New York Metropolitan Opera | The New Business Model

The opera has long been regarded as the epitome of entertainment among the wealthy, as well as a symbol of a well-educated mind. For many, attending a performance at a famed opera house is a once in a lifetime opportunity. Offering a mix of both classical and new operas, the opera house becomes the doorway to an enchanted land. The process of creating that fantasy land, however, is based in a startling reality of paperwork and business plans. For the New York Metropolitan Opera, reality came crashing into their fantasy world as bankruptcy loomed.

Are there lessons that can be learned from opera’s stage? No subtitles required – the new business model of the New York Metropolitan Opera provides clear lessons for entrepreneurs at every stage of business.

Metropolitan Opera House, NYC

© Flickr | faungg’s photo

After taking a look at 1) the New York Met’s history, understanding how the Met went from 2) headliners to show stoppers and 3) discovering how the NY Met changed course with a new business model, you’ll be prepared for 4) lessons for entrepreneurs that can help revitalize (or continue to improve) your business. Continue reading

When And How To Pivot A Business Model

As an entrepreneur, it is easy to become attached to the business idea you had when you started your company. Through the startup process, you pitched your idea to investors who bought into the concept that you had developed, and your company has been busy fulfilling its mission. But what happens when progress stops? How does a company react when the initial plan fails and expectations aren’t met? Unfortunately, many startups give up at this point. A few, however, have learned to pivot their company and go on to achieve success.Wordle - Pivot

Read on to discover 1) what a pivot is, 2) when a company should pivot its business model, 3) common types of pivots, 4) elements of a successful pivot, and 5) examples of corporate pivots. Continue reading

What Are The Core Skills Every Entrepreneur Needs To Establish?

Success in the business world is not just about having a great business idea or an even better product to sell. Things like this may guarantee success however, whether the success extends to the long term depends on certain core skills. An entrepreneur may naturally possess some of these skills. With respect to the other essential skills, an entrepreneur is expected to cultivate them in himself. Once cultivated or learnt, the skills may have to be re-learnt or adapted to changing business environments to keep the entrepreneur from lagging behind in the rat race.Core skills for entrepreneurs to become successful

This article talks about 1) 16 core skills entrepreneurs need to develop to become successful, and 2) how to develop these core skills. Continue reading

Real Estate Strategies

There are many strategies to make money in real estate – from sales to financing to investing in real estate securities. The fundamental method, however, is buying and either holding and/or selling commercial and/or residential property. You can also invest in real estate securities. Regardless of the method, all successful real estate strategies require proper planning, research, and analysis. Before you make a decision on which strategy (or strategies) you will employ, you should set financial goals, study your available options in-depth, develop a plan, and obtain feedback. One strategy for successful planning involves developing a network of real estate entrepreneurs and industry professionals that you can rely on for advice. Many cities and online venues have social clubs for entrepreneurs, which can be a good source of insights and feedback. Networking with brokers, and other industry professionals is key to execute other real estate strategies, so start building a list of contacts in the planning stage.

Real estate strategies v2

© Flickr | Andrew Morrell

However, if you choose to develop your real estate business plan, make sure that you have written goals and understand both your target real estate market(s) and all of the strategies you have available to you. In this article, we will cover 1) residential property strategies, 2) investing in commercial property, 3) investing in real estate securities, and 4) lessons from successful real estate entrepreneurs.  Continue reading

How To Find Cheap Real Estate

Fundamental for making money in any endeavor is to buy low and sell high. In a real estate context, this means that you must find property that you can sell for a higher price. While some real estate investors do speculate in markets with rising real estate prices, this is a challenging proposition most often met with failure. For most real estate investors, the road to riches is paved with finding cheap properties, which are purchased and then sold for a higher price. This necessitates the question: where do I go about finding cheap properties to sell?

It’s important to first define what cheap means. For each individual investor, cheap is a different absolute dollar figure, far different for say, Donald Trump, then the average public school teacher. The relative definition of cheap for each investor is based on their existing finances (including how much financing they can obtain), their risk profile, their definition of a reasonable return, and their investing goals.

Cheap is also defined as property considered undervalued. Valuation is based on a property’s historic and current underlying market price, especially as relative to assessments of the property’s underlying value. These other assessments can come from professional appraisals, comparable market analyses (CMAs), discussions with real estate brokers, and online home valuation tools. A property on the market for $300,000 – ten percent less than it is appraisal value may be considered cheap by one investor. But to another, given the estimated costs of the property’s needed repairs, the property may still be expensive. For another investor, who can only obtain $250,000 in financing, $300,000 may be expensive for an investment property.

In short, whether a home’s price fits your definition of cheap, or otherwise worth your time and money is ultimately a decision you must make based on your own criteria. However, real estate investors have traditionally found properties they consider undervalued using a few common methods.Methods to find cheap real estate

In this article, we will cover these methods including, 1) finding fixer-uppers, 2) non-traditional locations, 3) online searches, 4) short sales, 5) foreclosure sales, 6) building your own house, 7) HUD housing, and 8) obtaining a discount through negotiations. Continue reading

What To Study In Order To Become An Entrepreneur?

Anyone desirous of starting their own business may find it quite a daunting task to decide on which field(s) of study to take up in college to increase the chances of success in their venture. Whichever the subject(s) chosen, study should ideally combine both theoretical and practical education.

Study entrepreneur

© pixabay | jarmoluk

In this article, we discuss, how 1) choosing the right education depends on business model, 2) theoretical useful things to study to become an entrepreneur, and 3) examples of entrepreneurs with different educational background, explaining how their educational background helped them. Continue reading

Startup Hubs Around The World: Toronto

Silicon Valley has consistently ranked number one in the startup market, giving other cities in the world something to aspire towards. Few cities are as successful as Toronto, Canada. A highly livable city, along with a network of resources that are designed to support and encourage the start-up, more and more of the world’s entrepreneurs are heading to the city of Toronto to establish their company.

Toronto

© Flickr | Robert

In this article, discover 1) the benefits of the location, 2) tax incentives in Toronto, 3) legal incentives, 4) investors, 5) local resources, and 6) specialization in the city for entrepreneurs.  In addition, you’ll find 7) startups to watch in the city. Continue reading

Optimizing Logistics

Logistics in the entire process of managing the purchase, storage and movement of goods. Resources including physical items such as equipment, materials, and food, and abstract items need to be moved between points of origin and points of utilization. All this movement comes within the logistics process. Logistics is also often defined as the management of inventory both at rest and in motions.

Logistics

© Pixabay | PublicDomainPictures

In this article we will look at 1) defining logistics, 2) categories of logistics, 3) optimizing logistics, and 4) logistics best practices. Continue reading

Top 5 Methods To Stay Fit For An Entrepreneur

A sense of urgency surrounds the entrepreneur. Everything happens fast, and the deadline is always imminent. Full of passion for their company, the entrepreneur is dedicated to becoming successful. The life of an entrepreneur can follow a predictable pattern: long work hours, erratic eating habits and minimal sleep. There is a temptation to focus on the exciting work of the start-up and neglect their well-being. That mentality, however, can have long term consequences on the health of the entrepreneur as well as for the overall company. How can an entrepreneur stay healthy while nurturing their start-up? When there doesn’t seem to be enough hours in the day to get work done, how can the business leader squeeze in time for getting (and staying) fit? Making a commitment to good health is essential for the entrepreneur who wants to be around to enjoy the fruits of their labor.

stay fit for entrepreneur

© Flickr | Maria Georgieva

There are five methods for an entrepreneur to stay fit: 1) sleep, 2) stress reduction, 3) healthy eating, 4) exercise, and 5) mental health. Finally, we’ll look at 6) tools the entrepreneur can use to stay fit. Continue reading