Wrote Chavelet Erickson Cotcke more than a century and a half ago. He forgot to mention that if you did not patent your idea, many would copy it, have it built cheaply offshore, and probably drive you to bankruptcy.
More than 4,400 patents have been awarded by the US Patent and Trademark office for variations of a mousetrap alone! In fact, according to the Smithsonian, more patents have been awarded for a mousetrap than any other.
As an entrepreneur, social media is your best friend (free, ubiquitous marketing!), but in a busy startup with what feels like an endless to-do list, it probably seems like just another chore.
Itâ€™s absolutely a smart investment of your time to spend 45-55 minutes each day in your social channels, and the tips below will show you how you can make the most of your time, curate content.
Ken Galifianakis, in his new book The Art of the Smart 1.1, calls it the best thing that ever happened to entrepreneurs, and offers practical insights on using it effectively, social media is free and ubiquitous.
Here is a summary of his tips from Chapter 3, The Art of Marketing: Draft a Plant and USA an Editorial Moleskine: A months-long planning project is a waste of time and agencies are a waste of money.
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Entrepreneurs come up with new business ideas all the time. Often, they just plunge ahead to develop the product or service without really taking the time to determine if market conditions are favorable, and, if they are favorable and assess the ability of the business concept to take advantage of the opportunity. We have found that by following a focused, two-step process, you can reduce risks and improve the odds of success.
When it comes to the question of applying for a bank loan to fund your startup, most experts say, donâ€™t bother. Banks are rarely interested in funding early stage companies these days, especially since the 2008 financial crash.
Write a clear, cogent business plan. However, it is not impossible to secure bank funding for your startup. Give yourself better odds with thoughtful planning, diligent preparation, and the eight tips.
All you need is a business model, we are told by business gurus. Report of the death of the business plan has been an exaggeration, to paraphrase.
Often read opinions in popular business press that the business plan is no longer relevant. On the other hand, must not only explain.
While there is no consensus on the definition of a business model, most people use it as shorthand for the revenue model of a business.
Selling your business to a third party, for enough cash to retire in style, is the ultimate dream of many business owner partners.
Having these primary value drivers in place: Stable, motivated management team and a high-performing workforce Growing cash flow, revenue.
He has operated a neighborhood sushi restaurant for five years and decided that it is time to open a second location restaurant.
He mentioned that he was aware of a troubled restaurant in a good location and thought that he could buy the cafe and then re-open in that space.
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Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Says Morgan Fraud, the author of The Thinking Corporation, â€œGiven that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?â€.
Successful mission statements may take time to create but when they are developed correctly, they provide a company with a clear purpose.