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Entrepreneurship

Choosing between wealth and control

Many startup founders maintain control as the primary means to achieving their goals with the business. One of those goals, of course, is solving that problem on which the company is built. However, many of the other goals are much more personal. Things like personal pride and wealth, for example, come to mind. But, being in control and building wealth are not mutually inclusive. In fact, it’s hard to build wealth and maintain control at the same time.

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Entrepreneurship

Overcoming the Sunk Cost Fallacy: A Key to Entrepreneurial Success

If you’re an entrepreneur and you’re not familiar with the term “sunk costs,” you may have a problem. Even if we do understand it, the problem for most of us is that our forward-looking decisions become too tied to those sunk costs. We often become emotionally invested; the more we invest, the harder it becomes to divest ourselves from those costs. In these situations, objectively considering the pros and cons is difficult. Instead, we try to recoup sunk costs, making us irrational.

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Finance

Why Your Small Business Needs an Accountant Year-Round

An accountant offers much more than bookkeeping and taxes. In fact, an accountant’s area of expertise often goes far beyond that of your neighborhood bookkeeper. While undoubtedly a bit more expensive than a bookkeeper, you should be able to rely on an accountant to add value to your business operations.

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Licensing

Beyond Short-Term Royalty Potential: Vetting Prospective Licensees for Long-Term Success

Some licensors may choose to focus primarily on new licensees who might generate higher royalty revenue for a short period, while others prefer the steady, long-term growth in royalty revenue.  For the latter, a vetting process designed to create stronger alignment with a licensor’s mission, vision, and long-term goals, ultimately provide greater success for the program and result in stronger, more prosperous licensing partnerships. Here are six ideas for improving the licensee vetting process.

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Entrepreneurship

Interview: ClassB CEO Eric Hilferding on Entrepreneurship

The following is an interview with Eric Hilferding, CEO of ClassB, a custom t-shirt manufacturer, and printer for my graduate coursework in entrepreneurship. Eric and I first met in 2005 when I was with the Boy Scouts of America. His company was one of our first licensees in a revamped licensing program. We became fast friends and I have long admired his attention to detail, his creativity, and his commitment to service.  

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Entrepreneurship

Stop focusing on your product and start focusing on your customer

Customers are the only thing that matter to a business. It is surprising how many entrepreneurs start their business with an idea of a product or service and a detailed plan for execution of the offering, without a clear understanding of the customer. Too many entrepreneurs believe that the “thing”—the product or service—they have created will “satisfy society’s needs” without giving enough thought to understanding what society needs, values, and expects. The focus on the thing poses one of the most significant long-term barriers to success for entrepreneurs.

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Licensing

How to find and qualify new licensing opportunities

One of the most significant challenges for licen­sors is to keep the opportunity pipeline full. Regardless of the size of the licensing pro­gram, finding and qualifying prospective li­censees can be a challenge. Some licensors need more opportunities to explore, while other licensors have the opportunities but do not have a defined qualification pro­cess. Unfortunately, some licensors have both challenges. To overcome those challenges a licensor might consider the following sales and business development techniques.

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Insights and growth

Fear and panic in entrepreneurship

When faced with challenging times as an entrepreneur, I hope you can find the courage to lean into to the future rather than retrench into the past. To find comfort in the gifts of wisdom, talent, and the experiences we each possess to make the best decisions for moving forward on your journey.

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Entrepreneurship

8 Shark Tank Takeaways for Entrepreneurs

The new season of ABC’s Shark Tank started a few weeks ago. Although it is dramatized like all reality shows, I am a fan because entrepreneurs can learn a few lessons from the interactions those pitching on the show have with the Sharks. Here are a few of my takeaways from the nine seasons…

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