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Business Fundamentals

By:
Global Text Project
 Business Fundamentals

By:
Global Text Project

Online:
< http://cnx.org/content/col11227/1.4/ >

CONNEXIONS

Rice University, Houston, Texas

This selection and arrangement of content as a collection is copyrighted by Global Text Project. It is licensed under
the Creative Commons Attribution 3.0 license (http://creativecommons.org/licenses/by/3.0/).
Collection structure revised: October 8, 2010
PDF generated: October 29, 2012
For copyright and attribution information for the modules contained in this collection, see p. 298.
 Table of Contents
1 The business eco-system: Your path to nding the pot of gold at the end of the rainbow!
1.1 The business eco-system: Your path to nding the pot of gold at the end of the
rainbow! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 The business eco-system: The business eco-system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.3 The sun rise of your new business Accessing market opportunity: the initial rim
of the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.4 Sales: the essential rim of the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.5 Strategy: the tactical rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1.6 Branding will make your blossoms bloom! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1.7 Stakeholders: the connective rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1.8 Ethics: the authentic rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
1.9 Operations: the logistical rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
1.10 New product: the tangible rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
1.11 Let the fruits of your labor blossom: the new product/service launch event plan . . . . . . . . . . . . . 24
1.12 Public relations: the sensational rim on the wheel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
1.13 Mentor insights: the Where the Rubber Meets the Road spokes on the wheel . . . . . . . . . . . . . 26
1.14 About this author and acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
2 The mind of the entrepreneur: Your entrepreneurial journey begins by embarking on your
own hero's journey!
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 33
2.2 Entrepreneur assessment survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
2.3 Entrepreneurial mindset enhancing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 38
2.4 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
3 Business models and marketing:an overview
3.1 Learning Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
3.2 What is a business model? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
3.3 Success factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
3.4 Consumer marketing models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
3.5 The marketing model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
3.6 Identifying market needs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
3.7 Business to business marketing models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 49
3.8 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
3.9 Market research to determine the potential market for funeral services in Monter-
rey, Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
3.10 Discussion questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
3.11 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
4 How to organize and lead an entrepreneurial venture
4.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
4.2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 59
4.3 Organizational issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
4.4 Organizational stages of growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
4.5 Flat versus tall organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
4.6 Centralized versus decentralized organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
4.7 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
4.8 Discussion questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
4.9 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 70
5 Selecting and managing your team
iv

5.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

5.2 Competitive advantage through human resource management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
5.3 Providing employee voice and inuence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
5.4 Recruiting workers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
5.5 Evaluating recruiting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
5.6 Employee training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
5.7 Aligning employee career development with organizational growth . . . . . . . . . . . . . . . . . . . . . . . . . . 82
5.8 Performance appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
5.9 Determining base pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
5.10 Meaningful job design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
5.11 Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . 97
5.12 Discussion questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
5.13 Exercise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 102
5.14 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
6 Marketing on a global scale
6.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
6.2 Dening marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
6.3 The role of marketing in the rm: a basis for classication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
6.4 Dening international marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 113
6.5 The international marketing plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
6.6 The international marketing environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
6.7 Discussion question . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 129
6.8 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 129
7 Operations management
7.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
7.2 What is operations management? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
7.3 The input/output transformation model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
7.4 Operations decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 134
7.5 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
7.6 Special topic: Total Quality Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
7.7 Special topic: supply chain management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
7.8 Special topic: just-in-time and lean systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
8 Securing and managing external relationships
8.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
8.2 Introduction to external relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
8.3 Marketing exchanges and partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
8.4 Choosing the right relationship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
8.5 Strategies for external relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
8.6 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
8.7 Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
8.8 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 167
9 Financial and managerial accounting; nancing your organization
9.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
9.2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 169
9.3 Why an accounting system is important . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
9.4 Basic types of accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
9.5 Chart of accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
9.6 Basic nancial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
9.7 A short history of accounting and double-entry bookkeeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 v

9.8 Ledgers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

9.9 Advanced reports and analyses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
9.10 Budgets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 183
9.11 Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
9.12 Discussion Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
9.13 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
10 Leveraging with information technology
10.1 Learning Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
10.2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
10.3 IS tools for the Start-Up Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 192
10.4 Moving Forward With Information Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
10.5 Know What Your Customers Want . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 198
10.6 Using Information Technology Competitively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
10.7 What is IS Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
10.8 Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
10.9 Discussion questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
10.10 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
11 Competitive intelligence
11.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
11.2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
11.3 Denition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
11.4 Importance and goals of competitive intelligence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 213
11.5 Information collection methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 215
11.6 The industry environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 216
11.7 Porter's 5 forces and the analysis of competitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 218
11.8 Methods of evaluating competitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
11.9 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 221
11.10 Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
12 Business ethics in a nutshell
12.1 What is ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
12.2 Management: the meta profession . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228
12.3 Corporate social responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231
13 Adding products and services
13.1 Learning objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235
13.2 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235
13.3 Where does innovation come from? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236
13.4 Innovation through business models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
13.5 Evaluating new products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243
13.6 When innovation fails: deleting products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244
13.7 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 248
13.8 Discussion questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248
13.9 Case: Apples: Newton and Pippin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249
13.10 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249
14 International business for the entrepreneur
14.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
14.2 Globalization: opportunities and threats to developing country business . . . . . . . . . . . . . . . . . . 252
14.3 Harnessing technology for global business success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256
14.4 Doing business across cultures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 258
14.5 Political and legal risk in international business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261

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14.6 Global marketing: Assessing potential markets overseas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264

14.7 Global nance: initial considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268
14.8 Organizational structure and human resource management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271
14.9 Corporate Social Responsibility and sustainable development in the global envi-
ronment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277
14.10 Case: Built to Last by Jim Collins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280
14.11 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282
14.12 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282
15 Growth strategies for start-ups
15.1 Learning objectives and overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 285
15.2 Denition and models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285
15.3 Growth problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290
15.4 Chapter summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 293
15.5 References, and further literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 293
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295
Attributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .298

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Chapter 1

The business eco-system: Your path to

nding the pot of gold at the end of the
rainbow!

1.1 The business eco-system: Your path to nding the pot of gold at
1
the end of the rainbow!

Exhibit 1.1: Striking gold

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

1 This content is available online at <http://cnx.org/content/m35298/1.4/>.

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1
 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
2
THE POT OF GOLD AT THE END OF THE RAINBOW!

Dedication: In Memory of Nancy Wachs who believed in everyone's Startup time!

There are many ways to live your life. One of the most exciting yet challenging ways to live your life is to
start your own business or work for someone who has their own startup. People who start their own businesses
are known as entrepreneurs. Entrepreneurs throughout the world are extremely enthusiastic individuals who
devise visionary methods to accomplish their new venture ideas while simultaneously convincing others to
help.

Merriam-Webster Online denes the term entrepreneur as follows:Etymology: French, from Old
French, from entreprendre to undertake  more at enterprise Date: 1852 : one who organizes,
manages, and assumes the risks of a business or enterprise
2

1.1.1 Are entrepreneurs born or made?

There is a long-standing discussion throughout the world that delves into whether you are born predisposed
to become an entrepreneur or is it necessary for you to work and study hard to make yourself into one. There
are many examples of individuals who were told they would never amount to anything and yet they went on
to become very successful entrepreneurs. So, if you think that you are unlikely to be an entrepreneur, please
realize it is possible for you to become an entrepreneur and to, potentially, even become a very successful one.
With that said, there are characteristics and an overall mindset you can adopt that will help predispose
you to having a greater opportunity of becoming a successful entrepreneur. Some of the most common
characteristics of an entrepreneur include the following attributes:
1.1: "The Mindset of an Entrepreneur"
Vision: Able to create and communicate an easily understandable mission for what the new venture
does in order to successfully launch a new business. This is accomplished while inspiring others to
join you in your new enterprise.
Creativity: Ability to inject imagination and uniqueness into a new business venture. It takes
skill and ingenuity to create a new venture equipped with strategies to outsmart the competition.
Focus: Able to maintain the vision of the company with unwavering diligence. It's very easy to
get sidetracked especially if you nd it necessary to evolve the original vision. Ironically, we have
encountered many successful entrepreneurs who get bored easily...
Passion: Desiring to succeed under your own steam [initiative] on a business venture...
Drive: Possessing intrinsic energy to accomplish the business goal even in the face of adversity.
Perseverance: Able to keep going even when faced with seemingly insurmountable obstacles.
Opportunistic Nature: Sees the possibilities even before they exist. Can take advantage of an
upcoming trend or unite unrelated processes to create a unique business venture...
Problem Solving Ability: Thrives on coming up with solutions to complex challenges...
Self-discipline: Able to be organized and regimented in pursuit of a successful business venture.
Frugality: Knows how to stretch every cent so that expenditures are as low as possible.
Empathy: Able to put yourself in another's shoes and therefore able to show sensitivity and
understanding of what others are communicating in the startup environment...
Social Responsibility: Ethics, caring and humanitarianism are characteristics that are commonly
found in today's entrepreneurs...
Spirituality: We have found that successful entrepreneurs have often devoted time to spirituality
development. Meditation and positive armations are two common examples of spirituality.
Good Timing: Able to identify a market opportunity and know when it's the optimum time to
launch a new venture or expansion of an existing enterprise.
2 Merriam-Webster's Online Dictionary, Merriam-Webster Online, http://www.merriam-
webster.com/dictionary/entrepreneur (<http://www.merriam-webster.com/dictionary/entrepreneur>) (Assessed, August
30, 2008).

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 3

Luck: Can a person be predisposed to be lucky: Is luck a human behavior or a karmic universal
predisposition? 3
Read on: Section 2.1 is dedicated to this topic and delves deeply into The mind of an entrepreneur.
Blog Back 1: Mindset
Blog Back: Is an entrepreneur born or made?
What characteristics are necessary for an entrepreneur to be successful and why? What additional
entrepreneurial mindset characteristics could be added to the list and why?
Go to: http://www.Mentorography.com4 and make your case.

5
1.2 The business eco-system: The business eco-system

1.2.1 The business eco-system

Whether you possess the characteristics of an entrepreneurial mindset, or work for someone who does, you
can still be instrumental in starting a new venture by understanding the business eco-system. What is a
business eco-system? A business eco-system is a set of business components that form the foundation of
a new venture's creation. Figuratively, the business eco-system is like a wheel that rolls your new venture
forward which is why we represent the business eco-system in a wheel-shaped model .
3 The Mindset of an Entrepreneur is reprinted and adapted with permission from Mentorography, Inc. © 2008. All Rights
Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, introduction
pages xxviii-xxx.
4 http://www.Mentorography.com
5 This content is available online at <http://cnx.org/content/m35300/1.5/>.

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
4
THE POT OF GOLD AT THE END OF THE RAINBOW!

Exhibit 1.2: Business eco-system wheel

©
The Business Eco-system Wheel is reprinted and adapted from the Entrepreneurial Marketing
Wheel with permission from Mentorography, Inc. 2008. All Rights Reserved. Entrepreneurial
Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, Preface, page xxii.

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 5

1.3 The sun rise of your new business Accessing market opportunity:
6
the initial rim of the wheel

1.3.1 The sun rise of your new business

Accessing market opportunity: the initial rim of the wheel

Exhibit 1.3: Rising sun

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

Market Opportunity is positioned at the top of the Business Eco-system Wheel for a reason. Every new
venture starts with a single seed or kernel of an idea to do something in business that will result in money
being exchanged. Since there is always some risk associated with starting a new business, you will have to
take special care to plant the idea seeds of your new venture in a way that allows these seeds to some day
bloom into a successful venture.

1.3.1.1 When to plant your market opportunity seeds

Without a doubt it's challenging to know when to move forward and plant your new venture ideas in the
business garden where you want to grow your career.
Entrepreneurs who are considering moving forward with a new venture idea can utilize the following
questions and the Stop and Go Signs for Accessing Market Opportunity Matrix.
1.2: Stop and Go Signs for Accessing Market Opportunity Matrix
"Is there a customer for this product or service? Is there someone who will buy the product
or service you're considering selling? You can't eectively answer this question until you have
personally spoken to the potential customer and ascertained that this person will buy your product.
You need to know as much about this customer as the customer knows about himself: What are
6 This content is available online at <http://cnx.org/content/m35304/1.4/>.

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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THE POT OF GOLD AT THE END OF THE RAINBOW!

the demographics of this customer? What inuences his buying behavior? What factors could lead
to this customer changing his mind about buying the product or services? What will be the impact
of a crisis during an emerging trend?
What will it cost to make a sale to this customer? If there is a common pitfall for
entrepreneur, it's greatly underestimating the cost to acquire and repeatedly sell to a customer.
The entrepreneurial marketer must account for every last expense it will take to make the sale.
Commonly missed expenses include: sta time, travel and related expenses, overhead for oce,
payroll taxes, social security employer matching expenses (which occurs in the United States so
your countries' equivalent,) unemployment payroll related expenses, marketing expenses, and the
overall amount of time it takes to make a sale.
Is my timing right for this market opportunity? You will have a brief window of oppor-
tunity to launch your new venture or expansion of an existing enterprise. Misjudging your timing is
often the dierence between success and failure with assessing market opportunity. If you are too
early, you have the right product or service but your market is not ready for it yet. If you are too
late, giant competitors may have acquired a loyal following, blocking new entries to the market.
Can I sell this product or service for a prot? Even if you have an existing customer,
and have accurately estimated what it will cost you to acquire that customer; you might not
have a sustainable business model until revenues outweigh the expenses...You need to nd the
incremental steps you can take to get to protability. This is not easy. Again, there is no road
map, but remember that patience is needed to reach protability. (One solution that is becoming a
common practice throughout many parts of the world is micro-nancing. Micro-nancing is where
a small loan is made available to an entrepreneur in a developing country. While micro-nancing
is arguably one form of nancing micro-nancing has been documented to be a more sustainable
form of nancing because the amount of the loan is made in such a small (micro) amount that the
recipient of the loan does not have to leverage the startup's best interests and assets in order to
pay the loan back. The small amount of money loaned to the entrepreneur can usually be paid
back from the revenues that the new venture is generating. Check out this micro nancing website:
http://www.acion.org7 .)
Be open and exible and recognize that along the way to protability you might stumble on to
a product or service that is in higher demand than the original concept.
When do I give up on my product or service? When should I pull up the roots of my new
venture?
In the characteristics of an entrepreneur...perseverance was listed. There is a point, however,
where you need to pull the plug and refocus your energies. You know you have reached this point
when:
You have run out of resources and can't further leverage any of the methods suggested in this
book.
The customers who said they would buy your product during your research phase are no longer
interested.
You can't eectively market to your customer.
It costs you more than you make to sell your product or service.
During market opportunity assessment, there are times when the entrepreneur needs to hit the
brakes and stop. Not stopping fast enough can lead to a failed business and/or bankruptcy. There
are also times when an entrepreneur should step on the accelerator and drive on to new market
opportunity territories. Knowing when to stop and go in your new venture market opportunity
assessment isn't easy.
To help you decide when to move forward with and when to forego an opportunity, please see the
Stop and Go Signs for Assessing Market Opportunity Matrix." It's common for an entrepreneurial
marketer to get caught up in what seems like a great idea or business concept. This matrix is
a concise, easy to reference and somewhat simplistic way to make decisions on judging market
7 http://www.acion.org

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 7

opportunity. This matrix suggests four major causes for a new venture to not nd a protable
market opportunity.
Recognizing when you are on the verge of going through a Stop Sign without braking is critical.
You can refer back to these stop signs in this matrix as constant reminders of when to turn your
market opportunity strategy in another direction.

Exhibit 1.4: Stop and Go Signs for Assessing Market Opportunity Matrix When to Access Market

©
Opportunity text and Stop and Go Signs for Assessing Market Opportunity Matrix adapted and
reprinted with permission from Mentorography, Inc. 2008. All Rights Reserved. Entrepreneurial
Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, Mini Module on
Assessing Market Opportunity, pages xxxix-xli.

If you encounter any of the four Go Signs when you are assessing market opportunity, don't
take time out to pat yourself on the back. This is because if you look over your shoulder you may
see someone else realizing what you have discovered. Keep driving on if you are encountering all
Go Signs. 8
Read on: Section 3.1 and discuss market opportunity in greater detail.
Blog Back 2: Go Signs
Blog Back: Analyze your new venture's market opportunity; do you have all Go signs? If you have all
or some Stop signs what can you do to remove the roadblocks that are causing your Stop signs? Enter
your strategy for obtaining all Go signs at http://www.Mentorography.com9 .
8 When
©
to Access Market Opportunity text and Stop and Go Signs for Assessing Market Opportunity Matrix adapted
and reprinted with permission from Mentorography, Inc. 2008. All Rights Reserved. Entrepreneurial Marketing; Real Stories
and Survival Strategies by Molly Lavik and Bruce Buskirk, Mini Module on Assessing Market Opportunity, pages xxxix-xli.
9 http://www.Mentorography.com

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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THE POT OF GOLD AT THE END OF THE RAINBOW!

10
1.4 Sales: the essential rim of the wheel

1.4.1 Sales: the essential rim of the wheel

Exhibit 1.5: The Business Eco-System Wheel and sales

1.4.1.1 What will I sell?

You can sell a product or service. A product is a physical item while a service is something you would
implement or execute on behalf of someone else.
Product ideas to consider selling

• Hand-crafted art and artifacts for exporting

• Fruit for selling at a fruit stand or using in the production of cosmetics
• Honey that you produce as a bee keeper
• Mustard condiments produced from mustard seeds
• Handcrafted furniture
• Paintings by emerging artists
• Recycled goods made into products such as purses made from recycled juice and soda containers
10 This content is available online at <http://cnx.org/content/m35307/1.5/>.

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 9

• A restaurant that oers food menus that others enjoy eating

• Yogurt served in containers that are edible

Ideas for services to consider oering

• Providing education to children as well as adults in a school

• Purifying water at the site of wells that may be tainted with arsenic
• Providing guide services to travelers
• Developing marketing campaigns for local businesses
• Running food stands for others
• Providing tailoring services
• Manufacturing furniture for businesses and residences
• Oering cooking services to families
• Selling wireless phones for phone corporations
• Providing people to build buildings, houses, roads and or bridges
• Oering out-sourced from other countries call center services
• Providing computer consulting services

1.4.1.2 Places for inspiration

"Kiva (www.kiva.org11 ) is the world's rst person-to-person micro-lending website, empowering individuals
to lend directly to unique entrepreneurs in the developing world. 12 Kiva provides a list of entrepreneurs
who seek loans and a description of these entrepreneurs' business concepts. Visit the Kiva website to read
the inspirational stories of these entrepreneurs. http://www.kiva.org/app.php?page=businesses.13
 Aid to Artisans (ATA), (http://www.aidtoartisans.org14 ) an international nonprot organization, is
a recognized leader of economic development for the craft industry. By linking artisans to new markets and
buyers to culturally meaningful and innovative products, ATA provides needed economic opportunities to
artisans while preserving the beauty of global handmade crafts. 15

1.4.1.3 Financing: the fundamental rim on the wheel

One of the greatest talents that most successful entrepreneurs possess is the ability to persuade others to
invest funds and resources in a startup during the idea creation phase of a new venture. You are not alone if
you have major concerns about attracting the nances you need to get your startup idea o the ground. If
you are reading this and thinking you do not know anyone who would consider investing in your startup we
suggest transforming your thinking into a more constructive thought process in which you believe in yourself
and your own ability to achieve nancing.
Financing opportunities

• Micro-nanciers (Do a Google search at www.google.com using the key word "micro-nance" to
nd potential micro-nanciers that you may want to research as one method of nancing your startup
costs.)
• Family traditionally is the rst place to look for funds to pay for some of the startup costs associated
with a new venture. Even if your family has no resources to oer you can still talk to family members
about introducing you to people they know who might be able to help. More money then you can
imagine has been raised in this manner.
11 http://cnx.org/content/m35307/latest/www.kiva.org
12 Kiva, About: What is Kiva?, http://www.kiva.org/about (<http://www.kiva.org/about>) (Accessed January 11, 2009).
13 Kiva, Lend, http://www.kiva.org/app.php?page=businesses (<http://www.kiva.org/app.php?page=businesses>) (Ac-
cessed January 11, 2009).
14 http://www.aidtoartisans.org
15 Aid to Artisans, About Us, http://www.aidtoartisans.org (<http://www.aidtoartisans.org>) (Accessed January 12, 2009).

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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• Friends, even casual acquaintances, can at times provide nancing and resources for a startup. Even
if a friend is not able to directly help, you should ask each friend or person you contact for help to also
provide you with 3 names of others they know who may be able to help.
• Governmental support is also a possibility. If applicable, you can also let the local non-governmental
agency associated with what you are doing know your needs in case there is some support available.
• Barter or trade is a method by which you could provide a needed service such as consult-
ing/management advice in return for the resources needed for your startup.
• Savings take a long time and eort to accumulate in the amount most people need to start a new
venture. There are many risks involved and you may not ever be able to replenish the amount of money
you took from your savings to invest in a startup. On the positive side though, if you use your own
savings you do not have a loan to pay back.
• Bank loans are not usually available to early-stage entrepreneurs unless you have a track record of a
previous success and/or the assets to put up such as a home you own in return for securing the bank
loan.
• Networking refers to attending events, conferences, seminars, and any activity where by you can meet
others who might be able to help your further your startup's development.
• Online networks are online websites where you can connect with people you know to ultimately gain
connections to people they know. One well-known online network is LinkedIn at www.linkedin.com16
. According to the About LinkedIn website, LinkedIn is an online network of more then 30 million
experienced professionals from around the world, representing 150 industries. 17 LinkedIn is available
in English, French and Spanish. You can use the search eld at the top of every LinkedIn web page
to search for people and companies that might be willing to nance your startup. You can sign onto
LinkedIn and connect with others that would in turn potentially be willing to connect you to the people
you are trying to meet.
• Memberships in community organizations may be a place where you can meet like-minded individuals
interested in your startup idea. Use the opportunity to share some information about your startup
with the people you meet. You may nd others who want to help you make your startup a success.

Read on: Section 10.1 contains more material on nancing your business.

18
1.5 Strategy: the tactical rim on the wheel

1.5.1 Strategy: the tactical rim on the wheel

Strategy is the method you utilize to go about achieving the underlying goal of your startup. It's recom-
mended that prior to spending any money on your new venture that you rst come up with the strategy
or strategies you plan to utilize to make your startup successful. Devising the right strategy often requires
a great deal of market research on the history of your competition, potential customer needs and wishes as
well a taking into consideration the economic climate and cultural factors that could impact your startup.
Examples of startup strategies:

• Low cost leader by charging less than the competition

• Luxury cost leader by charging more than the competition
• First to market by having your product or service in the market place prior to anyone else. This
strategy is often referred to as the rst mover advantage.
• Creating sustainable growth for a startup means that the new venture will eventually make more
money then it takes to operate the company and that the protability of this venture is possible over
an extended period of time.
16 http://cnx.org/content/m35307/latest/www.linkedin.com
17 LinkedIn, About LinkedIn, http://www.linkedin.com/static?key=company_info&trk=hb_ft_abtli
(<http://www.linkedin.com/static?key=company_info&trk=hb_ft_abtli>) (Accessed August 15, 2008).
18 This content is available online at <http://cnx.org/content/m35317/1.4/>.

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 11

• Creating societal wealth means the company you are starting wants to create a product or service
that will make the world a better place. The product or service you plan to create will enhance societal
value. Educational institutions and schools are good examples. Another example is providing foods in
the market place that are nutritional in value can have a major positive impact on a society's health.
• Paradigm shifting brand for a startup means creating a product or service that revolutionizes the
world! Examples include the rst developers of airplanes that not only manufactured the airplane
but also found a way to commercialize the product in the market place. An emerging product in this
category is space ships. Although it may sound far-fetched today, there are several corporations today
developing the design and plans for the day where by we get in our space ship the way we get in our car
or on our bicycle. Some wealthy business owners are even today adding space ports to their garages.

Read on: Section 3.1 and Section 6.1 both contain more information in setting your strategy.
Blog Back 3: Strategy
Blog Back: Imagine that you are starting a new venture utilizing the strategy of creating a paradigm
shifting brand. What product and or service might you develop to implement such a strategy?
Go to: http://www.Mentorography.com19 and share your idea as well as post a comment on what you
think of two other ideas that others shared regarding their paradigm shifting idea.

20
1.6 Branding will make your blossoms bloom!

Exhibit 1.6: Mid day

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

19 http://www.Mentorography.com
20 This content is available online at <http://cnx.org/content/m35310/1.5/>.

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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1.6.1 Branding: The memorable rim on the wheel

Branding is the core foundation of your startup that is necessary to make your product or service blossom
and grow. Branding is a commonly used marketing term that refers to a distinctive image, usually in the
form of a logo or company mark that represents a company or product. In recent years a company's brand
has become an asset with a nancial worth known as brand equity. The marketing use of the word brand'
is borrowed from the process of burning a rancher's mark into the hide of a calf for identication purposes.
When building your brand, the following checklist is helpful for making your startup bloom.

1.6.1.1 Branding coaching

What is the meaning behind the message your product and/or service represents?
Coaching: Try writing the history of why you are starting this venture and what is the deeper meaning
behind why you are doing this and what you hope the legacy of the new venture will be in the market place.
Review the history and pull out any information that seems relevant toward the meaning. Then write up
some draft messages you hope to communicate when marketing the product or service.
What is the brand essence of your new product or service?
Coaching: The brand essence of your venture is the heart and soul behind the product and service you plan
to develop; the core DNA of your product or service. The brand essence is the foundation of your brands
true identity and the brand essence typically stays the same over time. An example of brand essence is the
medical corporation International Patient Assistance Centre headquartered in Singapore. A review of the
corporation's website (http://www.ipac.sg/en/About/21 22 ) leads one to believe the brand essence for the
medical company is dedicated and experienced patient care teams. If you are not able to come up with
the brand essence for your venture try reverse engineering the process by asking yourself what would you
like the brand essence of your venture to be and then make a list of action items you would have to do to
achieve creating a company with this type of brand essence.
1.3: What is the brand advantage?
Coaching: What sets our brand apart from that of the competition?
Try answering the following:
What is distinctive about the brand?
What dierentiates this brand from the competitor's?
How do customers perceive the brand?
What emotion does the brand evoke?
Who appreciates the brand? Why?
What do customers get from the brand?
Where do customers go to nd the brand?
What do customers see in the brand that the founders didn't? 23
Source: Understanding the Essence of Brand Advantages questions reprinted with permission
from Mentorography, Inc. ©
2008. All Rights Reserved. Entrepreneurial Marketing; Real Stories
and Survival Strategies by Molly Lavik and Bruce Buskirk, Branding that Works, page 79.
What can you do from the start to make sure that others cannot use the mark or brand name?
Coaching: Investigate what the trade-marking regulations are for protecting your brand. What are the
governmental processes for securing a trademark for your brand?  Trade marking  is the process one goes
through to register with a government entity the text and or visual depiction of your business name and,
if applicable, the business mark that accompanies the venture. A  logo  is the word utilized typically to
describe the visual depiction of the business name.
21 http://www.ipac.sg/en/About/
22 IPAC, International Patient Assistance Care, www.ipac.sg/en/About/ (<http://cnx.org/content/m35310/latest/www.ipac.sg/en/About/>)

©
(Accessed January 2, 2009.)
23 Understanding the Essence of Brand Advantages questions reprinted with permission from Mentorography, Inc. 2008.
All Rights Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk,
Branding that Works, page 79.

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 13

If you plan to trademark your logo or the text version of your business name for protection you can nd
out the necessary details of this process at the World Intellectual Property Organization at:
http://www.wipo.int/portal/index.html.en24 25 by specically utilizing the Madrid System for Interna-
tional Registration Marks explained further at:http://www.wipo.int/madrid/en/26 .27
As of October 27, 2008, countries' statuses are listed regarding the Madrid Agreement Concerning the
International Registration of Marks and the Protocol Relating to the Madrid Agreement Concerning the
International Registration of Marks. View this information at:
http://www.wipo.int/export/sites/www/treaties/en/documents/pdf/madrid_marks.pdf28 .29

1.6.1.2 Looking for inspiration?

You can nd many examples of logos in the process of being trademarked in the United
States through the United States Trademark and Patent Oce website that posts online
The Trademark Gazette. Here is an example of one issue of The Trademark Gazette:
http://www.uspto.gov/web/trademarks/tmog/20081230_OG.pdf30 .31
Once you have secured the trademark for your business name, you then process a legal standing to protect
against other businesses using your company name in the category you are doing business in. Trademarks
are considered assets to a business and have a monetary value if and when you want to sell or merge your
venture.
The Brand Identity Guide: A blueprint toward success
Once you have developed your business name into a logo and are in the process of trade-marking that name,
many entrepreneurs begin widespread use of the logo in marketing materials to raise awareness of their
product or service to their targeted customers. Well-known branded businesses assign someone the task of
making sure the logo is properly utilized, with the correct color ink, in the correct size, in the correct location
of the page layout especially when used in conjunction with other logos. A style guide for the use of the logo
is often called a brand identity guide.
Blog Back 4: Brand Identity
Blog Back: Brainstorm the development of a Brand Identity Guide to illustrate the use of your logo in
any materials you or others create to market the product or service you would like to create.
What is your brand essence?
What is your brand advantage?
What font and font size will you utilize for your logo?
What if any visual image/drawing/illustration will accompany the text of your logo?
What colors will you utilize for your logo? Using the pantone color chart, select the exact color(s) you
wish to utilize.
Will your logo be depicted dierently if it's used in a horizontal vs a vertical page lay out?
What is the smallest size your logo can appear?
What rules govern your logo's use when it appears with logos from other companies such as may be the
case with a sponsorship?
In what countries would you like to trademark your logo?
24 http://www.wipo.int/portal/index.html.en
25 World Intellectual Property Organization, http://www.wipo.int/portal/index.html.en
(<http://www.wipo.int/portal/index.html.en>) (Accessed January 11, 2009).
26 http://www.wipo.int/madrid/en/
27 World Intellectual Property Organization, Madrid System for International Registration Marks,
http://www.wipo.int/madrid/en/ (<http://www.wipo.int/madrid/en/>) (Accessed January 11, 2009).
28 http://www.wipo.int/export/sites/www/treaties/en/documents/pdf/madrid_marks.pdf
29 World Intellectual Property Organization, Madrid Agreement Concerning the International Regis-
tration of Marks and Protocol Relating to the Madrid Agreement Concerning the International Reg-
istration of Marks, http://www.wipo.int/export/sites/www/treaties/en/documents/pdf/madrid_marks.pdf
(<http://www.wipo.int/export/sites/www/treaties/en/documents/pdf/madrid_marks.pdf>) (Accessed January 11, 2009).
30 http://www.uspto.gov/web/trademarks/tmog/20081230_OG.pdf
31 United States Trademark and Patent Oce, The Trademark Gazette, http://www.uspto.gov/web/trademarks/tmog/20081230_OG.pdf
(<http://www.uspto.gov/web/trademarks/tmog/20081230_OG.pdf>) (Accessed December 24, 2008).

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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Is there anything else you would like to share about the brand you plan to create?
Go to: http://www.Mentorography.com32 and share an outline of your Brand Identity Guide.

33
1.7 Stakeholders: the connective rim on the wheel

1.7.1 Stakeholders: the connective rim on the wheel

Your brand cannot bloom unless you ensure that you develop your brand in a way that will please everyone
who comes into contact with your business. The people who come in contact with your business's brand are
known as your startup's stakeholders. Who will be your startup's stakeholders? Take aim carefully as you
decide. Consider establishing contacts with some of the following suggested stakeholder categories common
to new venture enterprises mentioned in the Startup Stakeholder Arrow.

©
Exhibit 1.7: Startup Stakeholder Arrow created by Molly Lavik, founder, Mentorography, Inc., Jan-
uary 12, 2009. Reprinted with permission from Mentorography, Inc. 2009. All Rights Reserved.

1.7.1.1 The stems of growing startups: denitions of startup stakeholder arrow selected terms

Strategists: A strategist is a skilled person who may be adept at taking your overall vision for the business
and developing the plan of action for achieving the overarching goals. Strategists are experts at coming up
32 http://www.Mentorography.com
33 This content is available online at <http://cnx.org/content/m35313/1.4/>.

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 15

with the winning maneuvers for laying the foundation of having a successful venture. The term strategy was
originally utilized to dene military maneuver plans.

Exhibit 1.8: Mid Day (Adapted)

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

Strategic advisors: Advisors are people typically with experience in an area that you wish to learn more
about. Advisors impart valuable wisdom that you can utilize to learn valuable lessons regarding generating
revenue and prots for your planned venture.
Chambers of Commerce: Chambers of Commerce are large memberships of business federations
representing hundreds and sometimes thousands of business owners.
Network: Your business contacts that can help you today or in the future accomplish your goals.
Entrepreneurs need vast networks of people's assistance to achieve the venture's goals.
Financiers: Financiers are comprised of people or a business entity that provides nancial resources for
your new business to utilize.
Micro-nanciers: These are people who make cash loans in very small amounts to entrepreneurs in
emerging countries to people who have very little if any resources. Often the people who receive micro-
nanced loans have little to no experience in business. A website where people can see micro-nancing in
action is located at: http://www.accion.org34 .
Venture capitalists: These are people who have a high net worth of resources or are part of an
institution that has a fund of high net worth. Venture capitalists seek out entrepreneurs who are starting
new ventures that have an opportunity to make a large and fast return on the nancial resources invested.
The main category that venture capitalists have previously invested in has been the technology industry.
A venture capitalist does not make any money until the new venture sells, merges or makes an initial
public oering known as an IPO when for the rst time that business oers common stocks to the public.
Entrepreneurs have had a "love and hate" relationship with venture capitalists because if the new venture
doesn't make the anticipated return on investment predicted the venture capitalists usually has the legal
right to take over part or all of the ownership of the new venture leaving the entrepreneurship often out of
34 http://www.accion.org

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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THE POT OF GOLD AT THE END OF THE RAINBOW!

the venture from that point forward. Venture capitalists also have the ability to provide the cash as well as
mentoring resources needed for the new venture to thrive.
Angel investors: These are private individuals that typically have large amounts of resources to invest
in your startup. Angel Investors choose to invest in your startup because they share a common interest in
what you are doing.
Shareholders: A person who owns or holds stock in a business.
Vesting: Vesting occurs when a person associated with a business venture is granted legally the right
to possess stock-options if they work for a specied term. By way of example a person's stock options could
vest over a three year period with the person earning stock-options incrementally and fully vesting in all the
promised stock-options at the completion of the three year term.
Mentors: These are role models who you can receive instruction, advice and coaching from regarding
important lessons to follow to make your new venture a success.
Ministries: These are oces that provide service to the country or state of origin.
Consulates: These are the ocial oces of a government appointee. These oces can be located in the
country of the government that made the appointment and or abroad NGOs: Stands for non-governmental
organization and NGOs are run by people who are not part of the government although governments can
partially fund an NGO as long as the funding government agency doesn't retain any type of representative
or leadership role in the NGO. In the United States a type of NGO is referred to as a non-prot organization.
NGOs typically have organization missions and goals that are dedicated to creating greater societal value
versus existing to stay solely focused on generating prots.
Ad agency: This is a company that you hire to develop for pay advertisements to ensure that your
targeted market is aware and enticed to purchase your product or service.
PR agency: A company that you hire to generate favorable publicity about your new business to people
who have been found through market research potentially interested in buying your product or service
eMarketers: A group of people that you hire to implement your digital media strategy for the online
and potentially via cell phone marketing of your new business. eMarketers utilize ultimately any form of
electronic media to promote and advertise your business.
Netroots: This word is a newly coined termed that combines portions of the words Internet and grass-
roots to dene a type of marketing that targets blogs and digital media in order to cause powerful action for
achieving your new venture goals. The term originally described political action and has recently been utilized
to describe business action. Bloggers: This term describes someone who keeps an online diary/journal/log
of his or her activities or comments on others' activities. One of the most popular blogs in the world is
about entrepreneurs and is kept by Guy Kawasaki called, How to Change the World: A practical blog for
impractical people. Check it out: http://blog.guykawasaki.com35 .
Social networks: These are websites dedicated to fostering a community of individuals around a topic.
We mentioned LinkedIn earlier; Facebook is another social networking example. According to Facebook's
website, "Millions of people use Facebook everyday to keep up with friends, upload an unlimited number of
photos, share links and videos, and learn more about the people they meet. 36
Readers of this chapter are invited to join my Facebook page by registering to become a Facebook member
at http://www.facebook.com37 (it is free and a social networking site) and then enter Molly Lavik into the
search eld and click on my name. Then select add as a friend.
Texting: This is when you type in a message with photos or in some cases a video via a cell phone
Grassroots: This is a powerful movement of every day people for a cause. Currently there is a grassroots
movement to protect the environment throughout the world.
Viral: This happens when a marketing message is transmitted through people excitedly and enthusiasti-
cally spreading the message by telling others who tell others who tell others and so forth. When a marketing
message is spread via "word-of-mouth" the message is visually depicted as spreading in the same way a cold
virus spreads and multiplies through a growing number of people in the wintertime. Marketers spend a great
35 http://blog.guykawasaki.com
36 Facebook, Molly Lavik, http://www.facebook.com (<http://www.facebook.com>) (Accessed December 24, 2009).
37 http://www.facebook.com

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 17

deal of money to attempt to initiate the spread of messages via word-of-mouth. However, it's easier said
than done. An example of a marketing campaign that was spread via word-of-mouth was the marketing
campaign for the lm Slumdog Millionaire which is a lm about a poor orphan from Mumbai India's slums
who is a candidate for winning millions.
Inuencers: Persons who are copied for wearing or embracing a particular fashion or trend. Taste
makers are often known as trend setters.
Street teams: This term is used to describe a group of often young people between the ages of 15-25
years old, who travel up and down usually city streets actively promoting the product or service they are
paid to market.
Membership organizations: Trade and other forms of professional associations, unions, special interest
groups and work related clubs that one can join.
Community: The geographic, psychographic as well as online neighborhood in which your venture
operates on a regular basis.
Virtual: Pertaining to your image appearing in a perceived manner, live, somewhere other then where
you actually are currently located. The image would appear via a digital format such as through a web
camera, simulated articial intelligent agent and or three dimensional image such as a hologram image.
Suppliers: Companies that provide valuable resources to your new business are true suppliers.
Vendors: Typically the valuable resources are purchased from commercial resources known as vendors.
Consumers: These are people who buy your product or service.
Employees: These are individuals that work directly for you and are on your pay roll.
Read on: Several subsequent chapters discuss the importance of stakeholders further.
Blog Back 5: Stakeholder
Blog Back: Decide how you want to take aim carefully here. Who will be on your Startup Stakeholder
Arrow? Brainstorm ideas for who specically you would aim to have for your Startup Stakeholder Arrow.
Be sure to include exact names of businesses and people and titles for this list. Try to utilize all the aspects
mentioned in the provided categories of the Startup Stakeholder Arrow.
Go to: http://www.Mentorography.com/38 and post a draft of your Startup's Stakeholder Arrow list.

39
1.8 Ethics: the authentic rim on the wheel

1.8.1 Ethics: the authentic rim on the wheel

Ethics refers to the heart and soul of the activities you engage in while starting your business.
How authentic and truthful you are during the startup phase will set the stage for the future ethical threshold
of your new venture. As the founder and chief visionary behind the concept you are bringing to market, it
is your responsibility to create the values and company culture that will be your business. Once a company
culture is set, it is virtually impossible to alter the path that you have set for your new venture to follow.
One way to try to ensure the ethical standards of your company is to rst make sure that you have a good
moral compass.
Your moral compass is the ethical stance you take on decisions and actions with your startup.
Here are some questions to consider when developing your own moral compass:

• What will the new venture's code of ethics state?

• How will I make decisions for the startup that will limit my revenue potential but will ultimately be
the correct action to take legally and ethically?
• What can I do to ensure that the people I hire have good values?
• Who will I go to for advice when I have a moral/ethical dilemma?
• Will I be capable of following the advice that I receive for taking the right ethical action?
• How will I know what is ethical and what is not?
38 http://www.Mentorography.com/
39 This content is available online at <http://cnx.org/content/m35314/1.4/>.

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• What processes will I put in place to make sure that my sta and the stakeholders I associate the
startup with are acting ethically at all times?
• What will I do if a sta member or key stakeholder I'm associating with violates my new venture's
code of ethics?
• In a crisis how will I communicate to my stakeholders the situation in the most ethical manner possible?
• How often will I cross check that I'm following my new venture's code of ethics?
• What seminars, classes and guidance can I nd to make sure I'm acting ethically when running the
startup?
• What people can I go to in order to gain a role model/mentor for acting ethically with my startup?
• If I end up doing something that was unethical what will be my process to correct the situation and
to communicate the situation to my stakeholders?
• Will I listen to my gut if I have a strange ethical reaction to someone or something?
• Is there anything else I should ask myself to develop my moral compass?

It turns out in business that self-awareness of one's action is a key component to understanding how to
develop an ethical moral compass. Additionally, the translation of an entrepreneur's moral compass into the
development of a new venture leads to the establishment of the businesses' company culture. The company
culture is the values you decide to instill in the new venture.

1.8.1.1 Making good: elements of a values-based company culture

• Provide a safe work place and clean work environment.

• Pay fair wages to all employees.
• Provide benets of some kind for employees that may include health insurance, dental insurance, vision
insurance, a retirement investment plan, a pension of partial salary to be paid once an employee retires,
and reimbursement for continuous learning.
• Host employee appreciation events.
• Be respectful to all employees.
• Treat all stakeholders with respect and fairness.
• Have a suggestion box or method where by employees and stakeholders can make suggestions that you
review and consider.
• Be a good corporate citizen by supporting some NGO/non-prot entities either by paying your employ-
ees to volunteer for these named causes or making cash donations or sponsorships to nancially help
support these organizations. This type of activity is known as CSR (Corporate Social Responsibility.)
An example of a company that has been a good corporate citizen and routinely practices CSR is Grupo
Bimbo which, according to the company's website, was established in 1945 and is considered one of
the most important bakeries in the world. In 2007, Grupo Bimbo's net sales amounted to $ 6.7 billion
dollars. In keeping with the company's social responsibility, Grupo Bimbo participates in important
community projects such as the reforestation of protected natural areas in Mexico as well as in a series
of dierent projects for community welfare. You can read all about Grupo Bimbo's Social Responsi-
bility work in health, commitment to the environment, commitment to associates, and commitment to
society at: http://www.grupobimbo.com/display.php?section=640 41
• Adopt a triple bottom line philosophy. Triple bottom line means your company cares equally not
only about making a prot but also about taking care of the people associated with your company and
conducting business in a way that is good for sustaining a healthy environment for the planet. So to
summarize, the triple bottom line philosophy means you care equally about people, planet and prots.
• Develop sustainable business practices. One who cares about the environment of his business goes to
the trouble and expense to make sure that he:
40 http://www.grupobimbo.com/display.php?section=6
41 Grupo Bimbo, Social Responsibility, http://www.grupobimbo.com/display.php?section=6
(<http://www.grupobimbo.com/display.php?section=6>) (Accessed December 28, 2009).

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· has a recycling program for not only garbage but also old electronic devices and toxic waste
disposal from batteries and printers.
· utilizes oce cleaning supplies that are environmentally safe and don't outgas. Outgassing is a
term that refers to indoor air quality and describes the slow release of gas from a manufactured
material such as furniture or carpets. Often the term is used to describe the potentially unhealthful
attributes of a newly manufactured material as this gas is released indoors.
· carries out oce remodeling and construction in a safe for the environment fashion by using low
VOC, (Volatile organic compounds (VOCs) are emitted as gases from certain solids or liquids.
VOCs include a variety of chemicals, some of which may have short- and long-term adverse health
eects.)42 , paints that do not out gas as well as insulation made from recycled materials.
· replaces company light bulbs and lighting xtures with energy ecient light bulbs.
· produces marketing materials that use soy-based ink and are printed on recycled paper stock. He
uses the recycled logo mark on materials to communicate to stakeholders that he is concerned
with sustaining the environment.
· works with vendors, suppliers and all of his stakeholders that support environmental protection
tactics.
· conserves energy and resources whenever possible. Moving to a four day a week, ten hour a day
schedule can by way of example conserve energy and ultimately  cut kilowatts to create a slender
gas and electric bill.
· rewards employees for traveling to and from work in sustainable ways such as walking, riding a
bicycle, taking public transportation and when appropriate car-pooling.
· if applicable, purchases company vehicles that are electric or electric hybrids.
· stays current with environmental literature to keep employee's knowledge base strong on conserv-
ing energy.

1.8.1.2 Going green on a shoe string

You may be wondering what you are going to do take the ethical stance on your company's proactive
sustainability plans to protect the environment when you are in the startup phase of your venture. It
happens that doing the right thing for the environment is not just good for the environment but it also
can be protable no matter what your socio-economic state is today with your business. The recommended
energy-saving tactics listed above will help you save money on your electric bill. By operating a sustainably-
focused company you will be generating a growing amount of good will for your venture. And good will is
something you can take to the bank! Goodwill is the dierence between what your company is worth and
what you are actually able to sell your venture for in the market place. The more goodwill you generate
the higher value of your company in comparison to your competition. Some of the most environmentally
conscious people in the world live in severely economically-challenged neighborhoods. Do not let your socio-
economic status challenge the entrepreneurial ethics behind your startup. The goodwill you are generating
from taking care of the environment could potentially come back to you in the form of good karma!
Read on: You'll nd more discussion of a socially responsible organization in Section 14.1.
Blog Back 6: Moral Compass
Blog back: Write a draft of your new venture's code of ethics and a description of your moral compasses'
stances including what sustainable practices your venture will adopt to go green and have a triple bottom
line focus.
Go to: http://www.Mentorography.com43 and post a draft of your code of ethics, description of your
moral compasses' stances and green sustainability practices.
42 U.S. Environmental Protection Agency, Indoor Air Quality: An Introduction to Indoor Air Quality: Organic Cases (Volatile
Organic Compounds-VOCs), http://www.epa.gov/iaq/voc.html (<http://www.epa.gov/iaq/voc.html>) (Accessed January 16,
2009).
43 http://www.Mentorography.com

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1.9 Operations: the logistical rim on the wheel

The operations of your business are the tactics and processes you implement to run your business.

1.9.1 Water your plants: operations hydrate your startup

Operations in a startup begin with the composition of a business plan. A new venture without a business
plan is like a car without an engine; it exists but cannot get anywhere. In fact, researching and drafting the
new venture's business plan is probably the most important and necessary business practice you will ever
under take. Business plans are usually written to obtain nancing for a new venture. However, the business
document and planning process provides a much more important function. This document will be your road
map for getting your venture started. The ndings of your research contained in your business plan can tell
you from the beginning with pretty good certainty if your new business has a real chance of being successful
nancially and sustainable in the long run.
Traditional sections contained in a business plan:

• Company Description gives a background to the history of your startup and explains what your
venture will do.
• Statement of Mission or Mantra is a short phrase that explains the purpose of your new venture.
• Products and or Services describe what you plan to sell.
• Target Markets elaborate on whom you plan to sell to.
• Marketing Strategy explains what unique maneuvers your venture will under-take to accomplish
the businesses goals.
• Competitive Analysis documents who your main competitors are in the market place.
• Management Teams are the names, titles and backgrounds of the people who will lead your venture
to success.
• Operations for Investors explains what tactics you will undertake to nance the venture and the
exit strategy you plan to utilize for the initial investors to make a prot on their investment.
• Financials document the forecasted sales and expenses for the rst ve years of the new venture. The
nancials should be accompanied by a detailed assumption log which summarizes where the numbers
entered in your nancial spreadsheets originally came from. Most investors want to see your nancial
documents include balance sheets, cash ows, income statements and key ratios such is when you
anticipate breaking even.
• Long-term Goals explain what you hope to eventually accomplish with the new venture.
• Executive Summary which goes at the beginning of your business plan but is often written last
should contain a brief summary of each of the above mentioned business plan sections. Executive
summaries should be limited to two or less pages. The Executive Summary is often the most read
portion of your business plan so it's important to write and re-write this section until it's absolutely
perfect. Some entrepreneurs recommend that you draft the executive summary rst and use this
document as a planning document to cross check what you need in order to complete the business
plan.
After you have completed drafting your new venture's business plan it may be time to establish the legal
entity of your business. Check with your local government oce to get directed to the rules and regulations
and processes you need to follow in order to properly establish your business's legal entity
Some of the most universal company establishments are:

• sole proprietor
• private limited company
• state-owned enterprise
• public-limited company
• NGO
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• corporations
If you can get the resources from family and friends to pay for an attorney to help you establish your
business legal entity you may lessen some of the risks associated with starting a new venture. The type
of business entity you form will more than likely impact the way in which you pay taxes on your products
and services and le your country's income tax ling. The denitions for the dierent forms of company
establishments vary from country to country. You will want to check with the portion of your government
that grants company established entities for clarication
With a draft business plan in hand and your legal company business entity established it's time to fully
map out the operations/processes you plan to utilize to implement your business plan. It's highly recommend
that you make a Gantt chart to stay organized with the correct sequence and timing of each business activity.
®
You can use Microsoft Excel and setup columns that list:

• tasks
• person(s) assigned to complete tasks
• dates that tasks must be completed by as well as proper task sequence
• an area to check o when a task has been eectively completed
• a comment section to keep a historic list of reactions to the considered tasks
• and given your unique plans, you may choose to have additional columns.

It is highly recommended that you post your new venture's Operations Gantt Chart on a wall in a visible
location so that as many people as possible have access to this information. This will allow others to make
updates as well as understand what you are working on when they are considering interrupting you during
the day.
Keep an open mind as you implement your operational plans for the startup. Remain exible to contin-
uous updates. Remember a startup is an evolving operational process that will need ne turning along the
way.
Read on: Operations is the subject of Section 7.1

45
1.10 New product: the tangible rim on the wheel

1.10.1 New product: the tangible rim on the wheel

The new product can be a physical product and or a service oering. Developing a new product is an
operational task that goes above and beyond the call of duty of utilizing the Operations Gantt chart
described in the previous Operations section. Instead, we are recommending that you create a Process
Mapping Guide in order to eectively develop your new product oerings. The following section describes
in detail how to develop a Process Mapping Guide for your new product oerings

1.10.1.1 A new product bud is blooming: introducing the New Venture Instructional Manual
to Operational Excellence

1.4: New Venture Instructional Manual to Operational Excellence

Start by process mapping all of the organization's processes by creating a process log. Utilize a
word processing software program which has auto shapes that features a owchart. This will give
you the software necessary for developing your process map. It does take a long time to process
map the functions within an organization, even a newly formulated venture. It's time well spent.
Process mapping guide
There are many books and publications about process mapping and there are multiple ways to
process map. We are going to focus here on showing you how to map the processes that make up
new product development and marketing. We suggest the following:
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Assemble the people who are involved in the development and marketing of a new product at
your organization.
Brainstorm a list of the day-to-day steps that are taken to develop and market a new product.
Review the list with your board, strategic alliance partners, mentors, vendors, and family mem-
bers for items that may have been missed.
Take the nal list and divide it into two categories: repetitive processes and rare processes.
Repetitive processes are steps that are taken repeatedly when developing and marketing a new
product such as manufacturing the product. Rare processes occur infrequently.
Analyze the rare processes list to see if any of the items mentioned can be combined with or
woven into the repetitive processes. Rare processes can drain resources and are often not budgeted
for. If you can combine a rare process with a repetitive process, you have taken a valuable step
toward improving the operational excellence of your business.
Make a owchart of the processes within your organization from the list that was prepared and
ne-tuned. This is where you take what might be explained in several paragraphs of text and drill
it down to several owchart icons. See Exhibit 1.9.
Process Mapping Diagram

Exhibit 1.9: The Process Mapping Diagram was developed by Molly Lavik, October 6, 2002

There is a growing trend for corporations to organize their management

systems by processes instead of products. Large and mid-size corporations are making this shift
to achieve cost savings.
Once you have completed your process log you must repeat the analysis phase. Gather your
resident experts as well as some new mentors and outside board members to analyze the rm's
processes. Look for current processes that could be streamlined.

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Because areas to streamline are dicult to see, keep re-examining what has been documented in
the process log. Upon exhaustive examination of every possible streamlined scenario, the solution
to achieving operational excellence will come into focus. Stay open and exible to these new ideas.
Log the new process innovations. Embrace the new processes and apply them throughout the
organization with the committed support of top management. This can be the most challenging
step and requires a change management campaign.
A change management campaign is the internal communication campaign that is targeted at a
venture's employees regarding a shift in the way a business is managed. This means you have to
take a hands-on role in communicating the changes throughout the organization, making sure that
everyone understands the new game plan, and why it is necessary. Inevitably, some won't be willing
to go along with the new program and you may need to help them nd employment elsewhere. One
negative person can delay the whole group's transformation. 46
Source : Process Mapping Guide text and Process Mapping Image reprinted with permis-
sion from Mentorography, Inc. ©
2008. All Rights Reserved. Entrepreneurial Marketing; Real
Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, Module on Savvy Strategies for
Marketing New Products, pages 188-190.
After your new product bud has bloomed through the implementation of a process mapping guide you are
ready to launch your new product oering into the market place. You should consider planning a New
Product Launch Event.
Read on: Adding Products or Services is discussed further in Section 13.1.
46 Process Mapping Guide text and Process Mapping Image reprinted with permission from Mentorography, Inc. © 2008.
All Rights Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk,
Module on Savvy Strategies for Marketing New Products, pages 188-190.

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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1.11 Let the fruits of your labor blossom: the new product/service
47
launch event plan

1.11.1 Let the fruits of your labor blossom: the new product/service launch event
plan

Exhibit 1.10: Sunny day

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

Your new business may be built around a product or service or both as we earlier discussed. We will discuss,
by way of example, a new product launch event but it's worth noting that the same general principles apply
whether you are planning a new product or new service launch event.
Events organized around a new product/service launch are typically postponed or cancelled because the
new product/service does not turn out as anticipated. Build this scenario into any planned event so that
you can recoup some of the costs if the event needs to be cancelled.
1.5: Checklist for a New Product Launch Event
Is the new product going to be fully functional in time for the event? What is your backup plan?
Have you assembled a well-connected board of advisers to help with the production of the event?
Have you determined your budget for the new product launch event? Is there anyone you can
bring in to cosponsor the event to help defray the cost?
Have you hired someone to be responsible for the myriad of details that must come together in
order for a new product launch event to be called a success?
Have you prepared a detailed spreadsheet, with deadlines, of all the items that need to take
place for the event to come together and assigned each item to a responsible person?
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Have you devised the best forum for the new product launch event? Is the event scheduled
during an industry tradeshow where every- one will already be assembled and you can easily fold
your event into the bigger show, leveraging all the resources available at that event?
Have you outlined how you are going to communicate your new product message at the launch
event? (There is nothing worse than producing an expensive new product launch event that everyone
may enjoy but attendees leave not having any idea what brand was being promoted.)
Have you invited your targeted press to cover the new product event?
Do you have a contingency plan if few people respond to your invitation to the new product
launch event? Do you have takeaway logo items, commonly referred to as premiums, for attendees
so they can be reminded of the new product?
Have you decided how you will measure and evaluate your brand building strategy? 48
Source : New Product Launch Event Plan text reprinted with permission from Mentorography,
Inc.© 2008. All Rights Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies
by Molly Lavik and Bruce Buskirk, Module on Savvy Strategies for Marketing New Products, pages
191-192.
Read on: Launching your business is the topic of Section 1.3, Section 4.1, Section 5.1, and Section 6.1.
Blog Back 7: Launch Plan
Blog back: Develop a plan for your new product launch. Include the name and description of the venue
you plan to showcase your new product as well as a detailed budget of the researched expenses and a forecast
of the media coverage you hope to gain during the launch event.
Go to: http://www.Mentorography.com49 and post your new product launch plan.

50
1.12 Public relations: the sensational rim on the wheel

1.12.1 Public relations: the sensational rim on the wheel

Public relations are the activities one engages in to generate excitement about your new venture so that
editorial coverage will occur. Editorial coverage is thought to be much more valuable then advertising in
media because people perceive editorial coverage as authentic and of interest. Startups need to generate a
great deal of excitement known as buzz in order to make the case for media coverage. Because entrepreneurs
normally don't have much if any marketing budgets to initially launch his or her new venture, relying on
public relations coverage becomes essential for the success of a new venture.
In order to increase your chances for coverage of the new venture you will want to make sure that
communications with the media include information about your new venture that is written in what is
known as a tight manner including, if possible, the following attributes:

• concise/brief summary
• straight-forward
• timely and quite current
• a rst of its kind if possible
• attention-grabbing
• authentic and truthful
• tying-in if possible with an emerging trend
• remarkable
• and absolutely accurate

48 New Product Launch Event Plan text reprinted with permission from Mentorography, Inc. © 2008. All Rights Reserved.
Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, Module on Savvy Strategies
for Marketing New Products, pages 191-192.
49 http://www.Mentorography.com
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1.12.1.1 The public relations practitioner's tool kit

Press releases: Newsworthy text regarding the Who, What, Where, and When of the story you are
pitching to the media.
Video News Releases (VNRs): Usually responsible for coordinating the video production of news
announcements known as VNRs which are sent to television/broadcasting stations with the intention of
gaining news coverage
Newswire services: The Public Relations practitioner works with a company known as a newswire
service to disseminate news announcements to targeted media. One example is CSRwire service found at:
http://www.csrwire.com51 which specializes in disseminating news releases from corporate socially respon-
sible companies often engaged in many CSR pursuits. 52
News agencies: The public relations practitioner is in direct contact with news services that cover large
batches of news happenings in specic regions. MEMERCOPRESS is an example of a news agency. Accord-
ing to this news agency's website, "MERCOPRESS is a news agency concentrating on Mercosur countries
which operates from Montevideo, Uruguay and includes in its area of inuence the South Atlantic and insular
territories."53 For more information on MERCOPRESS visit: http://www.mercopress.com/about.do54 .
Media databases: Contain detailed information on how to reach media contacts. The more expansive
and current the media database, the more likely you are to achieve optimum press coverage in targeted
publications.
Style guides: Provide guidelines on the proper formatting of information to include when quoting from
another source and attributing in a citation the quoted source.
Extensive Rolodex: Public relations practitioners are major networkers with vast contacts with the
media as well as key stakeholders.
Timelines: Successful public relations practitioners are known for keeping long timelines of checklists
to make sure events and campaigns are carried out awlessly in order to achieve the maximum amount of
eective media coverage
Archives: The public relations practitioner usually is the one to maintain the press clipping les doc-
umenting media coverage as well as the video and image les. Images are sometimes used by the media so
keeping well-organized archive les is essential to any marketing campaign.
Because public relations professionals are dedicated to the tasks surrounding disseminating, documenting
and archiving news coverage, these practitioners are usually a great resource to any startup.
Blog Back 8: PR Plan
Blog Back: Write down a list of public relations plans you have for your new venture. Include what
you will do to get publicity for your startup. What news sources will you target? Be specic by naming
newspapers, magazines, newsletters. Leaets, signage and other media sources that you plan to target.
Go to: http://www.Mentorography.com55 and post your Public Relations Plan.

1.13 Mentor insights: the Where the Rubber Meets the Road
56
spokes on the wheel

1.13.1 Mentor insights: the Where the Rubber Meets the Road spokes on the
wheel
Mentor insights are the lessons learned by the protégé/mentee. Mentor insights are depicted as spokes on
the wheel because they are the glue that eectively holds together everything else. Understanding your
51 http://www.csrwire.com
52 CSRwire, Home Page, http://www.csrwire.com (<http://www.csrwire.com>) (Accessed on August 15, 2008).
53 MERCOPRESS, About MERCOPRESS, http://www.mercopress.com/about.do (<http://www.mercopress.com/about.do>)
(Accessed January 2, 2009).
54 http://www.mercopress.com/about.do
55 http://www.Mentorography.com
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mentor's driving philosophies is essential if you want to gain the wisdom that your mentors possess. There
is a tremendous amount you can learn from a mentor's successes as well as their setbacks. Mentors come
literally in all styles, shapes and sizes. When you are away from home be sure to keep a look out for
people who might have some business wisdom to share with you.
Places you can go to nd mentors potentially ideal for coaching you with your startups include:

• faculty at schools
• libraries
• seminars/conferences/workshops
• town meetings
• management from other businesses
• classmates
• family
• friends
• co-workers
• religious institutions
• public markets
• neighbors
• near-by communities
• re-acquainting yourself with people you haven't kept in contact with
• entrepreneurs
• micro-loan recipients

To keep track of the insights that you pick up from mentors try keeping a journal of the lessons you are
learning that are applicable to your startup. Mentor insights can come from a business executive or role
model who you want to emulate. Mentor insights can also come from observations of others.
I was fortunate to meet a student named Jay Milbrandt while teaching a Social Entrepreneurship course
at Pepperdine University's Graziadio School of Business and Management. Jay had recently traveled to
Bangladesh and kept journals of his rst-hand observations of meeting people who were prospering through
micro-nance loans. I found these journal entries extremely inspirational and we hope you will as well. We
encourage you to be on the alert for micro-nance opportunities in your country as a proven method for
helping those that are less fortunate than yourselves. By reading these journal excerpts you can experience
how those less fortunate are nding success no matter what their economic situation. Micro-nanced loans
are imparting a great deal of opportunity to those that really need it and transforming the economies of
developing countries in remarkable ways! The following are excerpts from the journal of Jay Milbrandt.
1.6: Jay Milbrandt's Journal Entries from Bangladesh: Not Just Statistics
The shear numbers are impressive. 1.2 billion people throughout the world live in extreme poverty.
Accordingly, extreme poverty is dened by the World Bank as living below $1 per day purchasing
power parity threshold. The United Nations set the Millennium Challenge goal of eliminating
extreme poverty by the year 2025. In Bangladesh, at least, it appears to be well on the way. It's
easy to get lost in the numbers. But, when you travel through Bangladesh meeting the microcredit
borrowers, you realize that behind every number is a lifereal people and real families. Suddenly,
the statistics come alive.
I don't know what it's like to live on less than $1 per day. I have, however, met enough people
to garner some details about what such a life is like. Simply put, you consume in proportion to
what you grow; when you cannot aord more, you beg.
Meet Meera. She used to live on less than $1 per day. Now, she's a twenty-six year old business
owner with two daughters, eleven and seven years old. Her husband walked out on her a few years
ago, leaving her to fend for herself. In the culture of Bangladesh, she was in a very tough spot.
To give birth to only daughters and no sons is unlucky. Likewise, for a husband to walkout on his
wife is looked down upon even more. In spite of this, she became one of the most successful women
in her village. Through microcredit, she started and built a large poultry farm, raising thousands

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
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THE POT OF GOLD AT THE END OF THE RAINBOW!

of chickens and selling them to market. After showing us her farm, she invited us into her home,
which was considered a nice home by village standardsfour walls, two rooms, a cement oor, and
metal roof. Her home was also nanced through a Grameen57 microcredit home loan. And, best
of all, she told us how happy she was and how microcredit changed her life.
Although Meera holds the distinction as the rst microcredit customer I met, that's the only
number associated with her.58
1.7: Jay Milbrandt's Journal Entries from Bangladesh: Why I Have Hope
I've got this feeling of hopelessness, I admit to a traveling companion. I'm here to see the hope
that microcredit has brought, but our taxi has not even left Dhaka yet and I'm surrounded by the
most abject poverty I have ever seen.
I'm on sensory overload. There are so many people that the country seems ready to burst at
the seams. More than 140 million people are packed into this country, approximately the size of
Iowa. In Dhaka, garbage is everywherein the streets, in the ditches. Its obvious that the city
does not possess the infrastructure to service its 15 million inhabitants. Judging by the integrity of
the city streets, which appear to have been paved once left alone, I'm not the least bit surprised.
If the heap of garbage is fresh, a few people would be rummaging through itlooking for a meal,
I suspect. If the garbage was old, it served as a bed. Audibly, Dhaka pulses with the sound of
non-stop hornsthere need be no reason to use it. Dhaka is also a city of smells. Every street has
a dierent smell, many of which I nd both unfamiliar and unappealing.
The streets are a labyrinthif I were lost, I could never nd my way back. We round a corner
and roll past a lot of wood and metal. A salvage yard maybe? Those are the slums of Dhaka,
our guide explains. Our taxi comes to a stop, waiting for a train to pass. After a few seconds,
there's a bang on the window. It's a young boy, maybe seven years old, begging for money. He's
yelling in Bengali and motioning to his mouth with his hand. In Dhaka, people work together in
an organized system of begging, my guide explains. He cracks the window and tells the child to
leave. We start moving again and the child runs along until he can no longer keep pace.
Little did I know at this point, that over the succeeding two months, I would meet some of the
most disadvantaged people in the world: the poorest-of-the-poor, victims of tracking, prostituted
women, refugees, and the illiterate. Despite their perilous circumstances, I'm lled with more hope
than ever before. Why? The positive, successful change I would come to witnessand the great
potential for continued change.
My hopelessness, however, would be relieved. What I saw in Dhaka was probably a piece of
history for Bangladesh. . . Due to current laws, Grameen Bank is restricted from operating in urban
areas.
I have hope because of Bangladesh. I wish I could have traveled here 20 years ago to experience
the change. From the descriptions of the people I met, the change has been Bangladesha model
for global turn around; the man sitting next to me on the airplane was convinced that, given ten
years and right national leadership, the country could shine like Malaysia.59
1.8: Jay Milbrandt's Journal Entries from Bangladesh: Moving the Mountains of
Poverty
How come I have never heard a sermon preached on the elimination of poverty? Christians
frequently talk about giving to those in need or feeding the hungry, but I have yet to hear a sermon
calling for a solution. Here is one to start with, I would like to call it Microcredit and the Mustard
Seed:
One evening just before dusk, we were riding a rickshaw down a narrow road in the village of
Salanga. Suddenly, our guide stopped the driver, had him turn the rickshaw around, and pull up
at a small metal building. Inside, the building was dimly lit with an organic smell and the hum of
57 Grameen Bank: Banking for the Poor, Home Page, http://www.grameen-info.org/ (<http://www.grameen-info.org/>)
(Accessed on December 10, 2007).
58 Jay Milbrandt's Journal Entries from Bangladesh, Pepperdine University JD/MBA alumni, Reprinted with Permission.
59 Ibid

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 29

a large engine. We met with the owner, Shameen, who had nanced his small business through a
Grameen microloan. Before Grameen, he had nothingbarely enough to feed his familyif that
year's rice harvest was plentiful. After founding and growing his business through Grameen loans,
he started generating income on his own, built a better house, and could aord to send his kids to
school. And his business? Processing mustard seeds.
Matthew 17:20 [from The New International Version, NIV, which is the English translation of the
Christian Bible] tells us that with the faith the size of a mustard seed, we can tell the mountains to
move. I took this verse literally with a good dose of skepticism until this day. Here was a mountain
right in front of us: More than 1 billion people clenched in the st of poverty. In Bangladesh and
throughout the world, millions of people are putting a lot of faith in tiny loansShameen's faith,
ironically, happened to be a mustard seed.
Soon, the entire building was ooded with local people wanting to gaze at the foreigners. Each
of these people was a microcredit borrower. None of them in the chains of poverty. This held true
for practically everyone in the entire village, followed by millions more throughout Bangladesh.
Microcredit was moving the mountain of poverty before my very eyes.
Deuteronomy 15:7-8 says If there is a poor man among you. . . do not be . . . tightsted.
. . .Rather be openhanded and freely lend him whatever he needs. Is it coincidence that the word
lend is used? I believe microcredit is a sermon that every church should hear. I believe that if
Christians were to join the Muslims and Hindus of Bangladesh in the mustard seed of microcredit,
the mountain would move much faster.60
1.9: Jay Milbrandt's Journal Entries from Bangladesh: What Third World?
The man staring at me has no shoes or shirt. This seems like the perfect opportunity to capture
the face of the human condition in rural Bangladesh. As I pull out my camera he mirrors me with
none other than a camera phone. I'm photographing him photographing mesomething seems
wrong here.
Earlier in the day, I spontaneously walked out into a rice eld to visit the eld workers. They
were excited to show a foreigner how fast they cut, then give a brief rice cutting lesson. I just about
took a Bengali man's leg othe sickle blade is sharper than it looks. They cut a few sheaths of
rice, then tie the bundle o with one of the stalks. The whole process takes but a few seconds. Rice
harvesting has been done this way here for hundreds of year. Occasionally, I would see a billboard
for a tractor or modern agricultural convenience, but I never saw any of them in action.
Third world technology transfer is an interesting phenomenon. Is a cell phone really what they
need? How about drip irrigation instead? Or maybe a rice harvester?
Grameen created an interesting microenterprise program throughout Bangladesh with village
phone ladies. A woman in each village is allowed to purchase a cell phone through a Grameen
loan. The phone ladies then sell use of their cell phone to other villagers. The result is that the
phone ladies have a very protable business and villages that previously had no phone line at all
now have a modern method of communication. As traveling is dicult for the poor of Bangladesh,
the villagers no longer have to leave if they need to communicate with a relative in another village
or ask a doctor a question. In other villages, the protability of phone ladies has diminished
because a majority of villagers now own a personal cell phone.
It's surprising how someone may not have running water, but own a nicer cell phone than I
do.61
Blog Back 9: Journal
Blog back: Keep a journal of the lessons learned from your own startup time mentor insights.
Go to: http://www.Mentorography.com62 and post an excerpt of one of your journal entries that is
particularly applicable to someone on an entrepreneurial journey.
60 Ibid
61 Ibid
62 http://www.Mentorography.com

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
30
THE POT OF GOLD AT THE END OF THE RAINBOW!

With the Mentor Insights providing strong spokes; this completes the description and elaboration of the
visual model of the Business Eco-system Wheel.

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 31

Exhibit 1.11: Striking gold

Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine
University Class of 2009

Early-stage entrepreneurs can rejoice when they invest the time and energy to build well thought out
Business Eco-systems. These hard-working, strategic-thinking entrepreneurs increase the chances of creating
a startup that has a real opportunity of potentially striking gold at the end of the rainbow!

63
1.14 About this author and acknowledgements

1.14.1 About this author and acknowledgements:

Editor and Author: Molly Lavik, Founder, Mentorography, Inc. & StartupTime Coach,
[email protected] , Professor, Vatel International Business School. Very special thanks to
the Academic Reviewer: Debbi D Brock, William and Kay Moore Professor of Entrepreneurship and Man-
agement, Berea College. Special Thanks to Michael Tanenbaum, Kaushik Shirhatti, and Sumeet Malik my
graduate assistants and my former students, Ann Shafer and Luiz Montoya from Pepperdine University's
Graziadio School of Business and Management who assisted by providing initial research on preliminary ver-
sions of this chapter. Special thanks to my former student Jay Milbrandt for providing his journal. Special
thanks as well to Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine University
Class of 2009. Also, special thanks to Bruce D Buskirk, PhD, Professor of Marketing, Pepperdine Uni-
versity's Graziadio School of Business and Management who co-authored the gratefully acknowledged and
appreciated excerpts provided by Mentorography, Inc. from Entrepreneurial Marketing: Real Stories and
Survival Strategies. Additionally, special thanks to Estelle Holloway.

63 This content is available online at <http://cnx.org/content/m35330/1.4/>.

64 [email protected]

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 CHAPTER 1. THE BUSINESS ECO-SYSTEM: YOUR PATH TO FINDING
32
THE POT OF GOLD AT THE END OF THE RAINBOW!

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

Chapter 2

The mind of the entrepreneur: Your

entrepreneurial journey begins by
embarking on your own hero's journey!
1
2.1 Introduction

In this chapter we will explore what factors and characteristics are commonly found in an entrepreneurial
mindset. These may be characteristics that you can strive to possess and emulate. Perhaps you may need to
inherit from your parents a certain combination of entrepreneurial characteristics to become an entrepreneur
or perhaps that has absolutely nothing to do with if you are destined to become an entrepreneur. Is an
entrepreneur ultimately born or made? That question has no denite answer. We suggest you meet as many
entrepreneurs as you can to see if this is how you want to spend your life; then decide if you want to train
under these entrepreneurs as an apprentice. You control your own destiny and your life's journey is your
own so you decide!
Review:
In here2 we discussed the characteristics of an entrepreneur as possessing the following attributes:
Vision: Able to create and communicate an easily understandable mission for what the new venture
does in order to successfully launch a new business. This is accomplished while inspiring others to join you
in your new enterprise.
Creativity: Ability to inject imagination and uniqueness into a new business venture. It takes skill and
ingenuity to create a new venture equipped with strategies to outsmart the competition.
Focus: Able to maintain the vision of the company with unwavering diligence. It's very easy to get
sidetracked especially if you nd it necessary to evolve the original vision. Ironically, we have encountered
many successful entrepreneurs who get bored easily...
Passion: Desiring to succeed under your own steam [initiative] on a business venture...
Drive: Possessing intrinsic energy to accomplish the business goal even in the face of adversity.
Perseverance: Able to keep going even when faced with seemingly insurmountable obstacles.
Opportunistic Nature: Sees the possibilities even before they exist. Can take advantage of an upcom-
ing trend or unite unrelated processes to create a unique business venture...
Problem Solving Ability: Thrives on coming up with solutions to complex challenges...
Self-discipline: Able to be organized and regimented in pursuit of a successful business venture.
Frugality: Knows how to stretch every cent so that expenditures are as low as possible.
1 This content is available online at <http://cnx.org/content/m35333/1.3/>.
2 "empty" <http://cnx.org/content/m35295/latest/>

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33
 CHAPTER 2. THE MIND OF THE ENTREPRENEUR: YOUR
34 ENTREPRENEURIAL JOURNEY BEGINS BY EMBARKING ON YOUR
OWN HERO'S JOURNEY!
Empathy: Able to put yourself in another's shoes and therefore able to show sensitivity and under-
standing of what others are communicating in the start up environment...
Social Responsibility: Ethics, caring and humanitarianism are characteristics that are commonly found
in today's entrepreneurs...
Spirituality: We have found that successful entrepreneurs have often devoted time to spirituality de-
velopment. Meditation and positive armations are two common examples of spirituality.
Good Timing: Able to identify a market opportunity and know when it is the optimum time to launch
a new venture or expansion of an existing enterprise.
Luck: Can a person be predisposed to be lucky: Is luck a human behavior or a karmic universal
predisposition?3
In this chapter we begin by introducing you to Costa Roussos, a young entrepreneur from the country
of Cypress who is creating a global music empire. We will share his story through an interview that Molly
Lavik conducted with him and look at his entrepreneurial tendencies and attributes. Then it is your turn
to take the Entrepreneur Assessment Survey which can be used as one indication of measuring your own
entrepreneurial mindset. However, it should be noted that a true entrepreneur would never rely on a survey
to determine how worthy or ready they are to become an entrepreneur. A true entrepreneur would simply
begin implementing his or her start up idea.
True story: Costa Roussos was one of my students several years ago and immediately I noticed something
quite dierent from Costa and that was his focus on starting a music company. It seems to take a certain type
of person to start a new venture because you do not have the security and structure of a more established
company not to mention the challenges of inspiring others to join your unproven venture and to help you
meet their deadlines associated with a new business. Do you have the type of mindset that Costa seems
to possess to get him through the many setbacks and challenges that faced him or any entrepreneur in the
making? If you are not sure do not worry. When the timing seems right you will know if an entrepreneurial
journey is your destiny. And you might even become a hero to someone or maybe even an entire group of
people such as how you will soon read Costa is becoming a hero to the independent music artist and music
listening enthusiast. This is your future we are talking about and it's your decision if you have a hero's
journey ahead!
As you read Costa's story pay particular attention to the characteristics described as his entrepreneurial
mindset. Do you possess some of the same characteristics? Read Costa's story to nd out.
http://www.startuptime.com/costamusicus.html4
Do you possess any of the entrepreneurial mindset characteristics that Costa has?
Blog Back 10: Your Mindset
Blog Back: Go to http://www.Mentorography.com5 and post your own entrepreneurial mindset char-
acteristics.
Still not sure if you are an entrepreneur or if you may some day have your own hero's journey ahead?
Try taking the Entrepreneur Assessment Survey but remember, this does not mean if you have the tendency
or not, again only you get to decide if you want to go on your own entrepreneurial journey. No one or no
survey can tell you that.

6
2.2 Entrepreneur assessment survey

2.2.1 Entrepreneur assessment survey

Directions: Please circle your personal response to each question. Please be sure to go with the answer that
is your rst choice if and when you are in doubt of how to respond.
3 The Mindset of an Entrepreneur is reprinted and adapted with permission from Mentorography, Inc. © 2008. All Rights
Reserved. Entrepreneurial Marketing; Real Stories and Survival Strategies by Molly Lavik and Bruce Buskirk, introduction
pages xxviii-xxx.
4 http://www.startuptime.com/costamusicus.html
5 http://www.Mentorography.com
6 This content is available online at <http://cnx.org/content/m35340/1.4/>.

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 35

1) Do you have an issue that is a major driving force behind your professional goals in life?
Yes Undecided No
2) Would you describe yourself as the type of person who gives up easily when faced with adversity?
Yes Undecided No
3) Do people who have known you since childhood describe you as the type of person who gives up easily
when faced with adversity?
Yes Undecided No
4) Have you been successful in the past convincing others to help you to accomplish your goals?
Yes Undecided No
5) Do you have a desire to make the world a better place that is a stronger goal for you then your desire
to earn money?
Yes Undecided No
6) Have you considered becoming an entrepreneur?
Yes Undecided No
7) Have you spent a substantial amount of time in your life considering what type of legacy you would
like to leave?
Yes Undecided No
8) When trying to raise support for an idea, do you ever start by identifying people to form alliances with
who may be sympathetic to your goal?
Yes Undecided No
9) If you were busy with a deadline for work and or school would you miss completing this deadline on
time because you gave your own new venture/start up/new product idea a higher priority?
Yes Undecided No
10) Will you use your score on this test to ultimately help determine if you should become an entrepreneur?
Yes Undecided No
11) How many of the entrepreneurial mindset characteristics do you possess? Give yourself 1 point for
each of the characteristics you possess from the list below.
Yes Undecided No

Total Score for characteristics:

2.2.1.1 Some key characteristics of an entrepreneurial mindset

In here7 some characteristics of an entrepreneurial mindset were shared; here are additional characteristics
and or similar characteristics to also consider.
Mentor Method 2

Humanitarian Organizing movements that can take many forms including campaigns, drives, gra
Worth 1 Point crusades for the express purpose of providing altruistic or charitable support.
Add 1 Point
Visionary Possessing the ability to potentially dene the future by making bold unsubstantiat
Worth 1 Point great deal of imagination and foresight in the process.
Add 1 Point

7 "empty" <http://cnx.org/content/m35295/latest/>

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 CHAPTER 2. THE MIND OF THE ENTREPRENEUR: YOUR
36 ENTREPRENEURIAL JOURNEY BEGINS BY EMBARKING ON YOUR
OWN HERO'S JOURNEY!
Values-centered Demonstrating worthwhile qualities of leadership that are lawful, ethical, considerate,
Worth 1 Point
Add 1 Point
Change-oriented Adopting a leadership style that attempts to transform the status quo by creating a n
Worth 1 Point tasks.
Add 1 Point
Self-reliant Depending on yourself to develop solutions for the problem or challenge at hand.
Worth 1 Point
Add 1 Point
Persuasive Able to convince others that the new organizations' mission and goals are viable and
Worth 1 Point
Add 1 Point
Hyper-focused Maintaining uninterrupted attention and concentration directed at implementing the
Worth 1 Point
Add 1 Point
Passion Having a tremendous amount of enthusiasm and excitement over the mission and goa
Worth 1 Point
Add 1 Point
Energetic Demonstrating an innite amount of drive and an enterprising nature toward accomp
Worth 1 Point When starting a new organization especially when starting a social enterprise, it requ
Add 1 Point all the objectives especially given that social enterprises usually require volunteer sta
beyond the standard needs of a traditional, long-established company.

Table 2.1

12) Ask someone who has known you since you were a child how many of the entrepreneurial mindset
characteristics they think you possess? Give yourself 1 point for each of the characteristics they feel
you possess.

Total Score for characteristics:

2.2.1.2 Answer key

Answer key for entrepreneur assessment survey

Directions: Please circle your personal response to each question. Please be sure to go with the answer
that is your rst choice if and when you are in doubt of how to respond.

1) Do you have an issue that is a major driving force behind your professional goals in life? Yes Undecided
No
Score: Ten points for Yes, 0 points for Undecided and No.
Reason: One of the rst steps toward creating a new company is to have a major reason or issue for
your new venture's mission or goal.
2) Would you describe yourself as the type of person who gives up easily when faced with adversity? Yes
Undecided No
Score: Ten points for No and 0 points for Yes and Undecided.
Reason: You have to be able to continue through all the setbacks to be successful and ultimately enjoy
being a social entrepreneur.
3) Do people who have known you since childhood describe you as the type of person who gives up easily
when faced with adversity? Yes Undecided No

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 37

Score: Ten points for No and 0 points for Undecided and Yes.
Reason: It typically takes a track record in life of dealing successfully with adversity to build up the
condence and credibility that comes with a No answer for this question.
4) Have you been successful in the past convincing others to help you to accomplish your goals? Yes
Undecided No
Score: Ten points for Yes and 0 points for Undecided and No.
Reason: New ventures do not have the funding to aord the sta to get work accomplished. Resource-
fulness is the key to succeeding and one must possess the ability to attract and retain volunteers and
non-paid experienced help at rst to get the tasks completed.
5) Do you have a desire to make the world a better place that is a stronger goal for you then your desire
to earn money? Yes Undecided No
Score: Ten points for Yes and 0 points for Undecided and No.
Reason: Entrepreneurs are driven by their need to create societal wealth vs self-wealth. This desire
takes precedent and priority over other goals. This does not mean that someday you might not derive
a nancial bonanza for the work you have been doing associated with the start up. It just means that
is not what drives you today.
6) Have you considered becoming an entrepreneur? Yes Undecided No
Score: Ten points for Yes and 0 points for Undecided and No.
Reason: Even if it was a subconscious or passing thought, usually you have to have some propensity
or interest toward becoming an entrepreneur for it to be your destiny.
7) Have you spent a substantial amount of time in your life considering what type of legacy you would
like to leave? Yes Undecided No
Score: Ten points for Yes and 0 points for Undecided and No.
Reason: Perhaps your legacy is something to be considered in later years. With that said it is never
too soon to begin considering what type of footprint you may want to leave. If you have considered
trying to leave a legacy of making the world a better place then you may a hero's journey as your
entrepreneurial path for future.
8) When trying to raise support for an idea, do you ever start by identifying people to form alliances with
whom maybe sympathetic to your goal? Yes Undecided No
Score: Ten points for Yes and 0 points for Undecided and No.
Reason: One of the best ways to increase your chances of being a successful entrepreneur is to enhance
your credibility by forging strategic alliances and partnerships with others.
9) If you were busy with a deadline for work and or school would you miss completing this deadline on
time because you gave your own new venture/start/new product idea a higher priority? Yes Undecided
No
Score: Ten points for No and 0 points for Yes or undecided.
Reason: This may appear to be a trick question. A values-centered leader would not sacrice one
important commitment for another even if it was to help a social enterprise. Part of starting a new
company is demonstrating ethical and honest business leadership.
10) Will you use your score on this test to ultimately help determine if you should become an entrepreneur
Yes Undecided No
Score: Ten points for No and 0 points for Yes and Undecided.
Reason: The truth of the matter is that if you are really meant to be an entrepreneur you do not
need a test and or survey to tell you this. In fact; a true entrepreneur does not depend on others to
make their decisions. Only you know your destiny; do not let anyone tell you what you can and can't
accomplish in life because statistically speaking they would not really know.
11) How many of the entrepreneurial mindset characteristics do you possess?Give yourself 1 point for each
of the characteristics you possess. Total Score for characteristics: The goal is to score a ten for this
question. Many entrepreneurs embody these entrepreneurial mindset characteristics.
12) How many of the entrepreneurial mindset characteristics do you possess? Give yourself 1 point for
each of the characteristics you possess.

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 CHAPTER 2. THE MIND OF THE ENTREPRENEUR: YOUR
38 ENTREPRENEURIAL JOURNEY BEGINS BY EMBARKING ON YOUR
OWN HERO'S JOURNEY!
Total Score for characteristics: The goal is once again to score a ten for this question as explained above.
If it turns out that you have a very dierent score for your self-assessment of this question in comparison
to what someone who has known you all your life then you need to come to an understanding why others
perceive you dierently then you perceive your own interests. Perhaps you are repressing or camouaging
your true interests or maybe you have changed. The reason for the dierence isn't as important as making
sure you are aware of your own interests.
Score:

• A score of 120-110 may mean that you know that you want to become an entrepreneur and you should
begin working out a strategic plan to make your goals a reality and to begin your own hero's journey.
• A score of 109-90 may mean that you most likely want to become an entrepreneur and you should
begin thinking of this possibility to give yourself a further self-assessment of your interests.
• A score of 89 or lower may mean that you probably are not going to be an entrepreneur but as
mentioned before; do not let this assessment be the nal or even partial determination; the choice is
clearly your own to make.

Blog Back 11: Start-up Story

Blog back: Post a story or interview with an entrepreneur who possesses some of the entrepreneurial
mindset characteristics you hope to develop in yourself at: http://www.Mentorography.com8 . Whether you
possess condence in your own entrepreneurial mindset or hope to enhance or inspire further development
there are resources and things you can do today to build your entrepreneurial mindset!

9
2.3 Entrepreneurial mindset enhancing activities

2.3.1 Entrepreneurial mindset enhancing activities

• Set up a Google Alert for the key words: entrepreneurial mindset at http://www.google.com/alerts10
. A Google Alert is a query of key words and allows you to receive in your e-mail inbox a list of all the
stories to be posted on the Internet that day associated with your key word. You can set the alert to
come to you immediately, daily or weekly.
• Discuss with entrepreneurs what attributes they possess that make these founders particularly adept
at starting new ventures. When you talk with these visionary individuals be on the look out for
unique characteristics that they people possess.
• Take some time and consider today what you want your lasting legacy to be and who you will accomplish
those goals. Keep a diary of this journey and try when possible to have journal entries about what
type of entrepreneurial characteristics you are developing to help you achieve your legacy goals.
• Do not let others dene your entrepreneurial journey! You know who you are and who you want to
be. The naysayers will always be around to try to prevent you from starting a new venture. Learn
to listen to your gut.
• Seek out educational programs and literature that will help you better develop your own entrepreneurial
characteristics. Make a list of the attributes you do not yet possess and then develop a plan of action
to achieve adding these entrepreneurial characteristics to your own personality traits.
• Schedule time every day for 30 minutes to keep rening your entrepreneurial characteristics and guring
out how to enhance your entrepreneurial personality. Many people think that what you spend time
thinking about will become ultimately your own reality.
• While each of you are from dierent countries and cultures there are some places that often will provide
resources for rst-time entrepreneurs.

These places include:

8 http://www.Mentorography.com
9 This content is available online at <http://cnx.org/content/m35337/1.4/>.
10 http://www.google.com/alerts

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 39

• Small business associations

• Banks, nancial institutions, and micro-credit agencies
• Educational Facilities
• Business related NGOs
• Libraries
• Community Redevelopment Agencies
• Most family and friends for moral support
• The Internet when using the right search terms associated with developing and or enhancing your
entrepreneurial mindset.

Now you are ready to go out and potentially create your own hero's journey

11
2.4 Chapter summary

In Section 2.1 titled, The mind of the entrepreneur, we reviewed the characteristics of an entrepreneurial
mindset that were covered in Chapter 1, shared the story and entrepreneurial mindset attributes of Costa
Roussos during his start up journey with Music.us followed by sharing with you the Entrepreneur Assessment
Survey and answer key ending Section 2.1 with a list of entrepreneurial mindset enhancing activities so that
you can begin embarking on your own hero's journey.
Blog Back 12: Hero Post
Blog back: Post entries from your journal regarding your thoughts about your own journey. Then
read what others have posted. Do you see anyone who you think is on his or her way toward
becoming a hero? Post your thoughts and comments on entrepreneurial mindset characteristics at
http://www.Mentorography.com12 .

11 This content is available online at <http://cnx.org/content/m35338/1.4/>.

12 http://www.Mentorography.com

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

 CHAPTER 2. THE MIND OF THE ENTREPRENEUR: YOUR
40 ENTREPRENEURIAL JOURNEY BEGINS BY EMBARKING ON YOUR
OWN HERO'S JOURNEY!

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

Chapter 3

Business models and marketing:an

overview
1
3.1 Learning Objectives

• how to build and implement a successful business model

• understand the importance of a company to be market vs product oriented in a developing country
• how to identify consumers' wants successfully
• understand Porter's 5 forces of Industry Attractiveness
• how to perform a Market Research study

2
3.2 What is a business model?

Business models can be approached from two perspectives. A general perspective denes a business model
as any type of conceptual framework explaining how to organize and evolve a business venture. On the other
hand, specic circumstances guide business modeling. For instance, industries such as tourism, banking in
the services sector, or automobile or shoe manufacturing demand specic models that take into account
critical variables found within the industry's specic environment.
One denition from the general perspective is provide by Alex Osterwalder:

A business model is a conceptual tool that contains a set of elements and their relationships
and allows expressing the business logic of a specic rm. It is a description of the value a
company oers to one or several segments of customers and of the architecture of the rm and its
network of partners for creating, marketing, and delivering this value and relationship capital, to
generate protable and sustainable revenue streams. (Osterwalder 2005, http://business-model-
design.blogspot.com/2005/11/what-is-business-model.html
3 . Accessed November 25, 2007).

Models are simplied representations of things in the real world. You are already familiar with many
kinds of models. You have played with a model air plane or boat when you were a child. You may have seen
models of buildings, dams, or other construction projects built by architects to show the sponsors of a project
how a completed building will look after it is built. In the same way, a business model lets an entrepreneur
try out dierent ways to put together the components of his or her business and evaluate various options
1 This content is available online at <http://cnx.org/content/m35341/1.4/>.
2 This content is available online at <http://cnx.org/content/m35353/1.4/>.
3 http://business-model-design.blogspot.com/2005/11/what-is-business-model.html

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

41
42 CHAPTER 3. BUSINESS MODELS AND MARKETING:AN OVERVIEW

before implementing the one that looks the best. This technique is especially important in today's business
environment, where technology gives business people so many more options than ever before.
Osterwalder goes on to say:

For managers and executives this means that they have a whole new range of ways to design their
businesses, which results in innovative and competing business models in the same industries.
Before it used to be sucient to say in what industry you were for somebody to understand
what your company was doing because all players had the same business model. Today it is
not sucient to choose a lucrative industry, but you must design a competitive business model.
In addition increased competition and rapid copying of successful business models forces all the
players to continuously innovate their business model to gain and sustain a competitive edge.

Based on his search of the literature, Osterwalder lists nine building blocks for managers to use in
developing an innovative and eective business model. We list them, along with some comments of our own:

• The value proposition of what is oered to the market; We have covered this issue earlier in the
chapter in general, and with specic reference to how Porter's analytical tools can assist managers in
generating a viable value proposition that consumers perceive as one that is superior to what is oered
by the competition.
• The target customer segments addressed by the value proposition; Managers soon learn that they
cannot be all things to all people, that what appeals to one segment of the market will not appeal to
another. We will discuss this in more detail later in this chapter.
• The communication and distribution channels to reach customers and oer the value proposition;
This issue relates to two of the four P's (promotion and place) we discussed briey when we discussed
the marketing mix. For example, do we promote the business by word of mouth, signs on a storefront,
ads in a newspaper, ads on TV, ads on the Internet, or some combination of all of these? Place refers
to where the product or service is made available to the customer. The three usual choices are in a
store, through a mail-order catalog, or from an Internet website.
• The relationships established with customers; In general, however, the important point is not just
to acquire customers, but to serve them in a way that your business retains them as customers. For
example, it is usually much more expensive to attract a new customer to your business than it is for
you to encourage a previous customer to return.
• The core capacities needed to make the business model possible; This point refers to the necessity
to dene the basic capabilities your business must have. For example, if you are opening an art gallery
to sell your own work, you had better have some talent as an artist!
• The conguration of activities to implement the business model; Another way of stating this is
to dene the business processes that your business must have in order to function properly.
• The partners and their motivations of coming together to make a business model happen; Partner-
ships and alliances are increasingly important in today's world.
• The revenue streams generated by the business model constituting the revenue model; In essence,
this is the Price component of the Four P's. Where does your revenue come from, what are the
projections for the future, and what are the plans to sustain the necessary revenue stream as business
conditions change?
• The cost structure resulting of the business model. The dierence between revenues and costs, of
course, is your prot. Without a prot, it will not be possible for you to stay in business very long.

3.2.1 Examples of successful business models

It may be helpful to illustrate the concept of business models with two examples, McDonalds and CEMEX.
In the case of McDonalds, it operates franchises all over the world. Franchises are proven and successful
business models whose business model prescription" is successful within the country of origin and even
overseas. Dominating the hamburger fast food market, McDonalds' franchise model has also proven to be

Available for free at Connexions <http://cnx.org/content/col11227/1.4>

Other documents randomly have
different content
CHRISTMAS ON THE FARM.
Don't you remember, oh, brother mine!
What fun we had at Christmas-time,
Out on the old farm, you and I—
That home we loved in days gone by?
How up in the loft we used to climb
For nuts, stored there in autumn-time,
To crack and eat by the dear old fire,
While the cheerful blaze leaped high'r and high'r?

And when it was time to go to bed,

How each tired, sleepy little head
Was laid on a pillow, soft and white,
To dream of Christmas the livelong night?
And how in the morn, before 'twas light,
Our eyes were opened wide and bright,
As we ran a race down the high old stair,
To see if "Santa" had been there,

And brought his bundle of toys with him,

And filled our stockings up to the brim?
But dear old "Santa" would always stop
And fill them full to the very top.
Then we'd away to the old hillside,
The country shoemaker's cot beside—
Just 'round the corner, near the wood,
Where the tall old beech-tree grew and stood.

And the snowbirds hopped on its boughs awry

As our brand-new sled went whizzing by;
And down to the foot of the hill we'd go,
Over the crystal Christmas snow.
Oh, could life's downward journey be
As free from care for you and me;
Our hearts be filled with the same glad rays
Of those olden, golden Christmas days!

When life was so sunny, bright, and new,

Oh, brother mine! for me and you.
A happier home none ever had
Than ours, holding hearts so light and glad.
But those happy Christmas days of yore
To us will come again no more;
For she who chased all our care away
Sings a Christmas anthem in heaven to-day.
MY LITTLE BROWN-EYED
SWEETHEART.
When evening shadows gather round,
And work of day is done,
When down the west horizon sinks
The glorious, golden sun,
And sweetly sing the whip-po-wils
Ode to the closing day,
Back to my home among the hills
My visions often stray.

Chorus:

Tho' time from mem'ry may efface

All else that's sweet and tender,
Those happy olden, golden days
I ever shall remember.
Oh, happy, olden, golden days,
Oh, days with sunshine laden,
When I wandered o'er those verdant hills
With a little brown-eyed maiden.

Where flowers were fair and fields were green,

And trees with blossoms lade,
'Twas there I met and loved and wooed
A little brown-eyed maid;
And oftentimes she'd sing to me
Sweetly her Flower Song,
As o'er those verdant, flowery hills
We gaily strolled along.
Chorus:

But that was years, long years ago,

Yet o'er and o'er again
In dreams I'm with my brown-eyed love,
And hear that sweet refrain.
Tho' death's cold frost has touched my flower,
And bid its life depart,
Yet still within my soul doth live
My little brown-eyed sweetheart.

Chorus:
I KNOW TWO EYES.
SONG.

I know two eyes—two jet-black eyes,

Yet fond and true and tender.
I see them in the twinkling stars,
And in the glowing ember.
You girls may talk of sweet blue eyes,
Or on soft brown eyes tarry,
But I will take those jet-black eyes,
So sparkling, bright, and merry.

They come to me at twilight hour,

They come in morning early,
They come my every joy to share,
Those jet-black eyes so merry.
They come at noon, and when I'm sad
They look at me so kindly,
Their ever-tender, sparkling glance
Dwells on me, oh, so fondly.

I know two eyes—two jet-black eyes,

Yet fond and true and tender;
They're bright as any twinkling star
Up in the heavens yonder.
I look into those sparkling eyes,
Those jet-black eyes so merry,
And see within their radiant depths
The love-light of my "dearie."
CUPID'S MISTAKE.
Cupid looked forth one bright spring day,
And whispered, "Now I must away.
Old winter, with his frost and snow,
Took his departure long ago.

"O'er roadside, field, and woodland, too,

Sweet violets grow, with eyes so blue;
Blossoms of every hue and shade
The balmy air with perfume lade.

"There's light and sunshine everywhere;

All nature is so wondrous fair;
E'en from the woods the wild birds sing
A welcome to the newborn spring.

"This surely is my harvest time,

To make men bow at Love's sweet shrine;
For all around, below, above,
Will help me make men fall in love."

So from beneath his flow'ry tent

He started on this mission bent.
First to the halls of wealth and rank
Went cunning Cupid with his prank.

On reaching them, to his dismay,

Those halls in deepest quiet lay;
And music, once the food of love,
Could not be heard below, above.

So Cupid's little wings he spread,

And, flying, to himself he said,
"The lawyer will be in, I know,
He's poring o'er his books, I trow.

"Poor fellow, what a lot is his!

To be shut up a day like this,
From sunlight, flowers, and wild bird's song,
Trying to balance right and wrong.

"I'll take my tiny little dart,

And lightly touch the lawyer's heart,
And show him how love's sweet, glad light
Can make his dingy office bright."

But when he reached the longed-for spot,

He found the studious lawyer not.
These words he read upon the door,
"The lawyer will be in at four."

"To the office of the doctor kind

I'll go," said he, "for there I'll find
Him tending to his patients' ills
With soothing balms and dainty pills."

But doctor's doors were closed, and lo!

Just as poor Cupid turned to go,
These words he read 'twixt tears, alack!
"At six the doctor will be back."

Next to the dentist man he flew,

And called upon the merchant, too;
In every place, the city 'round,
But not a bit of game he found.

"Well, well!" said Cupid, with a moan,

"The world has cold and heartless grown."
So once again his wings he spread,
And over country roads he sped,

Back toward his home among spring flowers,

And shady walks, and leafy bowers;
But as he flew the stream beside,
A crowd of wheelmen there he spied.

"Ha! ha!" laughed he, "I've found them all,

Both short and tall, both great and small.
Oh, what a pretty lad I see
Gliding along so merrily!

"With pretty boots laced to the knee,

His limbs how shapely, blithe, and free;
If I can get such game as he,
This trip a grand success will be."

So, saying this, his bow he bent,

And through the air his arrow sent;
Straight toward this pretty lad it flew,
And pierced his bosom through and through.

"My! wasn't that a blissful aim.

I'll fly to earth and get my game."
But when he reached that laddie's side
He looked perplexed, then horrified.

Then quickly rose and flew away,

And as he went was heard to say:
"Oh, what a blunder! Now I see
Fort Wayne is not the place for me;

"For, counting now my time and cost,

This lovely day is worse than lost.
My wings are weary, brain's awhirl,
For, oh, 'twas but a Bloomer Girl!"
DEWEY'S VICTORY.
'Tis morning at Manila,
The first dawn of the May;
Along the eastern horizon
We see the light of day.

As spreads its golden splendor

And drives away the night,
The hills that guard the islands
Are decked with diamonds bright.

The cocoa palms so olden,

Now robed in silvered green,
Stretch their broad branches heav'nward
To golden fields serene.

And yon cathedral spire gleams

With glory from the skies;
The beauty of the Sabbath
Across the city lies.

A little bay rests softly

Among those sun-kissed isles,
Reflecting heaven's azure,
And basking in God's smiles.

Upon its sleeping waters

A Spanish squadron lies;
Her flags unfurl their folds, and
Upon sweet breezes rise.

Lo! another fleet approaches,

 More beauteous and grand;
The flag she bears so proudly
Has waved o'er Freedom's land!

She comes across the billows,

And in Freedom's cause to-day
The smoke and fire of battle
Enfold Manila Bay.

Look! on Fort Cavite they're firing!

Their efforts now prevail;
'Tis shattered into splinters,
And Spanish cheeks grow pale

The cannons belch forth thunder!

The shells burst thick and fast!
With might charge Freedom's heroes,
Amid the purple blast.

The handsome flagship Reina

Christina's sinking now;
She's robed in flames and ruin,
From th' Olympia's snowy bow.

Now all the Spanish squadron,

Its proud and dauntless crew,
Sinks 'mid the storm of battle,
'Neath troubled waters blue.

Nor falls a single hero

In Freedom's cause so true,
While fighting 'neath the banner
That's red and white and blue.

The Philippines are freed from

All tyrant rule and reign,
Avenged the noble sailors
 On board our gallant Maine!

The gory hands of Spain are

In ocean waters laved,
O'er whose enchanted bosom
This morn her banner waved.

Hills, mountains, vales, and rocks ring

With shouts of victory,
As falls the sunset's crimson
Across the earth and sea.

And Dewey's noble squadron,

That bravely won the day,
On drowsy winds is floating
"Old Glory" o'er the bay.

All hail! our great commander,

Thou hero of the sea,
With your brave and noble boys you
Have captured victory.

Your name is wreathed in glory,

Its praises will be sung
Wherever Freedom's flag is
To Freedom's breezes flung.

The guns you've fired to-day,

On the first of flow'ring May,
Will thunder o'er Spain's hilltops
Ten thousand miles away!

Fling higher Freedom's emblem!

Long may its colors wave
Where God has given victory
To Freedom's noble brave.
BATTLE OF SANTIAGO BAY.
Just off the coast of an isle that lies
Where silver'd, feathery palm-trees rise
As if their branches would kiss the skies
So blue, so far away;
When woke each vale the Sabbath bell,
On seas that gently rose and fell,
Our nation's warships lay.

As dreamily, lazily basking, they

In quiet tropical sunshine lay,
In sight of a placid, sleeping bay,
Where anchored the Spaniard's ships,
"A big boat's coming from the bay!
The Spaniard's squadron comes this way!"
Came loud from a lookout's lips.

As one by one came the fleet of Spain

Across the bay, toward the main,
With hope in each bosom they once again
Launched forth on open sea.
"Each man to his gun!" the commodore cried,
And the warships plowed through the cloven tide,
In the trail of the enemy.

"Full speed ahead! Open fire!"

The commodore's voice rose high'r and high'r,
'Midst smoke and flames to the enemy nigh'r,
The gallant fleet plunged on.
The cannons poured forth fire and thunder,
The great shells cleft the waves asunder,
As gun replied to gun.
Right through the hot hell-fire and shell,
Through mist and smoke and shot that fell
O'er ship and boiling sea, pell-mell,
Charged Freedom's heroes true.
For o'er the battle's smoke and fury
Waved high the synonym of glory,—
The old "Red, White and Blue."

Great crashing volleys, long and loud,

Swept from the decks the Spaniards proud,
Then wrapped their boats in a smoky shroud,
And left them beached and burning.
Their decks in human blood were laved,
O'er which the yellow banner waved
So vauntingly that morning.

That eve the sunset's crimson ray

Touched gently, softly, tenderly
The waves that moaned where the lost fleet lay,—
The pride of Spain erstwhile,—
And crowned the man who climbed the height
To plant "Old Glory's" spangles bright
On sun-kissed Cuba's Isle.
THE OLD MAN'S STORY.
We'd been a talkin'—me and Ma—
A deal about our Bill.
He wuz well nigh onto thirty,
And gettin' older still.

He wa'n't a lazy lad, you see,

Wuz tall and strong and big,
But to accomplish anything
He must git up and dig.

Next we sot out to talk of Sal;

She wa'n't a hansum lass,
But luvin'er or kinder soul
Ne'er stepped on medder grass.

Sez I, "Good wimmen never grows

Frum idle gals, 'tis true;"
So we decided Sally should
Airn her own livin' too.

And then we talked about the twins,—

About our Joe and Jim.
Joe allus wuz a truant cuss,
And oft I've wallerp'd him

Fer runnin' 'way from skule to watch

The ships cum in at sea.
He allus said, "When I'm a man,
A sailor I will be."

Wuz allus gettin' inter scraps

 On politicks at skule;
It wa'n't no use to send 'im,
He broke ever' gol-durned rule.

But Jim wuz sort o' studious;

He keered a heap fer books.
Lazy? I guess! On summer days
He'd find the shady nooks

And lay and read, while me and Bill

Got out and dun the work,
And airned a decent livin' fer
This lazy, wuthless shirk.

But Sue, she wuz a hansum gal;

Her cheek wuz like the rose;
Her breth wuz sweet as any breeze
The June-time ever blows.

Her eyes wuz dark and full of fire,

Her cheeks wuz churry red,
Her body sort o' willery,
But she'd a haughty head.

But if you wanted her to work

She never could be found;
And, mebby, if you scoured the farm
And all the country round,

You'd find her sittin' in a tree

A-whistlin' o' the tune
She'd heered the medder lark a-singin'
To the skies o' June.

And so one nite I called 'em in,

I think jest arter tea.
Sez I, "We've clothed and edecated you—
 Yer Ma and me;

But now we're gettin' old, our j'ints

O' roomatism tells,
And it's high time fer you to airn
A livin' fer yoursel's."

Our kids wuz proud as eny

Indiany's ever grown,
And so, afore another month
They left us all alone.

Bill went to Philadelphy town

And hired to a store
As keeps all sorts o' things in lots,
Oh, millions,—mebby more.

Sal went to work fer Deken Dobbs,

And Joe went off to sea;
But Jim turned out an editor—
A mighty man wuz he.

Along kum one o' them air shows

With gals that danced and sang;
And, spite of all her ma could say,
Our Sue, she j'ined the gang.

As years went by our Bill he wed

A hansum city wife,
And went to livin' in accord
With high-dad city life.

The children kum till he possessed

O' them a mammoth fold;
And ever'thing he teched jest seemed
To turn to yaller gold.
Sal, wed to Deken Dobbs's son,
Wuz happy, but so poor;
And meny children played around
Her country cabin door.

But then she loved that wuthless man,

And p'raps, when all is told,
She's happier 'n she would 'a' bin
If she had wed fer gold.

The last I heered of rompin' Sue,

I b'lieve it wuz a "hit"
They called it that she made in France,
And ever' night she'd git

Great piles o' flowers, roses and sich,

O' yaller, red and white;
And ever' time she danced she fetched
Ten thousan' francs a night!

But Jim—poor Jim! our lazy boy—

He did'nt fare so well;
He's good in larnin', but, somehow,
His paper didn't sell.

But why it didn't I can't tell,

And of'n wonder yit;
Fer when the people brung in stuff
As fer his paper writ

Thet didn't sound jest right to him,

And wuzn't right in looks,
He allus tuk and made it right,
Fer Jim wuz good in books.

He know'd about the president,

Congress and senate, too;
Could tell you all that they hed done
And what they'd ort to do.

And when he found he couldn't make

Enuff to buy a bike,
He walked off down the railroad track
Toward the Klonindike.

But do you know that wuthless Joe

Turned out the best of all?
When down-trod Cuby needed help,
He answered duty's call,

An' what he taught ol' haughty Spain

I guess she'll not forget;
Fer the way he licked them Spanyards
Wuz a caution, now, you bet!

The people all went wild about

His bravery and fame,
An' now he's got an "Admiral"
Hitched on afore his name.

But nairy youngster would 'a' knowed

What in his brain-pan lay
'F I hadn't said, "Git up and dust!"
To them that summer day.
TO MY DOG.
Noble fellow, faithful friend!
Devoted, kind, and true;
In all this wide, wide world I've found
No one who loves like you.

Faithful dog, rememb'rest thou

(Oh, lucky day for thee!)
When thou, a friendless puppy, came
To beg a crust from me?

Then thou wast hungry, footsore, cold,

Thy sides were lank and thin;
But when I saw thy friendly face
I gladly took thee in.

Now thou art beautiful and plump.

Thy fur is soft and sleek,
A pretty collar buckled round
Thy noble, glossy neck.

But thou, oh, noble, trusty friend,

Repay'st this care of mine
A thousand-fold, for who could spurn
Devotion such as thine?

I know if thou, in time to come,

Some other friend should find,
Thou wilt not say of me harsh words
And sentences unkind.

So they who would our friendship scorn—

 My fondness would reprove,—
Would better come to thee and learn
True gratitude and love.
SOMEBODY.
There's somebody stayin' aroun' our house—
I don't know who or where—
That sneaks about an' follers me out
An' in an' ever'where

I go; an' 'sturbs my skates an' things,

An' scatters 'em all about;
But you bet your stuff it'll go mighty tough
With 'im when I find 'im out!

Though I hang my hat an' coat away,

Up on the peg with care,
I'll just be bound they can't be found
When I want 'em,—anywhere.

When I've hunted for 'em till I'm late for school,
An' mad as one ol' March hare,
An' a dozen more, right down on the floor
I'll find that hat, just where

Somebody's went an' throwed it down,—

It's the same with my books each day,
My bat an' ball, my mittens an' all,
Though I'm sure I put 'em away.

But I tell you this: if I ever find

Who that meddlesome "somebody" is,
I'll rout 'im, an' scout 'im, an' all that's about 'im,
I'll learn 'im to mind his biz.
THE HERO OF EVERY-DAY LIFE.
(SONG.)

We sing of the hero of battle,

We cherish and worship his name;
Of the hero of old, and the hero of gold,
Of him who has honor and fame.
The hero of love's tender passion,
Who basks in its mystical ray,
As we journey along, but never a song
For the hero we meet every day.

The one who can face, aye, so bravely

His losses, rebuffs, and defeat;
Whose heart will not break though the world may forsake,—
From the enemy will not retreat.
Who never will murmur at fate, when
It seems an unmerciful foe,
But struggles along with a heart true and strong,
And strikes a far nobler blow.

Though his last golden castle is shattered

And sown to the wind long ago,
Each one that he meets with a warm smile he greets,—
His burden we never may know.
But hark! sweetest melodies mingle
With the din of earth's tumult and strife—
Heaven's joyous bells ring and archangels sing
For the hero of every-day life.
THE CHILD'S INQUIRY.
Oh, where is that beautiful city, mamma,
The one that is called Fort Wayne?
Does it rest in the light of a clear blue sky,
'Way out on a sandy plain?

Or may it be found where the roses climb

Over trellises built so high
That if you would pluck off the topmost one
You'd have to climb up to the sky?

Or where all the streets are so smooth and so clean

That buggies and bicycles, too,
Glide along with all ease in the sweet dreamy breeze,
Like balloons in soft heavens of blue?

Mother: Not there, my child, not there.

Fort Wayne is a hustling city, my dear,

On the banks of the old Maumee,
Where most of the folks are too busy to care
The beauties of nature to see.

'Tis a place where they all pay a tax, my dear,

For repairing the street, you know,
That they all may enjoy their bicycles, dear,
As "bumpety bump" they go.

And should you e'er enter that city, my dear,

Be sure that you always look down,
Or first thing you know in a rut you will go,
And find yourself flat on the ground.
Or if 'tis not you that is flat on the ground,
Your bicycle ruined will be—
There are tacks, broken beer-bottles strewn all around,
And your tire will be punctured, you see.

Fort Wayne is the city of "tags," my dear,

As every taxpayer knows;
Tags on their horses, their wheels, and their dogs,
And tags from their heads to their toes.

When its people go into the country, my dear,

To enjoy its cool breezes and shade,
They are bangled and spangled with tags, my dear,
Till they look like a circus parade.

It is there, my child, it is there.

TO THE OLD TOWN CLOCK.
Oh, servant faithful, tried, and true,
Through sunshine, storm, and shower,
Thy face for nearly forty years
Has graced the court-house tower;
Thy hands have never idle hung,
Thy face was always cheery,
Thy ever-swinging pendulum
Seemed never, never weary.

When we were late to work or school,

How gently didst thou chide us,
Telling in soft and muffled chimes
How swiftly time glides by us.
Oh, how the workman loved thy voice,
When thou, at set of sun,
Proclaimed in softest, sweetest chimes,
That his day's work was done.

But to us all it lost its charm,

And sounded cross and surly,
When wakened by its loud alarm
In morning, oh, so early!
The maple trees that spread their boughs
O'er the court-house yard below,
Each year yield up their foliage
To winter's frost and snow.

The birds that nest and sing among

Their boughs in summer time,
When winter winds begin to blow,
All seek a sunny clime.
But thou, oh, tried and faithful one,
Wert always just the same,
Keeping the time with merry chime
Through sunshine, snow, and rain.

For forty years thou'st kept the time,

While in the court below
Stood he who perpetrated crime,
Waiting his doom to know;
And when a murderer was tried,
Who, for a little pay,
Did take the life of a trusting friend,
In a hut not far away,

"One, two, three," we heard thee say,

In measured tones and slow,
As forth, to be tried in heav'nly courts,
His blood-stained soul did go.
Oh, cruel was thy fate, old clock!
For many days ago
Thy old familiar face was crushed
By workmen's sturdy blow.

They say they'll build a new court-house,

And that they will replace
By timepiece handsome, bright and new
Thy old storm-beaten face.
Then thou, oh, servant tried and true,
Through storm, sunshine, and show'r,
The music of thy mellow chimes
We'll hear again no more.
AFTERWHILE, SOMEWHERE.
Some day the misty shadow
That covers your heaven of blue,
Will melted be, and you will see
The rainbow gleaming through.
The tears you've shed in silence
For love that was wasted here—
Be still, O soul! They'll find their goal,
Afterwhile, somewhere.

Though deeds of tend'rest kindness

Oft bitter reproaches bring,
As the drowning bee that you'd set free
Repays you with a sting.
The pain you bear in silence,
For confidence wasted here
Will blossoms yield in a sun-kissed field,
Afterwhile, somewhere.

Though years of honest labor

Success has never crowned,
No fruit they brought, though nobly wrought,
Dire Fate has always frowned.
The seed you've sown with patience,
The labor you've wasted here,
Again will bloom in the harvest-home,
Afterwhile, somewhere.
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