SYOB / Start Your Own Business (Jennifer Merritt, 2018)

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Review: A complete handbook for kickstarting your business in practical and structured ways without dreamy and big ideas. Suitable for aspiring entrepreneur with zero knowledge to business owners with less than 2 years of experience. Rated: 8.5/10

  • Good idea: solve pain point, unique solution, right market segmentation, low competition, good go-to-market strategy, various transaction based, solid financial milestone, scalable / Team, traction, minimum viable product
  • "Make me feel important" -Mary Kay
  • If you have no business ideas, buy an existing business or invest in a franchise
  • Find your niche: make a wish list, focus, describe your customer’s worldview, synthesize, evaluate, test, go for it
  • Business objective: what are you in business, who are you customers, what image of your business do you want to convey, what is the nature of your products and services, what level of service do you provide, what roles do you and your employees play, what kind of relationships will you maintain with supplier, how do you differ from competitors
  • “Success seems to be connected to action. Successful people keep moving. They make mistakes, but they never quit.” -J. Willard
  • Business plan (major): executive summary, business description, market strategies, competitive analysis, design and development plan, operations and management plan, financial factors
  • Type of loans: line-of-credit, installment, ballon, interim, secured, unsecured, letter of credit, term, mortgage, inventory, account receivables, personal, guaranteed, commercial
  • Type of financing: equity, trade creditors, factoring, line of credit, short-term loan
  • EVERYTHING is negotiable
  • Type of lease: flat lease, step lease, net lease, cost-of-living lease, percentage lease
  • Logo design: simplicity, brand consistency, memorability, remarkability, market testing
  • Type of basic insurance: worker’s compensation, general liability, auto insurance, property/casualty coverage, public liability, umbrella coverage, business interruption coverage, keyman insurance, life insurance, disability insurance
  • Branding: your company’s foundation, creates value, clarifies your message, a promise
  • Advertisement: should attract attention, should appeal to the reader’s self-interest, should communicate your company’s unique advantage, should prove your advantage, should motivate readers to take action
  • Accounting system component: chart of accounts, general ledger, accounts receivable, accounts payable, inventory, fixed assets, payroll
  • Financial statement: income statement (sales, cost of goods sold, gross profit, operating expenses, depreciation, operating profit, other income and expenses, net profit before taxes, income taxes, net profit after taxes), balance sheet (current assets, fixed assets, intangible assets, other assets, current liabilities, long-term liabilities, owner’s equity), cash-flow statement (net cash flow from operating activities, net cash flow from investing activities, net cash flow from financing activities)
  • Analysis: cash-flow analysis, break-even analysis, working capital analysis


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