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If you think hiring is tough in today's tight labor market, you should figure that retaining people is even tougher. To keep employees, small-company owners must provide more than just competitive compensation packages, the author writes. What really makes the difference is a CEO's ability to communicate an organizational vision and to recognize the people who translate that vision into revenue and profit.
You can not be creative in a vacuum. Understanding your industry and marketplace requires consistent study habits.
Who is the real entrepreneur? What does it mean to be self-employed? Dane Stangler examines this question and what it means to be an entrepreneur during these tumultuous economic times.
At the University of Miami a few weeks ago, I had the opportunity to attend an entrepreneurship class with roughly 40 students. Most of them were juniors and seniors, joined by a small number of law students. The course had so far covered the theoretical literature on entrepreneurship, but on this particular day all the students wanted to talk about was their own futures.
When the attempt to buyout a senior partner failed, business partners realized the necessity for a buy-sell agreement...many years after the business was founded.
During the planning process, entrepreneurs must evaluate their business model to ensure that the current model will support growth.
For effective strategic partner recruitment, the author recommends an eight-step plan, which includes identifying your target market, developing partner selection criteria, and developing an alliance plan with a selected partner.
When you get out there thinking you're the most important member of the team, you're headed for failure, says Wally Amos. The founder of Famous Amos Cookies found out the hard way that you can't just indulge your whims and let the chocolate chips fall where they may. How he developed a spiritual understanding, recovered his good name and started a new, more successful company serves as a great recipe for other entrepreneurs.
A serial entrepreneur who has exited three businesses and launched a fourth advises that founders plan for how to get out of a venture even before they get in. A corollary is that the end game might not turn out as planned, the author writes, although the strategy keeps a founder focused.
Exit strategies should be designed as a part of the overall plan for growth. The exit strategy plays a key role in determining the strategic direction for the company.
Foreign markets enable entrepreneurs to increase revenue and expand markets, according to the author, who took her software company into Europe after only three years.
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