Your ultimate goal is to make your product yield a profit. Obvious, right? So much so that it’s not worth mentioning? Well, yes and no. I’m always surprised to discover how many entrepreneurs take their eyes off this ball, elementary as it is. So I’ll go ahead and restate the obvious: The sustainability of your […] Read more »
Solve Your Sales Problem
Small businesses, particularly in their early stages, have two big problems. Selling is a learnable skill, and you don’t need a sales gene to be good at it. 1) Access to customers. The business owners are new to their industry, probably inexperienced, and have not developed the savvy to secure appointments with important potential customers. […] Read more »
Packaging A Major Factor in the Sale
Many times, the packaging of the product is as important as the product itself. Of course, if you’re making a product like industrial machinery, this may not be true. But in the case of consumer products, packaging can be an overwhelmingly important element. Perhaps the most extreme case involves products bought by collectors, such as […] Read more »
Hiring the Right People
Okay, let’s assume that you’ve got your idea, your business structure, and your money in hand. The next thing you’ve got to get your hands on is good people. In many ways, this is the scarcest commodity of all. Before you hire, you have to figure out: • what skills you’re looking for, and […] Read more »
TESTING Reduces Risk and Maximizes Success
Oftentimes entrepreneurs–blinded by their belief in their new product idea which is reinforced by their loved ones–lunge full force forward in the production and marketing of their can’t miss product. They will invest in some or all of an optimistic quantity, expensive brochures, displays, molds, public relations campaign, advertising, and more. All this, based on […] Read more »
How Small Companies Can Sell Large Customers
Competition for customers in most industries is extremely intense. This is exacerbated if the customer is a large one and your product is not particularly unique or patent protected. Your customers are also in a high pitched battle with their competitors. This can be seen in your everyday life. Look at the competition in cars, […] 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 »
Building Trust
The single most important thing you can do in starting and building a business is to get people to trust you. Trust needs to be earned and takes time, although you can lose it in a second. Telling people to trust you doesn’t cut it. In fact, when people I just meet tell me to trust them, my antennae is up to watch my back. The benefits of being trusted are enormous. People have confidence in those they trust. Read more »
Business Incubators Can Be Key to the Success of Qualifying Small Businesses
If you are a start-up company and you qualify, incubators can be a fantastic resource for you in your Bootstrapping pursuit of success. They provide the “help of others” part of Bootstrapping and the “limited resources” component of our initial definition of Bootstrapping (to pursue success with limited resources and with the help of others). Here is […] Read more »
Qwik Advice for Entrepreneurial Success
Over the years many people have asked me, “Can you give me the 3 (or other small number) key factors to be successful as an Entrepreneur?” Well, for me, there are many, many more reasons. My mind can’t boil it down to just a few. So, I put together 50 answers to this question in […] Read more »
There Is No Entrepreneur Gene
The use of the words Entrepreneur, Entrepreneurship, Entrepreneurism keep growing as more and more people strive to be entrepreneurs with their job creating ability. This was not always the case. Not so long ago, Entrepreneurs were described in such unflattering terms as shiftless, unfocused, shady, money-hungry, sharks, quick-buck artists, unreliable, shoot from-the-hip operators, and so on. There are many words and titles that have different meanings to different people. This can unwittingly hinder good communications and create misunderstandings. So, let’s define Entrepreneurship so we can all be on the same page. Read more »
DON’T BE BULLIED BY YOUR LAWYER
9 THOUGHTS IN DEALING WITH A LAWYER There are many occasions in the life of a Small Business where a lawyer is needed. . .a rental lease. . .a royalty contract. . .an employment contract. . .a business partnership. . .an investor, a lawsuit, etc. Small Businesses rarely have a full-time lawyer and staff, so […] Read more »
No Can Become a Yes in Selling
Would you believe NO can get you a good Yes? Yes, it’s true; sometimes NO is the keyword for successful selling. In all negotiations and selling which falls into that category, you need to understand the other person’s needs, job responsibility, and goals. One of the major responsibilities of a buyer is to get the […] Read more »
A Letter to My Blog Subscribers
To: All Subscribers to my Bootstrapping 101 Blog From: Bob Reiss First, thank you for subscribing and reading my blogs. Second, I want to wish everyone a happy, healthy, and fulfilling New Year. When I started writing these blogs over 15 months ago, I was told by the Internet experts (of which I am […] Read more »
HIRING AND FIRING—DIFFICULT TO DO
Your Growth Can Depend on It Most small business owners will agree the quality of the people they hire is critical and can help make or break their company. It however, is not an easy task to find and hire the right person, particularly if you have a limited budget. Here are some things […] Read more »
Outsourcing Turns Fixed Costs Into Variable Cost
Low monthly overhead could save your company during a cash crunch. A fixed cost is one that your business incurs whether or not it makes any sales. An example is rent: It has to be paid every month whether or not you’re generating any income, and it’s the same every month. A variable cost, by […] Read more »
FUNNY TAKE ON HOW ENTREPRENEURS ARE BORN
This past Saturday, November 6, Scott Adams the creator of Dilbert wrote an article for the Wall Street Journal and showed us why he is one of the iconic humorists of our time. His hilarious take on how Bad Management spawns new start-ups has much truth in it. I thought I should share this article […] Read more »
LISTENING INSTEAD OF HEARING
Why is it that in most business and social encounters the mouth is employed much more than your two ears? Many people think they are listening when they are just hearing. If your ears are healthy, hearing is an automatic anatomical response to sound in your vicinity. It takes no effort or skill. On […] Read more »
Passion Required To Start and Grow a Business
PASSION−A key attribute to overcome adversity and build a business. Every attribute and skill can be learned except passion. I would not recommend that anyone start a business unless they have a passion to do so. Passion is the wild card in overcoming many obstacles facing fledgling companies. To name a few: inexperience, knowledge shortfalls, […] Read more »
15 Attitude Attributes for Entrepreneurial Success
Knowledge, skill, talent, and to some extent, resources are important success components for Small Businesses. However, many competitors have equal or more of these components than you. The key to overcome competition and attain absolute success is mental, which is reflected in one’s attitude and is totally controlled by the individual and requires no cash. This holds true in most human endeavors besides business like sports, the arts, politics, etc. How many times have we seen the underdog team or player win over the more talented opponent? The difference is attitude. Read more »