Family Businesses Westbrook Lobster Source: Used with permission, Michael Larivere, manager, Westbrook Lobster, Wallingford, CT. In 1957, Westbrook Lobster opened in Westbrook, Connecticut, as a specialized lobster and fish market. As time went on, the company expanded to offer a comprehensive range of fish, shrimp, and prepared foods. In 1989, Larry Larivere, who grew up near the docks of New Bedford, Massachusetts, bought the business and had a dream of… Read More »Family Businesses

2.4 The Three Threads LEARNING OBJECTIVES Understand that providing customer value can have a tremendous positive impact on a firm’s cash flow. Understand that determining customer value is critical to the survival of any business. Customer relationship marketing software, which previously was available only to the largest firms, is now priced so that even small firms can extract their benefit. In Chapter 1 “Foundations for Small Business”, customer value, cash flow, and… Read More »The Three Threads

2.3 Sources of Business Ideas LEARNING OBJECTIVES Understand that creativity and innovation are critical for small businesses. Realize that innovation need not be limited to the creation of new products and services. It may involve seeing new uses for a product, new ways of packaging a product, or new ways of marketing a product. Understand that creativity and innovation must be nurtured in any organization and that there are several areas… Read More »Sources of Business Ideas

2.2 Knowing Your Customers LEARNING OBJECTIVES Understand that in order to provide customer value, firms must be able to listen to the voice of the customer. Comprehend that businesses must attempt to identify those customers’ needs that are not being met by competitors. Understand that businesses should segment their customers to better meet their needs. Understand that businesses should consider the lifetime value of their various customer segments. Understand that although… Read More »Knowing Your Customers

Chapter 2-Your Business Idea: The Quest for Value Cheshire Package Store Source: Used with permission from Robert Brown. Robert Brown has been the owner and operator of the Cheshire Package Store for 25 years. It is one of several liquor stores in this town of 25,000 people. Some of his competitors are smaller or approximately the same size, and one is significantly larger. Robert is very clear in his understanding… Read More »Your Business Idea: The Quest for Value

What Is a Successful Small Business? Ask the average person what the purpose of a business is or how he or she would define a successful business, and the most likely response would be “one that makes a profit.” A more sophisticated reply might extend that to “one that makes an acceptable profit now and in the future.” Ask anyone in the finance department of a publicly held firm, and… Read More »Foundations for Small Business

Chapter 1: Foundations for Small Business Chapter Introduction Small Business in the US Economy Success and Failure in Small Businesses Evolution Ethics The Three Threads Chapter 2: Your Business Idea: The Quest for Value Chapter Introduction Defining the Customer’s Concept of Value Knowing Your Customers Sources of Business Ideas The Three Threads Chapter 3: Family Businesses Chapter Introduction Family Business: An Overview Family Business Issues Conflict The Three Threads Chapter… Read More »Small Business Management

Introduction Every company designs strategic plans to achieve their set objectives and goals. These plans can be short, medium, or long-term, according to the size and scope of the company. It is very important that the company specifies accurately and carefully its mission. The mission is fundamental since it represents the operative functions that the company is going to perform in the market and supply to the consumers. For a… Read More »Strategic Marketing Plan

Chapter 10 – The Entrepreneurial Environment Entrepreneurs adopt the ways of the adept and adapt to a changing environment. Actually, entrepreneurs are more entrepreneurs, because they are forever entering into new territory. – Jarod Kintz Entrepreneurship rests on a theory of economy and society. The theory sees change as normal and indeed as healthy. And it sees the major task in society—and especially in the economy—as doing something different rather… Read More »The Entrepreneurial Environment

Chapter 9 – Innovation and Entrepreneurship While the idea of the entrepreneur and entrepreneurship has evolved to include the attributes of innovation, opportunity discovery (or construction) and value creation, my sense of the basic gist of the term continues to focus on this facet of human behavior: initiative taking. The process of entrepreneurship invariably involves an individual or individuals investing effort into something they had not previously done before. –… Read More »Innovation and Entrepreneurship