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 »
Let’s face it. Many business ventures will ultimately fail. Unfortunately, there are no signposts along the way that says “Exit now or face financial ruin”. Entrepreneurs often hang on, ignoring the signals that their business is doomed based on pride, or sometimes they just can’t see the forest for the trees. I have often heard
Knowing When to Quit 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 »
If you were within the top one percent of academic achievers when you attended school, you were likely highly motivated to be that the top achiever. You would do almost anything to be in the coveted position of “Top Student”. Similarly, if you were on the cusp of flunking out, you likely were highly motivated
Extremes and The Effect on Motivation Read More »
Customer acquisition costs represent a significant indirect expense. Once you acquire a new customer you should implement strategies to keep them coming back again and again. When you fly you often have a choice of airlines that fly the same route. To encourage repeat business many carriers offer frequent flier miles that equate to perks,
Pricing Strategies – Pricing For Loyalty (Repeat Business) 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 »
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 »
I often encounter businesses that at their core are pure services businesses, but which also sell products as part of their offerings. For example, consider a small part-time mobile oil change business. They are primarily in the service business of changing a person’s oil. However, their service includes the sale of motor oil. I’m often
Sales Tax Workarounds for Service Oriented Businesses Read More »
