Tag: solutions

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The #1 reason why you shouldn’t start a business from an idea (stop now or you’ll lose money)

IMG-20150613-00571An entrepreneur starts a new business from a promising idea. Take the woman who started a double-insulated water bottle. She got the idea while out hiking with her mother. She’s sold 4,000,000 units to date. This business gets a lot of media coverage but is it wise to start something based on an idea?

From the outside it may seem that you can also start a business with a promising idea. But there is a fatal flaw. That flaw is that the idea may appeal to you but will it appeal to a market? It won’t unless others find the resulting product or service attractive and useful in their lives. Too many people come up with products or services based on an idea but experience failure. It’s bank draining and heartbreaking. Continue reading “The #1 reason why you shouldn’t start a business from an idea (stop now or you’ll lose money)”

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Tooth fairy, Easter Bunny, market research and other myths

Easter postcard circa early 20th century
Easter postcard circa early 20th century (Photo credit: Wikipedia)

How do you know if your new business idea will be a winner or a loser?

The marketing consultants Al Reis and Jack Trout tell how product ideas don’t always test out well. The inclination is to do market research but that can be a big mistake. One example they mentioned was Univac which pioneered a big product idea called the computer only to lose its early lead to IBM. It seems Univac lost out because its own market research predicted that by the year 2000 there would be only 1,000 computers in use. So they didn’t invest in a product with such a limited potential market. IBM, on the other hand, didn’t spend money on research and didn’t know about this bad news about computers. As Reis and Trout say, “Instead they geared up for a market that proceeded to exceed every market researcher’s wildest dreams”. Continue reading “Tooth fairy, Easter Bunny, market research and other myths”

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Trust me, I’m a consultant

(Copyright © 2015 by Chesney Bradshaw, all rights reserved)
(Copyright © 2015 by Chesney Bradshaw, all rights reserved)

We’ve all had that experience some time or another when a consultant comes into our business and believes that they have all the answers. Worse still, they believe that their way is the only way and the right way. Never mind that they know very little or next to nothing about your business.

Why is the consultant there in the first place? You may be struggling with a certain part of your business such as operations, distribution, marketing or even product development. The consultant may be there by invitation but not always so. They could be fobbed on to you because of your investors or shareholders and for some larger businesses they could be there as part of a business recovery plan. Continue reading “Trust me, I’m a consultant”

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Where’s the opportunity in this problem?

Manhole cover in Tokyo
Manhole cover in Tokyo (Photo credit: Wikipedia)

I was running on the verge of a road in a suburb when I heard rushing water from the raised pavement. I wondered where the water was coming from. Was I imagining it? It was early in the morning. I looked up on the pavement and saw that the manhole cover was stolen. The sound of water was coming from the storm water pipes because the manhole covers were gone. Further on my run I spotted another to manhole covers that was stolen.

It took close to a month for the city water department to replace these three manhole covers. They were replaced with cast iron manhole covers. But these ones are just as vulnerable to theft as the others were. They have been there for about a month but one wonders how long it will be before these disappear too. Continue reading “Where’s the opportunity in this problem?”

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Do you have the energy and passion to stay with your blog idea?

Blog of the day once again
Blog of the day once again (Photo credit: the Italian voice)

People want information on all sorts of issues, problems and interests. Musicians are searching for information on how to create a new gig. Young mothers to be are hungry for information on how to care for their babies. Would be start-up business owners want the latest on business plans and marketing methods. People with an interest in food seek out information on recipes from other cultures such as Mexican, Thai or Indian. Continue reading “Do you have the energy and passion to stay with your blog idea?”