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Niche companies needn't be intimidated by their large corporate competitors because even the biggest companies must be adept at marketing differently to discreet audiences, writes the author, who founded the country's leading black-owned media concern. The solution is to stick to your specialty, maintain excitement with new ideas, and commit resources to expanding the brand.
Not so fast, Martha Stewart.
OK, you're special. You are talented and one of the best at what you do. But that doesn't mean that you're equipped to run your own business--even one within a field or industry you've been working in or following for years.
To wit: 627,200 new businesses opened in the U.S. in 2008--the same year 595,600 businesses shuttered and 43,546 filed for bankruptcy, according to the U.S. Small Business Administration (SBA). Likewise, 30% of small businesses fail within the first two years and half close shop within five years, according to the SBA.
The fact of the matter is that far too many people launch their own companies for all the wrong reasons and without the tools it takes to succeed. Before handing in your notice and signing a lease on an office, it's imperative you take a hard look at yourself in the salaried eye and ask yourself a few critical questions that could mean the difference between a fulfilling life as your own boss and speed-dialing a bankruptcy lawyer.
At age 25, Laura Sanko was a founding member of a startup that raised $3.5 Million from some world-famous investors and the Founder’s Fund. The business model was simple: a website that rented high-end jewelry for special occasions for a fraction of the retail value of each piece. Three years later, the investment money was all gone and while the site continued to operate, it had failed to meet the investors’ expectations.
The founder of three companies in the outsourced shipping business advises entrepreneurs to turn to outsiders for all services that aren't core to the business.
Mason Kauffman launched his first company with himself as the only employee. He quickly embraced outsourcing as the savior that would allow him to leverage his core competencies. He knew that's how his company would grow. Along the way he learned a lot about the ins and outs of outsourcing. He shares some of those lessons here.
The words of the Entrepreneur's Pledge have lived in your heart and mind, but now they can live on the wall in your company or even your home! The Kauffman Foundation is issuing this limited edition poster — at no charge — to the first 200 people who email Build A Stronger America with their full name and mailing address.
The words of the Entrepreneur's Pledge have lived in your heart and mind, but now they can live on the wall in your company or even your home! The Kauffman Foundation is issuing this limited edition poster — one per person, at no charge — to the first 500 people who email Build A Stronger America with their full name and mailing address.
Pay-per-click advertising can be a great tool for qualifying prospects, driving them to your Web site, and ultimately increasing sales. Read how this entrepreneur has refined his use of sponsored links and pay-per-click advertising to zero in on his target niche, doubling order sizes and boosting overall sales three-fold.
Social responsibility is a driving force for Jim Kenefick, both in business and in how he gives back.
Whether a company is built with 50/50, majority, or minority partners, the author shares key lessons learned about buy-sell agreements as his companies grew and became more sophisticated.
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