The Guide to Entrepreneurship : How to Create Wealth for Your Company and Stakeholders book cover
1st Edition

The Guide to Entrepreneurship
How to Create Wealth for Your Company and Stakeholders

ISBN 9781482209075
Published August 19, 2014 by Productivity Press
427 Pages 198 B/W Illustrations

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Book Description

Whether you work for an established company and want to trailblaze new products (intrapreneurship), or want to establish your own new venture (entrepreneurship), The Guide to Entrepreneurship: How to Create Wealth for Your Company and Stakeholders supplies invaluable guidance along with concrete action plans. In contrast to academic publications that merely emphasize accounting methods, this guide to intrapreneurship and entrepreneurship focuses squarely on the entrepreneur.

Demystifying the process of starting a company from scratch, the book provides aspiring entrepreneurs with detailed guidance that is written in plain English. It explores what constitutes entrepreneurial timber and the leadership skills required to raise all the needed capital. If you are thinking of starting your own company or have already decided to take the plunge, this book will help you determine:

  • If you have what it takes to become a successful entrepreneur
  • The value of your idea before funding
  • If you and your team possess the skills required to gain a market advantage
  • How to raise capital effectively

Explaining the critical importance of intellectual property to investors, the book covers the fundamentals of business valuations. It also explains how to write winning business proposals. While each chapter is designed to stand on its own, the book chapters are arranged in a manner that makes it easy for experienced entrepreneurs to jump from chapter to chapter as they please.

Identifying the unique set of characteristics that are shared by successful entrepreneurs, this guide will be especially helpful to anyone looking to start new ventures that require a high degree of scientific knowledge.

Table of Contents

Entrepreneurial Timber
Entrepreneurial Anatomy
The Entrepreneurial World
Entrepreneurial FAQ
Success Characteristics
Failure Characteristics
Risk Is a Four-Letter Word
Challenges of Entrepreneurship
The Ten Commandments of Entrepreneurship

Intrapreneurship: Corporate Entrepreneurship
     Kelly Johnson’s 14 Rules of Skunk Works
Theory of Intrapreneurship
     The 3M Illustration
Characteristics of Intrapreneurs
External and Internal Business Environment
Culture Regarding Innovation
Corporate Support for Internal Business Creation
Critical Issues in Intrapreneurship
The Spin Zone
     The Spin-Out
     The Spin-Off Reorganization
     The Equity Carve-Out
Intrapreneurship in Academia
The Ten Commandments of Intrapreneurship

Women and Entrepreneurship
Global Impact of Women Entrepreneurs
Personal Challenges Faced by Female Entrepreneurs
Women and Success
     Defining Success
     Twenty-Five Leading Female CEOs
Hurdles to Overcome
Role of Angel Groups
     Angel Capital Market and Female Entrepreneurs
The Green Alliance. A Female-Owned Business
     Profile of Sarah Brown, Owner, Director
     The Green Alliance Business Model
     Business Conceptualization
     Green Alliance Mission
     The "Green" Business Enterprise
An Interview with Sarah Brown
     The Importance of Emotional Support
     Don’t Undersell Yourself
     Overcoming Perceptions, Gaining Respect, and Finding Success
     Putting It in Perspective

The Entrepreneurial Environment
Leadership Qualities
     Leaders vs. Managers
     The Centrality of Leadership in a Start-Up
     Leadership Is Situational
Establishing Your Founder Team
     Elements of Skilled Teams
     Establishing Your Board of Directors
     Selecting Your Board of Advisors
Authority, Power, and Influence
The Founder and Organizational Politics
     Power, Politics and Influence
     Organizational Persona
The Dominant Coalition
     Dominant Coalition as Change Agent
          Theory of Change
          Force Field Analysis
Leaders Need Followers
     Current Views of Followership
     The Followership Universe
Time Management
     The Urgent-Important Matrix
Conflict Management
Entrepreneurial Rewards
Entrepreneurial Types
The Ten Commandments of Leadership

New Venture Creation
Corporate Life Cycle
Global Fortune 500 Annual Turnover
Corporate Life Cycles
     Greiner’s Model of Organizational Growth
     Churchill and Lewis Growth Model
     New Product Life Cycles
A Small Company Is Not a Little Big Company
     Cash Is King
Your Innovative Organization
     Types of Innovation
Creating Your Own Innovation Culture
Strategic Planning for Start-Ups
Your Value Chain Analysis
Your Value Proposition
SWOT Analysis
The Early Adopters
Bridging the Valley of Death

Financing Your Dream
Naming Your Baby
     Bad Company Names
     Bad Product Names
Incorporating Your New Venture
     Characteristics of Corporations
Selecting the Optimal Legal Structure
Legal Powers of Corporate Executives
Creating Value for Your Stakeholders
Employee Benefits
The 3 Fs, Angels, and VCs
     Friends and Family
     Angel Investors
     Venture Capital
Principles of Raising Capital
Persuasive Business Presentations
     Rookie Mistakes
Your Elevator Pitch
          Must Haves
          Brief Descriptions
          Last Three Bits of Advice
Estimating Start-Up Costs
Valuing You and Your Team
Valuing Your New Venture. (Calculating Pre-Revenue Valuation)
          Basic Calculations
          Valuation Examples

Organizational Structure
The Founding Team
Hiring Your Executive Team
     Teamwork Not Titles
     Team Discipline
     Focus on Outcomes, Not Activities
Too Many Chiefs, and Not Enough Productive Indians
Accountants and Lawyers
Managing Managers
     How Is Managing Managers Different From Managing Projects?
     A Roadmap for Managing Managers Effectively
Selling Your Vision to Your Team
Fail as Fast as You Can
Overcoming Organizational Inertia and Defenses
     Organizational Inertia
     Organizational Defenses
An Old Aphorism

Power Negotiations
Business Negotiations 101
     Negotiation Wheel
     Negotiation Strategies
     Distributive Negotiation
     Integrative Negotiation
The Entrepreneur as Chief Negotiator
     Start-Up Negotiator Fears
     The Neophobia Syndrome
     If You Expect More, You Get More
Knowing Your Negotiation "Counterpart"
Your First Negotiation
     Aligning Interests
Planning Your Negotiation Success
The Negotiation Agenda
     Preparing the First Draft of Any Document
     Measuring Success
     Negotiation Strategies
     Negotiation Styles
     Negotiation Tactics
Laws of Power Negotiation
     The Chicken or Egg Cycle
     The Negotiating Table
     How Is Your Meeting Progressing?
     Power Negotiator’s TIR
Managing Negotiation Conflict
Secrets of Power Presentations
Secrets of Closing the Deal
The Ten Amendments of Negotiations

Marketing and Sales
Selling Your Innovation
     Needs, Wants, and Demands
Analyzing Your Market
     The Promise of Unmet Needs/Wants
     Costs and Functions of Marketing
Pioneering Start-Ups
     Crossing the "Chasm"
     Your Pioneer Strategy
Setting the Right Price
     Establishing Your Pricing Tactics
     Tensions between Marketing and Sales
The Complex Sale
Market Segmentation
Positioning: Your Place in the Sun
     Famous Positioning Statements
     Template for a Positioning Statement
Sales and Sales Promotions
     Your Sales Force
     Sales Force Compensation
     Sales Force Time Management

Intellectual Property
Patentable Inventions
     Who Benefits From Intellectual Property Rights?
Understanding Patents
     Contents of a Patent
     Claims: The Heart of a Patent
     Claims Categories
     Real Estate Analogy
Provisional Patents
     Time Limits
     Advantages and Disadvantages
     Patents Can Have Siblings/Children
     International Patent Organizations
Basis for Venture Investment
The America Invents Act
     First to File
     No Grace Period
The Special Case Involving Biotechnology Patents
     Genetic Engineering Patents
     Microbiological Sciences Patents
     Plant and Animal Sciences Patents
     Pharmaceutical and Chemical Sciences Patents
     Medical Sciences Patents
     Microorganisms and Sufficiency of Description
Practical Advice to Entrepreneurs/Inventors
     Who Is the "Inventor" in Your Company?
     Should You Out-License Your Patent?
Fundraising Importance of Patents
Trade Secrets in the Start-Up Environment

Meet the JOBS Act
The JOBS Act at a Glance
     Title III of the US JOBS Act
     Equal Access and Disclosure
Issuer Requirements
Intermediary Requirements
Funding Portals
     Restrictions on Funding Portals
Emerging Growth Company IPOs
     Relief for EGCs
     Confidential Filing Process
     Relaxed Restrictions on Investor Communications

Strategic Management
Strategic Corporate Planning
Core Values and Core Purpose
Mission, Vision
Competitive Intelligence
Marketing Intelligence
     The Pizza Analogy
Strategic Marketing Goals by MI

Valuation Techniques
Value vs. Price
Pre-Seed Financing
What Is Your Company Worth at Start-Up (Seed Round)?
     Initial Valuation at Seed Round
     Valuation at Series "A" Round
Valuation Approaches—Companies with Revenues
     Income Approach
     Discounted Future Returns Method
     Capitalized Returns Method
Market Approach
Asset-Based or Cost Approach
Venture Capital Valuation
     Staged Capital Infusions
     Venture Capital Metrics
     The Investment "Hurdle Rate"
     Top Ten Lies VCs Tell
Vulture Capitalist
Last Words of Advice
     How to Maximize Your Company’s Value

Writing a Winning Business Plan
Need for a Winning Business Plan
The Essential Components
     Common Parts of a Good Business Plan
Risk Is a Four-Letter Word
Management Team That Can Execute
     Competent Team
How Innovative Is Your Invention?
Ignore Naysayers (and Prove Them Wrong)
Milestones Make Your Plan Real and Believable
The Value of Your Plan Will Be Measured by Its Implementation Potential
Example of a Winning Business Plan

Start at the End
     Who Needs an Exit?
Capitalization Principles
     How to Capitalize Your Start-Up
Going Public
     The Going Public Process
     The Registration Process
Strategic Alliances
The "Big Question"
     Drivers of M&A Activities
     Advantages of Strategic Alliances
     Pitfalls of Strategic Alliances
     Best Practices
Mergers and Acquisitions
     The Challenge of M&A
     The Enduring Questions
The Day That Little David Acquired Giant Goliath—A Case Study
     The Acquisition
     Open Heart Procedures
     CardioTech as the White Knight
     Risk Factors SWOT Analysis of the Gish Acquisition
          The Stock-for-Stock Transaction
     An Accretive Acquisition
Sample Prospectus

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Dr. Michael Szycher:

Having conceptualized, financed, taken public, and run three public companies and founded and sold a fourth over the last 34 years, Dr. Michael Szycher is a successful entrepreneur who has created substantial value for his stakeholders over his career. As chairman and/or CEO of these companies, he has been responsible for public offerings, acquisitions, product introductions, and spinouts. To strengthen his capabilities as an entrepreneur and business executive, he first obtained his PhD in cardiac physiology at Boston University School of Medicine, his Executive MBA from Suffolk University, and then supplemented that with a strong course of study in business law at Massachusetts School of Law.

Dr. Szycher is the editor of five books: Biocompatible Polymers, Metals and Composites; Synthetic Biomedical Polymers; Blood Compatible Materials and Devices: Perspectives Towards the 21st Century; High Performance Biomaterials: A Comprehensive Guide to Medical/Pharmaceutical Applications; Szycher’s Dictionary of Biomaterials and Medical Devices, Szycher’s Dictionary of Medical Devices, and Szycher’s Handbook of Polyurethanes, considered the industry bible at colleges and universities throughout the world.