Small Business Pricing Quotes

You couldn't swing a battleaxe in the Nine Worlds without hitting some kind of wolf: Fenris Wolf, Odin's wolves, Loki's wolves, werewolves, big bad wolfs and independently contracted small business wolves that would kill anybody for the right price.

Many small businesses would rather face an angry barbarian horde than tackle their cash flow statement or price a new product.

Don't give price more attention than it deserves. Say it and move on.

It is foolish and childish, on the face of it, to affiliate ourselves with anything so insignificant and patently contrived and commercially exploitative as a professional sports team, and the amused superiority and icy scorn that the non-fan directs at the sports nut (I know this look - I know it by heart) is understandable and almost unanswerable. Almost. What is left out of this calculation, it seems to me, is the business of caring - caring deeply and passionately, really caring - which is a capacity or an emotion that has almost gone out of our lives. And so it seems possible that we have come to a time when it no longer matters so much what the caring is about, how frail or foolish is the object of that concern, as long as the feeling itself can be saved. Naïveté - the infantile and ignoble joy that sends a grown man or woman to dancing in the middle of the night over the haphazardous flight of a distant ball - seems a small price to pay for such a gift.

If you quote a price before knowing exactly what they need, then you're chasing a moving target.

You can't have an effective discussion on price until the prospect understands your value.

Our politicians tell us we are free, even though most governments take over 50% of what we earn. They claim we get services that we need for our hard-earned money, even though we could buy the same services at half the price from the private sector. Today, we ridicule the slave-owners' claim that they "gave back" to their slaves by housing, clothing, feeding them, and bestowing upon them the "benefits" of civilization instead of leaving them in their native state. We see this as a self-serving justification for exploitation. In the future, we will view being forcibly taxed to pay for things we don't want, such as bombs for the Middle East, subsidies for tobacco, other people's abortions, regulations that put small businesses out of business, prisons for people trying to feel good, keeping life-saving medications out of the hands of dying people, etc., as taking away our freedom. When even a small portion of our lives is spent enslaved, that part tends to dominate the rest of our time. If we don't put our servitude first as we structure the remainder of our lives, our masters will make sure we regret it. How much freedom do we need to survive and how much do we need to thrive?

Many historians, many sociologists and psychologists have written at lenght, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can be hardly expected to flourish in societies where political and economic power is being progressively concentrated and centralized.But the progress of technology has led and is still leading to just such a concentration and centralisation of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive - and so less available to the eterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has grobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State - that is to say, by small group of party leaders and soldiers, policemen and civil servants who carry out their orders.

So many ruins bear witness to good intentions which went astray, good intentions unenlightened by any glimmer of wisdom. To bring religion to the people is a fine and necessary undertaking, but this is not a situation in which the proposed end can be said to justify the means. The further people have drifted from the truth, the greater is the temptation to water down the truth, glossing over its less palatable aspects and, in short, allowing a policy of compromise to become one of adulteration. In this way it is hoped that the common man – if he can be found – will be encouraged to find a small corner in his busy life for religion without having to change his ways or to grapple with disturbing thoughts. It is a forlorn hope. Standing, as it were, at the pavement’s edge with his tray of goods, the priest reduces the price until he is offering his wares for nothing: divine judgement is a myth, hell a wicked superstition, prayer less important than decent behaviour, and God himself dispensable in the last resort; and still the passers-by go their way, sorry over having to ignore such a nice man but with more important matters demanding their attention. And yet these matters with which they are most urgently concerned are, for so many of them, quicksands in which they feel themselves trapped. Had they been offered a real alternative, a rock firm-planted from the beginning of time, they might have been prepared to pay a high price.

Despite his new fame and fortune, he still fancied himself a child of the counterculture. On a visit to a Stanford class, he took off his Wilkes Bashford blazer and his shoes, perched on top of a table, and crossed his legs into a lotus position. The students asked questions, such as when Apple’s stock price would rise, which Jobs brushed off. Instead he spoke of his passion for future products, such as someday making a computer as small as a book. When the business questions tapered off, Jobs turned the tables on the well-groomed students. “How many of you are virgins?” he asked. There were nervous giggles. “How many of you have taken LSD?” More nervous laughter, and only one or two hands went up. Later Jobs would complain about the new generation of kids, who seemed to him more materialistic and careerist than his own. “When I went to school, it was right after the sixties and before this general wave of practical purposefulness had set in,” he said. “Now students aren’t even thinking in idealistic terms, or at least nowhere near as much.” His generation, he said, was different. “The idealistic wind of the sixties is still at our backs, though, and most of the people I know who are my age have that ingrained in them forever.

What most small investors didn’t realize was that things were often stacked against them. Many of the most respected business leaders in the country took part in syndicates in which share prices were shamelessly manipulated for the sake of a large, quick gain at the expense of innocent investors. One such, reported by the financial writer John Brooks in his classic Once in Golconda, involved such

I quit my job on August 15, 1899, and went into the automobile business... The most surprising feature of business as it was conducted was the large attention given to finance and the small attention to service. That seemed to me to be reversing the natural process which is that the money should come as the result of work and not before the work... My idea was then and still is that if a man did his work well, the price he would get for that work—the profits and all financial matters—would care for themselves and that a business ought to start small and build itself up and out of its earnings.

We want to allow millions of small businesses to accept credit cards for the first time, so we have to make it easy to sign up. We need easy sign-up, so we have to design simple software and eliminate paper contracts. We have millions of people signing up, so we have to keep our customer service costs down. We need to keep customer service costs down, so we have to have simple pricing, and net settlements, and no hidden fees, and no paper contracts. We need to have a low price, so we have to save money on advertising, so we have to have an amazing product, and hardware so cool that people talk about it, and a product that they can explain without our help.

From "Lunchtime At The Justice Cafe" : The waitress snarled a grin that lasted just long enough to show a mouthful of stained yellowed teeth, then turned suddenly serious. “‘Course I’m not the one to talk about these folks, I ‘spose. You see, I used to do a bit of eavesdroppin’ in my day before the sheriff put a stop to that.” 

She lifted the stringy blond hair from the side of her face, the opposite side from where she had hidden her pencil. There was a small hole about the size of a quarter where her ear should have been. “As you can see, Mr. McAllister, Sheriff Sweet puts a fairly high price on mindin’ your own business in Justice,” she added, refilling his cup. “You want some pie?” 


The rise of loneliness as a health hazard tracks with the entrenchment of values and practices that supersede any notion of "individual choices." The dynamics include reduced social programs, less available "common" spaces such as public libraries, cuts in services for the vulnerable and the elderly, stress, poverty, and the inexorable monopolization of economic life that shreds local communities. By way of illustration, let's take a familiar scenario: Walmart or some other megastore decides to open one of its facilities in a municipality. Developers are happy, politicians welcome the new investment, and consumers are pleased at finding a wide variety of goods at lower prices. But what are the social impacts? Locally owned and operated small businesses cannot compete with the marketing behemoth and must close. People lose their jobs or must find new work for lower pay. Neighborhoods are stripped of the familiar hardware store, pharmacy, butcher, baker, candlestick maker. People no longer walk to their local establishment, where they meet and greet one another and familiar merchants they have known, but drive, each isolated in their car, to a windowless, aesthetically bereft warehouse, miles away from home. They might not even leave home at all — why bother, when you can order online? No wonder international surveys show a rise in loneliness. The percentage of Americans identifying themselves as lonely has doubled from 20 to 40 percent since the 1980s, the New York Times reported in 2016. Alarmed by the health ravages, Britain has even found it necessary to appoint a minister of loneliness. Describing the systemic founts of loneliness, the U.S. surgeon general Vivek Murthy wrote: "Our twenty-first-century world demands that we focus on pursuits that seem to be in constant competition for our time, attention, energy, and commitment. Many of these pursuits are themselves competitions. We compete for jobs and status. We compete over possessions, money, and reputations. We strive to stay afloat and to get ahead. Meanwhile, the relationships we prize often get neglected in the chase." It is easy to miss the point that what Dr. Murthy calls "our twenty-first-century world" is no abstract entity, but the concrete manifestation of a particular socioeconomic system, a distinct worldview, and a way of life.

She went downstairs to the library and wrote two letters. One was to her father, the other to Jess and Ronan. She folded them, stamped the wax seals with her seal ring, and put the writing materials away. She was holding the letters in one hand, the wax firm yet still warm against the skin, when she heard footsteps beating down the marble hall, coming closer. Arin stepped inside the library and shut the door. “You won’t do it,” he said. “You won’t duel him.” The sight of Arin shook her. She wouldn’t be able to think straight if he continued to speak like that, to look at her like that. “You do not give me orders,” Kestrel said. She moved to leave. He blocked her path. “I know about the delivery. He sent you a death-price.” “First my dress, and now this? Arin, one would think you are monitoring everything I send and receive. It is none of your business.” He seized her by the shoulders. “You are so small.” Kestrel knew what he was doing, and hated it, hated him for reminding her of her physical weakness, of the same failure that her father witnessed whenever he watched her fight with Rax. “Let go.” “Make me let you go.” She looked at Arin. Whatever he saw in her eyes loosened his hands. “Kestrel,” he said more quietly, “I have been whipped before. Lashes and death are different things.” “I won’t die.” “Let Irex set my punishment.” “You’re not listening to me.” She would have said more, but realized that his hands still rested on her shoulders. A thumb was pressing gently against her collarbone. Kestrel caught her breath. Arin startled, as if out of sleep, and pulled away. He had no right, Kestrel thought. He had no right to confuse her. Not now, when she needed a clear mind.

Inefficiency. A centralized financial system has many inefficiencies. Perhaps the most egregious example is the credit card interchange rate that causes consumers and small businesses to lose up to 3 percent of a transaction's value with every swipe due to the payment network oligopoly's pricing power. Remittance fees are 5–7 percent. Time is also wasted in the two days it takes to “settle” a stock transaction (officially transfer ownership). In the Internet age, this seems utterly implausible. Other inefficiencies include costly (and slow) transfer of funds, direct and indirect brokerage fees, lack of security, and the inability to conduct microtransactions, many of which are not obvious to users. In the current banking system, deposit interest rates remain very low and loan rates high because banks need to cover their brick-and-mortar costs. The insurance industry provides another example.

For instance, there was the case of Nancy Schmeing, who had recently earned her doctorate in physics at the Massachusetts Institute of Technology. Incredibly, Schmeing failed the reading comprehension section of the new [Massachusetts] teacher test, which required one to quickly read short essays and then choose the one "best" answer among those provided by the test maker. The exam supposedly assessed one's ability to boil down the essential meanings of prose. Schmeing's failing the reading section created a small furor about the test's credibility. After graduating from MIT, Schmeing worked as a technical consultant, translating engineering, science, and business documents for clients around the world. Thus, the very nature of her work necessitated the ability to find essential meanings in written texts, to comprehend a writer's purpose, and so forth. Moreover, Schmeing was a Fulbright scholar, had graduated magnum cum laude from college ... Schmeing's failure simply defied common sense, fueling concerns over the exam's predictive validity.

ONCE, a youth went to see a wise man, and said to him: “I have come seeking advice, for I am tormented by feelings of worthlessness and no longer wish to live. Everyone tells me that I am a failure and a fool. I beg you, Master, help me!” The wise man glanced at the youth, and answered hurriedly: “Forgive me, but I am very busy right now and cannot help you. There is one urgent matter in particular which I need to attend to...”—and here he stopped, for a moment, thinking, then added: “But if you agree to help me, I will happily return the favor.” “Of...of course, Master!” muttered the youth, noting bitterly that yet again his concerns had been dismissed as unimportant. “Good,” said the wise man, and took off a small ring with a beautiful gem from his finger. “Take my horse and go to the market square! I urgently need to sell this ring in order to pay off a debt. Try to get a decent price for it, and do not settle for anything less than one gold coin! Go right now, and come back as quick as you can!” The youth took the ring and galloped off. When he arrived at the market square, he showed it to the various traders, who at first examined it with close interest. But no sooner had they heard that it would sell only in exchange for gold than they completely lost interest. Some of the traders laughed openly at the boy; others simply turned away. Only one aged merchant was decent enough to explain to him that a gold coin was too high a price to pay for such a ring, and that he was more likely to be offered only copper, or at best, possibly silver. When he heard these words, the youth became very upset, for he remembered the old man’s instruction not to accept anything less than gold. Having already gone through the whole market looking for a buyer among hundreds of people, he saddled the horse and set off. Feeling thoroughly depressed by his failure, he returned to see the wise man. “Master, I was unable to carry out your request,” he said. “At best I would have been able to get a couple of silver coins, but you told me not to agree to anything less than gold! But they told me that this ring is not worth that much.” “That’s a very important point, my boy!” the wise man responded. “Before trying to sell a ring, it would not be a bad idea to establish how valuable it really is! And who can do that better than a jeweler? Ride over to him and find out what his price is. Only do not sell it to him, regardless of what he offers you! Instead, come back to me straightaway.” The young man once more leapt up on to the horse and set off to see the jeweler. The latter examined the ring through a magnifying glass for a long time, then weighed it on a set of tiny scales. Finally, he turned to the youth and said: “Tell your master that right now I cannot give him more than 58 gold coins for it. But if he gives me some time, I will buy the ring for 70.” “70 gold coins?!” exclaimed the youth. He laughed, thanked the jeweler and rushed back at full speed to the wise man. When the latter heard the story from the now animated youth, he told him: “Remember, my boy, that you are like this ring. Precious, and unique! And only a real expert can appreciate your true value. So why are you wasting your time wandering through the market and heeding the opinion of any old fool?

After more hours in a carriage with Archer than he ever wanted to experience again, Grey returned to Ryeton House. All he wanted to do was find Rose, climb into bed with her, and sleep for the rest of the day. Honestly, sleep. Entwine his legs with hers, sink into her arms, bury his face in the sweet warm hollow of her neck… “You coming?” Grey blinked and turned his head. He was standing in the drive with Archer and the others watching him expectantly. Archer shook his head, clearly exasperated. “Are we going inside, Your Grace, or shall we conduct our business on the street for all Mayfair to witness?” “Inside,” he mumbled. Could he be any more of an idiot? He walked toward the door, the others falling into step behind him. Archer took Bronte’s arm and led their pale, scared-looking sister into the house. Grey hadn’t had much of a chance to talk to her, to let her know that everything would be fine. She probably thought he was going to rant and rave and tell her she could never see Alexander again. Truth be told, ranting and raving was tempting. And a little fear was a small price to pay for what she’d put him through-and for thinking so ill of him to begin with. When had he ever given her reason to think him a monster?

When I started in real estate, despite high ambition, I was constrained by the same 24 hours as everyone else. My early success came from a grueling schedule, long hours, and the high price of near burn-out. In self-defense, I devised a system that featured direct marketing in place of traditional prospecting plus a highly effective team, with all the non-rainmaker tasks delegated to them. This took me to the top of the profession, twice #1 in RE/MAX worldwide in commissions earned, and 15 years as one of the top agents—working less hours than most. While an active agent, I consistently sold over 500 homes a year, even while starting and developing a second business, training and coaching more millionaire agents than any other coach. Without the inspiration of Dan Kennedy’s direct marketing methods and his extraordinary, extreme time-management philosophy, these achievements simply would not have been possible. LEVERAGING yourself, by media in place of manual labor, and with other people is very intimidating to most real estate agents and to most small businesspeople. It frankly is not easy to get right, but it is the quantum leap that uniquely and simultaneously lifts income and supports a great lifestyle. —CRAIG PROCTOR, CRAIGPROCTOR.COM

her room now?” They were led down the hall by Beth. Before she turned away she took a last drag on her smoke and said, “However this comes out, there is no way my baby would have had anything to do with something like this, drawing of this asshole or not. No way. Do you hear me? Both of you?” “Loud and clear,” said Decker. But he thought if Debbie were involved she had already paid the ultimate price anyway. The state couldn’t exactly kill her again. Beth casually flicked the cigarette down the hall, where it sparked and then died out on the faded runner. Then she walked off. They opened the door and went into Debbie’s room. Decker stood in the middle of the tiny space and looked around. Lancaster said, “We’ll have the tech guys go through her online stuff. Photos on her phone, her laptop over there, the cloud, whatever. Instagram. Twitter. Facebook. Tumblr. Wherever else the kids do their electronic preening. Keeps changing. But our guys will know where to look.” Decker didn’t answer her. He just kept looking around, taking the room in, fitting things in little niches in his memory and then pulling them back out if something didn’t seem right as weighed against something else. “I just see a typical teenage girl’s room. But what do you see?” asked Lancaster finally. He didn’t look at her but said, “Same things you’re seeing. Give me a minute.” Decker walked around the small space, looked under piles of papers, in the young woman’s closet, knelt down to see under her bed, scrutinized the wall art that hung everywhere, including a whole section of People magazine covers. She also had chalkboard squares affixed to one wall. On them was a musical score and short snatches of poetry and personal messages to herself: Deb, Wake up each day with something to prove. “Pretty busy room,” noted Lancaster, who had perched on the edge of the girl’s desk. “We’ll have forensics come and bag it all.” She looked at Decker, obviously waiting for him to react to this, but instead he walked out of the room. “Decker!” “I’ll be back,” he called over his shoulder. She watched him go and then muttered, “Of all the partners I could have had, I got Rain Man, only giant size.” She pulled a stick of gum out of her bag, unwrapped it, and popped it into her mouth. Over the next several minutes she strolled the room and then came to the mirror on the back of the closet door. She appraised her appearance and ended it with the resigned sigh of a person who knows their best days physically are well in the past. She automatically reached for her smokes but then decided against it. Debbie’s room could be part of a criminal investigation. Her ash and smoke could only taint that investigation.

The market is the first force that has led to the shriveling of citizenship. The classic case is the Wal-Mart effect. A town has a Main Street of small businesses and mom-and-pop shops. The shopkeepers and their customers have relationships that are not just about economic transactions but are set in a context of family, neighborhood, people, and place. Then Wal-Mart comes to town. It offers lower prices. It offers convenience. Because of its scale and might in the marketplace, it can compensate its workers stingily and drive out competition.   The presence of Wal-Mart leads the townspeople to think of themselves primarily as consumers, and to shed other aspects of their identities, like being neighbors or parishioners or friends. As consumers first, they gravitate to the place with the lowest prices. Wal-Mart thrives. The small businesses struggle and lay off workers. They cut back on their sponsorship of tee ball, their support of the food bank. As the mom-and-pops give way to the big box, and commutes become necessary, lives become more frenetic and stressful. People see each other less often. The sense of mutual obligation that townsfolk once shared starts to evaporate. Microhabits of caring and sociability fall away. In this tableau of libertarian citizenship, market forces triumph and everyone gets better deals—yet everyone is now in many senses poorer.

Planted rows went turning past like giant spokes one by one as they ranged the roads. The skies were interrupted by dark gray storm clouds with a flow like molten stone, swept and liquid, and light that found its way through them was lost in the dark fields but gathered shining along the pale road, so that sometimes all you could see was the road, and the horizon it ran to. Sometimes she was overwhelmed by the green life passing in such high turbulence, too much to see, all clamoring to have its way. Leaves sawtooth, spade-shaped, long and thin, blunt-fingered, downy and veined, oiled and dusty with the day—flowers in bells and clusters, purple and white or yellow as butter, star-shaped ferns in the wet and dark places, millions of green veilings before the bridal secrets in the moss and under the deadfalls, went on by the wheels creaking and struck by rocks in the ruts, sparks visible only in what shadow it might pass over, a busy development of small trailside shapes tumbling in what had to be deliberately arranged precision, herbs the wildcrafters knew the names and market prices of and which the silent women up in the foothills, counterparts whom they most often never got even to meet, knew the magic uses for. They lived for different futures, but they were each other’s unrecognized halves, and what fascination between them did come to pass was lit up, beyond question, with grace.

Social networks including Facebook, Twitter and Pinterest took a step closer to offering ecommerce on their own platforms this week, as the battle to win over retailers hots up. Facebook announced on Thursday it is trialling a “buy” button to allow people to purchase a product without ever leaving the social network’s app. The initial test, with a handful of small and medium-sized businesses in the US, could lead to more ecommerce companies buying adverts on the network. It could also allow Facebook to compile payment information and encourage people to make more transactions via the platform as it would save them typing in card numbers on smartphones. But the social network said no credit or debit card details will be shared with other advertisers. Twitter acquired CardSpring, a payments infrastructure company, this week for an undisclosed price as part of plans to feature more ecommerce around live events or, as it puts it, “in-the-moment commerce experiences”. CardSpring connects payment details with loyalty cards and coupons for transactions online and in stores. The home of the 140-character message hired Nathan Hubbard, former chief executive of Ticketmaster, last year to work on creating an ecommerce product. It has since worked with Amazon, to allow people to add things to their online basket by tweeting, and with Starbucks to encourage people to tweet to buy a coffee for a friend.

Many historians, many sociologists and psychologists have written at length, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can hardly be expected to flourish in societies where political and economic power is being progressively concentrated and centralized. But the progress of technology has led and is still leading to just such concentration and centralization of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive – and so less available to the enterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with the Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has gobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State – that is to say, by a small group of party leaders and the soldiers, policemen and civil servants who carry out their orders.

Summers also claimed that technology was reducing the demand for capital. Digital businesses, such as Facebook and Google, had established dominant global franchises with relatively little invested capital and small workforces. In his book The Zero Marginal Cost Society (2014), the social theorist Jeremy Rifkin heralded the passing of traditional capitalism.16 If the Old Economy was marked by scarcity and declining marginal returns, Rikfin argued that the New Economy was characterized by zero marginal costs, increasing returns to scale and capital-lite ‘sharing’ apps (such as Uber, Lyft, Airbnb, etc.). The demand for capital and interest rates, he said, were set to fall in this ‘economy of abundance’. There was some evidence to support Rifkin’s claims. The balance sheets of US companies showed they were using fewer fixed assets (factories, plant, equipment, etc.) and reporting more ‘intangibles’ – namely, assets derived from patents, intellectual property and merger premiums. In much of the rest of the world, however, the demand for old-fashioned capital remained as strong as ever. After the turn of the century, the developing world exhibited a voracious appetite for industrial commodities that required massive mining investment. China embarked on what was probably the greatest investment boom in history. Before and after 2008, global energy consumption rose steadily. The world’s total investment (relative to GDP) remained in line with its historical average.17 Rifkin’s ‘economy of abundance’ remained a tantalizing speculation.

History favors the bold. Compensation favors the meek. As a Fortune 500 company CEO, you’re better off taking the path often traveled and staying the course. Big companies may have more assets to innovate with, but they rarely take big risks or innovate at the cost of cannibalizing a current business. Neither would they chance alienating suppliers or investors. They play not to lose, and shareholders reward them for it—until those shareholders walk and buy Amazon stock. Most boards ask management: “How can we build the greatest advantage for the least amount of capital/investment?” Amazon reverses the question: “What can we do that gives us an advantage that’s hugely expensive, and that no one else can afford?” Why? Because Amazon has access to capital with lower return expectations than peers. Reducing shipping times from two days to one day? That will require billions. Amazon will have to build smart warehouses near cities, where real estate and labor are expensive. By any conventional measure, it would be a huge investment for a marginal return. But for Amazon, it’s all kinds of perfect. Why? Because Macy’s, Sears, and Walmart can’t afford to spend billions getting the delivery times of their relatively small online businesses down from two days to one. Consumers love it, and competitors stand flaccid on the sidelines. In 2015, Amazon spent $7 billion on shipping fees, a net shipping loss of $5 billion, and overall profits of $2.4 billion. Crazy, no? No. Amazon is going underwater with the world’s largest oxygen tank, forcing other retailers to follow it, match its prices, and deal with changed customer delivery expectations. The difference is other retailers have just the air in their lungs and are drowning. Amazon will surface and have the ocean of retail largely to itself.

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The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate: Urgency. How badly do people want or need this right now? (Renting an old movie is low urgency; seeing the first showing of a new movie on opening night is high urgency, since it only happens once.) Market Size. How many people are purchasing things like this? (The market for underwater basket-weaving courses is very small; the market for cancer cures is massive.) Pricing Potential. What is the highest price a typical purchaser would be willing to spend for a solution? (Lollipops sell for $0.05; aircraft carriers sell for billions.) Cost of Customer Acquisition. How easy is it to acquire a new customer? On average, how much will it cost to generate a sale, in both money and effort? (Restaurants built on high-traffic interstate highways spend little to bring in new customers. Government contractors can spend millions landing major procurement deals.) Cost of Value Delivery. How much will it cost to create and deliver the value offered, in both money and effort? (Delivering files via the internet is almost free; inventing a product and building a factory costs millions.) Uniqueness of Offer. How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? (There are many hair salons but very few companies that offer private space travel.) Speed to Market. How soon can you create something to sell? (You can offer to mow a neighbor’s lawn in minutes; opening a bank can take years.) Up-front Investment. How much will you have to invest before you’re ready to sell? (To be a housekeeper, all you need is a set of inexpensive cleaning products. To mine for gold, you need millions to purchase land and excavating equipment.) Upsell Potential. Are there related secondary offers that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a Frisbee and you won’t need another unless you lose it.) Evergreen Potential. Once the initial offer has been created, how much additional work will you have to put in in order to continue selling? (Business consulting requires ongoing work to get paid; a book can be produced once and then sold over and over as is.) When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

Though it’s best not to be born a chicken at all, it is especially bad luck to be born a cockerel. From the perspective of the poultry farmer, male chickens are useless. They can’t lay eggs, their meat is stringy, and they’re ornery to the hens that do all the hard work of putting food on our tables. Commercial hatcheries tend to treat male chicks like fabric cutoffs or scrap metal: the wasteful but necessary by-product of an industrial process. The sooner they can be disposed of—often they’re ground into animal feed—the better. But a costly problem has vexed egg farmers for millennia: It’s virtually impossible to tell the difference between male and female chickens until they’re four to six weeks old, when they begin to grow distinctive feathers and secondary sex characteristics like the rooster’s comb. Until then, they’re all just indistinguishable fluff balls that have to be housed and fed—at considerable expense. Somehow it took until the 1920s before anyone figured out a solution to this costly dilemma. The momentous discovery was made by a group of Japanese veterinary scientists, who realized that just inside the chick’s rear end there is a constellation of folds, marks, spots, and bumps that to the untrained eye appear arbitrary, but when properly read, can divulge the sex of a day-old bird. When this discovery was unveiled at the 1927 World Poultry Congress in Ottawa, it revolutionized the global hatchery industry and eventually lowered the price of eggs worldwide. The professional chicken sexer, equipped with a skill that took years to master, became one of the most valuable workers in agriculture. The best of the best were graduates of the two-year Zen-Nippon Chick Sexing School, whose standards were so rigorous that only 5 to 10 percent of students received accreditation. But those who did graduate earned as much as five hundred dollars a day and were shuttled around the world from hatchery to hatchery like top-flight business consultants. A diaspora of Japanese chicken sexers spilled across the globe. Chicken sexing is a delicate art, requiring Zen-like concentration and a brain surgeon’s dexterity. The bird is cradled in the left hand and given a gentle squeeze that causes it to evacuate its intestines (too tight and the intestines will turn inside out, killing the bird and rendering its gender irrelevant). With his thumb and forefinger, the sexer flips the bird over and parts a small flap on its hindquarters to expose the cloaca, a tiny vent where both the genitals and anus are situated, and peers deep inside. To do this properly, his fingernails have to be precisely trimmed. In the simple cases—the ones that the sexer can actually explain—he’s looking for a barely perceptible protuberance called the “bead,” about the size of a pinhead. If the bead is convex, the bird is a boy, and gets thrown to the left; concave or flat and it’s a girl, sent down a chute to the right.

Dear KDP Author, Just ahead of World War II, there was a radical invention that shook the foundations of book publishing. It was the paperback book. This was a time when movie tickets cost 10 or 20 cents, and books cost $2.50. The new paperback cost 25 cents – it was ten times cheaper. Readers loved the paperback and millions of copies were sold in just the first year. With it being so inexpensive and with so many more people able to afford to buy and read books, you would think the literary establishment of the day would have celebrated the invention of the paperback, yes? Nope. Instead, they dug in and circled the wagons. They believed low cost paperbacks would destroy literary culture and harm the industry (not to mention their own bank accounts). Many bookstores refused to stock them, and the early paperback publishers had to use unconventional methods of distribution – places like newsstands and drugstores. The famous author George Orwell came out publicly and said about the new paperback format, if “publishers had any sense, they would combine against them and suppress them.” Yes, George Orwell was suggesting collusion. Well… history doesn’t repeat itself, but it does rhyme. Fast forward to today, and it’s the e-book’s turn to be opposed by the literary establishment. Amazon and Hachette – a big US publisher and part of a $10 billion media conglomerate – are in the middle of a business dispute about e-books. We want lower e-book prices. Hachette does not. Many e-books are being released at $14.99 and even $19.99. That is unjustifiably high for an e-book. With an e-book, there’s no printing, no over-printing, no need to forecast, no returns, no lost sales due to out of stock, no warehousing costs, no transportation costs, and there is no secondary market – e-books cannot be resold as used books. E-books can and should be less expensive. Perhaps channeling Orwell’s decades old suggestion, Hachette has already been caught illegally colluding with its competitors to raise e-book prices. So far those parties have paid $166 million in penalties and restitution. Colluding with its competitors to raise prices wasn’t only illegal, it was also highly disrespectful to Hachette’s readers. The fact is many established incumbents in the industry have taken the position that lower e-book prices will “devalue books” and hurt “Arts and Letters.” They’re wrong. Just as paperbacks did not destroy book culture despite being ten times cheaper, neither will e-books. On the contrary, paperbacks ended up rejuvenating the book industry and making it stronger. The same will happen with e-books. Many inside the echo-chamber of the industry often draw the box too small. They think books only compete against books. But in reality, books compete against mobile games, television, movies, Facebook, blogs, free news sites and more. If we want a healthy reading culture, we have to work hard to be sure books actually are competitive against these other media types, and a big part of that is working hard to make books less expensive. Moreover, e-books are highly price elastic. This means that when the price goes down, customers buy much more. We've quantified the price elasticity of e-books from repeated measurements across many titles. For every copy an e-book would sell at $14.99, it would sell 1.74 copies if priced at $9.99. So, for example, if customers would buy 100,000 copies of a particular e-book at $14.99, then customers would buy 174,000 copies of that same e-book at $9.99. Total revenue at $14.99 would be $1,499,000. Total revenue at $9.99 is $1,738,000. The important thing to note here is that the lower price is good for all parties involved: the customer is paying 33% less and the author is getting a royalty check 16% larger and being read by an audience that’s 74% larger. The pie is simply bigger.

Local NGOs are like high-fashion boutiques. They sell very high-quality products – the Prada bag, the Armani frock – to a small number of people at very high prices.

In West's guide, rule-of-thumb guidance comes in two formats that most valuation experts recognize:  Percentage of annual sales: If a business had total sales of $ 100,000 last year and the multiple for that business was 40 percent of annual sales, the price based on that particular rule of thumb would be $ 40,000.  Multiple of earnings: An earnings multiplier makes the most sense to prospective buyers. It directly addresses the buyer's motive to make money: to achieve a return on investment. In many small companies, this multiple is commonly used against what is known as seller's discretionary earnings (SDE), which are earnings before accounting for the following items: • Income taxes • Nonrecurring income and expenses • Nonoperating income and expenses • Depreciating an amortization • Interest expense or income • Owner's total compensation for one owner/ operator after adjusting the total compensation of all owners to market value

The slightly musky scent of his skin mingled with the crisp smell of starch from his necktie, a blend so alluring that she inched closer to inhale deeply. Nick stopped by the end of the street. His head turned, his shaven cheek brushing hers and making her skin tingle. "What are you doing?" "Your smell..." she said dreamily. "It's wonderful. I noticed it the first time we met, when you nearly knocked me off the wall." A laugh stirred in his throat. "I saved you from falling, you mean." Intrigued by the scratchy texture of his skin, Lottie pressed her lips beneath his jaw. She felt him swallow hard, the movement rippling against her mouth. It was the first time she had ever made an advance to him, and the small gesture was surprisingly effective. He stood there holding her tightly, his chest rising and falling in increasingly labored breaths. Intrigued by the notion that she could arouse him so easily, Lottie tugged at the knot of his necktie and kissed the side of his throat. "Don't, Lottie." She drew the tip of her fingernail over the hair-roughened skin, scraping delicately. "Lottie..." he tried again. Whatever he had intended to say was forgotten as she kissed his ear and took the lobe between her teeth in a soft bite. The carriage stopped before them, and the footman busied himself with seeing out the removable step. Schooling his features into a blank mask, Nick thrust Lottie inside the carriage and climbed in after her.

infrastructure companies. Amazon is so good at infrastructure that its fastest-growing and most profitable business (AWS) is all about allowing other companies to leverage Amazon’s computing infrastructure. Amazon also makes money by offering Fulfillment by Amazon to other merchants who envy its mastery of logistics, which ought to strike fear into the hearts of frenemies like UPS and FedEx. In addition to its eighty-six gigantic fulfillment centers, Amazon also has at least fifty-eight Prime Now hubs in major markets, allowing it to beat UPS and FedEx on performance by offering same-day delivery of purchases in less than two hours. Amazon has also built out “sortation” centers that let it beat UPS and FedEx on price by shipping small packages via the United States Postal Service for about $ 1 rather than paying FedEx or UPS around $ 4.50.

Web Design - Give Your Brand Global Recognition Running a small business seems easy but actually, it is not. Surprised? Well, there’s a lot to look after and accomplish without violating the budget and resources. If you own a small business and planning to take it to new heights, you must begin with a professional web design company. Why? Because to let your audience know about your products and services, you got to make your online presence. To make a visible impact online, you need to give your organization a face, which is possible only with a well-designed website that’s professional yet user-friendly. When a website has to be designed, a number of factors are meant to be considered. Font, images, content, alignment, graphics, loading time and interface are the major factors to be careful about. What else? You need to ensure that your brand’s message is displayed the right way and at the right place. Call-to-action has to be there and the design must be in a way that attracts the audience. Want to know more? Length and number of pages also matter, as they play a great role in the presentation and are responsible to hold the audience. All this must be sounding like a lot of stuff and complicated but it is all easy with the right small business web design company by your side. It will understand your business, its needs, and goals for long-term and come with a website which is liked by the audience the moment they click it. All you need to be careful is finding the company that’s worth time and money you invest. The market is flooded with a number of web designers who boast a lot but are not worth what they say. Hiring the wrong designers may cause serious consequences for your website and eventually business. To stay away from coming across such ugly experiences, take enough time and settle for the best professionals. Check their previous work, feedback, price plan and expertise before finalizing anything. Keep this brief piece of information in mind and gift your small business the website it deserves. Good Luck!

Sweden’s capital is an expansive and peaceful place for solo travellers. It is made up of 14 islands, connected by 50 bridges all within Lake Mälaren which flows out into to the Baltic Sea. Several main districts encompass islands and are connected by Stockholm’s bridges. Norrmalm is the main business area and includes the train station, hotels, theatres and shopping. Őstermalm is more upmarket and has wide spaces that includes forest. Kungsholmen is a relaxed neighbourhood on an island on the west of the city. It has a good natural beach and is popular with bathers. In addition to the city of 14 islands, the Stockholm Archipelago is made up of 24,000 islands spread through with small towns, old forts and an occasional resort. Ekero, to the east of the city, is the only Swedish area to have two UNESCO World Heritage sites – the royal palace of Drottningholm, and the Viking village of Birka. Stockholm probably grew from origins as a place of safety – with so many islands it allowed early people to isolate themselves from invaders. The earliest fort on any of the islands stretches back to the 13th century. Today the city has architecture dating from that time. In addition, it didn’t suffer the bombing raids that beset other European cities, and much of the old architecture is untouched. Getting around the city is relatively easy by metro and bus. There are also pay‐as‐you‐go Stockholm City Bikes. The metro and buses travel out to most of the islands, but there are also hop on, hop off boat tours. It is well worth taking a trip through the broad and spacious archipelago, which stretches 80 kms out from the city. Please note that taxis are expensive and, to make matters worse, the taxi industry has been deregulated leading to visitors unwittingly paying extortionate rates. A yellow sticker on the back window of each car will tell you the maximum price that the driver will charge therefore, if you have a choice of taxis, choose

Competition is often conflated with capitalism, but they are not at all the same. Capitalism involves private ownership of the means of production and distribution, but the word implies nothing about the way in which privately owned firms do business. Capitalism is perfectly compatible with a society in which a powerful state doles out favors to private monopolies, protects some enterprises from others, or even sets the prices privately owned firms may charge for their products. Indeed, while capitalists tend to praise the virtues of competition, many of them would just as soon avoid it.

Discounters’ profits came and still come from buying competitively while handling financial operations, logistics and property business more astutely than other retailers can. The high-volume, low-operating-cost model allowed them to offer lower prices and more choice, while maintaining acceptable service levels; their goal was to move a lot of product and make small percentage profits on high volumes, which improves efficiency and gives them the power to negotiate with manufacturers.

The concept of selling solutions isn’t wrong. It’s based on a valid recognition of the enormous unmet needs most customers have. But very few companies have figured out how to implement the concept profitably. Most failed attempts to deliver solutions have suffered from one of two common flaws. First, many are uncompelling or undifferentiated in the customer’s eyes. Sometimes the word solution is simply code for a consultative selling process or an attempt to pitch some kind of service agreement along with the product. Sometimes the solution is more significant, but undifferentiated. Take outsourcing as an example. Many companies have moved to take over and run some customer function, such as the mail room or call center, and then struggled to make money. The reason: In most cases, this is simply a cost-of-capital or -labor play, based on the notion that the contractor can run the operation more cheaply than the client firm. The function’s role in enhancing the customer’s business scarcely changes. Not surprisingly, this purely cost-based value proposition leads to rapid downward pricing pressure and service commoditization. The other major problem with many attempts to create solutions is their complexity. Once a company has developed a compelling solutions offering, reaching and serving the customer often requires the creation of a highly skilled delivery force that is hard to scale up. The result is a small, marginally profitable operation that clings to relevance on the periphery of the business.

Even if you show the full value, some customers will never pay. When I first started selling Connex for QuickBooks, one of my first trial users was a small startup that barely made $2,000 per month. He hammered me for support through multiple phone calls. He was trying to negotiate me down from $20 per month to an even lower price. I told him to hit the road. I learned a couple of lessons: Avoid getting too invested in trial users. Unless you have qualified a prospect, do not spend too much time with her. A common negotiating tactic is to make you invest a lot of time before trying to talk you down. Prospects figure you will not give up because you have invested so much. Avoid pricing yourself out of business. If you price your product low, people fail to see the value. They think there are hidden fees. As I raised prices, we attracted higher-value clients that were less troublesome. Avoid features. The small business and I discussed a QuickBooks sync, instead of the money we saved on data-entry. I could have asked how many hours he spent hand entering sales or how much he paid someone else for data entry.

Salesforce and QuickBooks integration: the wrong audience I built many integrations for Connex, and Salesforce was one of my first. Intuit built one on their app store, but they later discontinued it. Here is why mine failed: Connex syncs ecommerce solutions. Amazon was one of our best sellers. Salesforce.com is a CRM, and this was a bad product fit for us. I had no understanding of the target audience. What features did they require? How much would they pay? Salesforce is geared towards medium and enterprise-level companies. We focused primarily on small businesses. The integration was difficult to build. Salesforce could hold orders, but users often added or removed fields. Our software had no logic to handle dynamically mapping fields. Each user’s Salesforce was different. Almost every user required a great deal of hand-holding. This is bad for a SaaS company. There were many technical issues. Users wanted features that I could not build. I built the integration because Salesforce has a large following, but my audience was just a subset of that group. How big your audience is, is anyone’s guess. We had a listing on Salesforce’s app store, but the listing failed to gather any traffic. I was unsure how many QuickBooks users required a Salesforce integration. There was a limited audience for this tool. The tool became a distraction because other products were selling much better. I had to raise the price of the integration because it took longer to set it up. This idea made my pricing more complicated, while my company is all about simplicity.

Pages 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a laborer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labor was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty laborer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

Depreciation is the method through which the price of an expensive asset, like a vehicle or piece of equipment, is written off over the course of its useful life rather than all at once in a single tax year. Businesses often use depreciation to get back some of the money they spend on more expensive long-term assets during the time they are useful. Here’s how to calculate depreciation: Depreciation = Initial Investment / Expected Service Life

Found business pain creates opportunity. Quantified business pain drives higher price points. Implicated business pain drives urgency. Business pain and urgency finds business Champions. Business champions get you to the Economic Buyer. The Economic Buyer has access to major funds. You sell big deals based on value. The opposite is also true: No discovered pain means a small or no opportunity. No quantified business pain means no cost justification. No implicated business pain means no urgency to buy. No business Champion means no access to the Economic Buyer. No access to the Economic Buyer means no access to major funds. No access to major funds means either selling small deals based on product features or selling no deals.

Only add products or services to the company’s offering that generate at least 30 percent gross margin based on the price and the cost of making or delivering that product (COGS).

Simple Fast Funnels VS Hubspot There are 2 primary factors to consider when exploring Simple Fast Funnels VS Hubspot… Available Features. Price. Hubspot is a powerful platform, there’s no denying that, but they lack a few features that Simple Fast Funnels offers: 2 way SMS so you can send one way messages to your clients OR interactive messages. You can automate answers or have your customers reach you or customer service directly. Unified messaging. Housing all messages for particular customers in one place lets you simplify customer service. They can text, email, schedule calls or FB message you and you’ll see it all in one location. Simple Fast Funnels customer service has 24/7 chat support and guides you through any hiccups you may experience as you build your funnel. Simplified funnel building. No tech knowledge required. The biggest factor comparing these two platforms however is price: Hubspot charges a small fortune for their good features. Their price is over 10X the cost of Simple Fast Funnels. Simple Fast Funnels saves you thousands, or even tens of thousands yearly and you don’t get less features, you get MORE… We believe you should be able to run your business without paying rates like these. Call us old fashioned if you like. For Hubspot’s premium service, you’ll pay $3,600/month. That’s a lot of revenue to come up with each month just to pay for your operating platform. For Simple Fast Funnel’s premium service, you’ll get the same features and more for $297/month. If you haven’t tried Simple Fast Funnels out yet, we offer a 14 day free trial, that’s how sure we are you’re going to love this service.

That was the start of a lot of the practices and philosophies that still prevail at Wal-Mart today. I was always looking for offbeat suppliers or sources. I started driving over to Tennessee to some fellows I found who would give me special buys at prices way below what Ben Franklin was charging me. One I remember was Wright Merchandising Co. in Union City, which would sell to small businesses like mine at good wholesale prices. I’d work in the store all day, then take off around closing and drive that windy road over to the Mississippi River ferry at Cottonwood Point, Missouri, and then into Tennessee with an old homemade trailer hitched to my car. I’d stuff that car and trailer with whatever I could get good deals on—usually on softlines: ladies’ panties and nylons, men’s shirts—and I’d bring them back, price them low, and just blow that stuff out the store.

A major culprit is the valuation and financing of real estate. Banks are lending for real estate on the basis of the real estate’s value. They typically lend, according to where we stand in the real estate cycle, between 80% to 100% of the value. This is because real estate is allegedly a “safe” asset. This is by itself extraordinary. First, the historic volatility of real estate prices and the history of economic cycles reveal that real estate is not a safe, but a risky asset. Its physical nature does not guarantee its value. This over-lending to real estate buyers comes at the expense of lending to small business, which necessarily captures a smaller share of lending.

Unlike other drugs, where a big bust can cause a significant disruption to the business, leading to a drop in supply and a spike in the price, dismantling small-scale meth labs is a bit like a game of Whac-A-Mole.

organics at a much lower price than most other stores. To sum it up, your brand is the promise you make to your customers about what they will experience when doing business with you.

Competition has driven prices to a point at which online bookselling is reduced to either a hobby or a big industry dominated by a few huge players with vast warehouses and heavily discounted postal contracts. The economies of scale make it impossible for the small or medium-sized business to compete. At the heart of it all is Amazon, and while it would be unfair to lay all the woes of the industry at Amazon’s feet, there can be no doubt that it has changed things for everyone.

He’d been filling up his Suburban—a feat that required a small business loan at current prices—and had missed Shanna’s call.

An Introduction to CFD Trading Increase, commit, and individuals trying to trade systems and their cash in different areas are usually trying to find new strategies. Like several good buyer, you won’t be joining the group, instead you had want in order to change lives begin or to create one. Stocks trading is really 80s within the sensation that perhaps young kids today understand how it operates, and have the ability to survive without any formal education. If you should be looking for a new company shift, you should provide a try to this new venture. First what’s a CFD? CFD stands for contract for difference. It’s thought as a small business contract an entrepreneur and by an expense business. If the contract expires, both parties can trade notes concerning the differences between the original and final price indices of particular monetary things like shares of items and futures. This is exactly what CFD Trading is focused on. The one edge that traders have within this economic contract is the fact that they get to purchase these factors at lower costs despite the fact that it includes nonvoting stocks where the trader can’t vote on all aspects of the company as opposed to what stockholders are blessed to do. Another thing is the fact that a CFD does not hold taxes on files even if these aspects are acquired in large amounts. In simple terms, it’s a in which a derivative asset is founded on an underlying asset’s cost between two entities that transactions the differences. These parties will need to pay the differences required to eachother. The way in which CFD Trading works is that among the entities gives the difference before contract ends included to the other. Just about like what occurs in spreadbetting, the trader continues the opposite end-of the deal with investment institution or CFD service, where the trader anticipates which cost will increase and having three selections to take whether to buy, to slide or to sell the component required. Another similarity with spreadbetting is the fact that you can find no tax tasks since CFD’s don’t involve buying of assets to become settled. It just requires the activity of the fee. Since the investor is just needed to spot a minor amount on these things, that are also called edges, the earnings and in addition losses will soon be on the basis of the money set in. In other words, a CFD is good for the entrepreneur since it gives him the chance of owning main assets without so much problem. Does It Work A good example of that is to ingest a share worth $20 and the entrepreneur buys 100 of these. He will be cost $2,000 by this exchange. Employing a stockbroker will demand the entrepreneur to shell 50% of this amount out. That is $1,000. A meager initial cashout is needed which amounts as much as only $100, should you evaluate that to an expenditure finished with a CFD representative. However, allow it to be regarded that whenever an investor enters a deal of difference, the cost place usually begins in a loss. Which damage is definitely equal to the spread. Which means the spread is at $8 along with if you come into a deal, the underlying resource must generate $8 merely to break even. Let us say if the actual resource reaches a quote cost of $ 20, then the CFD price will be a few cents less than that since the dealer will have to escape at that point. So as opposed to increasing your money to $40, he will must settle for several dollars. Nevertheless not really a terrible package to get a purchase with less trouble.

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Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

My idea was then and still is that if a man did his work well, the price he would get for that work, the profits and all financial matters, would care for themselves and that a business ought to start small and build itself up and out of its earnings.

Actually, during this whole early period, Wal-Mart was too small and insignificant for any of the big boys to notice, and most of the promoters weren’t out in our area so we weren’t competitive. That helped me get access to a lot of information about how they were doing things. I probably visited more headquarters offices of more discounters than anybody else—ever. I would just show up and say, “Hi, I’m Sam Walton from Bentonville, Arkansas. We’ve got a few stores out there, and I’d like to visit with Mr. So-and-So”—whoever the head of the company was—“about his business.” And as often as not, they’d let me in, maybe out of curiosity, and I’d ask lots of questions about pricing and distribution, whatever. I learned a lot that way. KURT

Persson did not create Minecraft because he wanted to create a billion-dollar company; he loved video games and kept his day job while developing it. When the game soared in popularity, he started a company, Mojang, with some of the profits, but kept it small, with just 12 employees. Even with zero dollars spent on marketing and no user instructions, Minecraft grew exponentially, flying past the 100 million registered user mark in 2014 based largely on word of mouth.2 Players shared user-generated extras like modifications (“mods”) and custom maps with each other, and the game caught on not only with children but their parents and even educators. Still, Persson avoided the valuation game, refusing an investment offer from former Facebook president Sean Parker. Finally, he and his co-founders sold Mojang to Microsoft for $2.5 billion, a fortune built on one man’s focus on creating something that people loved.3 On the other end of the spectrum is Zynga, one of the fastest startups ever to reach a $1 billion valuation.4 The social game developer had its first hit in 2009 with FarmVille. Next came Zynga’s partnership with Facebook that turned into a growth engine. The company began trading on the NASDAQ in December 2011 and had 253 million active users per month as late as the first quarter of 2013.5 Then the relationship with Facebook ended and the wheels started coming off. Flush with IPO cash, Zynga started exhibiting all the symptoms of ego-driven, grow-at-any-cost syndrome. They moved into a $228 million headquarters in San Francisco. They began hastily acquiring companies like NaturalMotion, Newtoy, and Area/Code. They infuriated customers by launching new games without sufficient testing and filling them with scripts that signed players up for unwanted subscriptions and services. When customer outrage went viral, instead of focusing on building better products, Zynga hired a behavioral psychologist to try to trick customers into loving its games.6 In a 2009 speech at Startup@Berkeley, CEO Mark Pincus said, “I funded [Zynga] myself but I did every horrible thing in the book to just get revenues right away. I mean, we gave our users poker chips if they downloaded this Zwinky toolbar, which . . . I downloaded it once — I couldn’t get rid of it. We did anything possible just to just get revenues so that we could grow and be a real business.”7 By the spring of 2016, Zynga had laid off about 18 percent of its workforce and its share price had declined from $14.50 in 2012 to about $2.50.

By 2012, long after the economic collapse, average consumers and small businesses were still hurting, but corporations large enough to finance fleets of Washington lobbyists were raking it in. Big agribusiness continues to claim hundreds of billions of dollars in price supports and ethanol subsidies, paid for by American consumers and taxpayers. Big Pharma gets extended patent protection that drives up everyone’s drug prices, plus the protection of a federal law making it a crime for consumers to buy the same drugs at lower prices from Canada. Big oil gets its own federal tax subsidy, paid for by taxpayers.

The flow of the user experience is to give the end user something of value, build trust in the relationship and then engage in commerce once we’re comfortable with each other. The industrial ethic had the opposite approach. Its approach was to say, ‘Here’s this item and this is the price. So let’s transact. You buy something and if you buy it often enough I might reward you for your loyalty later on’. Airline frequency flyer programs operate in this way.

Mary Johnson may have been the first African American woman. She arrived sometime before 1620 as the maid of a Virginia planter. Like white women, the black residents of the early southern colonies found opportunities in the general chaos around them. Johnson and her husband were indentured servants, and once they earned their freedom, they acquired a 250-acre farm and five indentured servants of their own. By the mid–seventeenth century, a free black population had begun to emerge in both the North and the South. African American women, who weren’t bound by the same social constraints as white women, frequently set up their own businesses, running boardinghouses, hair salons, or restaurants. Catering was a particularly popular career, as was trading. In Charleston, South Carolina, black women took over the local market, selling vegetables, chickens, and other produce they acquired from the growing population of slaves, who generally had small plots beside their cabins. The city came to depend on the women for its supply of fresh food, and whites complained long and loud about the power and independence of the trading women. In 1686, South Carolina passed a law prohibiting the purchase of goods from slaves, but it had little effect. A half century later, Charleston officials were still complaining about the “exorbitant price” that black women charged for “many articles necessary for the support of the inhabitants.” The trading women had sharp tongues, which they used to good effect. The clerk of the market claimed that the “insolent and abusive Manner” of the slave women made him “afraid to say or do Anything.” It’s hard to believe the marketers, some of whom were slaves, were as outspoken as their clientele made them out to be, but the war between the black female traders and their customers continued on into the nineteenth century. (One petition in 1747 said that because of the market “white people…are entirely ruined and rendered miserable.”) The

Planted rows went turning past like giant spokes one by one as they ranged the roads. The skies were interrupted by dark gray storm clouds with a flow like molten stone, swept and liquid, and light that found its way through them was lost in the dark fields but gathered shining along the pale road, so that sometimes all you could see was the road, and the horizon it ran to. Sometimes she was overwhelmed by the green life passing in such high turbulence, too much to see, all clamoring to have its way. Leaves sawtooth, spade-shaped, long and thin, blunt-fingered, downy and veined, oiled and dusty with the day—flowers in bells and clusters, purple and white or yellow as butter, star-shaped ferns in the wet and dark places, millions of green veilings before the bridal secrets in the moss and under the deadfalls, went on by the wheels creaking and struck by rocks in the ruts, sparks visible only in what shadow it might pass over, a busy development of small trailside shapes tumbling in what had to be deliberately arranged precision, herbs the wildcrafters knew the names and market prices of and which the silent women up in the foothills, counterparts whom they most often never got even to meet, knew the magic uses for. They lived for different futures, but they were each other’s unrecognized halves, and what fascination between them did come to pass was lit up, beyond question, with grace. Merle

Very few people writing about this new industry in the mainstream press truly understood how personal computers had already begun to revert to institutional machines. This was mainly because it was easier for most journalists of the early 1990s to envision and get personally excited about the potential of educational software, or of managing their personal finances, or organizing their recipes in the “digital” kitchen, or imagining how amateur architects could design funky homes right on their home computers. Who wouldn’t be excited about more power in the hands of people, the computer as an extension of the brain, a “bicycle for the mind,” as Steve put it? This was the story of computing that got all the ink, and it was a story no one unfurled as well as Steve. Bill Gates wasn’t swayed by that romance. He saw it as a naïve fantasy that missed the point of the much more sophisticated things PCs could do for people in the enterprise. A consumer market can be an enormously profitable one—put simply, there are so many more people than businesses that if you sell them the right product you can mint money. But the personal computers of that time still didn’t have enough power at a low enough price to excite the vast majority of consumers, or to change their lives in any meaningful way. The business market, however, was a different beast. The potential volume of sales represented by all those corporate desktops, in all those thousands of companies big and small, became the target of Bill Gates’s strategic brilliance and focus. Those companies paid good prices for the reliability and consistency that Windows PCs could deliver. They welcomed incremental improvement, and Bill knew how to give it to them. Steve paid lip service to it, but his heart wasn’t in it. He thrilled only to the concept of how a dramatically better computer could unlock even more potential for its user.

She’d discovered a fact of modern life by standing at a cash register for hours: mindless work could nevertheless fill up your mind, like radio static. If she stayed busy—pushing canned goods down the chute with her left hand while busily ten-keying the prices with her right, making small talk, sorting cash—then she didn’t have to think about what day it was, what time certain flights landed, or how she was going to die alone.

In a sense, each one of us was facing forces that were far bigger than us, forces that we barely understood. My own business was going down after supermarket chains started coming up in the town. They sold most packaged items below MRP and was drawing my customers away. At first I thought it was a gimmick to attract people. And that the prices will increase again after a couple of months. But it didn’t. After six months, I started realizing how big these people really are. People still bought in my store, but only in small quantities. They made all their bulk weekly purchases in the supermarket, walking around their big alleys, pushing around the carts as in the english movies. I accepted, with much pain and nostalgia for the olden days where stock used to move without effort, that things have probably changed forever. Most of us did.

If you are a small business, focus on margins, NOT VOLUME. When you have higher margins: You are less likely to go out of business when the volume of your business is impacted due to any reason. You have more money to spend on advertising, increasing sales further You have more money to spend on hiring the best talent that grows your company further Except for the largest of businesses with massive capital and resources, competing purely on price is sure way to eventual failure. You walk on such razor thin margins, that even the slightest of variations could make your business unprofitable overnight!

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Now, suppose that in your process of experimentation, you end up creating a cake that is actually quite small. It’s so small you could sell it as a self-contained, single-serving cake, so you put a little wrapper around it. You realize that you’ve actually made supreme chocolate muffins instead of better chocolate cake. At first it might not seem like this is much of a change. The product hasn’t changed much — it’s the same batter— but almost everything else about your business has. Why? Because we changed the mental frame of reference around the product from “cake” to “muffin.” That change in context changes everything about the business: Target buyers and where you sell. Unlike cakes, muffins are sold at coffee shops and diners. Competitive alternatives. You are now competing with donuts, Danishes and bagels. Pricing and margin. Muffins sell for a buck or two, and you will be looking to sell a lot of them. Key product features and roadmap. You are now fighting for the hearts and minds of a noble class of people who eat chocolate for breakfast. They’re likely not worried about gluten or the origin of the salt in your caramel. They might like your muffin larger or with more caramel or maybe they want it deep-fried like a hash brown (you might be laughing, but deep down I think you want to try one of those).

Rural Free Delivery (RFD) Home, upon that word drops the sunshine of beauty and the shadow of tender sorrows, the reflection of ten thousand voices and fond memories. This is a mighty fine old world after all if you make yourself think so. Look happy even if things are going against you— that will make others happy. Pretty soon all will be smiling and then there is no telling what can’t be done. Coca-Cola Girl Mother baked a fortune cake pale yellow icing, lemon drops round rim, hidden within treasures, a ring—you’ll be married, a button—stay a bachelor, a thimble—always a spinster, and a penny—you’re rich. Gee, but I am hungry. Wait a second, dear, until I pull my belt up another notch. There that’s better. So, you see, Hon, I am straighter than a string around a bundle. You ought to see my eye, it’s a peach. I am proud of it, looks like I’ve been kicked by a mule. You know, dear, that they can kick hard enough to knock all the soda out of a biscuit without breaking the crust Hogging Catfish This gives you a fighting chance. Noodle your right hand into their gills, hold on tight while you grunt him out of the water. This can be a real dogfight. Old river cat wants to go down deep, make you bottom feed. Like I said, boys, when you tell a whopper, say it like you believe it. Saturday Ritual My Granddad was a cobbler. We each owned two pairs of shoes, Sunday shoes and everyday shoes. When our Sunday shoes got worn they became our everyday shoes. Main Street Saturday Night We each were given a dime on Saturday opening a universe of possibilities. All the stores stayed open and people flocked into town. Mr. and Mrs. Reynolds set up a popcorn stand on Reinheimer’s corner and soon after lighting a little stove, sounding like small firecrackers, popping began. Dad, laughing shooting the breeze with a group of farmers, drinking Coca Cola, finding out if any sheds needed to be built or barns repaired, discussing the price of next year’s seed, finding out who’s really working, who’s just looking busy. There is no object I wouldn’t give to relive my childhood growing up in Delavan— where everyone knew everyone— and joy came with but a dime. Market Day Jim Pittsford’s grocery smelled of bananas ripening and the coffee he ground by hand, wonderful smoked ham and bacon fresh sliced. He’d reward the child who came to pick up the purchase, with a large dill pickle Biking home, skillfully balancing Jim Pittsford’s bacon, J B’s tomatoes and peaches, while sniffing a tantalizing spice rising from fresh warm rolls, I nibbled my pickle reward.

LOW: Sales Effort Sales effort is a measure of the length of your sales cycle and includes the number of touch points required to make the sale. Where CAC measures the amount of money you’re spending to get a new customer, sales effort measures the time and energy you’re spending. The best way to track sales effort is to look at both the average number of days from someone scheduling their first demo to closing and the number of calls it takes to close a deal. Your ability to keep sales effort low depends greatly on your industry and customer base. If you’re doing enterprise sales, your sales cycle will be long and require more effort than if you’re targeting solopreneurs and other small businesses with a single decision-maker. A three- or four-month sales cycle is reasonable in enterprise sales—and worth it because the ACV might be $50,000. If you’re spending that much time for $5,000 contracts, though, that’s rough. No matter what your sales process looks like, you want your sales effort to be as low as possible. Here are some ways to lower this number. Self-Serve Sign-up and Onboarding. Many inexpensive products can get away with low price points because they have a low-touch or no-touch sales process. They have a self-serve sign-up and onboarding process, which requires almost no sales effort. The higher your ARPA, the less likely they are to become customers without some sales effort. But finding places to offer self-service along the journey can reduce the amount of hand-holding your team has to do while making the process speedier for your customer. One-Call Close. Self-service isn’t going to work in a lot of spaces, but you can try to get to a point where the decision is made by a single person. You can do this by targeting a founder, a developer, or a single manager. You can also streamline the back-and-forth of providing more sales materials, getting on second calls, waiting for input from the committee—and on and on. Educate your customers as much as you can ahead of time so they have the information they need and develop checklists to gather the information you need to close the deal quickly.

Generally speaking, the lower your product’s price point, the higher your churn. Some of the TinySeed companies that cater to hobbyists or very small businesses have churn in the 5% range, and while I’d love to see churn lower than that, it’s okay because they are in massive markets and have a very low cost to acquire new customers. For most companies like the type we’re discussing in this book, I suggest shooting for gross revenue churn as low as possible, certainly under 3% per month. At the venture scale, successful companies have less than 1% gross churn.

The Swedish firm SKF (Svenska Kullargen Fabrickn) almost became a victim of these attacks. With many small factories scattered throughout Europe, each geared to manufacture a broad product line to service the local demand, the company was a major target of the Japanese competitors with focused factories. SKF’s initial reaction to the Japanese attack was to avoid direct competition by adding new products to meet specialized applications that the Japanese could not supply. These products commanded higher prices and appeared to SKF management to be more profitable and therefore more attractive than the products facing direct Japanese competition. However, because SKF did not simultaneously drop its low-margin products, plant operations became more complicated, reducing the firm’s productivity and raising its overall costs. In effect, the more SKF sought to avoid competition with the Japanese by adding new, higher-margin products, the more it provided a rising cost umbrella for the Japanese to grow under by expanding their product offering and moving into more varied applications. As long as the Japanese stayed beneath the umbrella by maintaining a narrower product line than SKF, they could continue to pick off the parts of SKF’s business that they wanted, driving SKF into smaller and smaller pockets of demand.

It is foolish and childish, on the face of it, to affiliate ourselves with anything so insignificant and patently contrived and commercially exploitative as a professional sports team, and the amused superiority and icy scorn that the non-fan directs at the sports nut (I know this look—I know it by heart) is understandable and almost unanswerable. Almost. What is left out of this calculation, it seems to me, is the business of caring—caring deeply and passionately, really caring—which is a capacity or an emotion that has almost gone out of our lives. And so it seems possible that we have come to a time when it no longer matters so much what the caring is about, how frail or foolish is the object of that concern, as long as the feeling itself can be saved. Naïveté—the infantile and ignoble joy that sends a grown man or woman to dancing and shouting with joy in the middle of the night over the haphazardous flight of a distant ball—seems a small price to pay for such a gift.

Colonial Policy and Practice: A Comparative Study of Burma and Netherlands India by J. S. Furnivall Quoting page 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a labourer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labour was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty labourer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

What are you looking for?A baby business. Something young and small - under 20 employees if you are looking for a job; and something too small or unproven to attract professional investment if you are an investor. ★ A baby business growing very fast. Any small business growing very fast is likely to be a star. Every star business will be growing fast. So growth is a good first screen of any baby business you find. ★ An original idea. A baby business that has found a gap in the market - the creator of a new way of doing business. A star venture will be doing things differently. ★ Baby is a leader. In its gap, in its own business arena, it is the largest. It may have one or two even younger imitators, but most likely it is still unique. ★ Baby’s customers are different. You can see why the baby business appeals to particular customers, who can’t get anything as attractive to them elsewhere. ★ A baby business that you can imagine being extremely profitable when it grows up. There must be hard economic reasons why the business, when it reaches the size it can, will have fat margins. Its costs must be much lower than the conventional way of doing business, or its prices must be higher, or both.

By 1976, Trader Joe’s, the Whole Earth Harry version, had evolved into a rather effective, very profitable retailer, but still small. We had a few private label food products outside of nuts and dried fruits (in which there is very little brand demand) and cheeses (ditto). We were still reliant on selling branded food products, bought in ordinary quantities, which made aggressive pricing unprofitable.

We fundamentally changed the point of view of the business from customer-oriented to buyer-oriented. I put our buyers in charge of the company. From 1958 through 1976, we tried to carry what the customers asked for, given the limits of our small stores and other operational parameters. Each store manager had great latitude in what was carried and from what supplier it was ordered. There was very little central distribution except for Trader Joe’s labeled California wines or imports. Each store probably had access to ten thousand stock keeping units (SKUs), of which about three thousand were actually stocked in any given week. By the time I left in 1989, we were down to a band of 1,100 to 1,500 SKUs, all of which were delivered through a central distribution system. The managers no longer had any buying discretion and there were no “DSDs,” or direct store deliveries. And along the way not only did we drop a lot of products that our customers would have liked us to sell, even at not-outstanding prices, but we stopped cashing checks in excess of the amount of purchase, we stopped all full-case discounts, and we persistently shortened the hours. We violated every received-wisdom of retailing except one: we delivered great value, which is where most retailers fail.

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Start by redistributing a chunk of your own authority. Step back from critical decisions and let your team decide. (We’ll say more about this in chapter 15.) If your company doesn’t have a profit-sharing plan, lobby for one and make sure it’s available to every employee. In a good year, profit sharing should raise average compensation by 10 percent or more. Wherever possible, disaggregate big units into small ones. In general, keep operating units to fewer than fifty people. Give every unit a full-fledged P&L. Minimize corporate overhead allocations and avoid building targets around detailed KPIs. Expand the decision-making prerogatives of frontline operating teams. Give them responsibility for decisions around unit strategy, operations, and people. Roll back legacy policies that have truncated the freedom of frontline units. Give businesses the right to negotiate the price of centrally provided services and opt out if they don’t think they’re getting a good deal. Once every unit has a genuine P&L, significantly increase the proportion of individual or team compensation that’s at risk. Ensure that above-average performance brings above-average rewards.

GKPI is our religion. And it reflects in all kinds of big and small ways in the way we work. Our office doesn’t have a TV screen playing CNBC or any other news; our lone TV screen is used only for video conferencing. The only Bloomberg terminal we have is in the corner of our office pantry; it remains unused and unwatched probably 99 percent of the time. We never discuss recent company news or share prices in our team meetings. I mainly read physical newspapers, in which the information is always one day late. We have never bought or sold a single business based on news flow and never will.

Wal-Mart was too small and insignificant for any of the big boys to notice, and most of the promoters weren’t out in our area so we weren’t competitive. That helped me get access to a lot of information about how they were doing things. I probably visited more headquarters offices of more discounters than anybody else—ever. I would just show up and say, “Hi, I’m Sam Walton from Bentonville, Arkansas. We’ve got a few stores out there, and I’d like to visit with Mr. So-and-So”—whoever the head of the company was—“about his business.” And as often as not, they’d let me in, maybe out of curiosity, and I’d ask lots of questions about pricing and distribution, whatever. I learned a lot that way.

Ebay is still the number one site for individuals and small businesses to sell their items to people worldwide. While it is much larger than it was initially, at its core, Ebay still functions like the world’s largest flea market with items of every type and at every price point available. Ebay continues to expand and improve, giving sellers like me confidence that they will be around for years to come. With nearly two hundred million registered Ebay users, there are still plenty of opportunities to make money on Ebay. But why sell your items on Ebay instead of a garage sale or consignment shop? Hands down, you will get the most money for your items on Ebay versus selling them locally. As I mentioned earlier, there are nearly 200 million registered Ebay users, meaning there are 200 million more chances to sell your items. Let’s say you have a rare collectible to sell. While only a handful of people will come to your garage sale or enter your local consignment shop, on Ebay, your item is available for purchase to the millions of Ebay account holders worldwide. You only need to wait for that one

Write the benefit directly on the invoice above the price you’re asking them to pay.

In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.

According to strategy guru Michael Porter of the Harvard Business School, successful business strategies are at the opposite poles of each of two choices: (1) aim to dominate the entire industry or, alternately, target only the few segments in which it can excel; (2) choose between winning by marketing superior products or, alternately, by offering bargain prices. Companies run into trouble when they are not clear about whether they are serving the whole market or just focusing on specific niches. Also, quality products and low prices can’t be equally important objectives, or a company will be stuck in the middle.

We work with freelance, self-employed, micro and small businesses and offer an experienced accounting and bookkeeping service at a sensible price. The team collectively have a wide range of experience working with businesses from all sectors, ages and sizes, from self employed individuals to much larger corporate businesses and organizations. This experience and the knowledge we have gained is a real advantage and of great benefit to our clients.

A major portion of the cost of defense against foreign aggression in a laissez-faire society would be borne originally by business and industry, as owners of industrial plants obviously have a much greater investment to defend than do owners of little houses in suburbia. If there were any real threat of aggression by a foreign power, businessmen would all be strongly motivated to buy insurance against that aggression, for the same reason that they buy fire insurance, even though they could save money in the short run by not doing so. An interesting result of this fact is that the cost of defense would ultimately tend to be spread among the whole population, since defense costs, along with overhead and other such costs, would have to be included in the prices paid for goods by consumers. So, the concern that “free riders” might get along without paying for their own defense by parasitically depending on the defenses paid for by their neighbors is groundless. It is based on a misconception of how the free-market system would operate. The role of business and industry as major consumers of foreign-aggression insurance would operate to unify the free area in the face of any aggression. An auto plant in Michigan, for example, might well have a vital source of raw materials in Montana, a parts plant in Ontario, a branch plant in California, warehouses in Texas, and outlets all over North America. Every one of these facilities is important to some degree to the management of that Michigan factory, so it will want to have them defended, each to the extent of its importance. Add to this the concern of the owners and managers of these facilities for their own businesses and for all the other businesses on which they, in turn, depend, and a vast, multiple network of interlocking defense systems emerges. The involvement of the insurance companies, with their diversified financial holdings and their far-flung markets would immeasurably strengthen this defensive network. Such a multiple network of interlocking defense systems is a far cry from the common but erroneous picture of small cities, businesses, and individuals, unprotected by a government, falling one by one before an advancing enemy horde.

The concept of value disciplines was popularized by consultants Michael Treacy and Fred Wiersema in their 1995 bestseller, The Discipline of Market Leaders, which was the expanded version of an earlier article they’d written in Harvard Business Review. They argued that, to be really successful, a company had to focus on providing one of three types of value to its customers: the best price, the best product, or the best overall solution.

This bit of hyperbole revealed a very important fact: At its heart, grave dancing was an opportunity to resurrect those assets deserving of a fresh start. It was a bet on my ability to affect a turnaround. And the low entry price paid for the risk I was taking to do it. Grave dancing involves confidence, optimism, conviction, and no small amount of courage. All the opportunity in the world means nothing if you don’t actually pull the trigger.

These companies were searching for something indefinable and immeasurable, something that went beyond the standard definitions of success in business, something that could easily be lost unless it was protected against the homogenizing influences brought to bear on every company. I call that quality mojo. (See the introduction.) If you are not involved in helping to generate mojo, you have nothing to contribute except, perhaps, capital, and the capital usually comes at too high a price.

If shares are partial interests in enterprises, not just numbers on a screen, the certainty we seek must emanate from the business itself. Training our minds on businesses rather than stock prices moves us in the right direction. We’re not equally equipped to analyze every security or industry, but if we focus on spots where we are conversant, we’ll be more certain that we’ve put together the evidence properly. By entrusting our capital only to honest and capable executives, we reduce the risk of malfeasance. Some industries are brutally competitive and change relentlessly, and some companies depend on the kindness of bankers. Go elsewhere, where there’s more safety.

Sell your art, crafts, or any handcrafted item on etsy.com Develop a travel concierge service to help people when they miss their flights Offer online tutoring services in your field of expertise Host a networking event (charge a low ticket price and get sponsors to provide food) Create and sell a visitors’ guide to your town or city, or build a web resource for tourists, supported by advertisers Create an online (or offline) course in some quirky subject you happen to know a lot about Publish a blog with a new lesson on a specific topic every day Start a podcast and sell sponsorship Visit yard sales or thrift shops and buy items to resell Offer a simple freelance service—anything from fact-checking to tech support or something else entirely Become a home, office, or life organizer Manage P.R. or social media accounts for small businesses Buy and sell used textbooks to college students Sell your musings on business, art, or culture as a freelance writer Start a membership website, where people pay a monthly or annual fee to access useful information about a specific topic Write and publish a book (if I can do it, you can too!)

And another sort of backlash—less direct, but undoubtedly more serious in human terms—was being felt in some of the poorer countries of the world. For example, the price of copper for July delivery dropped on the New York commodity market by forty-four one-hundredths of a cent per pound. Insignificant as such a loss may sound, it was a vital matter to a small country heavily dependent on its copper exports. In his recent book “The Great Ascent,” Robert L. Heilbroner had cited an estimate that for every cent by which copper prices drop on the New York market the Chilean treasury lost four million dollars; by that standard, Chile’s potential loss on copper alone was $1,760,000.

Poultry workers are paid very little: in the United States, two cents for every dollar spent on a fast-food chicken goes to workers, and some chicken operators use prison labor, paid twenty-five cents per hour. Think of this as Cheap Work. In the US poultry industry, 86 percent of workers who cut wings are in pain because of the repetitive hacking and twisting on the line. Some employers mock their workers for reporting injury, and the denial of injury claims is common. The result for workers is a 15 percent decline in income for the ten years after injury. While recovering, workers will depend on their families and support networks, a factor outside the circuits of production but central to their continued participation in the workforce. Think of this as Cheap Care. The food produced by this industry ends up keeping bellies full and discontent down through low prices at the checkout and drive-through. That's a strategy of Cheap Food....You can't have low-cost chicken without abundant propane: Cheap Energy. There is some risk in the commercial sale of these processed birds, but through franchising and subsidies, everything from easy financial and physical access to the land on which the soy feed for chickens is grown to small business loans, that risk is mitigated through public expense for private profit. This is one aspect of Cheap Money. Finally, persistent and frequent acts of chauvinism against categories of animal and human life -- such as women, the colonized, the poor, people of color, and immigrants -- have made each of these six cheap things possible. Fixing this ecology in place requires a final element -- the rule of Cheap Lives. Yet at every step of this process, humans resist....

Just about the only serious argument anyone tries to make in favor of diversity echoes Jonathan Alger, a lawyer who has argued before the Supreme Court in favor of racial preferences: “Corporations have to compete internationally,” he says, and “cross-cultural competency is a key skill in the work force.” This argument assumes that people get along best with people like themselves, that Koreans, for example, can do business most effectively with other Koreans. Presumably, if the United States has a large population of Koreans they will be a bridge between Korea and the United States. For that to work, however, Korean-Americans should not fully assimilate because if they do, they will lose the qualities that make them an asset. America should give up the ideal of Americanization that, in a few generations, made Englishmen, Dutchmen, Germans, Swedes, the Irish, and all other Europeans essentially indistinguishable. Do we really want to give up the idea of assimilation? Or should only racial minorities give up on assimilation? More to the point, is a diverse population really an advantage in trade or international affairs? Japan is one of the most racially homogeneous nations. It would be hard to find a country that so clearly practices the opposite of American-style diversity, but it is one of the most successful trading nations on earth. If diversity were a key advantage, Brazil, Indonesia, Sudan, Malaysia, and Lebanon would be world leaders in trade. Other great trading nations—Taiwan, Korea and China—are, if anything, even more closed and exclusionist than Japan. Germany is likewise a successful trading nation, but its trade surpluses cannot be attributed to cultural or racial diversity. Only since the 1960s has it had a large non-German minority of Turks who came as guest workers, and there is no evidence that Turks have helped Germany become more of a world presence or even a better trade partner with Turkey. The world’s consumers care about price and quality, not the race or nationality of the factory worker. American corporations boast about workforces that “look like America,” but they are often beaten in their own market by companies whose workforces look like Yokohama or Shanghai. If we really took seriously the idea that “cross-cultural competence” was crucially important, we would adjust the mix of immigrants accordingly. We might question the wisdom of Haitian immigration, for example, since Haiti is a small, poor country that is never likely to be an important trade partner. And do 32 million Mexican-Americans help our trade relations with the world—or even with Mexico? Canada is our number-one trading partner. Should we therefore encourage immigration from Canada? No one ever talks about immigration in these terms because at some level everyone understands that diversity has nothing to do with trade or influence in the world. The “cross-cultural competence” argument is artificial.

Stores offering credit typically charged higher prices to cover the inevitable credit losses, driving cash-paying customers to chain stores that offered no credit but lower prices.7

See David Brooks’s many published meditations on the populist majesty of Wal-Mart, the retail force that is doing so much to push places like rural Kansas into poverty—destroying the small-town business districts, forcing down retail wages, crushing farm prices, and committing countless violations of labor law along the way. “Walk into one of those places,” Brooks wrote in a June 9, 2002,New York Times Magazine story, referring to Wal-Mart and the other big-box discounters, “and you’re in middle-American nirvana. You can get absolutely everything you need for a wholesome, happy life.

26. Stress your guarantee. “Develop Software Applications Up to 6 Times Faster or Your Money Back.” 27. State the price. “Link 8 PCs to Your Mainframe—Only $2,395.” 28. Set up a seeming contradiction. “Profit from ‘Insider Trading’—100% Legal!” 29. Offer an exclusive the reader can’t get elsewhere. “Earn 500+% Gains with Little-Known ‘Trader’s Secret Weapon.’” 30. Address the reader’s concern. “Why Most Small Businesses Fail—and What You Can Do About It.” 31. “As Crazy as It Sounds…” “Crazy as It Sounds, Shares of This Tiny R&D Company, Selling for $2 Today, Could Be Worth as Much as $100 in the Not-Too-Distant Future.