“Lillian Vernon’s Million-Dollar Mistake” A fantastic failure taught this consummate catalog entrepreneur as much, if not more than, her many successes. Lillian Vernon is the stuff of entrepreneurial legend: The mail-order business launched on her kitchen table is now publicly traded with 1998 revenues in excess of $250 million.A Valuable Lesson But she and her Lillian Vernon Corp. learned perhaps…
“Nifty Products Aren’t Enough” ‘Value added’ may be an overused buzzword — but it’s an important one if you want to be a market leader. It’s not enough to have a great product or service — copycats are always on the prowl. The key to surviving and thriving in a competitive landscape, entrepreneurs agree, is to continually differentiate yourself and…
“Armstrong’s Secret Weapon: Creativity” When advised to “loosen up,” a sales manager at Armstrong International dreamed up an imaginative Christmas card: He was photographed in a Santa Claus suit sitting on a pump trap — one of the company’s core products.The card generated more response from customers than had a previous promotional mailer, prompting the manager to continue the creativity….
“Staying Power: How to Ensure Your Company’s Longevity” Reporting from a nation-wide survey of 100 successful small business owners, Entrepreneurial Edge editors point out some of the factors that helped keep these businesses in business and growingn The statistics seem grim: more than half of this year’s startup businesses will fold within three years; 75 percent won’t last five years….
Our panel of entrepreneurs responds …Creativity with purpose Vision can be defined as creativity with purpose. Knowing why your offering has value allows you to figure out how to best accomplish success. Entrepreneurs who stick to their core value proposition become the opposite of myopic — they adapt the “how” to their focused goal. The positive perspective on the scientific…
“Entrepreneur’s Adviser — Know Thyself” Question: “How do I define my core competencies?”Answer: Market timing and competition have left no time for company wanderings into areas of marginal competency or fuzzy focus — either of which can take you out of the game. Specifically define what your business does and its customer value proposition. As a company grows, it hires…
“They Won’t Throw Tomatoes… But It’ll Probably Hurt Just as Much” There are some basic variables in successful public speaking. This article recounts them and offers advice on mastering these variables to better ensure success in addressing an audience. Not every presentation is going to come off as successfully as you’d like. You have bad days and so does your…
“Extreme Measures — When No Plan Is the Best Plan” In preparation for an extended sailing trip, business owner Tom Richman meticulously plotted charts, outlining an ambitious schedule of times, ports and dates.”With firm control — that’s how I ran my professional life. Not surprisingly, that’s how I would run my cruise,” Richman says. But winds repeatedly blew him off…
“On the Network: The Best Person to Market Your Business Is…You!” Tips on networking include ideas for maximizing the value of contacts and sales leads. I’m always amazed how many folks talk about networking — yet, when questioned, will admit they’ve rarely if ever benefited from it and are confused about what it really is. To many it’s just another…
“Partner Power!” Taking on a financial partner not only solved a space problem for Sheryl McCaleb but also created a valuable new asset. In 1997, just two years after launching her company, Sheryl McCaleb needed more elbow room.Hair Prosthesis Institute (HPI), which makes custom-hair prosthetics for women and children, was growing faster than McCaleb had anticipated. She had already increased…