Can a bad delivery really drive customers away? Many customers say they would switch suppliers and even expect a full refund in the event of a delayed or bad delivery. Customers are used to free shipping at lightning speed, but that model may not be sustainable for eCommerce businesses. It’s extremely costly, but customers have […]
Mistakes
10 Business Plan Tips Too Many Entrepreneurs Forget
If you want people to invest in your idea, then my best advice is first write a business plan, and keep it simple. Don’t confuse your business plan with a doctoral thesis or the back of a napkin. Keep the wording and formatting straightforward, and keep the plan short. For minimum content, see my original […]
Common Bookkeeping Mistakes and How to Avoid Them
Bookkeeping can be the bane of many a business owner. But it doesn’t have to be the onerous chore it’s often made out to be. Avoiding bookkeeping mistakes can keep your business successful and headed in the right direction. Here are some common bookkeeping mistakes and how to avoid them. Procrastinating Waiting too long to […]
How to Spot a Bad Franchise Opportunity
So, you’re going down the black hole of endless research for the perfect franchise opportunity. And for good reason: It would be naive to assume every franchise you come across is a good investment. How do you figure out which is the opportunity with the lowest risk and highest probability for success? Here are some […]
Here’s How NOT to Define Your Competition
We investors see this all the time. An entrepreneur pitches using a deck with no slide for competition. When asked (as we always do) the response is, “This is new. We have no competition.” Niet! No! Unh unh. Professional investors laugh when they hear an entrepreneur come out with that one. That statement has killed more […]
Common Mistakes to Avoid in Your Law Practice
Mistakes are a fact of life. They help us learn and improve. However, they can also be painful, embarrassing, and even harmful to your career, depending on the context. So, how can you acquire the hard-won knowledge without the consequences? As author and speaker Jim Rohn said, “It’s important to learn from mistakes, but it’s […]
Avoid These 5 Legal Problems That Could Easily Sink Your Business
Making it as a business owner has never been easy, but in the modern day and age it’s easier than ever before for an aspiring startup or eager entrepreneur to encounter legal troubles that sink their commercial prospects. Rather than waiting to stumble into legal problems that could prove disastrous to your business, you need […]
10 Common Design Mistakes…and How to Avoid Them
Design work is complex business. It’s far too easy to mess up. To create high-quality products, all of the small details are crucially important. Each detail must be taken into account. It can be easy to get lost in the details and lose sight of the big picture. That’s why there are several incredibly common […]
6 Mistakes to Avoid as a First-Time Franchisee
You finally found the golden franchise opportunity right for you. It’s exhilarating, especially since you spent so much time looking for the perfect fit. There’s so much to look forward to. But be forewarned not to let the excitement of owning a business blind you from the reality of it all. Launching a franchise requires […]
Your Passion Can Breed Biases That Kill New Ventures
I’m sure we have all seen entrepreneurs with high levels of passion and confidence touting an idea that seems to make very little sense to us. Of course, we never see ourselves in this mode, yet we need to recognize that all humans see reality differently through a built-in set of “cognitive biases,” based on […]
