This post is the last part of a two-part article. Read the first part of the article here. In regards to the lower valuation of deals, we do not have any empirical data that suggests that valuations have increased, but would point out that greater access to credit markets and economic growth may push valuations slightly higher in the near future. In the article last year, we pointed out that…
Starting a company is a big undertaking, certainly not to be taken lightly. I consider the commitment on par with getting married and starting a family. I’ve had hundreds of top entrepreneurs share their experiences with me about starting a company from the ground up. From their wisdom, and my own startup experience, I developed this list to take to heart, before you start. There are some clear lessons to…
It is said that before you criticize a man, you should learn to walk a mile in his shoes. There’s a double meaning to that saying when it comes to owning a small business. One relates to actually understanding your own business needs, while the other relates to understanding your customer’s business – a key factor in what will help you maintain a long lasting relationship with them. I have…
Karen Usher credits her advisory board for driving 85 % growth in revenue in 2002 and an additional 35 % in 2003. Frank Holt believes he would have avoided three costly mistakes if he had consulted an advisory board, so he formed one last May. Every major business decision I’ve made has been shaped by my board of advisors. Running a business is simply easier if you have some help…
In 2000 I launched BuyOnlineNow.com, one of the largest online retailers for brand name office products, from my house. Since then, we’ve relocated to an actual office (which pleased my wife) and grew to a staff of over 25. We maintain monthly visitors of around 100,000 and convert at almost double the average. Here are a few of the lessons I’ve learned over the past few years in eRetailing. Conversion…
Focusing on Customer Service is something a lot of companies say they do, but just because you say you focus on it doesn’t mean your customers will believe you. A customer can tell when you’re simply blowing smoke, so these are three important things you should consider: 1. Don’t hide behind some list of guarantees. We learned this over a few years. We even had something we called the “7…
There is this enduring myth about eCommerce that all it takes to get an online business going is a webpage and products to sell. In other words, it should be easy money. Anyone who’s toiled for an eCommerce company knows the reality. Online business is no different than business in person. It commands about the same resources, manpower and facilities to run even a modest-sized operation online as it does…
According to a Wall Street Journal jobs report, more people have resigned in recent months than were laid-off. The Journal reports this is a sign of growing confidence because, if people quit, obviously they believe they can land another job. In total 1.9 million people resigned, while 1.8 million were laid-off. Similar numbers were reported the month before, with the “quitters” beating out the “pink-slippers.” If people are indeed more…
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