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What’s Stopping You?: Shatter the 9 Most Common Myths Keeping You from Starting Your Own Business

Book Description

“This book dispels the myths surrounding the process of starting a business, and gives hope and encouragement
to people who would like to give it a try.”

Tim Berry, Founder and CEO, Palo Alto Software
Creators of the World’s Most Popular

“Bruce Barringer and Duane Ireland’s new book, What’s Stopping You? is an insightful and thought-provoking examination of nine common myths that discourage individuals from starting new businesses. … This book is much-needed and long overdue…. The value of What’s Stopping You? is that it effectively debunks the false premises that too often preclude acts of business start up. What’s Stopping You? is an encouraging, instructive, and eloquently written book that would be a valuable addition to any aspiring entrepreneur’s bookshelf.”

Jeffrey G. Covin, Samuel and Pauline Glaubinger Professor of Entrepreneurship, Kelley School of Business, Indiana University, Bloomington, Indiana

“Over the years I have observed many seemingly great business opportunities never get off the ground. Quite often, what holds these aspiring entrepreneurs back are common misconceptions about the difficulties and risks of starting a new business. In What’s Stopping You?, Professors Barringer and Ireland systematically break down the myths that hold many entrepreneurs back from pursuing their dreams.”

Jeffrey R. Cornwall, The Jack C. Massey Chair in Entrepreneurship, Belmont University, Nashville, Tennessee

“Barringer and Ireland simultaneously demystify start-up misconceptions and empower readers to explore their own opportunity with renewed passion. Many prospective entrepreneurs feel trapped by myths, the authors carefully detail the myth’s fallacies and encourage the reader to see beyond start-up stereotypes. Future and experienced entrepreneurs have much to learn from What’s Stopping You?

Sarah Schupp, Founder/CEO, University Parent Media, Boulder, Colorado

“Creating your own business from scratch can be a mental, emotional, and financial roller coaster ride. Bruce Barringer and Duane Ireland’s book provides a ‘voice of reason’ and helps give you the confidence to realize you can do it. They recognize that starting a business is hard work, but that it is attainable–and that you should celebrate your accomplishments every step of the way.”

Jan Stephenson Kelly, Cofounder/CEO, Spark Craft Studios, Cambridge, MA

Business Plan Software Follow Your Dream! Start Your Own Winning Business—Now!

•Get past the myths that keep you from making the leap

•Gain the practical skills and confidence you need to succeed

•Quickly evaluate business ideas and pick a winner

•Launch your company and watch it grow and profit

Build the business you’ve always dreamed of! Take control of your future and achieve the breakthrough success that’s only possible when you’re working for yourself. You can do it–and this book will show you how.

Forget the myths that have been standing in your way. You don’t need to be rich. You don’t need extensive business experience. You don’t need to be a genius. You don’t need a revolutionary product or service. You can handle the risk, the competition, and the challenges.

The proof’s on every page of this book: case studies of “ordinary” people building great businesses and practical techniques you can use, too–every step of the way!

Table of Contents

  1. Copyright
    1. Dedication
  2. Praise for What’s Stopping You?
  3. About the Authors
  4. Preface
    1. Who Is This Book Written For?
    2. What Will You Learn by Reading This Book?
    3. How Is This Book Organized?
  5. I. Getting Started—It May Not Be as Hard as You Think
    1. 1. Myth No. 1: It Takes an Extraordinary Person to Start a Business: Truth No. 1: You Can Do It!
      1. Introduction
      2. Factors That Prompt and Motivate a Person to Start His or Her Own Business
        1. Triggering Event
        2. Aspiration Gap
        3. Self-Efficacy
        4. Passion for a Business Idea
      3. Summary
      4. Endnotes
    2. 2. Myth No. 2: Starting a Business Involves Lots of Risk: Truth No. 2: It May Not Be as Risky as You Think
      1. Introduction
      2. Why It’s Difficult for People to Quit Their Jobs and Start Their Own Businesses
      3. Make an Objective Decision About Starting a Business by Setting Aside Anxieties About Risk
      4. Determining What You Want Out of Life
      5. Having a Good Sense of What’s the “Worst Thing That Can Happen” if Your Business Fails
      6. Researching the Business Opportunity
      7. Summary
      8. Endnotes
    3. 3. Myth No. 3: It Takes a Lot of Money to Start a Business: Truth No. 3: It Might Not Cost as Much as You Think
      1. Insights Into How to Think About Money as It Relates to Starting a Business
      2. Skimpy Finances Can Be a Blessing Rather Than a Curse
      3. Raising or Borrowing Money Is Trading One Boss for Another
      4. Excess Funds Can Enable a start-up to Operate Unprofitably for Too Long
      5. Techniques That Enable Business Owners to Minimize the Costs Associated with Starting a Business
        1. Selecting an Appropriate Business to Start
        2. Seek Out Help
        3. Cut Costs and Save Money at Every Opportunity
      6. Choices That Small Business Owners Have for Raising Start-Up Funds if Needed
        1. Bank Financing
        2. Equity Funding
        3. Grants
        4. Other Potential Sources of Funding
      7. Summary
      8. Endnotes
    4. 4. Myth No. 4: It Takes a Great Deal of Business Experience to Start a Successful Business: Truth No. 4: Successful Businesses Are Started by People with All Levels of Business Experience
      1. Introduction
      2. Insights Into the Role That Prior Business Experience Plays in the Business Start-Up Process
        1. Nearly Everyone Feels Inadequate on Some Level
        2. Certain Types of Business Experience Might Actually Hurt Rather Than Help You
        3. Domain-Specific Experience Is Often as Important as Business Experience
      3. Opportunities That Minimize the Need for Substantial Business Experience
        1. Franchising
        2. Direct Sales
        3. Businesses That Have Well-Established Business Models
      4. Techniques That Help People Overcome the Lack of Business Experience
        1. Forming Partnerships
        2. Joining Support Groups and Participating in Online Forums
      5. Summary
      6. Endnotes
    5. 5. Myth No. 5: The Best Business Ideas Are Already Taken: Truth No. 5: There Are an Infinite Number of Possibilities for Good Business Ideas
      1. Introduction
      2. Three Most Common Sources of New Business Ideas
        1. Changing Environmental Trends
          1. Economic Trends
          2. Social Trends
          3. Technological Advances
          4. Political Action and Regulatory Changes
        2. Unsolved Problems
        3. Gaps in the Marketplace
      3. Techniques for Generating Ideas
        1. Brainstorming
        2. Library and Internet Research
      4. Summary
      5. Endnotes
  6. II. Running and Growing a Business—Don’t Underestimate Your Chances
    1. 6. Myth No. 6: No One Can Compete Against Wal-Mart and the Other Big-Box Retailers: Truth No. 6: You Can Compete Against the Big-Box Retailers if You Have the Right Plan
      1. Introduction
      2. How Big-Box Retailers Compete and What Their Vulnerabilities Are
        1. How the Big-Box Retailers Compete
        2. Vulnerabilities of the Big-Box Stores
      3. Approaches for Competing Successfully Against Big-Box Retailers
        1. Operate in a Niche Market
        2. Differentiate
        3. Stress “Locally Owned”
      4. Specific Tactics That Local Businesses Use to Support Their Independent Status
        1. Partner with Other Small Businesses
        2. Shop the Competition
      5. Summary
      6. Endnotes
    2. 7. Myth No. 7: It’s Almost Impossible for a New Business to Get Noticed: Truth No. 7: There Are Many Ways for New Businesses to Get Noticed and Recognized
      1. Introduction
      2. Rules-of-Thumb for How to Approach the Challenge of Getting Noticed
        1. Focus on a Niche Market and the Benefits Offered to Customers
        2. Consider Diverse Marketing Methods
        3. Find Ways to Build Credibility and Support
      3. Establishing a Brand
      4. The Most Common Tactics and Techniques for Getting a New Business Noticed
        1. Advertising
          1. Print and Media Advertising
          2. Internet Advertising
          3. Public Relations
          4. Internet-Related Methods (Other Than Pay-Per-Click Advertising)
            1. Blogging
            2. Social Networking
        2. Word-of-Mouth Marketing
      5. Summary
      6. Endnotes
    3. 8. Myth No. 8: The Internet Isn’t What It Was All Hyped Up to Be: Truth No. 8: There Are Many Legitimate and Enjoyable Ways to Make Money Online
      1. Introduction
      2. Factors That Facilitate Internet-Related Business Success
        1. Acquiring Internet-Related Knowledge and Expertise
        2. Attracting Users
        3. Patience
      3. The Most Common Ways That Individuals and Businesses Make Money Online
        1. Affiliate Programs
        2. Pay-Per-Click Programs
        3. Direct Ads
        4. E-Commerce
        5. Subscription Services
        6. Other
      4. Platforms That Help Freelancers Sell Their Products and Services Online
        1. General Web Sites That Help Freelancers Sell Their Work
        2. Specific Web Sites That Target Freelancers Who Work in Certain Areas
      5. Summary
      6. Endnotes
    4. 9. Myth No. 9: It’s Easy to Start a Business, But It’s Difficult and Stressful to Grow One: Truth No. 9: Businesses Can Be Grown Profitably and Enjoyably
      1. Introduction
      2. Preparing for Growth
        1. Appreciating the Nature of Business Growth
        2. Determining a Business’s Core Strengths and Capabilities
        3. Planning For Growth
      3. Managing Growth
        1. Knowing and Managing the Stages of Growth
          1. Introduction
          2. Early Growth
          3. Continuous Growth Stage
        2. Challenges of Growth
          1. Cash Flow Management
          2. Price Stability
          3. Quality Control
          4. Capital Constraints
      4. Growth Strategies
        1. Internal Growth Strategies
        2. External Growth Strategies
      5. Summary
      6. Endnotes