A bad decision and $200MM of debt.

Making a decision to borrow money or accept investment capital while under pressure or without a credible business plan, can be a decision you regret for a very long time. When an over eager entrepreneur meets a shrewd investor or banker, the long term results can have a devastating impact on what might have otherwise been a good business opportunity. Entrepreneurs who don’t have someone in their corner with experience helping them understand how to execute properly on a big vision, can find themselves in a tough spot financially when their plans don’t unfold as expected. There is no such thing as easy or cheap money when it comes to saving a business.

Games of inches

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What small steps are you taking on a regular consistent basis to get your business to where you want it to be?

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Little Caesars leverages DoorDash to win marketshare

As an entrepreneur you can’t be good at everything. Depending on where your business is in its lifecycle, your business probably isn’t good at everything either. There are times when both an entrepreneur and a business need to outsource jobs tasks that could be done better (and more affordably) by third parties. Every task has a cost and that ultimately impacts the experience your business provides its customers. Knowing how you and your business could benefit from strategic relationships could improve your business significantly.

News #entrepreneurs experience – 01/21/2020

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Dylan breaks down current new headlines of entrepreneurs trying to fix, fund or grow their business:

1. People matter. Taco Bell to pay managers $100K per year. (03:03)

2. Learn from your mistakes and adjust like Bed Bath & Beyond. (08:04)

3. 119 stores closed. Bose ends an era (13:06)

4. Amazon might inspire your business to give back. (18:28)

5. Need an emergency loan? So does Aston Martin. (23:02)

Are your profits a Ferrari or a Mercedes-Benz?

It’s hard to believe if you haven’t had any first hand experience with the concept of perceived value but it is very real. People will pay what they think something is worth. Entrepreneurs generally understand this but seldom put the concept into use. Someone will pay disproportionately more for a product or service that delivers an experience to them that is better than the alternative choices. Two products may functionally provide the same result but the manner in which they deliver the result can be the difference between better than average profit margins or average profit margins.

Like Netflix & Chill Ice Cream your business may have an obvious opportunity.

Entrepreneurs generally know their business better than anyone else. In fact, some entrepreneurs know their business so well that they miss the obvious opportunities that exist to provide their customers with more value. Often times an entrepreneur will stick to their main line of business based on their knowledge and experience and miss out on providing complimentary or ancillary products/services that their customers would take advantage of. Getting lost in the forest is a common problem that many entrepreneurs face, but if you are prepared to look around you may discover new paths to revenue.

Need an emergency loan? So does Aston Martin.

Business challenges are real. At some point the failures made in your business will surface if you haven’t gotten ahead of them. Assuming you have a decent business underneath your failures, you may find yourself scrambling one day to find money to keep your business alive. You may get frustrated that banks, lenders and investors are tripping over themselves to help your business which probably says more about you then it does about them. Nobody wants to be a part of a problem they didn’t create. Everyone wants to be part of something success. Entrepreneurs that get into difficult spots can be blinded by their pride and ego which can create more problems and delay success.

Amazon might inspire your business to give back.

Taking the opportunity to give back to the community that your business is a part of doesn’t take much. Your team can volunteer for any number of not-for-profits, your company can donate to local causes or your business can invest in initiatives that fundamentally improve the community. Being an entrepreneur means taking advantage of opportunities. Your community has opportunities to give back in ways that can improve the lives of the families and individuals connected to your staff, your customers and your vendors. Giving back is good business.

Where to start

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It’s a new year and a new decade. Here is something to think about as you get going.

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119 stores closed. Bose ends an era.

Being a leader in an industry or a market place is a good thing. Your margins can be higher than your competitors and your cost of acquiring a customer can be lower. Being a leader often times means doing things that your competition isn’t doing or doing things they are doing – but doing them better. Being better can involve innovating and taking risks which may give your business an edge for a period of time. If your business is not able to iterate and continue to deliver a better product or service you may find that your window of time has closed and that can lead to unfavourable outcomes for your business.