Business Planning

11

Apr'19

Questions to Ask Before Doing A Start-Up

The twelve questions you must get answers to before doing any start up.

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08

Apr'19

What Should I Do Before Starting a Business?

What are the essential things to do before starting a business? We identify three important components.

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02

Apr'19

Business Plan or Idea?

Which is more important: a great business idea or a super business plan? The answer is clear: this isn't a chicken or egg question … the idea comes first. But it’s just an idea, imperfect, a shiny object, dimly perceived, not fully grasped.

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30

Mar'19

The Art of Making Money

By P.T. Barnam, 1880 Point 1. DON’T MISTAKE YOUR VOCATION 2. SELECT THE RIGHT LOCATION 3. AVOID DEBT 4. PERSEVERE 5. WHATEVER YOU DO, DO IT WITH ALL YOUR MIGHT 6. DEPEND UPON YOUR OWN PERSONAL EXERTIONS 7. USE THE BEST TOOLS 8. DON’T GET ABOVE YOUR BUSINESS 9. LEARN SOMETHING USEFUL 10. LET HOPE PREDOMINATE BUT BE NOT TOO VISIONARY 11. DO NOT SCATTER YOUR POWERS 12. BE SYSTEMATIC 13. READ THE NEWSPAPERS 14. BEWARE OF “OUTSIDE OPERATIONS” 15. DON’T INDORSE WITHOUT SECURITY 16. ADVERTISE YOUR BUSINESS 17. BE POLITE AND KIND TO YOUR CUSTOMERS 18. BE CHARITABLE 19. DON’T BLAB 20. PRESERVE YOUR INTEGRITY Click on each link to see an expanded discussion. Brilliant. True.

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08

Feb'19

Priorities in Starting a Business

What are the three most important priorities in starting a business? Business planning, your business organization, and being prepared mentally, physically, emotionally and spiritually.

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27

Nov'18

How Do I Become A Successful Business Person?

That’s a wonderful question, because on one level, all you need to do is just study business in school, get the “trade school” education, get out there and do what your boss says. You will find a successful career if you have a half-wit sense of how to deal with people. You will never rise above a certain level, and you will be stuck in the trenches. You may rise to an assistant manager someplace. On the other hand, do you want to be very successful? Do you want to rise to the top of your profession? Then you better pay attention to a lot more than just B School topics. You must learn a lot about how businesses operate, how they rise and fall, how products are developed, produced and marketed. You must understand the legal environment, the social environment, and the political environment of business. You need to take every business course you can think of. You need to be an expert in communications, marketing, operations, human resources, accounting, finance and management. But with all this education, you will still only rise to a certain staff level. You are book smart, but not completely educated. Your excellent academic …

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27

Nov'18

New business: How do I get Visibility and Customers?

Ah, the proverbial question: how do you get customers. That’s what you want. Visibility, yes, but the only visibility you need is with people that will buy what you have to sell. Any other visibility is a waste of time and effort. In fact, visibility in the wrong venue can backfire: it may alert your competition, or inspire some other business to invade your space. So, you want to target your customers. Not with a shotgun, but with a rifle — send that message to the prospect and get them to buy. Too many entrepreneurs confuse noise with message. Noise is all around, does no good, doesn’t result in anything. Message is distinct, tailored, directed, and designed to emote action. So, how will you send an appropriate message directly to your target market in the most effective, efficient way? First you have to know a lot about your target market(s). You have to understand their demographics and their psychographics. Until you have this information, you are shooting in the dark. Then, you have to figure out how to reach those people directly. There is always a way. You have to understand the pathways of communication. Is it by social media? …

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31

Oct'18

What holds back a business from Scaling UP

What prevents most businesses from scaling up? Here are a few things: A personal service business where the owner IS the business. A business which is only successful because it has a unique location A business which has a limited supply of product. A business which can’t overcome the logistics of multiple locations/ increased sales either because there aren’t enough qualified humans or the business processes can’t or shouldn’t be automated. A niche business which serves a limited niche. Inadequate, ill-defined, or unworkable business systems, especially marketing, sales and customer service. Inadequate vision – owners can’t imagine scaling or comprehend what that involves. Inadequate funding Owners who know that being “big” doesn’t mean being better, and in fact being the “right size” is the best success a business owner can achieve.

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26

Oct'18

Key Factors for Success of a New Business

What are the key factors for the success of a new business? Everything you learned in Entrepreneur and Fast Magazine is probably wrong. Those magazines are pornography for business starters, and no I don’t mean that they contain images like you’d see on www.tubev.sex it’s just a figure of speech. This is going to be damn hard work. Harder than you figured, by a factor of 5. You can’t go home at 5. Most people just give up, exhausted and spent. Burn-out within 15 months is common. You are going to feel a lot of pain, anxiety, fear, angst and dread. If you can’t deal with it, if you’re not tough enough, it’s all over. Flame out comes sometimes within a year, most often after the 2nd year. You are going to have to plan things out. Which means you better do your research. Most available research is rubbish. You have to dig, hard. The vast majority of business plans aren’t worth the paper they are on. Business starters have to understand the dynamics of their businesses, and the key elements to success. Nothing happens until something is sold. Having the perfect product but no sales is guaranteed failure. You …

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21

Oct'18

How does a New Business get Customers?

How does a new business get traction, get known, get customers? The answer is it depends upon your business… each business has a “most effective” marketing strategy. No two businesses have exactly the same approach. What you are in need of is a marketing plan. What follows is just a broad overview of some elements of a good plan. How do you attract customers? That’s the key. First, you have to know who your customers are or will be? Who are your target markets? What things are on their minds? What are their problems? What do they pay attention to? What are their habits? Demographics. Psychographics. How does your product or service solve their problem or need? Exactly. For example, you might say your coffee shop satisfies their thirst for coffee. WRONG. Your coffee house provides a certain ambiance, a place to meet people, relax, and enjoy a respite from the demands of the world. Ah, it is a refuge. You provide stress relief! ( I’m just making this up as I go along, the idea is to get you to thinking beyond the simple and into the subliminal and inferential.) Now that you know, what, figure out HOW. How …

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