The Risk of Change

Businesses are like sharks: They have to keep moving or they will die. Sorry to have to deliver this bad news, but each day your business is becoming obsolete. Your competitors aren’t sitting idle letting you encroach on their market share. Customers are demanding new and more innovative products and services. And if your business concept is both popular and unique, a bunch of copycats will ride on your coattails. If you just sit back and rest on your existing business...

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The cost of risk avoidance

In a recent blog post, marketing guru Seth Godin asked, “How much does it cost you to avoid the feeling of risk?” He wasn’t talking about actual risk, only “the feeling that you’re at risk,” that mental checklist that we all review before making a decision. Godin concludes, correctly, that we rationalize that avoiding risk is a “no cost” option and something that is perfectly acceptable.

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Decide, Change: The Two Essential Risks for Ultimate Success

Risk is everywhere, and while common sense and consultants tell you to minimize risk, I suggest the opposite. I maintain that embracing what I call the “two essential risks” is necessary to achieve your ultimate success in business. Sure, you hope to avoid liability, investment, and market risks as you pursue your entrepreneurial dream, so you take steps to mitigate exposure. But a business owner must embrace and leverage these two essential risks to achieve...

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Why You Really Do Need a Business Plan Before You Launch Your Startup Dream

A successful entrepreneur does not wing it: An entrepreneur who wants to win has an attack plan — a strategy that puts him into a position to succeed. If you don’t know where you are going, then how will you know when you get there? Few things in the business world have a positive result without a general plan. Besides being an absolute requirement to obtain outside financing or attracting investors, it helps to keep you on track, and it provides a road map so everyone...

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The Hot Dog Vendor With the Unexpected Edge

Every day for over twenty years, he has occupied the same spot on the same street. If it were not for the unexpected edge he created for himself, he would have blended in with the hundreds of other street vendors dotting the city. His stainless steel cart was as unassuming and typical as the one a block away and another two blocks away near the park. If ever there was a generic business with little differentiation between competitors, a hot dog cart would be it. They sell...

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