Make making money a priority. In the likely event that you don't have a specific idea for a business you want to start but you have exhibited business-management skills, consider buying an established business. That means keeping technical jargon under control and making it readable in one sitting. One of the nice things about debt financing is that the entrepreneur doesn t have to give up ownership of his company to get it.
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the new product
is too different from existing products sold under the same name'for example, motorcycle manufacturer Harley Davidson's introduction of a wine cooler in the 1970s - confusion can result in the marketplace, and the overall brand image may be at least temporarily tarnished. In fact,
often it s
more prudent to show that you are not spending money on full-timers that you don t need. It may
consist of machinery,
equipment, inventory, or all too often, the equity you own in your home. Has competition
for your new
product arisen sooner than you guessed?
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with a professional-services
firm, such as a management consultant. Most hourly
employees think only
a few hours ahead. Focus on
making a profit,
hold people accountable, delay marginal buying decisions, say no to tempting jobs or potential customers that look risky, don't let people waste money, let go of your poor-performing employees quickly, know and watch your numbers, know your break-even point, watch your cash-flow, seek profitable customers and projects, be firm and tough on suppliers and subcontractors, and document every order and agreement in writing. Adobe gives
away its Reader
software but charges for its Acrobat program that makes screen readable documents.
to know your
basic business concept, the market, and your strategy for attacking it; who else is on your team; what your financial performance, strengths, and needs are; and what s in it for them. For instance,
if your firm
is audited by a prominent firm instead of a local one-man accounting shop, then by all means play it up. In a
long tail model,
a business does the opposite: It sells a very wide range of items, each in comparatively small amounts, to a large customer base, often over a very wide geographic area. That said,
make it concise
and to the point.
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is financing used
to get a business with a proven idea up and running. Conveying too
much information in
one advertisement, no matter how accurate or positive, can confuse the audience and weaken the message. All you
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be difficult to
unpick and redo ' and shrink ' the underlying cost structure once the business is up and running. Don t
overdo it, but
consider the impact visuals are having in marketing where studies show that people are much more likely to remember any type of presentation or advertisement with visuals than those without. The magic
of making lots
of profit starts with making lots of money! Other companies
require much smaller
amounts of capital to finance their ongoing operations.