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1.6 Stakeholders: the connective rim on the wheel

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Business Fundamentals was developed by the Global Text Project, which is working to create open-content electronictextbooks that are freely available on the website http://globaltext.terry.uga.edu. Distribution is also possible viapaper, CD, DVD, and via this collaboration, through Connexions. The goal is to make textbooks available to the manywho cannot afford them. For more information on getting involved with the Global Text Project or Connexions email us atdrexel@uga.edu and dcwill@cnx.org.

Editor: Molly Lavik (Vatel International Business School Los Angeles, USA)

Reviewer: Debbi D Brock (Berea College, USA)

Stakeholders: the connective rim on the wheel

Your brand cannot bloom unless you ensure that you develop your brand in a way that will please everyone who comes into contact with your business. The people who come in contact with your business’s brand are known as your startup’s stakeholders. Who will be your startup’s stakeholders? “Take aim” carefully as you decide. Consider establishing contacts with some of the following suggested stakeholder categories common to new venture enterprises mentioned in the “Startup Stakeholder Arrow”.

Groups of lists that, when put together, form an arrow pointing to the right. The first group of lists contain strategists, financers, and shareholders. The list of strategists contains strategic planners, strategic advisors, chambers of commerce, and network. The list of financers contains friends, family, credit cards, micro-managers, venture capitalists, angel investors, grants, and sponsors. The list of shareholders contains vested, vesting, and owners. The second group contains mentors and governmental. The list of mentors contains role models, retirees, executives, parents, friends, teachers, and coaches. The list of governmental contains local, regional, federal, government unions, united nations, ministries, consulates, and NGOs. The third group contains lists of marketing agents, netroots, and grassroots. The list of marketing agents contains ad agency, pr agency, and emarketers. The list of netroots contains bloggers, social networks, and texting. The list of grassroots contains viral, influencers, and street teams. The fourth group contains membership organizations, community, which is composed of local, online, and virtual, and suppliers or vendors. The fifth and final group contains external customers and internal customers. The external are consumers and businesses, and the internal are employees and board.
“Startup Stakeholder Arrow” created by Molly Lavik, founder, Mentorography, Inc., January 12, 2009. Reprinted with permission from Mentorography, Inc. © 2009. All Rights Reserved.

The stems of growing startups: definitions of “startup stakeholder arrow” selected terms

Strategists: A strategist is a skilled person who may be adept at taking your overall vision for the business and developing the plan of action for achieving the overarching goals. Strategists are experts at coming up with the winning maneuvers for laying the foundation of having a successful venture. The term strategy was originally utilized to define military maneuver plans.

A painting of a tree below some mountains in the sun.
Mid Day (Adapted)
Image created by: Taissia Belozerova, Graphic Designer, Artist, MBA Candidate at Pepperdine University Class of 2009

Strategic advisors : Advisors are people typically with experience in an area that you wish to learn more about. Advisors impart valuable wisdom that you can utilize to learn valuable lessons regarding generating revenue and profits for your planned venture.

Chambers of Commerce : Chambers of Commerce are large memberships of business federations representing hundreds and sometimes thousands of business owners.

Network : Your business contacts that can help you today or in the future accomplish your goals. Entrepreneurs need vast networks of people's assistance to achieve the venture's goals.

Financiers : Financiers are comprised of people or a business entity that provides financial resources for your new business to utilize.

Micro-financiers : These are people who make cash loans in very small amounts to entrepreneurs in emerging countries to people who have very little if any resources. Often the people who receive micro-financed loans have little to no experience in business. A website where people can see micro-financing in action is located at: (External Link) .

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Source:  OpenStax, Business fundamentals. OpenStax CNX. Oct 08, 2010 Download for free at http://cnx.org/content/col11227/1.4
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