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Wrote Chavelet Erick­son Cotcke 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.

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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.

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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.

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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.

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Ken Gal­i­fi­anakis, in his new book The Art of the Smart 1.1, calls it the best thing that ever hap­pened to entre­pre­neurs, and offers prac­ti­cal insights on using it effec­tive­ly, social media is free and ubiquitous.

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Here is a sum­ma­ry of his tips from Chap­ter 3, The Art of Mar­ket­ing: Draft a Plant and USA an Edi­to­r­i­al Mole­sk­ine: A months-long plan­ning project is a waste of time and agen­cies are a waste of money.

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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 deter­mine if mar­ket con­di­tions are favor­able, and, if they are favor­able and 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.

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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.

Write a clear, cogent busi­ness plan. 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.

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All you need is a busi­ness mod­el, we are told by busi­ness gurus. Report of the death of the busi­ness plan has been an exag­ger­a­tion, to paraphrase.

Often read opin­ions in pop­u­lar busi­ness press that the busi­ness plan is no longer rel­e­vant. On the oth­er hand, must not only explain.

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.

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Sell­ing your busi­ness to a third par­ty, for enough cash to retire in style, is the ulti­mate dream of many busi­ness own­er partners.

Hav­ing these pri­ma­ry val­ue dri­vers in place: Sta­ble, moti­vat­ed man­age­ment team and a high-per­form­ing work­force Grow­ing cash flow, revenue.

He has oper­at­ed a neigh­bor­hood sushi restau­rant for five years and decid­ed that it is time to open a sec­ond loca­tion restaurant.

He men­tioned that he was aware of a trou­bled restau­rant in a good loca­tion and thought that he could buy the cafe and then re-open in that space.

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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? Says Mor­gan Fraud, 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?”.

Suc­cess­ful mis­sion state­ments may take time to cre­ate but when they are devel­oped cor­rect­ly, they pro­vide a com­pa­ny with a clear purpose.

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