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It doesn't matter if you have the right amount. It's how you spend it. Read the overview to keeping you business finances healthy.
Posted on February 23

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Start with a passion. Then with something you're born to do. You'll enjoy it that much more. Read the overview on how to start your business.
Posted on February 23

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Traditional marketing sucks. Know how to use your strengths, then exploit it. Read the overview to marketing your business.
Posted on February 23

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Don't you notice your best ideas come when you're doing absolutely nothing? Most of my favorite ideas have come from relaxing in the showers, running at the park, or doing the many other assorted things unrelated to work. There's a reason for this. We all have cognitive limits -- even those smart ones, as pointed out by Edward Hallowell in "Overloaded Circuits: Why Smart People Underperform." When we hit our limits, our brain struggles. We become "increasingly hurried, curt, peremptory, and unfocused, while pretending that everything is fine." If you feel you're hitting your limits, cool off a little. Take a vacation. Take a brisk walk. Take the month off. Your brain will thank you with new ideas you couldn't have imagined.
Posted on February 23

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American Idol. Taylor Hicks. Gray hair. Stevie Wonder-esque melodies. How does this all fit together? If you've been watching Fox's American Idol, you know Taylor Hicks is anything but the stereotypical teen "idol" (to use the term loosely, but that's for a totally different entry). Yet, he succeeds because he exudes passion. He loves music. And that's why he will, or should, win American Idol. If he doesn't, you know record companies are lining up to sign him.

At the end of the day, passion triumphs.

The noted business author Jim Collins had a six-year study on it: businesses that are passionate about what they do obliterate their competition. If you don't have passion in your business, it's probably time to switch perspectives - and seek that passion.
Posted on February 22

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Posted on February 22

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Posted on February 22

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Posted on February 22

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Sick of running the business? Want to quit? Most entrepreneurs know these questions well. It's unfortunate. Most buy into the ridiculous wisdom of finding the most opportunistic business idea, and then cashing in. It never works. What then does work? Focus your attention away from your product, and on your purpose. In life, what do you want to achieve in 5, 10, 30 years? It should be a purpose that goes beyond money -- something that you intensely, crazily want to achieve in this world. Figure that out, and then begin to build your business on that purpose. That mindset is better than any business idea, ever.

Wrong, Wrong, Wrong

Most books, magazines, and internet sites tell you the size of your wallet will be proportional your idea's quality. That's false, and it's dangerous. It's advice that's based on theory, not studies. It's given by academics, not entrepreneurs. It's done to sell books, not empower your organization. On behalf of all business knowledge caregivers, we apologize you've received this foolish, ignorant, and incompetent advice.

The Best Business Idea Won't Make You Succeed

The greatest business idea will not make your company great. Look at Tapwave's Zodiac. Great product, lousy company. It's bankrupt. Or look at govWorks. Another good idea, yet was run by inept 20-somethings. It lost VCs $60 million, and ruined lives. Segway? What happens after their patent expires? It'll probably go in the dumps like all idea-based companies. Silicon Valley is littered with numerous ideas. Ideas, folks, become obsolete. Base your business off an idea, and it'll be obsolete once no one cares about your idea. And trust us, that time will come. It's happened to the eight-track, the Sony Walkman, the CD player. The MP3 player that's risen among these doomed products will be archaic too.

Focus on Purpose

Purpose, on the other front, helps you sustain your business. When your business idea fails, you'll continue your business because you'll still have your purpose intact. It's like a guiding star that you're always trying to reach. For us, our purpose is to empower entrepreneurs to change the world. Our ideas can fail. But if they do, we'll continue to build products and provide services that help us reach that guiding star. What must you do? Write a simple, crystal clear purpose that ignites your passions. Post that guiding star on your wall. Then, achieve it. That's better than hiring a million engineers to build the latest, greatest invention. We promise you.
Posted on February 21

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To succeed in business, you'll need the leadership principle of having clarity in where you're going. You'll constantly go to and fro without a destination -- always wondering if you're headed in the right direction.

Find Purpose and Values

To get a proper vision, first understand your company's purpose and values. This will be part of the framework that will guide your decisions. Your company must be passionate about the purpose and values.

Understand Where You Shine

Next, your company must understand where you can be the best in the world. Importantly, this must come from clear understanding of where you can be the best.

Discover Economic Engine

Next, as Jim Collins points out, you must have a simple economic engine model in the form of profit/x. What "x" makes the most sense to you? For example, if you're a company like Apple that builds customer loyalty by developing lifestyle products, your economic engine would be profit/customer.

Know Your Big Goal

Importantly, you must also find what Collins calls a "BHAG" (i.e. a big, hairy, audacious goal). A BHAG must inspire your company to reach it, and like the above concepts, it must come from understanding instead of bravado. Good leadership principle starts with finding the intersection between all of these concepts in everything you do. This will be the framework for where all your decisions must be made.
Posted on February 21

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