Tag: assumptions

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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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Simplicity is always the best strategy

An automobile engine partly opened and colored...
An automobile engine partly opened and colored to show components. (Photo credit: Wikipedia)

For many years now I have visited a small coastal town once twice a year. In this town I have seen businesses start up with enthusiasm in the New Year and by the time I get back on my next visit they have disappeared. Yet there are success stories of new businesses that have been introduced into this community and despite people thinking that they are going to fail, they continue to do well.

This town is like a small incubator for new ideas. I have also seen several businesses that are resilient and have continued to thrive over many years. Continue reading “Simplicity is always the best strategy”

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How do you turn your small business into an innovation machine?

Innovation
Innovation (Photo credit: Seth1492)

A dog day care business faced stiff competition with similar businesses starting up. The owner decided to introduce new services such as caring for older, sickly pets, offering on-site vaccinations and placing webcams in the facility so owners could check their pets anytime. This innovation helped the business expand from 11 locations to 100 franchise outlets and wholly-owned shops.

The perception exists that small businesses are not as innovative as larger companies. Yet while this may be true for common village professionals like shopkeepers, real estate agents, plumbers, lawyers and doctors, many small business owners are highly innovative.

Why is innovation so important to small businesses? Continue reading “How do you turn your small business into an innovation machine?”