The Top 10 Reasons Startups Fail
Why Do So Many New Businesses Fail?
New research by the U.S. Bureau of Labor Statistics shows that nearly six in ten businesses shut down within the first four years of operation. While not as calamitous as the 90% failure rate often repeated as fact, the BLS statistics are sobering for anyone tempted to invest their time and personal savings into launching a small business. To avoid becoming a statistic yourself, I have put together the top reasons so many new businesses fail.

How to Tell a Business Opportunity From an Idea
What's the difference between a business idea and an opportunity?
I'm going to let you in on a little secret. Contrary to what many aspiring entrepreneurs believe, the key to a successful startup does not rest upon having a unique, one-of-a-kind idea. Don't get me wrong. A good idea is a necessary starting point for any new business, but that's all it is. As VC and entrepreneurship teacher Rob Adams points out, ideas are not scarce: they're commodities. Virtually any idea worth pursuing has already been done. What is rare, on the other hand, is the ability ...

How to Grow Your Business by "Firing" Customers
Why Should You Fire a Customer?
Are your company's sales growing while profitability remains weak? Do your customers demand steep discounts or expensive concessions to close a deal? Does your strategy consist of hustling for every dollar you can grab hold of? Well, it turns out you're not alone. Studies of customer profitability in many businesses have found that only a small percentage of accounts are responsible for all of the firm's profits once costs related to acquisition, service, and support have been factored in. T...

Dispelling Common Misconceptions about Entrepreneurship
The Truth About Business Startups
Judging by the huge number of books, magazines, and Web sites on the topic, entrepreneurship is of enormous interest to the public. People from nearly every walk of life dream of one day being their own boss and becoming financially independent, yet many are held back by doubts about their innate talents, their tolerance for risk, and their ability to raise capital. Still others are so eager to forge ahead that they ignore major pitfalls and are driven by unrealistic expectations about their ...

My Favorite Business Books
Business Books Worth Reading
I created this lens to highlight several of my favorite books and periodicals about business. Many of my selections are not the bestselling titles in their respective categories, but you will find in this list several hidden gems that contain a wealth of useful information. No, you won't discover how to make millions flipping properties for $0 down or how to build your MLM downline, but if you want to roll up your sleeves and learn how to start a real business that creates value for customers...

Cost-Volume-Profit ("CVP") Analysis for Entrepreneurs
How to Use CVP Analysis to Find Your Target Market
As an entrepreneur, your goal in creating a new business is to satisfy a set of customers profitably and to sell enough goods or services to satisfy your ongoing fixed costs as well as recover your initial investment. Cost-Volume-Profit (or "CVP") analysis is a way to understand a business opportunity in simplified terms to help you zero in on the right set of customers to serve while minimizing risk by keeping your costs and investment as low as possible. In particular, CVP analysis focuses ...

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Overview
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Bootstrap Entrepreneur Lenses
What is "Bootstrapping?"
Bootstrapping, for the uninitiated, is how the vast majority of entrepreneurs launch startup ventures, using their own funds to reach cash flow breakeven. Unlike venture-backed startups, bootstrapped businesses don't have the luxury of wasting money. Every dollar has to count. As a result, bootstrap entrepreneurs focus relentlessly on creating value for customers from day one. For this lensography, I've gathered together and organized the lenses on bootstrap entrepreneurship that I've posted...