|
 |
|
Business Basics 101
|
Home / Business Resources / Launching Your Business / Education/Training / Business Basics 101
Business Basics 101Here are some quick ways to give you the lay of the land.Entrepreneur's Dictionary Finally, a guide that clarifies the business terminology in the start-up game. Company Crafters updates their dictionary regularly so as new terminology evolves, they define it. Find out the difference between an intrapreneur and a corporate new-business development specialists, and why it matters. www.companycrafters.com/resources.htm  Venture Value Chain Every successful new business venture goes through a series of identifiable steps requiring significant and deliberate effort. In this comprehensive article, that Venture Value Chain is explained and broken down into the process of conceptualizing, funding and building new technology-based companies. www.companycrafters.com/resources.htm Types of Businesses Starting your own company is thrilling and terrifying at the same time. This link provides a helpful checklist on starting up a business; logic can quell terror. www.michigan.org/medc/common/book/main.asp Innovation-based business Innovation is the key to progress. Imagine where we would be if it were not for all of the inventions created in the last 10, 50, or 100 years. Creating new technology that changes the way things are done today is exciting, and is a team effort. Some people create new products or services….some people see opportunities for what exists today to solve a problem….some people build a company around that solution…..some people grow that solution into a big company. All because of innovation. Ann Arbor SPARK has many resources to assist specifically with those innovative ideas. To submit an idea, follow this link. Franchises Owning a franchise is a way to be a business owner where the business has a track record and where you will get plenty of support from the parent organization. The following link provides general information about franchise ownership. www.francise.com Starting a new retail or service company Have you always wanted to start a coffee shop? Provide a service to others such as accounting or pet grooming? The following link is a great resource and includes guides, a self assessment, startup basics, business plans, customers and success stories. http://www.entrepreneur.com/bizstartups/index.html Frequently Asked Questions I have an idea that solves a problem. Now what? I have created a product that is new. Now what? What is a business plan and why do I need one? What are the qualities of a successful entrepreneur? It takes money to make money. Where can I find some? I can't do this alone. How do I find others to help me? I want to join a startup. How do I find one where I can help? What are the general business assistance resources available? I have an idea that solves a problem - Now what? If you have an idea, you might be wondering what to do next - is this a possible business? Is there a market? How difficult is it to build this idea into a product? If you would like feedback on your idea, you can submit it to Ann Arbor SPARK and we can review it and provide you with some preliminary feedback about what to do next. To submit an idea, follow this link. You can also get free, confidential advice from a business professional through SCORE. There are also events that you can check out to learn more. One such event is Invention to Venture. For current listings of upcoming events, please be sure to check out our event calendar. I have created a product that is new. Now what? One of the first things that you need to do is protect the intellectual property of a new invention. Click here for more information on intellectual property. What is a business plan and why do I need one? A business plan (which summarizes key product, market and financial data) is important in many regards. For one thing, it helps YOU clearly think through the significant factors involved in starting or growing a company. Also, it is necessary to help others such as potential partners or funding sources understand the key elements of your business. Fortunately, there are many resources to creating a business plan out there, and we can help you find them. What are the qualities of a successful entrepreneur? There are a number of important personal attributes of entrepreneurs. They include:
As they say, it takes money to make money. However it is often hard to get money if you can't produce a product and better yet, a customer. Thus, entrepreneurs need to be creative in their approach to getting initial funding. People usually start with using their personal resources, and tapping family and friends. There are also programs and grants that you can apply to, and then there are also "angel" investors, venture capitalists and banks. Click here for more finance information. I can't do this alone. How do I find others to help me? There are a lot of people out there that like to partner with entrepreneurs. Consultants will occasionally provide some free assistance if there is a chance that you can provide payment in the future. Sometimes you can partner with another entrepreneur and team. And sometimes there are people with managerial or other skills that complement your needs quite nicely. Thus networking is very important! Please be sure to attend some of the networking events (link to events calendar) and consider joining some of the attached networking organizations (link to networking organizations.) If you are in need of a specific talent, Ann Arbor SPARK can help facilitate an introduction. Please send an email to Amy Cell, amy@annarborspark.org with a description of the type of talent that you are seeking. I want to join a startup. How do I find one where I can help? If you are interested in working in a fast-paced environment, Ann Arbor SPARK will be posting opportunities in the near future. What are the general business assistance resources available? Chamber of Commerce Small Business Assistance Center Entrepreneur.com SCORE Kauffman.com Small Business Administration IRS Starting a Business Section business.com
|
|
 |
 |
|
