Previously, we looked at how the startup landscaped has changed and why we keep getting the same old advice. Now let's explore how the reasoning style of the manager entrepreneur, with their predominantly causal reasoning, approaches a business startup very different from the founder entrepreneur, who approaches a startup business primarily with effectual reasoning.
Previously, we looked at how the startup landscaped has changed and that you might not need a business plan to successfully launch your business. In this post, we will look into why we keep getting the same old advice. What has emerged, as the funding and risk gap has widened, is a greater awareness that there are different entrepreneurial reasoning skills [...]
As we discussed in a previous post, the startup landscape has changed in recent years and more businesses can be bootstrapped than in the past. As a result, there has emerged greater differentiation between businesses that need large upfront capital infusions and those that can be bootstrapped. This essentially has created two types of entrepreneurs, each with different reasoning [...]
To get the new year started off right, let's take a deep dive over the next several weeks to see how entrepreneurship has changed in recent years and why you may no longer need to write the classic version of a business plan. Based on these changes, we'll see how you can make the most of these changes by recognizing [...]
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 [...]
When counseling clients or judging startup completions, one of the biggest swag figures I see is related to the size of the market they expect to hit. These numbers are often extremely large which too often causes startups to overspend pre-launch based on the overly inflated prospect of future sales. In an effort to determine your product or services real market [...]
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 a hot [...]
I'm writing this post while sitting in a hunting blind with lots of time to think about life and business. Last night after sunset, I located a farmer by the name of Ryan Britten. I have known him since he was a small child. I hopped aboard his Caterpillar tractor and we took several laps drilling winter wheat. When I got [...]
When it comes to counseling clients, one of the first things I do is to try and understand the client's business in terms of their business model. Many online source commingle the concepts of business and economic models. They are in fact different. Simply put, a business model is customer-focused and is the value proposition your company offers to its [...]
Since writing “7 Rules When Naming Your Business,” several discussions have emerged that have added six additional rules founders should follow when naming their business.
1. Become a verb. Of course the goal of every business is to have the company name become a verb. When we want to search the internet, we don't say “bing it” or “yahoo [...]