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Roadmap of Entrepreneurial Success

Greatest challenge a new business venture faces is getting the right things done in the right order. Knowing what to do, and in what sequence, is critical, especially since the entrepreneur has very limited time and resources. Startup companies are much like launching a rocket. If at launch you’re just a fraction of a degree off, you could end up a thousand miles off course.

As the pace of business competition accelerates, seats of the management become ever more dangerous. Entrepreneurs operating their ventures in uncertain environments need a focused "path to profitability." Roadmap to entrepreneurial success provides the necessary tools for both the new and experienced entrepreneur to stay on course and succeed. This essential business resource debunks dated concepts and offers a step-by-step program for:

  • identifying value drivers in business, and communicating those drivers to venture team and potential investors
  • understanding the business planning and business modeling process
  • leveraging the six competitive advantages and five market entry strategies that successful entrepreneurs use most often
  • gaining immediate sales traction in a fast-changing marketplace
  • growing around the growth wall that stops many companies
  • getting on the radar of potential acquirers if one chooses to sell your business

Few of the top issues are mentioned below.

Ensure a skilled workforce.
One of the biggest constraints for the formation and growth of successful enterprises, large and small, is finding skilled individuals with an entrepreneurial bent. The roadmap says fixes should include fostering entrepreneurship in the way the education system is run, allowing families to choose which public schools their children attend, nurturing entrepreneurial skills from middle school through college, devoting more federal support to science and engineering, and forging an "entrepreneurial" immigration system.

Reform health care.
Escalating health care costs are a major concern for entrepreneurs and U.S. businesses in general. Fear of losing health insurance compounds workers' anxieties about job loss and deters some from leaving their jobs to launch new enterprises.

Promote innovation.
Entrepreneurs launching new businesses are responsible for a disproportionate amount of truly radical or transformative innovation—the disruptive products and technologies that affect U.S. competitiveness.

  1. Improve university-research commercialization by freeing faculty to negotiate their own deals, and make federal research grants dependent on tangible results.
  2. Streamline the patent system and limit what can be patented.
  3. Provide small businesses the same advantages as big corporations in following research and innovation abroad.

Limit regulation and litigation.
Entrepreneurial businesses often bear a disproportionate cost of regulation and liability litigation. Reforms are needed to ensure that major federal and state regulations are implemented only if their estimated benefits exceed costs. Reforms in liability laws are also required.

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