Coffee is a highly commoditized product. It can easily be made almost anywhere in the world with widely available ingredients at a very low cost.
Coffee has been around for hundreds of years. Like salt, sugar, and rice, once these products started being mass-produced, it was a race to the bottom for prices.
In business school, they’ll teach you not to enter industries like this because it would be difficult to make a profit. This was true for a long time until Starbucks changed the rules.
So how did they convince the world to pay $3 for a cup of…
These so-called billionaire routines require one to get up at 4 AM to read, exercise and meditate.
Neither reading, exercising, nor meditating generates any money at all.
Unless you are a fitness model, no one will pay you to go to the gym. All these things will cost you time or money and sometimes both.
To follow in the paths of successful people, we often try to replicate their habits.
Instead, we need to take a deeper look to understand their personality traits that led to these habits.
Rather than looking at their external behavior, we should dig deeper to…
In the Kalahari Desert, there are a group of people who haven’t changed their ways for tens of thousands of years. These are the San people. They are the oldest continuous inhabitants of Southern Africa.
One could say that they are the first successful humans. So successful were their methods that they still use them today.
Their timeless techniques can teach us something about success, both in life and in business.
The most common cause of death in ancient times was simply a shortage of food. This caused them to be malnourished and succumb to diseases or die of starvation.
You’re thinking about going into business with your rich uncle, your broke roommate, or the sharply dressed man you met at the bar last night.
If you’re looking to take on a business partner, you’re probably thinking of someone with either capital or a specific skill set.
Though most entrepreneurs crave something far more profound than that.
It may sound crazy, but in my experience, it’s emotional support that most entrepreneurs actually need.
Life is a whole lot less scary when you’re not doing it alone.
In this globalized world, capital and skills are far more accessible than ever before.
One of the biggest problems is leaders who fail to set a clear destination(goal).
Without clarity no one knows what success means.
In 1961 John F Kennedy proposed that the US “should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to the earth.”
At the time of this speech, the furthest the US had gone into space was 116 miles, and they had stayed there for a total of 15 minutes.
To achieve this feat, they needed to build a rocket big enough and invent a new fuel that could take a spaceship 240 thousand miles across space. …
To get the most from employees, you will have to give them what they want
Just like with your customers, your relationship with your employees is based on an exchange. Sometimes, this exchange is just about money, but more often than not it’s about so much more.
We have to ask ourselves why someone wants to work for us and if we can offer them what they are looking for. We also have to ask what we want from them and if they are capable of delivering that.
Some people may want to attend their kid’s football matches, while others…
It’s quite evident that we are willing to part with more of our money when dealing with a smiling salesperson than a grumpy one.
We also have upper limits on how much more we’ll pay for a comparable item. Regardless of how wide the car salesman’s grin is, you are unlikely to pay three times as much for a new car.
To get your customer to pay any price you want, you’ll need to follow a two-pronged strategy.
Step one is to improve the customer experience and thus the willingness to part with their money.
Step two is to make…
We begin to wonder whether it’s worth fighting on or if we should cut our losses and move onto something else.
Maybe you think to yourself that you just not made for business.
On the other hand, you may be asking yourself if you are quitting right at the bottom, and things will only go up from here.
You could be running out of money or time, and you can’t ride out the storm.
Are you digging your own grave by continuing or do you need to keep digging because you don’t want to stop just before you hit gold?