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

Reviewer: Debbi D Brock (Berea College, USA)

Sales: the essential rim of the wheel

The business eco-system wheel. A circle. On the outside are various terms separated by arrows labeled sales. The terms also correspond to arrows pointing towards the center of the circle, each labeled Mentor Insights. The labels read as follows: market opportunity, financing, strategy, branding, stakeholders, ethics, operations, new product, and public relations.
The Business Eco-System Wheel and sales

What will i sell?

You can sell a product or service. A product is a physical item while a service is something you would implement or execute on behalf of someone else.

    Product ideas to consider selling

  • Hand-crafted art and artifacts for exporting
  • Fruit for selling at a fruit stand or using in the production of cosmetics
  • Honey that you produce as a bee keeper
  • Mustard condiments produced from mustard seeds
  • Handcrafted furniture
  • Paintings by emerging artists
  • Recycled goods made into products such as purses made from recycled juice and soda containers
  • A restaurant that offers food menus that others enjoy eating
  • Yogurt served in containers that are edible

    Ideas for services to consider offering

  • Providing education to children as well as adults in a school
  • Purifying water at the site of wells that may be tainted with arsenic
  • Providing guide services to travelers
  • Developing marketing campaigns for local businesses
  • Running food stands for others
  • Providing tailoring services
  • Manufacturing furniture for businesses and residences
  • Offering cooking services to families
  • Selling wireless phones for phone corporations
  • Providing people to build buildings, houses, roads and or bridges
  • Offering out-sourced from other countries call center services
  • Providing computer consulting services

Places for inspiration

" Kiva ( www.kiva.org ) is the world's first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs in the developing world.” Kiva, “About: What is Kiva?,” (External Link) (Accessed January 11, 2009). Kiva provides a list of entrepreneurs who seek loans and a description of these entrepreneurs’ business concepts. Visit the Kiva website to read the inspirational stories of these entrepreneurs. http://www.kiva.org/app.php?page=businesses. Kiva, “Lend,” (External Link) (Accessed January 11, 2009).

Aid to Artisans (ATA), ( (External Link) ) an international nonprofit organization, is a recognized leader of economic development for the craft industry. By linking artisans to new markets and buyers to culturally meaningful and innovative products, ATA provides needed economic opportunities to artisans while preserving the beauty of global handmade crafts.” Aid to Artisans, “About Us,” (External Link) (Accessed January 12, 2009).

Financing: the fundamental rim on the wheel

One of the greatest talents that most successful entrepreneurs possess is the ability to persuade others to invest funds and resources in a startup during the idea creation phase of a new venture. You are not alone if you have major concerns about attracting the finances you need to get your startup idea “off the ground”. If you are reading this and thinking you do not know anyone who would consider investing in your startup we suggest transforming your thinking into a more constructive thought process in which you believe in yourself and your own ability to achieve financing.

    Financing opportunities

  • Micro-financiers (Do a Google search at www.google.com using the key word "micro-finance" to find potential micro-financiers that you may want to research as one method of financing your startup costs.)
  • Family traditionally is the first place to look for funds to pay for some of the startup costs associated with a new venture. Even if your family has no resources to offer you can still talk to family members about introducing you to people they know who might be able to help. More money then you can imagine has been raised in this manner.
  • Friends , even casual acquaintances, can at times provide financing and resources for a startup. Even if a friend is not able to directly help, you should ask each friend or person you contact for help to also provide you with 3 names of others they know who may be able to help.
  • Governmental support is also a possibility. If applicable, you can also let the local non-governmental agency associated with what you are doing know your needs in case there is some support available.
  • Barter or trade is a method by which you could provide a needed service such as consulting/management advice in return for the resources needed for your startup.
  • Savings take a long time and effort to accumulate in the amount most people need to start a new venture. There are many risks involved and you may not ever be able to replenish the amount of money you took from your savings to invest in a startup. On the positive side though, if you use your own savings you do not have a loan to pay back.
  • Bank loans are not usually available to early-stage entrepreneurs unless you have a track record of a previous success and/or the assets to put up such as a home you own in return for securing the bank loan.
  • Networking refers to attending events, conferences, seminars, and any activity where by you can meet others who might be able to help your further your startup's development.
  • Online networks are online websites where you can connect with people you know to ultimately gain connections to people they know. One well-known online network is LinkedIn at www.linkedin.com . According to the About LinkedIn website, “LinkedIn is an online network of more then 30 million experienced professionals from around the world, representing 150 industries.” LinkedIn, “About LinkedIn, (External Link)&trk=hb_ft_abtli (Accessed August 15, 2008). LinkedIn is available in English, French and Spanish. You can use the search field at the top of every LinkedIn web page to search for people and companies that might be willing to finance your startup. You can sign onto LinkedIn and connect with others that would in turn potentially be willing to connect you to the people you are trying to meet.
  • Memberships in community organizations may be a place where you can meet like-minded individuals interested in your startup idea. Use the opportunity to share some information about your startup with the people you meet. You may find others who want to help you make your startup a success.

Read on : [link] contains more material on financing your business.

Questions & Answers

where we get a research paper on Nano chemistry....?
Maira Reply
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
Nasa has use it in the 60's, copper as water purification in the moon travel.
Alexandre
nanocopper obvius
Alexandre
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
what is business plan
Sthembiso Reply
how to startup business
Mahesh Reply
A canal is more of a need then a cavity
Commander Reply
what is electronic banking
Segun Reply
what does it mean business eco system?
Mohammed Reply
what is business
Abdul Reply
how can i know my business best resources, cheap and good quality
cabdi Reply
vikash rawat
jagvir Reply
entrepreneurial mobility
Manish Reply

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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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