Last year I wrote a blog on Testing. . .Reduces Risk and Maximizes Success. It was geared to small Business. I said, “Large companies can absorb a failed product. Small company failures can be fatal. Now I would like to focus on two very large entities who neglected to test their ideas and paid a […] Read more »
No Trivial Matter
The below article was posted by the HBS Alumni Publication about the case study on Bob Reiss’ former company, R&R. No Trivial Matter By Garry Emmons It was 1983, and Bob Reiss (MBA 1956) was looking for a new game to play. A Brooklyn native and former basketball star at Columbia University who had become a successful entrepreneur […] Read more »
An Open Letter to Management of Major US Companies
Dear Managers: The NY Times on May 26th, 2013, in their lead editorial titled “A Is for Avoidance” with a sub-headline of “Apple Is the Latest Example of how American Multinationals Avoid Taxes” continued the demonizing of American business. They specifically mention Apple, Microsoft, Google, Amazon, Starbucks, Hewlett Packard, and General Electric for using aggressive […] Read more »
Partner with Established Brands to Build Your Own
You are known for the company you keep (as well as the company you are). There are several ways to bask in reflected glory. For example, you can run an ad for your product featuring your most prestigious customers. There’s some chance that those customers will kick in some money to support your ad, but […] Read more »
Closeouts. . .A Fact of Life
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 »
Profits
Your ultimate goal is to make your product yield a profit. Obvious, right? So much so that it’s not worth mentioning? Well, yes and no. I’m always surprised to discover how many entrepreneurs take their eyes off this ball, elementary as it is. So I’ll go ahead and restate the obvious: The sustainability of your […] Read more »
Managing Your Inventory
“too much carryover inventory can wipe away all your hard-earned profits and wreck your cash flow” For those who sell products, one of the key challenges in responding to a flow of reorders is keeping a large enough inventory on hand—but not too large. The constant dilemma you face is that you know your customer […] Read more »
Product Knockoffs— One Idea to Combat
If your product is very successful and if you have no legal way of protecting it—which is true, in most cases—then why not knock yourself off before someone else does? Put yourself in the knockoff artist’s shoes. How would he or she copy your product? In most cases, they will look to make it less […] 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, and […] 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 »
How Small Companies Can Sell Large Customers
Competition for customers in most industries is extremely intense. This is exacerbated if the customer is a large one and your product is not particularly unique or patent protected. Your customers are also in a high pitched battle with their competitors. This can be seen in your everyday life. Look at the competition in cars, […] Read more »
Building Trust
The single most important thing you can do in starting and building a business is to get people to trust you. Trust needs to be earned and takes time, although you can lose it in a second. Telling people to trust you doesn’t cut it. In fact, when people I just meet tell me to trust them, my antennae is up to watch my back. The benefits of being trusted are enormous. People have confidence in those they trust. Read more »
Business Incubators Can Be Key to the Success of Qualifying Small Businesses
If you are a start-up company and you qualify, incubators can be a fantastic resource for you in your Bootstrapping pursuit of success. They provide the “help of others” part of Bootstrapping and the “limited resources” component of our initial definition of Bootstrapping (to pursue success with limited resources and with the help of others). Here is […] Read more »
Qwik Advice for Entrepreneurial Success
Over the years many people have asked me, “Can you give me the 3 (or other small number) key factors to be successful as an Entrepreneur?” Well, for me, there are many, many more reasons. My mind can’t boil it down to just a few. So, I put together 50 answers to this question in […] Read more »
Curiosity – A Key Entrepreneurial Trait
Most of us will agree that creativity is a key element in a company’s growth and sustainability. This applies to small and large companies, start-ups, and service or product companies. Without creativity, you are susceptible to becoming a me-too company, which will lead to lower profit margins, loss of market share, and eventual demise in […] Read more »
10 Tips to Build Better Trust in your Business
Trust Builds Confidence The single most important thing you can do in starting and building a business is to get people to trust you. Trust needs to be earned and takes time, although you can lose it in a second. Telling people to trust you doesn’t cut it. In fact, when people I just […] Read more »
ENTREPRENEURS–TIME TO BE THANKFUL
Whether you’ve had a difficult year in this current environment or have been one of the fortunate ones and prospered, it would serve you well to pause and take stock of all the things you should be thankful for. Be thankful you are in your own business and your own boss. Millions of people aspire […] Read more »
Outsourcing Turns Fixed Costs Into Variable Cost
Low monthly overhead could save your company during a cash crunch. A fixed cost is one that your business incurs whether or not it makes any sales. An example is rent: It has to be paid every month whether or not you’re generating any income, and it’s the same every month. A variable cost, by […] Read more »
FUNNY TAKE ON HOW ENTREPRENEURS ARE BORN
This past Saturday, November 6, Scott Adams the creator of Dilbert wrote an article for the Wall Street Journal and showed us why he is one of the iconic humorists of our time. His hilarious take on how Bad Management spawns new start-ups has much truth in it. I thought I should share this article […] Read more »