Forbes.com:

One of his former students is selling genetically altered glow-in-the-dark goldfish. Another is developing a diaper with built-in baby wipes. For John Butler, a professor of entrepreneurship and management at the University of Texas at Austin’s McCombs School of Business, such occurrences are part of daily life in a town bursting with startups.

“We’re in the With the exception of Silicon Valley and its hordes of startups vying to be the next Google or Hewlett-Packard, few places are as closely associated with entrepreneurial capitalism as Austin. But the truth is that new businesses are set up everywhere–especially in tough times like these. Whether it’s by choice or by necessity, starting your first business has several things going for it: a way to create wealth and opportunity when both seem to be in short supply; a chance to be your own boss; and a chance to try something that could take you far beyond the bounds of cubicle culture.business of wealth creation,” Butler says. Read full article.

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Current Mom:

So often, women become entrepreneurs for the freedom it gives to control your own schedule and the time you spend with your children. But ironically, many women entrepreneurs find maternity leave the toughest piece of the puzzle to solve.

Do you tell your clients or customers you’re pregnant? How long can you take off without risking the business you’ve built? What if clients start using another company and never come back to you? If you refer the work or hire a sub-contractor, are you giving away the core of your business? How can you afford to lose months of pay during maternity leave?

These are all questions that bedevil women entrepreneurs considering maternity leave. My answer to each is the same: don’t worry.

You may, in fact, lose a client or two — women entrepreneurs I know have experienced just that disappointment. But ultimately, you should start (or expand) your family when you are ready, and not postpone it out of fear. Children will affect your life more profoundly than any business venture. Moreover, you started your business once, so if you have to build it back up again, you know how to do it. In fact, you can avoid some mistakes, making it easier the second time!

As far as money goes, the few employed women in the U.S. who are fortunate enough to receive paid leave generally receive only a few weeks. Read full post.

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DO’S

1. Learn basic accounting before you go into business. Go to school if necessary.

2. Consult and retain an accountant familiar with your industry before you start.

3. Determine what accounting software program works best for your business.

4. In the beginning, do your own bookkeeping to gain knowledge of your accounting.

5. Set up inventory policy and internal controls including safeguards against dishonesty.

6. Reconcile your bank account at least once a month when your bank statement is received.

7. Maintain and update your cash flow control spreadsheet monthly.

8. Plan to outsource your payroll and payroll reporting to a payroll service provider.

9. Prepare financial statements at least monthly, keeping your business records separate from your personal records.

10. Regardless of the type of biz you have, you need to accept credit cards to stay competitive in your industry. And for that, you need a merchant credit card processing service that understands your business. A merchant account is a type of bank account that allows your business to process debit and credit cards payments for orders made through the internet and/or a physical location. It is essential that you research various credit card processing services according to the specific needs of your business.

DON’TS

1. Delegate the authority to sign checks to anyone.

2. Use money withheld for payroll taxes or sales taxes for other purposes.

3. Commingle personal assets with your business assets.

4. Delegate cash flow projections–your lifeline to liquidity.

5. Be optimistic in sales projections or conservative in expense projections.

6. Rely on verbal agreements on any important matter including purchases.

7. Pay an invoice without matching it to your purchase order.

8. Delegate your relationship with your lending sources.

9. Wait to establish credit sources until you have a need for financing.

10. Overlook seeking advice from your accountant and lawyer on important financial matters.

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FranchiseTalk:

While many businesses are slowing down due to the rocky economic climate, Smart Tax franchise, a newly launched 10-unit tax preparation franchise concept, is just starting to speed up. Smart Tax is a step above the competition by offering quicker returns, better services and is expanding rapidly, now opening its newest location in Houston at 13423 Woodforest Blvd.

“I have always been interested in the tax field, as I have been doing my own taxes for the past two years. When I learned about Smart Tax, I knew it was an opportunity that I couldn’t pass-up,” said Megan Savitsky, 20-year old, first-time business owner and Smart Tax franchisee of the Houston location.

Megan was initially introduced to Smart Tax by her father, Richard, whose long-time friend is a multi-unit franchisee of Smart Tax. Megan had heard so many great things about the concept of Smart Tax and became very interested in the idea. Megan, who is just 20-years old and a full-time nursing student at San Jacinto College, has the future goal of developing Smart Tax franchises throughout the Houston region and eventually throughout all of Texas.

“I am only 20 years old and I get to be my own boss and expand a fresh new concept to my community here in Houston,” said Savitsky, who was inspired by Nick Rizzi’s entrepreneur story and decided to jump on board as another young, passionate member of the Smart Tax team.

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Springwise:

Remember the excitement you felt receiving mail as a child? That’s the inspiration behind San Francisco-based Little Passports, a new educational subscription service that aims to turn 5-to-10-year-olds into world travellers, one country at a time. Little Passports delivers monthly travel packages designed to provide a fun, hands-on way for kids to learn about other countries without leaving home. The first shipment in the USD 10.95 per month subscription prepares little voyagers for their global adventure with a mini suitcase, passport, world map and a letter and photo introducing their travel guides, Sam and Sofia.

Each following month, children receive a personalized letter and package from Sam and Sofia, which includes travel-related items like a passport stamp, suitcase sticker and collectible boarding pass to access online games and activities that teach geography, history, culture and vocabulary. As the months pass, little travellers notch up a jetsetter’s stamp-filled passport, personalize their suitcase, and pack it with country-specific souvenirs.

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Btob:
Well 2010 is here. Hopefully long sunny days in holiday destinations have boosted creativity and energy levels. What is in store for this year? Are you happy with the status quo, or does a new business opportunity await?

If a new business is what you are considering the obvious question to ask would be, what is my first step? Well I went through most of the personal side of this in my recent post on the subject, “Is Business Ownership for me?” so if we assume that you have your families buy in, you have an accountant, your Bank has pre-approved you for finance, now it is time to start looking at what is available in the market.

Now it is understandable that most purchasers we talk to have no real clue of what business they would want. There is a big wide world of opportunity out there so my recommendation is to initially focus on what you don’t want. I don’t mean here only what business category you wouldn’t want, I am thinking more about what aspects of any business you wouldn’t want? This might sound a little back to front, but this can not only make your selection process a little easier but will also ensure an ongoing enjoyment of the business once you are sitting in the big seat. Read full post.

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Baltimore Sun:
Dear Joyce: My grandson, 18, says he wants to become an entrepreneur. OK, but he refuses to enroll in a college, arguing that it’s a “waste of time.” To top that, when I suggested he get a job for a couple of years and then rethink his decision, he said: “Forget it — I can do better on my own.”

His plan is to become an entrepreneur designing Web pages and to fill in slow-business time by day-trading stocks. His parents aren’t in the picture; he assumes I’ll support his ill-thought-out venture. I’m on a fixed income. Ideas? — M.Z.

Day-trading stocks is gambling; does he feel lucky every day?

Just as commercial lenders require a business plan before parting with a penny, so should you. Where will his design customers come from? How will he access capital to expand a thriving business or shore up a failing venture? What has he done to prove his skills and business acumen?

What’s going on? Every generation has its share of young people in a hurry to walk in shoes that earlier generations aren’t ready to step out of. Today’s economy adds another motivation to cut career corners. Continue reading this post.

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Lawdit Commercial Solicitors:
Before you apply for a patent application in the UK you should consider the following:

1. Is there another type of protection that is more appropriate to protect your invention?

You may also wish to consider these alternatives in addition to patent protection.

Confidential Disclosure Agreements and non-disclosure agreements
You must not tell anyone about your invention before you apply for it as this will make the patent invalid.

Therefore, if you intend to discuss your invention with third parties prior to applying for a patent, you should consider entering into a confidential disclosure agreements or a non-disclosure agreement with that party.

Plant breeders’ rights
Plant breeders’ rights are a form of intellectual property designed specifically to protect new varieties of plants.

Trade Secrets
A trade secret is a formula, practice, process, design etc which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Trade secrets can be kept secret beyond the term of a patent.

Continue reading this article.

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CareerOverview:

Entrepreneurship and Startup

Find investors, business opportunities, business tools, and other entrepreneurs by following these sites.

PartnerUp: You’ll find all sorts of resources for locating property, finding contacts, and getting answers to your business questions.

Startup Nation: Ask questions, find business guides and discover opportunities to get your business off the ground.

FranchiseGator: This is an online network designed to direct entrepreneurs and small business owners to franchise opportunities.

Go Big Network: You can search angel investors through this network.

CommunityLend: If you need to borrow money to start up your company, try using this site.

cofoundr: Entrepreneurs in all fields from all over the world get together on this site to share information and find investors.

Entrepreneur Connect: Entrepreneur.com’s networking site also features tools and resources for small business owners.
cmypitch: UK entrepreneurs head to this site to find investors.

The Funded: This social site features advice and articles, investment tips and more.

Springstage: Use this community if you want to find catalysts in your city for new startups and business promotion opportunities.

Fund Findr: This “venture dating” site lets you post a profile and upload pitches.

Perfect Business: Get tools, articles, business plan help, training courses and more from Perfect Business, which also promotes networking among entrepreneurs.

Focus: Focus promotes networking among entrepreneurs while supplying them with articles and research tools, too.

Vator.tv: This site hopes to be “the voice of the entrepreneur” and offers them space to market their businesses and keep customers in the loop.

FledgeWing: College students who want help developing their ideas can find assistance here.

MeettheBoss: Managers and business owners connect for networking and communication here.

Young and Successful: Young entrepreneurs will find all kinds of career tips here.

Covestor: Learn about investing and find people who can help you raise money here.

Here are 100 of the best social sites for learning, recruiting, financing and more.

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Forbes:
The unemployment rate may be north of 10%, but pet-product makers are booming.

According to the National Pet Owners Survey, about 71 million U.S. households, or 62%, owned at least one pet in 2008, up from just 56% in 1988, the first year the survey was conducted. Money lavished on pets has increased at a far faster clip, to an estimated $45 billion this year (more than a third of which goes to food), nearly double the $23 billion spent just a decade ago.

A big driver: empty nesters with no one to dote on. People over age 60 used to eschew pets, “but the baby boomers are changing all that,” says Bob Vetere, president of American Pet Products Association.

Another explanation for all that growth is that pets have a salubrious effect on humans–helping to relieve stress, lower blood pressure and, according to The National Institutes of Health, even prevent heart disease.

One Georgetown University study purports that pets do wonders in diffusing spousal arguments. (Baby-talking to Fido, as if he were a mediator, can add a shot of levity when it’s needed most.)

In Pictures: Six Quirky Pet Businesses

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