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Resources and information to start, run and grow a small business

See our Featured Resources for links & books related to this Month's Question of the Month

Virtual Classroom Links-

This is something new I’m trying this month. Below you will find links to online learning programs for your small business. I’ve actually done these courses and found them to have valuable information.

This month’s courses are brought to you by Ivillage’s Ilearn and American Express. They offer courses in:

a) Business Etiquette

b) How to Build your first web page

c) Take charge of your career

d) Advanced Microsoft Excel

http://ilearn.ivillage.com/campus.jsp?campusId=1100

I hope you enjoy them and find them valuable too.

Q- How do I know if my business idea is a good idea and will be successful?

A-Identifying Startup Ideas

It is critical to determine whether an idea for a new business actually represents a good opportunity. Many people have ideas about new products or services that seem like winners—but just because something is a good idea does not mean it is a good opportunity, as you will see. In fact, those who become infatuated with an idea sometimes underestimate the difficulty of tapping into market interest in that idea or building the company required to capture it.

To qualify as a good investment opportunity, a product or service must meet a real market need, such as a problem for which the entrepreneur offers a sensible solution. If consumers are convinced that the benefits of a product or service are worth the price they will have to pay to get it, they will likely want to buy it—assuming they know about it and can afford it. All of these factors are critical. Amar Bhide, an entrepreneurship expert and professor at Columbia University, put it this way: “Startups with products that do not serve clear and important needs cannot expect to be ‘discovered’ by enough customers to make a difference.”

Many popular frameworks highlight important factors to consider when deciding whether a new business idea can lead to a promising business opportunity. Some of the more important features of these approaches follow.

Market factors. The product or service must meet a clearly defined market need; furthermore, the timing must be right. Even when the concept is good, success requires a window of opportunity that remains open long enough for an entrepreneurship to take advantage of it. If the window closes before the enterprise can get established, it is unlikely to survive for long.

Competitive advantage. I practical terms, a competitive advantage exists when a firm offers a product or service that customers perceive to be superior to those offered by competitors. It follows that the business must be able to achieve an edge that can withstand challenges from rival businesses. Many startups fail because entrepreneurs do not understand the nature and importance of a competitive advantage.

Economics. The venture needs to be financially rewarding, allowing for significant profit and growth potential. Its profit potential must be sufficient to allow for errors and mistakes and still offer acceptable economic benefits. At a minimum, the enterprise must offer a reasonable path to profitability—no business can operate for long when it is losing money. And without adequate growth, the business will not be able to provide sufficient returns to attract investors, if they are ever needed.

Management capability. The fit between entrepreneur and opportunity must be good. In other words, a business idea is an opportunity only for the entrepreneur who has the appropriate experience, skills, and access to the resources necessary for the venture’s launch and growth. For example, offering suborbital space tourism services is out of reach for most entrepreneurs, but not for Sir Richard Branson, an extraordinary and very well-funded British entrepreneur who has set up Virgin Galactic, with plans to offer space flights to the general public before the end of the decade. Launching the world’s first “spaceline” is a challenging but promising business opportunity for Branson, but it is at best a dream for nearly every other entrepreneur.

Fatal flaws. There must be no fatal flaw in the venture---that is, no circumstance or development that could, in and of itself, make the business unsuccessful John Osher, serial innovator and entrepreneur, estimates that nine out of ten entrepreneurs fail because their business concept is deficient. In his words, “They want to be in business so much that they often don’t do the work they need to do ahead of time, so everything else right, and fail because they have ideas that are flawed.” It is important to look (honestly) for potential weakness in your own setup ideas. No matter how awesome the startup concept may seem to be, moving forward is pointless if it uses a manufacturing process that is patent protected, requires startup capital that cannot be raised, ignores environmental regulations, or is unsound in some other way.

SAMLL BUSINESS MANAGEMENT
Launching & Growing Entrepreneurial Ventures
14th Edition Copyright 2008. By Justin G. Longnecker, Carlos W. Moore, J. William Petty, Leslie E. Palich . Pages 64-65



Interested in more questions & answers, see our Small Business FAQ Page

New Books in Business

Look What's New in Business Books at the Library


New books:

Small business operator : how to start your own business, keep your books, pay your taxes and stay out of trouble! / by Bernard B. Kamoroff. by Kamoroff, Bernard.

Laytonville, Calif. : Bell Springs Pub., c2008.





Subjects

· New business enterprises.
· Small business -- Accounting.

ISBN:

9780917510281 :
0917510283 :

Description:
208 p. : ill., forms ; 28 cm.

Edition:
32nd ed. (10th trade ed.)


Notes:
Previous editions titled Small time operator.
Includes index.

Working for yourself : law & taxes for independent contractors, freelancers & consultants. Berkeley, CA : Nolo, 2001-

Subjects

· Independent contractors -- United States -- Popular works.
· Self-employed -- Taxation -- Law and legislation -- United States -- Popular works.

Series:

Nolo's small business essentials

Description:v. : ill., forms ; 28 cm.

Notes:
Includes index.
Replaces: Wage slave no more.


Flip : how to turn everything you know on its head--and succeed beyond your wildest imaginings / Peter Sheahan. by Sheahan, Peter.
New York, NY : William Morrow, c2008.

Subjects
· Strategic planning.
· Management.

ISBN:

9780061558955 :
0061558958 :

Description:

309 p. ; 24 cm.

Edition:1st U.S. ed.

Contents:
The four forces of change -- Action creates clarity -- Fast, good, cheap : pick three - then add something extra -- Absolutely, positively sweat the small stuff -- Business is personal -- Mass market success: find it on the fringe -- To get control, give it up -- Conclusion : get moving


 

Featured Resources

Chespeake Professional Women's Network

http://www.cpwnet.org/index.asp
Established in June of 1996 as a response to the growing need for communication among women in the workplace, the Chesapeake Professional Women's Network (CPWN) has a current membership of approximately 150 members.

CPWN is based in Harford County, Maryland, and provides professional networking opportunities throughout northeastern Maryland and beyond.

Harford County Small Business Development Center

http://www.harford.edu/sbdc/startup/index.asp
The Small Business Development Center (SBDC) is dedicated to helping you establish and expand your business. We accomplish this by providing a variety of management and technical assistance programs designed to help you, the aspiring and existing small business owner.

Customer Satisfaction Survey Instructions

Customer satisfaction is the key to success. You want customers to be happy with the products and services you provide. If they feel they have received good value for their money, your business will prosper. Getting your customers to tell you what's good about your business, and where you need improvement, helps you to be sure that your business measures up to their expectations.

A customer satisfaction survey is one way to gather this vital information. There many ways to get copies to your customers. Copies can be included with orders, mailed directly at regular intervals, sent and received by fax, whatever is convenient for your particular business. Many won't be returned, but those that are will make it worth your while.

Our sample customer satisfaction survey (PDF format - Get Adobe Reader if you don't have it - it's free) is designed to get your customers to tell you what they really think. No ranking of quality on a scale of one to five, no lengthy questions, just a list of key business activities and space to respond. Limiting the choices to “outstanding” and “needs improvement” sends a clear message that you expect the products and service you supply to be the best available, period. Keeping the survey to a single page makes it more likely that customers will take the time to respond. It also facilitates faxing. Be sure to include instructions on how to return the completed surveys. Give your fax number; include stamped, addressed envelopes, or whatever it takes to make it more likely that you'll get them back.

Don't forget to follow up on the comments you receive. If you have to change a procedure, tell an employee how you want things done, pick a new delivery service, do it. And advertise the fact that you did. Send thank you notes to the customers whose comments caused you to make a change. Let them know that you can do an even better job because they took the time to help you improve.

Get Adobe Acrobat Reader - Free install


You can conduct online searches for:
• Market research
• Industry overviews
• Market share and market size analysis
• Reviews of industry trends and forecasts
• Business plan market information
• Association Information

You can research:
• Company profiles
• Industry rankings
• Products and brands
• Company performance ratings
• Investment reports
• Industry statistics


Harford County Public Library's Small Business Center features online databases that include:
• Gale Business & Company Resource Center
• Business Reference Suite
• Ready Reference Shelf
• Reference USA
• General Reference Center Gold
• EBSCOhost

Small Business Forms available at the Library features
Frequently Used Employee and Consulting Forms
Background Check Permission
Offer Letter to Prospective Employee
Employee Confidentiality and Invention
Employee Handbook and At Will Status Acknowledgement
IRS Form W-4
INS Form I-9 Immigration form
Certificate of Employee of the month
Employee Satisfaction Survey
Checklist for Employee Handbooks
Non-Discrimination Policy
Sexual Harassment Policy
E-mail Policy
Drug Free workplace Policy
Employee Appraisal Form
Employee Settlement and Release Agreement
Employee Exit Interview
Independent Contractor Agreement
Consulting Agreement

Online resources include over 4000 different business magazines, journals and newspapers. Many of them are updated daily and available in full text and starting as early as 1983.

Help expand your business by developing a direct mail strategy or creating sales leads. Our online business databases allow you to generate lists based on ZIP Code, street, SIC Code, sales volume, industry classification and county. Your list can be saved and downloaded.

Computer workstations that have specific business software are located at Bel Air, Aberdeen, Havre de Grace and Edgewood library branches. This software includes Microsoft Small Business Tools, Microsoft Powerpoint, Microsoft Publisher and Microsoft Excel.

Harford County Public Library's Small Business Center works with the Harford County Small Business Development Center, the Office of Economic Development and local financial institutions.