I’ve always been fascinated by how differently each of us are wired, which is why I find personality tests so interesting. Earlier this week, I ran across My Next Move, the U.S. Department of Labor’s Interest Profiler, which helps you discover what you like to do and how it relates to the world of work.
In my previous article, I wrote about the pros and cons of partnerships. When we formed ours, there were many things we didn’t plan for in advance, but I was fortunate that we had an amicable split due to changing priories and goals, not ill-will. Looking back, I can see how under different circumstances, things could have ended badly. So here are some safety tip to consider when forming a partnership—before you shoot your eye out.
New businesses characteristically fail at an alarming rate. Between 2007 and 2010, the failure rate for U.S. small business rose by 40 percent. Yet, according to the U.S. Small Business Administration, companies with multiple owners are more likely to survive longer than sole proprietorships. What’s more, a 2008 study showed that the average revenues for partnerships increased 157 percent since 1980, while revenues for the average sole proprietor decreased 51 percent during the same period. The study also reported that the average sole proprietor’s net income in 2008 was around $12,000.
The facts seem to make the case for partnerships, yet 72 percent of small businesses are sole proprietorships. Partnerships have their pros and cons, and at first glance, the pros might seem to outweigh the cons. Yet, a partnership gone bad can make you wish you’d never gone into business in the first place.
Whew! This SitePoint post of mine certainly generated a lot of controversy, comments, and tweets.
When it comes to strategic vs. tactical planning, it’s easy to fall into either/or thinking – that is, either strategic thinking is better, or tactical thinking is better. This is especially true when you realize which type of thinker you are. We tend to believe that our type of thinking must be superior. But regardless of whether you are a strategic or a tactical thinker, you must come to realize that both types are critical to success; and you must learn to appreciate your business partner and/or your employees’ way of thinking and value the contribution they can make towards accomplishing your goals.
So when I use the term strategic vs. tactical thinking, it’s not to imply that they are at odds with one another; rather it’s to contrast the difference between the two, so you can begin to distinguish and appreciate those differences. It’s also critical to recognize when you are not applying both types of thinking to the situation.
Let’s face it… if you’re in business, you need a plan.
You did create some type of business plan before you set up shop, didn’t you? If not, I highly recommend you do so now. Go ahead, I’ll wait…
I read a great definition of capitalism recently:
A system in which there are winners and losers, in which someone with a brilliant idea gets rich, while most of us get by.
I think of Apple CEO Steve Jobs when I read that. He had several brilliant ideas (like the Macintosh, the iPod and Pixar, to name a few). He’s rich while I’m getting by.
Then there’s Facebook founder Mark Zuckerberg. I should have been Mark Zuckerberg. I was a web designer and my partner was a web developer. We could have created Facebook… we had the technology. But Mark Zuckerberg had the brilliant idea. He’s rich while I’m getting by.
I’ll be on vacation the next few weeks, so I thought I’d share the spotlight with one of my favorite speakers and authors:
In this video, marketing consultant/author Simon Sinek gives a great presentation based, in part, on his book, Start with Why: How Great Leaders Inspire Everyone to Take Action. Whether you’re a salesperson, business owner, marketer or entrepreneur, there’s something for everyone here.
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Thanks for visiting. I’m a Marketing Evangelist, Blogger and Sales Trainer.
I get excited about geek stuff. But I’m also passionate about helping people and companies reach their fullest potential and becoming wildly successful.
That’s why I love helping businesses figure out how to market (especially web marketing) and why I train sales people to be the best they can be at what they do.