Business Archives

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.

Accountable Employees: Elon Musk’s #1 Hiring Criteria

Why does Elon Musk focus on hiring accountable employees? What tactics does he use to force employees to take accountability for their actions? Elon musk focuses on hiring accountable employees because it eliminates workflow inefficiencies and gets the job done faster. He uses multiple tactics to ensure accountability such as asking certain questions and following up. Keep reading to learn how Elon Musk manages his accountable employees.

How to Evaluate Your Product’s Profitability Potential

Do you have a business idea in mind but aren’t sure whether it has profitability potential? What are some things you should consider before putting your idea in motion? When you come up with a product idea, you might be tempted to jump right into development, without carefully considering whether and how profitable the venture will be. It’s important to resist that temptation and take some time into putting your assumptions to the test. Here are some things to consider before you jump into development.

The 7 Bank Accounts Your Business Should Have

Why should you have 7 bank accounts for your business? What should each account be designated to? Mike Michalowicz, author, entrepreneur, and business makeover specialist, says that every business owner should have 7 bank accounts. He asserts that having your money organized into several designated accounts works better than having spreadsheets or financial software. Here’s how each of your bank accounts should be used.

The Falcon 1 Rocket: A Turning Point for SpaceX

What is the Falcon 1 rocket? How did it contribute to the success of SpaceX? The Falcon 1 rocket is the first rocket ever built by Elon Musk’s team at SpaceX. After multiple failed launches, the rocket successfully made it to space and enabled SpaceX to be where it is today. The Falcon 1 launch was arguably the most significant accomplishment in the history of SpaceX. Keep reading to learn about the Falcon 1 rocket launch.

How to Improve Efficiency and Drive More Sales

Why is efficiency important in business success? How does operational efficiency help your bottom line? Efficiency is integral to long-term business success. The more efficient your operations, the more time and money you save running your business. This leaves you in a better position to provide a high-quality service that outdoes your competitors—resulting in more sales, increased profits, and long-term success. Keep reading to learn how to improve the efficiency of your operations, and ultimately drive more sales.