So You Want to Start a Business?

This Guide to Starting a Corporation from Fenwick & West offers a good overview of the process.

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Startup Legal Docs

The Fort Worth Startup Blog provides the entrepreneurial community with access to a set of founder-friendly startup documents from theFunded.com. Please note that these documents are most useful as a starting point and will likely require modification and negotiation to fit particular circumstances.

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The New Rules for Rock Stars

"Here are the new rules to make it in the [music] business:

"The future is DIY. Learn how to use affordable tools, but remember... software won't solve all of your problems... create awareness... don't underestimate the power of giving away your music for free...

"Fans are the new record label. The business now all depends on the relationship between an artist and their fans, most importantly the uber fans, the ones who buy all the merchandise, go to all the shows, and spread the word about their favorite bands.

"The key to staying in touch with your fans is through e-mail... Have a sign-up sheet at every show. Have your audience text their e-mails to a road manager's cell at the end of every show and promise to personally stay in touch... Build an online community by blasting out webcasts, photoshoots, interviews, and even live streaming concerts. Engage with fans in a meaningful way, nothing forced or fake...

"Build a management team to take care of the tools, marketing, and technology. If you're just starting out, enlist a college music lover to build your brand. Sign any deal as long as it's short-term if it's going to get you noticed. Otherwise you're not going to be on the radar.

"Start local, start tribal... Connect with similar bands doing similar music and go on tour with them. Build your own scene and work to break through together..."

Read more in this walletpop.com article from which the preceding was quoted.

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What I Wish I Knew When I Was Twenty

Stanford Technology Ventures Program's Executive Director Tina Seelig shares rich insights in creative thinking and the entrepreneurial mindset. Her talk, based on her 2009 book, What I Wish I Knew When I Was 20, cites numerous classroom successes of applied problem-solving and the lessons of failure. The Art of Teaching Entrepreneurship and Innovation

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Free Business and Entrepreneurship College Courses

Through open courseware programs, you can access course materials from a wide range of top universities. Whether you decide to take these courses on your own time or just skim through the information, www.bschool.com compiled a list of 100 business and entrepreneurship courses you can take for free.

Here is a sampling of what is included in the list:

Accounting and Finance
These free courses can give you some tips on managing money and making sound investments in your business.

Introduction to Financial and Managerial Accounting: This course is designed to help business owners make investment decisions, access managerial performance and place a value on other firms and businesses...

Economics
Make sure you understand the larger factors that are at work in affecting your businesses profits and losses by educating yourself on economics through these classes.

Real Estate Economics: Whether you want to work directly in real estate or just need some information to help you make a better decision on purchasing office space, this course from MIT can provide instruction on real estate markets through a study of demographics, location, and government behavior....

Communication
Getting ahead in business without good communication skills can be hard, so give yours a boost with help from these top-tier courses.

No Sweat Speaking: Check out this short online seminar from Columbia University to help you overcome your fear or nervousness about public speaking. You’ll get access to a series of videos that can offer you some tips and pointers on feeling at ease in front of a group of coworkers, clients or anyone else...

Management
Management plays an essential role in keeping any business running smoothly. Ensure you and your employees are working to their full potential with some advice from these free courses.

Optimization Methods in Management Science: In this course, you’ll learn about the theory, algorithms, and applications of optimization to help you better control the logistics, manufacturing, transportation, marketing, project management, and financial issues of your business...

Leadership
These courses can help you be a better leader by teaching you important skills like working as a team, ethics, and how to work with a diverse group of people.

Cross-Cultural Leadership: This course explores what constitutes effective leadership across cultures. It can be especially valuable for business owners who are working in a global environment...

Marketing and Advertising
If you’ve got a product or service to sell, you need to get your name out there. These courses can give you some helpful ways to better market your business.

Brand Leadership/E-Seminar 1, Brand Identity and Strategy: Professor Bernd Schmitt of Columbia Business School explains the steps businesses must take when marketing themselves to develop a successful brand identity in this online seminar, using real companies to illustrate his points...

Product Development and Launch
These courses can give you some help on successfully developing new products and getting them out to your buyers.

Managing the Innovation Process: Get a handle on the research and development going on in your business through this course which analyzes the process through through five levels: individual, team, network, organizational, and industrial...

Technology
No business can run without technology these days, so ensure you have a handle on the IT technologies it takes to keep your business in good shape through these courses.

Practical Information Technology Management: If you feel you don’t have the background to make sound business decisions about IT, give this course a try. You’ll gain insight into how to implement, maintain and manage these systems to the benefit of your business...

Law
These courses can help you make sure you know the legal rights and regulations that apply to your business.

Law for the Entrepreneur and Manager: Through his course, you’ll gain a basic understanding of legal issues that corporations and businesses face when organizing, getting financing, protecting intellectual property, working internationally and more...

Field Specific
These courses cover a range of more specific business topics...

The Software Business: If you have an interest in starting a software company, this course can be a good place to get some introductory information...

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What Investors Want

From Educators Corner come new podcasts well worth a listen:

Podcast: Angel Investing Revealed Ron Conway, Angel Investors LP Mike Maples Jr., Maples Investments 60 min. 13 sec. Experienced angel investors, Ron Conway, Founder of Angel Investors LP, and Mike Maples, Founder of Maples Investments, provide a rare look into the ins and outs of angel investing. Conway and Maples discuss how angel investors assess opportunities, provide assistance to entrepreneurs and transition start-ups to larger venture investments or exit. In addition, Conway and Maples provide advice to entrepreneurs about finding one's passion and developing that passion into new ventures, including insight into how much money to raise and how to manage that money after it is in the bank.

Podcast: How to Build a Successful Company Mitch Kapor, Foxmarks 55 min. 24 sec. Serial entrepreneur Mitch Kapor speaks about the fundamental principles of building successful companies by drawing on his experience as creator of Lotus 1-2-3, Chairman of Second Life, Founder of Foxmarks and a wealth of technical and social entrepreneurship knowledge. Kapor emphasizes the elements of company building that technology has changed, such as faster feedback cycles and lower barriers to entry, as well as the elements that remain the same, such as how to establish culture and trust. Kapor illuminates his observations with contemporary and historical examples that create a context-rich primer on building vibrant companies.

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Startup Marketing

"Donna Novitsky talks about developing a marketing strategy for a start-up. She addresses key issues about segmenting customer priorities and their pain-points; and building a competitive strategy. Novitsky notes that customers are the biggest marketers for an organization. She also illustrates from her personal experience about partnering with other players to generate mutual benefits."


From Stanford's Educators Corner

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Guides To Starting A Small Business

Inc.com offers a great set of resources in How To Start A Small Business Topics covered inclue:

Business Plan Building
Business Plan tips, how to write a business plan, get sample business plan templates, free business plan software, help and business plan advice for the small business entrepreneur.

Business Plans at Internet Speed
Writing a business plan faster, with online resources, free business plan software, and web-based advice for the small business entrepreneur.

Buying a Franchise
Buying your own franchise is one way to break into the entrepreneurial ranks and become your own boss. If you're considering a franchise, this collection of tools and tips will help you find the ideal business.

Cash Management Basics
Cash is your business's lifeblood. This guide will help your business -- and you -- avoid a heart attack.

Choosing a Form for Your Business
Trying to choose the right structure for your business? This Inc.com guide brings together our site's best articles on corporate form options, from sole proprietorships to C corporations.

Creating a Great Web Site on the Cheap
Want a terrific Web site -- without spending a fortune? Check out inc.com's guide to building a low-cost, high-impact Web site.

E-Commerce Starter Kit
The Internet will soon be the Grand Central Station of business, and getting a seat on the gravy train means implementing a smart e-commerce strategy now. We've got some basic ticketing instructions.

Hiring Your First Employee
Your business is growing so fast that soon you'll be not only your own boss, but someone else's as well. It's time to hire your first employee, and Inc.com has the help you need.

Patents
Got a great idea but not sure how to obtain a patent for it? This collection of tips and tools can help you get started.

Raising Start-Up Capital
Financing a new business isn't easy. Here Inc.com offers its best advice and resources for finding start-up capital.

Setting Up a Home Office
There are many practical, financial, and psychological benefits of working from home. Inc.com has brought home all our best articles and resources on setting up shop at home.

Setting Up a New Office
What's the biggest hurdle your new business faces? Perhaps it's setting up your first office. Our guide will take you through the process step-by-step.

Financing: Where to Find It
Where to find financing for your business.

Angel Investors
Court and win over angel investors with Inc.com's guide to angel investors.

Market Research
This Inc.com guide offers tips and resources to help you research your industry and competition, and meet your target market's needs.

Grassroots Marketing
Get inspired to fuel your company's growth with this collection of innovative marketing ploys.

Pricing
Inc.com will help you tackle the pricing issue -- we've compiled strategies, advice, and techniques that have served other entrepreneurs well.

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Professor Cornwall on Business Planning

I was asked recently by an entrepreneur whether he should hire someone to write a business plan. I remembered that Professor Cornwall at The Entrepreneurial Mind had written about the answer to this question. I also know what a treasure trove of information is available by searching a blog full of useful posts like the Entrepreneurial Mind. So after conducting a search on business plans on Professor Cornwall's blog, I came up with the following advice, quoting the three posts cited below:

"Unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business...

Business plans are a way to document sound analysis and good planning of your new venture. Whether you actually write this document is to a large degree irrelevant. What does matter is that you go through the process of evaluating the market for the venture, analyzing the potential profit margin it can produce, and reflect honestly on your personal readiness to make it happen. So it is the process of planning, not the actual plan, that really matters...

Too many people think that a business plan is the beginning, middle and end of starting a new venture. The business plan is simply a reflection of a sound process -- it is not the actual process.

In reality, investors like venture capitalists use it in the same way. They want evidence of sound analysis and planning, and the business plan is a way to capture the work an entrepreneur has done in these critical steps...

First you need to figure out why you need a plan. A plan you write for yourself is very different from a plan you write for an investor. Know the audience of the plan. You probably will need to write a couple of different versions for different uses: one for you, one for your investors, and one for creditors. If the plan starts to break down financially or in your ability to make it happen, give it up and go on to your next idea.

A business plan starts with you and your needs. And equally important, it provides a process that helps you learn about the business. It is a process with many exit points that you need to pay attention to so you don't get in too far too fast.

You'll need to intimately know all the details and nuances that are discovered. And when it comes time to use the plan to raise funding, the banker, creditor or investor will expect you to know the plan inside and out. Only the person who writes it will have that knowledge. And it would not look good for you to drag me or some group of college students along to explain everything for you...

When you develop your plan, work on it in the order that they [investors] will evaluate it (other than the Executive Summary, which you write last). Start with market research of the industry, competitive environment and potential customers. Use that to develop a strong and compelling marketing plan. Then forecast your revenues based on the marketing plan. Take your time. This is probably the hardest step of writing a plan if you do it correctly. Revenues are simply price times quantity, but those are two of the most uncertain issues you will face. Do you homework to show that you are making reasonable assumptions.

Then work on the operating plan and expenses. This is usually easier for most of us. However, don't worry about getting it right down to the last dollar. Too often we waste time on these sections. We feel safer here, so seem to want to work on that which we feel most comfortable with. Be accurate and complete, but never overly obsessive with every last detail.

When you finally put it all together you will put it in the traditional outline that most of the books and software suggest, as that is a fairly commonly expected standard format. But, when you write it free-style as I am suggesting, you have the best chance of ending up with a powerful story that holds together for even the most experienced business plan reader.”

Sources:
To Write a Business Plan, or Not to Write a Business Plan

Write Your Own Plan

The Danger of Short-cuts in Writing Business Plans

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The Realistic Entrepreneur

"Optimism is a key to success, but it doesn't necessarily work so well when it comes to VC...it's very easy...to spend a year or more adjusting your business to what each VC asks for ("bring me the broomstick of the wicked witch!") while you could have been out there building a real organization..."

Here are a few conditions from an excellent list of fifteen in this Seth Godin post "that you ought to take seriously before you invest the time and the energy to track down outside money for your great idea...

3. Investors want to invest in a project that's tested...

5. Investors... want you to build an asset (a patent, an audience, channel relationships) that's actually worth something...

15.The companies that VCs most want to invest in are the companies that don't need their investment to survive."

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10 Reasons Jobs Suck

"Here are some reasons you should do everything in your power to avoid getting a job:

1. Income for dummies...

You only get paid when you’re working...Smart people build systems that generate income 24/7, especially passive income. This can include starting a business, building a web site, becoming an investor, or generating royalty income from creative work. The system delivers the ongoing value to people and generates income from it, and once it's in motion, it runs continuously...

2. Limited experience....

The problem with getting experience from a job is that you usually just repeat the same limited experience over and over...

3. Lifelong domestication.

Getting a job is like enrolling in a human domestication program. You learn how to be a good pet...

4. Too many mouths to feed...

You only get paid a fraction of the real value you generate...

5. Way too risky.

Does putting yourself in a position where someone else can turn off all your income just by saying two words ("You're fired") sound like a safe and secure situation to you?...

6. Having an evil bovine master.

When you run into an idiot in the entrepreneurial world, you can turn around and head the other way. When you run into an idiot in the corporate world, you have to turn around and say, “Sorry, boss."...

7. Begging for money...

8. An inbred social life...

9. Loss of freedom...

10. Becoming a coward.

Have you noticed that employed people have an almost endless capacity to whine about problems at their companies? But they don't really want solutions – they just want to vent and make excuses why it's all someone else's fault... It’s as if getting a job somehow drains all the free will out of people and turns them into spineless cowards..."

Read more in this provocative post from Steve Pavlina.

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Create a Mini Business Plan

Create a mini business plan free online at this startup.wsj.com site. Test your assumptions and start documenting your ideas for your new business. The MiniPlan guides you through creating the basics of a business plan including:

Break-Even Analysis
Market Analysis
Executive Summary
Company Objectives
Mission Statement

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Startup Venture Toolbox

A great resource is the Startup Venture Toolbox,created by David Rex.

"The goal of the Toolbox is to provide entrepreneurs with the tools and assistance necessary to help achieve their desired goals as well as to provide a forum for the exploration of entrepreneurial ideas and issues.

The Toolbox is organized in the order that most entrepreneurs follow in taking their ventures from idea to exit.

First, test out the validity of your idea from the investor's point-of-view with the Business Proof of Concept Test.

Then, check out your idea against the world's public databases of intellectual property filings with the Intellectual Property Advisor.

If your idea passes these two tests then create a Business Plan and financial statements with the Business Plan Advisor and the Financial Statement Advisor.

Informational and educational assistance can be found in the Process of Forming a Company, Venture Life Cycle, Articles & Information and Suggested Readings sections.

The Basic Legal Information & Documents section contains certain legal documents and information necessary to get your venture organized, protected and operating..."

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Small Business Resources from Dell

"Dell launched a couple nice small business focused resources recently. The first, called Studio Dell, features well made videos of folks talking about small business and tech solutions as well as case studies and small business stories...In addition, they launched another nice resource for small business called Dell Small Business 360. They bill it as a comprehensive website designed to help you build your business.

The plans are to grow this new portal with content and resources from small business experts and add a community and advice section. At the moment the site is pretty tech heavy as you might expect..."

See this Duct Tape Marketing Blog post from which the foregoing was quoted for live links to the Dell sites.

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Go For It - Make It Happen

There are times in our lives when all the signs seem to be pointing us in a particular direction. Our thoughts and dreams are echoed in the songs and stories we hear and the media we see. Maybe the message we are getting from the universe doesn’t even make sense in the “real” world, but somewhere inside, these urges feel right. Maybe you feel you are being told to move to a new city although your life where you are is just fine. Or maybe you feel the desire to pursue a new direction in your career when it never really interested you before. When we spend time getting in touch with our higher selves, our intuition sends us directives to lead us to become our best and most fulfilled selves. And when we are open and listening, the next step is to take action and go for it.

Once we make the decision to pursue our inner urgings, the universe sets into motion the means for all sorts of details to fall into place. A sense of peace will come over us, because we know that any questions will no longer make us wonder if our dreams are possible, but how to make them happen. Instead of deterring us from our goal, these questions only serve to clarify our focus to move us forward. We need not throw caution to the wind to follow our dream. The positive shift in our energy affects everything around us. Like a rush of water, it goes ahead to clear debris from our path so that we can go forward. Our new attitude also attracts likeminded people. Sometimes even the most unlikely angels arrive to help us along our way with the information and support we need.

Wherever your dreams are pointing you today, take a step. Take action and manifest your inner urges and soul whisperings.

From DailyOM - Nurturing Mind Body & Spirit

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Tips for Entrepreneurs from Larry Page

In this Educators Corner video, Larry Page offers the following tips:

"Tip 1: Just don't settle. Especially with employees, it is very important to find great people you are compatible with.
Tip 2: There is a benefit from being real experts. Experience pays off.
Tip 3: Have a healthy disregard for the impossible. Stretch your goals.
Tip 4: It is OK to solve a hard problem. Solving hard problems is where you will get the big leverage.
Tip 5: Don't pay attention to the VC Bandwagon. Don't start a company just because you can, have a really good idea that is good regardless of the funding situation."

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The "Big Four" Advisors

Pamela Slim writes "about the 'big four' professionals every entrepreneur needs to run an effective business:

A lawyer
An accountant
A banker
An insurance specialist

These professionals can ensure that you set up a solid foundation for your business. Often, entrepreneurs try to "bootstrap" everything and only call in an expert when they are in trouble. Investing in the right professional advice early on can save you headaches, or worse, in the long run."

Via this startupspark.com post.

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The Defining Dozen Business Plan Questions

"To write a good business plan, you have to know the answers to the “Defining Dozen” questions...

1. What’s your business idea?
2. How does your idea address a need?
3. What model suits you best?
4. What’s so different about what you offer?
5. How big is the market and how big will you grow?
6. What’s your role going to be?
7. Who's on your team?
8. How will customers buy from you, and how much will they pay?
9. How much money do you need, and how much will you make?
10. Where's the startup money coming from?
11. How will you measure success?
12. What are your key milestones?

Once you’ve answered these questions, you should be prepared to write the actual business plan document."

Read more in this article from StartupNation.

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