Last updated: June 5, 2005
FACTOID
Q.
What are the three most important things in entrepreneurship?
A.
SALES, SALES, SALES.
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FACTOID
Q.
What is the most important rule for entrepreneurs to learn?
A.
That there are no rules.
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FACTOID
Q.
Do you know how people actually make a decision to buy from you or your
company?
A.
People like to buy from people they LIKE and TRUST.
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FACTOID
Q.
What does ABC stand for?
A.
Always be closing.
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FACTOID
Q.
A new website doesn't need any RL (Real Life) promotion; just a high Google
ranking is enough to attract page views and traffic, right?
A.
Wrong. Real life guerrilla marketing, earned media (i.e., press coverage) and
other types of promotion in the real world reinforce online methods.
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FACTOID
Q.
A price for your product or service is always based on your costs, right?
A.
Wrong. Pricing your goods and services is an art; remember that a price is what
a buyer or seller agree to which can be higher than your costs or, sometimes
(unfortunately) lower than your costs. (NHL Hockey comes to mind in this
regard.)
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FACTOID
Q.
What is the number one thing to track in an entrepreneurial company?
A.
Cash. It never lies.
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FACTOID
Q.
What is more important: having a great new idea for a business or great
execution?
A.
Execution is what counts most. If you can't execute, you can't do anything even
if your idea is great.
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FACTOID
Q.
What is more important in business: having great assets or great people?
A.
Great people. Assets without great people to put them to work effectively
actually turn into liabilities in a hurry.
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FACTOID
Q.
What is the number one rule in executing a business plan?
A.
CHECK, CHECK, CHECK. There are no 'fire and forget missiles' in business. You
have to check and re-check that everything that needs to get done is done not
only by you but by everyone around you-- staff, suppliers, contractors,
customers, etc.
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FACTOID
Q.
What is the most important source of bootstrap capital around the world?
A.
Home equity loans.
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FACTOID
Q.
Is it important to visualize your goals?
A.
Yes. Track your customer numbers EVERY DAY and visualize them going up and they usually will.
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FACTOID
Q.
Which works better, top down selling or bottom up selling?
A.
Bottom up selling. Get the people in the trenches onside with a buying decision
and the CEO will rubber stamp it more often than not.
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FACTOID
Q.
Being the first mover is always the best position to be in, right?
A.
Wrong. Pioneers get shot at. There are plenty of instances where being second
into a marketplace is just fine-- Microsoft comes to mind, for example.
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FACTOID
Q.
Should you try to find a niche where there are no competitors?
A.
Not necessarily. If you have a good idea, there WILL be competition. If you
have a BAD idea, you probably won't have any but so what? It's a bad idea.
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