Traditionally small firms have taken on their bigger competitors by specializing in a niche. For example, Tie Rack competed in one niche against major high street clothing retailers like Marks & Spencer, but only clearly in one line. However, times change and it takes longer for companies to adapt to those changes. Many believe it’s [...]
Think of today as the first day of the rest of your life. Imagine that you were born today and took over the body you now possess. You cannot change what happened in the past but you can choose to be helped or hindered from the experiences. If you choose the latter, and it is [...]
Anyone who travels on the London underground hears the three words often just before the doors open. Like those travelers, entrepreneurs always need to be spotting gaps. It always makes me think of moving people from one place to another. Predicting gaps that are emerging is where there is most opportunity. A gap to an [...]
Many banks won’t loan money to small businesses without the federal government guarantee under a variety of SBA programs. Charles Keller was an industrial designer who started making custom furniture in his North Andover, Massachusetts, garage in the early 1970s. Driven by the demand of family and friends, the business grew until Charlie incorporated C.W. [...]
A business owner may be able to borrow against the paid-up cash value of a life insurance policy to obtain capital for requirements of a start-up or ongoing company. In the late 1970s, Steve Birge was working in Vermont restaurant he could spend his free time skiing. He noticed that the restaurants needed fresh produce. [...]
From the beginning, make it clear to vendors that your company pays promptly in order to earn credit terms for large projects. When Tim Williams and Craig Woerz launched Media Storm, a media planning and buying agency in Norwalk, Connecticut, in 2001, they wrote into the pro forma financial statement of their business plan the [...]