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 »
Understanding How Emotional Life Events Influence Luxury Buying Behavior Can Help Businesses Ethically Connect With Customers Seeking to Restore Their Self-Esteem.
Why Low Self-Esteem Drives Impulse Buying of High-Status Items Read More »
Is Illegal Immigration Actually Better for the U.S.? This post explores how social welfare programs, legal status, and economic incentives shape the modern immigration debate. Discover why the economic benefits of illegal immigration might outweigh the costs of legal pathways.
Why Legal Immigration May Cost More Than You Think — And Who Really Pays 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 Have Tangible and Intangible Impacts. Savvy Entrepreneurs Know That Success Depends on Weighing Both—Not Just What You Can Easily Measure.
Tangible vs. Intangible: How Systems Thinking Reveals What Most Business Owners Miss 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 »
By transferring a traditional IRA into a self-directed IRA, the IRA owner can invest in private businesses and in real estate as well as traditional sources
Using a Self-Directed IRA to Fund Your Business Read More »
Many would-be entrepreneurs have money tied up in retirement plans like IRAs or 401ks that could be used to fund their businesses. Many simply believe they can’t access these funds until they reach the age of 59.5 without being subject to a premature distribution penalty. That being said, there are a few ways that you
Retirement Account Funds New Business Read More »
Discover Why the Graduated Income Tax May Be Doing the Opposite of What It’s Intended to Do—Keeping the Poor From Ever Becoming Wealthy.
Why the Graduated Tax Rate Keeps the Poor From Becoming Wealthy Read More »
Excessive Company Profit Is Not Inherently Unfair. The Profits from Success Business Ventures Offset the High Number of Business Failures. If High Profit Was Not Possible Nobody Would Invest. Moreover, When A Business Sees Success, It Is Often Fleeting and Requiring Investors to Demand a Return-To-Exit.
Why Entrepreneurs Need High Profits Read More »
Discover How Local Economic Developers Are Giving Small Businesses Access to Powerful Benchmarking Tools Like SizeUp. See How Your Business Measures Up Today.
How to Benchmark Your Business Like a Pro With This Free SBA Tool Read More »
Income tax is paid on a company’s Net Profit which is the amount that is left over after you subtract your COGS, business operating expenses and allocations.
Business Income Tax – What You Need To Know Read More »
I think we would all agree that making a profit is the incentive to take risk through investments. Moreover, it takes investments to stimulate innovation. But innovation creates productivity gains, which in turn eat into profit. For example, a tractor that costs as much as the labor cost for 150 workers, but which can do
Who Really Benefits Most From Business Investments? Read More »
Sometimes we need to know when to quit, but sometimes we need to hang on to obtain our dreams. There are several times when a business’s prospects might look pretty grim. At these times, if the owner was offered a fraction of the money they had invested in the business, they would gladly take it
Knowing When to Hang On Read More »
Sometimes Entrepreneurs Can’t See The Warning Signs That Their Business Is Failing. A Second Opinion From An Outside Expert Could Make All The Difference.
Is Your Business in Trouble? Here’s How to Know When to Call It Quits Read More »
The sustainability of your business revenue is important to understand if you want to keep your business solvent.
Not All Business Revenue Is The Same Read More »
China keeps its currency low to stay competitive—and that can benefit American entrepreneurs, but only if tariffs don’t erase the cost advantage.
How China’s Currency Manipulation Can Work in Your Favor as a Small Business Read More »
A trade deficient or a trade surplus unto themselves are not necessarily bad things. A trade deficit simply means that you buy more from your trading partner than he buys from you. The opposite is true with a trade surplus. You have a trade deficit with Wal-Mart, but a trade surplus with your employer. If
Understanding the Trade Deficit for American Business Read More »
Most Debt Gets a Bad Rap, but Not All Debt Is Created Equal. Learn How Entrepreneurs Use Strategic Borrowing to Fuel Growth While Avoiding Costly Pitfalls.
Why Some Debt Makes You Rich and Other Debt Keeps You Broke Read More »
Labor is a major component cost of any product or service. The lower the labor costs, either the wider the margin or the cheaper the price of the product or service. Cheap labor can be had by either opening our borders to immigrants who are willing to work for less, or by outsourcing. I contend
Immigration vs. Offshoring? Read More »
Want to Know How Fast Your Money Can Double With a Specific Interest Rate? The Rule of 72 Makes It Incredibly Easy to Estimate Investment Growth Timeframes, Empowering You to Compare Options and Make Smarter Financial Decisions.
How to Quickly Estimate Investment Growth Using the Rule of 72 Read More »
Working More Hours Won’t Make You Rich—But Understanding How to Leverage Free Cash Might. Learn Why Investing, Not Hustling, Is the True Wealth Strategy.
Why Working Harder Won’t Make You Rich (And What Actually Will) Read More »
When rewards get big—like a soaring lottery jackpot—rationality often takes a back seat. Learn how this seductive force influences both consumer behavior and entrepreneurial decision-making, and discover how you can ethically use it to boost your sales.
The Jackpot Effect: How Big Rewards Distort Risk and Influence Business Choices Read More »
Discover How Leveraging Global Labor—From Virtual Assistants to Developers—Combined With Smart Cost Strategies (Even With Tariffs in Play), Can Help Grow Your Business and Boost Personal Wealth.
Is Offshoring Work to India and China Really a Bad Thing? Read More »
Investments made in your own business or in the stock market have investment risks that can be broken down into seven distinct types of risk.
The Seven Types of Macro-Environmental Risk Read More »
Taxing the rich reduces the relative incentives and encourages more coasters. In school, smarter people should not get a harder test simply by the virtue that they work harder than the slackers that do not study. We should reward people for risking their personal capital to start a business that creates employment. Rewarding lucky risk
Is Taxing The Rich Sound Economic Policy? Read More »
3 types of Investment risk. Greater risk = great rewards. Range = Inventory, least risk/reward, thru production equipment, to innovation most risk/reward.
Understanding the Investment Risk Continuum Read More »
Harness The Power Of Extremes To Spark Motivation In Yourself, Your Team, Or Your Customers. Discover Why The Middle Of The Pack Is Often The Dead Zone For Growth.
Harnessing the Power of Extremes: Why the Middle is a Motivation Dead Zone Read More »
Stop Trying To Be the Best and Start Focusing on Being Better Than the Alternatives. Learn Why Relative Value Matters More Than Absolute Greatness in Business.
Why Being the Best Isn’t Always Best: The Power of Relative Advantage in Business Read More »
Understanding the True Motivator Behind Human Behavior Can Revolutionize How You Lead, Market, and Sell. This Post Explores Why Status—Not Salary—Is the Real Carrot and How You Can Use That Insight to Connect More Powerfully With Others.
Why Status, Not Money, Is the Real Driver of Human Motivation Read More »
Pro-business policies fuel innovation, while pro-labor rules can hinder it. Discover why I turned down a German expansion—and what it means for economic growth.
When Pro-Labor Policies Stifle Growth: A Personal Lesson From Germany Read More »
When I hear politicians say that we need to bring more offshore manufacturing jobs back to the US, to me it is like saying that we need to move more employment back to the farms. Often the dialog related to manufacturing jobs includes references to more skilled jobs with higher wages. There is one very
Manufacturing is Not The Answer Read More »
People at the top of the wage scale are mostly employed in “thought” oriented jobs. The productivity of thought oriented jobs has been increasing at a greater pace than the productivity of workers at the bottom of the wage scale, who are mostly employed in “manual labor” oriented jobs. With increasing productivity comes larger margins,
Why the Rich Get Richer Read More »
Learn How Choosing Between Expensing or Amortizing Your Research and Development (R&D) Costs Can Shape Your Business’s Financial Story—And Influence Investor Decisions.
Should You Expense or Amortize R&D? The Hidden Levers That Shape Profitability Read More »
People don’t buy a radar detector until after they get a speeding ticket, and they don’t buy life insurance until after a bad doctor visit or the sudden death of a friend. Let’s face it: people fear change. They avoid action until an external event, like getting a speeding ticket or a bad report from
How To Make A Customer Viable So They Will Buy From You Read More »
Robert Kiyosaki, the author of Rich Dad Poor Dad, uses a model he calls the Cash Flow Quadrant to explain different ways income is generated. The last quadrant is Investor. As an investor, it is all about having your money work for you. As an investor, you can spread your investment money around to achieve
Investor – Cash Flow Quadrant Read More »
Robert Kiyosaki, the author of Rich Dad Poor Dad, uses a model he calls the Cash Flow Quadrant to explain different ways income is generated. Being a business owner is different from being self-employed in that as a business owner you hire employees to do the work. That is not to say that the business
Business Owner -Cash Flow Quadrant Read More »
Robert Kiyosaki, the author of Rich Dad Poor Dad, uses a model he calls the Cash Flow Quadrant to explain different ways income is generated. When you are self-employed, you own a job. The government also refers to this group as non-employer businesses, where the owner is the only employee. When you are self-employed you
Self-Employed -Cash Flow Quadrant Read More »
Robert Kiyosaki, the author of Rich Dad Poor Dad, uses a model he calls the Cash Flow Quadrant to explain different ways income is generated. When you are an employee you know you will get a paycheck as long as you continue to work for the business, even if the business is not profitable. Earning
Employee -Cash Flow Quadrant Read More »
Discover How Indirect Marketing Strategies Can Powerfully Attract Customers. Learn From Political Campaigns and Fast-Food Giants to Boost Your Business Success.
How Indirect Marketing Can Drive More Sales Than Direct Appeals Read More »
How can you get employees to think like owners? Learn how compensation structure, company culture, and incentives can shape behavior that boosts long-term success.
How to Make Employees Think Like Owners (And Why It Matters) 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 Often Undervalue Their Role When Partnering With Larger Companies. Learn How a Simple Hotdog Vendor Can Teach Us to Rethink Our Negotiation Power.
Understanding the real difference between assets and liabilities can reshape how you view personal wealth and business opportunities. Learn how a $32 million revenue stream was seen as a burden, and why your house might not be the asset you think it is.
One Man’s Asset Is Another’s Liability: A Business Owner’s Lesson Read More »
Just Because You Hear Something Repeated Often Doesn’t Make It True. Learn Why Critical Thinking Is a Superpower in Business and How to Start Using It Today.
Why Smart Entrepreneurs Question What Everyone Else Accepts as Truth 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 »
Why Every Business Needs Capital to Survive and Thrive. Learn How Debt and Equity Financing Can Make or Break Your Venture.
Why Every Business—Successful or Not—Eventually Needs More 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 »
Sales opportunities exist in a declining market. When consumers cut back they look for savings. Try to repackage or reprice offerings to take advantage
How to Make Money in a Declining Market Read More »
New disruptive inventions don’t only affect manufacturers like our button manufacturer in yesterday’s post. Sometimes technology affects service businesses as well. Let’s consider the safety razor and the impact it had on the barber industry. While Jean-Jacques Perret invented the safety razor in France during the latter part of the 18th century, the invention reached
How Disruptive Technology Can Affect Your Business Read More »
From the Zipper to Artificial Intelligence, Disruptive Technologies Can Destroy Businesses That Fail to Adapt. Learn How to Spot Trends Before They Become Threats.
How the Zipper Killed the Button Business—and What It Means for You Read More »
A business associate of mine once used to charge $5,000 per day for his consulting services. I asked him once how he came to that rate and he said he heard someone was charging $4,000 per day and he wanted to be sure he was the most expensive option available. At the time he billed
Harness the Power of Expectations and Price Read More »
Why do we cling to options we never use? From computers to credit cards, the fear of loss drives our decisions. Learn how to turn this bias into business gains.
Keeping Doors Open: How Behavioral Economics Can Boost Your Bottom Line Read More »
As a rule, faced with two similar options and one dissimilar option, behavioral economics says that most people will discard the dissimilar option and choose between the similar options based on our hardwired need to compare two like things. Furthermore, behavioral economics shows us that by contemplating a number, which in fact can be quite
Harness Our Need to Compare and Decoy Prices Read More »
The Word “Free” Isn’t Just a Perk—It’s a Psychological Trigger That Drives Irrational Buying Decisions. Learn How You Can Leverage It to Boost Sales.
The Psychology Behind “Free”: Why It Works and How to Harness It for Profit Read More »
Discover How Behavioral Economics Can Help Small Business Owners Make Smarter Marketing Choices and Boost Profit Margins by Understanding Buyer Psychology.
Why Small Business Owners Should Master Behavioral Economics Read More »
Staying Tuned in to News Events and Policy Changes Can Give Small Business Owners a Powerful Edge. Learn How to Spot and Seize These Golden Moments.
How External Events Spark Sales Opportunities for Small Businesses Read More »
How Often Do We Buy Things We Never Intended To—Just Because We Tried a Free Sample? Learn How the Power of “Free” Can Boost Sales and Change Buying Habits.
How Free Samples Turn Browsers Into Buyers Read More »
Coming up with a great idea is the easy part. It is the execution of bringing your idea to market that is the hard part. I have run into many clients who have a great idea, around which they want to build a business. When I mention that they can license the product to a
Being an Inventor Does Not Make You an Entrepreneur Read More »
It’s Not About How Much Money You Make—It’s About What That Money Can Buy. Discover How Location Impacts Your Standard of Living and Your Business Profitability.
The Surprising Truth About Income and Standard of Living Read More »
Do Service Businesses Need A Sales Tax License? Discover How A Pass-Through Pricing Strategy Could Help Mobile And Service-Based Entrepreneurs Stay Compliant.
Sales Tax Workarounds for Service Oriented Businesses Read More »
Understanding How Value Creation Ties Into Wages Is Essential for Both Employees and Employers. Discover Why Raises Should Reflect Contribution—Not Just Tenure.
Wages and Worth: Helping Your Team Understand Value Creation Read More »
In Today’s Digital World, One Bad Customer Experience Can Quickly Snowball Into a Public Relations Nightmare. Learn How One Restaurant Got It Wrong—And How Your Business Can Get It Right.
When Good Service Goes Bad: The Viral Cost of Poor Customer Experience Read More »
How Entrepreneurship Changed My Life—and My Family’s. Learn How Owning a Business Shifts Priorities, Time, and the Need for Support at Home.
The Hidden Cost of Being the Boss: How Entrepreneurship Impacts Family Life Read More »
Task discounting is the phenomenon whereby people assign more value to near-term or simple tasks than they do to future or complex tasks, even if these tasks hold more value. Have you ever really stepped outside your business and challenged yourself to answer a simple question: Why do I do the tasks I do? If
Are You Guilty of “Task Discounting”? Read More »
As the Federal Deficit Soars, The Risk of New Taxes and Tariffs Grows. Learn Why Small Business Owners Must Stay Informed and Engaged in the Legislative Process.
Will Rising Taxes or Tariffs Hit Your Small Business? Here’s How to Prepare Read More »
How A Random Clown In New York Went Viral And Made A Small Film Studio Famous Overnight. Discover What Made This Campaign Work—And How You Can Replicate It.
How a Silent Clown Took Over NYC (And What Your Business Can Learn) Read More »
In a Bold Move, Pepsi Turned a Boring Bus Shelter Into a Jaw-Dropping Ad Experience. Discover How Your Small Business Can Capture That Same Kind of Attention.
How Pepsi’s Giant Tentacle Ad Stopped People in Their Tracks (And What You Can Learn) Read More »
If Your Customer Can’t Quickly See the Price, They Likely Won’t Buy. Learn Why Transparency in Pricing Is Crucial and How to Avoid Losing Sales Over Secrecy.
The Surprising Truth About Why Visible Prices Close More Sales Read More »
Every Business Needs a Jester—Someone Who Helps Reveal the Truth Hidden in Plain Sight. Discover Why This Overlooked Role Can Save You From Failure.
Why Every Business Needs a Jester to Avoid Costly Mistakes Read More »
Discover How Outrageous Marketing Can Help Your Brand Stand Out and Spark Word-of-Mouth Buzz That Gets People Talking and Sharing Your Message.
The Power of Shock: Why Outrageous Marketing Gets People Talking Read More »
Many Entrepreneurs Start Part-Time Before Going Full-Time. Discover How a Side Hustle Can Help You Learn the Ropes Before You Quit Your Day Job.
Learn To Supplement Your Income Before Taking The Plunge Read More »
Entrepreneurship Can Take a Toll on Family Life, but Having the Right Support System Makes All the Difference. Learn Why This Often-Overlooked Factor Matters.
The Hidden Key to Small Business Success? Support at Home Read More »
The events playing out in the news over the past month, with Secretary of State John Kerry trying to broker peace talks between Israel and Palestine, got me thinking about how much national economic conditions affect a country’s bargaining position. More specifically, I was thinking about the role a nation’s attitude toward business creation
The Currency of National Wealth Read More »
The Relentless Spirit Of American Entrepreneurs Drives Innovation, Growth, And Prosperity. Discover Why This Work Ethic Sets The U.S. Apart And What It Means For You.
The Relentless Spirit of American Entrepreneurship Read More »
Discover Why Relying on a Single Paycheck Is Riskier Than You Think and How Entrepreneurship Offers a Smarter Way to Diversify Your Income Streams.
Don’t Put All Your Eggs in One Employer: The Case for Diversified Income Read More »
Discover How Writing Notes Activates Your Brain, Strengthens Memory, And Helps You Stay Focused, Make Smarter Decisions, And Grow A Better Business.
Writing a business plan is not about the document—it’s about the clarity and confidence you gain in the process. It’s your earned knowledge that matters most.
Why Writing a Business Plan Yourself Builds Earned Knowledge Read More »
Discover How Small-Batch Processing Can Help Startups Avoid Costly Rework, Improve Efficiency, and Build a Culture of Agility and Continuous Learning.
The Hidden Flaw in Assembly-Line Thinking—and What Toyota Taught Us About Efficiency Read More »
Mastering Entrepreneurship Is Less About Hole-In-Ones And More About Making Smart, Incremental Shots. Learn Why MVP Thinking Leads To Bigger Wins.
Stop Swinging for the Fences: How Entrepreneurs Win With Small, Strategic Moves Read More »
Success Requires More Than Just Serving Customers. Learn Why Both Your Business Model and Economic Model Must Work Together to Build a Thriving Company.
Business Model vs. Economic Model: Why Both Matter and How They Differ Read More »
Are You Really Running a Business or Just Working a Job You Own? Discover the Key Differences Between a Scalable Business and a Job Disguised as Entrepreneurship.
Are You a Business Owner or Just a Jobbie? How to Tell the Difference Read More »
Mastering the Understanding Pyramid Can Unlock New Business Opportunities. Learn How To Transform Raw Data Into Actionable Wisdom That Drives Real Results.
How To Use The Understanding Pyramid To Make Smarter Decisions Read More »
There are 5 things every start-up needs if it wants to be successful. The following list is presented in order of importance:
5 Things Every Start-Up Needs Read More »
Social Media Can Help Your Business—But Only if You Know Why You’re Using It. Learn How to Align Social Tools With Strategy and Stop Wasting Money.
Is Social Media Just Another Way to Separate a Business Owner from Their Money? Read More »
Humans have difficulty recognizing and reacting to experiences that are new to them. This mental state is called our “Normalcy Bias”.
Do You Suffer From a Normalcy Bias? Read More »
Take This Quick One-Question Test to Discover If You Have the Mindset of an Entrepreneur. Your First Reaction Might Reveal More About You Than You Think.
Do You Think Like an Entrepreneur? Take This One-Question Test Read More »
Most Entrepreneurs Don’t Truly Know What Drives Them—But Understanding Your Primary Motivation Could Be the Key to Long-Term Success and Satisfaction.
What’s Your Real “Why”? Discover the 4 Entrepreneurial Drivers That Shape Success Read More »
Discover How Saloons Evolved Into Speakeasies And Ultimately Helped End Prohibition. This Story Offers A Powerful Lesson In The Art Of Rebranding.
From Saloons to Speakeasies: How a Rebrand Repealed Prohibition Read More »
You’re Not Just an Employee in Your Business—You’re the Investor. Discover How Adam Smith’s Timeless Economic Insight Can Transform Your Pricing Strategy.
You Deserve More Than a Paycheck: Pricing for Entrepreneurial Return Read More »
Discover How Successful Entrepreneurs Use Unique Skills, Tools, or Knowledge to Gain a Competitive Advantage. Learn How to Identify and Leverage Your Own.
Unlocking Your Business Edge: Why Every Model Needs Special Leverage Read More »
Everyone Loves Cute Things, but Did You Know That Cuteness Can Be a Strategic Asset in Business Marketing? From Trade Shows to Sidewalk Interactions, Discover How Leveraging Adorableness Can Help You Attract More Customers, Start Conversations, and Create Lasting Impressions.
The Cuteness Factor: A Surprisingly Powerful Business Marketing Tool Read More »
Click Here to Discover How Successful Entrepreneurs Simplify Complex Decisions Using Math. Learn How Statistical Analysis Can Guide Smarter Business Choices.
Want to Make Smarter Choices? Turn Your Business Decisions into Math Problems Read More »
The 18th Amendment Taught a Timeless Lesson: When You Push an Extreme Agenda Without Room for Compromise, You Risk Losing It All. Learn How This Applies to Modern Business Strategy.
Win the Battle, Lose the War: How Extremes in Business Strategy Backfire Read More »
When You Have Nothing to Fall Back On, You Tap Into a Primal Drive to Succeed. Discover How Taking Calculated Risks Can Awaken Your Inner Entrepreneur.
Awaken Your Survival Instinct: The Mindset That Separates Winners from Wannabes Read More »
Discover Why Tapping Into the Inner Rebel of Your Customer Can Boost Your Marketing Results. Embrace the Cowboy Spirit That Defines American Identity.
The Psychology of Rebellion: Why Lawless Marketing Works in America Read More »
Politicians routinely tweak the tax code to gain financial support from lobbyists and win favor with voters. But what if you, as an entrepreneur, could take advantage of those same strategies? Learn how staying politically aware could unlock real financial benefits for your business.
How Politicians Use Tax Breaks To Win Votes—And How You Can Benefit Read More »
