In this series we’re discussing seven keys to successful startup businesses. The second key to success is deciding how you will set yourself apart from any competition. Years ago, I helped launch a coffeehouse. We could have competed by having better or cheaper coffee, but we set ourselves apart by focusing on building community and being a convenient location for ...
Seven Keys to Successful Startups: part I
I’ve personally been involved in at least seven business startups. In this series, let me share seven keys to success for aspiring entrepreneurs. Legendary consultant, Peter Drucker, wrote, “There is nothing quite so useless as doing with great efficiency something that should not be done at all.” In my opinion, the first key to success is producing a product or ...
Becoming Scalable
Years ago, Michael Gerber wrote a popular book called E-Myth. The primary premise behind the book is that many entrepreneurs work hard at their craft, but they’re not always adept at developing systems and processes. This results in many entrepreneurs working harder, but not smarter. Which is often why franchises succeed more frequently than independent businesses. Franchises provide entrepreneurs ...
Small Business Care
Recently, I ordered some sleeping equipment. A friend of mine had ordered similar equipment from a large bureaucratic organization. My friend felt that because he went with a large organization his experiences resulted in being impersonal and inflexible. I decided on using a locally owned business instead and I’m glad I did. This local medical equipment store was friendly, efficient, ...
Working Smarter Not Harder
Recently, an insurance adjuster assessed our roof for hail damage. From the moment the adjuster climbed out of his truck, he moved diligently and at a fast pace. He knew what he came to accomplish, and he was determined to do it as efficiently as possible. Instead of pulling out a ladder, he pulled out a drone. In minutes, ...
Negotiating Tactics
Years ago, I was selling my used car. One family came to look at the car for their teenage daughter. This father tried to negotiate the price lower. But I knew my price for this car was a fair price and I could tell his daughter loved the car, so, I said, “No.” As the family drove away, I ...
The Coming AI Bubble: Part I
In the 1990s, the internet became public. Investors began investing in local companies that now had a global market available to them. Almost anyone with a Dot-com web address started getting investment capital, even if they never made money. By 2000, when these investors began selling their money-losing stocks it created the Dot-com bubble and the stock market crashed. ...
The Bean Counters Strike Again
Recently, I scheduled a morning meeting at Panera’s restaurant with a vendor. Since I don’t drink coffee, I typically order hot chocolate. However, the clerk informed me that management recently discontinued serving hot chocolate. As a financial guy, I understand limiting the number of products you serve to enhance profitability. However, I wonder if management researched the other implications ...
Developing Products Customers Need
Recently, I spoke with a young man who started an online business a year ago. After one year he had not sold any products at all! We can develop the best quality product, but if it’s not something the customer needs or desires, you have wasted your time. God is the ultimate Creator who designed each of us and He ...
What Sets You Apart?
Our ministry was considering developing a new service. This led to a conversation about what differentiates our proposed service from other similar services. The question is, “If others are already fulfilling the customer’s needs, why should someone buy our product? What sets us apart?” God gave us a good example when He set apart the Israelites from other nations. The ...
