Lean Start-ups are used for developing products and businesses based on ‘validated learning’, getting customer feedback quickly and often. It was introduced by Eric Ries during 2011 (1) with the objective to eliminate uncertainty in the product development process. Since then, this practice has transformed the way companies are developed (Natasha Hussein, Entrepreneur).
Most astonishingly was the news that Lean start-ups have made business plans redundant. Indeed, a whole industry has grown up around the idea that business plans are now no longer necessary, says David Ehrenberg, Young Entrepreneur Council in the Chicago Tribune.
A chaotic era we live in, indeed. Here, right now, in the middle of the 4th industrial revolution we must try to cope with the digital disruption, Donald Trump, Brexit and climate change. And that’s just a handful of (chaotic) variables that confront our businesses every day.
So how on earth (maybe shortly Mars – even more chaotic!) should we approach these extraordinary onslaughts? I don’t know, but let’s ponder on it…
Maybe it’s best to start when everything seemed simple and made sense. A couple of decades ago…
You need a business idea if you want to start a business. However, just by having a good business idea won’t necessarily guarantee instant business success. Here’re some misconceptions that people have about business ideas:
Taking risks is common behavior. Indeed, taking risks is for many of us a means to an end. In fact, without taking risks, neither your business nor you will ever know your true potential, says John Benjamin in the Tribune. But why is taking a risk so easy for some and, on the other hand, so difficult for other? It has a lot to do about who we are, and the environment we are operating in.
What does taking risks mean?
According to the Collins Dictionary, risk-taking means taking actions which might have unpleasant or undesirable results. So it is something you do as a result of a decision you’ve made. And most of the time something or someone has triggered you to make a decision 1.
Well I nearly fell of my chair when I started to jot down the traits a business owner needs to be successful. The first seven post that I’d read, identified no less than 42 different traits a business owner or entrepreneur needs to be successful.
I’m convinced that a business owner that possesses all 42 traits hasn’t been born yet, or is locked up far away to keep him or her away from harm (and society). Nevertheless, I’ve listed the 42 traits somewhere in a table…
But why a business owner (also [sometimes] called an entrepreneur), needs to be different from an ordinary working person? Maybe it’s because a business owner earns her living in an extraordinary environment…
Franchising provides the entrepreneur with an opportunity to enter the world of small business without all of the risks usually associated with starting a business from scratch 1. Indeed, the popularity of franchising continues to increase, especially with the emergence of new e-business models 2.
However, as with any business start-up the franchisee (you) needs to know what the franchisor (the brand) has to offer. Also, you need to consider the costs and your responsibilities when signing a franchise agreement.
“Remember that no franchise is perfect, and that every franchisee will have things they like about the system and things they don’t like”, says Chris Myers in Forbes. But first let’s have a look what franchising is all about…
Marketing your website is the final step to do when starting your eCommerce website. Your website will be one of 550,000 websites published on the day and joining a whopping 1.6 Billion other websites already on the net (MILL for Business, June 2018). So, how on earth will your website be found in the vastness of the internet?
Well, it’s marketing after all! Therefore you need a marketing strategy for your website. Intriguingly however is that you need to market your site for machines (web crawlers) to read and also for humans visiting your website.
However, here the marketing of your website for machines will be discussed.
Your leadership style has a huge impact on the way that your business performs. In fact, the way you lead may result in happy, engaging employees. Or your leadership style can cause your employees to be unhappy and may even harm them.
In today’s rapid changing and digitize business world, leaders may find it hard keep up with roles that have to play. Indeed, “If you get results, people will support you, often without caring too much about how you got them; without results, all the style or charisma in the world won’t retain the support of your followers for long”, suggests Jeffrey Gandz in the Ivey Business Journal.
It seems that right now is the best time for making money online. According to Statista.com, retail e-commerce sales worldwide amounted to 1.86 trillion US dollars during 2016 and online retail revenues are projected to grow to 4.48 trillion US dollars in 2021.
Managers making difficult decisions are mostly taken for granted. Someone has to make a decision, and that’s a manager’s job, say most of us. “When you consider why some leaders are successful and some are not, the difference between a successful and unsuccessful leader is often directly linked to the choices and decisions they make”, says Peter Barron Stark, President of Peter Barron Stark Companies.