Entrepreneurship Archives

How to Persuade a Customer to Choose Your Business

How do businesses encourage people to hand over their money before they lose interest? What can you do to persuade a customer to buy your product/service, and not the competitors’? Unless your product/service is one-of-a-kind, it will compete with other offers that aim to address the same needs. That’s why you need to think about how to persuade a customer to buy your solution, and not the competitors’. In this article, we’ll discuss customer persuasion tactics businesses use to drive sales. Then, we’ll discuss different strategies for determining your prices.

The Profit First Method: The Key Tenets Explained

What is the Profit First method? Why does entrepreneur Mike Michalowicz believe the traditional accounting method doesn’t work? In his book Profit First, Michalowicz asserts that traditional business accounting methods don’t align with the way people think. That’s why he put together a new method that will help business owners reach long-term success. Keep reading to learn about the four main tenets of the Profit First method as well as how they work in harmony with the natural ways people think and make decisions.

How to Price Your Product or Service

How do you determine the optimal price for your product/service? What are some things you should take into account when pricing your offer? Your price can make or break the profitability of your business. The best price point is one that strikes a balance between reflecting the value of your product and allowing for a profit. Here are some tips on how to price your product or service.

Profit First: Book Overview (Mike Michalowicz)

What is the Profit First method? Why is the Profit First method better than the traditional business accounting method? In the Profit First method, a percentage of income is set aside as profit before any expenses are calculated. This allows an entrepreneur to do their business accounting in a simple and intuitive way, and to increase their business’s profitability and stability. Here’s an overview of the book Profit First by Mike Michalowicz.

Product Improvements That Make the Most Impact

Do you want to upgrade your product? What are some things you should consider before introducing product upgrades? There are many ways to enhance a product. For example, you could source better-quality materials, add new features, or add supplementary products. Don’t try to do everything at once. Consider the impact and possible consequences to determine how much difference an upgrade will make, and implement product improvements that will make the most impact. Here are some things to consider.

How to Lower Labor Costs: Keep, Improve, or Remove

Do you monitor your labor costs? How can you reduce your labor costs without compromising the business? According to Mike Michalowicz, the author of Profit First, you should manage your labor costs like you manage your other expenses. He provides three guidelines for increasing labor efficiency and explains how to determine the number of employees you should have based on your company’s revenue. Here’s how to lower labor costs using Michalowicz’s “keep, improve, or remove” framework.

Elon Musk by Ashlee Vance: Book Overview

What is Elon Musk by Ashlee Vance about? What aspects of Musk’s life does Vance cover? Elon Musk went from a bullied schoolboy in South Africa, to an entrepreneur during the dot com bubble, to the richest man on Earth. In Musk’s biography, author Ashlee Vance discusses the personal life, business ventures, and management styles of the billionaire. Continue reading to learn more about Elon Musk by Ashlee Vance.

What Is Zip2? Elon Musk’s First Business Venture

What is Zip2? How did Zip2 make Elon Musk a millionaire? Zip2 was Elon and Kimbal Musk’s business that they created at the start of the dot com era. The Musk brothers saw a business opportunity that would allow companies to advertise online. After expanding the company with help of venture capital firms, the Musk brothers sold Zip2 for a huge profit. Keep reading to find out what Zip2 is.

How to Get Out of Business Debt: 3 Steps to Freedom

How common is business debt? What are some things you can do to reduce your company’s debt burden? Studies show that 79 percent of all U.S. small and medium companies are in debt, and that 58 percent of all U.S. small and medium companies are over $50,000 in debt. According to Mike Michalowicz, the author of Profit First, pulling out of debt begins with ruthlessly cutting your expenses. Here’s how to get out of business debt in three steps, according to Michalowicz.

The Elon Musk & PayPal Story: Why He Was Removed

What is the Elon Musk PayPal story? What was Elon’s role in the creation of PayPal and why was he forced to leave? The Elon Musk PayPal story began when Musk started a full-service online bank called X.com. The company later merged with its biggest competitor which later became known as PayPal. However, the PayPal executives weren’t too happy with Musk. Continue reading to learn more about the Elon Musk PayPal story.