Most aspiring entrepreneurs are convinced that the strength of their initial idea somehow defines them as a leader, as well as the success potential of their derivative business. In my experience, it’s a lot more complicated than that. It takes leadership ability, as well as a good idea, to make a successful entrepreneur, and great […]
Every investor knows how vulnerable a new startup is to competitors, so investors always ask about your sustainable competitive advantage in the marketplace. How an entrepreneur answers this question speaks volumes about their knowledge of business realities, customers, confidence, and their ability to handle investor funding.
Every entrepreneur believes that their product or service is memorable and that every customer will quickly see the advantage over competitors. Yet true product differentiation in the eye of the customer is rarely achieved. According to an old but still relevant survey by Bain & Company, 80% of businesses believe they have differentiated offerings, but only 8% of customers agree.
Here are several key trends in organizational cultures and working practices that can boost output, cut costs, and give employees more freedom.
Millennials are in every business, and will likely comprise 50 percent of the workforce by 2020. Their success is now vital to our success.
As a mentor to many aspiring entrepreneurs, I challenge them to think beyond what I call linear extensions to a current trend, such as another “easier-to-use” app for smartphones, a new dating site for pets, or another niche social network. In my experience, these startups usually find the field crowded with competitors, making it hard to get […]
Ten of the top failures we both see in the early stages of entrepreneurship followed immediately by recommendations to mitigate losses from each of these items.
As a business owner in this age of rapid technological change, with the surge of worldwide competitors, setbacks and adversity are virtually guaranteed. Based on my years of experience mentoring and advising entrepreneurs, you need to attack problems and challenges with a mindset of success, or it is unlikely that you or your business will […]
While starting a new business always involves tackling many new challenges, I’ve personally found myself reluctant to ask for help. I suspect it’s a function of pride and confidence in my own problem-solving abilities, but my hesitation has definitely cost me time and money. Thus, in my consulting with entrepreneurs, I always encourage them to […]
A reverse merger is the acquisition of an already public company (usually a dormant shell) to avoid the Initial Public Offering (IPO) process and cost, to quickly get your startup on a public exchange for fundraising through visibility and selling stock. It sounds like a great way to raise money, but here are some of the challenges you need to consider before trying it.
Maybe starting a new business isn’t your passion, but in these days of rapid change, where everyone is dealing with uncertainty, I believe that thinking and acting like entrepreneurs will help you get ahead in any profession. In simple terms, this means taking control of your life, going after something you love to do, and […]