Imperial Forces
Unlimited Options
You can always look outside your company for help. If you build
your empire with aid from investors who take part ownership and
continue providing capital, you may eventually take it public or
sell it to a larger company. You could also merge with competitors,
acquire smaller firms or form partnerships with other businesses.
While a large payoff can result from these methods, by the time you
grow really large, your ownership share and influence may be
diluted. If you have an invention or design that can be patented or
copyrighted and commercialized, you can license it for royalties
and a percentage of sales. Licensing is a smart choice if you want
to concentrate on your core competency—invention,
perhaps—and leave the rest to the pros. Manufacturing and
marketing a product yourself can cost big bucks. Licensing serves
as a cost-effective solution. However you go about it—through franchising, establishing
a chain, forming strategic partnerships, licensing or some other
strategy—taking advantage of government and private-industry
resources is a must. Being flexible, knowing when to wait and when
to move, and building up your management team and systems
infrastructure before you expand are all crucial. Weigh your
options and then seize the moment. Someday, the sun may not set on
your empire. Content Continues Below
I Was Thinking . . . The line between empire-building and mom 'n'
pop mediocrity runs right through the way you think:Mom 'n' Pop Mentality: Limited vision, unprepared
for success, small thinkers
Empire-Builder: Big plans in detail from the start Mom 'n' Pop: One-man show, my way or the highway,
"I'm the owner around here"
Empire-Builder: Surrounded by strategic partners and people
who compensate for weak areas Mom 'n' Pop: Too busy putting out fires to
network, afraid of contact with competitors, narrow understanding
of larger market forces
Empire-Builder: Natural network marketer, makes the right
people contacts, understands the industry, becomes a major player
from the start Mom 'n' Pop: Budget causes missed opportunities,
"can't afford" to protect intellectual property
Empire-Builder: Willing to put cash into marketing, hires
consultants, gets legal protection for proprietary ideas or
innovation
Karen E. Klein's small-business articles have appeared
in Business Week and the Los Angeles Times.
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