Forums: Discussions for entrepreneurs and small business.

It`s a small amount in comparison, but what would you do with $1,000 if someone handed you a check today to improve your business? What small thing would have the biggest impact on your sales? It`s easy to throw $100K at a problem ... But when you are talking about a much smaller amount, you have to make much wiser decisions and be more selective about what you will do with them. What are the little things that an entrepreneur could do with $1,000 to maximize the impact of those dollars? Let`s make a list of the best things you can do for your business with only $1K.

Now THAT`s an interesting proposition! :-)

I remember my father telling me a story about how executive Board meetings worked. He was in the shipping industry, and was continually astonished at how people handled "large sums" of money.

There`d be an agenda item about how many tankers or cargo ships to buy, each at around $7-million or some such bigass number. The various members would casually say yes or no, discuss how many, and move on.

Then there`d be an agenda item about how much to spend on a new gardening tool shed behind the main corporate offices. From there, the meeting would go on for hours as everyone had their detailed opinions, arguments, and complaints.

The reason, and I agree, is that few people can actually comprehend the reality of large numbers. So they just view the entire subject as a single unit. But EVERYbody knows how to build a tool shed! Everyone knows about the hardware store, bolts, nuts, screws, tables, and supplies. So everyone has an idea, everyone is an expert.

$1,000 is enough to be a "useful sum" of money, but not enough to solve the entire universe of problems. It`s a great way to focus on priorities. For our company, it`d likely go to materials, advertising (design and layout services), and possibly a simple inventory-management database.

Interesting story about the tool shed.  We all know how to make a tool shed, but probably only a few of us really know how to do it "right."  We THINK we can do it, but we really can`t do it right.  I run into the same scenario in the law business - especially now that so many patent and trademark resources are on line.  "I`ll just go to the USPTO website, read some stuff, and fix me up a patent application.  I can always go back and fix it if I do something wrong the first time, right?" 

They wouldn`t dream of trying to fix their own car.  "I might screw it up, then not be able to get to work."  Yet, they think nothing of readin` some of them there law books and filin` somthin`.

 

 

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com

I would use it toward advertsing print such as brochures or a new sign for my car. Great Topic Nikole!

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Hire NHG Consulting for their marketing expertise.

I would probably use the money for additional marketing or development work for additional features. 

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That`s exactly right. It`s the perception of personally "doable" that leads to all the input, discussion, and argument.

One of the most difficult but interesting aspects of business is the difference between "reality" and the "perception of reality." I remember asking how one goes about pricing something, and the consensus was that it`s an art that takes into account the perception of reality.

I think all of us tend to discuss topics where we have a belief or perception of knowing something about that topic. After all, it`s a bit pointless to put up a post saying, "Hey..I  have no idea what this is about, so thought I`d just say I`m clueless." :-)

What`s more dangerous is when our perception of some amount of knowledge doesn`t match the actual amount. Even so, there`s a modern problem of another perception that everyone is supposed to know everything.

It`s also interesting how many people would put this "low" amount of money into marketing and advertising. Does that mean marketing and advertising is a low priority or "afterthought?" Why do people look at $100,000 or $1-million and think debt service, capital expenditures, charity and so on, but "only" $1,000 and they think about direct benefits to their startup?