In Your Small Business Research, Use Primary Research As Much As Possible
Don’t rely too heavily on “secondary” (that generated by a third party) market research in your quest to understand your market as well as possible. …
Reward Yourself and Others When You Hit Milestones in Your Small Business
Take time to smell the roses, and let others smell them too. As a good entrepreneur, you (and your team) are likely to have your…
Delegate Relentlessly, With Accountability in Your Small Business
This lesson goes hand-in-hand with that of surrounding yourself with very capable people. Once you surround yourself with exceptionally capable people, delegate to them when…
Most Businesses Make Little or No Money
The fact of the matter is that many small businesses should not be started in the first place. They suffer from a weak business model,…
To Achieve Greater Success as an Entrepreneur, Make Intelligent Use of Leverage Wherever You Can
Always be looking for ways to use leverage, in every aspect of your business. As you pursue your dreams, keep in mind that it will…
Long-Term Sustainable Advantage is Very Rare in Small Business, and Beyond
Most investors and many entrepreneurs like to talk about creating “long-term, sustainable competitive advantage” – don’t spend too much time on this one, as it’s…
Become the “Guru” of Whatever You Do in Your Small Business
Become a guru; become known as the leader of whatever you do – your success certainly (and perhaps even your survival) depends on it, in…
You Cannot Get Away From The Risk/Reward Tradeoff as a Small Business Entrepreneur
If you are presented with opportunities that seem to violate the well-known risk/reward tradeoff, be very suspicious. The old adage, “if it seems too good…
If You Are a Prospective Startup Entrepreneur, Show Me Your First Five Paying Customers
This is a great one for all startup ventures to consider. I think I first heard this from one of my first mentors, Ian MacMillan. …
Entrepreneurs Shouldn’t “Build a Marble Staircase to a Parrot Cage”
This is a quote from one of my most important early mentors, Ian MacMillan (Mac). As Shakespeare put it, “a rose by any other name…