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Preface. Acknowledgments. Chapter 1. Essential Entrepreneurial Qualities and Capabilities. Step One: Know Thyself! Check Your Motives. Show Me the Money? Step Two: Developing the Entrepreneurial Profile. Step Three: Identifying the Entrepreneurial Gaps. Step Four: Can You Bridge the Entrepreneurial Gaps? Step Five: Supplementing Your Skills and Capabilities. Personal Qualities that Can Make a Difference. Entrepreneurs Dont Have To Be Inventors. Entrepreneurs Need To Be Entrepreneurs. Entrepreneurs Need To Be Leaders. Entrepreneurs Need To Be Managers. There Are Various Types of Entrepreneurs. Wanted: An Entrepreneur for All Seasons. Key Entrepreneurial Qualities. Never Underestimate the Value of Experience. Conclusion: I Do Not Have Superhuman Powers! Chapter 2. What Type of Venture Do You Have in Mind? Lifestyle Ventures: An Alternative to Working for Someone Else. Modest Ventures: Viable Ventures But Not That Profitable. Promising Ventures: Capitalizing on Hospitable Markets. High-Growth Ventures: Professional Management Is Essential. Revolutionary Ventures: Rolling the Dice to Change the World. Factors Affecting New Venture Success and Growth. Operating at the Edge: The Innovation Portal. Conclusion: In Search of Goodness of Fit. Chapter 3. Identifying New Venture Opportunities. New Venture Creation Process. Mistake 1: Dont Succumb to Entrepreneurship by Braille. Mistake 2: Dont Expect Customers to Come to You. The Door is Wide Open for Entrepreneurial Ventures. Is There an Ideal Business Situation? Identifying Business Opportunities: Raise Your Opportunity Antennae. Change Brings Challenges and New Venture Opportunities. The Marketplace Is Exploding with Entrepreneurial Opportunities. Developing a Kaleidoscope Perspective Can Help Identify Opportunities. Examples of Market Gaps that Were Filled by Perceptive Entrepreneurs. Techniques for Identifying Business Opportunities. Acquiring Ideas versus Inventing them. Alliances and Joint Ventures Can Open Entrepreneurial Doors. Franchises May Offer New Venture Opportunities. Sold! Buying a Business to Capitalize on an Opportunity. Keep a Notebook of Potential Entrepreneurial Opportunities. Broaden Your Perspective: Opportunities Are Out There Stop, Look, and Listen. Look Ahead. Listen and Ask. Most Large and Established Companies Are Not Entrepreneurial. Conclusion: The Door Is Wide Open for Entrepreneurial Ventures. Chapter 4. Ventures That Capitalized on Market Gaps. Entrepreneurial Perceptiveness Created Some of Todays Household Names. Pick an Area and Identify Potential Opportunities. Proximity Plays a Key Role in Identifying Market Gaps. Enter the Brave New World of the Netrepreneurs. Opportunities Also Exist in the Softer Side of Technology. Entrepreneurs Relish the Opportunity to Change the Rules of the Game. Adopting a Kaleidoscope Perspective. Regulation and Deregulation. International Opportunities. Conclusion: The Possibilities Are Limitless! Chapter 5. Evaluating New Venture Opportunities New Venture Creation Process. Step Four: Evaluating New Venture Opportunities. Evaluation Thresholds and Critical Mass. Reflections: What Can Prospective Entrepreneurs Learn from the Original Wave of Dotcoms? Its Time to Apply Various Screens for Evaluating the Opportunities. What Does the Overall Market Look Like? What Is the Nature and Duration of the Window? First Mover Advantage: The Jury Is Still Out. What Is the Nature of the Target Market? What Is the Competitive Situation? How Distinct Will Your New Ventures Market Offering Be? Identifying Each Opportunitys Resource Requirements. What Happens if None of the Opportunities Exceeds the Three Thresholds? Ranking the Opportunities. Its Time to Determine if the Market Truly Values Your Product/Service Concept. Step Four: Market Research Round Two. Step Five: Learning from the Market Research. Step Nine: Its Time to Test Market Your Product/Service. Its Time for the Dog Food Test. Step Twelve: Estimating Demand. How to Use Market Research to Look before You Leap: An Example. Testing Patent Ability and Market Acceptance. Its Time for a Technical and Logistics Test. Vulnerability Analysis. Conclusion: Insights Identify Opportunities and Reduce Risk. Chapter 6. Developing the Business Plan Role of the Business Plan. Yes, You Really Need to Prepare a Business Plan! Developing a Business Plan Takes Commitment. Business Plan is a Reflection of the Entrepreneur. Basics of the New Venture Business Plan. Nature of Planning: Constructing a Business Model for the Venture. Business Plan Puts Things in Perspective. Documentation, Documentation, and More Documentation. Business Plan Provides Focus. Separate the Funding from the Plan. Business Plans, Like Entrepreneurs, Come in All Shapes and Sizes. Plan Evolves through a Number of Iterations. Going from the Preliminary Plan to the Comprehensive Business Plan. Comprehensive Business Plan Will Require Additional Brain Power. Find a Mentor Who Will Help You Shoot the Rapids. External Advisors/Service Providers. Business Plan Fosters Execution. Avoid Paralysis by Analysis. Business Plan Must Be a Living Document. Business Plan Emphasizes Hitting the Target, Not Hitting the Bulls Eye! Business Plan Should Provide a Compelling Reason for Creating the Venture. Business Plan Shows How You Plan to Deal with Risk. Software Is Not the Panacea. Resist the Temptation to Outsource the Business Plan. Time Line for Preparing and Writing the Business Plan. Conclusion: Predicting Rain versus Building Arks! Chapter 7. Components of the Business Plan Plan Must Fulfill its Purpose. Confidentiality: The Nondisclosure Agreement. Executive Summary. Table of Contents. Context. Industry. Marketing Part of the Business Plan: Selecting the Right Target Market. Competitive Matrix. Competition. Market Offering/Competitive Advantage. How Will Your Competitors Respond? Your Marketing Mix Must Focus on Your Target Markets Bulls Eye. Product/Service Strategy. Price Strategy. Promotion Strategy. Distribution Strategy. Getting Your First Customers. Financial Part of the Business Plan. Projecting Sales. Projected Income Statements. Projected Initial Capital Requirement. Projected Cash Flow. Projected Balance Sheets. Key Financial Ratios and Indicators. Sources and Uses of Funds. Budgeting and Financial Management. Operational Issues. Key Risks and How They Will Be Addressed. Exit Strategy. Summary of the Business Plan. Appendices. Conclusion: The Plan Is Not an End in Itself. Chapter 8. Sources of Funding Entrepreneurs Need to Know The Facts of Funding Life. Developing an F-Plan for Your Venture. Amount, Timing, and Type of Funding Play a Critical Role in the F-Plan. Proactive Ways to Raise and Conserve Cash. Funding Sources They Come in All Shapes and Sizes. Conclusion: Funding Should Be Tailored to Your Unique Venture. Chapter 9. Debt Financing. Advantages of Debt Financing. Disadvantages of Debt Financing. Commercial Loans Are Tied to the Concept of Leverage. What Entrepreneurs Need to Know about Banks. Not All Banks Are Alike. Banks Prefer Certain Types of Loans. Banks Do Not Like to Make Small Loans. What Do Bankers Look for When Reviewing a Loan Request? Documentation, Documentation, Documentation. Prepare to Enter the World of Bankers. Developing a Favorable Relationship with the Bank and Banker. Prospecting: Finding the Right Bank and the Right Banker. Timing: Adopt the Gretzky Approach. Covenants: The Banks Ten Commandments. SBA Financing May Be a Possibility. Conclusion: Borrowing Money Is Possible if You Know What You Are Doing. Chapter 10. Seeking Investors. Stages of Funding Are Closely Tied to the Stage of New Venture Evolution. Each Stage of Evolution Has its Own Financing Challenges. Nature of the New Venture Will Affect its Ability to Attract Investors. Profiles of Investor Categories. Types of Angels. Angels Help Bridge the Equity Gap. Who Are Angel Investors? Degree of Involvement. Angels Can Leverage Their Positions. Beware of Strangers Bearing Gifts. How Are Angels Different from Venture Capitalists? Conclusion: Angels Fill a Critical Void. Chapter 11. Going the Angel Route. How Do You Find Angel Investors? Timing Plays an Important Role When Seeking Funding. To Attract an Angel: Think Like an Angel. Doing the Deal: How the Deal May Be Structured. Valuation Can Make or Break a Deal. Tips on Prospecting: Look for Goodness of Fit. Profile of the Ideal Angel. Profile of the Ideal Investment. Why Do Angels Reject Deals? Investors Wanted: Using Intermediaries, Angel Networks, and Electronic Listings. Dont Forget about Legal Issues When Seeking Investors. Tips When Seeking Angel Funding. Its a Whole New Ballgame. Exit Strategy: Begin with the End in Mind. A Few Reminders When Seeking Angel Investors. Conclusion: Angel Route Offers. Chapter 12. Venture Capital Funding. 1 in 1000: Start-ups Rarely Qualify for Funding. 30 Seconds: Gone in the Blink of an Eye! 2 in 100: Many May Seek Funding But Few Are Chosen. 2 in 10: Of the Few that Are Chosen, Even Fewer Will Succeed. How Do Venture Capital Funds Work? Venture Capital Firms Provide Smart Money. Securing Venture Capital Is Not Just a Funding Event. Embark on the Venture Capital Journey with Both Eyes Open. Timing is Everything: VCs Rarely Fund a Business Before its Time. Venture Capitalists Fill a Gap in the Financial Marketplace. Show Me the Money! Venture Capital Criteria. Choose the Right Venture Capital Firm(s). Know Thyself and What You Want Out of the Deal. Submitting the Request for Funding: Have Your Act Together and Dont Self-Destruct. Presentation to Venture Capitalists. What Happens Next? Conclusion: Its a Whole New Ballgame! Chapter 13. Initial Public Offering. Taking the Firm to the Next Level. IPO: Its Benefits. IPO: Its Drawbacks. Will Your Firm Fit the IPO Profile? Timing Plays a Key Role in Going Public. Valuation: Art and Science Combined. Investment Bankers: Take My Firm Public, Please! Choosing the Investment Banker. Selling to the Public versus Doing an Initial Public Offering. Legal Counsel: An Important Part of Your IPO Team. Conclusion: The IPO Process Is Not Simple Nor Is it Easy. Epilogue- Entrepreneurial Do's and Dont's. Take the Mirror Test: Take a Good Look at Yourself, Your Life, and What Is Driving You? Time Is Your Enemy: You Will Never Have Enough Time. Preparation: Stack the Odds in Your Favor. Management: Who Ever Said it Would Be Easy? The Business Plan: The Mental Journey Must Precede the Physical Journey. Strategy: How Do You Plan to Gain Sustainable Competitive Advantages? Human Resources: You Will Only Be as Good as Your People. Financial Side: Money Is Like Oxygen You Need it to Live. The Business Opportunity and Business Concept. Market Opportunity: Analyze the Marketplace and Do the Right Marketing. Marketing Plan. Marketing: Competition. Marketing: Customers. Suppliers: You Cant Live without Them. Legal: Its a Minefield Out There! Things to Remember after You Have Started Your Business. Closing Points.