P1: OTA/XYZ P2: ABC
c07 JWBT144/Gordon September 25, 2009 19:27 Printer Name: Courier Westford, Westford, MA
TRUMP UNIVERSITY ENTREPRENEURSHIP 101
focus on satisfying their basic needs: security, safety, food, clothing, shelter,
and health. Where are the entrepreneurial opportunities in those categories?
As you look at the list in Exhibit 7.1, look for situations that will merge your
skills, knowledge, and passions with the changing needs of consumers.
Some of these opportunities may seem small in scale, leading to lifestyle
businesses. Don’t be too quick to dismiss them! One of the most successful ventures
I know was started as a one-person computer consulting company. In 1984,
Elizabeth Brown launched SOFTEACH, Inc. (www.softeachusa.com). As of
2009, her company has 100 instructors and 2,500 national clients, providing
onsite customized training on Macintosh and Windows platforms. Little steps
can grow huge!
Launch a Business to Satisfy Pressing Business Needs
During recessions, businesses hunker down and aim for survival. Layoffs, cut-
backs, and thoughtful asset management are the norm until the economic
turbulence subsides. Businesses struggle for positive cash flow and conserva-
tion of capital. Here are their most pressing concerns:
r
Asset management: inventory, equipment, cash, property
r
Customer relationships
r
Employee motivation
r
Supply chain management
r
Financial management: balance sheet, costs, cash flow
r
Lending relationships
r
New customer capture through cost-justified marketing
r
Survival! ...