What is the Small Business Innovation Research (SBIR) Act? Small Business Innovative Research, commonly known as SBIR, is a United States Government program initiated to assist certain small businesses to carry out research and development. The SBIR was established under the Small Business Innovation Development Act of 1982. It was created to suppor...

Slide 11: Milestones and Funding This slide concerns the funding needs and the major events or milestones in the business. You will allocate available funds differently depending on the relevant stage of business development. Generally, a business will establish numerous milestones to help measure the progress of the business. Create a Timeline I re...

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What is the Small Business Job Protection Act Of 1996? The Small Business Job Protection Act was passed in 1996. The act addressed issues for small businesses, such as the administration and maintenance of 401(k), pension rules and retirement plans, worker employment status, among others.  It also increased the minimum wage, revised S corporation qu...

What is Judgement Noise? Judgment noise, coined by Kahneman (2016), concerns irrelevant factors, such as information that affect or influence our judgment. Noise is a type of error in judgment or decision making.  Judgment Noise and Cognitive Bias? The increased presence of noice harms accuracy when there is no bias present. Biases may numb the effe...

What is Strategy Implementation?  Implementation is one of the recognized phases of strategic management. A strategy must be implemented by a firm before it can have an effect of firm performance.  Four strategic factors influence firm performance: Direction: Strategy formation is developing a clear strategic direction Efficiency: establishing a fas...

What is Inductive Reasoning? Inductive reasoning concerns drawing or reaching a generalized conclusion based upon observation or awareness of specific instances. It necessarily involves assumptions concerning facts or behavior based upon the probabilities derived from observation. For example, I eat pastrami sandwiches at several delis. They all are...

What is an innovation strategy? It focuses on competing by creating new value propositions or offerings. It involves coming up with new concepts and making them a reality. It generally requires the extensive investment of resources in research and development. It can be rapid (dramatic) or drawn out (incremental). Companies commonly take an either c...

What is Judgment Proof? Judgement proof is a term used for a person who is unable to meet the requirements to pay a creditor by a court order or whose assets and income are insufficient to meet a debt obligation if they are seized. A debtor that is bankrupt, insolvent, unemployed or seriously impoverished is a judgement proof. Also, a debtor whose a...

How to Sell a Business? Selling a business is commonly the objective of startup ventures. Many factors go into the decision of when and whether to sell a business. Valuing the Business Numerous methods exist for valuing a business. The method relied upon generally corresponds with the type of business, the stage of the lifecycle, and the type of inv...