A Common Term Used in Business Is “Economies of Scale”. Unfortunately, It Is Often Used Incorrectly to Refer to Economies of Scope.
Many entrepreneurs do not understand the difference between a business and economic model. Simply put a Business Model is primarily customer-focused while an Economic Model is owner-focused.
Fifty percent of Americans over 18 years of age drink coffee every day. That translates into 150 million daily coffee drinkers that consume 400 million cups per day. Not long ago, brewing a cup of coffee at home or at the office involved purchasing a coffee pot from one company and ground coffee from another […]
Many local ecosystems have initiatives and programs to foster innovation in their own community as a way to grow new technology or manufacturing companies. They do this in the hopes it will bring in new money as the primary employer grows to maturity. However, sometimes it is not the product that generates the revenue, but […]