Being an Entrepreneur has its vast advantages
and disadvantages. Entrepreneurship is a way of life. It is a key component
that compels you to do more, move faster, and go farther than anyone else, even
in the face of high risk and uncertain outcomes. Obviously, the rewards of
entrepreneurship, especially in the technology realm, can have a high reward.
But it is not an easy road to travel; the following facts were derived from the
book:
1.
Only
1 in 6,000,000 high-technology business ideas wind-up in an IPO;
2.
Less
than one percent of business plans received by venture capitalists get funded;
3.
Founder
CEOs typically own less than 4 percent of their high tech companies after an
IPO;
4.
60
percent of high tech companies that are funded by VCs go bankrupt; and
5.
Most
high tech companies that succeed in having an IPO take between three and five
years to get there.
Typically
entrepreneurs in the tech field strive to solve a problem within the demesne of
technology. Whether it means developing the next best game or solving world
peace, a problem is always recognized and then with resources at hand it
struggles to be deciphered. The book gives tips of how to write a good business
plan and all the details that entail that aspect. Starts out with an executive
summary, company description, market size, technology description, completion,
sales/revenue generation, finances, and management. Interestingly enough,
there’s a reason why this book was important because its shows you how to write
your business plan which is required for this class.
The book also
covers how to gain finances and capital and the different ways to approach
financial need. It ties everything back to profitability and the finances your
borrow for your company have to have a reward in order to receive a payout. Most
importantly, the book discusses the legal issues for early entrepreneurs. It goes
over extensive coverage of the difference between an LLC and C corporation and
talk about the advantages/disadvantages.
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