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Some world-beaters start young. And they're thinking about more than lemonade stands.
In 1996 Apple celebrated its 20th anniversary, Mark Zuckerberg was in junior high and Jacob Cook--who owns a computer support company--was born.
No, your math is right: Cook is all of 13 years old.
Cook, who lives in Sacramento, Calif., has been an entrepreneur for three years. At age 10 he started buying books and other "low-end stuff" at garage sales and re-selling it on eBay. As he learned more about computers, he started creating video tutorials about fixing tech problems and broadcasting them on YouTube. After he was profiled in a local newspaper, people started contacting him with their own troubleshooting requests. Today he charges up to $30 an hour to help clients erase computer viruses and fix other problems.
Based on 300,000 companies, most with annual sales under $10 million. One takeaway: Specialization pays off.
Spiking sales might make for good cocktail conversation, but if you don't turn a profit--and keep turning one--you won't be in business very long. With the help of Sageworks, a Raleigh, N.C.-based accounting consultancy and private-company data provider, Forbes assembled a list of the 20 most profitable businesses, on a pretax basis, that aspiring entrepreneurs might launch. At No. 1: offices of Certified Public Accountants, with an average pretax margin of 17.1%. Wired communication carriers (transmission-line operators and the like), which clock an average 10.1% margin, brought up the rear.
To maximize the amount of financing you can raise, you can either marshal tangible evidence of growth and success or demonstrate your company's potential.
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.
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.
To succeed in business, entrepreneurs must understand the language of business, which enables them to evaluate financial reports and make better decisions.
When Frieda Caplan went into business for herself, she was the only woman in the produce industry. That gave her a national presence, but the real reason for her success was that her company filled an important niche. Now it's the leading distributor of specialty fruits and vegetables. Along the way, the founder learned some important lessons about financing. And she's still going to work every day-with her daughters.
Entrepreneurs need a "just-right" business plan, one that provides a measuring stick for fast growth without overtaking performance, writes this computer-consulting entrepreneur.
As an entrepreneur, it is important to take periodic inventory of your assets so that they can be leveraged. Conducting an intellectual property audit can help create both incremental revenue streams and new opportunities.
Entrepreneurs often fail to take inventory of the Intellectaul property assets they have developed and as a result tend to under-leverage these assets. To ensure continued business growth, it is critical for entrepreneurs to consider a periodic intellectual property audit and strategic analysis.
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