SBANC
Newsletter
August
22, 2006
Issue
435-2006
|
QUOTE
"The
men who have succeeded are men who have chosen one line and
stuck to it."
-- Andrew
Carnegie
|
FEATURE
PAPER
Gaining
Access to Start-up Capital:
A Guide for the Nascent Entrepreneur
The
following paper was presented at the 2006 Allied Academies Conference.
It was written by Ryan Donnelly and Stephen C. Betts of William
Paterson University.
Abstract
When
new entrepreneurs get started developing their business ideas,
one of their greatest needs will be gaining access to capital.
Some entrepreneurs are fortunate and have easy access to capital,
but most are not as lucky. This article is a brief guide to the
different types and levels of financing available to new businesses,
and will give entrepreneurs and a simple understanding of
how to access this capital. We illustrate the integral relationship between
the entrepreneur, the business idea, and the opportunities for success
in raising capital. Entrepreneurs should be excited about the possibilities
ahead of them, while staying focused on the financial realities that
they will face. Our goal is to encourage entrepreneurs to be prepared
as they chase their dreams. We want
them to understand the financial realities they face. Ultimately, the
more they are prepared and the greater understanding they have of these
realities, the greater their chances for success.
Introduction
The
history of the American economy is at least partially defined
by the great success of its many entrepreneurs. These innovators,
people like Ben Franklin, Thomas Edison, Bill Gates and Jeff
Bezos, are often larger than life figures with iconic stature.
It is often said that this innovation is what keeps our economy
the strongest and most robust in the world. Most entrepreneurs
won’t be
as well known as Thomas Edison or Bill Gates, and they may not create
billion dollar enterprises. There are successful entrepreneurs all around
us, from the owner of the local pizzeria or dry cleaner, to the latest
greatest Wall Street success story. Whether your dream is to operate
a small local
business or become the next mogul, you can achieve this dream with hard
work, determination, and a plan. At some time we all have an idea for
a business; for many of us these ideas come on a relatively frequent
basis. It’s the American way to be a dreamer, and it’s often
part of the American
dream to be successful in business. For many their dream includes achieving
a comfortable level of prosperity, the ability to control their own destiny,
and to become the next great entrepreneur. For most people these ideas
are just that, just an idea. For many different reasons these ideas,
whether they are good or not, never become an operating business. This
guide is for those that are
committed to taking that first step and are looking for help. Although
our focus here is on financing and growing early stage businesses, there
is good advice throughout that you will be able to apply to all areas
of your business. With your hard work, talent, commitment, and focus
you are on your way to starting or growing your business, and possibly
becoming the next great American
entrepreneur.
Read the Entire Paper...
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CONFERENCES
BAMDE
|
| Who: |
Bulgarian
Association for Management Development and Entrepreneurship
|
| What: |
Entrepreneurship
in United Europe – Challenges and Opportunities
|
| Where: |
Sunny
Beach, Black Sea, Bulgaria |
| When: |
September
13-17, 2006 |
|
|
|
IPSI
|
| Who: |
Internet,
Processing, Systems, and Interdisciplinary (Research)
|
| What: |
IPSI
2006 - Montenegro
|
| Where: |
Sveti
Stefan, Montenegro |
| When: |
September
23-30, 2006 |
|
|
|
IBAM
|
| Who: |
Institute
of Behavioral and Applied Management
|
| What: |
14th
Annual IBAM Conference
|
| Where: |
Memphis,
Tennessee,
USA |
| When: |
October
5-7, 2006 |
|
|
|
FFI
|
| Who: |
Family
Firm Institute
|
| What: |
FFI's
20th Anniversary Annual Conference
|
| Where: |
San
Francisco, California, USA |
| When: |
October
25-,
2006 |
|
|
|
DSI
|
| Who: |
Decision
Sciences Institute
|
| What: |
37th
Annual Meeting
|
| Where: |
San
Antonio, Texas,
USA |
| When: |
November
18-21, 2006 |
|
|
|
CALLS FOR PAPERS
ISOBD
|
| Who: |
International
Society of Business Disciplines
|
| What: |
Fall
Conference
|
| Where: |
Flamingo
Hotel - Las Vegas, Nevada, USA |
| When: |
November
5-8, 2006 |
Submission
Deadline:
August 31, 2006
|
|
|
|
ASC
|
| Who: |
American
Society for Competitiveness
|
| What: |
International
Conference on
Emerging Competitiveness Paradigms
|
| Where: |
Goa,
India |
| When: |
January
11-12, 2007 |
Submission
Deadline:
September 1, 2006
|
|
|
|
ACME
|
| Who: |
Association
of Collegiate Marketing Editors
|
| What: |
2007
Annual Meeting
|
| Where: |
San
Diego, California, USA |
| When: |
March
13-17, 2007 |
Submission
Deadline:
October 1, 2006
|
|
|
|
WDSI
|
| Who: |
Western
Decision Sciences Institute |
| What: |
36th
Annual Meeting
|
| Where: |
Denver,
Colorado, USA |
| When: |
April
3-7, 2007 |
Submission
Deadline:
October 1, 2006
|
|
|
|
RCC
|
| Who: |
Rollins
China Center, Rollins College |
| What: |
The
Globalization of Chinese Enterprises: The Advent
of a New Age
|
| Where: |
Rollins
College in Winter Park, Florida, USA |
| When: |
November
30-December 1, 2006 |
Submission
Deadline:
October 15, 2006
|
|
|
|
|
TIP
OF THE WEEK
The
Ten Success Factors for Entrepreneurs
1. Willingness
to succeed: Successful entrepreneurs spare no expenses.
They must be prepared to work 50 to 60 hours a week and give
up holidays. For that, they need the supports of their families.
2. Self-confidence: Only
those who believe in themselves will achieve their goals. That
calls for optimism and trust in the future. Founders must take
on challenges and confront constant changes and should not be
afraid of making mistakes.
3. A clear
business idea: The idea has to be right. The heads of
companies know their strengths and weaknesses and the competition.
They know the reason for their success; whether it's because
they have better products, better service, or a more intelligent
sales and marketing approach.
4. The
Business Plan: The Business Plan is the key to building
up a company. This instrument, which is always being adapted
to the latest developments, makes it possible to proceed with
a systematic plan of action, to recognize problems in their
early stages so that the proper corrective measures can be
taken in plenty of time.
5. Exact
control of finances: A young entrepreneur doesn't have
to be swimming in money. But success usually doesn't come as
quickly as anticipated. That's why financial resources should
be calculated somewhat generously. An entrepreneur must understand
something about business management, know how to react quickly,
and have finances and cash flow under control. Any profits
are reinvested in the company.
6. Targeted
marketing: Only entrepreneurs who have a clear concept
about how to introduce a product or service to the market will
be able to succeed.
7. A step
ahead of the competition: Success must be worked on constantly.
It includes a plan for research and development, so that an
advantage in the market isn't lost. Acting instead of reacting
will supply the advantage.
8. Managing
support: Young entrepreneur's powers increase if they
can fall back on the knowledge of experienced entrepreneurs.
Possible advisers to call on would be financiers or successful
colleagues who are also entrepreneurs. This can also open doors
for company founders that might otherwise be closed to them.
9. Cooperation: No
one is top in every field. Building up a network of cooperation
often provides access to additional know-how that would otherwise
cost a lot of money.
10. Clear
company structures: A successful company has a clear structure.
The employees are motivated and khow exactly what their responsibilities
are. The customers know who to contact.
| J.D.
Ryan and Gail P. Hiduke. Small Business - An Entrepreneurs
Business Plan. Thompson Southwestern. 2006. Pages 15-16 |
ANNOUNCEMENTS
2006 ASBE Conference Deadline Extension
The deadline for submitting papers and/or
proposals for the 2006
Association for Small Business & Entrepreneurship (ASBE) Conference
has been extended to September 15th. Please pass the word to colleagues
at your institution that papers from any discipline as they relate
to
small buisness or entrepreneurship, will be considered.
|
The
SBANC Newsletter is provided as a service to the members of our
affiliates: Academy of Collegiate Marketing Educators (ACME), Association
for Small Business & Entrepreneurship (ASBE), Federation of
Business Disciplines (FBD), International Council for Small Business
(ICSB), Institute for Supply Management (ISM), The International
Small Business Congress (ISBC), Marketing Management Association
(MMA), Small Business Administration (SBA), Service Corps of Retired
Executives (SCORE), Small Business Institute (SBI), Society for
Marketing Advances (SMA), United States Association for Small Business & Entrepreneurship
(USASBE), U.S. Department of Veterans Affairs (VA).. If you are
interested in membership or would like further information on one
of our affiliates, please see our web site at http://www.sbaer.uca.edu
SBANC STAFF
Main Office Phone: (501) 450-5300
Dr.
Don B. Bradley III, Executive Director of SBANC & Professor
of Marketing;
Direct Phone: (501) 450-5345
Brandon
Tabor, Development Intern
Garion
McCoy, Development Intern
Casey
Thomson, Development Intern
To subscribe or unsubscribe to the
SBANC Newsletter, please E-mail SBANC at sbanc@uca.edu
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