Monday, April 27, 2009

Time to buy?

Entrepreneurship involves discovering and exploiting opportunities. In many cases, this involves the start-up of a new business entity. However, entrepreneurship can also involve acquiring a business. In the current economic times, many businesses are being put to the test, and in some cases, not doing so well. This can equate to a great opportunity for someone to come in and take over an existing business with a fresh perspective, strategy and resources.

A recent question posted to BusinessWeek addresses how to buy a struggling company. The key takeaways…Many businesses are available at bargain prices, but be cautious – do your due diligence!!!

One way to identify struggling business is through a certified business broker. However, another more fruitful option is via word-of-mouth (use your networks!). One last suggestion is to be creative --- for instance, you could offer to come on board for free in exchange for a share of the ownership. Or, you could offer to purchase a failing division of the business (not the business in entirety). Don’t be afraid to approach a business owner, but do be respectful as there are many emotions that are associated with running a successful and failing business.

Link for full article: How to Buy a Struggling Company - BusinessWeek

Wednesday, April 15, 2009

Libraries: An invaluable tool for entrepreneurs

When is the last time you have gone to the library? image

As an entrepreneur, or a wanna-be entrepreneur, libraries represent an invaluable tool that I fully endorse. Here are just a few reasons why:

  • Quiet place to think and fully concentrate on your business plan
  • Free access to computers, programs and the Internet
  • Free access to a wealth of knowledge via the librarians (really, they are geniuses that can help you find out nearly ANY piece of information that you need)
  • Free access to journals and other documents (that can otherwise be quite costly) that can help provide much needed insight into your market and industry
  • If your library doesn’t have the documents you need, they can usually access them from another library for you
  • From home, you can still usually access many of the electronic tools
  • From home, you can also typically submit a research question/request to the librarian that they’ll work on for you

As this week is deemed National Library Week, I encourage you to reconsider what your local library can do for you today!