In running this new venture, I need to invest
PROVIDE ADVICE TO AN ENTREPRENEUR ABOUT INTELLECTUAL PROPERTY PROTECTION
Q1. In running this new venture, I need to invest al available resources in producing the products and attracting customers. How important is it for me to divert money from those efforts to protect my intellectual property?
Q2. I have sufficient resources to obtain intellectual property protection, but how effective is that protection without a large stock of resources to invest in going after those that infringe on my rights? If I do not have the resources to defend a patent, is it worth obtaining one in the first place?
Q3. Are there circumstances when it is better for me not to be an innovator but rather produce “knock-offs” of other innovations?
Provide advice to an entrepreneur about firing employees
Q1. Gee, these managers discussed in the article are a bit rough. Even if one particular person is not producing as expected, doesn’t this person still deserve to be treated with respect?
Q2. It appears that the automatic assumption is that the employee is at fault for not performing and therefore should be fired. But shouldn’t the responsibility fall on me as the manager and the system that I have introduced? Maybe the person is performing as well as the situation allows?
Q3. How am I to build team spirit within my small company when I single out one person for lack of production and fire him or her?
Provide advice to an entrepreneur about small business investment companies
Advice to an entrepreneur
An entrepreneur, who is an owner manager of a small business and looking to raise $4,00,000, has read the above article and comes to you for advice:
Q1. What are the advantages of going to an SBIC over and above a business angle or venture capitalist?
Q2. What are the disadvantages and how can they be minimized?
PROVIDE ADVICE TO AN ENTREPRENEUR ABOUT NONTRADITIONAL FINANCING
Advice to an entrepreneur
An entrepreneur, who is looking to expand but has limited access to traditional financing, has read the above article and comes to you for advice:
Q1. I want to find a little pot of gold like Lissa D’Aquanni. Where should I look?
Q2. I like the gift certificate idea to raise money and build my business. What other types of products do you think that approach will work for?
Q3. Over the years I have paid a lot of taxes. Should I feel guilty for accessing government – subsidized monies to build my business, or should I feel justified?
Q1.This whole idea of experimentation seems to make sense, but all those little failures can add up, and if there enough of them, then this could lead to one big failure-the business going down the drain. How can I best get the advantages of experimentation in terms of innovation while also reduction the costs so that I don’t run the risk of losing my business?
Q2. My employees, buyers, and suppliers like working for my company because we have a lot of wins. I am not sure how they will take it when our company begins to have a lot more failures (even if those failures are small)- it is a psychological thing. How can I handle this trade-off?
Q3. Even if everyone else accepts it, I am not sure how I will cope. When projects fail it hits me pretty hard emotionally. Is it just that I am not cut out for this type of approach?
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