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Is the Office Obsolete?
Tweet Share on Facebook March 11, 2009 Comment (7)One indicator that a social or business trend is entering the mainstream is the publication of books on the topic.
The release of the book I'm Outta Here: How Coworking Is Making the Office Obsolete is a clear signal that coworking is spreading.
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Credit Crunch Is Major Crisis for Small Businesses
Tweet Share on Facebook March 10, 2009 Comment (83)Right now, the system for financing small businesses in this country is in bad shape, and I'm worried about how the financial problems will affect entrepreneurship in America.
Specifically, I'm concerned that small businesses that face cash flow problems resulting from the current recession will be unable to get the money necessary to keep their businesses afloat until the economy rights itself. And I'm worried that a bunch of entrepreneurs who are starting businesses right now will end up undercapitalizing their businesses, thereby setting up a higher failure rate for start-ups in the coming years.
Entrepreneurs always have financing issues, so you might wonder why I'm so concerned about them right now. Basically, for two reasons. First, the recession that we're in appears to be longer and deeper than many we have had in the past, making it difficult for entrepreneurs to wait it out. A lot of good businesses are going to go under simply because there is no financing available to tide them over until demand picks up.
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The Five Factors of Growth Strategy for Your Company
Tweet Share on Facebook March 6, 2009 Comment (2)In the past two weeks, we've talked about using the Four P's of marketing to grow outside your company and two ways to build capacity and grow inside your company. Now let's look at the issues you need to watch for when you decide on a strategy for growing your company.
Control
This may be the first for a reason. Entrepreneurs like to be in control. That's why we're here. But to grow, you have to release some of that control to others who will help you.Costs
Do the figuring. Will this growth create more revenue than it costs? How long will it take to break even? -
How to Treat Model Employees
Tweet Share on Facebook March 6, 2009 Comment (1)It's hard to post just about business these days, when it feels like the events surrounding the new presidency and the threat of depression are so more important—if you're interested in my thoughts on that, you can click here—but I just had something happen in the office that reminded me of something I've learned, in 25 years of being an employer, about managing people and teamwork.
A good thing happened today. One of our customers reviewed our company on the website Yelp, spontaneously, and said very nice things about the company and its product, and particularly our customer service. (If you're curious, that review is here.) The review mentions one particular person on the team who did a great job helping.
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The Growth of Small Farms
Tweet Share on Facebook February 25, 2009 Comment (1)I grew up in a small farm town in Kansas. So I was pleased to see that the U.S. Department of Agriculture's recently released 2007 census shows that, after decades of decline, the number of farms is growing.
The 2007 farm census counted 2,204,792 U.S. farms, an increase of 75,810 over 2002. The census also shows that more than 300,000 new farms have started operation since 2002. These new farms tend to be smaller and operated by younger farmers than existing farms.
The census results show that the majority of U.S. farms are small, and many are part-time and hobby businesses. More than 36 percent of all farms are classified as residential/lifestyle farms with the farm operators listing a primary occupation other than farming. An additional 21 percent are retirement farms, with farm operators reporting that they are retired.
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2 Ways for Businesses to Build Capacity and Grow
Tweet Share on Facebook February 25, 2009 Comment (1)Marketing was the focus of last week's post on growth. That is your ability to grow outside your business. Another way to grow your business is through capacity building: working on your company's ability to do more internally. Two areas that can contribute the most new capacity to grow your company are your skills and systems.
Improve Your Skills
Your own skills as a small-business owner can limit how much you can grow. While we all learn by experience in our businesses, you can accelerate your learning through the experience of others. You probably know right off the top of your head the No. 1 area where you need to learn more. For many entrepreneurs, that area is finance or accounting. Start now by finding the books, blogs, or newsletters you need to read regularly to build your skills. Make a daily or weekly appointment with yourself to focus on learning. If you are always growing personally by learning, you can grow your business as well.
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SBA Data Show a Declining Rate of Entrepreneurship in the U.S.
Tweet Share on Facebook February 23, 2009 Comment (1)In her Feb. 13, 2009, post "What's so entrepreneurial about the United States?" Dawn Rivers Baker took issue with the statistics I presented from the Bureau of Labor Statistics on downward trends in entrepreneurship in the United States.
She said, "It is often possible to find numbers to support any argument you care to make and even to find one set of 'official' numbers that can contradict what another set of 'official' numbers seems to say."
I have no doubt that the general principle of her argument is right; statistics are often contradictory. But the data from the Small Business Administration that she quoted don't contradict the numbers from the BLS that I presented. She wrote, "According to data from the SBA's Office of Advocacy, the population of U.S. firms increased at a much faster rate than the growth in the population of U.S. humans in the decade from 1997 through 2006."
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The Four P's for Growing a Business
Tweet Share on Facebook February 20, 2009 Comment (6)If you are looking to grow or expand your business, where can you look? Start with the Four P's of Marketing.
Back in Marketing 101 class, you may have learned that the Four P's are Product, Place, Price, and Promotion. They are a great place to start looking for growth potential.
Here are some questions to help spark your thinking.
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What's so entrepreneurial about the United States?
Tweet Share on Facebook February 13, 2009 Comment (2)Statistics are funny things. It is often possible to find numbers to support any argument you care to make and even to find one set of "official" numbers that can contradict what another set of "official" numbers seems to say.
For example, earlier this week, Dr. Scott Shane used data from the U.S. Bureau of Labor Statistics to make a forceful numerical argument that we're not as entrepreneurial in the United States as we think. Entrepreneurship, he said, is actually declining.
However, data from different federal sources seem to indicate that things aren't quite as cut and dried as that.
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What to Do When Sales Are Down?
Tweet Share on Facebook February 12, 2009 Comment (2)When you have less business to do, it can either be tempting to do relaxing or distracting activities, like browsing the Web, or it can feel odd, not knowing what to do. Here are three things to work on right now.
Invest in your people. If you have less business and less work to do, take the time to do training. You don't need to add any cost to do this. Set up in-house classes. Walk through the back room, and build product knowledge. Talk about a new skill or concept over lunch. Take advantage of the billions of free training resources online.
And with all the layoffs from big companies, now is a terrific time to recruit new talent. Experienced people with strong skills are out there.
