Derek fell into a niche business he loved. He did not have a plan and he appears to have either been badly advised or took no advice on how to run a business. But he was the typical small business set up by someone without business experience.
He cost himself a lot of money, but was fortunate to be able to absorb a $3 million dollar error. Learn from this!
If you are setting up a business or in a business, this a short concise guide on the type of typical errors business owners make. You can't just hand over your business to staff unless you document how the business needs to run. You own the business, you have the vision, telling people how it all should work, does not work, you need to write it down.
Just because others did it one way, this does not mean they were correct. Use Derek's experience of profit sharing agreements and staff failing on critical issues as pointers to avoid.
Many people fall into a business with no planning. CD baby is a great example. Don't rely on a bank teller to advise you on your business decisions (this happened to Derek) and while family are great, get your own independent advisers and support structure (this cost him ???3 dollars)
This book is short and this makes it perfect for listening to over and over again. Derek worked hard to get where he is today, but it could have been easier and less costly. Hopefully you can gain from his mistakes, lessons learned and his achievements as in the end he achieved much and enjoyed himself.
This book is book of simple ideas. It makes you think about multiple pricing strategies. It also explains why some pricing methods work and why others don't.
I am not a pricing expert, but having worked with many businesses, I now see how wrong some of their pricing strategies are. Who would believe that a price war can be good for your long term business, or increasing your prices could make your goods more valuable and your business more profitable for the long term. It happens all the time and your business might just benefit.
This book is ideal for people who want to learn about pricing and/or get you to think about how your product should be priced.
This was a great buy for me who knew nothing about pricing. But this book confirmed to me some of my gut feelings I had about pricing and gave me more confidence in how to use pricing in the future.
5 out of 5
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