How do you take advantage of customers’ frenzy for bargains in your small business?

Modern dancer. Brown ink on 80 gsm bond.

On the third last Friday of November Americans celebrate a shopping phenomenon called Black Friday. Over the years Black Friday has spread to other countries such as the UK and last year in South Africa it was introduced in large supermarket chain stores. Consumers went crazy for bargains and the crowds at some outlets was overwhelming with shoppers scared of entering into the fray. But those who couldn’t resist a bargain came away with some great specials.

The popularity of Black Friday and other special promotions shows just how hungry consumers are for buying product at knocked-down prices. Many will buy as many of the bargains as possible. They work themselves into a buying frenzy and it’s understandable because we don’t often see such deep price cuts. Continue reading “How do you take advantage of customers’ frenzy for bargains in your small business?”

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How much are new business owners responsible for entrepreneurial failure?

 

How many people who start new business ventures do so totally out of their own accord? A small minority of people – estimated at 35% – start because they have a business idea, see an opportunity, and are governed by their passion. But there are many other individuals who are thrust into entrepreneurial activity through force of circumstances. With not enough jobs being created people whether in their 20s, 30s, 40s or 50s  or even beyond have to get out there and bootstrap on their own. Continue reading “How much are new business owners responsible for entrepreneurial failure?”

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The number 1 way to find new business ideas

On Saturday afternoon in Brooklyn, Pretoria, visiting a seafood restaurant that provides wonderful service and food to customers — dare I say far better than similar coastal establishments.

Don’t just come up with an idea that you think is a promising business opportunity; look for a problem that needs solving and set to work solving it

It is easier to look for a solution to a problem for a source of a new business idea than it is to set wracking your brain and forcing artificial ideas. You are likely to be more successful with your start-up if the idea is based in a rock-solid problem that someone or yourself is experiencing.

Let me demonstrate this to you. Continue reading “The number 1 way to find new business ideas”

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Eighty percent of entrepreneurs make this costly idea mistake

Train your mind to look for and create income opportunities with the “Breakthrough Ideas” manual.

Most people wanting to start a new income stream come up with the wrong ideas because they focus on a product or service idea.

You see, when you go for a new idea you can face too many obstacles. You have to spend money testing your idea. You need to develop your idea and find distribution. All this costs money. The worst thing is that you only have an outside chance of success.

Even the big companies in FMCG don’t get new product development right. Something like 76% of new products in FMCG failed between 2011 to 2013 within a year. About 66% of the products never reach the sales volume of 10,000 items, according to a news report. Continue reading “Eighty percent of entrepreneurs make this costly idea mistake”

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Will it fly? How do you know if your new business idea has been formed under the wrong assumptions… before you take the leap

Are you ready for the Thanksgiving turkey?

In Nassim Nicholas Taleb’s book The Black Swan, he has the example of the Thanksgiving turkey that leads a comfortable life for about 999 days, eating and ranging around a small patch of grass. The turkey becomes comfortable and assumes this cycle of eat-relax-sleep will continue on indefinitely. But on the thousandth day, Taleb’s Thanksgiving turkey finds his head on the chopping block and the good times come to an abrupt end. Continue reading “Will it fly? How do you know if your new business idea has been formed under the wrong assumptions… before you take the leap”

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Where do you find new opportunities?

You’ve got to stay current. It’s no use using the information you’ve got in your head when it’s out of date. You’ve got to seek out new information, fresh insights, and new concepts that are relevant for today and that people are using right now.

One thing that is standing out in these rough times is how strong the demand among consumers is for bargains. On a recent Saturday morning I went to rate charity book sale, which is held once a month. My interest is in the reading topics whether it is on knot splicing, coastal fish, lighthouses and even marine art. Continue reading “Where do you find new opportunities?”

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Do you want to come up with new business ideas? Choose Idea Accelerator for practical, hands-on advice without the myths and half-truths.

Original ideas — do you think they have any legs?

 

We went by train to Port Elizabeth in April 2017. Almost all the railway stations were in the same condition as this one at Koppies. But where has the maintenance budget monies gone? New ideas are needed to encourage local and foreign tourism.

An Internet marketer was saying on his podcast that the original business ideas don’t work. A start-up just doesn’t have the deep pockets to advertise an original product or service. Far better, he said, is to copy something that is already working.

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Is it really as simple as this? Well, for one thing if you see what is already available on the market and is being advertised, there is a good chance that the product or service has found a target markets and is bringing in revenue for the start-up or small business. The veteran Internet marketer’s advice was to go for niche markets that are already proving themselves. The trick is to check out the product or service, find its holes, flaws and shortcomings and then to produce something better. Continue reading “Original ideas — do you think they have any legs?”

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Why some start-up ideas will leave egg on your face

Copyright Tim Trad. Photo courtesy of Unsplash

You eat a delicious meal that tastes so good that you want to prepare it yourself. But how do you go about replicating the success of that dish you’ve tasted? How are you going to do it?

A few months back I tasted delicious Dahl made by a local curry restaurant. I told the owner, a young man who had come out of the food catering business for an airline in the UK, that I enjoyed his Dahl. “No problem,” he said. “I’ll give you the recipe.” Now, Dahl is not something that you can buy in supermarkets except in tins. But canned Dahl tastes awful and it’s best to stay far away from it. Continue reading “Why some start-up ideas will leave egg on your face”

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Have you ever seen a drug-addicted bean counter rattling a paper cup on a street corner?

On a farm in Namibia. Copyright 2017 Chesney Bradshaw

Probably not. Bean counters are more likely to be counting beans… or just to be on the safe side, producing beans.

You are far more likely find them charging borderline extortionist fees to count your beans. You may even find a few incompetent and crooked ones but many will be trying to climb the greasy pole to get to the top.

It’s got to be said even if people are afraid to say so but why would you allow a bean counter to run your business? Especially an entrepreneurial business of any size. Do you really think that they have the professional training, experience or business acumen to start, build and grow a successful enterprise? More fool you, if you do. Continue reading “Have you ever seen a drug-addicted bean counter rattling a paper cup on a street corner?”

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One simple thing that gives you negotation power, enough to stand up to the toughest intimidators

Everyone negotiates. All the time. Everything is negotiable. The start-up founder or small business owner who doesn’t know their source of power in negotiation will set themselves up for giving away more than they bargained for.

As a small business founder, no matter the size of your business, you are going to encounter negotiation in many areas. Even at the early stages if you are bringing someone to develop your prototype, you will need to negotiate. You might need a business adviser – again you will need to negotiate because business advisers don’t come cheap. Then there are suppliers with whom you need to negotiate prices and payment terms. What about larger customers? Before you can blink your eyes, large customers may get away with prices and terms favourable to them. Other areas of negotiation that are critical include negotiations about licensing and franchising, for example. Continue reading “One simple thing that gives you negotation power, enough to stand up to the toughest intimidators”

Double your potential with breakthrough ideas
Do you want to come up with new business ideas? Choose Idea Accelerator for practical, hands-on advice without the myths and half-truths.