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Ten Critical Steps to writing a Business Plan

Starting a business is a major commitment that will consume 24/7 of your life with no end in sight. It is always good to know what you are getting into before you take the plunge. From my experience writing business plans for large ...READ»

It's Creative (Destruction) Genius

As the world and the US slogs through the current economic turmoil, the task of economic development professionals is shifting.  What use to be a local struggle to attract businesses and jobs, competing against other states or ...READ»

As Luck Would Have It…Success Is Not A Science.

One of my favorite radio programs is a quasi-science show called Radio Lab and is hosted by Jad Abumrad and Robert Krulwich. There are two reasons why I love this program so much: 1) because the production values are so good that no matter what they are talking about it sounds multilayered and dynamic and 2) while the topics are science related they are not overly technical and there is a heavy philosophical element usually presented from various sides by the two hosts and their guests. Anyway, while perusing the Radio Lab website the other day to download some files for my iPod, I came across a podcast entry where the two hosts are discussing the early days and their first failed attempt at creating a skit for another public radio program called This American Life. Toward the end of the skit, Jad answers a question about how the show is produced, and he talks about science in a way that struck me, in that it is directly related to entrepreneurship and for that matter…life. Here is an excerpt: READ»

A 2008 Christmas Poem

As I wake to the sounds of the FM dial my mind starts to focus on life’s great trials. “Time to get up kids & brush your teeth and please for once don’t fall back to sleep.” “Hurry now get out of the shower the bus has gone and it’s tardy hour.” In a rush as we fly in our car but the road is slick and traffic is at war.READ»

It Was The Best Of Times, It Was The Worst Of Times

When entrepreneurs start a new business they often have a nasty habit of paying little attention to whether or not the timing it right for that business idea. Some will start their business either way, no matter what the data (or the bozos) say. And some of those entrepreneurs are going to be successful in spite of the worst of odds. But today’s economic uncertainties actually puts the question of timing front and center in the entrepreneur’s minds eye. So here are some things you should consider before starting a business in today’s brutal business climate:READ»

Welcome to the Entrepreneur's Secret

Hello, this blog is designed for entrepreneurs to share ideas on business strategy, operations and efficiency for greater success.  I hope to hear from you and I look forward to advising you on your small business.  READ»

How the Credit Crisis Affects Small Business

The big media is talking about big dollars, big companies, and big bailout packages.  Sub-prime mortgage backed securities, money market mutual fund savings, and now commercial paper have all been at the center of the conversation ...READ»

What's Going On? From Wall Street to Main Street.

There is blood in the streets of America’s businesses both small and large.  On Wall Street, the collapse of financial institutions, the bailouts of Freddie, Fannie, Bear Sterns and now AIG.  500 point daily drops in the Dow ...READ»

The Universe of Opportunities

About a year ago, I co-funded the start-up of a pizza restaurant, in a city near my own, with a friend I’ve known since high school.  At the end of this month that restaurant will no longer be mine.  Despite breaking even, we ...READ»

Rags to Riches…Anecdotally Speaking

I love listening to a good story…especially ones about entrepreneurs and their path to eventual success.    The woman or man who turned nothing into something, who did it quickly, and without the help of others, AKA the ...READ»

Building Quality Financial Projections

Probably one of the most uncomfortable things a first time entrepreneur has to attempt is their first set of financial projections.  Frequently I hear the following: “Well…I don’t know how many people will buy from ...READ»

“The Only Thing We Have To Fear…”

I grow tired of hearing the opinion that business plans are not a necessary component of starting a business.  In Mike Michalowicz’s blog post Business Plans are OUT! Here’s the New Way… he expounds on the virtues of the ...READ»

“Free Money to Pay Your Bills!” Or Maybe Not (Part 2)

In Free Money to Pay Your Bills! Or Maybe Not Part 1 we discovered how Matthew Lesko (and others) use word play and semantics to get you to buy their books believing you will obtain riches on someone else’s dime.  In Part II we ...READ»

“Free Money to Pay Your Bills!” Or Maybe Not (Part 1)

Mathew Lesko is my nemesis. You know the crazy guy on late night infomercials prancing around in his question mark suit screaming about “Free” money to pay your bills…or to buy something…or to start a business? For ...READ»

Ten Reasons Why Businesses Succeed (In My Opinion)

This list reflects my experiences only, is based on no other research and is in no peticular order. 10. They had a well researched, well written business plan that backed the assumptions in their financial ...READ»

Throwing In The Towel - Knowing When To Close Your Business

The fact is that not all businesses will be successful.  Some have even heard that 80% of new businesses fail by the 5th year, although this is disputed by many and evidence suggests that the failure rate is closer to 50-60 ...READ»

Just Say No, Yes, or Yes if...

Maybe it is a midwestern thing but lenders around here have a hard time just saying “No”. Let me lay out a scenario for you: Client comes into my office and tells me about the ultimate business opportunity.  We ...READ»

April Fool

Looking back at April 1st there were several occasions for someone reporting bad news to smile quietly and say “April Fools!”.  Unfortunately, the one to legitimately play an April Fools joke on me was my eight year old ...READ»

Bad Credit and Business Loans

Bad Credit is not always a death knell when it comes to business banking. If there is a legitimate reason why you have poor credit some lenders can look past it. Typically, health problems, divorce, or a layoff (known as “life ...READ»

Business Partnerships

I meet and work with about 200 entrepreneurs a year who are interested in starting a small business.  Every time I have a meeting with two or more people involved in the same venture, they always say the same thing:   ...READ»

Financial Projecions for a Start-Up

Creating financial projections is part art and part science.   First, accuracy is a relative term.  Nobody would reasonably expect you to forecast sales exactly as they will occur in the future.  What is important is coming up ...READ»

Leasing Commercial Property

Triple net, or the designation NNN or net, net, net is a lease agreement where the lessee (you) is responsible for Property Taxes, Insurance and Common Area Maintenance (AKA a “CAM fee”).  The CAM fee is normally quoted in ...READ»

Hobby or Business

1.  I know there is a fine distinction between a hobby & business, but do I need a business license or tax registration certificate before I consider this endeavor?    No…you do not need a business license or tax ...READ»

Top Line Growth, Conversions or Upselling

One camp believes that top line growth can solve all of a companies problems and that means making investments in branding you company and heavily marketing your products/services.  The other camp believes that concentrating on ...READ»

The Lost Web

I hope you have had lots to “give thanks” for this year and are looking forward to a very merry (insert religious holiday here)!  The new year is just around the corner…which means lot of people starting new businesses.  ...READ»

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