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 Effect Business Value Read More »
John Chambers, the former CEO of Cisco Systems, says he can size up a business, determine their culture, and determine whether or not they are customer focused in less than 5 minutes. Chambers should know because he acquired scores of companies to grow Cisco systems into one of the top computer networking players. First, he
Size Up a Business in Less than 5 Minutes 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 »
How Do You Create Instant Credibility in Your Service or Informational Product at No Cost? Give Your Solution a Name!
Why You Need To Give Your Solution A Name? Read More »
When it comes to non-profitable businesses, the Liquidation Appraisal Method is used. For this method, only the value of the tangible assets is used. The reason behind this is the buyer is only purchasing the tangible assets. Any liabilities of the business entity are the responsibility of the seller and are not factored into the
Liquidation Appraisal Method Read More »
The Asset Accumulation Appraisal Method is used primarily for real estate holding companies, oil & gas companies, or other asset-heavy companies with earnings that do not support a value higher than the tangible assets. This method is sometimes used with profitable companies to represent the low end of the range of indications of value. This
Asset Accumulation Appraisal Method Read More »
Companies like Business Valuation Resources and Bizcomps are leading providers of information about private company transactions. They sell reports to business brokers, which they can use to do comparable company searches and evaluations. When it comes to valuations using comparable companies, the values are based on a lot of financial analysis data such as net sales, cash
Comparable Company/Transaction Appraisal Method Read More »
The Discounted Cash Flow Appraisal Method is also used for larger businesses similar to the EBITDA method. To understand the Discounted Cash Flow Appraisal Method, one needs to understand the concept of the “time value of money.” If you invest a dollar and it earns you a 10% annual return, that dollar would be worth
Discounted Cash Flow Appraisal Method Read More »
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization. The EBITDA Appraisal Method attempts to remove all the factors that are viable from one owner to the next in privately held businesses. That said, the EBITDA Appraisal Method is most often used for public companies where their enterprise value can be computed.
EBITDA Appraisal Method Read More »
The Rule of Thumb Appraisal Method is a method often used to compute the approximate value of closely held small businesses. This method relies on a multiple of some unit of measure. The unit of measure changes based on the type of business or industry. It may be the number of subscribers, gross annual commissions,
Rule of Thumb Appraisal Method Read More »
Business Buyers Come in Two Flavors. Financial Buyers and Strategic Buyers. Each Type of Buyer Values a Business Differently.
Types of Business Buyers 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 »
When the seller makes the decision to sell his business, time is often his worst enemy. Many things outside of the seller’s control can often negatively effect the value of the business. For example, changes in the industry can make elements of the business obsolete. The interest rate hikes by lenders can make your business
Business Cycle Economics and Selling a Business 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 »
Hoover Adams was the editor for a small local newspaper in the rural community of Dunn North Carolina. This newspaper was called the Daily Record. What makes the Daily Record unique is while other newspapers were struggling to maintain readership, the Daily Record led the nation in circulation penetration. In fact, the Daily Record was selling
What Is in a Name? Read More »
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 »
While crowdfunding is becoming more and more common, tax support and guidance for the campaign creators continue to remain unclear on many points. At a minimum, the tax treatment of funds generated through crowdfunding depends on whether the campaign is reward-based, donation-based, or equity-based. Moreover, if it is reward-based, the value of any reward offered
Taxes and Crowdfunding 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 »
Stories provide people with a model showing them how to act. When a person shares a story, it is only natural for the listener to think, “How would I have reacted if I’d been in that situation?” Recently, a good friend of mine related a story on Facebook about a situation she encountered when taking
Tell your Message in a Story Read More »
Making your idea emotional simply means that it needs to tap into something people care about. A frequently used technique is to talk about the consequences of ideas for individuals. When 18-month-old Jessica McClure fell into an old well in her aunt’s back yard in 1987, there was around the clock coverage. The world could
Make your Message Emotional Read More »
Credibility makes people believe in your ideas. When trying to establish credibility for your idea, we often rely on recognized authorities who have shared similar views. If the surgeon general endorses a plant-based diet, then who is to argue the point? Other times, we try to establish credibility by making use of statistics. When you
Make your Message Credible Read More »
Sticky ideas create a visual that the other party can see and feel. Aesop’s Fables are great examples of abstract moral truths made concrete. For example, the abstract lesson to “always tell the truth” was concretely illustrated in “The Boy Who Cried Wolf.” The distinguishing trait of concrete ideas is that you can picture them
Make your Message Concrete Read More »
Unexpectedness is about grabbing a person’s attention. You can grab an individual’s attention by surprising them with something that violates their expectations. Surprise is an emotion that forces a person to pause and collect more information about the world around them. Surprise gets a person’s attention in the moment, but curiosity holds their attention over
Make your Message Unexpected Read More »
Simplicity is about finding the core message and sharing it in a concise way. The core message is the one important element you want to communicate. As the old saying goes, “No battle plan ever survives contact with the enemy.” Imagine you are trying to develop a plan to instruct a friend on playing a
Make your Message Simple 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 »
CrowdCube is the largest equity-based crowdfunding platform in the United Kingdom. Since its founding in 2008, it has facilitated more than $60 million in transactions to date. Combined, those transactions have involved nearly 88,000 investors and over 140 successfully funded ventures. The average individual equity-based investment was approximately $4,000, although investments ranged from as little
Some Equity-Based Crowdfunding Statistics Read More »
Generally speaking, crowdfunding is divided into creative campaigns, reward-based campaigns, and equity campaigns. In creative campaigns, such as a Michael Moore movie, the backers support the message or the “art” and make donations to help promote the cause. Creative campaigns have been around forever, however reward-based and equity campaigns are relatively new. In reward-based campaigns,
Every day in the run-up to the 2016 elections I saw the poll numbers showing Donald Trump with a substantial lead in the GOP polls. In spite of the many gaffes that would destroy any other candidate’s political aspirations, Trump continued to be immune. This fact caused me to question why some people would continue
What Sales People Can Learn from Donald Trump Read More »
When a new disruptive technology is discovered, it is often marketed aggressively by the developer. The typical cycle is that it is over-hyped and people expect huge results. They invest heavily as they succumb to the madness of the crowd. Most often, V1.0 products meet with a few roadblocks that tarnish its appeal. Most dissatisfaction
One has to ask “Are corporations past their prime?” Corporations came into being to allow multiple investors to invest a portion of their capital across several risky, but potentially highly profitable endeavors. Corporations Come Into Existence When sailing ships were constructed to carry on world trading, it was a highly lucrative proposition but was fraught
Are Large Corporations Past Their Prime? Read More »
Take a look at the logos for Twitter, Facebook, and LinkedIn. Do you see a common thread? They all use blue as their primary color and that’s no coincidence. According to ColorMatters, 40% of people worldwide consider blue to be their favorite color. According to my daughter-in-law, if you’ve seen Chris Pine’s baby blue eyes,
What Color Are You? Read More »
As I write this article, we are in the midst of the political season. Candidates continue to talk about the fact that the middle class in the last decade is not making any progress. They are calling for minimum wage increases to improve their standard of living. I, however, believe they are looking at the
Are You Better Off? Read More »
When it is time for an owner to sell his business, the wise seller will “recast” his financial reports to create a clearer and often better impression of his business for the buyer to see. If you are the buyer and the seller has not done a recasting of their financial statements, you’ll want to
Recasting Financial Reports When Selling Your Business Read More »
Most banks say that they are small business lenders. The missing part of that statement is how banks define small businesses and what banks will lend money for. From the bank’s perspective, a small business is an established business and not a new business. Banks lend money primarily for tangible assets that double as collateral.
How to Argue for Seller Financing Read More »
When it comes to buying a business, size does matter. Most lifestyle or micro businesses have under 1 million in annual sales. When it comes to lifestyle and micro businesses, the owner is also the top manager. For valuation purposes, a good rule of thumb for a marketable lifestyle or micro business is that the
How to Value an Existing Lifestyle or Micro Business Read More »
Existing businesses make money on day one. A successful franchise will earn the owner income not too long after starting up. However, a start-up, even one that survives, may take months or years to begin to pay the owner a salary for working in the business.
3 Risk Levels to Becoming a Business Owner Read More »
C.J. Walker – 1st black woman millionaire. She didn’t let life dictate her future, she developed a goal, navigated obstacles, and never quit
Business Lessons from the First Black Woman Millionaire, Madame C.J. Walker Read More »
It’s a common trap. You start a business, and one of the first things people tell you is, “You need a website!” So, you hire a web designer who pitches you a sleek, beautifully designed site with all the bells and whistles: a company history page, employee bios, a mission statement, a list of services—everything
The Harsh Reality about Expensive Websites Read More »
Once you have made a hypothesis regarding your customer segment and value proposition, you need to gather insight to validate your hypothesis by designing questions or experiments to take to potential customers. If you are designing questions, it is important to avoid questions that will influence the customer’s response. In other words, avoid leading questions
Testing Your Customer Segment and Value Proposition Hypothesis Read More »
Now that you have a potential list of products or services that you plan to incorporate as part of your value proposition, you need to see if it creates the benefits your customer expects, desires, or would be surprised to see. You can use the following questions to test your value proposition’s products and services
Testing Your Value Proposition’s Ability to Deliver Gains Read More »
Now that you have a list of potential products or services that you plan to incorporate as part of your value proposition, you need to exposed them to the first test. You can use the following questions to test your value proposition’s products and services. These questions will help you determine if your products or
Testing Your Value Proposition’s Ability to Alleviate Pain Read More »
After you understand the customer’s job, their pain points, and their gain points, it is time to define a value proposition to deliver to them. The products or services that you will provide can come in four different flavors: With these flavors in mind, make a list of all the products and services your company could deliver.
Defining Your Value Proposition’s Products and Services Read More »
Once you have a pretty good idea of the job your customer segment has to do, it is time to ferret out and define their gain points. Use the following questions to describe the benefits your customer expects, desires, or would be surprised to receive. After answering these questions, attempt to rank your customer’s gain
Understanding Customer Segment Gain Points Read More »
Once you have a pretty good idea of the job your customer segment has to do, it is time to ferret out and define their pain points. You can use the following questions to more accurately describe the customer’s negative emotions, undesirable costs and situations, and risks they experience before, during, and after their job.
Understanding Customer Segment Pain Points Read More »
Once you have a good idea of your target customer segment, it is time to dig a little deeper. To do this, describe the specific tasks your customer segment is trying to do in their core job, the problems they are trying to solve, or the needs they are trying to satisfy. Besides the customer
Understanding Customer Segment Jobs Read More »
When fleshing out your business model canvas, you need to define your customer segment and value proposition. However, it is sometimes necessary to consider both the economic buyer and the end user when defining your customer segments. For example, the other day I took my grandson to a Chuck-e-Cheese. The end user was my grandson
Serving Economic and End User Customer Segments Read More »
After graduating high school, Malcom McLean bought a used truck and started a small trucking company with his sister and brother. Two years later in 1937, Malcom found himself sitting in a long line of trucks on the Hoboken, NJ docks. He was awaiting his turn for the stevedores and longshoreman to unload his cargo
A Valuable Business Lesson from Sea-Land’s Malcom McLean Read More »
Izzy (later change to Elliot) and Ruth Handler were husband and wife that complemented each other’s skills when it came to business. Elliot was the dreamer, who I have often referred to in business as the Oracle or someone who can see things that others can not. Ruth, by contrast, had a business mind and
Barbie, Seeing Things Others Do Not – Business Lessons From Elliot And Ruth Handler Read More »
The ancient Greek word for arrogance is hubris. For instance, anyone proud enough to challenge the gods would be burned to death. As surely as night follows day, destruction follows arrogance. Warfare is filled with examples of hubris that lead to a country’s destruction or at least inflicted heavy damage to their society. Napoleon in
The Turtle And The Hare Read More »
Everyone knows that one bad review can sink a business. However, many businesses do have a plan to monitor what people are saying about them. What if there was a simple tool that would scourer the internet and notify you if your name, your product, your company, or even your competitors were being discussed online?
How To Monitor The Internet Read More »
Samuel Colt was a great inventor and marketer. He never gave up on his idea even in the face of adversity. Business can learn a lot from him
Business Lessons From Samuel Colt, American Inventor Read More »
Reflecting on the Past Is Natural, but the Most Successful Entrepreneurs Know Their Future Is What Really Matters. Here’s Why Forward Thinking Wins.
Why You Should Stop Living in the Past and Focus On the Future Read More »
The average person is told as a child to be quiet, stay out of trouble, and don’t make waves. If they go to college, they are told to set realistic goals and expectations for their lives. The worldview they adopt is that life is dangerous and scary. It is best to play it safe and
Coloring Outside The Lines Read More »
The working class strives to be comfortable. They want to be comfortable in terms of physical, psychological, monetary, and emotional needs. Many in the working class achieve this goal at some point in their career. Entrepreneurs learn early on that becoming a business owner is hard and the need to be comfortable can be devastating
Are You Too Comfortable? Read More »
Rediscover Your Sense of Wonder and Learn How Everyday Curiosity Can Lead to Extraordinary Business Breakthroughs. Inspiration Is All Around—Are You Looking?
Some time ago I was doing some research for a client on writing copy of an ad campaign. I discovered an article written by Mary Rose Maguire that intrigued me enough that I reached out to her to learn more about her service. During our conversation, we discussed a variety of topics and before we
3 High-Level Tips to Generate Sales With Your Website Read More »
Recognition is a powerful tool in both business and life. Recognition is the fuel of our self-worth and many of us crave it above all else. At some level, we all want recognition. In fact, when we do something to receive recognition and none is forthcoming, we feel hurt. At this point, we are at
Recognize the Numerator of Self-Worth Read More »
Assembling a Diverse Team for Your Business Model Canvas Session Can Uncover Insights No Group of Experts Alone Ever Could. Learn Why Diversity Beats Expertise in Idea Generation and How to Build Your Team for Success.
The Secret to Better Business Ideas? It’s Not Just Creativity Read More »
Ignore the status quo and don’t build a better mousetrap. Stop focusing on what your competitors do. Instead, challenge orthodoxies. To do so, start with any of the nine business model building blocks and build outwards. While we typically start with customer segments to build a customer-driven business model, there are four common starting points.
Inside Out Business Model Read More »
To apply the Blue Ocean Strategy, you start with a Business Model Canvas that describes your industry and then look at your the business model canvas from three different perspectives: the cost perspective, value proposition, and the customer segment.
Applying the Blue Ocean Strategy to the Business Model Canvas Read More »
The term “red ocean” refers to all the industries in existence today, otherwise known as “the known market space.” Blue oceans, by contrast, denote all the industries not in existence today, otherwise known as “the unknown market space.” Red oceans are contested markets while blue oceans are untainted by competition.
What is a Red Ocean vs. Blue Ocean Strategy Read More »
The following are the 9 steps to implement permission marking. 1. Determine the lifetime value of the customer. 2. Invent and build a communication stream to sell your curriculum through emails, web pages, etc. a) Offer a selfish reason for the customer to respond, such as giving away free content.b) Alter the communication to move
9 Steps to Implement Permission Marketing Read More »
There Are 5 Levels Of Permission Marketing That A Customer Can Grant, Each Level Increases The Business’s Autonomy And Level Of The Customer’s Trust..
Permission Marketing- How To Build Trust Read More »
In permission marketing, you can either use bait or something of value that you give away in exchange for permission to market to them or you build a reputation that breeds trust so that a prospect will buy what you recommend.
What Is Permission Marketing And Why You Should Care Read More »
When you have a free product or service with high amounts of traffic, platform advertisers become interested in subsidizing your free product or service by paying you a fee to share their advertisements. Free products generate high platform traffic and increase the attractiveness of your platform to advertisers. Freemium users get basic functionality for free.
Free as a Business Model Read More »
When it comes to designing a longform sales page, there are three basic types of consumers of internet content: Skimmers, Scanners, and Readers. Appeal to each type with different design elements.
How to Write a Longform Sales Page Read More »
A business associate of mine, Ken Jaray, is an Angel investor and earned his personal fortune as a very successful trial lawyer. When I asked him what was the most significant factor that contributed to his phenomenal success in the courtroom, he replied that it was his ability to connect to the jury on a
Connecting With Your Audience Read More »
When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at macroeconomic forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into four categories:
Critical Thinking About Macroeconomic Forces Read More »
When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at industry forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into three categories:
Critical Thinking About Industry Forces Read More »
When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at key trends that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into four trends:
Critical Thinking About Key Trends Read More »
When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at market forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken down into five
Critical Thinking About Market Forces Read More »
When it comes revenue streams, they are generally either “transactional,” resulting from a one-time payment, or “recurring,” resulting from ongoing payments that deliver value or provide post-sales support. When it comes to defining a business’s revenue streams, I find it helpful to consider a list of different types of revenue streams to guide me and
Choosing a Revenue Stream Read More »
The type of customer relationship that is right for your business depends on your customer acquisition costs, customer retention goals, and need to up-sell the customer on an add-on or related products in the future.
Choosing a Customer Relationship Type Read More »
When considering your unique value proposition, I find it helpful to consider a list of common value propositions to help guide me and my client’s thinking. To that end, here are eleven common value propositions that businesses might offer to their selected customer segment. Review the following value proposition types and determine which one is
Choosing a Value Proposition Type Read More »
The first step for a new business or an existing business coming out with a new product line is to define the customer segment they are targeting. During the early stages of the process, I recommend starting out with a broad definition of the customer segment. The following is a list of five common customer
Choosing a Customer Segment Type Read More »
There are many lessons business owners can learn from Howard Schultz and the Starbucks story.
6 Business Lesson from Howard Schultz – Starbuck’s Secret Sauce Read More »
Mickey Drexler hates emails and memos but loves to communicate face to face or over the phone. He prefers personal interactions so he can be sure that others are listening to him. When Drexler was hired as the new president of Gap Inc’s Stores Division in 1983, his first order of business was to fire
Business Lessons from Mickey Drexler – Open Communications Is More than a Slogan Read More »
Most Americans get up, go to work, turn in an average days work effort, return home, sit on the couch to watch TV, and wonder why they are relegated to a life of financial struggle. They hate their boss and speak publicly about how businesses are greedy and take advantage of workers. They buy lottery
The average person has a bunch of loosely defined goals and wants a lot of things. However, this is not a strategy that makes for a successful entrepreneur. Successful entrepreneurs focus on one very specific goal at a time. Studies have shown that only about 3% of the general populations have a specific enough direction
Do You Have Focused Goals? Read More »
Disruptive innovation is not about the next new product as much as it is about transforming an existing market from being expensive and complex to affordable and accessible. A disruptive innovation is more about targeting a high profit/low margin business and creating a high volume/low margin alternative. For example, it is very expensive to take
What Is Disruptive Innovation? Read More »
