Budgeting Beyond Legal Boundaries

One of the many oddities shared between entrepreneurs is their ability to budget beyond boundaries. They don’t make the same assumptions about where the lines must be drawn. The edges are more fluid. They see customer value and customer alternatives and they see new ways of assembling systems to deliver value at a profit regardless Read more about Budgeting Beyond Legal Boundaries[…]

Questions About Estate Planning

Within the last few months I have received more questions about estate plans than the sum of my entire life prior. My default response is “I don’t know.” Perhaps I ought to leave it there? (my usual response.) Instead, I started reading and began writing… mostly trying to form some coherent thoughts. Disclosure: I still Read more about Questions About Estate Planning[…]

The Market is a Profound Conversation

After completing Robert G. Hagstrom’s “Investing: The Last Liberal Art” I began to re-read my margin notes. His book has over one hundred bibliography entries and is a fantastic introduction to the multidisciplinary worldview of the market. One of my pencil scratches suggested that the market is a profound conversation. Hagstrom uses the word “puzzle” Read more about The Market is a Profound Conversation[…]

The Appropriate Depth: A Leader’s Guide to Excellence in Small Business Ownership

Running a small business is challenging. I would argue that it is more challenging than running a larger organization. There are usually fewer resources (common excuse), but more importantly, there are fewer established procedures; or worse, there are well-established poor procedures. I like to look on the bright side and tend toward assigning a positive Read more about The Appropriate Depth: A Leader’s Guide to Excellence in Small Business Ownership[…]

Diversification Motive

A business owner should diversify when the market no longer responds profitably enough to justify reinvestment –and there is still entrepreneurial appetite, capacity, and talent remaining. The default should be reinvestment in one’s primary endeavor, where the insights and probabilities are strongest. If a firm begins to lose value, then the owner should make changes Read more about Diversification Motive[…]

Making Order While Retaining Decentralization

Our General Managers run sales and operations. And they’re great. I provide “entrepreneurial services.” Some probably prefer I stand down, wild man. When we launched, I used the phrase “we believe in decentralization” quite often. At the time, I had a vague understanding of what that meant exactly. I figured the simple definition was “Hire Read more about Making Order While Retaining Decentralization[…]