The author of this article makes the point that while it can be tough to know what to charge, “with the right research and break even analysis you can find a price that will help your business grow and your customers want to pay.” She then discusses three reasons “why you shouldn’t take all customer feedback into account when you’re setting your pricing”: you’ll sacrifice quality; breaking even will be a challenge; and lastly, you won’t be able to grow the business.
“No matter the size and stage of a company, the recipe for scaling stays similar: take on debt and balance it effectively,” the author says, continuing, “Of course, that last part is often easier said than done.” He then discusses fives ways small businesses can manage debt “to ensure they’re around for the long haul”, from negotiating loan terms and organizing/consolidating debts to evaluating the cost-effectiveness of supply chain relations and paying attention to your debt-to-income ratio.
The management principle of “disagree and commit”, introduced in the 1980s and popularized by companies like Intel and Amazon, is essentially this: “…while a decision is in the process of being made, team members are allowed, and encouraged, to disagree, debate, and poke holes in the discussion.” The author continues, “Every team member is heard, and when the team ratifies the decision, every team member must commit to that decision, even if you disagree with it.”
So how do you speed up this otherwise arduous process? According to Amazon and Intel, you first need how each team member makes decisions before the meeting. And second, they recommend that you turn each individual’s preference for decision making (such as needing 24 hours to think things over) into their commitment to disagree and commit.
Noting that entrepreneurs seem to be more easily frustrated these days when their “million-dollar idea” doesn’t turn into a sustainable business overnight, the author stresses that it takes many skills to build a business, and entrepreneurs need to take time and have patience in cultivating these skills. He cites Thomas M. Sterner’s book, “The Practicing Mind,” which emphasizes the importance of a practicing mindset, in saying that he agrees with Sterner that “creating the practicing mind, and acquiring any skill, without stress and futility, comes down to following a few simple disciplines.”
He then discusses four of these disciplines from Sterner’s book: keep yourself process-oriented; stay in the present; make the learning process your goal; and lastly, be deliberate, and keep a clear picture of your destination.
No matter the purpose of a written business plan, be it to attract investors or simply provide direction, every business needs one. The author of this article lists what the U.S. Small Business Administration recommends a business plan include before discussing how to get started. He details seven steps for writing a business plan, from conducting intensive research to explaining why you care.
In this article, executives at startups such as Slack, Zoox, and Lumentum share what new and unique apps they recommend (that people may not have heard about). Their picks represent a wide variety of apps, from productivity and communication to entertainment and relaxation.
The sharpest billionaires around have the same advice for entrepreneurs looking to get ahead in life, and that is to read more. However, reading alone is not sufficient – you need to remember what you read to apply the material in your business and your life. Here, the author shares “the same simple technique” that two of these icons, Bill Gates and Elon Musk, recommend to ensure what you’ve learned actually sticks.
In this article, founders of twelve of the UK’s top startups share their advice for entrepreneurs considering going into business with a partner. The detailed tips range from looking for a partner that is strong in areas that you are not to having the discussion about equity early on.
Having a solid business plan is a great start when launching your business, but ensuring that your business continues to steadily grow involves continuous work. In this article, the author outlines 12 practices that business owners should adopt for growth in 2019 so your business evolves “as innovations and changes in market behavior take place”. They include making sure that you’re working towards a higher goal and automating your work to investing in the right tools and ensuring your company culture is aligned with your branding.