Tag Archives: advice

December 5, 2016 · 12:28 pm

Where Do Business Ideas Come From?

I participated in a business forum last week for veterans who have separated from the service and are looking to start businesses. One question that came up is about the origin of business ideas. Where do business ideas come from? Why do businesses fail? What are the best businesses to start?

Gnomes' three phase business plan

(Photo credit: Wikipedia)

There were a number of folks like me in the room who tried to provide some answers and perspective. I think where we all came out was that the best business ideas are those which solve a problem worth solving. How does one know if it’s worth solving? Well, if it’s a problem that only you have, it probably isn’t. If a lot of people have this problem you then might have a market. If it’s a problem that keeps needing solving, then you have a really good market. If people care less about the cost of solving the problem than they do in just getting it solved, you have an excellent market. And if you’re the only one with a solution that solves the problem in a way where the cost to do so is outweighed by the value you’re providing, you just might have a great business idea.

It was interesting to hear the responses as we went around the room and heard about the businesses these veterans either had started or were contemplating. Many fell nicely into the paradigm, above. In some cases, they needed help expressing their idea succinctly and clearly and in a way that demonstrated they understood the problem they’re solving and the market presented. A couple stood out as being fantastic ideas while a couple of others clearly needed more refinement and thought.

I’d encourage you to try that exercise. What problem are you solving? Is it a problem shared by enough people to make it worth solving? Who else is solving it? Why is your solution better? With those answers, you’re well down the road both to a solid business plan and to finding people who will invest in making that plan a reality. You in?

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October 11, 2016 · 11:22 am

Business Sins And Atonement

This evening Yom Kippur begins. Even if you’re not Jewish you probably know that this is the holiest day on the Jewish calendar and is a day spent fasting while focusing on a few things.

Jews praying in the Synagogue on Yom Kippur. (...

(Photo credit: Wikipedia)

Most people think of the day in terms of atoning for one’s sins. That’s not quite right in that it’s an incomplete statement. That atonement is only a part of the equation. There is a broader focus on other things as well. One is charity, one is repentance and the other is prayer. Those things can also be interpreted as trying to embody high ideals, returning to those values and ideals if we’ve strayed from them, and self-reflection.

Obviously, this isn’t a blog about religion, but it doesn’t take a rocket scientist to see that those are things we should be doing in our businesses as well. I’ll have my traditional Yom Kippur post on that tomorrow. I do want, however, to delve a bit more into the notion of sins in business and how we might atone for them.

The derivation of the word “sin” is explained by Wikipedia as follows:

The English Biblical terms translated as “sin” or “syn” from the Biblical Greek and Jewish terms sometimes originate from words in the latter languages denoting the act or state of missing the mark; the original sense of New Testament Greek ἁμαρτία hamartia “sin”, is failure, being in error, missing the mark, especially in spear throwing. Hebrew hata “sin” originates in archery and literally refer to missing the “gold” at the centre of a target, but hitting the target, i.e. error.

In other words, the religious context (violating the will of a higher power) isn’t the whole story. We sin in business by missing the mark or by failing. How so? We aim at things other than the targets that accomplish our goals. We focus on profits and not solving customers’ problems. We work well “up” and ignore the people who support us and make our jobs easier. We forget business acquaintances or co-workers when they no longer have anything to give us other than their friendship. I’m sure you can add to this list and I’m equally sure that we’re all guilty of one or more items on that list.

Maybe tomorrow would be a good day for any of us in business to reflect on and return to the business ideals that have taken us this far? Come to think of it, why not today?

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September 30, 2016 · 8:54 am

Squashed

It’s Foodie Friday, and this week, boys and girls, I’m not having any fun. I’m experiencing feelings I haven’t had since I found out about the Santa thing many years ago. I’m sorry to end your week on a down note, but I found something out that I need to share. It is, of course, helpful to those of us in business, but it’s really a bummer.

English: A slice of homemade Thanksgiving pump...

(Photo credit: Wikipedia)

You know those cans of pumpkin you use to make pumpkin pie this time of year? That orange goo that turns into warm spice wonderfulness? It turns out that it’s not pumpkin. Nope. It’s squash. In fact, it’s multiple kinds of squash (Butternut, Hubbard, and others) blended together and labeled “pumpkin. The Libby’s people actually have their own variety to replace actual pumpkin, which apparently is too watery and stringy when canned.

I’m sorry if I just ruined Thanksgiving for you. But it points to a broader issue, which is that of transparency. The can says “pumpkin.” I suppose not many folks are lining up to make squash pie, but a lot of folks do think they’re paying top dollar for one species of fish and they’re getting another. They also think they’re buying organic when they’re not.

Trust is among the most important things we try to develop wth our customer base. Once we violate that trust, it’s almost impossible to get it back, and consumers have enough choices that they can move on to someone more trustworthy pretty easily. When you’re pushing pumpkin pie that turns out to be squash, Boston Cream isn’t that far behind. Oh wait – that’s not a pie at all – it’s a cake, technically. OK, apple then.

Don’t serve squash and call it pumpkin, no matter what it is you’re selling. Please?

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