Contrary to what you might guess, the highest rate of entrepreneurial growth over the last few years is not Gen-Y upstarts, but Boomers over the age of 50, now called encore entrepreneurs. In fact, according to the latest Index of Startup Activity by the Kauffman Foundation and recent press reports, these Baby Boomers are actually driving a new […]
Competitors
3 Ways to Overcome Competition from Online Retailers
According to the Census Bureau, today’s consumers buy nearly 10 percent of goods and services online—and that percentage is rising at a clip of over 15 percent per year. Some small businesses, such as used books stores and antiques dealers, rely on the internet for a majority of their sales. What does that mean for local […]
On Differentiation
Differentiation is critical in helping customers select our solution over the alternatives. As important as it is, most sales people do a terrible job at differentiation. Ultimately, too many are unable to differentiate in meaningful ways, as a result they end up differentiating on price. Every time we win by taking pricing actions, we are […]
7 Ways to Position Competitors Without Any Negativity
Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements to their own team, to investors, and even to customers. This approach only makes these important constituents question your integrity, intelligence, and your understanding of business basics. Pointing out flaws in others does not give you strength. As […]
Small Business Survey Reveals Areas to Gain a Competitive Advantage
A recent survey of 1,794 small business owners revealed expected—and unexpected—results, some of which can help you find ways to better competitively position your business in the coming months and years. The first finding that surprised me is that well over half the respondents were women: 57 percent. Only 39 percent said they were male […]
6 Foolproof Ways to Build a Successful At-Home Hustle
Have you ever been at work and thought, “What’s stopping me from giving up this job and starting my own home business?” Most likely, what’s stopping you is fear and uncertainty. Moving from working in an office to running your own business from home is a big step. But the best way to overcome your […]
Grow By Creating Markets, Versus Killing Competitors
For your business to continue to grow, there are really only two ways to get customers. One way is to take customers away from an existing player, and the other is to create a new market with a new product or service that didn’t exist before. Examples of recent “new market” big wins include Apple […]
Avoid Competitor Bashing in Your Pitch to Investors
Don’t bash the competition. Every investor knows how vulnerable a new startup is to competitors, so investors always ask about your sustainable competitive advantage in the marketplace. How an entrepreneur answers this question speaks volumes about their knowledge of business realities, customers, confidence, and their ability to handle investor funding. There is no perfect answer to the […]
What if You Come Across Juicy Competitor Information?
Many of us belong to industry associations and find ourselves at conferences and trade shows with time to spend with competitors. Some of these are old friends; some even former associates. It is natural to want to associate with these people for many reasons, certainly socially. Most CEOs want to obtain information about their competitors […]
How Companies Can Start Planting Roots in a Community
Consumers don’t favor Whole Foods over Walmart for reasons relating to the chains’ respective sizes or ubiquity — it’s because only the former serves as a catalyst to community. The competitive difference between the homogenous corporate paradigm embodied by Walmart and the community-centered model cultivated by Whole Foods grows increasingly stark. At Walmart, sterile interchangeability and […]
