By Ed McLaughlin with Wyn Lydecker Since the financial crisis and Great Recession, “profit” has become a bad word. Is the pursuit of profit wrong? Critics maintain that when a company puts profit above all else, only distortions can result. Owners enrich themselves on the backs of customers, vendors, and employees, eventually leading to negative [...]
By Ed McLaughlin with Wyn Lydecker Before you start your business, you need to ask: What industry are you entering, and what are its trends? Define not only the industry, but also the segment you will target. The greatest opportunity lies in industry sectors that are growing and changing. You need to make sure [...]
By Ed McLaughlin with Wyn Lydecker Before you start your business, you need to ask: How do you succinctly describe the product you will sell? It is critical to be able to verbalize the details of the product’s attributes, its position in the marketplace, and its competitive advantage. My business, USI, started out by offering [...]
By Ed McLaughlin with Wyn Lydecker Although the title of our book is “The Purpose Is Profit,” I do not believe that “Greed, for lack of a better word, is good,” as the character Gordon Gekko famously said in the movie “Wall Street.” From the beginning, I was determined to found a business built on [...]
By Ed McLaughlin with Wyn Lydecker What unique experience, skills, knowledge, or insight do you have in the business you want to start? If you believe you have a breakthrough idea, you will need to use your special knowledge to execute it. If you do not possess the necessary knowledge or ability, you need to [...]
By Ed McLaughlin with Wyn Lydecker Can you state your business idea clearly and concisely? If you can’t reduce your idea to a simple sentence or short paragraph, then it may be too complex. And it will certainly be too hard to explain to potential customers, partners, and investors. Fortunately, before I launched my business, [...]
By Ed McLaughlin with Wyn Lydecker You know you want to start a business. But are you are willing to invest the time upfront to increase your probability of success? Like many entrepreneurs, you are chomping at the bit to start. You want control. You are not afraid of making decisions. You want to build, [...]
By Ed McLaughlin You are determined to start your own business. You have thought about it long enough. You have set it as a life goal. Yet, there are three critical questions inhibiting lift-off: What type of business should it be? Can you make a profit? What will be the impact of failure? These are [...]
By Ed McLaughlin -- At the company I started, USI Companies Inc, we had a very productive sales force. We honed our value proposition, organized for battle, and relentlessly pursued every target as though our lives depended on it. There was a point when one of our competitors exclaimed: “You (USI) win every time.” Building [...]
By Ed McLaughlin -- The key economic factors impacting the value potential of any business include Capital, Cost & Control. Understanding the meaning and purpose behind each of these words will have a direct impact on vision fulfillment, value realization, and personal satisfaction. It is imperative to slow-down and take the time to understand the [...]