Business Archives

Starting a Tech Company That Makes a Difference

What is the key to tech startup success? What are the key elements a tech startup needs to make a difference? Peter Thiel believes that startups are the way to the future. It’s these new companies that will unleash new technologies we need to progress as a society. In his book Zero to One, Thiel shares five elements that a startup business must have if it wants to make this kind of impact: revolutionary technology, strategic timing, a great team, effective distribution, and enduring value. Continue reading for Thiel’s insights on starting a tech company that makes a difference.

How to Improve Business Efficiency: Do More With Less

Do you want to make your business run more efficiently? What are some things you can do to increase the efficiency of your operations without compromising quality? In his book Profit First, Mike Michalowicz says that business owners should try to increase efficiency everywhere they can. Michalowicz recommends three mindsets to accomplish this: 1) don’t just think small, 2) solve a unique problem well, and 3) push sales after you adopt an innovation. Here’s how to improve business efficiency, according to Michalowicz.

How Tesla Became Successful: The 2010 Turning Point

Do you want to know how Tesla became successful? Is Tesla’s success attributed to Elon Musk, the Tesla employees, the government, or the public? The story of how Tesla became successful is told in many small chapters. Tesla suffered severe financial and manufacturing issues early on and struggled to stay in business. It wasn’t until 2010 that the rest of the world started to believe in Musk’s vision. Keep reading to learn how Tesla became successful and who contributed to its success.

The Principles of Management Accounting Are Outdated

What is management accounting? What are the three principles of management accounting? According to Mike Michalowicz, the author of Profit First, traditional management accounting has three basic principles. These principles have been used for years, and Michalowicz believes they are outdated. Here’s an overview of traditional management accounting principles, according to Michalowicz.

How to Hire the Right People—and Keep Them

How do you get the right employees on board? How do you keep them around for the long haul? Part of long-term business success is assembling a winning team. In his discussion of how to hire the right people and keep them, Patrick Bet-David argues that you shouldn’t rely on your gut feelings and that you must provide attractive offers with follow-through. Keep reading for more on Bet-David’s hiring and retention strategies.

Buying Motivation: Why Do People Buy?

How do people judge the value of products and services? What are the key factors that underpin customers’ buying motivations? People judge the value of products/services in the context of their life’s circumstances. If they’re not happy with their situations, they will be most receptive to solutions that claim to alleviate their problems. If, on the other hand, they are happy, they won’t deem those solutions valuable. Keep reading to learn about the key factors that influence customers’ purchasing decisions.

Why Traditional Accounting Methods Don’t Work

Are you still using traditional accounting methods in your business? Why don’t these methods lead to long-term success? According to Mike Michalowicz, the author of Profit First, the traditional methods of business accounting don’t work in the long term. He says that the logic of traditional accounting clashes with the natural ways people think and make decisions. Here are the four reasons why traditional accounting doesn’t work.

The SolarCity Founders: Why They Needed Elon Musk

Who are the SolarCity founders? What was Elon Musk’s role in helping them start SolarCity? The SolarCity founders are Elon Musk’s cousins, Lyndon and Peter Rives. The two cousins founded SolarCity in 2006, thanks to a recommendation and large investment from Musk. The company eventually was bought out by Elon Musk 10 years later. Keep reading for more information on how the SolarCity founders started, grew, and sold their business thanks to Elon Musk.

Business Problem-Solving: 3 Steps to a Solution

When you encounter a problem in your business, what do you do? Do you have a process to solve it? Entrepreneur Patrick Bet-David argues that effective business problem-solving must be part of your strategy for long-term success. He outlines three steps to get to a solution: take ownership of the problem, identify the core problem, and solve the problem with cost-benefit analysis. Keep reading to get a handle on these three steps.

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.