Most Entrepreneurs Think Avoiding Controversy Helps Their Brand, but the Opposite Is True. Strong Opinions Create Connection, Loyalty, and Real Momentum.
How Controversial Beliefs Can Win You Loyal Customers (and Why You Need Them) Read More »
You need to shape the future rather than predict it. Why a manager entrepreneur approach is very different from a founder entrepreneurs
Exploit the Future by Shaping It – Don’t Try to Predict It Read More »
Conventional business advice discourages entrepreneurs from practicing the leverage contingency principle. Instead of encouraging the entrepreneur to make small low-cost incremental steps to observe what happens, conventional wisdom recommend extensive upfront planning as a way to hit their ultimate target or goal on the first try without any type of feedback loop to test assumptions during the development process.
Leverage Contingency Principle – Planning for the Unexpected Read More »
Learn how the strategic partnership principle practiced by founder entrepreneurs can help you build products for little or no cost
Strategic Partnership Principle – The Truth about Competitive Analysis Read More »
Manager entrepreneurs use causal reasoning to focus on the “expected return”. Founder entrepreneurs use effectual reasoning to focus on “affordable losses.”
Affordable Loss Principle – Reaching Markets with Minimum Resources Read More »
The reasoning style of the manager entrepreneur, with their predominantly causal reasoning, approaches a business startup very different from the founder-entrepreneur, who approaches a startup business primarily with effectual reasoning.
How Your Reasoning Skills Can Affect Your Business Success Read More »
Previously, we looked at how the startup landscape has changed and that you might not need a formal business plan to successfully launch your business. In this post, we will look into why we keep getting the same old business advice. What has emerged, as the funding and risk gap has widened, is a greater
Why The Business Advice You Are Getting Is One Sided Read More »
Innovations and manufacturing businesses have different planning requirements than the more common support and local service businesses.
Why The Business Planning Advice You Have Received Is Probably Stale Read More »
Think You’re Too Busy to Start a Business? Think Again. The Harsh Truth Is That Time Isn’t Your Problem—Commitment Is. Discover Why Starting Today Beats Waiting for “Someday.”
The Perfect Time to Start a Business Doesn’t Exist—Start Anyway Read More »
When it comes to growing your business, there are three essential engines of growth: 1. Paid Engine of Growth: Most entrepreneurs consider this the only engine of growth. Often this takes the form of paid ads on websites or advertising on T.V. to attract lots of eyeballs to your product or service. The more targeted
Mastering the Three Engines of Growth Read More »
I agree with Seth Godin when he says that every business owner should write a regular blog even if no one reads it. The other day I was driving to Denver to attend a meeting with the SBA and the Minority Business Office. During the drive, I was listening to an audio-book about how to
The Value of a Blog Even If No One Reads It Read More »
The easy part is building the actual product or delivering the service. If you are not convinced, just consider this – Imagine a substance that falls from the sky and springs up from the earth for free. Yet, we are willing to pay more for it than we do for gasoline. Yep, I’m talking about
Is It Time to Create Your Own Channel? Read More »
As a small business, you have to consider the concept of microeconomics when pricing your product or service to maximize revenue. By definition, microeconomics studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources (i.e., money). Contrast microeconomics with macroeconomics. Macroeconomics considers the sum of all economic activity such
Using Microeconomics to Maximize Revenue Read More »
You Can’t Assume You Can Capture a Portion of The Total Available Market (TAM) W/O Understanding the Served Available and Service Obtainable Market (SAM/SOM)
What Is Your Real Market Potential? Read More »
One of the best things for me about hunting season is not the thrill of the hunt or even trying to outwit a wild and cunning animal. Nope, it’s far less glamorous – It’s the quiet time I have alone with my thoughts. I recall a story that I read as a boy about Fred
What Is the Value of Quiet Time? Read More »
As we discussed in the Anatomy of a Business Owner, most self-employed, micro, and lifestyle businesses are started by a person with a strong technical persona. Often, these entrepreneurs are suddenly seized with the desire to start their own businesses because of their strong technical skills. Michael Gerber, the author of “The E-Myth,” describes this
Is Your Business Persona Aligned for Success as a Business Owner Read More »
Many Entrepreneurs Chase Fancy Tools Hoping for a Shortcut to Success. True Achievement, However, Lies in Mastering Your Skills, Not Upgrading Your Gear.
Stop Chasing Shortcuts: How Skill Beats Gear Every Time Read More »
The other day I was watching a cooking show with my wife, Kim, and it dawned on me that what I was watching was a teachable moment for small business owners. On the show, there are a bunch of renowned chefs showing you step by step how to make one of their signature dishes. At
What I Learned from the Food Network Read More »
We prioritize tasks based on our return on investment (ROI). If we undertake a task that we think should take one day to complete and we find ourselves still working on it two days later, it is time to reevaluate our efforts. For the most part, human beings are all poor estimators. Remember the last
What To Do When You Exceed Your Estimate Read More »
The other day I went to a restaurant that I had never been to before with an old colleague. Upon opening up the menu, I was presented with over 100 choices and I’m not talking 50 different types of burgers. Can you even imagine the logistics involved with stocking all the ingredients and trying to
Is It Time to Clean House? Read More »
Entrepreneurs Often Chase the Dopamine Hit of Task Completion. Discover How Breaking Large Goals Into Milestones Can Sustain Momentum and Drive Real Business Growth.
How Small Victories Keep Entrepreneurs Motivated for Big Results Read More »
My advice to small business owners making sales calls is to use some type of icebreaker gift and share your story to make you stand out and be more memorable. Several years ago, a delegation from South Korea visited our company. At the time we were working with a publicly traded company whose product, floppy
Make Client Interactions Be More Memorable with This Technique Read More »
I’m writing this post while sitting in a hunting blind with lots of time to think about life and business. Last night after sunset, I located a farmer by the name of Ryan Britten. I have known him since he was a small child. I hopped aboard his Caterpillar tractor and we took several laps
Turning Trash to Treasure Read More »
My youngest son, Hank, works in an upscale country club restaurant. He works in what is known in the restaurant business as the “back of the house,” a.k.a. the kitchen. The hostess, waitresses, and bartenders work in what is known as the “front of the house.” Many businesses are set up in a similar way
Is Your Organizational Model Flawed? Read More »
in Late 2016 The FAA issued a safety alert to the airlines regarding the Samsung Note 7 and its exploding battery issue. Airline gate attendants announce to millions of travelers every day the special regulation to completely turn off the Note 7 phone to avoid a potential battery explosion during flight. To the everyday person,
How to Exploit Bad Press Read More »
What if one of your best employees was forced to move to a new city or wanted to leave for a better opportunity? Would you do whatever it took to keep them, such as making a job for him or her to work remotely or would you encourage them to leave? I was faced with that
Be Willing to Let Key Employees Go Read More »
While the underlining ability to write content that people want to buy is the same for both the magazine and the book publisher, the design considerations mirror many of the same issues entrepreneurs go through when they try to define their business and economic models.
4 Super Valuable Business ROI Lessons From Publishing Read More »
Starbucks Didn’t Invent Coffee—They Mastered Marketing. In Today’s Market, Average Products With Great Marketing Win Out Over Great Products With No Strategy.
Why Even Great Products Fail Without Great Marketing (Here’s What To Do Instead) Read More »
In the old days, companies would do extensive research to try to predict what the market would buy. Once they felt that they had a good idea about what would sell and how much of it they would need, they would build a product line to produce it and develop a strategy to deliver it.
Why Advertising Is Dying In the Long Tail Marketplace Read More »
Entrepreneurship Is a Potential Pathway Out of Poverty for Many Provided That They Understand Some Basic Entrepreneurial Principles.
Retail Arbitrage – The Homeless Can Be Entrepreneurs Too Read More »
My 89-year-old mother lives in an independent living facility that has several businesses connected to them. They have a bank, a maid service, and even a beauty parlor as my mom calls it. During a recent visit, my mom was telling me about how her hairdresser was let go because she was in such high
Are Your Employees Free-Agents? Read More »
Link-baiting is the practice of crafting content that is designed to get other content producers to link to it. The purpose is to increase the number of inbound links to your content and thus improving its performance in search engine results. Link-bait content falls into one of two major categories: Timeliness Content – Create timely
Get Hooked On Link-Bait Read More »
A Business Model is Customer-Focused And Is Your Value Proposition. Most Businesses Can Be Categorized Into 1 of 11 Different Types Of Business Models.
11 Common Types of Business Model Read More »
Trust In Advertising Has Shifted—But Not As Much As You Might Think. New Data Shows That Word-Of-Mouth Still Reigns Supreme, While Digital Ads Still Struggle.
Trust or Bust: How Modern Consumers Decide Which Ads to Believe Read More »
Most Entrepreneurs Want To Scale, But Scaling Without Adoption Is A Common Trap. Discover Why Early Traction Matters More Than Your Growth Strategy.
From Idea to Traction: Why Startups Must Prove Demand Before Scaling Read More »
You Don’t Have to Be First to Win in Business—Just Better. Discover Why Execution, Not Innovation, Is the Real Key to Entrepreneurial Success.
The Real Secret Behind Successful Startups? It’s Not Innovation Read More »
It occurred to me as I saw an article about Apple computers that there are some businesses clearly branded to their founders. For example, while I worked for Digital Equipment Corporation, founded by Ken Olsen, the company was not inexorably branded to his personality. However, that is not the case with Steve Jobs. Jobs was
Branding Your Personality for Profit Read More »
As I write this post, I have just returned from a motorcycle rally in the Black Hills of South Dakota. This rally is often referred to as just “Sturgis.” As always, the trip was full of lessons for entrepreneurs. Now, you may be surprised by that, but stick with me and you’ll discover these lessons
Four Business Lessons From The Sturgis Motorcycle Rally Read More »
I often encounter clients that want to create a non-profit business. They all too often think that the primary difference is just one pays taxes and the other does not. They think that as long as they have a social benefit, they can be considered a non-profit. However, there is a vast difference between their
Non-Profit or For-Profit? Read More »
When he was watching the 2012 London Olympics, Steven Marx felt disappointed with the television coverage offered by NBC. Since he was an intermittent Twitter user with only about 20 followers at the time, Marx tweeted his frustration and used the hashtag #NBCFail. That single post catapulted Marx to fame and put an unfavorable light
Creating and Using Hashtags Read More »
Some time back, I participated in what I believe was a brilliant promotional concept. A local HVAC company held a competition for the oldest water heater. They requested that you email them a picture of the product tag that included the model number and manufacture date. At the time, I had lived in the same
Host a Contest to Self-Identify Customers Read More »
John Jacob Astor was the 1st multimillionaire. He made his fortune from dominated musical instruments industry, fur trade, and real estate.
6 Business Lessons From John Jacob Astor – America’s First Multi-Millionaire Read More »
When the Spanish arrived in the new world, they encountered Montezuma, head of the Aztec Empire. The Aztec civilization was a command and control society. By killing Montezuma, the Spaniards easily defeated the remaining Aztecs since their entire society was built around a single, all powerful leader. As they continued their advance, the Spaniards used
Taking a Lesson from History Read More »
Your Product or Service May Be Great, but It’s Your “Packaging” That Convinces People to Buy. From Your Website to Your Receptionist, Discover How Packaging Drives First Impressions and Sales.
The Secret to Memorable Customer Service May Be Simpler Than You Think. A Warm “Hello” and a Thoughtful “Goodbye”—Especially When Paired With a Customer’s Name—Can Set Your Business Apart and Drive Lasting Loyalty.
The Zero-Cost Customer Service Hack That Will Make You Unforgettable Read More »
Most Businesses Think Marketing Ends After the Sale, But That’s Just the Beginning. Discover How Simple Follow-Ups Can Drive Loyalty and Long-Term Growth.
Why Smart Marketers Never Stop at the Sale: The Power of the Follow-Up Read More »
Most people work from 9 to 5, Monday through Friday. It always perplexes me why some business to consumer (B2C) businesses are open during these same hours. How can they build their business when their customers are all trapped at work? It doesn’t make any sense! Increasingly, many successful business owners see the folly in
Hours of Operation Read More »
Time Is the Most Valuable Commodity in Our Fast-Paced World—And Businesses That Respect It Win. Discover Why Speed Is the Secret to Earning Customer Loyalty.
Why Time Is the Most Precious Currency in Business Read More »
Cleanliness and Neatness Aren’t Listed in Marketing Textbooks, but They Speak Volumes to Your Customers. Learn How a Tidy Environment Can Quietly Boost Sales.
The Dirty Truth: Why Cleanliness Is the Secret Weapon in Your Marketing Strategy Read More »
Click Here to Discover the Critical Questions Every Retail Entrepreneur Must Ask Before Picking a Location. One Bad Choice Could Cost You Everything.
How to Choose the Right Retail Location for Long-Term Success Read More »
Almost anything can be sold from a roadside stand. If you’ve always wanted multiple locations, roadside stands are a great way to enjoy the benefits of expansion without the typical high costs. After all, each stand is a new location and increases the exposure of your brand. Roadside stands are portable, flexible, inexpensive, and appreciated
Your Logo Is the Face of Your Brand. Learn How to Create a Logo That Stays Relevant, Communicates Clearly, and Avoids Costly Mistakes for Years to Come.
5 Timeless Rules for Designing a Company Logo That Lasts Read More »
When it comes to fighting a war, Americans think about the Army, Navy, Air Force, or Marines. Each of these branches practice a strict command and control hierarchy. In command and control structures, the higher up in the command structure someone is, the more skills they have. From this prospective, it makes total sense to
What Businesses Can Learn from ISIS Read More »
The SBA has it wrong. A business plan is not always what you need. Financial planning is advisable to the extent that you have access to enough money or capital to conduct your first few experiments. However, small business counselors, mentors, and the SBA often encourage ALL fledgling businesses to write a business plan. This
Forget Writing A Business Plan Read More »
How A Bikini-Clad Mannequin In 30° Weather Proved That Creative, Low-Cost Marketing Can Grab More Attention Than Expensive Ads Ever Could.
The Genius of Unexpected Marketing: What a Mannequin Taught Me About Getting Noticed Read More »
Most People Stay Stuck in Life Because They Surround Themselves With People Who Reinforce Limiting Beliefs. Here’s How to Break Free and Redefine Your Reality.
Why You Keep Sabotaging Your Success—and How to Stop Read More »
Leverage Isn’t Just About Money—It’s About Mindsets. Discover How One Conversation With a Venture Capital Insider Changed a CEO’s Trajectory Forever.
Success Is Contagious: Why Who You Know Shapes Who You Become Read More »
When I sold my first company, I got a call from my business broker just before I was packing up to go home one night. He said that there was some interest in my business by a potential out-of-state buyer. He added they were a publicly traded company and wanted to fly out a team
Selling a Business – What to Expect During Due Diligence Read More »
Selling a Business Isn’t Just About Getting the Highest Offer—It’s About How the Deal Is Structured. Learn How Price Allocation Can Dramatically Impact Your Tax Bill.
Allocation of Sales Price Governs Tax Consequences Read More »
Most Business Sales Involve Far More Than Just Cash Changing Hands. From Earn-Outs and Equity to Non-Compete Agreements and Royalties, Smart Deal Structures Can Benefit Both the Buyer and Seller. Discover What Options Are Available and How to Protect Your Interests During the Sale Process.
Beyond the Cash: Creative Ways to Structure a Business Sale Read More »
Whether you are using a business broker or attempting to sell your business yourself, you will need to start with a solid business plan. Using the business plan as your base, you will need to edit it to create a confidential business review document (CBR). The CBR is the main document buyers will use to
So, You Decided To Sell – The Documentation Read More »
A schema is a way to organize a pattern or thought using relationships to what is already known. For instance, make a relationship between what is known by your audience and what you seek to convey to them. This eliminates the need to explain much of the detail since your audience brings a body of
Employing A Schema In Marketing Read More »
When you have a new product or service, your customers will likely never take the risk of purchasing it unless you offer them a free sample first. Sometimes the free sample may come in the form of a gift from another person. I never considered getting a massage until I received one as a gift.
Free Samples Can Drive Sales Read More »
Are You Internally or Externally Motivated? Discover How Understanding Your Drive Can Transform Your Work-Life Balance and Fuel Long-Term Success.
Are You Internally or Externally Motivated? Why It Matters More Than You Think Read More »
In 1913, five investors each contributed $100 in cash to a new enterprise. Each also brought a special skill to the enterprise. There was a salesman, accountant, miner, banker, and lawyer. After forming the company, they raised $75,000, which is just shy of $2 million in today’s money. The founders hoped to create a super-concentrated
Is it Time to Bleach Your Business? Read More »
What if you could create a simple sales hook video in minutes that converts visitors into buyers? This post will show you a proven, easy-to-follow formula to craft a compelling message and turn it into a video that engages and converts.
How to Write a Simple Sales Hook Video Read More »
Small business owners can learn a lot from Pierre Omidyar and the birth of eBay.
5 Valuable Business Lessons from Pierre Omidyar and eBay Read More »
Between the time when a business owner puts his company on the market and the closing date, there are two events that can occur which either kill the deal outright or negatively affect the final sale – the inadvertent disclosure of the sale and the accidental disclosure of proprietary information to competitors and customers. The
Process Mistakes that Reduce a Business’s Value During a Sale Read More »
There are several factors that can positively and negatively affect the value of a business from the point of view of the buyer. Some common factors that add value to a business include: When I sold my first business, the payment was to be made in the acquiring company’s public stock. Since it was during
Factors that Affect Business Value Read More »
How John Chambers Sizes Up Company Culture in Just Five Minutes. Learn What He Looks For and What Your Office Might Secretly Be Saying About Your Business.
What Your Office Space Says About Your Company Culture (And Why It Matters) Read More »
Each time we embark on a new election season, I can’t help noticing that red vs. blue has given way to establishment vs. outsiders. In recent years, during their campaigns, politicians have marketed themselves as the candidate who will bring change to Washington, or in other words, the establishment. Yet once they are elected, they
Red vs. Blue → Establishment vs. Outsider Read More »
Want to Build Instant Credibility and Drive Search Traffic? Give Your Solution a Name! Discover Why Naming Your Service Can Transform a Commodity Into a Brand.
From Bland to Brand: How Naming Your Solution Creates Instant Value Read More »
Understand the Key Differences Between Financial and Strategic Buyers to Maximize Your Exit Strategy. Discover What Drives Their Decisions and What That Means for You.
Strategic vs. Financial Buyers: Know Who’s Really Buying Your Business Read More »
When Selling Your Business, the Key to Maximizing Value Lies in Clearly Documenting Its Future Potential, Not Just Its Past Successes. Learn Why Naming Your Price Too Early Can Limit Your Negotiation Leverage.
Selling Your Business? Here’s Why You Should Never Mention the Price First Read More »
So, you have a potential customer’s email address. How do you get him to take action and accept your offer? You have to appeal to their unique buyer psychology. One size does not fit all when it comes to why customers hesitate to click on the “Buy Now” button. When it comes to making online
Sales Acceleration Emails Read More »
The inverse to why sellers sell a business is why buyers buy. Often a seller may only sell one business in a lifetime. However, buyers often buy several companies during their lifetime as they assemble pieces to help another business grow. Many buyers purchase a business to avoid the risk associated with start-ups and are
Why Buyers Buy a Business Read More »
I teach a boot camp class each month for our local Small Business Development Center (SBDC). There is portion of this course that looks at the three ways to become a business owner. These ways include: buying a business, buying a franchise, and starting from scratch. As I discuss the option of buying an existing
Why Owners Sell Their Business Read More »
The curse of knowledge prevents us from seeing the world as our customers see it. To demonstrate this curse, try this experiment with a friend. Think of a popular song like “Jingle Bells” or “Happy Birthday.” Then tap out the melody for your friend and ask him or her to try to guess what song
The Curse of Knowledge Read More »
Timing Is Everything When It Comes to Selling Your Business. Industry Shifts, Economic Swings, and Tax Changes Can All Erode Your Business’s Value While You Wait. Learn How to Accelerate Your Exit Strategy and Preserve Your Wealth.
Sell Smart, Sell Fast: Avoiding the Hidden Risks of Delay Read More »
There are many reasons to conduct a business valuation. Some valuations are pretty straightforward while others can be quite complicated. If there is a good possibility that the valuation will be challenged on legal grounds or by the IRS, it is often best to have the valuation performed by a qualified appraiser. That said, I
5 Reasons for a Business Valuation Read More »
Recently, I was reminded of a day I spent golfing last summer at a local Army base. Golfing as a threesome and being the odd man out, I got paired up with a soldier who was a double amputee, making us a foursome. After teeing off and driving the cart down the fairway to our
Understanding Hedonic Adaptation Read More »
The Campaign Follow-Up Step Involves Making Good on Your Campaign Promises. If You Fail to Meet Your Goal You Still Need to Thank Backers
Crowdfunding: Campaign Follow-up Read More »
The Campaign Execution Step Is When the Campaign Is Live on The Crowdfunding Platform and Backers Are Pledging Their Support to Your Campaign
Crowdfunding: Campaign Execution Read More »
The Campaign Write-Up Step Involves Creating the Campaign’s Landing Page and Includes At Least 8 Elements Necessary for A Successful Campaign
Crowdfunding: Campaign Write-Up Read More »
The Design Rewards Step Pertains to Reward-Based Crowdfunding Campaigns Only and Are a Series of Rewards to Incentivize Backers to Support Your Campaign
Crowdfunding: Design Rewards Read More »
Crowdfunding Community Building Involves Building Awareness Of Your Upcoming Campaign So When You Launch, Your Campaign Sees Early Success
Crowdfunding: Community Building Read More »
The Campaign Blog Is Actual Part of Community Building but Is So Vital to Your Campaign Success That It Should Be Considered Its Own Step
Crowdfunding: Campaign Blog Read More »
Campaign Influencers Involves Finding and Engaging Journals, Publications, Bloggers, and Any Other Influencers That Cover Your Area
Crowdfunding: Campaign Influencers Read More »
Going Social Involves Creating a Facebook Page & Getting Involved in Other Social Media Platforms/Groups to Bring Attention to Your Campaign
Crowdfunding: Going Social Read More »
Campaign support is about introducing your campaign to a list of people that might be interested in not only supporting you but in helping you throughout the process. In most cases, campaign support should take you about 2 weeks or so to do effectively. At this point in the process, you are making people aware
Crowdfunding: Campaign Support Read More »
Campaign Research Involves Talking to Several Campaign Owners and Asking Them If They Would Be Willing to Discuss Their Campaign Experience
Crowdfunding: Campaign Research Read More »
Campaign Platform Research Involves Finding What Projects Worked Best on Each Platform to Determine the Best Platform to Launch Your Campaign
Crowdfunding: Platform Research Read More »
So, you have a gem of an idea and want to get it off the ground. The first question is how much will it cost and can you come up with the money. We know that going to a lending institution like a bank to secure a business loan is an unlikely option and attracting
Crowdfunding: Process Overview Read More »
We all have a need to exact revenge from time to time. In fact, it is hard-wired into animals and is especially acute in humans. Behavioral psychologists have conducted tests on animals and humans that show that when one party is wronged or feels unfairly treated, they will often try to deny or punish the
The Surprising Power of ‘Sorry’: Defusing Vengeful Actions in Business Read More »
Discover the Surprising Strategy Behind a Local Paper’s 117% Circulation Rate—And How Focusing on Names and People-First Content Builds Lasting Loyalty.
Henry Ford said that if he asked customers what they wanted, they would say a faster horse. Gathering customer insight is not about asking the customer about what they want, but talking to customers about their daily challenges and developing a deeper understanding of their needs. Another challenge is knowing which customers to listen to.
How Zip Car Built a Business Model Based on Customer Insight Read More »
Rather than attract and retain key talent in-house, have you ever thought about building or using a platform like innocentive? Innocentive connects seekers of solutions with solvers. By using this type of platform, you can pay talented individuals based on the number of transactions you need instead of retaining them for a reoccurring salary. They
Buy and Sell Innovation Read More »
Crowdfunding Is a Popular Way to Raise Funds, but the Tax Implications Can Be Confusing. Learn How Taxes Work for Reward, Donation, and Equity-Based Campaigns.
How Will Income Taxes Affect Your Crowdfunding Campaign? Read More »
When it comes to equity-based crowdfunding, start-up investments are characterized by a high degree of information asymmetry between the entrepreneur and the investors. To obtain a positive return, investors need to accurately assess both the qualifications and ability of an entrepreneur. They also need to accurately assess the potential of the entrepreneur’s idea. Traditional institutional
Information Asymmetry in Equity Crowdfunding Read More »
In their book, “Made to Stick, Why Some Idea Survive and Others Die,” brothers Chip and Dan Heath define a sticky idea as one that is understood, remembered, and creates some kind of change in a person’s opinion, behavior, or values. They studied the panorama of what makes ideas sticky by examining urban legends, ad
Making your Message Stick Read More »
