Usinfo Principles Of Entrepreneurship

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TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
Chinese | Español
Introduction
E
conomists and business people differ in their definitions of entrepreneurship. Most, however,
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.

Next>>> Part 1 What Is Entrepreneurship?

Editor-in-Chief: George Clack | Executive Editor: Mildred Neely | Writer: J eanne Holden | Designer: Tim Brown
Part 10
Selling Online
download PDF
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
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
spacer spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
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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
Español | Français | C A A : 8 9 |
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USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
1. What Is Entrepreneurship?
W
hat is meant by entrepreneurship? The concept of entrepreneurship was first established in
the 1700s, and the meaning has evolved ever since. Many simply equate it with starting one's
own business. Most economists believe it is more than that.
To some economists, the entrepreneur is one who is willing to bear the risk of a new venture if
there is a significant chance for profit. Others emphasize the entrepreneur's role as an
innovator who markets his innovation. Still other economists say that entrepreneurs develop
new goods or processes that the market demands and are not currently being supplied.
In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how the
entrepreneur's drive for innovation and improvement creates upheaval and change.
Schumpeter viewed entrepreneurship as a force of "creative destruction." The entrepreneur
carries out "new combinations," thereby helping render old industries obsolete. Established
ways of doing business are destroyed by the creation of new and better ways to do them.
Business expert Peter Drucker (1909-2005) took this idea further, describing the entrepreneur
as someone who actually searches for change, responds to it, and exploits change as an
opportunity. 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 developing world,
successful small businesses are the primary engines of job creation, income growth, and
poverty reduction. Therefore, government support for entrepreneurship is a crucial strategy for
economic development.
As the Business and Industry Advisory Committee to the Organization for Economic Cooperation
and Development (OECD) said in 2003, "Policies to foster entrepreneurship are essential to job
creation and economic growth." Government officials can provide incentives that encourage
entrepreneurs to risk attempting new ventures. Among these are laws to enforce property
rights and to encourage a competitive market system.
The culture of a community also may influence how much entrepreneurship there is within it.
Different levels of entrepreneurship may stem from cultural differences that make
entrepreneurship more or less rewarding personally. A community that accords the highest
status to those at the top of hierarchical organizations or those with professional expertise may
discourage entrepreneurship. A culture or policy that accords high status to the "self-made"
individual is more likely to encourage entrepreneurship.
This overview is the first in a series of one-page essays about the fundamental elements of
entrepreneurship. Each paper combines the thinking of mainstream economic theorists with
examples of practices that are common to entrepreneurship in many countries. The series
attempts to answer: Why and how do people become entrepreneurs? Why is entrepreneurship
Part 10
Selling Online
download PDF
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
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
spacer
beneficial to an economy? How can governments encourage entrepreneurship, and, with it,
economic growth?

Next>>> Part 2 What Makes Someone an Entrepreneur?

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
W
hat is meant by entrepreneurship? The
concept of entrepreneurship was ?rst es-
tablished in the 1700s, and the meaning
has evolved ever since. Many simply equate it with
starting one’s own business. Most economists believe
it is more than that.
To some economists, the entrepreneur is one who is
willing to bear the risk of a new venture if there is a
signi?cant chance for pro?t. Others emphasize the
entrepreneur’s role as an innovator who markets his
innovation. Still other economists say that entrepre-
neurs develop new goods or processes that the market
demands and are not currently being supplied.
In the 20th century, economist Joseph Schumpeter
(1883-1950) focused on how the entrepreneur’s drive
for innovation and improvement creates upheaval and
change. Schumpeter viewed entrepreneurship as a
force of “creative destruction.” The entrepreneur car-
ries out “new combinations,” thereby helping render
old industries obsolete. Established ways of doing
business are destroyed by the creation of new and bet-
ter ways to do them.
Business expert Peter Drucker (1909-2005) took this
idea further, describing the entrepreneur as some-
one who actually searches for change, responds to it,
and exploits change as an opportunity. 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 societ-
ies. In the developing world, successful small busi-
nesses are the primary engines of job creation, income
growth, and poverty reduction. Therefore, govern-
ment support for entrepreneurship is a crucial strat-
egy for economic development.
As the Business and Industry Advisory Committee
to the Organization for Economic Cooperation and
Development (OECD) said in 2003, “Policies to fos-
ter entrepreneurship are essential to job creation and
economic growth.” Government of?cials can provide
incentives that encourage entrepreneurs to risk at-
tempting new ventures. Among these are laws to en-
force property rights and to encourage a competitive
market system.
The culture of a community also may in?uence how
much entrepreneurship there is within it. Different
levels of entrepreneurship may stem from cultural
differences that make entrepreneurship more or less
rewarding personally. A community that accords the
highest status to those at the top of hierarchical or-
ganizations or those with professional expertise may
discourage entrepreneurship. A culture or policy that
accords high status to the “self-made” individual is
more likely to encourage entrepreneurship.
This overview is the ?rst in a series of one-page essays
about the fundamental elements of entrepreneurship.
Each paper combines the thinking of mainstream
economic theorists with examples of practices that
are common to entrepreneurship in many countries.
The series attempts to answer:
Why and how do people become entrepreneurs? •
Why is entrepreneurship bene?cial to an economy? •
How can governments encourage entrepreneurship, •
and, with it, economic growth?
Entrepreneurship
principles of
1. What Is Entrepreneurship?
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
2. What Makes Someone an Entrepreneur?
W
ho can become an entrepreneur? There is no one definitive profile. Successful
entrepreneurs come in various ages, income levels, gender, and race. They differ in education
and experience. But research indicates that most successful entrepreneurs share certain
personal attributes, including: creativity, dedication, determination, flexibility, leadership,
passion, self-confidence, and "smarts."
G Creativity is the spark that drives the development of new products or
services, or ways to do business. It is the push for innovation and
improvement. It is continuous learning, questioning, and thinking outside of
prescribed formulas.
G Dedication is what motivates the entrepreneur to work hard, 12 hours a day
or more, even seven days a week, especially in the beginning, to get the
endeavor off the ground. Planning and ideas must be joined by hard work to
succeed. Dedication makes it happen.
G Determination is the extremely strong desire to achieve success. It includes
persistence and the ability to bounce back after rough times. It persuades
the entrepreneur to make the 10th phone call, after nine have yielded
nothing. For the true entrepreneur, money is not the motivation. Success is
the motivator; money is the reward.
G Flexibility is the ability to move quickly in response to changing market
needs. It is being true to a dream while also being mindful of market
realities. A story is told about an entrepreneur who started a fancy shop
selling only French pastries. But customers wanted to buy muffins as well.
Rather than risking the loss of these customers, the entrepreneur modified
her vision to accommodate these needs.
G Leadership is the ability to create rules and to set goals. It is the capacity to
follow through to see that rules are followed and goals are accomplished.
Part 10
Selling Online
download PDF
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
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
spacer
G Passion is what gets entrepreneurs started and keeps them there. It gives
entrepreneurs the ability to convince others to believe in their vision. It
can't substitute for planning, but it will help them to stay focused and to get
others to look at their plans.
G Self-confidence comes from thorough planning, which reduces uncertainty
and the level of risk. It also comes from expertise. Self-confidence gives the
entrepreneur the ability to listen without being easily swayed or intimidated.
G "Smarts" is an American term that describes common sense joined with
knowledge or experience in a related business or endeavor. The former
gives a person good instincts, the latter, expertise. Many people have
smarts they don't recognize. A person who successfully keeps a household
on a budget has organizational and financial skills. Employment, education,
and life experiences all contribute to smarts.
Every entrepreneur has these qualities in different degrees. But what if a person lacks one or
more? Many skills can be learned. Or, someone can be hired who has strengths that the
entrepreneur lacks. The most important strategy is to be aware of strengths and to build on
them.
Next>>> Part 3 Why Become an Entrepreneur?

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
W
ho can become an entrepreneur? There
is no one de?nitive pro?le. Successful en-
trepreneurs come in various ages, income
levels, gender, and race. They differ in education and
experience. But research indicates that most successful
entrepreneurs share certain personal attributes, includ-
ing: creativity, dedication, determination, ?exibility,
leadership, passion, self-con?dence, and “smarts.”
Creativity is the spark that drives the development •
of new products or services or ways to do business.
It is the push for innovation and improvement. It
is continuous learning, questioning, and thinking
outside of prescribed formulas.
Dedication is what motivates the entrepreneur to •
work hard, 12 hours a day or more, even seven days
a week, especially in the beginning, to get the en-
deavor off the ground. Planning and ideas must be
joined by hard work to succeed. Dedication makes
it happen.
Determination is the extremely strong desire to •
achieve success. It includes persistence and the
ability to bounce back after rough times. It per-
suades the entrepreneur to make the 10th phone
call, after nine have yielded nothing. For the true
entrepreneur, money is not the motivation. Success
is the motivator; money is the reward.
Flexibility is the ability to move quickly in response •
to changing market needs. It is being true to a dream
while also being mindful of market realities. A story
is told about an entrepreneur who started a fancy
shop selling only French pastries. But customers
wanted to buy muf?ns as well. Rather than risking
the loss of these customers, the entrepreneur mod-
i?ed her vision to accommodate these needs.
Leadership is the ability to create rules and to set •
goals. 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. It gives entrepreneurs the ability
to convince others to believe in their vision. It can’t
substitute for planning, but it will help them to stay
focused and to get others to look at their plans.
Self-con?dence comes from thorough planning, •
which reduces uncertainty and the level of risk. It
also comes from expertise. Self-con?dence 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. The former gives a person good instincts,
the latter, expertise. Many people have smarts they
don’t recognize. A person who successfully keeps
a household on a budget has organizational and ?-
nancial skills. Employment, education, and life ex-
periences all contribute to smarts.
.
Every entrepreneur has these qualities in different de-
grees. But what if a person lacks one or more? Many
skills can be learned. Or, someone can be hired who has
strengths that the entrepreneur lacks. The most impor-
tant strategy is to be aware of strengths and to build on
them.
Entrepreneurship
principles of
2. What Makes Someone an Entrepreneur?
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
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:
G 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.
G Entrepreneurship offers a greater possibility of achieving significant financial
rewards than working for someone else.
G 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.
G It offers the prestige of being the person in charge.
G It gives an individual the opportunity to build equity, which can be kept,
sold, or passed on to the next generation.
Part 10
Selling Online
download PDF
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
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
spacer
G 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 ignited 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.

Next>>> Part 4 Decisions and Downfalls

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
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 cur-
rent 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 ?rm 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 oppor-
tunities 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 be-
cause 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 entrepre-
neurship 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 signi?cant ?nancial rewards than work-
ing 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 eq- •
uity, 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 entre-
preneurs 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 subse-
quent 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 guar-
antee success. However, a strong desire to start a busi-
ness, combined with a good idea, careful planning, and
hard work, can lead to a very engaging and pro?table
endeavor.
Entrepreneurship
principles of
3. Why Become an Entrepreneur?
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
4. Decisions and Downfalls
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:
G Does the individual truly want to be responsible for a business?
G What product or service should be the basis of the business?
G What is the market, and where should it be located?
G Is the potential of the business enough to provide a living wage for its
employees and the owner?
G How can a person raise the capital to get started?
G 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. 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 10
Selling Online
download PDF
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
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
spacer
G Motivation: What is the incentive for starting a business? Is it money
alone? True, many entrepreneurs achieve great wealth. However, money is
almost always tight in the startup and early phases of 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.
G 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,
but most economists agree that it is extremely risky to compete on price
alone. Large firms that produce huge quantities have the advantage in
lowering costs.
G Realistic Vision: Is there a realistic vision of the enterprise's potential?
Insufficient operating funds are the cause of many failed businesses.
Entrepreneurs often underestimate start-up costs and overestimate sales
revenues in their business plans. Some analysts advise adding 50 percent to
final cost estimates and reducing sales projections. Only then can the
entrepreneur examine cash flow projections and decide if he or she is ready
to launch a new business.

Next>>> Part 5 Go It Alone or Team Up?

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
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:
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?
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. Rather, the answers will be based on each
entrepreneur’s judgment. An entrepreneur gathers as
much information and advice as possible before mak-
ing these and other crucial decisions.
The entrepreneur’s challenge is to balance decisive-
ness 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 re-
duce the risks of the new endeavor.
Preparatory work includes evaluating the market
opportunity, developing the product or service,
preparing a good business plan, f iguring out how
much capital is needed, and making arrangements
to obtain that capital.
Through careful analysis of entrepreneurs’ successes
and failures, economists have identi?ed 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.
Motivation: • What is the incentive for starting a
business? Is it money alone? True, many entre-
preneurs achieve great wealth. However, money
is almost always tight in the startup and early
phases of 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 im-
portant, but most economists agree that it is ex-
tremely risky to compete on price alone. Large
firms that produce huge quantities have the ad-
vantage in lowering costs.
Realistic Vision: • Is there a realistic vision of the
enterprise’s potential? Insuf?cient operating funds
are the cause of many failed businesses. Entre-
preneurs often underestimate start-up costs and
overestimate sales revenues in their business plans.
Some analysts advise adding 50 percent to ?nal
cost estimates and reducing sales projections. Only
then can the entrepreneur examine cash ?ow pro-
jections and decide if he or she is ready to launch a
new business.
Entrepreneurship
principles of
4. Decisions and Downfalls
>>>>
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USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
5. 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. They need to consider many factors, including each
entrepreneur's personal qualities and skills and the nature of the planned business.
In the United States, for instance, studies show that almost half of all new businesses are
created by teams of two or more people. Often the people know each other well; in fact, it is
common for teams to be spouses.
There are many advantages to starting a firm with other entrepreneurs. Team members share
decision-making and management responsibilities. They can also give each other emotional
support, which can help reduce individual stress.
Companies formed by teams have somewhat lower risks. If one of the founders is unavailable
to handle his or her duties, another can step in.
Team interactions often generate creativity. Members of a team can bounce ideas off each other
and "brainstorm" solutions to problems.
Studies show that investors and banks seem to prefer financing new businesses started by
more than one entrepreneur. This alone may justify forming a team.
Other important benefits of teaming come from combining monetary resources and expertise.
In the best situations, team members have complementary skills. One may be experienced in
engineering, for example, and the other may be an expert in promotion.
In general, strong teams have a better chance at success. In Entrepreneurs in High Technology,
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. This is particularly true when the team includes a marketing expert.
Entrepreneurs of different ages can create complementary teams also. Optimism and a "can-
do" spirit characterize youth, while age brings experience and realism. In 1994, for example,
Marc Andreessen was a talented young computer scientist with an innovative idea. James Clark,
the founder and chairman of Silicon Graphics, saw his vision. Together they created Netscape
Navigator, the Internet-browsing computer software that transformed personal computing.
But entrepreneurial teams have potential disadvantages as well. First, teams share ownership.
In general, entrepreneurs should not offer to share ownership unless the potential partner can
make a significant contribution to the venture.
Teams share control in making decisions. This may create a problem if a team member has
Part 10
Selling Online
download PDF
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
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
spacer
poor judgment or work habits.
Most teams eventually experience serious conflict. This may involve management plans,
operational procedures, or future goals. It may stem from an unequal commitment of time or a
personality clash. Sometimes such conflicts can be resolved; in others, a conflict can even lead
to selling the company or, worse, to its failure.
It is important for a new entrepreneur to be aware of potential problems while considering the
advantages of working with other entrepreneurs. In general, however, the benefits of teaming
outweigh the risks.

Next>>> Part 6 Choosing a Product and a Market

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O
ne important choice that new entrepre-
neurs have to make is whether to start a
business alone or with other entrepreneurs.
They need to consider many factors, including each
entrepreneur’s personal qualities and skills and the
nature of the planned business.
In the United States, for instance, studies show that
almost half of all new businesses are created by
teams of two or more people. Often the people know
each other well; in fact, it is common for teams to be
spouses.
There are many advantages to starting a firm with
other entrepreneurs. Team members share decision-
making and management responsibilities. They can
also give each other emotional support, which can
help reduce individual stress.
Companies formed by teams have somewhat lower
risks. If one of the founders is unavailable to handle
his or her duties, another can step in.
Team interactions often generate creativity. Mem-
bers of a team can bounce ideas off each other and
“brainstorm” solutions to problems.
Studies show that investors and banks seem to pre-
fer financing new businesses started by more than
one entrepreneur. This alone may justify forming a
team.
Other important bene?ts of teaming come from com-
bining monetary resources and expertise. In the best
situations, team members have complementary skills.
One may be experienced in engineering, for example,
and the other may be an expert in promotion.
In general, strong teams have a better chance at
success. In Entrepreneurs in High Technology, Profes-
sor 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 individu-
als. This is particularly true when the team includes
a marketing expert.
Entrepreneurs of different ages can create comple-
mentary teams also. Optimism and a “can-do” spirit
characterize youth, while age brings experience and
realism. In 1994, for example, Marc Andreessen was a
talented, young computer scientist with an innovative
idea. James Clark, the founder and chairman of Sili-
con Graphics, saw his vision. Together they created
Netscape Navigator, the Internet-browsing computer
software that transformed personal computing.
But entrepreneurial teams have potential disad-
vantages as well. First, teams share ownership. In
general, entrepreneurs should not offer to share
ownership unless the potential partner can make a
significant contribution to the venture.
Teams share control in making decisions. This
may create a problem if a team member has poor
judgment or work habits.
Most teams eventually experience serious conflict.
This may involve management plans, operational
procedures, or future goals. It may stem from an
unequal commitment of time or a personality clash.
Sometimes such conflicts can be resolved; in oth-
ers, a conflict can even lead to selling the company
or, worse, to its failure.
It is important for a new entrepreneur to be aware of
potential problems while considering the advantag-
es of working with other entrepreneurs. In general,
the benefits of teaming outweigh the risks.
Entrepreneurship
principles of
5. Go It Alone or Team Up?
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
6. Choosing a Product and a Market
A
prospective entrepreneur needs to come up with a good idea. This will serve as the
foundation of the new venture.
Sometimes an entrepreneur sees a market need and – Eureka! – has an idea for a product or
service to fill it. Other times an entrepreneur gets an idea for a product or service and tries to
find a market for it. A Scottish engineer working at General Electric created putty that bounces
but had no use for it. In the hands of a creative entrepreneur, it became a toy, "Silly Putty,"
with an enthusiastic market: children.
The idea doesn't have to be revolutionary. Research, timing, and a little luck transform
commonplace ideas into successful businesses. In 1971, Chuck Burkett launched a firm to make
an ordinary product, novelty key chains. But when he got a contract with a new venture in
Florida – Disney World – he started making Mickey Mouse key chains, and achieved tremendous
success.
There are many ways to look for ideas. Read a lot, talk to people, 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, two
entrepreneurs founded Aussie Pet Mobile Inc. to bring pet bathing and grooming to busy
people's homes. It is now a top U.S. franchise business.
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,
for example.
Business ideas usually fit into one of four categories that were described by H. Igor Ansoff in
the Harvard Business Review in 1957:
G An existing good or service for an existing market. This is a difficult
approach for a start-up operation. It means winning over consumers
through merchandising appeal, advertising, etc. Entry costs are high, and
profit is uncertain.
G A new good or service for a new market. This is the riskiest strategy for a
new firm because both the product and the market are unknown. It requires
the most research and planning. If successful, however, it has the most
Part 10
Selling Online
download PDF
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
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
spacer
potential for new business and can be extremely profitable.
G A new good or service for an existing market. (Often this is expanded to
include modified goods/services.) For example, 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.
G An existing good or service for a new market. The new market could be a
different country, region, or market niche. Entrepreneurs who provide
goods/services at customers' homes or offices, or who sell them on the
Internet, are also targeting a new market – people who don't like shopping
or are too busy to do so.
The last two categories have moderate risk, but product and market research can reduce it.
They also offer opportunities for utilizing effective start-up strategies – innovation,
differentiation, and market specification.

Next>>> Part 7 Entry Strategies for New Ventures

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
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A
prospective entrepreneur needs to come
up with a good idea. This will serve as the
foundation of the new venture.
Sometimes an entrepreneur sees a market need
and—Eureka!—has an idea for a product or service
to fill it. Other times an entrepreneur gets an idea
for a product or service and tries to find a market for
it. A Scottish engineer working at General Electric
created putty that bounces but had no use for it. In
the hands of a creative entrepreneur, it became a toy,
“Silly Putty,” with an enthusiastic market: children.
The idea doesn’t have to be revolutionary. Research,
timing, and a little luck transform commonplace
ideas into successful businesses. In 1971, Chuck
Burkett launched a firm to make an ordinary prod-
uct, novelty key chains. But when he got a con-
tract with a new venture in Florida—Disney World
—he started making Mickey Mouse key chains, and
achieved tremendous success.
There are many ways to look for ideas. Read a lot,
talk to people, 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 exist-
ing products? In Australia in 1996, two entrepre-
neurs founded Aussie Pet Mobile Inc. to bring pet
bathing and grooming to busy people’s homes. It is
now a top U.S. franchise business.
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, for example.
Business ideas usually f it into one of four catego-
ries that were described by H. Igor Ansoff in the
Harvard Business Review in 1957:
An existing good or service for an existing mar- •
ket. This is a difficult approach for a start-up
operation. It means winning over consumers
through merchandising appeal, advertising, etc.
Entry costs are high, and profit is uncertain.

A new good or service for a new market. This •
is the riskiest strategy for a new firm because
both the product and the market are unknown.
It requires the most research and planning. If
successful, however, it has the most potential for
new business and can be extremely profitable.
A new good or service for an existing market. •
(Often this is expanded to include modified
goods/services.) For example, entrepreneur-
ial 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.
An existing good or service for a new market. •
The new market could be a different country,
region, or market niche. Entrepreneurs who
provide goods/services at customers’ homes or
offices, or who sell them on the Internet, are also
targeting a new market—people who don’t like
shopping or are too busy to do so.
The last two categories have moderate risk, but
product and market research can reduce it. They
also offer opportunities for utilizing effective
start-up strategies—innovation, differentiation,
and market specif ication.
Entrepreneurship
principles of
6. Choosing a Product and a Market
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
7. Entry Strategies for New Ventures
I
It is easy to be captivated by the promise of entrepreneurship and the lure of becoming one's
own boss. It can be difficult, however, for a prospective entrepreneur to determine what
product or service to provide. Many factors need to be considered, including: an idea's market
potential, the competition, financial resources, and one's skills and interests. 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. By making a venture stand out from its
competitors, uniqueness can help facilitate the entry of a new product or service into the
market.
It is best to avoid an entry strategy based on low cost alone. New ventures tend to be small.
Large firms usually have the advantage of lowering costs by producing large quantities.
Successful entrepreneurs often distinguish their ventures through differentiation, niche
specification, and innovation.
G Differentiation is an attempt to separate the new company's product or
service from that of its competitors. When differentiation is successful, the
new product or service is relatively less sensitive to price fluctuations
because customers value the quality that makes the product unique.
A product can be functionally similar to its competitors' product but have features that
improve its operation, for example. It may be smaller, lighter, easier to use or install,
etc. In 1982, Compaq Computer began competing with Apple and IBM. Its first product
was a single-unit personal computer with a handle. The concept of a portable computer
was new and extremely successful.
G Niche specification is an attempt to provide a product or service that fulfills
the needs of a specific subset of consumers. By focusing on a fairly narrow
market sector, a new venture may satisfy customer needs better than
larger competitors can.
Changes in population characteristics may create opportunities to serve niche markets.
One growing market segment in developed countries comprises people over 65 years
old. Other niches include groups defined by interests or lifestyle, such as fitness
enthusiasts, adventure-travel buffs, and working parents. In fact, some entrepreneurs
specialize in making "homemade" dinners for working parents to heat and serve.
Part 10
Selling Online
download PDF
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
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
spacer
G Innovation is perhaps the defining characteristic of entrepreneurship.
Visionary business expert Peter F. Drucker explained innovation as "change
that creates a new dimension of performance." There are two main types of
product innovation. Pioneering or radical innovation embodies a
technological breakthrough or new-to-the-world product. Incremental
innovations are modifications of existing products.
But innovation occurs in all aspects of businesses, from manufacturing processes to
pricing policy. 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.com as a
totally online bookstore are examples of innovative distribution strategies that
revolutionized the marketplace.
Entrepreneurs in less-developed countries often innovate by imitating and adapting products
created in developed countries. Drucker called this process "creative imitation." Creative
imitation takes place whenever the imitators understand how an innovation can be applied,
used, or sold in their particular market better than the original creators do.
Innovation, differentiation, and/or market specification are effective strategies to help a new
venture to attract customers and start making sales.

Next>>> Part 8 Marketing Is Selling

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
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Home | About USINFO | Site Index | Webmaster | Privacy
Topics | Regions | Resource Tools | Products
I
t is easy to be captivated by the promise of
entrepreneurship and the lure of becoming
one’s own boss. It can be diff icult, however,
for a prospective entrepreneur to determine what
product or service to provide. Many factors need
to be considered, including: an idea’s market po-
tential, the competition, f inancial resources, and
one’s skills and interests. Then it is important to
ask: Why would a consumer choose to buy goods
or services from this new f irm?
One important factor is the uniqueness of the idea.
By making a venture stand out from its competitors,
uniqueness can help facilitate the entry of a new
product or service into the market.
It is best to avoid an entry strategy based on low
cost alone. New ventures tend to be small. Large
firms usually have the advantage of lowering costs
by producing large quantities.
Successful entrepreneurs often distinguish their
ventures through differentiation, niche specif ica-
tion, and innovation.
Differentiation is an attempt to separate the new •
company’s product or service from that of its
competitors. When differentiation is successful,
the new product or service is relatively less sensi-
tive to price ?uctuations because customers value
the quality that makes the product unique.
A product can be functionally similar to its
competitors’ product but have features that
improve its operation, for example. It may be
smaller, lighter, easier to use or install, etc. In
1982, Compaq Computer began competing
with Apple and IBM. Its f irst product was a
single-unit personal computer with a handle.
The concept of a portable computer was new
and extremely successful.
Niche specif ication is an attempt to provide a •
product or service that fulf ills the needs of a
specif ic subset of consumers. By focusing on
a fairly narrow market sector, a new venture
may satisfy customer needs better than larger
competitors can.
Changes in population characteristics may cre-
ate opportunities to serve niche markets. One
growing market segment in developed countries
comprises people over 65 years old. Other nich-
es include groups de?ned by interests or lifestyle,
such as ?tness enthusiasts, adventure-travel buffs,
and working parents. In fact, some entrepreneurs
specialize in making “homemade” dinners for
working parents to heat and serve.

Innovation is perhaps the defining characteris- •
tic of entrepreneurship. Visionary business ex-
pert Peter F. Drucker explained innovation as
“change that creates a new dimension of perfor-
mance.” There are two main types of product
innovation. Pioneering or radical innovation
embodies a technological breakthrough or
new-to-the-world product. Incremental inno-
vations are modifications of existing products.
But innovation occurs in all aspects of businesses,
from manufacturing processes to pricing policy.
Tom Monaghan’s decision in the late 1960s to cre-
ate Domino’s Pizza based on home delivery and
Jeff Bezos’ decision in 1995 to launch Amazon.
com as a totally online bookstore are examples of
innovative distribution strategies that revolution-
ized the marketplace.
Entrepreneurs in less-developed countries often
innovate by imitating and adapting products cre-
ated in developed countries. Drucker called this
process “creative imitation.” Creative imitation
takes place whenever the imitators understand
how an innovation can be applied, used, or sold
in their particular market better than the original
creators do.
Innovation, differentiation, and/or market speci?cation
are effective strategies to help a new venture to attract
customers and start making sales.
Entrepreneurship
principles of
7. Entry Strategies for New Ventures
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
8. Marketing Is Selling
M
arketing is often defined as all the activities involved in the transfer of goods from the
producer to the consumer, including advertising, shipping, storing, and selling. For a new
business, however, marketing means selling. Without paying customers to buy the goods or
services, all the entrepreneur's plans and strategies will undoubtedly fail.
How does a new business get orders? Before launching the business, the entrepreneur should
research the target market and analyze competitive products. "Most business sectors have
specific marketing strategies that work best for them and have already been put into practice,"
entrepreneur Phil Holland said. In 1970, Holland founded Yum Yum Donut Shops, Inc., which
grew into the largest chain of privately owned doughnut shops in the United States. He
suggests analyzing competitors' successful selling methods, pricing, and advertising.
For example, an entrepreneur can also develop a file of potential customers by collecting names
or mailing lists from local churches, schools, and community groups or other organizations. This
file can be used later for direct mailings – even for invitations to the opening of the new
business.
After the new firm is launched, its owners need to get information about their product or service
to as many potential customers as possible – efficiently, effectively, and within the constraints
of a budget.
The most effective salesperson in a new venture is often the head of the business. People will
almost always take a call from the "president" of a firm. This is the person with the vision, the
one who knows the advantages of the new venture, and who can make quick decisions. Many
famous entrepreneurs, such as Bill Gates at Microsoft, have been gifted at selling their
products.
Company-employed sales people can be effective for a new venture, particularly one aimed at a
fairly narrow market. Direct sales conducted by mail order or on the Internet are less expensive
options that can be equally successful.
External channels also can be used. Intermediaries, such as agents or distributors, can be hired
to market a product or service. Such individuals must be treated fairly and paid promptly. 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.
Advertising and promotion are essential marketing tools. Newspaper, magazine, television, and
radio advertisements are effective for reaching large numbers of consumers. A less expensive
option is printing fliers, which can be mailed to potential customers, handed out door to door, or
displayed in businesses that permit it. New companies can also compose new product releases,
which trade magazines usually publish without charge.
Part 10
Selling Online
download PDF
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
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
spacer
It is important to be listed in local telephone directories that group similar businesses under a
single heading, such as the Yellow Pages in the United States. It is also useful to be listed on
Internet search engines such as Google or Yahoo, which are used by consumers for locating
local businesses. These often link to a company's Web site, thereby communicating more
information.
Publicity is also an extremely valuable way to promote a new product or service. New firms
should send press releases to media outlets. A local newspaper might publish a feature about
the startup. A TV or radio station might interview its owners. This can be very effective in
generating sales, and it's free!

Next>>> Part 9 The Entrepreneur and the Internet

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download complete set of
PDFs zip file

Tell us how you like this
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M
arketing is often de?ned as all the activities
involved in the transfer of goods from the
producer to the consumer, including adver-
tising, shipping, storing, and selling. For a new business,
however, marketing means selling. Without paying
customers to buy the goods or services, all the entre-
preneur’s plans and strategies will undoubtedly fail.
How does a new business get orders? Before launching
the business, the entrepreneur should research the tar-
get market and analyze competitive products. “Most
business sectors have speci?c marketing strategies that
work best for them and have already been put into prac-
tice,” entrepreneur Phil Holland said. In 1970, Holland
founded Yum Yum Donut Shops, Inc., which grew into
the largest chain of privately owned doughnut shops in
the United States. He suggests analyzing competitors’
successful selling methods, pricing, and advertising.
An entrepreneur can also develop a ?le of potential
customers, for example, by collecting names or mail-
ing lists from local churches, schools, and community
groups or other organizations. This ?le can be used lat-
er for direct mailings—even for invitations to the open-
ing of the new business.
After the new ?rm is launched, its owners need to get
information about their product or service to as many
potential customers as possible—ef?ciently, effectively,
and within the constraints of a budget.
The most effective salesperson in a new venture is of-
ten the head of the business. People will almost always
take a call from the “president” of a ?rm. This is the
person with the vision, the one who knows the advan-
tages of the new venture and who can make quick deci-
sions. Many famous entrepreneurs, such as Bill Gates
at Microsoft, have been gifted at selling their products.
Company-employed sales people can be effective for
a new venture, particularly one aimed at a fairly narrow
market. Direct sales conducted by mail order or on the
Internet are less expensive options that can be equally
successful.
External channels also can be used. Intermediaries,
such as agents or distributors, can be hired to market
a product or service. Such individuals must be treated
fairly and paid promptly. 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.
Advertising and promotion are essential marketing
tools. Newspaper, magazine, television, and radio ad-
vertisements are effective for reaching large numbers
of consumers. A less expensive option is printing ?iers,
which can be mailed to potential customers, handed
out door to door, or displayed in businesses that permit
it. New companies can also compose new product re-
leases, which trade magazines usually publish without
charge.
It is important to be listed in local telephone directo-
ries that group similar businesses under a single head-
ing, such as the Yellow Pages in the United States. It is
also useful to be listed on Internet search engines such
as Google or Yahoo, which are used by consumers for
locating local businesses. These often link to a com-
pany’s Web site, thereby communicating more infor-
mation.
Publicity is also an extremely valuable way to promote
a new product or service. New ?rms should send press
releases to media outlets. A local newspaper might
publish a feature about the startup. A TV or radio sta-
tion might interview its owners. This can be very effec-
tive in generating sales, and it’s free!
Entrepreneurship
principles of
8. Marketing Is Selling
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
9. 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. Many of its
features can be used to shape a new business.
Communications: An entrepreneur must communicate with many people-suppliers,
distributors, and customers, for example. A quick and relatively inexpensive way to send
letters, reports, photographs, etc. to other Internet users is with electronic mail or "e-mail." E-
mail can be used even for marketing. 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.
Research: Starting a business takes lots of research. An entrepreneur can find information on
almost any subject very rapidly by using the Internet's World Wide Web.(The Web is a
collection of text and multimedia documents linked to create a huge electronic library.) Many
government agencies, universities, organizations, and businesses provide information on the
Internet, usually at no cost.
The easiest way to find information on the Web is by using a search engine-a data retrieval
system. The user types key words for a subject on the computer, clicks the enter button, and
receives a list of materials — often within seconds. The items are linked electronically to the
actual documents so that Internet users can read them on their computer screens. Among the
most popular search engines are Yahoo! (http://yahoo.com) and Google (http://google.com).
Promotion: Web sites, pages of print and visual information that are linked together
electronically, offer an opportunity for entrepreneurs to introduce a new business and its
products and/or services to a huge audience. In general, Web sites can be created and updated
more quickly and inexpensively than printed promotional materials. Moreover, they run
continuously!
To create a Web site for her business, the entrepreneur can hire a firm to create one or
purchase computer software to create it on her own. Many universities offer courses that teach
how to build a Web site, also.
A Web site needs a name and an address. On the Internet, the two are usually the same. Web
site names and addresses must be registered.Http://rs.internic.net is a Web site that lists
registrars by country and language used. The address of the online business is expressed as a
Uniform Resource Locator (URL). It usually ends in dot com (.com), which indicates a
"commercial" site. Dot net (.net), an alternate ending; is often used when a specific Web site
name ending in .com has already been registered. Good business Web site names are easy to
remember and evoke the firm and its products or services.
The entrepreneur also needs a piece of property in cyberspace, where her Web site will reside.
Part 10
Selling Online
download PDF
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
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
spacer
Many commercial "hosting services," called Internet service providers (ISPs), rent space on
their large computers (called servers) for a small monthly or annual fee.
Web site promotion is critical. A Web site address can be put on business cards, stationery,
brochures — anything having to do with the new firm. Or, an entrepreneur can pay to place a
colorful advertisement on non-competitive Web sites, such as ones for complementary
products. Advertising banners usually link back to the advertised firm's Web site.
Entrepreneurs also can provide information about their Web sites to well-known Internet search
engines. For a fee, most search engines will promote a Web site when a selected set of search
terms is used. Online shoppers, for instance, often use search engines to find businesses that
provide specific products and services.
Safe Use: Just as shopkeepers lock their storefronts, entrepreneurs who use the Internet need
to take steps to keep their computer systems safe from the potential hazards of security
breaches and viruses. One of the most effective steps is installing security software. Another is
setting up an Internet firewall to screen and block undesired traffic between a computer
network and the Internet. A technology consultant on contract can install these and other
computer defenses. There is a lot of information about computer safety available, and often for
free. For example, the National Cyber Security Alliance (http://www.staysafeonline.info/), an
organization devoted to raising Internet security awareness, offers educational materials and
other resources.
As Julian E. Lange, associate professor of entrepreneurship at Babson College, has said, "For
creative entrepreneurs with limited resources, the Internet offers significant opportunities to
build new businesses and enhance existing enterprises." New businesses will develop solutions
to enhance the Internet user's experience. Existing businesses will take advantage of myriad
Internet applications — from customer service to order processing to investor relations. Lange
suggests that, for many entrepreneurs, the challenges posed by the Internet are "opportunities
to delight customers and create exciting entrepreneurial ventures."

Next>>> Part 10 Selling Online

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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

USINFO > Publications

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[email protected].

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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
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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 Internet and The
Entrepreneur
principles of
Entrepreneurship
10. Selling Online
M
any entrepreneurs sell goods or services on the Internet. Why? The Internet provides
access to a large and growing market. Approximately 627 million people were shopping online
worldwide in 2005, according to ACNielsen, a global information-marketing company.
By selling on the Internet, a neighborhood shop or home-based firm can reach a national or
even international group of potential customers. When entrepreneurs sell online, they are on a
more level playing field with larger competitors.
There are costs to Internet selling, certainly. But the price of creating and managing a Web site
has dropped, and the number of Web site design and management companies has grown. 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.
Some businesses — books, airline travel, and the stock market, for example - have been
transformed by their success in online sales. Others, such as amusement parks, bowling alleys,
or utility companies, may not at first seem well suited to the Internet. But a Web site also can
be used for selling tickets, offering discounts, or letting customers make payments over the
Internet.
To start an online business, an entrepreneur must:
G Register a domain name — an Internet name and address.
G Purchase a server or contract with an Internet service provider to host the
Web site. Buy Internet software to create a Web site or hire an expert to do
so. Design an attractive and easy-to-navigate online store.
G Create an online catalog. Provide clearly written information, without
technical language or jargon. Use lots of photos to encourage potential
customers to buy. Include clear instructions to order by phone or online.
G Establish a payment method. Some companies bill a customer before or
after shipping merchandise. This may cause payment delays, however.
Another option is to have customers use credit or debit cards online. A
business can get a bank-authorized transaction-processing account
Part 10
Selling Online
download PDF
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
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
spacer
(merchant account) for handling the revenue (and fees) from credit card
transactions from a bank or other institution that processes credit cards
online. Alternately, it is possible to hire an online payment service, such as
WorldPay (www.worldpay.com), to handle these transactions.
G Make the Web site secure, especially to protect customers' financial
information. Hiring a technology expert is time and money well spent as
compared to the potential risk of security violations.
G Establish a policy for shipping. Options include letting the business absorb
the cost (no charge), including costs in the listed prices, or explicitly listing
shipping charges. Customers should never be surprised at the end of a
transaction with shipping costs. Customers may cancel the sale.
G Offer customers an e-mail address or phone number for complaints,
suggestions, or compliments, and respond to them. This can boost customer
loyalty.
After creating an online store, there is still much to do. An entrepreneur needs to attract
potential customers. There are many ways to advertise a Web site. One is to print a Web
address on business receipts, letterhead, newsletters, and other materials. 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. For example, a restaurant
specializing in food from Afghanistan might include the key words and phrases "Afghan cuisine,"
"traditional recipes," "contemporary cooking," "bulani," "hummus," "korma," "kabobs," "kofta,"
"lamb, "ashwak," "steamed dumplings," and others like these.
Web site promotion is crucial. Getting noticed is the first step to making online sales.

Next>>> Part 11 Choosing a Form of Business

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
M
any entrepreneurs sell goods or services on the
Internet. Why? Te Internet provides access to
a large and growing market. Approximately 627
million people were shopping online worldwide in 2005,
according to ACNielsen, a global information-marketing
company.
By selling on the Internet, a neighborhood shop or
home-based ?rm can reach a national or even interna-
tional group of potential customers. When entrepreneurs
sell online, they are on a more level playing ?eld with
larger competitors.
Tere are costs to Internet selling, certainly. But the price
of creating and managing a Web site has dropped, and
the number of Web site design and management com-
panies has grown. In fact, some entrepreneurs ?nd 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.
Some businesses — books, airline travel, and the stock
market, for example — have been transformed by their
success in online sales. Others, such as amusement parks,
bowling alleys, or utility companies, may not at ?rst seem
well suited to the Internet. But a Web site also can be
used for selling tickets, o?ering discounts, or letting cus-
tomers make payments over the Internet.
To start an online business, an entrepreneur must:
Register a domain name — an Internet name and •
address.
Purchase a server or contract with an Internet service •
provider to host the Web site. Buy Internet software
to create a Web site or hire an expert to do so. Design
an attractive and easy-to-navigate online store.
Create an online catalog. Provide clearly written in- •
formation, without technical language or jargon. Use
lots of photos to encourage potential customers to
buy. Include clear instructions to order by phone or
online.
Establish a payment method. Some companies bill a •
customer before or after shipping merchandise. Tis
may cause payment delays, however. Another option
is to have customers use credit or debit cards online.
A business can get a bank-authorized transaction-
processing account (merchant account) for handling
the revenue (and fees) from credit card transactions
from a bank or other institution that processes credit
cards online. Alternately, it is possible to hire an on-
line payment service, such as WorldPay (www.world-
pay.com), to handle these transactions.
Make the Web site secure, especially to protect cus- •
tomers’ ?nancial information. Hiring a technology
expert is time and money well spent as compared to
the potential risk of security violations.

Establish a policy for shipping. Options include let- •
ting the business absorb the cost (no charge), includ-
ing costs in the listed prices, or explicitly listing ship-
ping charges. Customers should never be surprised
at the end of a transaction with shipping costs. Cus-
tomers may cancel the sale.
O?er customers an e-mail address or phone number •
for complaints, suggestions, or compliments, and re-
spond to them. Tis can boost customer loyalty.
After creating an online store, there is still much to do. An
entrepreneur needs to attract potential customers. Tere
are many ways to advertise a Web site. One is to print
a Web address on business receipts, letterhead, newslet-
ters, and other materials. 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. For example,
a restaurant specializing in food from Afghanistan might
include the key words and phrases “Afghan cuisine,”
“traditional recipes,” “contemporary cooking,” “bulani,”
“hummus,” “korma,” “kabobs,” “kofta,” “lamb, “ashwak,”
“steamed dumplings,” and others like these.
Web site promotion is crucial. Getting noticed is the ?rst
step to making online sales.
Entrepreneurship
principles of
10. Selling Online
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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 Internet and The
Entrepreneur
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:
G create a mechanism for resolving disagreements;
G specify each partner's contribution to the partnership;
G divide up management responsibilities; and
Part 10
Selling Online
download PDF
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
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
spacer
G 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.

Next>>> Part 12 Creating a Business Plan

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PDFs zip file

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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 ?les 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 pro?ts of a
business. The greatest advantage comes from shared re-
sponsibilities. Partnerships also bene?t by having more
investors and a greater range of knowledge and skills.
There are two main kinds of partnerships, general partner-
ships 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 part-
ners who are liable only for the amount of money they in-
vest 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; •
speci fy each partner ’s contri buti on to the •
partnershi p;
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 invest-
ment 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 gov-
ernment regulation.
Entrepreneurship
principles of
11. Choosing a Form of Business
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
12. Creating a Business Plan
A
comprehensive business plan is crucial for a start-up business. It defines the
entrepreneur's vision and serves as the firm's resume.
There are many reasons for writing a business plan:
G To convince oneself that the new venture is worthwhile before making a
significant financial and personal commitment.
G To assist management in goal-setting and long-range planning.
G To attract investors and get financing.
G To explain the business to other companies with which it would be useful to
create an alliance or contract.
G To attract employees.
A business plan can help an entrepreneur to allocate resources appropriately, handle
unexpected problems, and make good business decisions.
A well-organized plan is an essential part of any loan application. It should specify how the
business would repay any borrowed money. The entrepreneur also should take into account all
startup expenses and potential risks so as not to appear naive.
However, according to Andrew Zacharakis, a common misperception is that a business plan is
primarily used for raising capital. Zacharakis, a professor of entrepreneurship at Babson
College, suggests that the primary purpose of a business plan is to help entrepreneurs gain a
deeper understanding of the opportunity they envision. He explains: "The business plan process
helps the entrepreneur shape her original vision into a better opportunity by raising critical
questions, researching answers for those questions, and then answering them."
Some entrepreneurs create two plans: a planning document for internal use and a marketing
document for attracting outside investment. In this situation, the information in each plan is
essentially the same, but the emphasis is somewhat different. For example, an internal
document intended to guide the business does not need detailed biographies of the
management. However, in a plan intended for marketing, the background and experience of
management may be the most important feature.
Part 10
Selling Online
download PDF
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
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
spacer
A standard business plan is usually about 40 pages in length. It should use good visual
formatting, such as bulleted lists and short paragraphs. The language should be free of jargon
and easy to understand.
The tone should be business-like and enthusiastic. It should be strong on facts in order to
convince people to invest money or time in the new venture.
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. This is the section that people read
in order to decide whether to read the rest. It should concisely summarize the technical,
marketing, financial, and managerial details. More importantly, it needs to convince the reader
that the new venture is a worthy investment.
The company description highlights the entrepreneur's dream, strategy, and goals.
The product/service section should stress the characteristics and benefits of the new venture.
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, an income statement, and a cash-flow analysis. These require detailed estimates
of expenses and sales. Expenses are relatively easy to estimate. Sales projections are usually
based on market research, and often utilize sales data for similar products and services
produced by competitors.
Writing a business plan may seem overwhelming. However, there are ways to make the process
more manageable. First, there are many computer software packages for producing a standard
business plan. Numerous books on entrepreneurship have detailed instructions, and many
universities sponsor programs for new businesses.

Next>>> Part 13 The Entrepreneur's Need for Capital

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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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
A
comprehensive business plan is crucial for a start-
up business. It de?nes the entrepreneur’s vision and
serves as the ?rm’s resume.
Tere 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.
To assist management in goal-setting and long-range •
planning.
To attract investors and get ?nancing. •
To explain the business to other companies with which •
it would be useful to create an alliance or contract.
To attract employees. •
A business plan can help an entrepreneur to allocate resources
appropriately, handle unexpected problems, and make good
business decisions.
A well-organized plan is an essential part of any loan application.
It should specify how the business would repay any borrowed
money. Te entrepreneur also should take into account all startup
expenses and potential risks so as not to appear naive.
However, according to Andrew Zacharakis, a common mis-
perception is that a business plan is primarily used for raising
capital. Zacharakis, a professor of entrepreneurship at Babson
College, suggests that the primary purpose of a business plan
is to help entrepreneurs gain a deeper understanding of the
opportunity they envision. He explains: “Te business plan
process helps the entrepreneur shape her original vision into
a better opportunity by raising critical questions, researching
answers for those questions, and then answering them.”
Some entrepreneurs create two plans: a planning
document for internal use and a marketing document
for attracting outside investment. In this situation,
the information in each plan is essentially the same,
but the emphasis is somewhat different. For example,
an internal document intended to guide the business
does not need detailed biographies of the manage-
ment. However, in a plan intended for marketing, the
background and experience of management may be
the most important feature.
A standard business plan is usually about 40 pages in length.
It should use good visual formatting, such as bulleted lists
and short paragraphs. Te language should be free of jargon
and easy to understand.
Te tone should be business-like and enthusiastic. It should be
strong on facts in order to convince people to invest money or time
in the new venture.
Te 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
Te executive summary is the cornerstone of a good plan. Tis
is the section that people read in order to decide whether to read
the rest. It should concisely summarize the technical, marketing,
?nancial, and managerial details. More importantly, it needs to
convince the reader that the new venture is a worthy investment.
Te company description highlights the entrepreneur’s
dream, strategy, and goals.
Te product/service section should stress the characteristics
and bene?ts of the new venture. What di?erentiates it from
its competition? Is it innovative?
Te ?nancial components of a new venture’s business plan typically
include three projections: a balance sheet, an income statement, and
a cash-?ow analysis. Tese require detailed estimates of expenses
and sales. Expenses are relatively easy to estimate. Sales projections
are usually based on market research, and often utilize sales data for
similar products and services produced by competitors.
Writing a business plan may seem overwhelming. However,
there are ways to make the process more manageable. First,
there are many computer software packages for producing a
standard business plan. Numerous books on entrepreneur-
ship have detailed instructions, and many universities sponsor
programs for new businesses.
Entrepreneurship
principles of
12. Creating a Business Plan
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
13. The Entrepreneur's Need for Capital
N
ew businesses rarely show a profit in the early months of operation. Generating sales takes
time, and receipts are not usually sufficient to offset start-up costs and monthly expenses.
Therefore, 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. In the mid-1970s,
Steve Jobs and Steve Wozniak started Apple Computer by selling a Volkswagen microbus and a
Hewlett-Packard scientific calculator to raise $1,300 — enough for a makeshift production line.
In 1997, Bill Martin and Greg Wright used the free Internet connections in their college dorm
rooms and $175 — $75 for a New Jersey partnership fee, $70 to register their Web domain
name, and $30 for a month's hosting fee -- to start www.ragingbull.com, which is now a
successful financial Web site.
Many entrepreneurs start businesses with $5,000 or less, just enough to establish the business,
invest in some inventory, and create some advertising materials. There are many ways to
reduce expenses: for instance, by initially working out of one's home rather than leasing an
office or leasing office equipment rather than buying it.
However, all entrepreneurs need to estimate how much cash they need to cover expenses until
the business begins to make a profit. For this task, the best financial tools are the income
statement and cash flow statement. Cash flow refers to the amount of money actually available
to make purchases and pay current bills and obligations. It is the difference between cash
receipts (money taken in) and cash disbursements (money spent) over a specific time period.
It is important to attach notes to these forecasts to explain any unusual expenses or
assumptions used in the calculations.
G 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. Depreciation is a method to account
for assets whose value is considered to decrease over time.
G A cash flow statement estimates anticipated cash sales as well as
anticipated cash payments of bills. This estimate can be done on a weekly,
monthly, or quarterly basis, but experts recommend that it be done at least
once every month for the first year or two of a new business. This forecast
is used to project the money required to finance the operation annually. By
Part 10
Selling Online
download PDF
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
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
spacer
calculating this forecast on a cumulative basis, the entrepreneur can
forecast his company's overall capital needs at start up.
The monthly net cash flow shows how much an entrepreneur's cash receipts exceed or fall short
of monthly cash expenditures. For most of the first year, the monthly expenditures are likely to
exceed the receipts. In many cases, goods are shipped out before payment is received.
Meanwhile, the entrepreneur still has to pay his bills. Therefore, the cumulative cash flow,
which adds each month's total to that of previous months, 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. At this point, the negative cumulative cash flow will begin to decrease and
move toward a positive one. The cumulative cash flow amount reached just before it reverses
direction indicates approximately how much capital the new business will need.
Financial projections are inevitably somewhat inaccurate simply because every contingency
cannot be predicted. For this reason, 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.
With these estimates, the entrepreneur can seek funding and concentrate more clearly on
launching the new business.

Next>>> Part 14 Sources of Financing

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
N
ew businesses rarely show a pro?t in the early
months of operation. Generating sales takes time,
and receipts are not usually suf?cient to offset start-
up costs and monthly expenses. Therefore, 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. In the mid-1970s, Steve Jobs and Steve Wozniak
started Apple Computer by selling a Volkswagen microbus
and a Hewlett-Packard scientific calculator to raise $1,300 —
enough for a makeshift production line. In 1997, Bill Martin and
Greg Wright used the free Internet connections in their college
dorm rooms and $175: $75 for a New Jersey partnership fee,
$70 to register their Web domain name, and $30 for a month’s
hosting fee — to start www.ragingbull.com, which is now a suc-
cessful financial Web site.
Many entrepreneurs start businesses with $5,000 or less, just
enough to establish the business, invest in some inventory, and
create some advertising materials. There are many ways to reduce
expenses: for instance, by initially working out of one’s home
rather than leasing an office or leasing office equipment rather
than buying it.
However, all entrepreneurs need to estimate how much
cash they need to cover expenses until the business begins
to make a pro?t. For this task, the best ?nancial tools are
the income statement and cash ?ow statement. Cash ?ow
refers to the amount of money actually available to make
purchases and pay current bills and obligations. It is the dif-
ference between cash receipts (money taken in) and cash
disbursements (money spent) over a speci?c time period.
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 pro- •
jected revenues and expenses (including depreciation and
mortgages) to determine a venture’s profits per month and
year. Depreciation is a method to account for assets whose
value is considered to decrease over time.
A cash ?ow statement estimates anticipated cash •
sales as well as anticipated cash payments of bills.
This estimate can be done on a weekly, monthly,
or quarterly basis, but experts recommend that
it be done at least once every month for the ?rst
year or two of a new business. This forecast is
used to project the money required to ?nance the
operation annually. By calculating this forecast on
a cumulative basis, the entrepreneur can forecast
his company’s overall capital needs at start up.
The monthly net cash f low shows how much an
entrepreneur’s cash receipts exceed or fall short
of monthly cash expenditures. For most of the
f irst year, the monthly expenditures are likely
to exceed the receipts. In many cases, goods are
shipped out before payment is received. Mean-
while, the entrepreneur still has to pay his bills.
Therefore, the cumulative cash f low, which adds
each month’s total to that of previous months,
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. At
this point, the negative cumulative cash ?ow will begin to
decrease and move toward a positive one. The cumulative
cash ?ow amount reached just before it reverses direction
indicates approximately how much capital the new business
will need.
Financial projections are inevitably somewhat inaccurate
simply because every contingency cannot be predicted. For
this reason, experts recommend that entrepreneurs add at
least 20 percent to the ?nancial needs calculated in the cash
?ow statement to create a safety net for unforeseen events.
With these estimates, the entrepreneur can seek
funding and concentrate more clearly on launching
the new business.
Entrepreneurship
principles of
13. The Entrepreneur’s Need for Capital
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
14. Sources of Financing
M
any entrepreneurs struggle to find the capital to start a new business. There are many
sources to consider, so it is important for an entrepreneur to fully explore all financing options.
He also should apply for funds from a wide variety of sources.
Personal savings: Experts agree that the best source of capital for any new business is the
entrepreneur's own money. It is easy to use, quick to access, has no payback terms, and
requires no transfer of equity (ownership). Also, it demonstrates to potential investors that the
entrepreneur is willing to risk his own funds and will persevere during hard times.
Friends and family: These people believe in the entrepreneur, and they are the second easiest
source of funds to access. They do not usually require the paperwork that other lenders require.
However, these funds should be documented and treated like loans. Neither part ownership nor
a decision-making position should be given to these lenders, unless they have expertise to
provide. The main disadvantage of these funds is that, if the business fails and money goes
lost, a valuable relationship may be jeopardized.
Credit cards: The entrepreneur's personal credit cards are an easy source of funds to access,
especially for acquiring business equipment such as photocopiers, personal computers, and
printers. These items can usually be obtained with little or no money paid up front and with
small monthly payments. The main disadvantage is the high rate of interest charged on credit
card balances that are not paid off in full each month.
Banks: Banks are very conservative lenders. As successful entrepreneur Phil Holland explains,
"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." Many
entrepreneurs simply do not have enough assets to get a secured loan from a lending
institution.
However, if an entrepreneur has money in a bank savings account, she can usually borrow
against that money. If an entrepreneur has good credit, it is also relatively easy to get a
personal loan from a bank. These loans tend to be short-term and not as large as business
loans.
Venture investors: This is a major source of funding for start-ups that have a strong potential
for growth. However, venture investors insist on retaining part ownership in new businesses
that they fund.
G Formal institutional venture funds are usually limited partnerships in which
passive limited partners, such as retirement funds, supply most of the
money. These funds have large amounts of money to invest. However, the
Part 10
Selling Online
download PDF
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
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
spacer
process of obtaining venture capital is very slow. Several books, such as
Galante's Venture Capital & Private Equity Directory, give detailed
information on these funds.
G 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. However, these funds are slow to
access compared to other sources of funds. Also, they often seek to gain
control of new businesses.
G Angel investors tend to be successful entrepreneurs who have capital that
they are willing to risk. They often insist on being active advisers to
businesses they support. Angel funds are quicker to access than corporate
venture funds, and they are more likely to be invested in a start-up
operation. But they may make smaller individual investments and have
fewer contacts in the banking community.
Government programs: Many national and regional governments offer programs to
encourage small- and medium-sized businesses. In the United States, 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.

Next>>> Part 15 Intellectual Property: A Valuable Business Asset

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
15. Intellectual Property: A Valuable Business Asset
I
ntellectual property is a valuable asset for an entrepreneur. It consists of certain intellectual
creations by entrepreneurs or their staffs that have commercial value and are given legal
property rights. Examples of such creations are a new product and its name, a new method, a
new process, a new promotional scheme, and a new design.
A fence or a lock cannot protect these intangible assets. Instead, patents, copyrights, and
trademarks are used to prevent competitors from benefiting from an individual's or firm's ideas.
Protecting intellectual property is a practical business decision. The time and money invested in
perfecting an idea might be wasted if others could copy it. Competitors could charge a lower
price because they did not incur the startup costs. 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.
Intellectual property rights can be bought, sold, licensed, or given away freely. Some
businesses have made millions of dollars by licensing or selling their patents or trademarks.
Every entrepreneur should be aware of intellectual property rights in order to protect these
assets in a world of global markets. An intellectual property lawyer can provide information and
advice.
The main forms of intellectual property rights are:
G Patents: A patent grants an inventor the right to exclude others from
making, using, offering for sale, or selling an invention for a fixed period of
time — in most countries, for up to 20 years. When the time period ends,
the patent goes into the public domain and anyone may use it.
G Copyright: Copyrights protect original creative works of authors,
composers, and others. In general, a copyright does not protect the idea
itself, but only the form in which it appears — from sound recordings to
books, computer programs, or architecture. The owner of copyrighted
material has the exclusive right to reproduce the work, prepare derivative
works, distribute copies of the work, or perform or display the work publicly.
G Trade Secrets: Trade secrets consist of knowledge that is kept secret in
Part 10
Selling Online
download PDF
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
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
spacer
order to gain an advantage in business. "Customer lists, sources of supply
of scarce materials, or sources of supply with faster delivery or lower prices
may be trade secrets," explains Joseph S. Iandiorio, the founding partner of
Iandiorio and Teska, an intellectual property law firm. "Certainly, secret
processes, formulas, techniques, manufacturing know-how, advertising
schemes, marketing programs, and business plans are all protectable."
Trade secrets are usually protected by contracts and non-disclosure agreements. No other legal
form of protection exists. The most famous trade secret is the formula for Coca-Cola, which is
more than 100 years old.
Trade secrets are valid only if the information has not been revealed. There is no protection
against discovery by fair means such as accidental disclosure, reverse engineering, or
independent invention.
G Trademarks: A trademark protects a symbol, word, or design, used
individually or in combination, to indicate the source of goods and to
distinguish them from goods produced by others. For example, Apple
Computer uses a picture of an apple with a bite out of it and the symbol ®,
which means registered trademark. A service mark similarly identifies the
source of a service. Trademarks and service marks give a business the right
to prevent others from using a confusingly similar mark.
In most countries, trademarks must be registered to be enforceable and renewed to remain in
force. However, they can be renewed endlessly. Consumers use marks to find a specific firm's
goods that they see as particularly desirable — for example, Barbie dolls or Toyota automobiles.
Unlike copyrights or patents, which expire, many business's trademarks become more valuable
over time.

Next>>> Part 16 The Strengths of Small Business

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I
ntellectual property is a valuable asset for an entrepreneur.
It consists of certain intellectual creations by entrepre-
neurs or their staffs that have commercial value and are
given legal property rights. Examples of such creations are a
new product and its name, a new method, a new process, a
new promotional scheme, and a new design.
A fence or a lock cannot protect these intangible assets. In-
stead, patents, copyrights, and trademarks are used to pre-
vent competitors from bene?ting from an individual’s or
?rm’s ideas.
Protecting intellectual property is a practical business de-
cision. The time and money invested in perfecting an idea
might be wasted if others could copy it. Competitors could
charge a lower price because they did not incur the startup
costs. The purpose of intellectual property law is to encour-
age innovation by giving creators time to pro?t from their
new ideas and to recover development costs.
Intellectual property rights can be bought, sold, licensed,
or given away freely. Some businesses have made millions of
dollars by licensing or selling their patents or trademarks.
Every entrepreneur should be aware of intellectual property
rights in order to protect these assets in a world of global
markets. An intellectual property lawyer can provide infor-
mation and advice.
The main forms of intellectual property rights are:
Patents: • A patent grants an inventor the right to exclude
others from making, using, offering for sale, or selling an
invention for a ?xed period of time - in most countries,
for up to 20 years. When the time period ends, the pat-
ent goes into the public domain and anyone may use it.
Copyright: • Copyrights protect original creative works
of authors, composers, and others. In general, a copy-
right does not protect the idea itself, but only the form
in which it appears - from sound recordings to books,
computer programs, or architecture. The owner of copy-
righted material has the exclusive right to reproduce the
work, prepare derivative works, distribute copies of the
work, or perform or display the work publicly.
Trade Secrets: • Trade secrets consist of knowledge that
is kept secret in order to gain an advantage in business.
“Customer lists, sources of supply of scarce materials,
or sources of supply with faster delivery or lower prices
may be trade secrets,” explains Joseph S. Iandiorio, the
founding partner of Iandiorio and Teska, an intellectual
property law ?rm. “Certainly, secret processes, formu-
las, techniques, manufacturing know-how, advertising
schemes, marketing programs, and business plans are all
protectable.”

Trade secrets are usually protected by contracts and non-
disclosure agreements. No other legal form of protection ex-
ists. The most famous trade secret is the formula for Coca-
Cola, which is more than 100 years old.
Trade secrets are valid only if the information has not been
revealed. There is no protection against discovery by fair
means such as accidental disclosure, reverse engineering, or
independent invention.
Trademarks: A trademark protects a symbol, word, or design,
used individually or in combination, to indicate the source
of goods and to distinguish them from goods produced by
others. For example, Apple Computer uses a picture of an
apple with a bite out of it and the symbol (®) which means
registered trademark. A service mark similarly identi?es
the source of a service. Trademarks and service marks give a
business the right to prevent others from using a confusingly
similar mark.
In most countries, trademarks must be registered to be en-
forceable and renewed to remain in force. However, they can
be renewed endlessly. Consumers use marks to ?nd a spe-
ci?c ?rm’s goods that they see as particularly desirable — for
example, Barbie dolls or Toyota automobiles. Unlike copy-
rights or patents, which expire, many business’s trademarks
become more valuable over time.
Entrepreneurship
principles of
15. Intellectual Property: A Valuable Business Asset
>>
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| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
16. 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.
With careful planning, an entrepreneur can lessen the advantages of the large business vis-à-
vis 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 10
Selling Online
download PDF
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
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
spacer
create an opportunity for greater success than is otherwise available. This can attract workers
and inspire them to do their best.

spacer
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PDFs zip file

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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 ad-
vantages. With careful planning, an entrepreneur
can lessen the advantages of the large business
vis-à-vis his operation and thereby increase his
chances for success.
Te strengths of large businesses are well documented.
Tey have greater ?nancial resources than small ?rms
and therefore can o?er a full product line and invest
in product development and marketing. Tey bene?t
from economies of scale because they manufacture
large quantities of products, resulting in lower costs
and potentially lower prices. Many large ?rms have
the credibility that a well-known name provides and
the support of a large organization.
How can a small ?rm possibly compete?
In general, small start-up ?rms have greater ?exibility
than larger ?rms and the capacity to respond promptly
to industry or community developments. Tey 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 ?rm usually can make decisions in days - not
months or years.
A small ?rm has the ability to modify its products or
services in response to unique customer needs. Te
average entrepreneur or manager of a small business
knows his customer base far better than one in a large
company. If a modi?cation in the products or services
o?ered — or even the business’s hours of operation
— would better serve the customers, it is possible for
a small ?rm 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 compa-
nies, 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, advis-
ers, 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. Tis is “the entrepreneurial spirit,” the atmosphere
of fun and excitement that is generated when people
work together to create an opportunity for greater
success than is otherwise available. Tis can attract
workers and inspire them to do their best.
Entrepreneurship
principles of
16. The Strengths of Small Business
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
17. Entrepreneurship Aids the Economy
M
ost economists agree that entrepreneurship is essential to the vitality of any economy,
developed or developing.
Entrepreneurs create new businesses, generating jobs for themselves and those they employ.
In many cases, entrepreneurial activity increases competition and, with technological or
operational changes, it can increase productivity as well.
In the United States, for example, 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.
S. employers. The small businesses in the United States are often ones created by self-
employed entrepreneurs. "Entrepreneurs give security to other people; they are the generators
of social welfare," Carl J. Schramm, president and chief executive officer of Ewing Marion
Kauffman Foundation, said in February 2007. The foundation is dedicated to fostering
entrepreneurship, and Schramm is one of the world's leading experts in this field.
Others agree that the benefits of small businesses go beyond income. Hector V. Baretto,
administrator of the U.S. Small Business Administration (SBA), explains, "Small businesses
broaden the base of participation in society, create jobs, decentralize economic power, and give
people a stake in the future."
Entrepreneurs innovate and innovation is a central ingredient in economic growth. As Peter
Drucker said, "The entrepreneur always searches for change, responds to it, and exploits it as
an opportunity." Entrepreneurs are responsible for the commercial introduction of many new
products and services, and for opening new markets. A look at recent history shows that
entrepreneurs were essential to many of the most significant innovations, ones that
revolutionized how people live and work. From the automobile to the airplane to personal
computers - individuals with dreams and determination developed these commercial advances.
Small firms also are more likely than large companies to produce specialty goods and services
and custom-demand items. As Schramm has suggested, entrepreneurs provide consumers with
goods and services for needs they didn't even know they had.
Innovations improve the quality of life by multiplying consumers' choices. They enrich people's
lives in numerous ways - making life easier, improving communications, providing new forms of
entertainment, and improving health care, to name a few.
Small firms in the United States, for instance, innovate far more than large ones do. According
to the Small Business Administration, small technology companies produce nearly 13 times
more patents per employee than large firms. They represent one-third of all companies in
possession of 15 or more patents.
According to the 2006 Summary Results of the Global Entrepreneurship Monitor (GEM) project,
Part 10
Selling Online
download PDF
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
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
spacer
"Regardless of the level of development and firm size, entrepreneurial behavior remains a
crucial engine of innovation and growth for the economy and for individual companies since, by
definition, it implies attention and willingness to take advantage of unexploited opportunities."
The GEM project is a multi-country study of entrepreneurship and economic growth. Founded
and sponsored by Babson College (USA) and the London Business School in 1999, the study
included 42 countries by 2006.
International and regional institutions, such as the United Nations and the Organization for
Economic Cooperation and Development, agree that entrepreneurs can play a crucial role in
mobilizing resources and promoting economic growth and socio-economic development. This is
particularly true in the developing world, where successful small businesses are primary engines
of job creation and poverty reduction.
For all of these reasons, governments may wish to pursue policies that encourage
entrepreneurship.

Next>>> Part 18 The Importance of Government Policies

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

This site is produced and maintained by the U.S. Department of State's Bureau of International Information Programs.
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Home | About USINFO | Site Index | Webmaster | Privacy
Topics | Regions | Resource Tools | Products
M
ost economists agree that entrepreneurship is es-
sential to the vitality of any economy, developed
or developing.
Entrepreneurs create new businesses, generating jobs for
themselves and those they employ. In many cases, entrepre-
neurial activity increases competition and, with technological
or operational changes, it can increase productivity as well.
In the United States, for example, 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.S. employers. The small businesses in the United States
are often ones created by self-employed entrepreneurs.

“Entrepreneurs give security to other people; they are the
generators of social welfare,” Carl J. Schramm, president and
chief executive officer of Ewing Marion Kauffman Founda-
tion, said in February 2007. The foundation is dedicated to
fostering entrepreneurship, and Schramm is one of the world’s
leading experts in this field.
Others agree that the benefits of small businesses go beyond
income. Hector V. Baretto, administrator of the U.S. Small
Business Administration (SBA), explains, “Small businesses
broaden the base of participation in society, create jobs, decen-
tralize economic power, and give people a stake in the future.”
Entrepreneurs innovate and innovation is a central ingredient
in economic growth. As Peter Drucker said, “The entrepre-
neur always searches for change, responds to it, and exploits
it as an opportunity.” Entrepreneurs are responsible for the
commercial introduction of many new products and services,
and for opening new markets. A look at recent history shows
that entrepreneurs were essential to many of the most signifi-
cant innovations, ones that revolutionized how people live
and work. From the automobile to the airplane to personal
computers – individuals with dreams and determination de-
veloped these commercial advances.
Small firms also are more likely than large companies to pro-
duce specialty goods and services and custom-demand items.
As Schramm has suggested, entrepreneurs provide consum-
ers with goods and services for needs they didn’t even know
they had.
Innovations improve the quality of life by multiplying con-
sumers’ choices. They enrich people’s lives in numerous ways
– making life easier, improving communications, providing
new forms of entertainment, and improving health care, to
name a few.
Small firms in the United States, for instance, innovate far
more than large ones do. According to the Small Business
Administration, small technology companies produce nearly
13 times more patents per employee than large firms. They
represent one-third of all companies in possession of 15 or
more patents.
According to the 2006 Summary Results of the Global En-
trepreneurship Monitor (GEM) project, “Regardless of the
level of development and firm size, entrepreneurial behav-
ior remains a crucial engine of innovation and growth for the
economy and for individual companies since, by definition, it
implies attention and willingness to take advantage of unex-
ploited opportunities.” The GEM project is a multi-country
study of entrepreneurship and economic growth. Founded
and sponsored by Babson College (USA) and the London
Business School in 1999, the study included 42 countries by
2006.
International and regional institutions, such as the United
Nations and the Organization for Economic Cooperation
and Development, agree that entrepreneurs can play a crucial
role in mobilizing resources and promoting economic growth
and socio-economic development. This is particularly true in
the developing world, where successful small businesses are
primary engines of job creation and poverty reduction.
For all of these reasons, governments may wish to pursue
policies that encourage entrepreneurship.
Entrepreneurship
principles of
17. Entrepreneurship Aids the Economy
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
18. The Importance of Government Policies
E
ntrepreneurial activity leads to economic growth and helps to reduce poverty, create a
middle class, and foster stability. It is in the interest of all h governments to implement policies
to foster entrepreneurship and reap the benefits of its activity.
Thomas A. Garrett, a senior economist with the Federal Reserve Bank of St. Louis, 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. Active policies,
such as targeted tax breaks, help specific forms of businesses, while passive policies help create
an environment that is friendly to entrepreneurs without regard to specific firms.
Both active and passive policies are effective in promoting small business, Garrett says, but
passive policies promote entrepreneurship most broadly. "It is this entrepreneurial-friendly
environment that will allow any individual or business-regardless of size, location or mission-to
expand and to thrive," he says.
Among the most successful strategies for encouraging entrepreneurship and small business are
changes in tax policy, regulatory policy, access to capital, and the legal protection of property
rights.
Tax Policy: Governments use taxes to raise money. But taxes increase the cost of the activity
taxed, discouraging it somewhat. Therefore, policymakers need to balance the goals of raising
revenue and promoting entrepreneurship. Corporate tax rate reductions, tax credits for
investment or education, and tax deductions for businesses are all proven methods for
encouraging business growth.
Regulatory Policy: "The simpler and more expedited the regulatory process, the greater the
likelihood of small business expansion," says Steve Strauss, a lawyer and author, who
specializes in entrepreneurship. Reducing the cost of compliance with government regulations is
also helpful. Governments can, for example, provide one-stop service centers where
entrepreneurs can find assistance and allow electronic filing and storage of forms.
Access to Capital: Starting a business takes money. There are required procedures and fees
as well as the initial costs of the new enterprise itself. Therefore, the most important activity a
government can undertake is to assist potential entrepreneurs with finding money for start-ups.
In the United States, the Small Business Administration (SBA) helps entrepreneurs get funds.
The SBA is a federal agency whose main function is guaranteeing loans. Banks and other
lenders that participate in SBA programs often relax strict loan requirements because the
government has promised repayment if the borrower defaults. This policy makes many loans
available for risky new businesses. 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. Without property rights, there is little incentive to create or invest.
For entrepreneurship to flourish, the law needs to protect intellectual property. If innovations
Part 10
Selling Online
download PDF
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
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
spacer
are not legally protected through patents, copyrights, and trademarks, entrepreneurs are
unlikely to engage in the risks necessary to invent new products or new methods. According to
the World Bank report, "Doing Business 2007: How to Reform," new technologies are adopted
more quickly when courts are efficient. "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."
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:
G 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 - such as a copier and a fax machine - which most new
businesses couldn't otherwise afford. Often business incubators are
associated with colleges, and professors offer their expertise.
G Make information available. In the United States, for example, the SBA has
many offices, making publications widely accessible. Its "Small Business
Answer Desk" (telephone: 800-827-5722) and its Web site (www.sba.gov)
answer general business questions. Its online business tutorials are
available to anyone with Internet access (http://sba.gov/training/
coursestake.html).
G 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.

Next>>> Part 19 Resources for Aspiring and Existing Entrepreneurs

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E
ntrepreneurial activity leads to economic growth and helps to
reduce poverty, create a middle class, and foster stability. It is
in the interest of all h governments to implement policies to
foster entrepreneurship and reap the benefits of its activity.
Thomas A. Garrett, a senior economist with the Federal Reserve
Bank of St. Louis, says that government policies can be categorized
as “active” or “passive” depending on whether they involve the gov-
ernment in determining which types of businesses are promoted.
Active policies, such as targeted tax breaks, help specific forms of
businesses, while passive policies help create an environment that is
friendly to entrepreneurs without regard to specific firms.
Both active and passive policies are effective in promoting small
business, Garrett says, but passive policies promote entrepreneur-
ship most broadly. “It is this entrepreneurial-friendly environment
that will allow any individual or business—regardless of size, loca-
tion or mission—to expand and to thrive,” he says.
Among the most successful strategies for encouraging entrepre-
neurship and small business are changes in tax policy, regulatory
policy, access to capital, and the legal protection of property rights.
Tax Policy: Governments use taxes to raise money. But taxes increase
the cost of the activity taxed, discouraging it somewhat. Therefore,
policymakers need to balance the goals of raising revenue and pro-
moting entrepreneurship. Corporate tax rate reductions, tax credits
for investment or education, and tax deductions for businesses are
all proven methods for encouraging business growth.
Regulatory Policy: “The simpler and more expedited the regulatory
process, the greater the likelihood of small business expansion,” says
Steve Strauss, a lawyer and author, who specializes in entrepreneur-
ship. Reducing the cost of compliance with government regulations
is also helpful. Governments can, for example, provide one-stop
service centers where entrepreneurs can find assistance and allow
electronic filing and storage of forms.
Access to Capital: Starting a business takes money. There are re-
quired procedures and fees as well as the initial costs of the new
enterprise itself. Therefore, the most important activity a govern-
ment can undertake is to assist potential entrepreneurs with finding
money for start-ups.
In the United States, the Small Business Administration (SBA) helps
entrepreneurs get funds. The SBA is a federal agency whose main
function is guaranteeing loans. Banks and other lenders that partici-
pate in SBA programs often relax strict loan requirements because
the government has promised repayment if the borrower defaults.
This policy makes many loans available for risky new businesses.
Legal Protection of Property Rights: Small business can thrive
where there is respect for individual property rights and a legal sys-
tem to protect those rights. Without property rights, there is little
incentive to create or invest.
For entrepreneurship to flourish, the law needs to protect intel-
lectual property. If innovations are not legally protected through
patents, copyrights, and trademarks, entrepreneurs are unlikely to
engage in the risks necessary to invent new products or new meth-
ods. According to the World Bank report, “Doing Business 2007:
How to Reform,” new technologies are adopted more quickly when
courts are efficient. “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.”
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:
• 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 – such as a copier and a fax machine
– which most new businesses couldn’t otherwise afford. Often busi-
ness incubators are associated with colleges, and professors offer
their expertise.
• Make information available. In the United States, for example,
the SBA has many offices, making publications widely accessible.
Its “Small Business Answer Desk” (telephone: 800-827-5722) and
its Web site (www.sba.gov) answer general business questions. Its
online business tutorials are available to anyone with Internet access
(http://sba.gov/training/coursestake.html).
• Enhance the status of entrepreneurs and businessmen in the so-
ciety. Governments might create local or national award programs
that honor entrepreneurs and call on business leaders to serve on rel-
evant commissions or panels.
Entrepreneurship
principles of
18. The Importance of Government Policies
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
19. Resources for Aspiring and Existing Entrepreneurs
U.S. Government
The Small Business Administration (SBA) is an independent agency of the federal government
that aids, counsels, assists, and protects the interests of small business. SBA delivers its
services through an extensive network of field offices and partnerships with public and private
organizations. Its Web site provides wide-ranging information on starting and running a small
business.http://www.sba.gov/
International Agencies
The Organization for Economic Cooperation and Development, Centre for Entrepreneurship,
SMEs, and Local Development "is in charge of disseminating best practices on the design,
implementation, and evaluation of initiatives to promote entrepreneurship, SME growth, and
local economic and employment development." The Web site includes links to publications and
programs.http://www.oecd.org/department/0,2688,en_2649_33956792_1_1_1_1_1,00.html
The United Nations Development Program, Commission on the Private Sector and Development
was created to address the obstacles blocking the expansion of the indigenous private sector in
developing nations. The Web site includes the Commission's 2004 Report, "Unleashing
Entrepreneurship: Making Business Work for the Poor."http://www.undp.org/cpsd/indexF.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.http://www.doingbusiness.org/Downloads/
Academic, Research, and Private Resources
The Arthur M. Blank Center for Entrepreneurship at Babson College (Massachusetts, USA)
describes its mission as leading the global advancement of entrepreneurship education and
practice through teaching, research, and outreach initiatives. In partnership with the London
School of Business, it carries out globally focused entrepreneurship research. It holds an annual
entrepreneurship research conference and publishes Frontiers of Entrepreneurship Research.http://www3.babson.edu/eship/research-publications/
The Center for Rural Entrepreneurship supports efforts to stimulate entrepreneurship in
communities throughout rural America, and publishes a newsletter. Its site shares information
on tools, success stories, and research.http://www.energizingentrepreneurs.org/
Collegiate Entrepreneurs' Organization is a global entrepreneurship network serving
approximately 30,000 students, through 400 chapters and affiliated student organizations at
colleges and universities.http://www.c-e-o.org/page.php?
mode=privateview&pageID=124&navID=24
Part 10
Selling Online
download PDF
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
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
spacer
Entrepreneur.com is an online and print small business publication that provides information to
help start, grow, or manage a small business.http://www.entrepreneur.com/
The Entrepreneurs' Organization (EO) is a global membership organization of more than 6,000
business owners who share a common desire to grow their businesses, learn from others, and
share their experiences.http://www.eonetwork.org/Default.aspx
The Ewing Marion Kauffman Foundation is a major supporter of research and grants to promote
entrepreneurship, develop educational programs, train educators, and to facilitate the
commercialization of new technologies. One of the largest foundations in the United States, the
Kauffman Foundation Web site includes links to research, publications, and reports.http://www.
kauffman.org/
FastTrac is a comprehensive entrepreneurship education program that includes practical, hands-
on business development courses and workshops for entrepreneurs as well as entrepreneurship
curriculum for college students. FastTrac programs are currently provided in 50 U.S. states and
in Australia and Russia.http://www.fasttrac.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. A
partnership of Babson College and the London School of Economics, 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.
Started in 1999 with 10 countries, GEM 2007 conducted research in 42 countries. The Web site
features global reports and national summaries.http://www.gemconsortium.org
International Council for Small Business was the first international membership organization to
promote the growth and development of small businesses worldwide. It hosts an annual
conference aimed at advancing small business and entrepreneurship.http://www.icsb.org/
My Own Business, Inc. is a nonprofit organization dedicated to providing free training and
resources to aspiring entrepreneurs. The Web site includes a free, complete and in-depth online
course on how to start a business.http://www.myownbusiness.org/
The Public Forum Institute, National Dialog on Entrepreneurship provides a wide range of
information on entrepreneurship, including news and research. It includes reports about steps
being taken around the world to encourage innovation and new enterprise growth. It also
includes links to entrepreneurship success stories.http://www.publicforuminstitute.org/nde/
global/index.htm
Students in Free Enterprise is a global non-profit organization active in 47 countries that works
in partnership with business. SIFE challenges teams of college students to develop community
outreach projects that include entrepreneurship.http://www.sife.org/

Next>>> Part 20 Entrepreneurship: Glossary of Terms

spacer
download complete set of
PDFs zip file

Tell us how you like this
publication by
contacting us at:
[email protected].

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
U.S. Government
The Small Business Administration (SBA) is an independent agency of the
federal government that aids, counsels, assists, and protects the interests
of small business. SBA delivers its services through an extensive network
of field offices and partnerships with public and private organizations. Its
Web site provides wide-ranging information on starting and running a
small business.http://www.sba.gov/
International Agencies
The Organization for Economic Cooperation and Development, Centre
for Entrepreneurship, SMEs, and Local Development “is in charge of
disseminating best practices on the design, implementation, and evalua-
tion of initiatives to promote entrepreneurship, SME growth, and local
economic and employment development.” The Web site includes links to
publications and programs.http://www.oecd.org/department/0,2688,en_
2649_33956792_1_1_1_1_1,00.html
The United Nations Development Program, Commission on the Private
Sector and Development was created to address the obstacles blocking the
expansion of the indigenous private sector in developing nations. The Web
site includes the Commission’s 2004 Report, “Unleashing Entrepreneur-
ship: Making Business Work for the Poor.”http://www.undp.org/cpsd/
indexF.html
The World Bank’s The Doing Business Project provides objective mea-
sures of business regulations and their enforcement across 178 countries
and selected cities at the subnational and regional level.http://www.doing-
business.org/Downloads/
Academic, Research, and Private Resources
The Arthur M. Blank Center for Entrepreneurship at Babson College
(Massachusetts, USA) describes its mission as leading the global ad-
vancement of entrepreneurship education and practice through teaching,
research, and outreach initiatives. In partnership with the London School
of Business, it carries out globally focused entrepreneurship research.
It holds an annual entrepreneurship research conference and publishes
Frontiers of Entrepreneurship Research.http://www3.babson.edu/eship/
research-publications/
The Center for Rural Entrepreneurship supports efforts to stimulate en-
trepreneurship in communities throughout rural America, and publishes
a newsletter. Its site shares information on tools, success stories, and re-
search.http://www.energizingentrepreneurs.org/
Collegiate Entrepreneurs’ Organization is a global entrepreneurship net-
work serving approximately 30,000 students, through 400 chapters and
affiliated student organizations at colleges and universities.http://www.c-
e-o.org/page.php?mode=privateview&pageID=124&navID=24
Entrepreneur.com is an online and print small business publication that
provides information to help start, grow, or manage a small business.http://www.entrepreneur.com/
The Entrepreneurs’ Organization (EO) is a global membership organiza-
tion of more than 6,000 business owners who share a common desire to
grow their businesses, learn from others, and share their experiences.http://www.eonetwork.org/Default.aspx
The Ewing Marion Kauffman Foundation is a major supporter of research
and grants to promote entrepreneurship, develop educational programs,
train educators, and to facilitate the commercialization of new technologies.
One of the largest foundations in the United States, the Kauffman Founda-
tion Web site includes links to research, publications, and reports.http://www.kauffman.org/
FastTrac is a comprehensive entrepreneurship education program that in-
cludes practical, hands-on business development courses and workshops
for entrepreneurs as well as entrepreneurship curriculum for college stu-
dents. FastTrac programs are currently provided in 50 U.S. states and in
Australia and Russia.http://www.fasttrac.org/
The Global Entrepreneurship Monitor (GEM) is a not-for-profit aca-
demic research consortium that aims to make international research data on
entrepreneurial activity readily available. A partnership of Babson College
and the London School of Economics, 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 eco-
nomic growth. Started in 1999 with 10 countries, GEM 2007 conducted
research in 42 countries. The Web site features global reports and national
summaries.http://www.gemconsortium.org
International Council for Small Business was the first international mem-
bership organization to promote the growth and development of small
businesses worldwide. It hosts an annual conference aimed at advancing
small business and entrepreneurship.http://www.icsb.org/
My Own Business, Inc. is a nonprofit organization dedicated to providing
free training and resources to aspiring entrepreneurs. The Web site includes
a free, complete and in-depth online course on how to start a business.http://www.myownbusiness.org/
The Public Forum Institute, National Dialog on Entrepreneurship pro-
vides a wide range of information on entrepreneurship, including news and
research. It includes reports about steps being taken around the world to
encourage innovation and new enterprise growth. It also includes links to
entrepreneurship success stories.http://www.publicforuminstitute.org/
nde/global/index.htm
Students in Free Enterprise is a global non-profit organization active in 47
countries that works in partnership with business. SIFE challenges teams
of college students to develop community outreach projects that include
entrepreneurship.http://www.sife.org/
Entrepreneurship
principles of
19. Resources for Aspiring and Existing Entrepreneurs
U.S. Department of State/Bureau of International Information Programs
Español | Français | C A A : 8 9 |
| |

USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
20. Entrepreneurship: Glossary of Terms
Angel investors: Individuals who have capital that they are willing to risk. Angels are often
successful entrepreneurs who invest in emerging entrepreneurial ventures, often as a bridge
from the self-funded stage to the point in which a business can attract venture capital.
Assets: Items of value owned by a company and shown on the balance sheet, including cash,
equipment, inventory, etc.
Balance sheet: Summary statement of a company's financial position at a given point in time,
listing assets as well as liabilities.
Breakeven point: Dollar value of sales that will cover, but not exceed, all of the company's
costs, both fixed and variable.
Bridge finance: Short-term finance that is expected to be repaid quickly.
Browser: A computer program that enables users to access and navigate the World Wide Web.
Business incubator: This is a form of mentoring in which workspace, coaching, and support
services are provided to entrepreneurs and early-stage businesses at a free or reduced cost.
Business plan: A written document detailing a proposed venture, covering current status,
expected needs, and projected results for the enterprise. It contains a thorough analysis of the
product or service being offered, the market and competition, the marketing strategy, the
operating plan, and the management as well as profit, balance sheet, and cash flow projections.
Capital: Cash or goods used to generate income. For entrepreneurs, capital often refers to the
funds and other assets invested in the business venture.
Cash flow: The difference between the company's cash receipts and its cash payments in a
given period. It refers to the amount of money actually available to make purchases and pay
current bills and obligations.
Cash flow statement: A summary of a company's cash flow over a period of time.
Collateral: An asset pledged as security for a loan.
Copyright: Copyright is a form of legal protection for published and unpublished literary,
scientific, and artistic works that have been fixed in a tangible or material form. It grants
exclusive rights to the work's creator for a specified period of time.
Corporation: A business form that is an entity legally separate from its owners. Its important
Part 10
Selling Online
download PDF
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
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
spacer
features include limited liability, easy transfer of ownership, and unlimited life.
Depreciation: The decrease in the value of assets over their expected life by an accepted
accounting method, such as allocating the cost of an asset over the years in which it is used.
E-commerce: The sale of products and services over the Internet.
Entrepreneur: A person who organizes, operates, and assumes the risk for a business
venture.
Equity: An ownership interest in a business.
Home-based business: A business, of any size or type, whose primary office is in the owner's
home.
Income statement: Also known as a "profit and loss statement," it shows a firm's income and
expenses, and the resulting profit or loss over a specified period of time.
Intangible assets: Items of value that have no tangible physical properties, such as ideas.
Internet: The vast network of networks connecting millions of individual and networked
computers worldwide.
Inventory: Finished goods, work in process of manufacture, and raw materials owned by a
company.
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.
Liabilities: Debts a business owes, including accounts payable, taxes, bank loans, and other
obligations. Short-term liabilities are due within a year, while long-term liabilities are due in a
period of time greater than a year.
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.
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. (2) A limit
set by a seller on the amount that a purchaser can buy on credit.
Liquidity: The ability of an asset to be converted to cash as quickly as possible and without
any price discount.
Marketing: The process of researching, promoting, selling, and distributing a product or
service. Marketing covers a broad range of practices, including advertising, publicity, promotion,
pricing, and packaging.
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, increase
knowledge, expand a business, or serve the community. (2) Linking computers systems
together.
Niche marketing: Identifying and targeting markets not adequately served by competitors.
Outsourcing: The practice of using subcontractors or other businesses, rather than paid
employees, for standard services such as accounting, payroll, information technology,
advertising, etc.
Partnership: Legal form of business in which two or more persons are co-owners, sharing
profits and losses. . Patent: A property right granted to an inventor to exclude others from
making, using, offering for sale, or selling an invention for a limited time in exchange for public
disclosure of the invention when the patent is granted.
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PDFs zip file

Tell us how you like this
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Small Business Administration (SBA): Created in 1953, it is an independent agency of the U.
S. federal government that aids, counsels, assists, and protects the interests of small business.
Small Business Development Centers (SBDC): SBA program using university faculty and
others to provide management assistance to current and prospective small business owners.
Service Core of Retired Executives (SCORE): A non-profit organization dedicated to
entrepreneurs' education and the success of small business. It is sponsored by the SBA to
provide consulting to small businesses.
Search engine: A computer program that facilitates the location and the retrieval of
information over the Internet.
Seed financing: A relatively small amount of money provided to prove a concept; it may
involve product development and market research.
Server: A computer system to provide access to information or Web sites.
Social entrepreneur: Someone who recognizes a social problem and uses entrepreneurial
principles to organize, create, and manage a venture to make social change. Social
entrepreneurs often work through non-profit organization and citizen groups, but they may also
work in the private or governmental sector. Many successful entrepreneurs, such as Bill Gates
of Microsoft, have become social entrepreneurs.
Sole proprietorship: A business form with one owner who is responsible for all of the firm's
liabilities.
Start-up financing: Funding provided to companies for use in product development and initial
marketing. It is usually funding for firms that have not yet sold their product commercially.
Trademark: A form of legal protection given to a business or individual for words, names,
symbols, sounds, or colors that distinguish goods and services. Trademarks, unlike patents, can
be renewed forever as long as they are being used in business.
Unsecured loan: Short-term source of borrowed capital for which the borrower does not
pledge any assets as collateral.
Variable costs: Costs that vary as the amount produced or sold varies.
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.
The venture capitalist also may provide varying degrees of managerial and technical expertise.
World Wide Web: The part of the Internet that enables the use of multimedia text, graphics,
audio, and video.

Next>>> Part 21 Additional Readings

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
Angel investors: Individuals who have capital that they are will-
ing to risk. Angels are often successful entrepreneurs who in-
vest in emerging entrepreneurial ventures, often as a bridge
from the self-funded stage to the point in which a business can
attract venture capital.
Assets: Items of value owned by a company and shown on the
balance sheet, including cash, equipment, inventory, etc.
Balance sheet: Summary statement of a company’s financial po-
sition at a given point in time, listing assets as well as liabilities.
Breakeven point: Dollar value of sales that will cover, but not
exceed, all of the company’s costs, both fixed and variable.
Bridge finance: Short-term finance that is expected to be repaid
quickly.
Browser: A computer program that enables users to access and
navigate the World Wide Web.
Business incubator: This is a form of mentoring in which work-
space, coaching, and support services are provided to entre-
preneurs and early-stage businesses at a free or reduced cost.
Business plan: A written document detailing a proposed venture,
covering current status, expected needs, and projected results
for the enterprise. It contains a thorough analysis of the prod-
uct or service being offered, the market and competition, the
marketing strategy, the operating plan, and the management as
well as profit, balance sheet, and cash flow projections.
Capital: Cash or goods used to generate income. For entrepre-
neurs, capital often refers to the funds and other assets invested
in the business venture.
Cash flow: The difference between the company’s cash receipts
and its cash payments in a given period. It refers to the amount
of money actually available to make purchases and pay current
bills and obligations.
Cash flow statement: A summary of a company’s cash flow over
a period of time.
Collateral: An asset pledged as security for a loan.
Copyright: Copyright is a form of legal protection for published
and unpublished literary, scientific, and artistic works that have
been fixed in a tangible or material form. It grants exclusive
rights to the work’s creator for a specified period of time.
Corporation: A business form that is an entity legally separate
from its owners. Its important features include limited liabil-
ity, easy transfer of ownership, and unlimited life.
Depreciation: The decrease in the value of assets over their ex-
pected life by an accepted accounting method, such as allocat-
ing the cost of an asset over the years in which it is used.
E-commerce: The sale of products and services over the Inter-
net.
Entrepreneur: A person who organizes, operates, and assumes
the risk for a business venture.
Equity: An ownership interest in a business.
Home-based business: A business, of any size or type, whose pri-
mary office is in the owner’s home.
Income statement: Also known as a “profit and loss statement,” it
shows a firm’s income and expenses, and the resulting profit or
loss over a specified period of time.
Intangible assets: Items of value that have no tangible physical
properties, such as ideas.
Internet: The vast network of networks connecting millions of
individual and networked computers worldwide.
Inventory: Finished goods, work in process of manufacture,
and raw materials owned by a company.
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.
Liabilities: Debts a business owes, including accounts payable,
taxes, bank loans, and other obligations. Short-term liabilities
are due within a year, while long-term liabilities are due in a pe-
riod of time greater than a year.
Entrepreneurship
principles of
20. Entrepreneurship: Glossary of Terms
>>>>
U.S. Department of State/Bureau of International Information Programs
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 respon-
sible for losses based on the amount of their investment.
Line of credit: (1) An arrangement between a bank and a customer
specifying the maximum amount of unsecured debt the custom-
er can owe the bank at a given point in time. (2) A limit set by a
seller on the amount that a purchaser can buy on credit.
Liquidity: The ability of an asset to be converted to cash as quick-
ly as possible and without any price discount.
Marketing: The process of researching, promoting, selling, and
distributing a product or service. Marketing covers a broad
range of practices, including advertising, publicity, promotion,
pricing, and packaging.
Marketing plan: A document describing a firm’s potential custom-
ers and a comprehensive strategy to sell them goods and services.
Networking: (1) Developing business contacts to form business
relationships, increase knowledge, expand a business, or serve
the community. (2) Linking computers systems together.
Niche marketing: Identifying and targeting markets not adequate-
ly served by competitors.
Outsourcing: The practice of using subcontractors or other busi-
nesses, rather than paid employees, for standard services such as
accounting, payroll, information technology, advertising, etc.
Partnership: Legal form of business in which two or more persons
are co-owners, sharing profits and losses.
Patent: A property right granted to an inventor to exclude others
from making, using, offering for sale, or selling an invention for
a limited time in exchange for public disclosure of the invention
when the patent is granted.
Small Business Administration (SBA): Created in 1953, it is an inde-
pendent agency of the U.S. federal government that aids, coun-
sels, assists, and protects the interests of small business.
Small Business Development Centers (SBDC): SBA program using
university faculty and others to provide management assistance
to current and prospective small business owners.
Service Core of Retired Executives (SCORE): A non-profit organi-
zation dedicated to entrepreneurs’ education and the success of
small business. It is sponsored by the SBA to provide consulting
to small businesses.
Search engine: A computer program that facilitates the location
and the retrieval of information over the Internet.
Seed financing: A relatively small amount of money provided to
prove a concept; it may involve product development and mar-
ket research.
Server: A computer system to provide access to information or
Web sites.
Social entrepreneur: Someone who recognizes a social problem
and uses entrepreneurial principles to organize, create, and man-
age a venture to make social change. Social entrepreneurs often
work through non-profit organization and citizen groups, but
they may also work in the private or governmental sector. Many
successful entrepreneurs, such as Bill Gates of Microsoft, have
become social entrepreneurs.
Sole proprietorship: A business form with one owner who is re-
sponsible for all of the firm’s liabilities.
Start-up financing: Funding provided to companies for use in
product development and initial marketing. It is usually funding
for firms that have not yet sold their product commercially.
Trademark: A form of legal protection given to a business or in-
dividual for words, names, symbols, sounds, or colors that dis-
tinguish goods and services. Trademarks, unlike patents, can be
renewed forever as long as they are being used in business.
Unsecured loan: Short-term source of borrowed capital for which
the borrower does not pledge any assets as collateral.
Variable costs: Costs that vary as the amount produced or sold var-
ies.
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. The
venture capitalist also may provide varying degrees of manage-
rial and technical expertise.
World Wide Web: The part of the Internet that enables the use of
multimedia text, graphics, audio, and video.
U.S. Department of State/Bureau of International Information Programs
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USINFO > Publications

TABLE OF CONTENTS
Introduction
Part 1
What Is
Entrepreneurship?
download PDF
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
principles of
Entrepreneurship
21. Additional Readings
Acs, Zoltan J. "How is Entrepreneurship Good for Economic Growth?" Innovations, MIT Press
Journal (Winter 2006): pp.97-107.http://www.mitpressjournals.org/doi/pdf/10.1162/
itgg.2006.1.1.97
Allen, Kathleen. Entrepreneurship for Dummies. Foster City, CA: IDG Books Worldwide, Inc.,
2001.
Niels Bosma and Rebecca Harding. GEM 2006 Summary Results. Founding and Sponsoring
Institutions: Babson College, Babson Park, MA and London Business School London, UK, 2007.http://www.gemconsortium.org/download.asp?fid=532 andhttp://64.233.167.104/search?
q=cache:XeMKRlP0P-wJ:www.gemconsortium.org/
Bygrave, William D. and Andrew Zacharakis, editors. The Portable MBA in Entrepreneurship, 3rd
Edition. Hoboken, NJ: John Wiley & Sons, 2004.
Cohen, William A. The Entrepreneur & Small Business Problem Solver, 3rd Edition. Hoboken,
NJ: John Wiley & Sons, 2006.
Conference Proceedings. Putting It Together: The Role of Entrepreneurship in Economic
Development. Sponsored by the U.S. Small Business Administration Office of Advocacy, The
Ewing Marion Kauffman Foundation, The Council of State Governments, The National Lieutenant
Governors Association, March 7, 2005.http://www.sba.gov/advo/research/conf_summary.pdf.
Drucker, Peter F. Innovation and Entrepreneurship. New York: Harper Business, 1985.
Ewing Marion Kauffman Foundation. Understanding Entrepreneurship: A Research and Policy
Report. Kansas City: Ewing Marion Kauffman Foundation, 2005.http://research.kauffman.org/
cwp/jsp/redirect.jsp?&resourceId=Research/Resource/Report_070.htm
Garrett, Thomas A. "Entrepreneurs Thrive in America: Federal, State Policies Make a Difference
for Those Facing Risk." Bridges, St. Louis, Missouri: Federal Reserve Bank of St. Louis (Spring
2005).http://www.stlouisfed.org/publications/br/2005/a/pages/2-article.html.
Reynolds, Paul D., Michael Hay and S. Michael Camp, Global Entrepreneurship Monitor: 1999
Executive Report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership, June
1999.http://www.gemconsortium.org/download/1203085057277/GEM Global 1999%
20report.pdf
Hiam, Alexander Watson and Karen Wise Olander. The Entrepreneur's Complete Sourcebook.
Englewood Cliffs, NJ: Prentice Hall, 1996.
Part 10
Selling Online
download PDF
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
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
spacer
Jacksack, Susan M. Start, Run & Grow: A Successful Small Business, 3rd Edition. Chicago, IL:
CCH Incorporated, 2000.
Karlgaard, Rich. "Peter Drucker on Leadership." Forbes.com, November 19, 2004.http://www.
forbes.com/2004/11/19/cz_rk_1119drucker_print.html
Reiss, Bob, with Jeffrey L. Cruikshank. Low Risk, High Reward: Starting and Growing Your
Business with Minimal Risk. New York, NY: The Free Press, 2000.
Stolze, William J. Start Up: An Entrepreneur's Guide to Launching and Managing a New
Business, 5th Edition. Franklin Lakes, NJ: Career Press, 1999.
United Nations Development Programme, Commission on the Private Sector and Development.
Unleashing Entrepreneurship: Making Business Work for the Poor. New York: United Nations
Development Programme, 2004.http://www.undp.org/cpsd/indexF.html
U.S. Department of State. "Entrepreneurship and Small Business." eJournal USA: Economic
Perspectives, Volume 11, Number 1 (January 2006).http://usinfo.state.gov/journals/ites/0106/
ijee/ijee0106.htm
World Bank. Doing Business 2007: How to Reform. Washington, D.C.: The International Bank
for Reconstruction and Development / The World Bank, 2006.http://www.doingbusiness.org/
documents/DoingBusiness2007_FullReport.pdf

spacer
download complete set of
PDFs zip file

Tell us how you like this
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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
Acs, Zoltan J. “How is Entrepreneurship Good for Economic
Growth?” Innovations, MIT Press Journal (Winter 2006):
pp.97-107.http://www.mitpressjournals.org/doi/pdf/10.1162/
itgg.2006.1.1.97
Allen, Kathleen. Entrepreneurship for Dummies. Foster City, CA:
IDG Books Worldwide, Inc., 2001.
Niels Bosma and Rebecca Harding. GEM 2006 Sum-
mary Results. Founding and Sponsoring Institutions: Bab-
son College, Babson Park, MA and London Business
School London, UK, 2007.http://www.gemconsortium.
org/download.asp?fid=532 andhttp://64.233.167.104/
search?q=cache:XeMKRlP0P-wJ:www.gemconsortium.
org/
Bygrave, William D. and Andrew Zacharakis, editors. The
Portable MBA in Entrepreneurship, 3rd Edition. Hoboken, NJ:
John Wiley & Sons, 2004.
Cohen, William A. The Entrepreneur & Small Business Problem
Solver, 3rd Edition. Hoboken, NJ: John Wiley & Sons, 2006.
Conference Proceedings. Putting It Together: The Role of En-
trepreneurship in Economic Development. Sponsored by the U.S.
Small Business Administration Office of Advocacy, The
Ewing Marion Kauffman Foundation, The Council of State
Governments, The National Lieutenant Governors Asso-
ciation, March 7, 2005.http://www.sba.gov/advo/research/
conf_summary.pdf.
Drucker, Peter F. Innovation and Entrepreneurship. New York:
Harper Business, 1985.
Ewing Marion Kauffman Foundation. Understanding Entre-
preneurship: A Research and Policy Report. Kansas City: Ew-
ing Marion Kauffman Foundation, 2005.http://research.kauffman.org/cwp/jsp/redirect.
jsp?&resourceId=Research/Resource/Report_070.htm
Garrett, Thomas A. “Entrepreneurs Thrive in America: Fed-
eral, State Policies Make a Difference for Those Facing Risk.”
Bridges, St. Louis, Missouri: Federal Reserve Bank of St.
Louis (Spring 2005).http://www.stlouisfed.org/publications/
br/2005/a/pages/2-article.html.
Reynolds, Paul D., Michael Hay and S. Michael Camp,
Global Entrepreneurship Monitor: 1999 Executive Report. Kansas
City, MO: Kauffman Center for Entrepreneurial Leader-
ship, June 1999.http://www.gemconsortium.org/down-
load/1203085057277/GEM%20Global%201999%20report.
pdf
Hiam, Alexander Watson and Karen Wise Olander. The En-
trepreneur’s Complete Sourcebook. Englewood Cliffs, NJ: Prentice
Hall, 1996.
Jacksack, Susan M. Start, Run & Grow: A Successful Small Busi-
ness, 3rd Edition. Chicago, IL: CCH Incorporated, 2000.
Karlgaard, Rich. “Peter Drucker on Leadership.” Forbes.com,
November 19, 2004.http://www.forbes.com/2004/11/19/
cz_rk_1119drucker_print.html
Reiss, Bob, with Jeffrey L. Cruikshank. Low Risk, High Re-
ward: Starting and Growing Your Business with Minimal Risk. New
York, NY: The Free Press, 2000.
Stolze, William J. Start Up: An Entrepreneur’s Guide to Launch-
ing and Managing a New Business, 5th Edition. Franklin Lakes,
NJ: Career Press, 1999.
United Nations Development Programme, Commission on
the Private Sector and Development. Unleashing Entrepreneur-
ship: Making Business Work for the Poor. New York: United Na-
tions Development Programme, 2004.http://www.undp.
org/cpsd/indexF.html
U.S. Department of State. “Entrepreneurship and Small
Business.” eJournal USA: Economic Perspectives, Volume 11,
Number 1 (January 2006).http://usinfo.state.gov/journals/
ites/0106/ijee/ijee0106.htm
World Bank. Doing Business 2007: How to Reform. Washington,
D.C.: The International Bank for Reconstruction and Devel-
opment / The World Bank, 2006.http://www.doingbusiness.
org/documents/DoingBusiness2007_FullReport.pdf
Entrepreneurship
principles of
21. Additional Readings
>>>>
U.S. Department of State/Bureau of International Information Programs
Español | Français | ˆª‰ ‰ ‰ lûaÈlÄ |
| |

USINFO > Publications

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‹÷cÐQú[••5a ‰Áÿ
[email protected].

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‹÷cÐQú[••5a ‰Áÿ
[email protected].

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

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‹÷cÐQú[••5a ‰Áÿ
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[email protected].

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vî_U
RMŠ 
1
OUŒ R N |¾y^ÿ
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1
OUŒ R N |¾y^ÿ
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Acs, Zoltan J. "How is Entrepreneurship Good for Economic Growth?" Innovations, MIT Press
Journal (Winter 2006): pp.97-107.http://www.mitpressjournals.org/doi/pdf/10.1162/
itgg.2006.1.1.97
Allen, Kathleen. Entrepreneurship for Dummies. Foster City, CA: IDG Books Worldwide, Inc.,
2001.
Niels Bosma and Rebecca Harding. GEM 2006 Summary Results. Founding and Sponsoring
Institutions: Babson College, Babson Park, MA and London Business School London, UK, 2007.http://www.gemconsortium.org/download.asp?fid=532 andhttp://64.233.167.104/search?
q=cache:XeMKRlP0P-wJ:www.gemconsortium.org/
Bygrave, William D. and Andrew Zacharakis, editors. The Portable MBA in Entrepreneurship, 3rd
Edition. Hoboken, NJ: John Wiley & Sons, 2004.
Cohen, William A. The Entrepreneur & Small Business Problem Solver, 3rd Edition. Hoboken,
NJ: John Wiley & Sons, 2006.
Conference Proceedings. Putting It Together: The Role of Entrepreneurship in Economic
Development. Sponsored by the U.S. Small Business Administration Office of Advocacy, The
Ewing Marion Kauffman Foundation, The Council of State Governments, The National Lieutenant
Governors Association, March 7, 2005.http://www.sba.gov/advo/research/conf_summary.pdf.
Drucker, Peter F. Innovation and Entrepreneurship. New York: Harper Business, 1985.
Ewing Marion Kauffman Foundation. Understanding Entrepreneurship: A Research and Policy
Report. Kansas City: Ewing Marion Kauffman Foundation, 2005.http://research.kauffman.org/
cwp/jsp/redirect.jsp?&resourceId=Research/Resource/Report_070.htm
Garrett, Thomas A. "Entrepreneurs Thrive in America: Federal, State Policies Make a Difference
for Those Facing Risk." Bridges, St. Louis, Missouri: Federal Reserve Bank of St. Louis (Spring
2005).http://www.stlouisfed.org/publications/br/2005/a/pages/2-article.html.
Reynolds, Paul D., Michael Hay and S. Michael Camp, Global Entrepreneurship Monitor: 1999
Executive Report. Kansas City, MO: Kauffman Center for Entrepreneurial Leadership, June
1999.http://www.gemconsortium.org/download/1203085057277/GEM Global 1999%
20report.pdf
Hiam, Alexander Watson and Karen Wise Olander. The Entrepreneur's Complete Sourcebook.
Englewood Cliffs, NJ: Prentice Hall, 1996.
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Jacksack, Susan M. Start, Run & Grow: A Successful Small Business, 3rd Edition. Chicago, IL:
CCH Incorporated, 2000.
Karlgaard, Rich. "Peter Drucker on Leadership." Forbes.com, November 19, 2004.http://www.
forbes.com/2004/11/19/cz_rk_1119drucker_print.html
Reiss, Bob, with Jeffrey L. Cruikshank. Low Risk, High Reward: Starting and Growing Your
Business with Minimal Risk. New York, NY: The Free Press, 2000.
Stolze, William J. Start Up: An Entrepreneur's Guide to Launching and Managing a New
Business, 5th Edition. Franklin Lakes, NJ: Career Press, 1999.
United Nations Development Programme, Commission on the Private Sector and Development.
Unleashing Entrepreneurship: Making Business Work for the Poor. New York: United Nations
Development Programme, 2004.http://www.undp.org/cpsd/indexF.html
U.S. Department of State. "Entrepreneurship and Small Business." eJournal USA: Economic
Perspectives, Volume 11, Number 1 (January 2006).http://usinfo.state.gov/journals/ites/0106/
ijee/ijee0106.htm
World Bank. Doing Business 2007: How to Reform. Washington, D.C.: The International Bank
for Reconstruction and Development / The World Bank, 2006.http://www.doingbusiness.org/
documents/DoingBusiness2007_FullReport.pdf

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