History especially when it comes to war is chocked full of lessons for the small business owner if they take the time look at the messages and consider how they might apply the lessons to their own business.
Every once in a while, a business comes along that creates a revolution in its industry that is so profound competitors have a hard time following suit. Southwest Airlines was one of these businesses. Today businesses can take some of the lessons from Southwest and apply them to their own industry to change their trajectory.
There is a mismatch between what science knows about motivation and what the business does. Many businesses continue to use techniques designed for the industrial era workers that no longer work.
Many nascent entrepreneurs simply roll up their sleeves and try to do everything themselves in the hopes that it will save them money. Unfortunately, the most valuable asset entrepreneurs have is their time. Doing tasks that can be done by less expensive experts prevents entrepreneurs from focusing on the most important aspects of their business. Freelancing platforms exist to help the business owner outsource non-key tasks to experts in their fields for a fraction of what most experts cost locally.
The culture that a company embraces can say a lot about the eventual success of a company. In a study performed by sociologists James Barron and Michael Hannan, they tracked the culture of 167 Silicon Valley startups over an extended period of time. The study identified five primary cultures embraced by most startups.
Engineering ModelThis model was the most common model [...]
As business owners, we often focus on meeting the desires of a specific prospect so we can make the sale, but that is like being an employee in the cash flow quadrant where you only get paid when you make a sale. This approach to sales is very labor intensive and therefore not very scalable. To succeed in most businesses, you [...]
Businesses employ both offensive and defensive strategies. However, when it comes to rewards, it is the offense that gets all the attention. If my company makes a sale through the results of my actions, it is not uncommon to receive a reward or commission. However, if I prevent a sale to a customer who would consequently cause [...]
We have all heard that an oil tanker or large container ship cannot change direction very quickly. In fact, it often takes them several miles to change their direction. This is because these vessels have a lot of mass. The more mass an object has, the more energy is required to change direction. Mass in business can be bad. Mass means [...]
Some industries are highly consolidated and are dominated by a few key players while others have few incumbents and are considered quite fragmented. Your strategy to enter either one of these markets will be quite different based on the market structure. For example, let's consider two travel related apps: one for flights and another for hotels. Of course today most popular [...]
I recently went T.V. shopping with my son, Josh. What never ceases to amaze me is the fact that every brand seems to be one-upping the competition. I remember when plasma T.V.'s were all the rage. That fad met hit a dead end quickly and hardly anyone even makes a Plasma T.V.'s anymore. Yet at the time, it was [...]