Hiring people like you means you may be hiring people who have not just similar strengths, but also similar weaknesses. Hiring people like you will may also mean few will challenge your view of market opportunities, customer targets, or product features and benefits. People like you will tend to see the world in the same way as you. Hiring people too much like you may well restrict your long-term success in business.
The post Hiring People Like You was written by David Harkins and appeared first on David Harkins' Blog. […]
In modern economics, capital is typically defined as an asset that you can use to produce something that is economically useful to a business or an individual. The word, then, has different meaning depending upon its context. Even with these different meanings, you still might think capital is synonymous with money. And it would make sense since if you’re a founder, you are spending a lot of time raising and worrying about financial capital. But, financial capital may not be the only capital you need. Are you building the right kind of capital for your startup?
The post Are you building the right kind of capital for your startup? was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Choosing between wealth and control was written by David Harkins and appeared first on David Harkins' Blog. […]
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 and the more investment we make, the harder it becomes to divest ourselves from those costs. In these situations, it is difficult to consider the pros and cons objectively. Instead, we try to recoup sunk costs, which makes us do irrational things.
The post The Entrepreneur and the Sunk Cost Fallacy was written by David Harkins and appeared first on David Harkins' Blog. […]
Jim Mitchem, an author and partner with branding firm Out of the Ether, and I explore starting a service business, the willingness to take risks, branding, continuous self-improvement, and many other things in this interview for my Everyday Entrepreneurs podcast.
The post Interview: Jim Mitchem on Entrepreneurship was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Why you need an accountant year-round was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Beyond Short-Term Royalty Potential: Vetting Prospective Licensees for Long-Term Success was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Interview: ClassB CEO Eric Hilferding on Entrepreneurship was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Stop focusing on your product and start focusing on your customer was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post How to find and qualify new licensing opportunities was written by David Harkins and appeared first on David Harkins' Blog. […]
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.
The post Fear and panic in entrepreneurship was written by David Harkins and appeared first on David Harkins' Blog. […]
An occasional Friday post about seemingly random things. This week: Critical thinking, Podcasts, Books, entrepreneurial finance, and interviews with Gregg Smith, Kim Stewart, and Rachael Harper.
The post The Friday Review was written by David Harkins and appeared first on David Harkins' Blog. […]
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...
The post 8 Shark Tank Takeaways for Entrepreneurs was written by David Harkins and appeared first on David Harkins' Blog. […]
Inventory management is an art and science. It requires diligence, a strong management system and designated staff to maximize cash efficiencies. While different business types have different requirements for inventory levels, all businesses must have a keen understanding of their customer needs and market demands to forecast need. Learn more...
The post The Delicate Balance of Inventory Management was written by David Harkins and appeared first on David Harkins' Blog. […]
Entrepreneurs should also understand how to use financial ratios in the regular course of business operations. Each ratio has a purpose, and when compared to industry benchmarks, can provide great business insights. Learn more about key financial ratios and their application to small business.
The post How to use Financial Ratios was written by David Harkins and appeared first on David Harkins' Blog. […]