Explore How Stepping Outside Their Circle of Competence With Emerging Technologies Like AI, Blockchain, and Drones Has Led Many Entrepreneurs to Failure. These Cautionary Tales Reveal the Importance of Aligning Business Ventures With True Expertise to Build a Foundation for Success.
How to Avoid Failure by Sticking to Your Circle of Competence Read More »
Explore why business acumen often outweighs industry knowledge in achieving entrepreneurial success. Uncover the full story and gain a new perspective on what drives business success.
Why Business Acumen Is More Important Than Industry Knowledge? Read More »
If You Love to Cook, Don’t Open A Restaurant. Think Your Technical Skills Alone Can Propel Your Business to Success? Explore How the E-myth Challenges This Notion, Unveiling the Essential Roles of the CEO, President, and Technician Needed to Thrive.
Beyond Expertise: Why Starting a Business Takes More than Skill Read More »
For Years, Entrepreneurs Have Been Inundated With the Notion That Limited Liability Companies (LLCs) Are the Go-To Choice for Small Businesses. We Argue That LLCs Are Oversold and Their Management Underrated and Critique the Widespread Endorsement of LLCs For Small Businesses, Highlighting Potential Shortcomings in Liability Protection, Flexibility, and Simplicity.
Beyond the Hype: Demystifying LLCs and Unpacking Their Challenges Read More »
The Decision to Start a Business from Scratch, Buy into a Franchise Concept, or Acquire an Existing Business Hinges on Your Entrepreneurial Vision, Your Risk Tolerance, Your Financial Capacity, and the Desired Level of Control. Uncover the Unique Advantages and Challenges Associated with Each Pathway.
How To Choose Between Startups, Franchises, Or Acquisitions Read More »
This quiz will test your knowledge about creating a Business Model Canvas for small businesses. Are you ready to put your knowledge to the test?
Building Blocks of Success: Test Your Business Model Canvas Knowledge Read More »
Business Owners Can Be Divided into Three Categories: Enterprise Builders Who Chase Growth, Lifestyle/Micro Business Owners Who Prioritize Independence, And Specialist/Freelancer Business Owners Who Seek Skills Mastery. Recognizing These Differences Can Aid Business Consultants Tailor Their Guidance, Enabling More Efficient Resource Allocation and More Effective Networking.
The Secrets of Identifying Entrepreneurial Motivations for Business Mentors. Read More »
In The Journey from Government Job to Small Business Owner, Understanding the Shift in Power Dynamics and The Importance of Revenue Generation Is Critical. Learn More About the Essential Steps in Making This Transition Successful.
What You Need to Know: Government Job to Small Business Owner Read More »
Innovation Alone Won’t Ensure Success. To Thrive, Shift Focus from Your Product to Building the Business It Needs. It’s About Finding Customers, Securing Investments, And Navigating Financial Challenges.
Beyond Invention: The Art of Business Creation Read More »
This quiz was designed to test your knowledge of starting a business. Are you ready to put your knowledge to the test?
From Idea to Enterprise: Test Your Business Startup Knowledge Read More »
Unlock the Secrets to Success with This Insightful Guide for First-Time Business Owners. From Perseverance and Authenticity to Problem-Solving and Decision-Making, Discover Essential Advice to Overcome Challenges, Embrace Growth, And Define Your Own Path to Achievement. Learn How to Conquer Fears, Build A Supportive Network, And Harness the Power of Stage-Two Thinking.
Essential Advice You Need to Know Before Starting a Small Business Read More »
Explore The Parallels Between Learning to Swim and Launching a Business. Discover The Risks, Challenges, And Vital Skills Needed to Navigate the Marketplace Ocean. Learn How Preparation Can Increase Your Chances of Success and Avoid Becoming Another Statistic
How Preparation, Practice, And Knowledge Are Vital for Startup Survival Read More »
Proper market research is essential for startups, as it can prevent failure caused by a lack of demand or a viable market for their products or services.
The Painful Cost Of Neglecting Market Research: Lessons From Failure Read More »
Properly estimating the market for a product or service is critical to starting a successful business. Affinity matters more than promotion and advertising.
The Truth About Estimating Market Potential For Your Business Read More »
The World Is Made of Amateurs and Professionals. Amateurs Live Shadow Lives and Never Become Entrepreneurs. Amateurs Have Addictions That Create Resistance and Excuses Preventing Them from Making the Most of Their God-Given Talents. Professionals Overcome the Amateur’s Resistance and Live for The Love of The Process and Its Psychological Rewards.
Are You an Amateur or a Professional? Read More »
Not All Entrepreneurship Concepts Are Universally Applicable to Every Business. There Is a Small Business Continuum Based on Size and Desired Outcomes That Can Help Make Sense of What Founders and Leaders Should Focus On.
Why You Need to Know Where Your Business Lies on The Small Business Continuum Read More »
Many New Ventures Mistakenly Employ Faith-Based Entrepreneurship by Thinking Their New Business Is Just a Small Version of a Larger Existing Business. However, New Ventures Need to Embrace Evidence-Based Entrepreneurship by Conducting Extensive Customer Development Before They Begin.
Why You Need to Practice Evidence-based Entrepreneurship Read More »
Grit Can Predict a Person’s Likely Success in Any Business Venture Better Than Their Social Intelligence, Looks, Health, or IQ. Passion and Perseverance, Otherwise Known as Grit, Trumps Natural Talent and Is the Key Ingredient to Business Success.
Why Grit Predicts Success Better Than Talent Or IQ Read More »
The Unavoidable Truth of Business Ownership Is That It Takes a Personal Transformation by The Founder to Be Successful.
What it Takes – The Unavoidable Truth of Business Ownership Read More »
The Most Important Part of Developing a Business Plan, Is Not the Final Product or The Destination but What You Learned During the Process of Doing It.
Bottom Line: It is the Business Plan Journey, Not the Destination That is Important Read More »
Many People Think That Working in A Business Is Not Too Much More Complicated Than Running It Too. Unfortunately, What You Don’t Know About Business Ownership Can Destroy You Both Mentally and Financially.
What You Don’t Know About Business Ownership Read More »
When Is the Best Time to Start a Business? The Answer Is It’s Complicated but A Lot of It Has to Do with Your Age and Age-Related Factors.
Video: What You Need To Know How The Founders Age Can Affect Business Success Read More »
Don’t Go into Business for Yourself, Go into Business for The Customer, But Before You Quit Your Day Job Make Sure You Do Your Research First.
Is it a Pastime, a Living, or a Business? Read More »
Industry Knowledge and A Great Business Idea Are Often Considered Crucial Business Needs and Often Get Too Much of The Founders’ Attention. However, For Most Businesses, They Not Only Don’t Apply but Can Sometimes Even Have Negatives Associated with Them.
2 Myths About Business Needs That Will Shock You Read More »
Every Business Needs Three Things to Survive and Thrive: Access to Capital, Business Acumen, And Energy.
3 Important Things Every Business Needs to Survive and Thrive Read More »
Robert Kiyosaki, the author of “Rich Dad Poor Dad”, discussed the value the game Monopoly had in his education when he wrote that “You buy four green houses and trade them in for a red hotel.” The message here is that to have a successful business you don’t buy the red hotel right out of the gate. You build up your tacit business knowledge so that when you can afford the red hotel you are more likely to be successful.
Successful Business – Buy Four Green Houses Before You Buy a Red Hotel Read More »
Business Leaders Should Avoid Getting Feedback on Their Startup Idea from Friends and Family That Are Likely to Not Be Very Honest in Their Assessment of Your Business Idea.
Beware of Advice About Your Startup Idea from Your Friends Read More »
Starting A Small Business on The Side Can Be a Great Way to Diversify Your Income and Learn More About Business. However, It’s Not for Everyone. Before Taking the Plunge and Becoming a Micro Business Owner, There Are Some Significant Advantages and Disadvantages You Should Be Aware Of.
What you Need to Know About Advantages and Disadvantages of a Micro Business Read More »
The Dunning-Kruger Effect Is a Cognitive Bias of Founder Overconfidence That Alone Is Responsible for Most Startups Failures.
The Truth About the Dunning Kruger Effect and Startups Read More »
For most inventors with a new product idea, they are far better to license their idea to a manufacturer than to raise the capital to manufacture and distribute the product themselves.
How to License Your New Product Idea Read More »
Not Everyone Is Ideal Partner, You Need to Be Aware of The Many Considerations That Can Make the Difference Between Success and Failure. Money And Connections Are Great, But Other Less Tangible Things Can Rip the Business Apart.
7 Startup Partner Pairings That You Are Apt To Regret Read More »
How To Create an Amazon FBA Business! Learn How To 1, Choose A Niche, 2, Find Products, 3, Create Private Label Products, 4, Establish Your Brand, 5, Setup FBA Seller Account, 6., Shipping Your Amazon Product, 7, Launching Your Product, and 8. Build an Off Amazon Audience.
How We Built a 7-Figure Amazon FBA Business in 12 Months (2024 Edition) Read More »
Most Nascent Entrepreneurs Follow the Crowds and Target Products or Services with Mass Appeal. This Is Often a Horrible Strategy. Most Business Owners Are Far Better Off Focusing on The Smallest Viable Market Segment, Known as A Niche Market.
Why You Need to Focus on A Niche Market Read More »
The following video excerpt comes from my FREE What You Need to Know About Starting a Business course where I talk about the five things every small business needs to be successful.
Video: The 5 Things Every Small Business Needs To Be Successful Read More »
Is it a good idea to have your spouse as a member in your LLC to make it a multi-member LLC? While it is often better to have an unrelated 3rd party be a member in your LLC, having a spouse as a member can work if you follow 3 rules.
The Truth About A Husband And Wife LLC Read More »
If you want to scare a bunch of business-school students, show them what it really takes to be an entrepreneur.
The Smartest Business Model Ever Read More »
Management Practices Defined in The Industrial Era Focused on Extrinsically Motivating People. Today, These Practices Need to Be Replaced to Intrinsically Motivate Stakeholders with A Noble Purpose.
How to Intrinsically Motivate Stakeholders with A Noble Purpose Read More »
Most Brands Tell You What They Do but Successful Brands Tell You Why They Do It. Consumers Make Decisions Based On Emotions and Justify Those Decisions with Logic. Your Why Addresses the Emotional Part of The Brain That Makes Decisions.
How To Create A Powerful Brand By Sharing Your Why Read More »
Many things have changed when it comes to business planning and the Business Model Canvas has emerged as a valuable tool especially for startup businesses. In this video, we discuss what has changed and why the business model canvas is something that businesses need to embrace as part of their business planning.
Video: Why You Need to Start Using The Business Model Canvas Read More »
Franchise Primer – Everything That You Need to Know About Franchises Before You Consider Buying into A Franchise Concept.
Franchise Primer – Everything You Need To Know About Franchising Read More »
The Business Model Canvas Is A Great Tool to Discover Uncontested Markets for A New Product or Service.
Business Model Canvas Introduction Read More »
Most guides on building a business involve the same sort of rehashed content. The thing is a lot of these pieces of advice aren’t true. They’re either misinterpreted by the new entrepreneur or they’re completely wrong.
Most People are Wrong about How to Build Your Own Business, Here’s Why Read More »
When a person has an idea for a new product or service, the first step is not to define how they are going to implement their idea but to validate the business idea to find out if the problem is actually a problem enough customers encounter and more importantly, are willing to pay for a solution.
How to Validate a Business Idea Before You Start Read More »
Entrepreneurs starting a business in bad times don’t ignore the risks, instead they acknowledge and embrace the uncertainty inherent in the world, because they see new opportunities.
Is a Recession Really the Best Time to Start a Business? Read More »
Business owners are either defensive or offensive. They are either internally or externally motivated. Are you running from or toward something?
Why You Need to Be a Fox and Not a Rabbit When It Comes to Business Read More »
While Getting A College Degree Is Right for Some People and For Some Occupations It No Longer Should Be Considered the Default Answer for All Young People to Achieve Career Success in Life.
College is No Longer a Guarantee for Success Read More »
To Prosper in Business, You Need A Foundation of Solid Kenntnis Knowledge Through Firsthand Real-World Business Experiences Before You Dive in And Start Your Business.
What Is the Value of Real-World Business Experience as an Entrepreneur? Read More »
Inside every small business owner, there are 3 personas, each competing for time as the leader. The three personas are the technical person (work-focused), the President (inwardly-focused), and the Chief Executive Officer or CEO (outwardly focused). To succeed, a business must possess all three personas.
The Anatomy of a Business Owner Read More »
It is time to set the record straight, and define what a side-hustle is and what it is not. Side hustles are not glorified hobbies or part-time jobs. There are four primary types of side hustles with eight associated attributes.
What is the Definition of a Side Hustle? Read More »
The mindset of “execute the plan” should be more accurately stated as “Plan as you execute” to reinforce the idea that businesses need to test assumptions.
You Need to Validate Your Assumptions Before You Execute the Plan Read More »
Founders with A New Solution Need to Develop A Minimally Viable Product to Both Validate Their Overall Idea or Concept to See If Others Will Exchange Money for It, And Also to Validate Each of The Key Features by Creating Mini-Experiments Before Investing Their Time and Energy into Engineering the Final Product.
How to Save Time and Money with A Minimal Viable Product (MVP) Read More »
Veterans are more likely to become entrepreneurs then non-veterans. However, not all veterans have the same propensity for entrepreneurship. There are a few sweet spots.
Do You Know Why Veterans Make Good Entrepreneurs? Read More »
I often ask people I meet if they ever consider business ownership and if not, what is holding them back. This post list 9 more popular responses I get from people on why they are not following a path of business own
Why 9 Popular Reasons for Not Launching a Business Are Wrong Read More »
I often ask people I meet if they ever consider business ownership and if not, what is holding them back. This post list 19 popular responses I get from people on why they are not following a path of business ownership.
The Top 19 Reasons For Not Launching a Business Are Wrong Read More »
With the rapidly changing business landscape, companies who are beholden to their shareholders are shifting their risk from the business to the employee.
Income Security: Why Being an Employee is Just too Risky Read More »
CEOs are not born they are made. However, the attributes and experience of what it takes to be the leader in a small business are distorted by articles and books based on the needs of large companies, little of which pertains to a small business.
What is More Important For a CEO, Sale or Marketing experience? Read More »
Many individuals with a new idea for a product have the wrong idea about the role patents play in business. They see patents as a way to simply make money off their idea. However, patents exist to encourage innovation which is not the same.
The Honest Truth; Why Patents Are Often Not Worth It Read More »
All successful entrepreneurs have experienced failure in their careers. The key is to not give up but to use failures as lessons.
Business Failure: Your Path to Success & Wealth Read More »
Being a small business owner is lonely. Few have someone that can help them spot holes or flaws to help them improve. This is especially true when it comes to sole entrepreneurs and single owner companies.
How To Be All That You Can Be – Get a Coach/Mentor Read More »
Every business needs five things to be successful. This video describes the five things every business needs to have to be a success in their order of importance.
Video – The five things every business need to be successful Read More »
More and more people are creating a side hustle for a myriad of reasons.
6 Reasons Why You Need to Have a Side Hustle Read More »
Many businesses fail because the founder didn’t know what he didn’t know. As entrepreneurs, we always want to project that we have all the answers even when we do not. Moreover, admitting our ignorance to others makes us feel inferior which bruises our ego.
Will You Fail Because You Don’t Know What You Don’t Know? Read More »
One thing contributes to more business failure. If the reason you want to start a business is you want the flexibility to work when or where you want, to become rich, or because you just want to be your own boss, you have a higher likelihood of failure. You are more likely to fail because your reasons for starting a business are self-centered and not externally focused.
The 1 Simple Thing That Contributes to Most Business Failure Read More »
A franchise investment isn’t as high as most people think, especially when you put the investment cost into context and compare it with starting a business from scratch. There are eight factors that determine a franchise’s investment costs.
So Why Does a Franchise Cost So Much Anyway? Read More »
I believe there is a difference between taking advice from a serial starter vs a serial entrepreneur. A serial starter has played the game of business but not yet won. While a serial entrepreneurs in my definition, has not only played the game, but has also won the game by reaching either a natural conclusion to the business or achieved a profitable exit.
Serial Entrepreneur or Serial Starter? – That is the Question Read More »
A question many franchise entrepreneurs have is related to how much money they will need as they conduct early-stage franchise research.
How to Find Out if You Have Enough Money to Buy a Franchise Read More »
Why Do Entrepreneurs Participate in Speculative Ventures and Put Their Time, Energy, Passion, and Finances into Launching a New Business?
Why in the Heck Would You Start a Business Read More »
Not long ago, I was driving through Denver in rush hour traffic. As I inched along in traffic, I was replaying a discussion in my head about the Colorado Springs ecosystem being the red-headed stepchild to Denver’s much more robust business ecosystem. Most of the discussion was geared toward activities the Colorado Springs ecosystem could do
Why Bigger is Not Always Better Read More »
Recently, I was teaching a course, “Going Pro – Moving from Hobby to Business” and one of the students was a jewelry designer looking to take her hobby of making jewelry, mostly as gifts for friends and family, and turn it into a paying business. I suggested she focus her jewelry design on a profitable
13 Steps to Find Your Profitable Niche for Free Using Long-Tail Keywords Read More »
Earlier today, I was reading a reddit.com post about a young man ready to graduate college this summer who was desperately looking to start his own business. He didn’t have a business idea and was looking to the readership to help him come up with one. I often suggest to clients with a desire to
There Is No Prize for Originality Read More »
As we discussed in the Anatomy of a Business Owner, most self-employed, micro, and lifestyle businesses are started by a person with a strong technical persona. Often, these entrepreneurs are suddenly seized with the desire to start their own businesses because of their strong technical skills. Michael Gerber, the author of “The E-Myth,” describes this
Is Your Business Persona Aligned for Success as a Business Owner Read More »
I often encounter clients that want to create a non-profit business. They all too often think that the primary difference is just one pays taxes and the other does not. They think that as long as they have a social benefit, they can be considered a non-profit. However, there is a vast difference between their
Non-Profit or For-Profit? Read More »
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 »
Many entrepreneurs are lured by the possibility of extreme riches of being a primary employer. However secondary employers are less risky and much easier to fund and to start.
Don’t Be a Gold Digger – Why You Need To Be Main St. Instead 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 »
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 »
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 »
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 »
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 »
When I worked in a corporate job I worked very hard and often had to put in extra hours to complete projects. However, when I left the office, I pretty much-left work behind. I had the time to coach soccer, go on vacations, and, overall, remain engaged in all aspects of the family. Family time
Business Ownership Changes the Entire Family Read More »
Many would-be entrepreneurs think in terms of full-time employment, either from a job or through a business they own. Eighty percent of businesses are considered non-employer businesses according to the Small Business Administration (SBA). Many start out as part-time efforts. Some progress into full-time businesses with employees, but many are simply businesses designed to supplement
Learn To Supplement Your Income Before Taking The Plunge Read More »
For the entrepreneur, the division between personal and business life is virtually nonexistent. Running a small business requires a significant commitment of time and energy; time and energy that might otherwise be devoted to one’s family and other interests, but is instead spent on the business. If an entrepreneur has family members who underestimate the
Something Never Taught in an MBA Program Read More »
I’m often asked “Do I really need a business plan even if I don’t need a bank loan?” My response is sometimes“Yes” and some other times “No” One thing is for certain, it is not the destination that is important when it comes to writing a business plan, but the journey you take in writing
Do You Need a Business Plan? 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 »
When asked what is your entrepreneurial driver, most people have a rather vague answer. Here are the most common reasons I have heard.
What is Your Entrepreneurial Driver? Read More »
All too often the entrepreneur has a grand vision of how his product should look and how it should work. After spending way too many hours and too many dollars to get the product just right before its debut, when finally introduced the product falls flat. Sometimes assumptions that went into the original design were
Ride The Wave, Don’t Build The Ocean Read More »
Start-ups take time to reach profitability. Sometimes it may only take a few months, other times a few years, and in many cases, it will never happen. Every business needs to understand just how long their path to profits is before they commit to starting a business. They need to make sure they have access
Do You Know The Path to Profitability? Read More »
