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The HOT Sauce Blog for Entrepreneurs

7 Tips for Crafting an Effective Mission Statement

December 17, 2015 by Devin Berger


7 Tips for Crafting an Effective Mission Statement

Many startup business plans include a mission statement but most of these statements are simplified company overviews with vague generalizations about the market or customer base. Instead of explaining a company’s mission, they tend to summarize the company’s products and services. To be effective, mission statements need to be clarify the intentions of a business while being inspirational and meaningful to customers and employees. Successful mission statements may take time to create but when they are developed correctly, they provide a company with a clear direction and purpose. The following [Read More]

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Harvest Great Ideas from Your Company’s Best Assets

December 9, 2015 by Jimmy Lewin


the thinking corporation frood

Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says David Frood, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of [Read More]

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Stick with Your Concept but Do Your Homework

November 19, 2015 by Jimmy Lewin


Do Your Business Plan Research

A local restaurant owner stopped by the office last week. He has operated a neighborhood sushi restaurant for 5 years and decided that it is time to open a second location. We assumed that he meant that it was time to open a second location of his current concept but we were wrong. He wants to open a new concept. He mentioned that he was aware of a troubled restaurant in a good location and thought that he could buy the restaurant and then re-open in that space. He came [Read More]

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The M&A Market is Ready… Are You?

October 19, 2015 by Rick Tifone


prepare your business for sale

Selling your business to a 3rd party, for enough cash to retire in style, is the ultimate dream of many business owners. One of the keys to maximizing the sales price is having your business ready to sell when the Merger & Acquisition market is peaking. What makes a business ready for sale? Having these primary value drivers in place: Stable, motivated management team and a high-performing workforce Growing cash flow, revenue and profitability Operating systems that sustain the growth of the business A Strategic Plan with realistic growth strategies [Read More]

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Your Business Model is the Foundation of Your Business Plan

September 24, 2015 by Shyam Jha


Business Model Foundation Business Plan

The report of the death of the business plan has been an exaggeration, to paraphrase Mark Twain. Yet, we often read opinions in popular business press that the business plan is no longer relevant. All you need is a business model, we are told by business gurus. While there is no consensus on the definition of a business model, most people use it as shorthand for the revenue model of a business; i.e. how does it make money. A business plan, on the other hand, must not only explain a [Read More]

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8 Tips for Building a Bankable Business

August 19, 2015 by Akira Hirai


Building a Bankable Business

When it comes to the question of applying for a bank loan to fund your startup, most experts say, don’t bother. Banks are rarely interested in funding early stage companies these days, especially since the 2008 financial crash. However, it is not impossible to secure bank funding for your startup. Give yourself better odds with thoughtful planning, diligent preparation, and the eight tips below: Write a clear, cogent business plan: Prove you have the knowledge, work ethic, and organizational skills you’ll need to make your startup a success by preparing [Read More]

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Narrow Your Focus to Prevent Overanalysis

July 17, 2015 by John Beeby


Narrow Your Focus to Prevent Overanalysis

Entrepreneurs come up with new business ideas all the time. Often, they just plunge ahead to develop the product or service without really taking the time to 1) determine if market conditions are favorable, and, if they are favorable, 2) assess the ability of the business concept to take advantage of the opportunity. We have found that by following a focused, two-step process, you can reduce risks and improve the odds of success. An entrepreneur can be easily distracted by the many, many variables that a new business must deal [Read More]

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The Art of Socializing

June 17, 2015 by Akira Hirai


The Art of Socializing

Social media is free and ubiquitous, and offers entrepreneurs an unprecedented marketing opportunity. Guy Kawasaki, in his new book The Art of the Start 2.0, calls it the best thing that ever happened to entrepreneurs, and offers practical insights on using it effectively. Here is a summary of his tips from Chapter 9, The Art of Socializing: Draft a Plan and Use an Editorial Calendar: A months-long planning project is a waste of time and agencies are a waste of money (for most startups), but you should have some kind [Read More]

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Three Social Media Hacks for the Busy Entrepreneur

May 24, 2015 by Akira Hirai


Three Social Media Hacks for the Busy Entrepreneur

As an entrepreneur, social media is your best friend (free, ubiquitous marketing!), but in a busy startup with what feels like an endless to-do list, it probably seems like just another chore. It’s absolutely a smart investment of your time to spend 45-55 minutes each day in your social channels, and the tips below will show you how you can make the most of your time: Curate content: No need to toil over original blog posts or rack your brain constructing the perfect photo meme; chances are, someone has already [Read More]

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How Much is That Invention Worth?

April 22, 2015 by Shyam Jha


How Much is That Invention Worth

“Build a better mousetrap, and the world will beat a path to your door,” wrote Ralph Waldo Emerson more than a century and a half ago. He forgot to mention that if you did not patent your idea, many would copy it, have it built cheaply offshore, and probably drive you to bankruptcy. More than 4,400 patents have been awarded by the US Patent and Trademark office for variations of a mousetrap alone! In fact, according to the Smithsonian, more patents have been awarded for a mousetrap than any other [Read More]

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