Great new business ideas are everywhere.
“Small business is where the money is.”
“There is a lot new under the sun, and truly new ideas hit the marketplace every day.”
When you have your idea, begin to think like a businessperson. First, write a simple description of what the idea is and why it will make a good business.
“As a small business owner, you are the embodiment of your company.”
“Write a one page, crystal-clear description of why your business will succeed.”
Do something that is easy for you but relatively difficult for others – then work very hard to make it easier and easier for you.
“To make money, you must work extremely hard on what comes easy to you.”
The small business owner must first be a salesperson, a rainmaker and a marketer.
“The small business owner must be a salesperson.”
“Selling is Job 1, and if no one is selling, the business is dying.”
Save money where you can but never stint on product quality or customer service. Remember that cash is king – make sure you never run short.
“Paper clips cost money. Picking up a paper clip is picking up money.”
Charge for the value you deliver, not for your time.
“Acceptable quality, to the customer, is required just to play the game. Acceptable quality and products priced to value are minimum requirements to be in business.”
Every business idea is a good idea if it’s legal and it works. Don’t hesitate to clean toilets or take the fleas off dogs if you can do it well and people will pay you. Build your business. Don’t just work for it. Keep looking for ways to make it better.
“Invest your time in your family, yourself, your life and your business.”
Don’t be afraid to make mistakes, but never make the same mistake twice.
“It is okay to strike out often. It is not okay to strike out always.”
Business & Economics
May 19, 2004
Author of How to Become CEO & How to Become a Rainmaker. Founder of Fox & Company, Inc.
Jeffrey J. Fox is the founder of Fox & Co., Inc., a premier marketing consulting company, serving over sixty companies in sixty industries. Prior to starting Fox & Co., Mr. Fox. was VP of Marketing and Corporate VP of Loctite Corporation. He was also director of marketing for the wine division of Pillsbury, and held various senior marketing posts at Heublein, Inc, including Director of New Products. Fox is the winner of Sales and Marketing Management magazine's Outstanding Marketer Award; and the National Industrial Distributors Award as the Nation's Best Industrial Marketer. He is the subject of a Harvard Business School case study that is rated one of the top 100 case studies, and is thought to be the most widely taught marketing case in the world. Fox has been a guest lecturer at The Harvard Business School (from which he has an MBA), The Amos Tuck School, The Conference Board, and numerous other organizations. He has been featured in the Wall Street Journal, Business Marketing, and numerous other publications, and he is a member of the Board of Trustees at Trinity College in Hartford, Connecticut. He works in Avon, CT and lives in New Hampshire.