Businesses all too often commit resources to developing a product or service based on the verbal feedback they received from some potential customers. This is no way to test your assumptions that people will exchange hard earned money for what you are selling! Employing a simple 3-page website can ultimately help you determine if customers are willing to exchange money for your offering.
Not all industries and occupations are treated equally in the eyes of government officials. Some industries and occupations require the business to obtain a “Business License” to operate. This video provides the background into why some industries and occupations require oversight from a government entity.
It is often far better to see what the market leader is doing and just be a little different in your value proposition. Being the first to market means you will make lots of costly mistakes that your competitors can learn from and then capitalize on at your expense. Keurig and Xerox were not the first movers but today they dominated their markets by capitalizing on the dominant players mistakes..
There is a gross misunderstanding when it comes to the protection afforded to business owners of a Limited Liability Company (LLC). This video identifies who’s liability is protected and who’s is not.
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Most people associate registering their business with the Secretary of State as the proper way to secure their unique business name. While this reason is partially true, it is not the real reason a business needs to register their entity with the Secretary of State. In this short video, we discussed the real reasons why a business needs to register [...]
Cognitive tunneling is one of the principle causes of accidents that involve human error. Cognitive tunneling is the mental state in which your brain focuses on one thing, and as a result, it does not see other relevant data. This perceptual blindness causes our attention to miss even the most obvious clues to the problem that are right in front [...]
I certainly spend more time shopping online these days than in the mall and I don’t think I’m alone. The internet allowed for “online shopping” that in turn created online-retailers like Amazon and Overstock, but they were the only businesses visible on the front line. While malls suffered from this shift in buying behavior, other industries benefited. At the next tier, [...]
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 niche or risk becoming [...]
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 start [...]
Every business makes investments to create revenue for itself. All too often business owners consider cash as its only source of revenue worthy of investments. However, revenue actually comes in three flavors:
1. Cash 2. Attention and trust 3. ReferralsEveryone can easily recognize cash as a source of revenue in a sales transaction; a business [...]