0

Select a business that has little overhead

The Rabbit’s son was getting ready for class but first he went by his business professor’s office to ask him his thoughts on starting a business on campus. His professor said, “One of the things that you need to remember is to start a business that has very little overhead to test out your idea. Once you have a good and viable business model, scale rapidly. I understand you of all people want to move fast, it’s in your genes, but just get down your business model then scale.”

Lesson: This lesson was inspired by the Teach a CEO post “10 Tips to Starting A Successful Business During College.” Just like the Rabbit’s son learned, in business and especially in college it is important to reduce overhead until a sustainable business model is established.

Image courtesy of piyato / FreeDigitalPhotos.net

0

Don’t Abandon Plans When the Going Gets Tough

The Owl was the business adviser to the Rabbit and every time things began to get difficult and the Rabbit wanted to pivot, he promised to come see the Owl. When he sat down with the Owl, he would always hear the same thing, “Remember we wrote this thorough business plan based on all our research and we promised that we would stay true to it unless there was a evidence that we should change it. Don’t let a tough day or ‘advice’ force you into a emotional decision which you could regret.”

Lesson: This lesson is inspired by Alabama, the 2013 NCAA Football National Champions. In a post by Biz Journals it offers a few lessons to learn from their season. Here’s an excerpt:

When Alabama found itself in a third quarter deficit against Georgia in the Southeastern Conference Championship Game, the Tide didn’t fall into the typical “we’re down in the second half, so it’s time to start throwing the ball every down” mindset.

Instead, it came out doing what it does best: running the football.

In business, it’s tempting to abandon your previously successful plan and start throwing up Hail Mary passes when times get tough in hopes of kickstarting sales.

While you shouldn’t panic or lose your composure, as Florida showed us last week, sticking to what made you successful doesn’t mean you can’t mix it up when the time is right.