Lessons from Karoo country life

Karoo (Photo credit: Wikipedia)

In one of the small Karoo towns we drove around looking for a place to get something to eat en route to the coast. A friendly stranger at a service station gave us directions to a small cafe where he said that the food would be good. We were not disappointed.

In fact, the hamburgers and chips were wholesome and tasty. Better than anything we could have bought from the large fast-food chains which were in any event absent from this town. Continue reading “Lessons from Karoo country life”

Do you have what it takes to introduce a new product or service?

You’ve got to know your market.

A small business owner takes her life savings and invests them in her new business venture. Her recruitment business was aimed at a market segment that suddenly dried up because of government legislation. She redirected her business to another market segment and after five years is running a successful business.

A person running a small venture on the side is doing well in a fitness niche but the bulk supply of product closes down. The business person can’t find another supplier with the same prices and so is unable to find a viable cost structure. He’s been trying for two years to figure out a new business model.

What does it take to develop a new product or service and then form and run a business venture to manufacture, market, sell and distribute these products? Continue reading “Do you have what it takes to introduce a new product or service?”

How to manage execution risk in your new business

Risk (Photo credit: The Fayj)

Starting a new business venture based on your new idea for a product or service is risky. How do you remove as much of the risk as you possibly can?

Entrepreneurs may have such confidence in the potential of their new ideas that they take out loans on their property, borrow from friends and family and even approach small business lenders.

With so much at stake, so much invested in their new product or service, a new business venture had better be viable.

Losing your life savings by placing a big bet on an untried or unproven concept could result in a disastrous personal and financial setback.

What’s key to your own business: your idea, execution or you?

Ideas are ...
Photo credit: martymadrid

Your idea for a product or service is the starting point of your business.

You wouldn’t have come up with your idea if you did not believe that you are more than the sum total of everything you are at this moment.

Your idea has an energy that propels you to act to achieve the success you seek.

But can you really succeed with just an idea? Continue reading “What’s key to your own business: your idea, execution or you?”