Even if your product has a long and happy run in the marketplace, it’s likely to reach the end of its run eventually, and leave you with a significant inventory on hand. Welcome to your first closeout! Think of this as an entrepreneurial rite of passage: If you’re in the game long enough, you’re almost [...] Read more »
Interpreting the Numbers for Better Decision Making
Entrepreneurs do not love risk and express this dislike by devoting energy and brain power in determining risk and then deciding whether to proceed or not. Before they would abort, the smart Entrepreneurs would first look to minimize or eliminate the risk by Partnering, Sharing, Mitigating, Testing, etc. Analyzing the numbers can be a vital [...] Read more »
Packaging – A Major Factor in the Sale
Many times, the packaging of the product is as important as the product itself. Of course, if you’re making a product like industrial machinery, this may not be true. But in the case of consumer products, packaging can be an overwhelmingly important element. Perhaps the most extreme case involves products bought [...] Read more »
Managing Your Employees
After you hire the right people, the company’s growth is going to be closely related to their performances. You can’t do it by yourself. This is something that founding entrepreneurs often find difficult to accept. Well, accept it! You need to multiply yourself through your people. And to do this, you’ll need to put lots [...] Read more »
Hiring the Right People
Okay, let’s assume that you’ve got your idea, your business structure, and your money in hand. The next thing you’ve got to get your hands on is good people. In many ways, this is the scarcest commodity of all. Before you hire, you have to figure out: • what skills you’re looking for, [...] Read more »
Publicity: A Wild Card for Small Business
Publicity is the great wild card for small businesses. Certainly, advertising can be effective. However, a story in the media about you, your product, or your company generally carries far more weight and legitimacy than any paid for ads. Such a story is likely to reach both consumers and any intermediate customers, such as retailers. [...] Read more »