Know Your Industry: Average Margins
By Tim Berry
Know your industry. In a recent post here, I wrote that the most common stumbling point I see in multiple business plans is absurdly unrealistic profitability. Specifically … Most of the business plans I see project profits too high, or profits too early. In the real world, startups choose growth or profits, not both. The... Read More »
Advice to Young People Looking to be Entrepreneurs
By Tim Berry
How does a young person work towards a career in entrepreneurship? I was asked this question on Quora. Here’s my answer. It’s a marathon, not a sprint. Make sure you focus on your education while you’re young; don’t think success is supposed to happen immediately. School is the best way to build options later on.... Read More »
10 Tips on How to Protect a Software Idea
By Tim Berry
How to protect a software idea? I recently answered a related Quora question on this one. I took parts of this post from a previous post on how to protect an idea while building a business, but this one focuses more on software, specifically. That’s where I’ve spent most of my career, and still my... Read More »
Listing Resources for Women Entrepreneurs
By Tim Berry
My thanks to digital.com for this useful list of resources for women entrepreneurs and women business owners. The list includes sources for grants, loans, and investments; plus business and business plan competitions; and training and additional resources. Read More »
5 Most Important Illusions About Startups
By Tim Berry
Q: What some illusions about start-ups? A: here’s my list of the five most important illusions about startups The illusion of the idea. Few businesses have truly new ideas. Apple didn’t; Facebook didn’t; Google didn’t. They took an existing idea and did it better, or differently. Quite often the second or third entrant into a... Read More »
CEOs Change the Deeper Meaning of the Ultimate Bottom Line
By Tim Berry
As I read this morning about the Business Roundtable changing this fundamental principle, I was really glad to see it. It’s about time. Several hundred influential CEOs got together and agreed to revise priorities. The next quarter’s profits — which maximizes short-term share price — are no longer the supreme goal and top priority. Here’s... Read More »
Infographic: 7 “Crazy” Startup Ideas That Worked
By Tim Berry
I believe many people put way too much stock in the startup idea. Doing the business, doing the work, getting things done, and execution are all more important. Obviously a bad idea can make a business unsuccessful, but a good idea is no guarantee. And very few successful businesses are based on being the first... Read More »
What Do I Need to Do to Become an Entrepreneur
By Tim Berry
Q: What do I need to do to become an entrepreneur? Being an entrepreneur is simply somebody who has launched a business. It’s not a set of traits or qualities, a state of being, or an attribute. It’s not a degree or certificate. It’s not an expertise. It’s did you start a business, or not?... Read More »
3 Critical Questions to Ask Yourself Before Starting a Business
By Tim Berry
Are you contemplating starting a business? Here are my suggestions for three quick questions you should ask yourself first: Read More »
Three Business Plan Critical Factors
By Tim Berry
What matters most for a business plan? When somebody asked on Quora what are the critical factors of a business plan, I came up with these three business plan critical factors: Effectiveness. Does it achieve its business goal? Form follows function; does it achieve its business goal? Measure a business plan by its results, and... Read More »
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