To Spend or Not to Spend: The Importance of Opportunity Cost Among Small Businesses
Sep19

To Spend or Not to Spend: The Importance of Opportunity Cost Among Small Businesses

As long as there are finite resources in business, opportunity-cost analysis will be important for business leaders. The way entrepreneur Sam Madden explained it was: “Opportunity cost is essentially what you give up (the benefits of the next best alternative) when you make a choice.” Related: ‘Opportunity Cost’ Sounds Abstract But It Costs Your Business Real Money A common example of opportunity cost for small...

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Losing My Life Partner Could Have Sunk My Business — But Instead It Became My Motivation
Sep19

Losing My Life Partner Could Have Sunk My Business — But Instead It Became My Motivation

Building your own business is never easy, but at no time is it more challenging than when personal tragedy strikes. All of a sudden, focusing on your business seems impossible. Things you may long have taken for granted are gone. You’re shattered, cut adrift, trying to figure out what’s next. Even worse, your business still needs your time, attention and energy when it’s the last thing on your mind. The business can...

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10 Words You're Probably Using Wrong — and What to Say Instead
Sep19

10 Words You're Probably Using Wrong — and What to Say Instead

Is your new co-worker antisocial or asocial? Is your spouse jealous or envious? Not sure? Don’t worry — most of us get confused by these similar words. Related: Ditch These 28 Boring Words and Use These Instead (Infographic) A recent article published in the journal Frontiers in Education identifies 50 psychology “term pairs” that people often get wrong. From empathy and sympathy to disease and...

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If You Want Your Business to Win in the Long-Term, Don't Take Shortcuts
Sep19

If You Want Your Business to Win in the Long-Term, Don't Take Shortcuts

Startups are for the impatient, so conventional wisdom goes. As programmer and author Paul Graham wrote, “Instead of working at an ordinary rate for 40 years, you work like hell for four” to “solve the money problem in one shot.” Sounds pretty good, right? While the quick wins do happen from time to time (people win the lottery, too), working 80-hour weeks, starving relationships and pushing teammates to the...

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Why Give Up a Stake in Your Business? Because 20 Percent of Something Is Worth More Than 100 Percent of Nothing.
Sep19

Why Give Up a Stake in Your Business? Because 20 Percent of Something Is Worth More Than 100 Percent of Nothing.

If you are an entrepreneur or would like to start a business, you must resist greed, stupidity and that inner control freak if you want your business to grow. Unfortunately, I see entrepreneurs screw this up all the time. It happens most frequently during negotiations with investors, when an entrepreneur is at a crossroads but resists giving up equity or taking on partners because they believe they can’t afford to. You will need...

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7 Steps to Quickly Becoming an Influential Expert in Any Field
Sep19

7 Steps to Quickly Becoming an Influential Expert in Any Field

Developing highly influential work is a process that can be mastered. Not only mastered, this process can be replicated again and again. According to the number one writer on Medium.com in 2016, Benjamin Hardy, “You first need to know what your objective is. Once you know that, you need to know who is currently accomplishing your objective at the top of the game.” Additionally, best-selling authors Jeff Goins and Shane...

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