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
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
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 »
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 »
It is important to periodically benchmark your business against others in your industry and/or in your local area. A free tool that is offered by the SBA called “Size Up” can help. Once you select your industry and location, you can enter data about your company and compare it with your peers to see how
Free SBA Tool to See How your Business Stacks Up 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 »
Starting My First Business With Invisible Fencing Taught Me the Tough Realities of Creating a New Market. In This Piece, I Share the Challenges, Lessons, and Strategies I Learned to Help You Navigate Category Creation.
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 »
