Internet-Based Resources for the Entrepreneurial Venture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

Chris Wittman

Matthew Dell

FIN 402

Dr. Juli-Ann Gasper

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents:

 

 

Executive Summary                                 pg. 2

 

 

Entreworld.org                                        pg. 3

 

 

Entrepreneurs Help Page                          pg. 3-4

 

 

Business Week Small Business Services            pg. 4

 

 

Yahoo! Small Business                           pg. 4-5

 

 

Small Business Administration                         pg. 5-6

 

 

Minority Business Entrepreneur                 pg. 6

 

 

Young Entrepreneur                                pg. 6-7

 

 

Startup Journal                                 pg. 7-8

 

 

Conclusion                                       pg. 8

 

 

Glossary                                          pg. 9-11                    

 

References                                       pg. 12

 

 

 

 

 

 

 

 

 

Executive Summary

    

In the last decade the Internet has grown exponentially as a resource for information gathering for both private and business applications.  In fact, for many small businesses the Internet is the primary source for collecting information concerning market trends, economic forecasting, product availability, supplier information, innovative tactics, industry research, etc.  The World Wide Web provides the small business with a virtually endless supply-chain of information, regardless of genre or application at a minimum of cost.  The convenience inherent in gathering information on the Internet is profound in relation to cost efficiency and availability, thus providing the entrepreneur with an excellent means for conducting research and tapping into the market on a global scale.

    

For the starting entrepreneur or the established small business, the Internet is an excellent resource of information, with literally thousands of sites dedicated to everything from financial consulting to industry profiling with virtually everything in between.  The purpose of this report will be to serve as a guideline for providing the entrepreneur with credible web-based information resources.  This task will be accomplished by examining some of the most prominent web sites dedicated to the entrepreneur and small business.  This examination will include a discussion of the given site’s content, layout, feature availability, navigation ease, organization, credibility/professionalism, download speed, and overall aesthetics with a ranking (out of five stars) which is based upon the site’s fulfillment of these criteria.  Thus, this analysis will act as a tool for deducing the quality of information that is available to the entrepreneur on the worldwide web.

 

 

Download Speed

Navigation Ease

Asthetics

Content

Credibility

Organization

Rating

Entreworld.org

Excellent

Excellent

Good

Good

Good

Good

****

Entrepreneurs Help Page

Excellent

Excellent

Excellent

Good

Good

Excellent

*****

Business Week

Excellent

Good

Good

Excellent

Excellent

Excellent

*****

Yahoo! Small Business

Excellent

Good

Good

Fair

Good

Excellent

****

SBA

Good

Excellent

Fair

Excellent

Excellent

Good

****

Minority Bus. Entrepreneur

Excellent

Fair

Fair

Poor

Good

Fair

**

Young Entrepreneur

Excellent

Good

Good

Fair

Fair

Good

***

Startup Journal

Excellent

Excelent

Good

Excellent

Excellent

Excellent

*****

Entreworld.org (Top)

Entreworld was established in 1996 in association with Ewing Marion Kauffman, founder of the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation.  Entreworld was one of the first small business Web sites (Entreworld.org), and is an excellent source of information to the entrepreneur, with a huge database containing literally thousands of articles, audio clips, tools, databases and even town-to-town small business event listings.  The site organizes this information with an easy-to-use search engine, where curious users can search for an array of topics including information pertaining to starting a business, growing a business, checking stocks quotes, understanding terminology, counseling services, event information, books, and access to various newsletter publications. The site’s editorial team (composed of experienced entrepreneurs, educators, small business writers and editors) scour the Internet for information that is particularly valuable to entrepreneurs, reads and reviews each piece of content, and moves “grade A” material into the site’s dynamic library of resources and tools. All of the content listed on the site is chosen from a collection of original material, and is then coded within a logical directory of very specific entrepreneurial topics, each segmented by stages of business/industry development.  The site offers excellent navigation speed and simplicity, with a very easy to understand format, and excellent assortment of quality information justifying a 4 star denotation for overall quality (http://www.entreworld.org).

The Entrepreneur’s Help Page (Top)

This site was designed and created by a group of young professionals.  Their purpose is to share their skills and knowledge to produce a site dedicated to providing young and/or inexperienced entrepreneurs with innovative ideas designed to promote establishing and managing an entrepreneurial venture. This web site distributes information pertaining to legal, financial, and management issues that commonly affect and afflict entrepreneurs who are just starting their businesses.  Features available on the site include a database housing information concerning general business practice, immigration law, taxation law, intellectual property, understanding contracts, business strategy technique, financial services, marketing consultation, and access to various newsletters and articles dedicated toward servicing young/inexperienced entrepreneurs.  The site is very well organized with an easy to use search engine and direct access to many different topics, all from the homepage (there is no need to search through an endless assortment of pages).  The site’s database houses an extensive quantity of quality content, giving the site a 5 star rating (http://www.tannedfeet.com).

 

Business Week Small Business Services (Top)  

Business Week’s online web site is an excellent resource for articles pertinent to the entrepreneur, which can be found in recent publications of the company’s magazine.  The site offers month to month access to articles concerning selling practices, globalization, answering common questions, dealing with insurance and financing, growing a business, recent news, marketing tips, and book reviews.  The site also features tools related to finding suppliers, raising capital, analyzing retirement options, hiring and firing policy, daily operations, and managing investments.  The selection of information changes monthly, giving the regular viewer a wealth of up to date information concerning all walks of entrepreneurial life.  An interesting feature available on the site is the link to the “personal finance” section of the page.  This link provides the entrepreneur with the ability to calculate the financial impact of buying and selling stocks, mutual funds, and bonds, inflation rates, taxes, interest rates, insurance policy and coverage ratios, and debt reduction measures.  The site also offers a stock quote search engine, which can be tailored to individual interest.  The site is very well organized and allows for quick and easy navigation through a vast array of quality material that is pertinent to entrepreneurs of all genres.  In addition the credibility of Business Week is impeccable, justifying a 5 star rating (http://www.businessweek.com/smallbiz).

Yahoo! Small Business (Top)

Yahoo’s section devoted to the needs of the small business owner is, in comparison to some of the other sites mentioned, rather limited in regard to content quantity.  However, the site is organized in very logical fashion, with easy to understand topic titles and explanations, allowing the user to navigate with excellent ease and efficiency.  The site features business planning tools, franchise search options, LLC and non-profit information, product and vender tools, and various articles relating to small business needs.  The site also has an extensive section dealing with technology/innovation management including an information technology tool that allows users to search and compare software solutions, and a research center that enables users to Search thousands of white papers in order to find expert analysis and research on almost any business topic.  The section of the site entitled “Business Solutions” features tools that allow users to create a web page, sell products and services, and advertise to customers via Yahoo.com, making for a very attractive/inexpensive medium for entrepreneurs to make their business’s presence known globally.  Overall, the site could be a very effective and convenient source for entrepreneurs to benefit from, giving the site a 4 star rating, despite deficiencies in overall content quantity (http://smallbusiness.yahoo.com).            

Small Business Administration (Top)

 

The Small Business Administration website is one of the most financially influential tools available to entrepreneurs on the World Wide Web.  The Small Business Administration (SBA) is an agency of the U.S. federal government.  It was founded in 1953 as a means to make credit available to small businesses that cannot reasonably obtain financing from sources.  The SBA is the nation’s single largest financial supporter of small businesses.  In addition to financial support, the SBA offers managerial and technical support to over 1 million small business owners.   The SBA assists business owners by offering three major types of loans; direct loans, participation loans, and economic opportunity loans.  Direct loans are directly financed by the agency, meaning the principle comes out of the government’s pocket.  Participation loans are acquired from local banks, with the guarantee that the government will repay 90 percent of the loan in the event of a default.  Finally, economic opportunity loans are available to those entrepreneurs who are both economically and socially disadvantaged. 

 

The agency’s website can be found at www.sba.gov.  It is an extremely useful and thorough site.  Entrepreneurs will find it lacks aesthetic zeal, but at the same time, it is easily navigable.  One of the most constructive tools available on the site is the virtual startup kit.  This is the most redeeming aspect of the site.  In outline form, the startup kit leads the participant through almost every aspect of starting up a business. 

 

Out of a possible 5 stars, www.sba.gov gets a 4 and 1/2.  The only thing detracting from the website is the fact that it is constructed in a stereotypically drab government backdrop.  Little can be found on the page that will appeal to the senses.

 

Minority Business Entrepreneur (Top)

 

Minority Business Entrepreneur is the website of MBE Magazine, a bimonthly publication for and about minority and women business owners.  The magazine serves as a forum for minority and women business owners, corporations and government agencies, working together to build a stronger America. 

 

The MBE website is an unremarkable extension of the MBE Magazine and can be found at www.mbemag.com.  It seems as though the site’s main purpose is to market current and back issues of the Minority Business Entrepreneur Magazine.  The site doesn’t devote much muscle to aiding the perspective entrepreneur with online resources.  One positive feature of the site is the “In Brief” section, which allows you to view the topics covered in the most current issue of the publication. 

 

Out of a possible 5 stars, www.mbemag.com gets 2.  The site should be used by entrepreneurs as a means of determining whether or not to purchase the most recent issue of the publication.  The only other applicable use of the site is to explore the history of the MBE Magazine. 

 

Young Entrepreneur (Top)

 

Young Entrepreneur is a site devoted to helping today’s young entrepreneurs achieve success in the business world.

This site offers information on how to start and maintain a successful business.  The site seems to adopt a broad, sweeping approach to enlightening entrepreneurs about topics such as marketing, finance, accounting, etc.  Most of the information offered on the site is a lengthy introduction to the subjects mentioned above.  If an entrepreneur were to just rely on information obtained from the website to help in decision making, he/she would find the decisions inadequately supported. 

 

Out of a possible 5 stars, this site earns 3.  One of the major detracting factors in this judgment is the fact that the site’s information database is very vague in its focus.  The other is that it lacks a certain air of professionalism.  For example, click on the “financial management link,” then on the “cutting costs” link and up pops an advertisement publicizing a series of pep-talks given by highly regarded professionals.  The website offers 4 constructive tools many entrepreneurs will be able to apply to their business lives.  First, there is an extensive glossary that will aid entrepreneurs and non-entrepreneurs alike in understanding various business terms.  The glossary is very thorough, covering everything from marketing terms to formulas used to compound interest.  Entrepreneurs can shop online for goods and services necessary for their small business.  Youngentrepreneur.com also provides a chat room in which entrepreneurs can convene to speak about relevant issues affecting them.  Finally, one of the most interesting features of the site is the monthly profile, which analyzes, in detail, the accomplishments and wisdom of a young go-getter who has achieved a high level of success in his/her venture.  For example, in explaining the significance of financial statements you get an overly simplified summary (i.e. balance sheet: assets = liabilities + owner’s equity; income statement: calculate cost of goods sold).

 

Startup Journal (Top)

 

Startupjournal.com is a virtual cornucopia of entrepreneurial related information.  This site literally seethes with useful info and fascinating interactive features. Startup Journal is an endeavor of the Wall Street Journal.  The site basically incorporates all the attractive attributes of other well-built entrepreneurial sites and synthesizes them into a neat, easy to navigate site.  Startup Journal has an array of applications, including how-to columns, financing info, entrepreneurial articles/news, an online bookstore, help with creating business plans, quizzes and much more.  The site is under the direction of Tony Lee and is updated every business day. 

 

One of the most notable sections of the website is entitled “Running a Business.”  This segment includes articles that relate important tips on how to maintain a firm grasp on the successful administration of a small business.  Most articles have in-depth information on how current events impact small business ownership.  In essence, the site is a free, extremely thorough online entrepreneurial journal.

 

Startupjournal.com gets a five star rating because it fulfills each prerequisite of an ideal entrepreneurial website, from A to Z. 

 

Conclusion

 

The internet is no-doubt becoming a more widely used tool in accessing information previously out of reach to time-constrained individuals.  Business owners are often pressed for time and information.  As this essay has demonstrated, the internet is presently developing as a tool that bridges these two factors, allowing business owners to gather information in a timely fashion and use the assembled data to form sensible and intelligent business solutions.

 

While there are many helpful websites available to entrepreneurs with internet access, there are a select few that stand out above the rest.  These sites integrate aspects of professionalism, organization, credibility, usefulness, and aesthetic appeal that make them outstanding.  These sites should be book marked and referred to on a regular basis by those entrepreneurs seeking to gain a higher degree of sophistication. 

 

 

 

 

 

 

 

 

 

 

 

Glossary

 

ADVERTISING – communicating the features and benefits of your product/service through the use of radio, television, print and other media.

 

AOE - Academy of Entrepreneurship

 

ASBE - Association for Small Business & Entrepreneurship

 

ASSET BASED LENDING – the loaning of money on the value of assets offered as security.  The lender is protected from loss by the liquidation value of the asset.

 

BOARD OF ADVISORS – a group of outside experts, typically three to six, recruited by entrepreneurs to provide regular input and suggestions to management.  Many small companies use an advisory board in place of a board of directors with outsiders, so as to avoid liability issues.

BRAINSTORMING - a management technique used to foster ideas, solve problems, set goals, establish priorities, and make assignments for their accomplishments.

BROWSER - software that allows user to access Web sites.

BUSINESS LICENSE - a permit or certification that local and state governments require businesses to obtain and post. Obtaining a license may merely require the payment of a fee to do business; in other cases, the proprietor may have to pass a test that certifies he or she is competent to perform certain services. Some licenses limit the number of businesses that can provide certain goods or services.

CAPITAL – overall assets, less liabilities

CONSULTANT - an individual who provides advice, counsel, feedback, and sometimes implementation services on any of a variety of management issues ranging from strategic planning to marketing to financing to production.

DATABASE - an integrated collection of data stored in different record types.

ENTREPRENEUR - derived from the French word "to undertake." Someone who is willing and eager to create a new venture in order to present a concept to the marketplace.

ENTREPRENEURIAL ORGANIZATION - a company structure and/or culture that promotes entrepreneurial behavior so as to encourage risk-taking, opportunity-seeking, innovation, creative financing and leveraging resources.

ENTREPRENEURSHIP - a process through which individuals and groups pursue opportunity, leverage resources, and initiate change to create value. Thus, an entrepreneur is one who creates and manages change by pursuing opportunity, acting with passion for a purpose, living proactively, and leveraging resources to create value.

INDUSTRY - a business or trade group. The business and all its competitors looked at collectively is the industry.

INDUSTRY PROFILE - the history, participants, total sales volume, trends, growth potential, and other pertinent facts on a particular industry.

INNOVATION - introducing something novel or unique in the marketplace.

INTERNET - largest collection of networks in the world, interconnected to allow them to function as a single virtual network.

MARKET - (1) the actual and/or potential buyers of a product or service; (2) a place where exchanges between buyers and sellers occur.

MARKET NICHE - a particular appeal, identity, or place in the market that your product/company has. What you do well, different, or better than others in the market.

MARKETING - the performance of business activities that direct the flow of goods and services from producer to consumer or user.

MEDIA - the means used by the transmitter of a message to deliver it to the intended receiver in a communications system. In advertising, refers to newspaper, radio, television, magazines, billboard, direct mail and other such institutions which are used to carry advertisements.

MINORITY – an ethnic, racial, religious, or other group having a distinctive presence within a society.

NETWORK - the common channels established with important people in a variety of related fields to provide information and contacts which can be used to help the entrepreneur become successful.

NEW VENTURE - a new business providing products/services to a particular market.

ON-LINE - describing equipment or other devices in a computer system that are connected to or communicating with the central processing unit (CPU).

PARTNERSHIP - a business association of two or more people. Two types of partnerships are general and limited.

SBA--SMALL BUSINESS ADMINISTRATION - federal agency created in 1953 that assists with business loans and other problems relating to the operation of small business.

SERVER  - a computer that acts as a provider of some service to other computers, such as processing communications, interfacing with file storage, or controlling printing facilities.

START-UP - a company in the earliest stages of development, of which the stock is not yet publicly traded.

TECHNOLOGY - changes in the science of mechanics, computers and industrial arts that impact every business.

VENTURE - a business endeavor that involves a high level of risk and chance.

 

 

 

 

 

 

 

 

 

 

 

 

References

 

Business Week.

     18 Mar. 2002. <http://www.businessweek.com/smallbiz>

 

EntreWorld.

     22 Feb. 2002. <http://www.entreworld.org>

 

Minority Business Entrepreneur.

     31 Jan. 2002. <http://www.mbemag.com>

 

The Entrepreneur’s Help Page.

23 Feb. 2002. <http://www.tannedfeet.com>

 

The Small Business Administration.

     16 Mar 2002. <http://www.sba.gov>

 

WSJ. The Startup Journal.

     22 Feb. 2002. <http://www.startupjournal.com>

 

Yahoo Small Business.

     23 Mar. 2002. <http://smallbusiness.yahoo.com>

 

Young Entrepreneur.

     23 Feb. 2002. <http://www.youngentrepreneur.com>

 

 

Glossary References

 

Dictionary.com.

     22 Feb. 2002. <http://www.dictionary.com>

 

EntreWorld.

22 Feb. 2002. <http://www.entreworld.org/Content/Glossary.cfm>