Unlocking Your Entrepreneurial Potential
Marketing, Money, and Management Strategies for the Self-Funded Entrepreneur
by
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There are approximately 28 million businesses in the U.S. today with over 558,000 new businesses being launched every month. Over 99% of these businesses will never receive 3rd Party funding. In fact, according to the Global Entrepreneurship Monitor’s 2009 Report, “A person has a better chance of winning a million dollars or more in a state lottery than getting Venture Capital to launch a new business.”
In addition to established businesses, there are millions of aspiring entrepreneurs. They include students, recent graduates, people working for other companies, those recently laid off, and the recently retired. In fact, the age 50+ demographic now has the highest percentage of new business start-ups.
Unfortunately, 50% of all new businesses fail within five years, and 50% of the survivors fail during the following five year period.
The goal of this book is to share insights, strategies, and tactics with all entrepreneurs to improve their probability of success and sustainability without relying on 3rd Party Investors.
How this Book is Organized
Every successful business goes thru seven stages of development. These include Planning/Preparation, Launch, Profitability, Growth, Decline, Reinvention, and Sale of the business. Each of these stages requires the right blend of strategies and tactics to ensure success.
Most of these strategies can be grouped into four categories. The “4 M’s” include Mindset, Marketing, Money, and Management.
The “Self Funded Entrepreneur’s Matrix” identifies critical strategies and tactics for each stage of the business cycle (see attachment).
In addition, the book includes over 50 “Take-Aways” that summarize and highlight critical concepts and insights for each stage.
The book is part How-To book, part diary, part text book, and part “Playbook” for the Self Funded Entrepreneur (SFE).
Entrepreneurs have very little “free time” to read. This book is written to allow the entrepreneur to focus quickly on the relevant stage of business development and on the “M” of interest.
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About the Book
BASED ON PERSONAL EXPERIENCE, THIS BUSINESS GUIDE SHARES PRINCIPLES, TECHNIQUES, STRATEGIES, AND TACTICS TO HELP SELF-FUNDED ENTREPRENEURS IMPROVE THEIR CHANCES OF SUCCESS.
Statistics indicate more than 50 percent of all new businesses will fail within five years, and 50 percent of the survivors will fail during the following five-year period. But there are ways to survive and thrive. In Unlocking Your Entrepreneurial Potential, author and entrepreneur Tim S. McEneny shares insights from his thirty-year entrepreneurial career to help other self-funded entrepreneurs unlock their potential and improve their probability of success.
McEneny discusses his mistakes, his successes, and his important business lessons; he also provides tips on such topics as hiring great people, investing, dealing with stress, and selling more to existing customers. He covers the basic information an entrepreneur needs to understand while navigating the life cycle of a business. From the perspectives of mind-set, marketing, money, and management, Unlocking Your Entrepreneurial Potential
describes principles and techniques for a start-up business’s seven stages:- Preparation and planning
- Launch through breakeven
- Achieving and maintaining profitability
- Growth
- Reinvention
- Decline (and cost-cutting)
- Selling the company.
More than a self-help book, Unlocking Your Entrepreneurial Potential provides a prescription for economic prosperity—for the individual, the United States, and entrepreneurs throughout the world.
About the Author
TIM MCENENY, a successful self-funded entrepreneur, co-founded PurchasingNet Inc. in 1982, which survived and thrived for twenty-eight years. An award-winning innovator, he developed the first Windows-based and first web-based automated purchasing software. McEneny and his wife, Laurene, have two children and one grandchild.