One of the most asked and difficult to answer questions I get when I speak to MBA students is “How do I get the right idea to start a business?” In approaching a reply, I would say at the outset, that there are no simple magical answers or formulas. I would add that most successful […] Read more »
Licensing Can Work for Small Businesses Too
Normally the subject of licensing would not appear in a Bootstrapping context because there usually is an up-front cash payment and a guarantee associated with securing a license. These two factors can be substantial with a high visibility license, such as Mickey Mouse, NFL football, Nike, Armani, etc. However, I bring it up here for […] Read more »
ACCEPT CRITICISM GRACIOUSLY
I believe that a strong attribute of a successful entrepreneur is to accept criticism and to do it graciously so that the person offering it will give it again. Sounds simple enough, but a great number of people just can’t do it. They get angry, petulant, standoffish, etc., and resent the person offering it. The opposite should happen as most people offering it like you and are doing it to help you. In fact, it may be uncomfortable for them to do it. Those receiving the criticism should thank them. Read more »
Never Forget Your Customers
Customers are the key to business growth. Meet or exceed their expectations and prosper. The No. 1 need for business success is a customer. That's pretty obvious, so why am I telling you this? It may be obvious but most companies seem to quickly forget this essential fact. Small and startup companies desperately need customers to begin their journey to profits and sustainability. Many large Fortune 1000 companies forget the customers who made them successful. Read more »
Entrepreneurs, Be Nice to Your Suppliers!
Suppliers can be a critical component of your growth and survival. Read more »