Related Content

• A business plan is essential
• So you think you want to start your own business?
• Video | Launch Pad Part I: Look in the mirror
• Video | Launch Pad Part II: Choosing a company
• Video | Launch Pad Part III: Building a business plan

Know basics before spending on marketing

How do I put together a marketing strategy?

Marketing is the area in which most businesses fail. Why? Because everyone thinks they know what marketing is, so they act on their often faulty perceptions, spend lots of money and get no results.

To successfully market your business, you need to thoroughly understand your customer. Marketing can be defined as the sum total of things you do and provide to your customers to help them decide to buy your product or service.

Risk alone doesn't reward entrepreneurs

Here we are at the end of this short series on how to start a business. We have had great feedback and it has been a lot of fun. I would like to thank all of the folks who have been reading my articles and watching my videos online.

Some people have an entrepreneurial idea, and because they have heard all the hype about ''no risk, no reward,'' they forge ahead and start a business without sufficient preparation. They usually wind up in serious debt and their families, of course, tend to be less than pleased.

While it is true that entrepreneurs do take risks, they are actually engaged in doing everything to minimize risk and maximize the possibility of success. With that in mind, let's focus on three success killers you need to be aware of when starting a business. Avoid these and you increase your odds of success!

Mixologists offer tips on getting good service -- and free drinks

Sacrifice is necessary in the midst of economic tumult but for some, giving up booze is crossing the line. Drowning one's sorrow sounds more appealing the more one drowns in debt, but that appeal can sour once a work-weary patron gets the check.

Some local bartenders helped us shine a light on the secret to drinking right despite a tight budget. Tip No.1? Treat bartenders with respect, and you're more likely to hear about the special deals or be pleasantly surprised when you get the bill.

The mixologists:

To succeed with social media, listen, talk, listen some more

P eople tell us all the time that they want to get started on sites like Twitter, but they don't know what to say -- or do.

So here's some advice for them, as well as to others already immersed in the world of social media: Use your ears.

That's the one thing that stood out when we spoke with Peter Shankman recently. He's a New York advertising and marketing executive who runs one of the few organizations that has made money from social media. Shankman likes to say he thinks social media isn't a broadcast platform. It's not just a way for you to shout, or scream your opinions to the world; it's a two-way street that involves engaging people. There's a reason we use the word interactive .

So you think you want to start your own business?

For many, starting a business is part of the American dream. But not everyone is ready or suited to launching a business, and if you're not, the dream can quickly become a nightmare.

You might have a great business idea, but if you're not being realistic about owning and managing a company and aren't prepared financially -- in other words, you don't have enough money -- your chances of success are slim.

Most folks will tell you that if you're thinking about starting a business, your first priority should be writing a concise, well-thought-out business plan. While that's good advice, I would suggest there's a step you should take before you start working on a business plan. First, you should take an honest -- and we do mean HONEST -- look in the mirror. Do a self- assessment to determine if business ownership is right for you at this time. Ask yourself some hard questions and give yourself some honest answers. You'd be surprised how taking this step increases the chances of success for your future enterprise