The Principle of One Step Removed
One of ETR’s “11 Laws of Wealth” is that your chances of success in starting a new business decrease with each step you take away from the business you already know.
READ MORESometimes Blue Jeans Make a Better Impression
You walk into an electronics store to upgrade your stereo, but – like me – you don’t know diddly about electronics. There are two salesmen. One wears an Armani knock-off suit and, from what you hear him telling other customers, he seems eager to carry you into his techie world…
READ MOREMaybe You Shouldn’t Fire Your Weakest Link
I’ve been telling you to fire your weakest employees. What I haven’t told you is that I almost never fire mine. Well, that’s not entirely true. As an executive working for a business I didn’t own, I fired employees right and left. It was clear to me that my primary…
READ MOREDebt, Honor, and Financial Common Sense
Eight-thirty at 32 East. Danny and I were starting our dinner and talking about bankruptcy. The Senate was about to pass legislation that would make it harder for people to declare bankruptcy and erase their debts. (The proposed law would require that anyone whose income is above the state’s median…
READ MOREMillion Dollar Babies
If you have an IRA (individual retirement account), you can make $30,000 to $300,000 more over 20 years and $150,000 to $2 million more over 30 years, depending on your annual return rates. And that’s without investing an extra cent … or putting in extra work … or taking on…
READ MOREHow To Determine Whether Your Business Idea Will Fly
At least once a week, someone comes to me with a business idea – typically, one for a new product or service – and asks, “Will this work?” Perhaps you too have an idea for a new product or service … but would like to know whether it has a…
READ MORE5 Business-Building Lessons Re-Learned in Nicaragua
I just returned from my monthly business trip to Nicaragua, where my partners and I are developing 3,000 acres of immensely beautiful land on the Pacific Ocean. It’s been a seven-year project. When we first invested there, our friends and colleagues thought we were crazy. “It’s dangerous,” they warned us.…
READ MOREAn Opportunity to Make a Difference in Your Business Life
You may not know me – but I know YOU. I know that you’re a business owner, entrepreneur, or start-up entrepreneur who’s committed to making the absolute most of your business. That’s why I was so excited when Michael Masterson asked me if I’d be willing to share my business-building…
READ MOREYou’re In Charge – Now What?
You’ve been promoted to a new position that involves greater responsibility and a new group of employees. This is your big chance. What you do in your first 100 days can make you or break you, according to a new book called “You’re In Charge – Now What?” The book’s…
READ MOREBuilding Sales with Credit
A good way to increase sales – one that’s overlooked by many small businesses – is to extend credit to your customers. Unless they are very affluent, there’s a good chance your customers are concerned about cash flow. And that means they won’t make as many purchases as they want…
READ MOREDo You Have A Mentor? If Not, Here’s Why You Should
A few years ago, I was selling training seminars to businesspeople. The company I was working for had distributors throughout the United States and Canada, and I was one of their first in another country. (In my case, New Zealand.) I had been in the business for around six months…
READ MOREShould a Business Be Run Like an Army?
“You make me look like the bad guy,” Carl told me. We were having drinks after a long day’s work. Although we implemented a strict rule against talking about work after work (and especially when drinking), we were drinking … so we ignored our rule. The problem, Carl explained, was…
READ MORE