Welcome to our Limonade Stand where we will cover the basics of today’s business environment. We will provide you with refreshing content on how to leverage those business basics and align them with new tools and technologies to have a successful online business.
Businesses fail for 3 main reasons:
1. Lack of Money – Although every executive or business owner would always want more to do more things with it the reality is that not having enough to operate will terminate a business very quickly.
2. Lack of Knowledge – We are continuously learning and for those that don’t quite understand the basics of business, this might hinder them from understanding where they need to grow, makes changes when necessary, and continue to learn new trends in their industry.
3. Lack of Support – When you launch services and products you have to make sure you have people that will support you in the delivery process. But more importantly you need those who will buy your product to support you. Without a market that does not want to buy, you have an idea not a business.
Gaining Money, Knowledge, and Support
The best business scenario will allow you to set up a business with the adequate knowledge of the products, services, and industry you are becoming part of. Having enough money will allow you to start acquiring assetts to build a foundation for your business and having support of customers and those what will work along you is critical to the continuity of the business.
Here is my perspective on how each element can play a part in acquiring the other elements:
When you only have Money
For example, if you have money you can buy support and acquire knowledge through seminars or courses. If you feel you’re a bit weak in one area, you can clearly hire someone smarter to be on your team or bring contractors in that can help you with your business strategy, creating a website, marketing, or any other area you may need help with. Out of the three factors this one is the riskiest because without knowledge or adequate support you can pretty much blow away your money very quickly.
When you only have Knowledge
Knowledge can be the most powerful of all three because with knowledge you can serve as a consultant and raise funds for your project. With knowledge you can make sure that whatever money you receive in the future is put in the best place. With knowledge you might be able to persuade others with money to invest in your project or company.
When you only have Support
All these years as a consultant, I have seen a few small businesses grow because they had the support of family and friends. Having those who want to help you grow your business by truly supporting it opens the door for a healthy exchange of knowledge and money.
By having support from a demanding market, you can find the cash to set up a business and acquire the knowledge to make it successful.
The Limonade Stand Perspective
We are always working towards helping businesses understand basic concepts that are similar to how a simple Limonade Stand can generate business. One factor that we’ve noticed that keeps businesses from having a solid online presence is not applying basic business principles and have a basket filled with limones waiting for that sweet opportunity to be created into limonade.
Author Mitch Joel mentions in his latest book, Ctrl Alt Del, that we are in a purgatory of business as usual and the new unorthodox ways of doing business. Every approach should have a healthy blend to establish a foundation that will support all areas of business.
What basic business concepts do you favor?
What concepts do you have a hard time understanding?
Feel free to leave your comments below or contact us directly you feel our services might be of help to your projects!