nach oben

2019 | Buch | 2. Auflage

Kapitel lesen Erstes Kapitel lesen

Start-up

A Practical Guide to Starting and Running a New Business

verfasst von: Tom Harris

Verlag: Springer International Publishing

Buchreihe : Management for Professionals

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

Einloggen, um Zugang zu erhalten

Über dieses Buch

Many people dream of starting their own business one day, but are not sure how to make it a reality, or whether they will succeed. In this book the author presents a comprehensive user guide for aspiring entrepreneurs, and provides expert advice and guidance on every major aspect of launching a new business. Step-by-step, this inspiring and highly readable book explains how would-be entrepreneurs can evaluate the strength of their business idea, protect their inventions, understand the legal steps and responsibilities involved in forming a company, position their products in the market, create a business plan and acquire financing.

Featuring case studies, practical exercises and tips, the book helps to demystify the process of starting a new business, giving readers the confidence to start up, and greatly increasing the chances of their entrepreneurial dream becoming a reality. It also offers a valuable learning resource for entrepreneurship and start-up clubs at universities and business schools.

Inhaltsverzeichnis

Frontmatter

1. Introduction

Abstract

Starting and running your own business is one of the most common dreams that people share, yet many are destined for failure due to poor planning and a poor understanding of the processes involved in running a business. This book has been written to provide you with a user guide for your new business. We will start right at the beginning by analysing the business idea you are hoping to realise in order to make sure that it is built on solid foundations. We will then look at the legal aspects of protecting your ideas, incorporating your company and the responsibilities that go with it. We will look at financing, cash flow and what investors look for in a business. We will build financial models and business plans and finally look at developing the entrepreneurial skills that will help you achieve your goals.

Tom Harris

2. How Good Is Your Idea?

Abstract

This first chapter is intended to help you properly analyse your business idea. We look at who and where your customers are and what they want from you. Then who the competition is and how you are going to compete with them. The analysis looks at both the market you intend to sell to and the industry you will have to compete in. The market analysis includes stakeholder analysis, looking at customer behaviour, planning your market segmentation and a look at market dynamics. The industry analysis looks at the competitive landscape, customer and supply power and how you will keep ahead of the competition.

The chapter is designed to take you through the analysis through a series of questions which, at the end, will allow you to answer the question: Do you have a business?

Tom Harris

3. How Can You Protect Your Ideas?

Abstract

This chapter covers all the aspects of Intellectual Property Rights that you are likely to need for a start-up business. The reasons for protecting IPR are explored together with the likely costs involved. A good understanding of this area is important, not just to protect your own ideas but also to ensure that you are not infringing someone else’s rights, exposing yourself to potential legal action.

The technical details of patents, design rights, trademarks and copyright are all explained together with their strengths and weaknesses. We also look at specialist areas such as protecting software and working effectively with IP lawyers.

Tom Harris

4. What Is a Company?

Abstract

This chapter serves as an introduction to company structure and company law. The different legal forms of companies are examined together with the different classes and types of shares that can be offered or sold to raise finance. We introduce the topic of shareholder rights and voting powers before taking a detailed look at the roles, duties and responsibilities that you take on as a director of a limited company. Some of these responsibilities are to your shareholders, while others are legal responsibilities with potential criminal action if you get it wrong. With this in mind, we close the chapter with a quick look at insolvency law.

Tom Harris

5. How Do You Market Your Product?

Abstract

Marketing is the next topic. Marketing is defined as: The strategies employed across the entire process of designing your offering to meet the needs of the customers you want to sell to, and the mechanisms by which you promote it and finally deliver it to their satisfaction. As such is involves a great deal more than selling or promoting your product.

We look at the product adoption lifecycle to understand the different behaviours of early adopter and majority markets and more importantly, how to progress your business through these groups. We then look at the risks involved with your business and how to identify the critical success factors that will ultimately determine the business’s future. The chapter concludes with a description of your marketing plan.

Tom Harris

6. How Do You Finance Your Business?

Abstract

This chapter deals with finance and funding. The importance of cash flow is examined and illustrated through some surprising examples of how apparently successful and growing businesses can fail by running out of cash.

We then look at the different ways funds can be raised for your business including grant funding, loans or debt and in the selling of equity. All three are likely to be important and used at different times as your business develops. Crowd funding is examined as well as a detailed look at venture capital.

The chapter then progresses to look at the topic of due diligence in raising funds, how to value your company and also developing an exit strategy.

Tom Harris

7. Grant Funding

Abstract

New for the second edition. This chapter takes a more in-depth look at grant funding. The details of state aid are explained together with the logic behind the different grant rates and technology readiness levels. Collaborative projects are discussed together with some strategies to ensure you get the most out of the project. We also look at the likely eligible costs and the terms you will have to sign up to.

How to make a successful grant application is then examined in detail including how to pick the right grant, getting the basics right and building a strong team. We also look at the management implications of running a successful grant and then finally some pitfalls including the risk of becoming a grant junkie.

Tom Harris

8. How Do You Create a Financial Model?

Abstract

This chapter provides an introduction to business financial modelling and helps you create a sound financial plan and forecasts for your business. After describing the fundamentals of a business model, we work through an example business to create a full 5-year business plan. Every aspect of building the plan is covered including how to forecast sales, how to set prices, planning your employment needs and costs, capital expenditure, even office consumables. Cash flow and Profit & Loss sheets are also explained and developed.

An important part of the process is the use of the model as a planning tool to help you design your business and develop strategies for its operation.

The plan uses an Excel spreadsheet that can be downloaded from the author’s website so you can experiment with different approaches and strategies, or can be used to start your own business model from scratch.

Tom Harris

9. How Do You Write a Business Plan?

Abstract

The financial modelling in the previous chapter leads nicely into the topic of writing a business plan, covered in this chapter. Business plans can be useful for many reasons other than to raise funding. The fundamental reason for creating a plan, is to map out the route you are going to follow to achieve your intended goal. As such it is a living document that you read, review and adapt constantly.

We cover the required contents of a good business plan and how it should be prepared and written. Like the financial model, this should be a team event so that everyone is bought into it and agrees that it is practical and achievable.

The chapter concludes with a look at business presentations with some tips on how to prepare and successfully deliver a pitch or business plan presentation.

Tom Harris

10. Your Role and Your Team

Abstract

In both the earlier sections covering what investors are looking for and writing your business plan, the importance of your team has been highlighted. The attractiveness of the market and the brilliance of your solution will not overcome the mistakes made by lack-lustre management. This chapter looks at your role and the team you will need to put into place to achieve your goals.

A vital part of this is to first ask yourself what it is you want to achieve. We look at three different types of business with different risks, rewards and more importantly roles for you as the new business owner. Which is your ideal scenario?

Critical success factors were discussed earlier, now we look at how you and your team can ensure they are satisfied.

Tom Harris

11. What Makes an Entrepreneur?

Abstract

New for the second edition, this chapter looks at the skill sets required to become a good entrepreneur. There are three key competences that entrepreneurs either need to have themselves or have available within their team. These are the ability to develop and spot ideas and opportunities, the ability to marshal and manage resources, and the ability to move into action. Each of these break down to five key skills which are examined in the chapter.

We then look at the relative importance of each skill for the three business types described in the previous chapter to understand the entrepreneurial requirements of each one. You are then invited to assess your own skill levels to help you match your skills to a suitable business style or identify areas for team development and training.

Tom Harris

12. Closing Remarks

Abstract

The closing remarks act as a summary of what has been covered in the book, the next steps are up to you. Hopefully you now have a better appreciation of what is involved in starting and growing your business. The rewards and the satisfaction can be great but the effort and determination need to come from you if you are to succeed. I hope you are now even more excited about your idea and working through the exercises here have given you the confidence to go for it. I’d like to wish you the best of success in all your business endeavours.

Tom Harris

Backmatter

Titel: Start-up
verfasst von: Tom Harris
Verlag: Springer International Publishing
Electronic ISBN: 978-3-319-94547-7
Print ISBN: 978-3-319-94546-0
DOI: https://doi.org/10.1007/978-3-319-94547-7