Tag Archives: incubating businesses

Focus on the 80%

Posted on by

ideas biz

I enjoy meeting with clients that come in with invention ideas. I get to put on my engineering hat and talk about engineering and design and manufacturing as well as all the typical business aspects. I met with a group last week that brought in their product idea. In this first meeting they were eager and excited to tell me about what they were going to build and what great ideas they had for packages and versions and the future of the product. There is a battery required to power their product. Within the same conversation they shared their ideas of how to build a better battery. They were full of ideas! Continue reading →

Buy Local

Posted on by

BLF_GIF

Consumers like to buy locally made things. The July 21-July 27, 2014 issue of Bloomberg Businessweek contains an interesting article about a potential new local trend. The owners of Absolut vodka, the French group Pernod Ricard, are looking to profit from those buyers who will pay a premium for small-batch locally made vodka. They are franchising. Pernod supplies the distilling equipment and the vodka recipe, but the production, sales and marketing and some profits are the entrepreneur’s. Continue reading →

The Eiffel Tower & Your Ideas

Posted on by

Eiffel 1       Eiffel 2

In celebration of Bastille Day, Seth Godin’s blog included the following about the Eiffel Tower:

  • It was designed at home on the kitchen table
  • By someone who didn’t get their name on it
  • It had never been done before, not guaranteed to get built or to work
  • It was criticized by hundreds of leading intellectuals and cultural experts
  • It wasn’t supposed to last very long
  • It’s designed to be an icon, it’s not an accident
  • People flock to it because it’s famous
  • You can sketch a recognizable version of it on a napkin

I did a bit more research. In May of 1884, working at his kitchen table at home, Maurice Koechlin made an outline drawing of the scheme he and Emile Nouguier, both engineers with the Eiffel firm, had conceived of as the centerpiece for the 1889 World’s Fair in Paris, coinciding with the centennial of the French Revolution. Initially the owner of the company, Mr Eiffel himself, was not enthusiastic about the concept. Continue reading →

Marketing to the Largest Group in the US?

Posted on by

Layout 1

The millennial generation is the largest population group in the United States. In the last U.S. Census, 18 to 32-year-olds outnumbered even the baby boomers. As their buying power increases, entrepreneurs looking to market to them must understand how they expect to be treated – as individuals. Continue reading →

Pitching Your Business

Posted on by

Pitch

Charlie Brock wrote an article for the Tennessean recently about pitching your startup business to investors. There is good information in his article for anyone who has the opportunity to pitch their business, whether to investors or others. My summary of Charlie’s article follows. Continue reading →

Making Sales but not Making Money? Watch Your Margins when Pricing –

Posted on by

man-with-no-money-in-his-pockets-1

I find business owners have a hard time keeping the gross profit margins on their product or service in mind when establishing pricing. To be able to maintain your gross profit margin, you need to know what your costs are. Continue reading →

Is Your Business Worth What You’re Thinking?

Posted on by

SoldSign

“If you sold your business today what would it be worth?“.

Chances are the number you have in your head and the number a buyer is willing to pay for your business are not the same. The means to bringing those two numbers closer together isn’t magic…it’s in long-term planning. Continue reading →

Lean Principles are Good for Business

Posted on by

fd1bc7a7-30c2-4e11-80ea-a12c353291a2

Lean is a problem-solving approach for continuous improvement. Most organizations are under pressure to reduce costs while improving service and minimizing errors. Implementing Lean principles and using Lean tools can lead to an immediate positive impact. These benefits include improved quality, increased operational flexibility, reduced cycle time within processes, more efficient use of space, consistent service delivery, reduced lead times and reduced operating costs. Continue reading →

I’ll Charge Less

Posted on by

money2

When I meet with clients about their business I ask what their business strategy will be. Some say “I’ll charge less than my competition.” Wrong answer!

Let me ask you a question. What do these companies have in common?

Rolex, Mercedes, Gucci, Starbucks Continue reading →

Considering Crowdfunding?

Posted on by

crowdfunding1

Crowdfunding data changes as quickly as you look it up.  As of Monday May 26th 2014 at 6:30pm, the numbers across all categories of Kickstarter showed:

$1,131,653,455 total $’s pledged                        62,426 successfully funded projects

6,246,534 total backers                                      1,858,760 repeat backers

15,390,660 total pledges                              Overall:  43.47% success rate of campaigns

Kickstarter is not the only option for crowdfunding.  There are many choices for some of the categories, some better than others.  Regardless of the platform you are considering there are a number of factors involved in a successful campaign. Continue reading →