When you own a business, the simple act of acquiring another small business is often one of the smartest investments you can make. Not only does it provide an opportunity for an additional stream of revenue, but it can also yield advantages in areas like taxes, accounting, and resource maximization. But business acquisitions are rarely easy or straightforward. Things can get messy, and it’s important to do your…
Many entrepreneurs start their businesses because they genuinely like what they’re doing. But even if that’s the case, eventually, you’ll need to think about retirement. You can’t keep working forever; at some point, you’ll want to take things easy (and hopefully have enough money to live comfortably). With Social Security running out of money, and no higher-up employer to provide you with retirement benefits directly, it’s all on…
Every business partnership has ups and downs. Usually, the lowlands and peaks balance each other out. When the valleys become the status quo, however, it may be time to dissolve the partnership. The good news for partners in this predicament is that there are always other entrepreneurial fish in the sea; you can even use a dating app to find them. In the meantime, though, you have to…
When you hear the word “automation,” what do you picture? A self-driving car? A factory free of human workers? In reality, those applications represent an exceptionally small share of small business automation. The production and operation functions are actually the two least automated functions, according to a QuickBooks study released last April. So what are small business leaders automating? Among the 66 percent of those using automation tools, most…
Co-working is growing in popularity — even major companies are claiming office space in these centrally located and shared spaces. For entrepreneurs, though, co-working spaces are about more than just convenience; these community offices solve a number of the major challenges that independent businesses face. By moving work to a shared space, entrepreneurs cut costs, build connections, and create conditions that allow them to scale up as needed,…
Big businesses are big for a reason — they’re getting something right, usually when it counts the most. Moreover, they’ve already found their footing after making it through the early days of uncertainty and instability. That successful leadership journey alone counts as an invaluable lesson for smaller business owners. You can learn a lot by studying exactly what big businesses have done right, even if their circumstances might…
Marketers tend to make a big deal out of terms like “purpose” and “authenticity.” Why? Because research findings, survey results, and numerous other studies indicate that these things matter to customers. Brands that exist beyond mere profit — and can communicate that purpose clearly — tend to succeed. On the other hand, those that behave in a way that doesn’t match their message are penalized by consumers. They’re…
Back in late 2011, I got the opportunity to pitch Mark Cuban. I was just a student at the time, at Howard University, and cofounder of a company — no longer existent — called My College Hustle, a bartering platform for college students. Hoping to grab a $25,000 prize, my business partner Edward Lyles and I participated in a Shark Tank-style competition, in New York, that actually predated…
I’m not going to sugarcoat it, sell you rainbows and unicorns, or tell you that becoming an entrepreneur will make you instantly rich. And I’m definitely not going to tell you that it’s easy. Starting your own business is HARD. The biggest component to success is a high risk tolerance. I have repeatedly struggled to find my footing, pay bills, and get everything set up before finally finding…
Making decisions… this is the defining ability of humanity. We can do more than react to life’s challenges instinctively. We can look forward, decide what we want, and act accordingly. This ability gives us power beyond our wildest dreams and yet so few of us utilize it anywhere near it’s full potential. Life is Hard That’s why decisions even exist. If we lived in a perfect world we would…
