[By guest blogger Mary Bruce]
I thought it was a pretty simple question. "What do you want this business to look like in five years?" However, Joan didn't like it at all. "That's not a question I can answer. Our market is limited. In order to grow, we have to be opportunistic - see what pops up and then pounce." Joan is at least partially right. Many successful business owners have gotten
A Harvard Business Review article (and podcast) called "The High Intensity Entrepreneur" makes this shocking claim:
"To be successful, entrepreneurs should wait until they are in their 30's before launching a business."
I almost dropped my iPod when I heard this.
The article actually quotes a study that says most highly successful entrepreneurs worked for three or more years in a large
It's OK, at some point, every business owner feels it. It starts with a tightening of the chest. Then there's the ache in the pit of your stomach. And a fuzzy feeling in your head.
Why? It's almost payday and you're short on cash.
First, breathe. Stressing out won't put cash in the bank. Now, when you can see clearly, let's get started fixing the problem: Ask yourself this one
I was privileged to have had Bill Manby as a business partner and mentor during the heady days of the Dot-Com Boom (and bust!) in Silicon Valley. I don't know how we met -- California's Monterey peninsula was a small place -- but it quickly became clear that we made a great team. His gray-haired wisdom perfectly counter-balanced my youthful exuberance. We formed Monterey Venture Partners in
I had a rare opportunity to speak with Elon Musk. In case that name is not familiar, you certainly know him by what he has done in the last decade: Musk revolutionized online payments with PayPal, re-imagined space travel with SpaceX, and created one of the hottest (and all-electric) cars ever made at Tesla Motors.
Musk, now just 40, has accomplished more in the last 10 years than most people
I've often said that you should not start any business without a business plan. So are you surprised that I put this strategy step at the end of my Business Tune Up Program?
There's a good reason. A "strategic growth plan" is entirely different than a start-up business plan, and plotting strategy takes a deep understanding of what drives your business -- and your profits.
If you've followed my
Ready for part 3 in my 4-part Business Tune-Up Program? By now you know what really drives your profits; you have a dashboard that helps you keep track; and you have fixed any cash bottlenecks.
Now it's time to magnify all the good things you are doing in your business and watch the profits multiply.
How? By adding a strong financial foundation. That means relationships with bankers, lines of
Sorry to have kept you waiting for part 2 in my 4-part Business Tune-Up Program. This week I want you to find out what really drives the profit numbers in your business. Scrappy entrepreneurs often build very broad-based businesses -- which can become a confusing mix of high-profit and no-profit products or services. Let's uncover which is which and begin to fine-tune things like pricing, product
Entrepreneurs are an odd lot. We pursue a passion but end up with a business. Sure, launching a company seems like a good idea at first. We start with stars in our eyes, but end up married to the dreary demands of running a company.
If your business is not helping you pursue your dreams -- by generating both income and opportunity for you to do what you love -- then it's time for a bit of
If you make a product, selling it on Amazon.com is a double edged sword. Sure, Amazon offers amazing exposure and great sales volume ... but their relentless discounting takes sales away from other (higher margin) re-sellers.
Worse, Amazon can steal sales from your own website.
Too many business owners are stuck with a no-win decision: take Amazon's volume at a price that you can't