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How Not To Start Your Own Business or The Ten Rules of Bitter Experience

IP.com Disclosure Number: IPCOM000131308D
Original Publication Date: 1978-May-01
Included in the Prior Art Database: 2005-Nov-10
Document File: 3 page(s) / 18K

Publishing Venue

Software Patent Institute

Related People

True Seaborn: AUTHOR [+3]

Abstract

James V. Linker So you think you know enough to start your own business? YOL think you know enough about your trade and have enough expertise in marketing to peddle your product! You think you have the organize tional expertise to form. promote. build your own company. and become your own man! Read this first!

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This is the abbreviated version, containing approximately 38% of the total text.

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THIS DOCUMENT IS AN APPROXIMATE REPRESENTATION OF THE ORIGINAL.

This record contains textual material that is copyright ©; 1978 by the Institute of Electrical and Electronics Engineers, Inc. All rights reserved. Contact the IEEE Computer Society http://www.computer.org/ (714-821-8380) for copies of the complete work that was the source of this textual material and for all use beyond that as a record from the SPI Database.

How Not To Start Your Own Business or The Ten Rules of Bitter Experience

James V. Linker

So you think you know enough to start your own business? YOL think you know enough about your trade and have enough expertise in marketing to peddle your product! You think you have the organize tional expertise to form. promote. build your own company. and become your own man!

Read this first!

Rule 1. Be sure to haue enough capital to surulue temporary setbacks. and

Rule 2. Assume that your suppliers might not deliver as promised.

May 1978

When we started, we knew we were thin financially: indeed. we knew we had to make a couple of sales pretty darn fast in order to survive. So we started in. We picked up a franchise from one of the minicomputer vendors and went about the business of selling computers. At the time of signing. the vendor told us he had an accounts payable and an accounts receivable package along with an integrated inventory control function. He also told us the packages were only three weeks from delivery -- and for that reason coul not be demonstrated. He accepted our money, and we began to promote our "library. "

Soon we found a prospect for the accounts receivable/accounts payable package. That was 2 months or so after the franchise was signed. That's when the vendor told us the package would not be available for another 90 days!

Despite our frequent communication. with the vendor's factory personnel.

0018-9162/78/0500-0079So0.7., - 1978 IEEE

somehow this key point had been overlooked. And so the corollary to Rule 2 is a simple one:

Rule 3. Always require a vendor to prove he has the goods.

Before I state Rule 4, let us look at the business relationship from another viewpoint. Was the time ripe for me to get into business for myself? Well, I had the opportunity. I knew something about the computer market. And I was technically competent. All I lacked was a partner.

One condition I had held to assiduously was never to attempt going into business without a partner. The reason was to equalize the work load and to provide a backup when I was out of the office. During the period of setting up the company, while I was finishing up a contract, my partner was doing most of the work. Once I was free. I stepped in and we worked together smoothly. We appeared to think the same and act the same in many different situations. Then we sold our first system. And thence:

IEEE Computer Society, May 01, 1978 Page 1 IEEE Computer Volume 11 Number 5, Page 80

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