Category: General Business Principles
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What Is One Way for An Entrepreneur to Decrease Risk?
Entrepreneurship by definition comes with risk so a prudent individual might want to ask the question; What is one way for an entrepreneur to decrease risk? It is a great question. To help us with that question we turn to the Theory of constraints in which there is an underlining assumption that inherent simplicity exists…
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The Four Stages Of Wealth Creation; From Clueless To Capitalist.
Over the years of my practice and subsequent success/failures I have grown to appreciate the multifaceted reality associated with conducting business well. I have found that everyone puts their own spin on creating wealth or has a bias that bleeds through their approach to business. This isn’t bad it simply illustrates that there are many…
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What Can a Small Business Owner Do to Increase Productivity?
What Can a Small Business Owner Do to Increase Productivity? This question is one that is often not thought of at the establishment of a business, why would it be. People are often so excited and consumed by everything they need to line up to get the business off the ground they don’t take the…
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Finding a Purpose with Donald Miller’s Hero on a Mission: A Path to a Meaningful Life
I just finished going though Donald Miller’s new book Hero on a Mission: A Path to a Meaningful Life. I was exposed to the book while listening to the radio. Dave Ramsey had Donald on his show and gave him a short interview discussing the book. The hook that got me interested was when Donald…
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2030 And The Coming Opportunities For Those That Want To Buy A Business.
For those of you running your side hustles and banking some extra cash I hope you ear mark some of those funds to take advantage of the coming transfer of wealth. Baby boomer owned businesses that don’t have succession plans in place are going to offer great opportunities for those of you who have the…
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Looking to hire someone or are you looking for a job? Read this!
Do to some recent involvement in hiring processes I felt like it would be a good time to share some insight on what I have learned. As an employee or an employer the following information will help you find a good fit. It is amazing at how little thought is given to the pairing of…
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The Competitive Advantage Spectrum
In a previous article entitles “Factors of a Competitive Advantage” I covered the three main areas a company can compete without an existing relationship. The three areas again are Cost, Quality, and Lead Time. Each of these factors is present in the market place and is taken into account whenever someone is making a buying…
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Key Small Business Success Factors
Many factors play a role in the success or failure of a small business, but how can these factors be assessed across business types and how do we identify which ones are key? In previous articles we have addressed how businesses can compete relative to one another but here we will dig into the key…
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Factors of Competitive Advantage
Does your company have a competitive advantage? A competitive advantage is the edge one company has over another. It is the reason someone will purchase what you have to offer even if they have no idea who you are. This is important for small businesses because many only offer the same value as the next…
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The Theory of Constraints
The Theory of Constraints (TOC) is an operational management approach developed by Dr. Eliyahu M. Goldratt and introduced in 1984. It was designed around the idea that complex systems are inherently simple and can tie all of the troubles they experience down to a single root conflict. For his approach Dr. Goldratt maintained that the…