When agrarian society faded in favor of the more profitable industrial era, no matter how hard you worked as a farmer or how hard the farming industry tried to preserve itself the tide of change could not be turned. By the same logic, no matter how hard we try to reestablish a middle class based […]
The Middle Class Sputnik Moment Read More »
Resolution are unwritten, often unmeasurable, commitments to oneself. Goals, by contrast, are written down and have a due-by date. Resolutions such as the ones we all make for the New Year are frequently broken in only a few days. Making a resolution simply to lose weight will not be an effective way to lose weight.
Goals Are Not The Same As Resolutions Read More »
Earl Tupper invented Tupperware but he had a hard time selling it. People didn’t trust plastic, and they didn’t know how to use the product he developed to store items in air-tight containers. His sales for his first six years was essentially flat. Moreover, he was an introvert and could not manage a sales force
Build an Empire, Bowl by Bowl Read More »
As human beings vision trumps all of our other senses. Man is incredibly adapted to remembering images. If you read or hear something, studies show that in the span of about three days you will only remember about 10% of the message. However, if you add a picture or an image, then you are likely
An Image to Remember Read More »
John Johnson grew up in a small shack with a tin roof in rural Arkansas. In an effort to give John more opportunities, his family moved to Chicago when he was 15 years old.However, coming from a poor area in Arkansas, his new classmates made fun of his accent and handmade clothes. To deal with
A Lesson in Perseverance Read More »
The US dollar continues to rise in value in relation to the Euro. A strong dollar makes products manufactured overseas cheaper to buy. While it may make buying a Mercedes cheaper and may make your international travel budget go further, these savings come at the expense of business revenue. On the flipside, goods and services
What if you could give your customer his order before he was done giving it to you? Well, that idea is what built the drug store Walgreens. When a nearby customer would call in a non-prescription order using the newly developed telephone, Charles Walgreen would repeat the caller’s name, address and order so his assistant
Constant Innovation Read More »
Most people operate from a fear-based mentality and are cynical about new ideas. After all, if you don’t expect much you will not be disappointed, right? Entrepreneurs do not succumb to fear-based thinking and are optimistic by nature. Entrepreneurs think everything they touch will turn to gold. Even when they experience failure they believe the
Optimism: Your Psychological Insulator Read More »
It is always good to have some investment funds so you have the ability to execute when you see a good deal. One of my boys bought his motorcycle with cash after he bought a Ford Ranger with a blown engine the owner could not afford to fix. He bought the truck for $500 and
Seed Money – How to Grow Rich Read More »
If money is your hope for independence, you will never have it. The only real security that a man can have in this world is a reserve of knowledge, experience, and ability. The saying “easy come easy go” refers to the fact that having money without knowledge means that you will soon be separated from
Knowledge Trumps Money Read More »
The Civil Rights Act of 1964 was an attempt to provide equal rights for black Americans. It expressly prohibited discrimination in voting, education, and public facilities. Although fraught with lots of implementation issues, integration in schools changed many people’s mindset about other races. It is human nature to like “like-minded people”. We often erect artificial
Most people believe that when you sleep your brain sleeps too. In fact, your brain never rests. It uses periods of sleep to process and learn. Workaholics who deprive themselves of sleep to get more work done may think they are being more productive, but in reality, the opposite is true. Your brain needs periods
Nap To Be More Productive Read More »
My wife would say that the greatest way a man can ever show a woman he loves her is to buy her a diamond. This drives me crazy because the entire narrative that diamonds represent romance is pure marketing hype that almost everyone has bought into. Did you know that the tradition of giving a
De Beers, A Story About Controlling Supply and Creating Demand Read More »
A few weeks ago we spoke about the negative effects that can result from not appreciating your employees when we discussed the story of Benedict Arnold. On the opposite side of that same coin, I would place Mary Kay Ash of Mary Kay Cosmetics. At the core of her business model was employee appreciation. She
Recognition on Steroids Read More »
The other day I saw an interesting quote that got me thinking. “Some people spend their entire life waiting for their ship to come in, not realizing that they are standing in an airport.” The concept of waiting for a ship to come in is rooted in the idea that someone else is driving. Waiting
Time to Build a Ship Read More »
What does personal freedom mean to you? I have often stated that most people are not really motivated by money itself. Rather, I say that money is just a means to achieve social and professional standing, also known as status. I would add to that idea that the accumulation of wealth, most often accomplished through
Money = Personal Freedom Read More »
Personal Fulfillment = Sole searching to discover what you love to do and match it with your talents, what the world needs, and what can earn you money.
Personal Fulfillment = Choosing the Right Occupation Read More »
Most people I talk to about investments believe in having a diversified portfolio vs. consolidating all their assets in one company as a way to mitigate their risk. However, these same people go all-in on much more risky small business ideas with no partners. Entrepreneurs understand the value of shared risk and reward programs. As
Diversify your Small Business Risk Read More »
Hearing your name has a profound impact on the brain. Research published in Cerebral Cortex shows that hearing your name activates your cortico-subcortical auditory attention network, a complex way of saying it grabs your focus whether you’re paying attention or not. Similarly, studies in Brain Research demonstrate that hearing your name sparks brain regions tied
The Power of Using a Person’s Name Read More »
Most people think since they were very good in school they are just not smart enough to be an entrepreneur. They associate being smart only with a high intelligence quotient or IQ. IQ is a measure of how one does on tests or more specifically how well a person can memorize and recall information. Performing
Test Smart or Street Smart Read More »
Most people think in a very linear fashion. When they discover a potentially promising investment they look at their income and expenses and say “I just can’t afford it”, and pass up many good deals. Entrepreneurs are not constrained by money and think more non-linearly. When exposed to a promising investment they look at its
Linear vs. Non-Linear Thinking Read More »
Are you risk adverse? Most people work hard for their money. Therefore, when it comes to investing their hard earned money, they tend to play it very safe and conservative. Entrepreneurs know that money doesn’t come from work but from ideas and one’s personal knowledge. They know that even if they lost all their money
Safe vs. Calculated Risk Read More »
Most people when not working are engaged in pleasure-focused activities such as watching TV. Many of my friends can tell you a baseball player’s batting average, can handicap college basketball teams during March Madness or can tell you the movies that featured any particular actor. Entrepreneurs are engaged in money-making activities. A love of real
Pleasure vs. Money Making Activities Read More »
Most people underestimate the power of referrals, while entrepreneurs know that referral marketing creates wealth. They participate on panels, non-profit boards, and other functions, most often for free and without any expectation of a direct return. However, the results of their efforts give them large personal networks that return dividends in many unexpected ways. With
No Network vs. Large Network Read More »
Most people believe that money is meant to be spent for articles of instant gratification as a reward for their efforts. These same people usually live beyond their means and fund their lifestyle with debt. They spend their leisure time in activities that have no real value, such as watching sports or reading novels. Entrepreneurs
Money is for Spending vs. Investing Read More »
Most people think that to create personal wealth requires hard work. These same people work hard from 9-5 and get paid for their results. Consider the construction worker or waitress who engages in hard physical labor for their wages. They believe that building wealth is a solitary effort and they crave recognition for the efforts
Solitary Hard Work vs. Leverage Read More »
Most people, when they think about money, think money is what you get when you sell your time. For example, they trade a 40 hour work week for a wage. Entrepreneurs know that money is generated by identifying problems and selling solutions. They understand that money is not earned through one’s labor but through one’s
Work for a Wage vs. Creative Thinking Read More »
Everyone’s belief system is shaped by the company they keep. Entrepreneurs are no different in that regard. The differences in beliefs come from the village of advisers people use.For example, fat people who hang around other fat people will not be exposed to better eating habits, will be exposed to negative thinking about being overweight,
The Mind of the Entrepreneur Series Read More »
Walt Disney took every challenge to his ideas as an opportunity to prove he was right. Before Disney, cartoons were short animation films between 5-10 minutes in length that were shown before feature films. Walt Disney wanted to produce a full-length cartoon but everyone told him that no one would sit through a full-length cartoon.
What We Can Learn From Walt Disney Read More »
Recessions and depressions cause citizens to demand action from the government, providing the spark and the fuel to drive bigger government. Take for instance the Great Depression, which started in October 1929 and lasted through most of the 1930s. In June 1928 the Federal Reserve thought that the booming stock market would cause inflation, so
The Answer is Always More Government Read More »
No matter where you look, someone, is talking about the Affordable Care Act, aka ObamaCare. What frustrates me in all these discussions is that healthcare insurance has taken on a life of its own. By my definition, it is out of control because it is no longer insurance. Insurance, such as auto insurance or homeowners
The New Super Insurance Read More »
I’m a fly fisherman, and anyone familiar with the sport understands that to land a fish using a fly rod requires a lot of skills. I think I like fly fishing because it is cerebral and has so much in common with B2B sales. In fly fishing, you have to understand in great detail the
Customer on a Line Read More »
A few weeks ago my wife handed me a simple battery operated candle that had stopped working in spite of the fact that she had replaced the batteries. Although the candle was designed as a sealed unit I managed to remove some of the wax coatings and dismantled it, only to discover that the wire
Are We Losing Our Inventive Edge? Read More »
In business, many of the most promising and productive individuals have fragile egos. As the owner of a company, you need to be able to recognize and reward behaviors from employees that move the business forward or risk creating a Benedict Arnold in your own ranks.
Recognition Or Doom – Failing To Recognize Outstanding Performance Is A Colossal Mistake Read More »
Most Freelancers Dramatically Underprice Their Services Without Realizing It—Leading to Overwork, Financial Stress, and Eventual Burnout. Did You Know That 82% of Small Businesses Are Solo Operations, Relying Solely on Billable Hours? If You’re Not Charging What You’re Truly Worth, This Guide Will Show You Exactly How to Calculate Your Real Hourly Rate—and Why Getting It Wrong Could Be the Biggest Threat to Your Business.
How to Determine Your Hourly Rate as a Freelancer Read More »
Ray Kroc bought the rights to a small hamburger joint run by Dick and Mac McDonald. He was 52 years old at the time and selling milkshake machines. Ray always believed in the power of a positive attitude in sales. He said, “With a smile and enthusiasm I can influence someone to buy a sundae
The Golden Arches of Wisdom Read More »
I own a solid orange polo shirt and often wear black suspenders. Being a DIY kind of person I often make trips to a local hardware store to buy materials or tools for one of my projects. On more than one occasion I have worn this combination to a local Home Depot store and been
What Color is Your Brand? Read More »
I was reading an article the week after Christmas that referenced “Boomerang Thursday”. I was aware of Black Friday and Cyber Monday, but not Boomerang Thursday. It turns out that this is the day that people return unwanted Christmas presents. Doing further research, I discovered several important business lessons related to Boomerang Thursday. First, the
Boomerang Thursday Read More »
Inspirational Quote from Confucius: I hear, and I forget. I see, and I remember. I do, and I understand.
Inspirational Quote from Confucius Read More »
Bill Bowerman was a very successful track and field coach at the University of Oregon. Runners at the University often suffered from shin splints, leg cramps, knee, and back issues as they trained. Bill was obsessed with designing solutions to solve these problems. One morning he was in his kitchen watching his wife Barbara make
Just Do It – How to Grow an Idea Read More »
With today’s 24/7 news cycle, there is no excuse for an absence of information. There is only the eroding sense of duty felt by Americans to remain informed. If you are reading this post today, share it with your friends and make a commitment to talk to your children tonight and instill in them the value that we as Americans have to remain actively engaged in the news and public issues affecting us all.
Are You Reading This? Read More »
Some time ago, I did some research on the role dyslexia plays in entrepreneurship. I came across findings by Sally Shaywitz of the Yale Center for Dyslexia & Creativity that indicate dyslexia is a key attribute of many successful entrepreneurs. Notable figures such as Richard Branson, William Hewlett, Henry Ford, Ted Turner, and Charles Schwab
Dyslexia and the Entrepreneur Read More »
As you might imagine I have the occasion to speak to lots of successful business people and spend much of my time trying to understand what attributes make for a successful entrepreneur. One difference I see is how non-entrepreneurs and entrepreneurs approach education. The vast majority of my friends that have successful jobs working for
An Entrepreneur’s Perspective on Education and Success Read More »
The online retailer Zappos is known for its top-shelf customer service. One way Zappos excels at customer service is the amount of flexibility and discretion it gives its customer service representatives to make the customer happy. Hiring and training the right customer service representative makes all the difference between success and failure at Zappos. Zappos
What You Can Learn from Zappos Read More »
One of the goals of this blog is to help entrepreneurs think about common problems in totally new ways. To that end, I would like to introduce you to Takeru Kobayashi, who as a rookie in 2001 smashed the world hotdog eating record simply by rethinking the problem. Up to that time, the record for
Rethink The Problem Read More »
My middle son lives in Bentonville, Arkansas: the headquarters of Walmart. This fact made me want to learn more about Sam Walton, Walmart’s founder. As with many biographical stories, Sam Walton’s life provides several lessons for the entrepreneur. Sam Walton began his career in retail when he bought into a 5&10 franchise known as Ben
What We Can Learn From Sam Walton, Founder of WalMart Read More »
Sometimes you cannot with any degree of certainty determine if someone is really telling you the whole truth, so you need to create a situation that will force the other party to reveal themselves. In the book How to Think Like a Freak by Steven Levitt and Stephen Dubner, the authors discuss how David Lee
How to Know if They are Telling You the Truth Read More »
Every few years my wife and I return to Seattle, where we got married. One of my favorite places to spend a few hours is the Pike Place Market. On our most recent trip, I was reminded of a lesson in the importance of location. Parking off Alaska Way and taking the elevator to the
Location Location Location! Wait, Maybe Not… Read More »
In the book “Predictably Irrational: The Hidden Forces that Shape our Decisions”, Dan Ariely talks about a cognitive bias known as the Endowment Effect. Simply stated, the endowment effect is the fact the people in general place a higher value on the things they have over identical things they do not have. Dan used the
The Endowment Effect Read More »
Flipping through the channels the other night I stopped to watch a Jackie Chan movie on TV. As I watched one of the fight sequences I could not help but see many correlations between fighting and operating a small business. First, my attention was drawn to the speed of his movement, which I equate to
How to Create a Knockout Read More »
Good marketers also use primacy and recency in their messaging to make sure that potential customers will be able to recall the most important elements of their message.
How To Leverage The Primacy And Recency Bias In Marketing Read More »
People make decisions on emotion and then back up their decisions with logic. Good marketers understand the value of focusing on messages that will make the customer feel good. Wedding photographers do not take pictures, they capture the magic moments of that important day. I have seen signs on vacation that simply say “Horses for
Every Business Wants to Grow, but the Real Challenge Isn’t Just Getting Bigger—It’s Growing the Right Way. Should You Focus On Selling More to Existing Customers or Reaching Entirely New Ones? The Answer Can Mean the Difference Between Sustainable Success and Hidden Risk.
How Should You Grow Your Business—Horizontally or Vertically? Read More »
How to employ a three-page website to test the market’s readiness and verify that a product or service will sell before you make an investment.
Testing the Market with a 3-Page Website Read More »
Nikola Tesla was perhaps one of the world’s greatest inventors. His experiments with alternating current or AC proved that transmitting electricity through a copper wire with AC was much more efficient than using direct current or DC, the power source used by Thomas Edison. He also invented the electric motor and even invented the wireless
A Great Idea Is Not Enough Read More »
A few weeks ago we discussed using a loan from your 401k plan to fund your startup. With a 401k plan, the employer often provides a match to the employee’s contribution. Both IRAs and 401k plans are consider defined contribution plans, meaning the contributions are fixed, but the returns are based on the returns from
Get Your Private Employer to Pay Your Start-up Costs Read More »
What you drive says a lot about who you are and what you value. I often find it very useful to meet a new person at a location that requires them to drive there, such as a Starbucks. I try to arrive early and get a seat where I can observe the person drive up.
Have You Seen Your Customer’s Ride? Read More »
In the old days, every town needed a stable to feed, water, and house the vehicle of the day, the horse. Over time, automobiles supplanted horses as the principal mode of travel, and stables gave way to gas stations. When people think about going into business, they still think in terms of inventing a new
The Business Landscape is Changing Read More »
My wife frequents a bakery that uses punch cards as a loyalty reward for its customers. After you accumulate five punches you get a ten percent discount on your order when you redeem a completed card. Recently she was at the bakery. When she was ready to check out with a larger order than usual,
How to Win a Customer for Life Read More »
Customer acquisition costs often account for a large portion of your product or service costs. Smart entrepreneurs look for ways to get paid more than once by the customer to make the most of their customer acquisition costs. I used to sell a video series to educate investors only on DVD. Once the sale was
Get Paid More Than Once Read More »
Ever notice that on the trunk of most vehicles, there’s a decal or emblem identifying the dealership where the car was originally purchased? It’s almost like a badge of honor—except most people don’t even think about it. Whether it’s a small, discreet sticker in the corner of the trunk or a bold chrome emblem, that
How to Promote Your Business With a Reward Read More »
Fred Bear is known as one of the pioneers of the modern archery industry but did you know that he was also a remarkable businessman. Fred is best known for being an avid bow hunter and popular writer for various outdoor and hunting magazines, as well as a film producer. As a kid growing up
Fred Bear: Remarkable Businessman and Archery Great Read More »
There is a bit of an injustice in the way entrepreneurs are told about the business planning process. First, new entrepreneurs are told that to get money from a bank they need a business plan. While there is some truth to this, a major missing piece is that they will likely not get any funds
Increases in the cost of living affect low-income households much more than higher-income households. Therefore, the effects of our government’s monetary policies to control the cost of living are most visible at locations where low-income households shop, such as McDonald’s. If low-income households have less discretionary income to buy a burger, it is an indicator
McDonald’s Economic Bellwether Read More »
In Dale Carnegie’s book “How to Win Friends and Influence People” I first heard that God gave us two ears and only one mouth to remind us to listen twice as much as we speak. New salespeople like to jump right in and tell the prospective customer all about a product or service. However, a
Two Ears and One Mouth Read More »
By far the most common feedback I get from would-be entrepreneurs for not starting a business is related to their fear of failure and not being able to provide for their family. The traditional concept of a person quitting their day job to start a business is no longer valid. I think this concept remains
Number One Reason For Not Starting a Business Read More »
Ignorance can casue you to see things insider cannot. It’s great to be highly familiar with the industry in which you plan to compete, but many times insiders see too many challenges and obstacles and never start a new business. Entrepreneurs with limited industry knowledge sometimes see opportunities because the industry has changed in ways
Ignorance Can Be Bliss Read More »
Ever go to a high school dance where the dance floor was empty because nobody wanted to be the first one to dance? Finally, one brave couple strolls out, perhaps encouraged to do so by a chaperone or staff member, and before you know it the dance floor is full. You just witnessed “Priming”. Casinos
Can Your Business Benefit from Priming? Read More »
Each year businesses go through a budgeting cycle to plan expenditures for the upcoming year. If you have a new product or service which you sell to businesses, you would be wise to keep the customer’s budget year in mind. When you hit up a business in the middle of their budget year you may
Market to Budget Cycle Read More »
We experience life through our five senses. Each of these senses is connected through our unconscious mind to various emotions. When a message touches more than one sense it has multiplying effect to create a stronger memory or help in our recall. Therefore, when selling your product or service, try to incorporate as many senses
That Makes Five Senses Read More »
Fishing and hunting have lessons for the business owner. Being a hunter and fisherman I often read articles about hunting and fishing strategies. I recently watched a documentary about the whitetail deer population in the US. In 1700 there were approximately one million whitetail deer living in the US. By contrast, today’s estimates exceed thirty
Fish Where the Fish Are Read More »
Ever wonder what makes a good salesperson? While there are many attributes that make a good salesperson, being able to make the customer laugh is one of the most important. Humor creates a positive emotional connection between the salesperson and the customer. It breaks down some of the initial objection barriers while directing the customer’s
Being Funny Pays Dividends in Sales Read More »
Often I encounter clients that want to produce a product or service on the low end of the price window in the hopes that lower costs will mean more business for them. However, being the low-cost provider is not the best place to be unless your value proposition is clearly operational excellence. This is because
Operational Excellence – Why Quality Pays Read More »
When you send a package through the US Postal Service (USPS), you can buy insurance in case they lose your package, or you can save the cost and not purchase the insurance. If you do not buy the insurance it does not mean that the USPS will treat your package any differently. However, with insurance,
Buying the Right to Sue Read More »
I recently read an article talking about the school voucher program and how it would force schools to be more competitive. While I think there is some merit to the school voucher program there is a much more important business lesson here. A school voucher program would mean that parents could send their children to
Why do we think in terms of Miles Per Gallon (MPG) when we buy a new vehicle? MPG is an abstract measurement that requires the consumer to perform calculations in his head to determine the real impact of his purchase. The cost of filling up your vehicle and driving it for a specific period of
We all know that at the Battle of Waterloo Napoleon was defeated by the British. The British victory would have a dramatic effect on the financial world. News in the early 1800’s traveled slowly by today’s standards. Baron Rothschild headed up a large financial empire, and news of a French or British victory would have
Speed of Trending Information Can be Critical to Success Read More »
Henry Ford’s new assembly line process, while very efficient for its day, was just too much for many of his new workforce. While his workers were much less skilled than their craftsman predecessors, they did still require some level of training and a breaking-in process. If after only a few days on the line the
URINAL AD – Public restrooms for men have urinals affixed to the wall. When in use the man is forced to look straight ahead at a blank wall. With a captive audience for a minute or so, some establishments display advertisements positioned at eye level. PUBLIC TRANSPORTATION – Many buses, light rail, and taxi companies
3 Uncommon Advertising Locations Read More »
WALL PAINTING – Contact the owner of an old barn or blank-walled building to see if you can hang or paint your message. Or use a variant of wall painting, and utilize a projector to display your lighted message on a blank wall for even greater impact at night. AIR DANCER – You have seen
5 Miscellaneous Low Cost Marketing Ideas to Create Brand Awareness Read More »
MAGNETIC CAR TOP SIGN – Pizza delivery vehicles often employ a magnetically mounted roof or window mounted sign. In most cases, these signs include an internal light that plugs into the vehicle’s cigarette lighter, which draws even more attention to the sign after dark. The signs are visible across a sea of cars and in
5 Marketing Ideas to Create Brand Awareness For Under $150 Read More »
BANNERS – The other day I went to the bank and passed a car parked in a dirt lot next to the roadway selling bonsai trees. He displayed a banner that ran the full length of his car, attached by bungee cords, to alert people to the fact that he had something to sell. A
4 Marketing Ideas to Create Brand Awareness For Under $75 Read More »
BUSINESS CARDS – If you have a business to consumer (B2C) business, you can use tools like DemographicsNow (often available at public libraries) to identify the ideal market demographic, known as a Groups and Types in DemographicsNow, for your product or service. Within the text of each “Type”, the segment is a description of the
3 Marketing Ideas to Create Brand Awareness For Under $10 Read More »
Brand awareness often is not directly responsible for making sales, but aids in the conversion rates of more direct marketing and sales efforts. The brand’s message has to be constantly repeated to cross the divide from the unconscious mind to the conscious mind before it becomes effective. Therefore, brand awareness is a constant effort. It
5 Free Marketing Ideas to Create Brand Awareness Read More »
Struggling to Turn Your Marketing Efforts Into Actual Sales? The Secret Lies in Balancing Brand Marketing and Direct Marketing Strategies—Planting the Right Seeds Before Expecting a Harvest. Discover How to Build Awareness, Earn Trust, and Drive Immediate Conversions in a Way That Ensures Long-Term Business Success.
Planting Seeds vs. Harvesting Sales: Understanding Brand Marketing vs. Direct Marketing Read More »
Why do we have government-issued marriage licenses? Now that I have your attention, remember that you are not free to “practice” without a license. For example, you are not free to drive a car or to sell guns to the public without a government-issued license. At one time it was forbidden to have sex or
Is It Time For a Review? Read More »
When you have a company that sells Business to Consumer (B2C), canvassing a neighborhood in the early stages of the business when you have more time then money can often be an effective way to gain customers. When ringing a stranger’s doorbell, it is best to start out with a few non-business questions/statements to build
How to Canvass a Neighborhood Read More »
Growing up in Boston, on the way to the airport you would pass a series of very simple signs on the side of the road. They encouraged you to relocate to Boston and read: “If You”, “Lived Here”, “You Would”, “Be Home Now”. Burma-Shave became an outdoor advertising icon by delivering a catchy message with
The Sequence Signs Read More »
Some businesses have made their mark using outdoor or billboard advertising. Anyone traveling across the country on I-80 will remember passing billboards promoting Little America’s “50 Cent Cones – 15 Miles”, or billboards promoting Wall Drug on I-90: “Free Ice Water, Wall Drug”. Billboards can be a very effective way to build brand awareness or
Make The Most Of Outdoor Advertising Read More »
Do you know what your customer wants? I believe that pretty much every customer wants the same 9 things, although they may look slightly different depending on the industry. They want: If you can satisfy one or all of your customers’ wants better than the other guy, you have a recipe for success. Are you
9 Things Every Business Customer Wants Read More »
Each month I sit on a panel at the US Air Force Academy where soldiers, sailors, and airmen are preparing for life as civilians. Around the room are flip chart pages that list the things these separating officers and enlisted folks want from their future employment. Always near the top of the list is job
Rise of the Micro Business Read More »
If you are a savvy entrepreneur, you don’t go into anything cold. With the Internet and a plethora of other resources, you can warm up any call quickly, and not waste your time or your potential client. Doing your homework first is one of the best ways to get an advantage over your competition. If
There’s No Such Thing as a Cold Call Read More »
Social Security is a major component of payroll in any business. Social Security is essentially a federally administered fixed annuity. A fixed annuity is a readily available commercial insurance product where a person makes periodic deposits in return for fixed future payouts. With a fixed annuity the issuer (the insurance company or the government) assumes
Do We Need Social Security? Read More »
Longhorn Cattle were introduced to the Americas by the Spanish between the 16th and 18th centuries. The cattle industry back then was primarily a small-scale industry. Beef was not very popular, so cattle were raised primarily for the value of their hides. Because there was no refrigeration, any cattle used for beef had to be
What We Can Learn From The Texas Cattle Industry Read More »
We know that people are motivated by status and not money, and often buy high-status luxury items like cars, watches, or electronics to flaunt their status. However, studies have also shown that people buy pricey goods when they are experiencing a bout of low self-esteem in an effort to make themselves feel better and relieve
Feeling Blue? – Buy Something Read More »
My grandparents legally immigrated to the US from Germany after WWI. With an identified sponsor and a trade, the path to legal immigration was open to them. Today this is not the case, so what is different today? The answer is robust social welfare programs paid for by citizens, who often make more than new
Illegal Immigration is Good Read More »
That got me thinking about the role licensing plays in business. A common belief is that state licensing is necessary to protect the public from bad actors. The reality could not be further from the truth. Can you imagine a group of people getting together and spending their time and money to create a petition
Is Licensing Really Necessary? Read More »
I recently read an article about Uber Taxi that got me thinking about the role the government plays in creating monopolies. For those not familiar, taxis are licensed and are given a medallion to prove they are licensed. Uber Taxi is a ride-sharing mobile application where any car owner can list their location and make
Monopolies Require Government Assistance Read More »
Most decisions we make have both tangible components (ones that can be easily measured) and intangible components (ones that are very hard or impossible to measure). For example, let us consider the Federal Minimum Wage debate. On the tangible side, we can see that taking home more money for an hour worked should lead to
Tangible vs. Intangible Measures Read More »
Retirement accounts qualify for special tax treatment by the IRS. A common retirement account is a 401k, where pretax dollars from you, which are often matched by your employer, are deposited into an account and allowed to grow tax-deferred. These funds are designed to create income during retirement and are subject to premature distribution penalties
Using a 401k Loan to Fund Your Business Read More »
