The owner, or the person that invests in a new business, gets paid out of the business’ profits. An employee gets a guaranteed wage paid by the owner/investor. Therefore, the employee cares about getting a paycheck, while the owner cares about the ongoing success of the business and profits. We own a few income properties […]
Owner vs. Employee Mentality Read More »
Regardless of whether you are selling a product or selling your business it is important to make sure you understand what the customer is buying. An early mentor of mine by the name of Ron Muns had a business that developed software to track a company’s assets. After sales began to ramp up to unexpected
Know What The Customer is Buying Read More »
Small businesses generally discount their negotiation position when dealing with a larger company. Basic economics would dictate that if you provide more value in an exchange you should be compensated. Consider the hotdog vendor in front of Home Depot. I postulate that Home Depot derives more value in that exchange than does the hotdog vendor.
Don’t Discount Your Position Read More »
Many people, and many businesses for that matter, really do not understand the difference between an asset and a liability. When asked what is your biggest asset most people will say their house. An asset is essentially something that helps put money in your pocket and a liability is something that takes the money out.
One Person’s Liability is Another Person’s Asset Read More »
More than seventy percent of Americans think we should spend more money on education to reduce class sizes. However, report after report indicates that unless a class size is very small, say, five students, there really is no difference in student achievement between a class of ten or a class of thirty. So why do
Do Your Own Analysis Read More »
Three-quarters of all firms in the United States are categorized as “non-employers”. Non-employers are business that provides work for only a single or part-time owner. While small businesses which employ many people are usually started in response to marketplace opportunities, non-employer business is often started as occupational decisions. They can be a way to deal
How to Leverage a Turning Tide Read More »
Being totally committed and all in on the success of a business can be the difference between having a successful business and quitting before the business has had a chance to takes off. A few years ago I planted a garden for the first time in several years. The first few weeks were brutal. I
Are You Committed? Read More »
Successful Entrepreneurs Choose The “Best Path” To Their Goal, Not The Easiest Or Shortest Path And Are Willing To Sacrifice Much To Obtain It.
Do You Have What It Takes To Be a Successful Entrepreneur? Read More »
A wise man once told me: “If you have a successful business, you will need more money.” He also said: “If you have an unsuccessful business, you will need more money.” The undisputed leading cause of business failure is that businesses just run out of money before they become profitable. Access to capital is, therefore, the
Do You Have Access To Capital? Read More »
It Is The Knowledge You Gain In All Facets Of Business That Will Ultimately Help You Achieve Business Success.
Take Baby Steps To Avoid Business Failure Read More »
