Creating Wealth with a Small Business
Strategies and Models for Entrepreneurs in the 2010s
by
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As recently as 2008 the opportunities available to small business entrepreneurs seemed almost limitless. The global economy was growing rapidly, free-market ideologies were transcendent, and the money available for risky ventures was plentiful. Even the wackiest business plan seemed destined to succeed. Entrepreneurship remained risky, but even a secure, well-paid white collar job with a reasonable career path seemed dull by comparison, a waste of talent, energy and investment capital. But in the aftermath of the Great Recession, success in starting a small business no longer seems so easy, and the reckless entrepreneurship that caused so many start-ups to fail has been replaced by a more cautious approach. Entrepreneurs are having to adjust to the realities of a new normal – a sluggish post-recession recovery. In the 2010's a small business “success formula” will require (1) a sound business model that presents customers with a persuasive value proposition, (2) carefully-planned pricing tactics that place profit ahead of volume, (3) a clear understanding of the advantages and disadvantages of small businesses vs. large business and (4) a well-thought-out exit strategy that enables the owner to extract the wealth created by a successful small business. Many of these strategies have to be developed long before the business is actually launched so that advanced planning and preparation are critically important. Thinking about starting a business based on careful planning and precision execution is not nearly as much fun as getting excited and jumping into a project with abandon. The odds of success, however, are much greater.
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About the Book
“A ‘must-read’ book … filled with practical information and numerous case studies on what aspiring entrepreneurs and business owners need to know to run a profitable business…the author reminds the reader not to confuse the excitement and enthusiasm of starting a business and being a business owner with the skills required to be successful and avoid becoming one of the 80% of businesses that will eventually fail. A major contribution of this book is its continuous emphasis on the importance of having a business model as a critical requirement to start and manage a profitable business.”
—Edgar Ortiz, CEO of Strategic Analytic Solutions and business columnist for the Atlanta Journal-Constitution Ralph Blanchard, a successful entrepreneur with a background in economics, provides a detailed analysis of what it is really like to buy, start, operate, and eventually sell a small business. Topics covered include: • why most businesses fail • ten management skills found in successful small business owners • strategies to transition from self-employment to entrepreneurship • advantages that small business owners have over larger competitors • tips to develop profitable pricing strategies • innovative ideas to help develop a sound business modelAbout the Author
RALPH BLANCHARD earned a BA from Cornell University and a PhD from Binghamton University. He taught undergraduate economics and environmental policy courses and spent seven years with a Fortune 500 company as National Training Director before starting and then selling a series of small manufacturing and information-based service companies.