Tuesday, July 08, 2008

10 Steps To Succeeding In Business

Here's a nice and concise guide to succeeding in business.

Ignore the fact that it relates to lemonade stands - that's a minor technicality.

Consider this excerpt that explains how subsidies work:

Sometimes somebody else nearby will be able to sell the same quality lemonade at a lower price than you can, even if you try to cut the cost of supplies. This may be because their parents are paying for everything and don’t care whether the stand actually makes enough money to pay for the supplies. In the business world, this is called a "subsidy," and if your parents don’t also "subsidize" you, you can’t compete. It’s not fair to you, but if you can’t match the price and you can’t find another good reason for customers to buy from you, you may not be able to stay in business. However, you can try to sell different products such as other drinks and food, as stated in one of the steps.

I'm so going to use this as an outline during my next business/product analysis meeting.

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