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Obama Has a Message for Business Owners
Tweet Share on Facebook January 21, 2009 Comment (2)So, do you feel any different?
This week, Barack Obama took the oath of office, became the unhyphenated 44th President of the United States, and will now saddle up his Juggernaut of Change for its date with destiny.
Meanwhile, you and I have businesses to run.
But it's worth pausing for just a moment to contemplate the shift in direction that so many of us have been longing for and, thus, voted into office last November.
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Obama: Business People Could Learn a Thing or Two From Him
Tweet Share on Facebook January 13, 2009 Comment (1)People are more or less obsessed with our soon-to-be 44th president of the United States, for any number of reasons.
There's a rather large dollop of Bush Fatigue (if that's not an understatement). There's the historical significance of having elected our very first African-American president, not least of which is how much better that makes us feel about ourselves on the icky race issue.
And there's the simple fact that Barack Obama is just different. We watch him carefully because we really don't know what he'll do next.
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Helping Women-Owned Businesses
Tweet Share on Facebook January 12, 2009 CommentAccording to the Equity in Contracting for Women Act, businesses owned by women are supposed to be awarded 5 percent of all federal government goods and services contracts. It turns out that over the past few years, women-owned businesses have received only 3.4 percent of awards.
Because of the size of the federal government, a difference of 1.6 percentage points adds up to $5 billion per year. And with huge federal economic stimulus spending expected over the next few years, the difference could easily reach $8 billion by 2010.
Needless to say, federal contracting is a huge opportunity for women-owned businesses.
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Why Do People Become Entrepreneurs?
Tweet Share on Facebook January 12, 2009 Comment (7)Today is the first of what will be regular blogs of mine on this site. Because it is my first posting, I thought that I would start with a basic question: Why do people become entrepreneurs?
Researchers have identified myriad reasons why people start their own businesses, but across all of the surveys, interviews, and other efforts to understand entrepreneurial motivation, one reason stands out above all others: People start businesses because they don't want to work for someone else.
It's interesting that the desire not to have a boss is the primary motivator of entrepreneurs because "being one's own boss" appears to be the prime source of entrepreneurs' job satisfaction.
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The Hidden Advantages for Small Businesses in a Recession
Tweet Share on Facebook January 8, 2009 CommentHow many 12-year-old girls do you know who would be able to boot up a Unix system of networked computers that could lock the doors and keep the raptors out?
That's the thing about movies, isn't it? The people who get into trouble often have the precise set of skills and characteristics to get them out of trouble.
But occasionally, real life imitates art. When there's trouble, those with the right skills flourish and those without them perish. Same principle but with higher casualty rates.
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How Do I Weigh the Decision to Get a Business Degree?
Tweet Share on Facebook January 7, 2009 Comment (21)I get this question a lot, I guess because I founded a successful company and ran it for 20 years, and now I teach an entrepreneurship class. Maybe it's that I got my degrees in literature and journalism first, then an M.B.A. 10 years later. And I have mixed feelings.
And maybe it's that a lot of people are suddenly thinking about the M.B.A. shelter as a port in the storm, to hide out until the economy gets better.
So I've made you a list; that's a typical M.B.A. trick. It comes with the degree:
1.If life gives you a way to get the M.B.A. degree without huge sacrifice—like maybe you're still young and don't have a family, maybe you're having trouble with getting a new job, or whatever—and it sounds like fun to you, do it. Consider it a luxury.
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More on Ratings: Four Ways to Sell More Services
Tweet Share on Facebook December 30, 2008 Comment (1)So far, we've looked at how ratings can help sales and how reviews sell more product. Now it's time for service businesses. Here are four ways to use ratings to sell more of your services.
1. Use a five-star rating.Think of hotel or restaurant ratings. Can you adapt a star rating scale, or something similar, to your services? We're not all five-star service providers, with all the luxuries and a high price. Some of us are two- or three-star, comfortable and capable at a terrific price. Can you creatively convey that with a rating?
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To Sell More, Tell More
Tweet Share on Facebook December 19, 2008 CommentHave you ever compared two items from an online store, where one has a much longer description? Do you tend to favor the item with more information?
How many times have you stood in front of a product display, with no real idea which item to buy?
How much have you come to rely on online reviews or advice from friends?
The lesson from these questions is that if your business isn't offering detailed descriptions and reviews of products, start! Yes, it takes work, but this is one of those business basics. You'll have to tell more if you want to sell more.
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How to Learn From the Detroit Big Three and Influence Policy
Tweet Share on Facebook December 16, 2008 Comment (13)Whatever your opinion of Bob Nardelli, Alan Mulally, and Rick Wagoner, you have to admit that it must be nice to be able to ask lawmakers for whatever your business needs. Most microbusiness owners don't realize that they can do precisely that. So, here are five tips for turning yourself into a microbusiness policy mover and shaker:
- Develop relationships with legislative office staff. Your first point of entry into your congressional representative's office will be through his or her staff. The staff is the group you will work with and they are valuable contacts. Don't turn your nose up at them and demand to see the boss.
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Poor Sales This Holiday Season? Use Product Ratings
Tweet Share on Facebook December 12, 2008 CommentRatings help your customers decide what, how much, and even whether to, buy.
This works on any type of product-based business. Whether it's performance auto parts, musical instruments, or stuffed animals, you're probably bringing together products from many different manufacturers. Each has completely different label information, and there is no standardization across brands. It's up to you to make it simple for customers, and ratings help.
Rating scales like 1-10, or 1-100 are common for wine and cigar ratings but could apply to any products. You might also use school-style letter grades, (A, B, C). Even a simple "good, better, best" comparison makes it easier for customers to make choices.
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