Sometimes, bad ideas happen to good people. We talked to a panel of experts in innovation about what bad ideas have in common to help you recognize them when they happen and figure out your plan of action.
The problem only you have. Just because a solution works for you, it might not work for anyone else or make good business sense, says Jonathan Axelrod, managing director at Entrepreneurs Roundtable Accelerator. Don’t assume that your needs are the market’s needs.
The idea you’ll monetize later. Finding a path to profitability is essential in testing the viability of an idea and whether it can find success. Crunch some hard numbers, suggests Greg Grove, an attorney at Chicago’s Much Shelist, and know what the cost to acquire customers will be, when you might break-even, and if it’s not too late to really reap the profits you think are available. After looking at the data, says Grove, “an idea that might initially look good, might be less good than you think.”
Our client, Megan Hyman, opened her dog daycare, grooming and boarding facility in 2013. She took a huge bet on herself in which she wagered an inheritance to pursue her desire for a new future. Nearly two years in, she’s winning, but not without some serious challenges that we went through together.
In this video she discusses the difficulty of finding the right location and how she got out of her own way to fill her business with enthusiastic clients.
Posted in Case Studies, Uncategorized
Tagged CBPS, dog day care, entrepreneur, Location, marketing, megan hyman, pasadena ca, pawfection, start up, start up business
Leadership isn’t about your title, nor is it about bossing others around. Being a strong leader means thinking about the teams’ needs before your own, helping other people to grow and maximize their own full potential, and sharing credit when it’s due (and shouldering blame as needed, too). Why do you need to wait to get a promotion to start doing any of this? You don’t – that’s the good news, so start today. The more qualities of a leader that you begin to exhibit, the more obvious a choice you’ll be for the actual promotion down the road. By positioning yourself as someone who’s ready to take on more (after having proven yourself over a longer period of time), you’ll be hard to ignore. Plus, over time, you’ll have benefited your overall team with your efforts – this makes it a personal and collective win.
Bitcoin vault Xapo made news in March after launching an insured, secure repository for big BTC investors. The service, which has gone so far as to bury paper bitcoin keys in underground vaults, has become a big finance darling. Now it’s going after the average user by offering credit cards directly linked to a Xapo bitcoin wallet.
“Most of our customers keep 90% of their bitcoin in our vault and 10% in their wallet,” said Wences Casares. The addition of card access to these wallets will allow that 10 percent to be instantly transferred to cash.
If you’re an entrepreneur, you will fail. I don’t mean your business is going to fail and you’ll go bankrupt. I mean that sometime, somewhere, to some degree, you will fall short. You will forget to follow through on a commitment to an employee, partner or customer. You’ll be late to a meeting. You’ll make a bad choice. You’ll exercise poor judgment. You will make a mistake.
How you react when you fail will say a lot about who you are as a person, and will be a critical factor in determining how successful you are in business in ways that go beyond financial.
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Posted in Uncategorized
Tagged business, economic crisis, economy, entrepreneurs, ethics, financial crisis, financial institutions, funding, internet, jobs, meltdown, money, Recession, sba, sbdc, small business