July 2007 Issue
  Featured Articles
In this issue:
Wealthier Nascent Entrepreneurs More Likely To Start Businesses
Start at the End
8½ Things to Do for More Referrals
Attracting Deposits from Small Biz
 
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SBA
Wealthier Nascent Entrepreneurs More Likely To Start Businesses
The wealthiest nascent entrepreneurs are more likely to start a business than are their less wealthy counterparts, concludes a study released today by the Office of Advocacy of the U.S. Small Business Administration. However, this effect differs when the race and ethnicity of the entrepreneur are considered as factors.
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Tom Simons and Ken Dec
Start at the End
It's not easy being a marketer these days. For one thing, you have to measure the impact of your campaigns. And that's a challenge when you're using multiple media. We know, for example, that traditional media advertising can affect the results of an online program. But how do you gauge that impact in terms that everyone can understand?
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Bill Cates, CSP
8½ Things to Do for More Referrals
Develop these habits to start generating more word-of-mouth business. Here’s what you need to do to put your business in a position to attract more high-quality clients through referrals. If you can establish all, or most, of these strategies as solid habits, you’ll create an unlimited supply of high-quality referrals.
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Charles B. Wendel
Attracting Deposits from Small Biz
In the world of small business banking, attracting deposits is the name of the game. Historically, banks have marketed loans rather than deposits to their small business customers. But deposits actually generate the most profitability from these customers, 60% of whom don’t borrow at all. Five tactics for improving the deposit flow are: a simplified product set; emphasis on product packaging; more effective deposit sales efforts; segmenting the market appropriately; and aligning incentives with deposit sales.
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Max Chafkin
Big Love; When angels have too much faith.
When Steve Wandler lost his job as schedule manager for a steel manufacturer in 2001, he knew it was time to get serious about the start-up he was launching on the side, YourTechOnline.com. The company, based in Kelowna, British Columbia, provides outsourced technical support for PC users. It had few customers and no employees, and was losing money rapidly. Wandler, who'd just been fired for taking customer calls in his employer's restroom, had already blown through most of a $32,500 bank loan. He desperately needed money.
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Nichole L. Torres
Overnight Success; You may be hoping for your big break--but can you actually handle it?
Dean Fortunato got lucky. Not only were his women's sparkly flip-flops flying off his display at a trendy Hollywood flea market in 2003, but a top Los Angeles accessories sales rep also happened to be shopping that day and bought one of his designs. A week later, the rep offered to present his line to upscale retailers like Fred Segal and Kitson. By the following week, she'd gotten him orders from 40 stores. It was quite a coup for Fortunato, an actor and director by trade, who was still fastening Swarovski crystals and other embellishments to the flip-flops from his apartment.
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