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Do You Know These 3 Critical Aspects of Business Development?

Today we are going to examine the three keys to business development and how you can put the right bricks in place to build a solid foundation. There are three main areas of business development: Innovation Quantification Orchestration   If done well these three areas will help you build a solid foundation for your business. Let’s consider each one of these for just a minute. Innovation Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be

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What Systems Should You Look For In A Franchise?

The biggest area of turn-key businesses is franchises. There is a franchise for every industry in the world. They are fairly easy to acquire and come with a pre-packaged, easy-to-assemble system. McDonald’s is a prime example. In fact, a 12-figure, 38,000 franchises example. There are a few things we are going to talk about: Business Format Franchise The Franchise Prototype Franchise Prototype Standards   Business Format Franchise The business format franchise came from an earlier model called the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing rights;

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How to Expand Your Business’ Life Expectancy

Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business. The four different stages of a business life cycle are: Infancy Adolescence Growing Pains Maturity   We’ll talk a little about what each of these cycles means and how they can each help expand your business’ lifespan.   Infancy This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There

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Do You Have These Three Essential Roles In Your Business?

Today I’d like to chat about the different types of support staff you need and what makes them so important. There are essentially three key roles that need to be filled to set your business up for success: The Technician The Manager The Entrepreneur   All of these roles need to be played simultaneously by different people with the right talents. It’s all about balance. The Technician This person represents the present and all that needs to be done for the physical aspects of the business building process. They are the “doer”. This is usually the most visible person in

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How Top Business Owners Prevent Overwhelm and Burnout

We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap. First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with: Desire Some capital A projected targeted profit This sounds great, but it is just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at a record pace, but after a few miles, people start slowing, and some drop out entirely.

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