Why You Need to Understand the Viable Customer Model
Not all prospects are viable and willing to buy from you today. However, there are ways to discover when prospects are viable and more receptive to your pitch.
Concepts Entrepreneurs Need to Know Before Starting a Business
Not everyone or every idea is worth building a business around. This section is a collection of videos that look at factors a new entrepreneur should consider before they invest significant resources to start a business.
Why Being a “B” or “C”” Student is Better That Being an “A”
Student As a business owner, you need to be well-versed in many aspects of business, but you don’t need to be an expert in any one of them.
The 5 Things Every Business Needs To Be Successful
According to a Wall St Journal article, every business needs five things to be successful. They are listed in the order of importance. In this video discover what those 5 critical elements are.
11 Common Business Models
In the world of business, there are eleven popular business models that have survived the test of time. In this video, I discuss each of these common business models and provide examples of businesses that are the leaders in each.
Why You Should Consider a Business Model Canvas vs a Business Plan
One of the advantages of a small business is its ability to change direction quicker than larger corporations. Moreover, the rate of business change continues to accelerate which has given small businesses a leg up on larger corporations. However far too many small businesses continue to rely on business principles defined long ago when the rate of change was much slower. In this video discover what has changed and what you can do as a small business to be more responsive to change.
Why you need an online Small Business Mentor
This video describes how the insights and actionable advice provided has the power to transform your business from ordinary to extraordinary.
Age Related Affects On Business Success I’m often asked
What is the best age to start a business? The answer is that it depends. In this video, we look at how the founder’s age and other mechanisms can affect the success and prosperity of a business.
The Three Options of Business Ownership
There are three options for an entrepreneur to get into business: Buy an Existing Business, Buy into a Franchise Concept, and Start from Scratch. Each option along the continuum adds additional risk to the company’s likely success.
The Monkey and the Pedestal
Too many startups attack the low-hanging fruit first because it is easy to show they are making progress. However, this is false progress. It is better to tackle the hard tasks first because if you can’t solve them, there is no point in doing the rest. This concept is known as the Monkey and the Pedestal. For more details, check out this post; https://stevebizblog.com/why-is-the-monkey-and-the-pedestal-story-so-important/
Why Your Solution Needs to Be Hyper Focused
Big businesses have to provide solutions to appeal to the mass market. Small businesses should find markets ignored by bigger competitors and be hyper-focused on supporting a small market.
Creating a New Category is Hard
When you have a revolutionary new product, it takes time to educate the market. Better to let the big guys do all the heavy lifting and steal their thunder at the finish line.
Be Aware of the Source of Knowledge
Not all sources of knowledge come from firsthand experience. Savvy entrepreneurs need to know the difference and seek advice from active practitioners, not individuals with outdated or secondhand knowledge.
Related link:
https://stevebizblog.com/what-is-the-value-of-experience-as-an-entrepreneur/
Business is Like High School
High school was about how popular you were. Then in college, it was all about your GPA so you could get a good job. But as a business owner, nobody cares about what grades you got. They care about how popular you are. So business is more like high school than college.
Develop a Minimal Marketable Product First
MVPs, or Minimally Viable Products, are used to test user responses to features but are not real products that you can charge customers for. Product-based businesses should use what they learned from MPVs to develop and sell a Minimal Marketable Product that addresses the specific needs of a tiny but motivated segment of their total market and learn more about the consumer before they develop a final Lovable product for the masses.
3 Things Every Business Needs
Every business needs three things to be successful: Access to Capital, Business Acumen, and Energy.