SOM refers to the portion of the market that your business COULD actually capture, as you stated: "[the] % [you] can realistically achieve from the SAM." Let's use an analogy to break this down - and pretend you are talking about fishing instead of project management software. TAM refers to all...
In my experience great advice can move across industries in several categories; cash flow management, human resources, process improvement, systems and measurement. Ask him questions relating to how he measures, rewards and retains his best staff. Ask about how he ensures proper cash flow manage...
Let others do the heavy work: use a software solution. There are many out there, so start with exactly what you need to know (the information you need to have available comes first, then you determine what and how to track). Do some research on the available software and then call up a few compa...
I love this question! Thank you for asking it. If you don't mind, once you finish I would love to know more about your startups and what led you ask this question. No judging, but everything is a learning opportunity - I guess, hence we're both here. My name is Humberto, although I now run a h...
I have not heard of the $1,000 rule; however, the determination for the need of a business license will come more from the requirements of your local government. Check with your local economic development office to determine what licensing would or would not be needed for the particular type of ...
Most people are lazy. They won't do anything other than daydream about becoming your competition. Next point: if the barrier to entry to your marketplace is low, then it's all about selling. Rather than focusing on features or what you do ("We make websites"; who cares?), start talking about ser...
A typical and ubiquitous problem faced by any small, medium business is breaking the status-quo. The problem often fails to get resolved due to the sales/number focused approach envisioned by the organization. As a matter of fact, deciding around future enhancement (s) requires a lucid understand...