There are only 3 ways a business can make money in this world. It can sell products. It can sell services. Or it can sell both. But is there any advantage in selling a product instead of a service? Or is it easier and more profitable to sell services instead of products? This is a [...]
There are two things that can kill a business. The first is capital or funds. Many businesses die early because they can’t access the funds they need to grow or scale the business. But when you have the funds you need, the problem is solved. The second thing that kills businesses is a much more [...]
Should you give credit to your customers? I was training a group of entrepreneurs recently when this question came up. Credit is a very divisive topic for business owners. Some entrepreneurs love giving credit because it has helped to build their businesses. Some have lost money to customers who never paid back. And some others [...]
Knowledge is money. People will pay for what you know. People will pay for what you can do. And that’s why most of the highest earners in today’s world make their money from knowledge. Lawyers, doctors, investment bankers, consultants, computer programmers, sales professionals, etc. All these people make money from specialised knowledge. But not all [...]
Can you hate a company and still give them your money? It happens all the time. Take Facebook for example. Some people don’t use Facebook. They prefer Instagram or WhatsApp instead. But Facebook doesn’t care. It owns both Instagram and WhatsApp and will still get your time and money. Another example. Some people don’t like [...]
What kind of business do you want to build? The Indians and Lebanese, for example, are famous for building legacy businesses. The father builds a business that his kids can inherit and continue after he’s gone. As a result, they start getting their kids involved in the business from an early age. In America and [...]
I know some businesses that have never spent a single $$ on marketing. Still, they keep getting more customers. How’s that even possible? How do they do it? It’s the oldest marketing strategy ever created by entrepreneurs, but it still works very well even till today. It’s a marketing strategy your competitors will find hard [...]
It's a wonderful feeling. After working so hard on your business, you have finally raised money from an investor. It feels so good to have big money in the bank. Now, you can stop worrying about paying rent and salaries, and focus on growing the business. But there is a problem. There's a contract you [...]
“I will give you a better price.” This is what many entrepreneurs say when they want to convince a customer to buy. By offering a lower price, you can beat the competition, right? But there’s a problem. Pricing is easy to copy. Most of your competitors can see what you’re doing and lowering their prices [...]
Good things take time. But we now live in a generation that sees patience as weakness and stupidity. We now live in an age of fast food, fast money, and fast results. Most people don't want to wait. We want the rewards right now. But building a valuable business takes time. It takes discipline, consistency, [...]
