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In an earlier post, I talked about an online business core competence comes from its ability to convert inputs using efficient coordinated processes into output that create value for customers. Core competencies improve with use. Core competencies are the driving force for new business developments. A competitor can imitate your product, but they should not be able to imitate your core competencies. Core competence consists of all the learning that

Bad debts are debts in which the payment term exceeds the benefits received from taking the debt. For example, paying for a vacation three years after the vacation is done. When we have bad debt it's like we are forever caught up in the past. The issue of bad debt is one that befalls the average American. According to nerd wallet, the average American household debt profile is as follows:

A value chain model are the set of activities required to deliver a product or a service. The essence of a value chain model is creating a set of activities valued by the customers. Activities could be primary in that it directly benefits the customers (e.g. creating content) or it could be supporting which means customers indirectly benefit from these activities (e.g. bookkeeping). In developing a value chain,

It is less expensive to classify a worker as an independent contractor rather than an employee. Moreover, small business owners find it very difficult to deal with the administrative requirement of hiring employees. There is always the temptation to classify employees as independent contractors because of the relative ease of dealing with the contractor status. The problem is simplicity should not be the deciding factor of how workers should be

One of the questions new entrepreneurs ask is how to price their product. I think a more important question than pricing a product, is how much you get to keep. Profit targeting is when you plan your pricing to incorporate your desired profit level. Business expenses are ether fixed or variable in nature. Knowing if your expenses fall within the fixed or variable category is important because fixed expenses affect