When launching a new product or company, an entrepreneur must consider their biggest cost - the opportunity cost. Opportunity cost is an economic term that is defined as the cost of passing up the next best alternative when making a decision. For instance, if an asset such as capital is used for
There is an unnerving trend facing American businesses today: small companies are finding themselves embroiled in legal battles with an alarming frequency. These independent businesses, many of which are small-scale operations that survive on a meager budget, are faced with defending their intell
Marketing a specialty service is not that different than marketing any other type of product or service. The first thing you need to do is the very same thing you'd do for any type of business: get very clear on who your ideal clients are. Let's say you are marketing a high-end specialty service
As a business owner, time is of the essence. Running a business is demanding. You are either performing the day-to-day administrative work or you're working in your business, attending to your customers or clients. What is the best use of your time? The answer is simple. Your time should be spent do
A business teaching what you know to kids is a great way to make money doing something you love. But, whether you will teach private singing or sewing lessons or group dance or karate classes, there are a few questions you should answer before taking the plunge into this type of business.
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Have you ever thought of a franchise opportunity as a possible career choice? It can be a wonderful way to become your “own” boss and make good money doing something that you enjoy-but it can also be a financial nightmare. You may have seen an ad in the paper that headlines that says “Million D
I’ve owned my own business for four years now, and roller coaster ride is still the best way to describe the experience. Lots of big ups followed by big downs. Always a thrill, though.
I’ve gotten tons of advice along the way and learned some things on my own, too. Here are the lessons I