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

The Guide to Entrepreneurship

How to Create Wealth for Your Company and Stakeholders, 1st Edition

By Michael Szycher, Ph.D

Productivity Press

427 pages | 198 B/W Illus.

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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



About the Author

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.

Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Management Science
BUSINESS & ECONOMICS / Quality Control
TECHNOLOGY & ENGINEERING / Industrial Engineering