Entrepreneurship: Back to Basics

Front Cover
Beard Books, 1990 - Business & Economics - 308 pages
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This reprint of a 1990 handbook (Prentice Hall), presented with a new preface and epilogue, focuses on building and operating rapid-growth companies based on new technological or marketing data. Baty and Blake's advice from their years of experience as entrepreneurs and educators asserts that while
 

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Contents

FORMATION
1
Risks and Rewards
9
FINANCIAL RISKS
10
CAREER RISKS
11
REWARDS
13
BALANCING RISKS AND REWARDS
14
HOW TO TELL IF YOURE AN ENTREPRENEUR
15
What Kind of Company?
17
SMALL BUSINESS TYPES WE CAN DO WITHOUT
140
Acquiring and Divesting People
143
RECRUITING
147
INTERVIEWING
149
DIVESTING PEOPLE
150
A NOTE ON THE PERSONNEL FUNCTION
152
MARKETING
155
IMAGE VERSUS REALITY
156

SERVICE VERSUS MANUFACTURING
19
WHERE TO LOOK FOR IDEAS
20
CRITERIA FOR FIRST PRODUCTS
22
VENTURE ARCHITECTURE
24
WHAT CHARACTERIZES GOOD ARCHITECTURE?
26
Measuring the Need
30
WHERE DO YOU LOOK FOR INFORMATION?
33
Selection of Cohorts
38
IS A TEAM REALLY NECESSARY?
39
THE QUESTION OF STOCK
40
ONE APPROACH
42
HOUSECLEANING
44
The Zero Stage Form versus Substance
46
WHAT FORM SHOULD THE COMPANY TAKE?
47
WHAT KIND OF FACILITIES?
48
DIRECTORS PRO AND CON
49
PROTOTYPES AND PLAUSIBILITY
50
WHERE DOES SEED MONEY COME FROM?
51
WHAT TO DO UNTIL THE MONEY ARRIVES?
53
Leaving the Womb
56
NONCOMPETITION AGREEMENTS
57
WHEN TO SPLIT
58
WHAT TO TAKE WITH YOU
59
FINANCING AND FINANCES
61
WHAT IS THE WORTH OF VALUELESS STOCK?
63
WHAT IT IS AND ISNT
64
OPERATING WITHOUT CAPITAL
65
MAGIC OF INITIAL SALES
69
Equity Sources A Range of Motivations
70
PRIVATE INDIVIDUALS OR GROUPS OF INDIVIDUALS
71
VENTURE CAPITAL FIRMS
74
ADLERS LAWS
76
SMALL BUSINESS INVESTMENT COMPANIES SBICs
77
FIDUCIARY FUNDS MANAGERS
78
INDUSTRIAL CORPORATIONS
79
THE ONLY GAME IN TOWN?
82
Public or Private Whats the Difference?
86
SIZING UP THE MARKET
89
SOME ADDITIONAL CONSIDERATIONS
90
The Business Plan
92
THE FUNDRAISING PLAN
95
HOW MUCH MONEY?
96
THE OPERATING BUSINESS PLAN
98
Shopping and Negotiations
100
A NOTE ON FINDERS
101
DONT SHOP THE DEAL
102
THE PITCH
103
A NOTE ON REFERENCES
104
WHAT IS IN A LETTER OF INTENT?
105
THE DOCUMENT
107
THE NEGOTIATION PROCESS
108
AccountingInside and Out
111
ACCOUNTING AS A LANGUAGE
112
AUDITORS
114
SELECTION OF AN AUDITING FIRM
115
THE AUDIT
116
BUDGETS AND CONTROL
117
Care and Feeding of Bankers
120
SELECTING A BANK
121
GROOMING THE RELATIONSHIP
122
MISCELLANEOUS SERVICES OF BANKS
123
DAYTODAY BANKING
124
That Next Round of Financing
126
WHO NEEDS THOSE GUYS?
128
FINANCING PAST LOSSES
129
ACQUIRING AN ACQUIRER
131
PEOPLE
135
THE OUTGROWN EMPLOYEE
136
TALENT VERSUS EXPERIENCE
138
ADVERTISING AGENCIES
158
PRICING
159
CONTINUOUS MARKET RESEARCH
160
IDENTIFYING AND RECRUITING REPS
161
SUCCEEDING WITH REPS
162
BEYOND REPS
164
INTERNATIONAL MARKETING
165
YOUR JOB AS CHEERLEADER
167
SELLING CAN BE LEARNED
168
The Customer
170
ANALYZING CUSTOMER NEEDS
172
SERVICING THE RELATIONSHIP
173
HANDLING PROBLEMS
174
THE PROBLEM CUSTOMER
175
ENFORCING CONTRACTS
177
Competitors and What to Do about Them
179
COMPETITORS AS AN IDEA SOURCE
180
FINDING OUT ABOUT COMPETITORS
181
COMPETITIVE STRUCTURE
184
HIRING COMPETITORS PERSONNEL
185
Going International
187
BENEFITS FLOW BOTH WAYS
188
HOW TO PROCEED?
189
FOREIGN MARKETING IN CONTEXT
193
Strategic Partnering
195
WHATS IN IT FOR THE NEW VENTURE?
196
WHATS IN IT FOR THE BIG PARTNER?
197
WHAT ARE THE FORMS OF STRATEGIC PARTNERSHIPS?
198
HOW DO YOU MAKE IT WORK?
199
RUNNING THE SHOW
201
THE IMPORTANCE OF MEETING TARGETS
202
THE PRINCIPLE OF ENLIGHTENED MEDIOCRITY
203
MAINTAINING INVESTOR RAPPORT
204
THE ENTREPRENEURS CREDIBILITY
205
PLANNING YOUR TIME
206
HELPING OTHERS PLAN THEIR TIME
208
More on Negotiation
210
YOUR OPPOSER IS USUALLY AT A GROSS ADVANTAGE
211
WHY TECHNOLOGISTS ARE OFTEN POOR NEGOTIATORS
212
KNOWING YOUR OPPOSER
213
STRATEGIES AND TACTICS
214
SOME ADDITIONAL CONSIDERATIONS ON NEGOTIATING
216
Lawyers and Their Uses
218
LAWYERS AS LEGAL ADVISORS
219
LAWYERS AS NEGOTIATORS
220
PICKING A LAWYER
221
PATENT LAWYERS
222
SPECIAL COUNSEL
223
Custodial Operations and How to Avoid Them
225
TOO MUCH INFORMATION
230
Millstones and Other Fixed Assets
232
MAKEORBUY ANALYSIS
235
Managing the RD Function
238
WHAT ENGINEERS DO IN STARTUPS
239
SOME TRENDS
240
PATENTS
242
CARE AND FEEDING OF ENGINEERS
243
IN CONCLUSION
246
Life after Death Our Beneficent Bankruptcy Laws
247
WHAT THE LAW SAYS
248
WHATS IN A PLAN OF REORGANIZATION?
250
ALTERNATIVES TO FORMAL BANKRUPTCY
252
OVER AND OUT
255
LIFE STRATEGY
256
EXIT MODES
257
A FINAL NOTE ON GETTING OUT
262
Index
264
Epilogue
271
Copyright

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Page xi - We are not here to sell a parcel of boilers and vats, but the potentiality of growing rich beyond the dreams of avarice.
Page 1 - The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends upon the unreasonable man...

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About the author (1990)

Gordon Baty practices, preaches, and promotes entrepreneurship. Professionally, he has occupied every seat around the table. He has run three venture-capital financed start-ups; has sat on twenty boards; has been a private investor in several; and has been an institutional investor in many more. He has also taught entrepreneurship at the university level, has written extensively about it, venture capital, and the management of innovation. Baty has advised government and university officials on entrepreneurship, seed capital, and the commercialization of technology. He holds BS, MS, PhD degrees from MIT.

His previous books include Dances With Wolves, Airman Mortensen, and Marching to Valhalla. He received an Academy Award for his screen adaptation of Dances With Wolves. He lives with his wife and children on a ranch in Southern Arizona.

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