Also, the power of no, the coffee shop effect, and a million dollars isn't all it's cracked up to be
When thinking about business, we often focus on the competition - what businesses are working in our space and what is the unique value proposition that sets us apart. The flip side of competition is collaboration and the right collaboration can actually increase your business's competitive edge. Complementary businesses that work collaboratively toward a common goal are able to work faster and better serve customers. By reducing costs and allowing you to focus on what your are best at, partners that share your vision, understand your market, and address your limitations can accelerate your growth.
Yes or no. When faced with an offer, a choice, or even a demand, it can be hard to say no. In fact, it can seem easier to say yes to avoid conflict or please others, especially customers. But in the long term, the fact is, that in life and in business, saying no is sometimes the better choice, even if it does create conflict or displeasure for others and especially if saying no supports your long-term focus and goals. In fact, author Neil Patel said no to a $4.5 million salary offer because he was committed to growing his business. Could you say no to that?
With the demand for software developers outstripping supply in many regions, private coding boot camps have been popping up all over (Burlington, VT has the newly started Burlington Code Academy). Federal regulations, which govern accredited higher education institutions, are being loosened; giving these camps more room to innovate. Partnerships between higher education and private unaccredited training programs are being considered to ensure that the training provided is of high quality in order to provide students with access federal financial aid. If successful, boot camps have the potential to meet the increasing demands for entry level employees in the technical sector and provide workers with an affordable entry into a career path that provides good compensation and growth.
Author Cat Boogaard tells how she discovered the "The Coffee Shop Effect" as a way to jump-start her productivity when her brain felt like a dead battery. Learn what you can do if you need a jump-start on Monday morning, after lunch, or whenever you're energy is nowhere to be found and your to-do list is long.
It used to be that a million dollars was enough to set anyone up for a life of ease and comfort. A million dollars as a cultural marker of great success still exists in our vernacular, even though today it provides a level of financial security but not financial independence. Similarly, a million dollar business, at least in terms of gross revenue, is not the start of easy street. Rather, it marks the continuation and intensification of the hard work involved in growing a business. Here are 5 important things to know about running a million dollar business.