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Balance sheets of many emerging companies show that their intellectual property is their most valuable asset. For that reason, owners and managers must focus their energies and resources on its development and protection.
Effective business planning is critical to an entrepreneurial company's long-term success and its ability to raise capital and grow successfully. A properly prepared Business Plan should tell a story, make an argument and conservatively predict the future. All companies have different stories to tell, different arguments to make and different futures to predict, so they must resist the temptation to copy from others or to follow a rigid outline.
Many entrepreneurs with family-owned or closely held businesses say the most difficult challenges involve deciding who will succeed the current generation.
Creativity is the emotional lifeblood of entrepreneurship. Without creativity, thousands of companies would not have been launched. However, it is an element of entrepreneurial life that isn't easy to safeguard under the law.
The process of going through a legal audit isn't easy, but the risks associated with avoiding the issue are too high for any company to bear. Doing so is not only necessary, but beneficial.
Distributors, sales representatives, and cooperatives are all different venues for enabling entrepreneurial companies to sell their products and services. Understand the similarities and differences, and chose the alternative that is right for your business.
An important area of financial literacy for entrepreneurs concerns the ability to establish an effective commercial banking relationship and to prepare a loan proposal. No small or growing company survives and prospers without some debt component on its balance sheet.
When developing a strategic plan to launch an international business program, growing companies must consider the potential barriers and adjustments they might need to make to their products and services.
No growing company survives and prospers without some debt component on its balance sheet whether it's a small loan from family or friends or a line of credit from a regional commercial lender.
Executed well, franchising can be a solution to the challenge of harvesting intellectual capital to achieve the goal of driving business growth. If it is right for your company, consider making it work, the author says.
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