient to offset startup costs and monthly expenses. A critical point for a new business occurs when monthly sales receipts are enough to cover monthly expenses. The cumulative cash flow amount reached just before it reverses direction indicates approximately how much capital the new business will need. invest in some inventory. the negative cumulative cash flow will begin to decrease and move toward a positive one. However. $70 to register their Web domain name. • A cash flow statement estimates anticipated cash sales as well as anticipated cash payments of bills. all entrepreneurs need to estimate how much cash they need to cover expenses until the business begins to make a profit. Department of State/Bureau of International Information Programs . It is the difference between cash receipts (money taken in) and cash disbursements (money spent) over a specific time period. For most of the f irst year. which adds each month’s total to that of previous months.S. the entrepreneur can forecast his company’s overall capital needs at start up.ragingbull. Depreciation is a method to account for assets whose value is considered to decrease over time.com. The monthly net cash f low shows how much an entrepreneur’s cash receipts exceed or fall short of monthly cash expenditures. Steve Jobs and Steve Wozniak started Apple Computer by selling a Volkswagen microbus and a Hewlett-Packard scientific calculator to raise $1. This estimate can be done on a weekly. and create some advertising materials. or quarterly basis. entrepreneurs need to estimate how much money they need and then raise that amount to transform their dream into a reality. Financial projections are inevitably somewhat inaccurate simply because every contingency cannot be predicted. With these estimates. At this point. In many cases. monthly. but experts recommend that it be done at least once every month for the first year or two of a new business. Greg Wright used the free Internet connections in their college dorm rooms and $175 — $75 for a New Jersey partnership fee. which is now a successful financial Web site.

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UFN yØ[Æ• ^8_—R0T T TŒOÝ[ÆSO‹®v„OÝb¤0 v„‘Me¹ÿ 100Y ^tgeYË~ÈN ˆ«Y Nºb@wå0 UFN yØ[ÆSêg W(g QsOá`og*ˆ«b«—2eöbMg SÖUFN yØ[ÆWGN b•bÅ•#Nû0 l¡g QvNÖv„lÕ_‹OÝb¤_b_ 0 g g T v„N N •}PDFe‡Nö(‚ñe‡) N÷P<0 a Y b«—2UFN yØ[ÆNåSÊ• •ÇSÍT ]åz b .‰•_b_ Y‚N ÿ 6 • béN§TÁN N ^ W: %Ï N •ÿ R)ÿ Y'Y N R)QA‹¸SÑf NºW(N [šg N –PQ…y•kbNÖNºR6• 0 R)g O\€ náT ÿ N R)SØb N O•u(0 ‹¸‹ú• ÿ U.‹ôgeÿ z NûOUN 7 e°O N %Ï rHgCÿ rHgCOÝb¤O\[¶TŒO\fò[¶{IR O\Qúgev„O\TÁ% R6gC0 UFN e9• % gC0 v„SŸR Qlo O\TÁ0 rHgCN OÝb¤ N v„„%• {Vue •}PDFe‡Nö(‚ñe‡) SêOÝb¤R NÎ_U—óR6TÁTŒNf|MR0u5• SшLgC0 ^•TŒ^ú{QO\TÁ0 Qv O\TÁv„Y UFN yØ[Æÿ gCTŒ\U‰ÈgC0 R¿€ R [ùNÖNºOÝ[Æv„Oá`o0 ^¦•ƒ_ëb ^•TJ‹¡R 8 „%• N {INŽ• U. wå‹ÆN§gCÿ 2 NÀNHh7v„Nº €ýb N N:R N € ÿ •} PDFe‡Nö(‚ñe‡) wå‹ÆN§gC[ùO N [¶€ Š f/N yÍ[••5v„•DN§0 wå‹ÆN§gCf/c u1 O N [¶SÊQv–ÇTXR • v„Qw gCv„wå‹Æ•"[Ì0 •Ù|{SÑf R • S bìe°N§TÁSÊQv T yð0 e°e¹lÕ0 e°]å‚z0 e°v„OÕ ‹¡R b e°‹¾‹¡0 eà_b•DN§VôN OON_• N OO0 € N R)gC0 rHgCTŒUFh gCR €ý–2kbzÞN‰[ùbKv×u(QvNÖN*Nºb 3 N:OU‰•PZR N N € ÿ •}PDFe‡Nö(‚ñe‡) OÝb¤wå‹ÆN§gCf/R¡[žv„UFN Q³{V0 N ˜yQú‚rv„R a ‚别NÖNºv×u(ÿ ]òb•QeQvN-v„eö•ôTŒ•D‘Ñ \1O N‰[ùbKSïNåS‹ONN÷h<ÿ VàN:NÖNì^vg*NØQú_ SÑb g.Español | Français | ˆª‰ ‰ ‰ lûaÈlÄ | | | USINFO > Publications vî_U RMŠ 1 OUŒ N R N c R N |¾y^ÿ •} PDFe‡Nö(‚ñe‡) SW [••5v„UFN •DN§ 15. 0 „%• SŸe™•'n•NåSÊO›•'• R6O\e¹lÕ0 N÷h<•ƒONv 9 R N N € N N’€T•Q ‹¡R •}PDFe‡Nö(‚ñe‡) {I_Sq6•ý\^NŽ S×OÝb¤ƒ 10 •QN N • U.ÿ ^vNåkdŸ R±R e°0 wå‹ÆN§gCSïNåNpSV0 •ŽQCe6Qe0 kÏN OMO N `oTŒT¨‹â0 Nåry‹¸gCe¹_ yß•Ab QM•9•l‹©0 N N›O N • •Ç˜•SÑry‹¸gCb QúU.N 4 kcxnQ³{Vÿ N ••QMY1‹ï R)SÊ •}PDFe‡Nö(‚ñe‡) 5 SU^r•Øf/T N [¶•ý^”_S[ùwå‹ÆN§gCg b@‹¤‹Æÿ NåO¿W(Qht S v„^ W:N-OÝb¤g Qs•DN§0 wå‹ÆN O ÿ •}PDFe‡Nö(‚ñe‡) wå‹ÆN§gCv„N.0 wå‹ÆN§gClÕ‰Äv„[—eèf/OÝ –œSÑf R • R a ƒ·SÖR)m¦ÿ •ZVÞ_ SÑb g. %Ï yØ[Æf/c "[¢b7T N:SÖ_—UFN SU0 z ut0 g " kdY zÞN‰O O w •}PDFe‡Nö(‚ñe‡) b@"bl•êYe‘ÌYeTŒrye¯Sa"(Iandiorio and Teska)v„T Iandiorio)‰ã‘Ê‹ôÿ •ýSï€ýf/UF N „%‹¡R yØ[Æ0 OÝ[Æ]å^•0 ‘Me¹0 ]å‚z0 RžNºbl•êYe‘ÌYe(Joseph S.b • •}PDFe‡Nö(‚ñe‡) epVý[¶•ýNå20^tN:–P0 QlQqb@g ‚.

11 • béO N UFh N _b_ gCÿ "R"h UFh gCOÝb¤h f 0 UFTÁgen•^vu(NåS:R+NŽQvNÖS‚[¶UFTÁv„SUrìb ‚ùgœu5• g R¡h QlSø(Apple Computer)O•u(ˆ«T¬c‰N ‹°N UFh |{O<ÿ ‹Æ0 h f g R¡v„cÐO›€ v„|{O<h ~ÄT 0 •}PDFe‡Nö(‚ñe‡) _×0 T e‡[Wb g VþhH0 O‹Y‚ÿ Sãv„‚ ‹ÆO\N:lèQŒUFh U 12 R6‹¢O N spacer N ~Ï„%‹¡R •}PDFe‡Nö(‚ñe‡) O N gCy• kbNÖNºO•u(NåPGNqw spa W(Y'Y epVý[¶ÿ UFh ~ÏlèQŒT bMQwY lÕ_‹eHR›ÿ Qvg eHg N NÅSïNå^ö••ÿ € N SïNåeà–P^ö• •-NpNÖNìryR+Uœr1v„QlSøv„N§TÁ% % O‹Y‚‚-kÔZ Z b N0u0l}•f0 rHgCTŒN R)gC•ý g N [šv„g e v„UFh St–•eö•ô€ XžP<0 13 R N N v„•Dg.— lB N N {Ç>>> \ W‹O 16 N v„O R¿ •}PDFe‡Nö(‚ñe‡) 14 •D‘Ñgen• N •}PDFe‡Nö(‚ñe‡) 15 wå‹ÆN§gCÿ N [••5v„UFN •DN§ •}PDFe‡Nö(‚ñe‡) 16 \ W‹O N N v„O R¿ •}PDFe‡Nö(‚ñe‡) 17 R N N ^&R¨~ÏmNSÑ\U •}PDFe‡Nö(‚ñe‡) 18 e?^œe?{Vv„‘͉•`' N •}PDFe‡Nö(‚ñe‡) 19 SïO›R N € Oá`o•Dn• N TŒg _×R N € R)u(v„ •}PDFe‡Nö(‚ñe‡) 20 R N N g/‹íˆh •}PDFe‡Nö(‚ñe‡) 21 ˆeQE– N ‹ûgPe™(‚ñe‡) •}PDFe‡Nö(‚ñe‡) N •}QhYWPDFe‡Nö(‚ñe‡)S‹•) e‡Nö ‹÷cÐQú[••5a ‰Áÿ iiptcp@state. .gov.

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the founding partner of Iandiorio and Teska. The time and money invested in perfecting an idea might be wasted if others could copy it. In most countries. and trademarks are used to prevent competitors from benefiting from an individual’s or firm’s ideas. There is no protection against discovery by fair means such as accidental disclosure. advertising schemes. and others. Trade secrets are valid only if the information has not been revealed.” explains Joseph S. or given away freely. patents. reverse engineering. Every entrepreneur should be aware of intellectual property rights in order to protect these assets in a world of global markets. Unlike copyrights or patents. Trademarks: A trademark protects a symbol. Intellectual Property: A Valuable Business Asset I ntellectual property is a valuable asset for an entrepreneur.in most countries. distribute copies of the work. and a new design. trademarks must be registered to be enforceable and renewed to remain in force. copyrights. An intellectual property lawyer can provide information and advice. Consumers use marks to find a specific firm’s goods that they see as particularly desirable . marketing programs. “Certainly. The main forms of intellectual property rights are: • Patents: A patent grants an inventor the right to exclude others from making. Barbie dolls or Toyota automobiles. A service mark similarly identifies the source of a service. sources of supply of scarce materials. The purpose of intellectual property law is to encourage innovation by giving creators time to profit from their new ideas and to recover development costs. to indicate the source of goods and to distinguish them from goods produced by others. In general. a new process. they can be renewed endlessly. formulas. composers. used individually or in combination. prepare derivative works. Intellectual property rights can be bought. “Customer lists. word. It consists of certain intellectual creations by entrepreneurs or their staffs that have commercial value and are given legal property rights. The most famous trade secret is the formula for CocaCola. Trademarks and service marks give a business the right to prevent others from using a confusingly similar mark. or architecture. For example. A fence or a lock cannot protect these intangible assets. or selling an invention for a fixed period of time . a new method. Iandiorio. which is more than 100 years old.from sound recordings to books. No other legal form of protection exists. a new promotional scheme. Department of State/Bureau of International Information Programs . but only the form in which it appears . or sources of supply with faster delivery or lower prices may be trade secrets. licensed. When the time period ends. an intellectual property law firm. sold.” Trade secrets are usually protected by contracts and nondisclosure agreements. which expire.for example. Protecting intellectual property is a practical business decision. Examples of such creations are a new product and its name. U. using. However. The owner of copy- righted material has the exclusive right to reproduce the work. Competitors could charge a lower price because they did not incur the startup costs. or perform or display the work publicly. a copyright does not protect the idea itself. secret processes. techniques. Apple Computer uses a picture of an apple with a bite out of it and the symbol (®) which means registered trademark. computer programs. many business’s trademarks become more valuable over time. or design. the patent goes into the public domain and anyone may use it. Some businesses have made millions of dollars by licensing or selling their patents or trademarks.principles of Entrepreneurship >>15.S. for up to 20 years. manufacturing know-how. or independent invention. offering for sale. • Copyright: Copyrights protect original creative works of authors. • Trade Secrets: Trade secrets consist of knowledge that is kept secret in order to gain an advantage in business. Instead. and business plans are all protectable.

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an entrepreneur can lessen the advantages of the large business vis-à-vis his operation and thereby increase his chances for success. where they held senior marketing and engineering positions. instead. Finally.not months or years. The strengths of large businesses are well documented. demographics. This can attract workers and inspire them to do their best. In particular. Many large firms have the credibility that a well-known name provides and the support of a large organization. How can a small firm possibly compete? In general. start-ups benefit from having senior partners or managers working on tasks below their highest skill level. The senior engineers were no longer supervisors.” the atmosphere of fun and excitement that is generated when people work together to create an opportunity for greater success than is otherwise available. They benefit from economies of scale because they manufacture large quantities of products. when entrepreneur William J. the key managers have stepped back from much more responsible positions in larger companies. New York. If a modification in the products or services offered — or even the business’s hours of operation — would better serve the customers. The Strengths of Small Business A ny entrepreneur who is contemplating a new venture should examine the strengths of small businesses as compared to large ones and make the most of those competitive advantages. The average entrepreneur or manager of a small business knows his customer base far better than one in a large company.” Another strength of a start-up is that the people involved — the entrepreneur. resulting in lower costs and potentially lower prices. desire to succeed. and this gives the new company an immense competitive advantage. many small businesses and start-up ventures have an intangible quality that comes from people who are fully engaged and doing what they want to do. almost compulsive. This is “the entrepreneurial spirit. Department of State/Bureau of International Information Programs . A small firm has the ability to modify its products or services in response to unique customer needs. This makes them work harder and better. or a competitor’s advertising. For example.principles of Entrepreneurship >>>> 16. a small firm usually can make decisions in days .S. or even family members — have a passionate. They have greater financial resources than small firms and therefore can offer a full product line and invest in product development and marketing. Another strength comes from the involvement of highly skilled personnel in all aspects of a startup business. As Stolze said in his book Start Up. the marketing expert had the title “president” but actually worked to get orders. Whether reacting to changes in fashion. any partners. they were designing products. They are able to innovate and create new products and services more rapidly and creatively than larger companies that are mired in bureaucracy. it is possible for a small firm to make changes. advisers. “In most start-ups that I know of. small start-up firms have greater flexibility than larger firms and the capacity to respond promptly to industry or community developments. With careful planning. three of the founders came from the huge corporation General Dynamics. Customers can even have a role in product development. In the new venture. employees. U. Stolze helped start RF Communications in 1961 in Rochester.

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gov/training/coursestake. UFR¡c SW ( •}PDFe‡Nö(‚ñe‡) 13 R N N %Ï TŒO N b@g Nºv„y>O QsYÔTXO W0OM0 b N e?^œSïNå^úzËW0e¹`'b v„˜†[üb TX0 QhVý`'Y v„•Dg.gov)VÞ{TN ‚.S.gov.— lB •}PDFe‡Nö(‚ñe‡) ^vefOÃUFuL˜†ˆ–bÅNûg ˜˜‹¨‹ºO 14 •D‘Ñgen• N •}PDFe‡Nö(‚ñe‡) N N {Ç>>> SïO›R 19 N € TŒg _×R N € R)u(v„Oá`o 15 wå‹ÆN§gCÿ N [••5v„UFN •DN§ •}PDFe‡Nö(‚ñe‡) 16 \ W‹O N N v„O R¿ •}PDFe‡Nö(‚ñe‡) 17 R N N ^&R¨~ÏmNSÑ\U •}PDFe‡Nö(‚ñe‡) 18 e?^œe?{Vv„‘͉•`' N •}PDFe‡Nö(‚ñe‡) 19 SïO›R N € Oá`o•Dn• N TŒg _×R N € R)u(v„ •}PDFe‡Nö(‚ñe‡) 20 R N N g/‹íˆh •}PDFe‡Nö(‚ñe‡) 21 ˆeQE– N ‹ûgPe™(‚ñe‡) •}PDFe‡Nö(‚ñe‡) ‹÷cÐQú[••5a ‰Áÿ iiptcp@state. Links to other internet sites should not be construed as an endorsement of the views contained therein. Department of State's Bureau of International Information Programs. This site is produced and maintained by the U.11 • béO N N _b_ •}PDFe‡Nö(‚ñe‡) spacer %Ï cÐO›Oá`o0 O N OU€ýY html) cКØR € ÿ N € N O‹Y‚ÿ •ŽVý\ O N {¡t \@g _ˆY RžN‹Y ÿ [ƒNì^•lÛR SÑT yÍQú spa •î‹¯Sð(u5‹Ýÿ 800-827-5722)SÊQv•QzÙ(www. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .sba.v„UFR¡•î˜˜0 12 R6‹¢O N N ~Ï„%‹¡R •Qv„Nº•ýSïNå– ‹ûQv•QN http://sba.

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R 1 OUŒ N R N |¾y^ÿ •} PDFe‡Nö(‚ñe‡) Y)O•b••D€ (Angel investors): båg •Dg.0 3 N:OU‰•PZR N e6e/^sˆap¹(Breakeven point): c U.N§TÁb g R¡v„m.e6Qe{INŽ(OFN ‡••D0 •…•Ç)Qvb@g g.Y c •D‘Ñb b••DNŽO N v„QvNÖ 6 • béN§TÁN N ^ W: •}PDFe‡Nö(‚ñe‡) s°‘ÑmA‘Ï(Cash flow): QlSøW(N v„[žg •D‘Ñ0 [š–6kµQ…v„s°‘Ñe6QeTŒs°‘Ñe/QúNK]î0 [ƒf/Sïu(NŽ‘Ç•-0 e/NØ^ SUSÊP• 7 e°O N s°‘ÑmA‘ψh(Cash flow statement): QlSø[ùN [š–6kµQ…s°‘ÑmA‘Ïv„`.~Ó0 N v„„%• {Vue •}PDFe‡Nö(‚ñe‡) bµb¼TÁ(Collateral): O\N:•7k>bµb¼v„•DN§0 „WO\gCCopyright): „WO\gCf/[ùNåN yÍg _bb ri•(v„_b_ Vú[šN gev„QúrHb g*QúrHv„e‡[f0 ~ÙNˆv„lÕ_‹OÝb¤0 [ƒ‰Ä[šR O\€ W(gÐN –6kµQ…[ùQvO\TÁN«g N g gCR)0 QlSø(Corporation): N yÍO N ~Ä~Ç_b_ O¿NŽ•lyûNåSÊSïeà–Pg ~Ï„%0 b˜eç(Depreciation): c qg• •DN§b g.•ÛˆLR ‘M0 u(O ÿ Qvb@g gCTŒ~Ï„%{¡t gCR y»0 yÑ[f0 8 „%• N ‚zg {INŽ• U.0 SŸa b•bŘΖiv„b••D€ 0 e°QtO N ÿ NåkdO\N:NÎN*NºQú•D–6kµT T8_ ˜Î–i•Dg.R¨0 .(Capital): u(NŽR • e6Qev„s°‘Ñb ri•D0 [ùR N € ge‹ôÿ •Dg.Español | Français | ˆª‰ ‰ ‰ lûaÈlÄ | | | USINFO > Publications vî_U RMŠ 1 OUŒ N R N c R N |¾y^ÿ •} PDFe‡Nö(‚ñe‡) SW N g/‹íˆh •ÙN›Nº_€_€f/b RŸv„R N € 20.TŒSïSØb N € ÿ •}PDFe‡Nö(‚ñe‡) •Çn!`'‡••D(Bridge finance): ˜„g mO‰ÈVh(Browser): O•u(b7€ýY Sï_ˆ_ëP••Øv„wíg W(N’€T•QN N € mO‰È•QN TŒY Q…[¹v„u5• z N ^•0 QM•9b –MN÷cÐO›W:W00 4 kcxnQ³{Vÿ N ••QMY1‹ï •}PDFe‡Nö(‚ñe‡) O N [uS v„VíS:0 Vh(Business incubator): N:R W(•wke–6kµv„O W 5 SU^r•Øf/T N O ÿ •}PDFe‡Nö(‚ñe‡) O N ‹¡R Nf(Business plan): N Ný‹æ~Æv„Nf—b‹¡R ÿ u(NŽcÏ•ðO N v„s°r¶0 — ‰•TŒ˜„g vîh 0 ˜yv„• _{R g•ÿ QlSøv„N§TÁb g R¡0 ^ W:TŒ—bN4v„zÞN‰0 „%• b ue0 •Ð„%‹¡R TŒ{¡t NåS ‘ÑmA‘Ïv„˜„mK0 •Dg.~Ó g. •}PDFe‡Nö(‚ñe‡) QlSøv„‘͉•ryp¹S bì•# 9 R N N € N N’€T•Q ‹¡e¹lÕ‹¡{—v„0 W(•DN§˜„g [ÿT}g •ôb@mˆ€ v„•£•èNýN÷P<ÿ Y‚Wú •}PDFe‡Nö(‚ñe‡) u5[PUFR¡(E-commerce): W(N’€T•QN QúU.–6kµv„•Çn!0 •DN§(Assets): •DN§• P:ˆhN b@R v„N [¶QlSøbåg v„g N÷P<v„ri˜yÿ ÿ 2 NÀNHh7v„Nº €ýb N S bìs°‘Ñ0 •DN§TŒ• v„Vú[šb ‹¾Y P:% TŒ[X•'{I0 % N:R N € ÿ •} PDFe‡Nö(‚ñe‡) •DN§• P:ˆh(Balance sheet): [ùN [¶QlSøW(N QlSøv„• [š–6kµQ…v„•"R¡r¶Qµ% % v„`.

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0 •7k>0 g R¡€ O•u(v„[W‹Í0 N§‘Ïb ˜Î–ib••D€ (Venture investor): N •èT \ g*^úzË••g N ~éOF˜„g O g ]èY'SÑ\Uv„O g„b N*Nº0 ˜Î–i•Dg. Home | About USINFO | Site Index | Webmaster | Privacy Topics | Regions | Resource Tools | Products .[¶Sï€ýW(N T z ^¦N N:O N cÐO›{¡t TŒb€g/€ýR›0 N cÐO›]蘕•• N N {Ç>>>21 ˆeQE– ‹ûgPe™ This site is produced and maintained by the U.UFh (Trademark): O N b N*NºN:N†O••ê]ñv„UFTÁTŒg R¡S:R+NŽ|{O<UFTÁN —óTÍb ˜œ‚r0 UFh S×lÕ_‹OÝb¤0 [ƒN N R)N T ÿ SïNåeà–Pg O•u(0 eàbµb¼•7k>(Unsecured loan): P SïSØb g.(Variable cost): –•u •7NºN • NåNûOU•DN§O\bÅOÝv„wíg U.S. Department of State's Bureau of International Information Programs.‘ÏSØS v„•£•èNýb g. Links to other internet sites should not be construed as an endorsement of the views contained therein.

3rd Edition.mitpressjournals.104/search? q=cache:XeMKRlP0P-wJ:www. ˆeQE– 2 NÀNHh7v„Nº €ýb N N:R N € ÿ •} PDFe‡Nö(‚ñe‡) Acs.kauffman. 2001. Louis (Spring 2005).pdf. Global Entrepreneurship Monitor: 1999 Executive Report. 1985. Alexander Watson and Karen Wise Olander. Missouri: Federal Reserve Bank of St. http://www. William D. 3rd Edition. Louis. March 7. New York: Harper Business.1162/ itgg. and Andrew Zacharakis. Inc. •}PDFe‡Nö(‚ñe‡) 9 R N N € N N’€T•Q Reynolds. Babson Park.. GEM 2006 Summary Results. Putting It Together: The Role of Entrepreneurship in Economic Development.gemconsortium. http://www. NJ: Prentice Hall. The Ewing Marion Kauffman Foundation. The Council of State Governments.97-107. Hoboken. editors. State Policies Make a Difference for Those Facing Risk. St." Bridges.org/download. Founding and Sponsoring Institutions: Babson College. 2007.org/download/1203085057277/GEM%20Global%201999% 20report. MA and London Business School London.org/publications/br/2005/a/pages/2-article. Kathleen.gemconsortium.2006. Thomas A. Drucker. 3 N:OU‰•PZR N N € ÿ •}PDFe‡Nö(‚ñe‡) 4 kcxnQ³{Vÿ N ••QMY1‹ï •}PDFe‡Nö(‚ñe‡) 5 SU^r•Øf/T N O ÿ •}PDFe‡Nö(‚ñe‡) 6 • béN§TÁN N ^ W: •}PDFe‡Nö(‚ñe‡) 7 e°O N N v„„%• {Vue •}PDFe‡Nö(‚ñe‡) 8 „%• N {INŽ• U. CA: IDG Books Worldwide. Cohen.org/ cwp/jsp/redirect.sba. The Entrepreneur & Small Business Problem Solver. http://research. http://www.org/ Bygrave.1. Kansas City. Hoboken.. MO: Kauffman Center for Entrepreneurial Leadership. MIT Press Journal (Winter 2006): pp. •}PDFe‡Nö(‚ñe‡) .97 Allen. Zoltan J. Peter F.167. The National Lieutenant Governors Association. Kansas City: Ewing Marion Kauffman Foundation. Ewing Marion Kauffman Foundation. Understanding Entrepreneurship: A Research and Policy Report. Entrepreneurship for Dummies.S. http://www. Michael Camp. •}PDFe‡Nö(‚ñe‡) 10 •QN N • U. Small Business Administration Office of Advocacy. 2004.233. NJ: John Wiley & Sons. The Portable MBA in Entrepreneurship. 2006.pdf Hiam.gemconsortium. Paul D. 2005. 1996.asp?fid=532 and http://64. Foster City.1. William A. Sponsored by the U.Español | Français | ˆª‰ ‰ ‰ lûaÈlÄ | | | USINFO > Publications vî_U RMŠ 1 OUŒ N R N c R N |¾y^ÿ •} PDFe‡Nö(‚ñe‡) SW ‹ûgPe™ 21. "How is Entrepreneurship Good for Economic Growth?" Innovations. "Entrepreneurs Thrive in America: Federal.jsp?&resourceId=Research/Resource/Report_070. 2005. Innovation and Entrepreneurship.gov/advo/research/conf_summary.org/doi/pdf/10. UK. Michael Hay and S. June 1999.stlouisfed. http://www. Conference Proceedings. The Entrepreneur's Complete Sourcebook. Englewood Cliffs. NJ: John Wiley & Sons.html. Niels Bosma and Rebecca Harding.htm Garrett.

Cruikshank. Doing Business 2007: How to Reform.com. Department of State. 5th Edition." Forbes. 2000.: The International Bank for Reconstruction and Development / The World Bank. Chicago.doingbusiness. with Jeffrey L.pdf 16 \ W‹O N N v„O R¿ •}PDFe‡Nö(‚ñe‡) 17 R N N ^&R¨~ÏmNSÑ\U •}PDFe‡Nö(‚ñe‡) 18 e?^œe?{Vv„‘͉•`' N •}PDFe‡Nö(‚ñe‡) 19 SïO›R N € Oá`o•Dn• N TŒg _×R N € R)u(v„ •}PDFe‡Nö(‚ñe‡) 20 R N N g/‹íˆh •}PDFe‡Nö(‚ñe‡) 21 ˆeQE– N ‹ûgPe™(‚ñe‡) •}PDFe‡Nö(‚ñe‡) N •}QhYWPDFe‡Nö(‚ñe‡)S‹•) e‡Nö ‹÷cÐQú[••5a ‰Áÿ iiptcp@state. IL: CCH Incorporated. Unleashing Entrepreneurship: Making Business Work for the Poor.org/ documents/DoingBusiness2007_FullReport. http://usinfo. Stolze. Run & Grow: A Successful Small Business. http://www. Commission on the Private Sector and Development. Start Up: An Entrepreneur's Guide to Launching and Managing a New Business. Volume 11. 1999.html U. United Nations Development Programme. "Peter Drucker on Leadership.html Reiss. D.S. 3rd Edition. New York: United Nations Development Programme. 2004. William J." eJournal USA: Economic Perspectives. Number 1 (January 2006).gov.C. Bob.— lB •}PDFe‡Nö(‚ñe‡) 14 •D‘Ñgen• N •}PDFe‡Nö(‚ñe‡) 15 wå‹ÆN§gCÿ N [••5v„UFN •DN§ •}PDFe‡Nö(‚ñe‡) World Bank.undp. Karlgaard.htm •}PDFe‡Nö(‚ñe‡) 12 R6‹¢O N spacer N ~Ï„%‹¡R •}PDFe‡Nö(‚ñe‡) spa 13 R N N v„•Dg. Rich. http://www. 2000. NJ: Career Press.gov/journals/ites/0106/ ijee/ijee0106. http://www. 2004.11 • béO N N _b_ Jacksack. NY: The Free Press. forbes. High Reward: Starting and Growing Your Business with Minimal Risk. Washington. . Franklin Lakes.org/cpsd/indexF. November 19. New York. Start.state. "Entrepreneurship and Small Business.com/2004/11/19/cz_rk_1119drucker_print. Susan M. Low Risk. 2006.

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