Archive for October 7th, 2005
The “Two Beers and A Napkin” Test
Chuck on the Work at Home Business Opportunities Weblog: When I was reviewing MLM companies in print, here’s how I decided if it was worth my time to review them. I call it the “2 Beers and a Napkin� test. If the MLM company could have been dreamed up from start to finish by 2 [...]
Fred Wilson: The single most important financial metric for any startup company isn’t revenues, margin, headcount, or profits. Those are all important, for sure. But the number that matters most is the cash balance. Because cash is king. I know that in some markets cash is trash, but in the venture capital business cash is [...]
Everyone’s an Expert (about something).
Seth Godin’s new free ebook, Everyone’s an Expert (about something), is out. I’m reading it right now. Nothing groundbreaking, yet — but Seth is a great rearranger.
RBC Royal Bank: It is a common misconception that business plans are written for the sole purpose of obtaining financing. The most important reason for writing a business plan should be that it is an important tool for you. A good business plan will: Draw a clear picture of your business objectives and give you [...]
Survey Results: Entrepreneurial Status
The results from Wednesday’s survey are in: Unemployed, looking for a job 2% Unemployed, not in the job market 7% Retired 4% Student 5% Part Time Employee with business on the side 4% Full Time Employee 9% Full Time Employee with business on the side 19% Freelancer 14% Full Time Entrepreneur with 0 employees 18% [...]
Entrepreneur: When your business has outgrown job lots, retailer overstock and liquidated merchandise, where do you go to find factory-fresh products with broader customer appeal? Trade shows, wholesale merchandise marts, drop-shippers, manufacturers and manufacturers’ reps are the links between eBay sellers and the goods that raise established businesses to the level of virtual retailer. While [...]
Entrepreneur Almost Daily: In Japan, where fertility rates are dropping and pet ownership is booming, the Wall Street Journal reports Honda Motor Co. is getting ready to target a growth market with a new concept car designed for pet owners (subscription required to read article). The glove compartment of the car, which will be revealed [...]
How to be a Home-Based Travel Agent
Amazon: Turn your love for travel into your livelihood with this award-winning guide to setting up a bona-fide travel business from the comfort of your own home. Learn how to research trips, make bookings, find and keep customers, maximize earnings, and qualify for agent-only benefits. This user-friendly manual includes a mini sales training program, sizable [...]
Ignoring the Competition Can Be Deadly
Jeff Cornwall: Those who read business plans on a regular basis begin to see certain patterns that immediately send up red flags. One of the most common that I see is a when the entrepreneur downplays, or even dismisses their competition. Sometimes it is due to lack of careful research, sometimes it is due to [...]
Seth Godin: Novelty for the sake of novelty is not only risky, it’s more often than not a recipe for irrelevance. A study of 1,300 publicly traded U.S. companies in fifty-five industries by Chuck Lucier, senior vice president emeritus at Booz Allen Hamilton, found that only four broad ideas, copied over and over again in [...]
The Entrepreneurial Mind: My rule of thumb is this: never let a single customer represent a percentage of your sales that is larger than your profit margin. That way if you lose one customer, even your largest customer, you can stay in business. While this may not always be possible to achieve, it should be [...]
First Customer Is Always The Most Difficult
Rhonda Abrams: Your first customer is always the hardest to get. Customers follow where others lead. Let’s say there are two restaurants on the same street; one has a line of customers waiting for tables and the other is empty. I’ll almost certainly go the restaurant that’s full even if I have to wait. This [...]
Survey: How Do You Read the Site
Thanks for your answers to the survey question on Wednesday. I’m tabulating the data, and will be posting the results shortly. In the meantime, here’s today’s poll: How do you read the site? Hosted Newsreader (Bloglines, MyYahoo, etc) Local Newsreader (FeedDemon, NetNewsWire) I visit daily. I visit weekly I visit occasionally. This is my first [...]
