What is Average?

The concept of “average” is just not real, except in mathematics.   Would you say that you were an average human?   Since males and females each represent about 50% of the world's population, the average human would have one breast and one testicle.   Still think you are average?   When it comes [...]

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The Second Glass

Your customer acquisition costs are likely one of your single biggest indirect expenses, yet most entrepreneurs design an economic model based on a single transaction. The successful entrepreneur knows that once he has acquired a new customer he looks for ways to leverage the customer relationship to sell them additional products and service. Once you have a customer thirsty for your [...]

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How to Harness the Power of Emotion

Ever wonder why they say “Sell the sizzle not the steak”?  It is because people make decisions based on emotion and then justify their decisions with logic. When you are sitting in Chili's and a sizzling fajita passes by, the menu becomes just words. The sizzle of the fajitas strikes an emotion.  Once stimulated, the sale [...]

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Taxes Are The Way to Wealth

  When Robert Kiyosaki of "Rich Dad Poor Dad" fame said, “It is not how much money you make but how much you get to keep,” he was talking about TAXES. As a business owner, you get to claim business expenses that employees do not. For example, if you use a cell phone to make yourself accessible to your clients it [...]

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Know the Value

Can you quantify the value of the time you devote to the various activities you do every day? Sometimes trying to put a value on effort is hard, but without understanding the value of your efforts you can't prioritize your actions. If you didn't know the value of money, two quarters might sound better than one dollar.

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Go Niche or Go Broke

Do you think that by claiming that your service business can do everything you will be able to achieve higher revenues?  If you feel this way, you are not alone.   Many entrepreneurs feel that by offering more services they will have more income streams, leading to higher overall revenues.  However, in practice, this is just not true [...]

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Running Blindfolded

Would you ever consider playing golf while blindfolded?  Of course not. You need to see the flag and make adjustments to your aim and swing based on processing feedback about the hole. However, entrepreneurs often step up to the tee box blindfolded because they do not have a process to measure feedback.  Running a business is all about where you spend [...]

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The Circus Comes To Town

On January 1st, 2014 recreational marijuana became legal in Colorado.  Many businesses are scrambling to take advantage of this new law.  People are setting up new retail businesses or businesses to support the retail shops, such as security or tourism. This is what economists would call a classic case of  "The circus comes to town".  You don't expand [...]

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