Berkonomics

Would you celebrate your mistakes?

Berkonomics

Leading by example. How do you teach your work force that mistakes are OK as long as they learn and don’t repeat them? By being a visible example. A friend and fellow CEO states that he publishes each of his mistakes in his company internal blog along with the lesson he learned. “If

156
156

OK. Let’s AMPLIFY your three levels of leadership.

Berkonomics

Another leadership development bit? But if you have no time or are impatient, here are the three levels: visionary, strategic and tactical. Skip or stay with me; but think about your balance in your leadership methods either way. The conundrum of competing needs.

247
247
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Selling your business? Find the emotional buyer

Berkonomics

This is one of my favorite insights, since I lived this one in a positive exit from my computer business. Types of business buyers expanded. Most people will tell you that there are two kinds of eventual buyers for your business: financial and strategic. A financial buyer will analyze your numbers, past and forecast, to the n’th degree, and calculate the price based upon the result, after carefully comparing your numbers with those of others in the same and similar industries.

600
600

Learn processes from your employees at work

Berkonomics

Empathy comes from experience. Over fifty years ago, I was CEO of a record manufacturing company in Hollywood.

156
156

Can You Ask for Office Rent Relief? How to Manage Your Lease During COVID-19

Office leases are one of companies’ largest expenses, and if your whole team is working from home with no clear end in sight, you may be wondering what to do about your lease.

Careful with terminations. Don’t disparage.

Berkonomics

It happens all the time when you’re a CEO or manager. . Somebody important leaves or is let go, and you worry over the impact upon remaining employees and customers.

156
156

The best advice startups will never follow

Berkonomics

Dave’s note: This is a reprint of a 2015 insight that seems to have struck a chord with investors and entrepreneurs. None of this advice has changed… Let me tell you a few short hair–raising stories of entrepreneurs who have raised money and regretted it later.

263
263

Is ‘servant leadership’ too soft for you?

Berkonomics

First, what is “servant leadership?”. It’s a term rooted in ancient philosophy. Robert Greenleaf may have been the first to resurrect the concept in his book published in 1970.

156
156

Jeff Bezos asked a question that blew me away!

Berkonomics

Here’s the question: This piece of wisdom came from Jeff Bezos, founder of Amazon, during a board meeting for one of the companies where he sits as board member. Jeff asked the question “Is there anything big or small, which is working better than you expected?

249
249

Why not share your liquidity success with those who got you there?

Berkonomics

So, you are close to selling your company, and counting the profits a bit early. Well, that’s human nature. Here’s a thought for you to recall later when and if the event happens. Remember those who got you there. And for tax reasons, remember them before the closing of the deal, so that you can do so by sharing a bit of your proceeds without paying personal income tax upon those amounts. Formal option plans for some.

480
480

Is “management by walking around” an outmoded fad?

Berkonomics

Let’s set the scene. One of the CEOs I used to coach started his day by walking the floor of his extended facility and checking in with managers and employees of the various departments, especially the call center.

156
156

Stop managers from gaming the system!

Berkonomics

Does this really happen? Business unit managers are under lots of pressure to perform, and occasionally are tempted to step over the line finding ways to look better than reality reflects. Of course, this has never happened to you, and you have never done this in your past.

156
156

HIRE for talent. RENT for experience.

Berkonomics

Want the best way to create your core competency quickly and inexpensively? . Think like a startup, with little resources, a limited window of time, and few dollars to spend on expensive experts. Divide the hiring decision into two boxes.

156
156

Why should you explain WHY?

Berkonomics

Remember the five “W’s?”. In my early journalism classes, I was taught the five “W’s” of good news stories, and that most should be in the first paragraph at that. Who, what, when, where and why are the five, with sometimes a “how” thrown in for those followers of the macabre.

156
156

The shocking truth about employee loyalty

Berkonomics

How we often handle employment issues today. When we accept the work commitment from a person we hire, we make a pact with the new employee that often stops at agreeing to pay for service rendered and to provide a safe working environment. There should be more than that. .

248
248

Are you the leader if no-one follows?

Berkonomics

Here is a variation of the “tree falls in the forest” question. . In past insights, we’ve looked at leadership skills, ways to enhance effectiveness, and how to develop creative ideas that motivate and propel your organization to greatness. Here is the ultimate question for a leader….

156
156

Learn the power of NO!

Berkonomics

Over the years I have counseled entrepreneurs to think of a “no” response in terms of “yes, but…” There is always another way to say “no” that leaves the door open for creative thinking. Well, almost always. . Sometimes, you just have to suck it up and say “NO” with strong conviction.

156
156

Employee vs. contractor: Here we go again.

Berkonomics

Why revisit this issue now? Several years ago, I wrote an extensive article on the ten most important tests of a company in classifying a person as an independent contractor. See [link] for that important insight.

156
156

Leadership: Sell the dream while making the reality.

Berkonomics

As a leader, you set the goals, establish the strategies and tactics to get there (with help from others of course) and sell the dream to all your stakeholders. And that includes potential customers as well as executives and employees. Can unmanaged growth ever happen?

156
156

How to solve your most critical problems

Berkonomics

First, the challenge. Let’s say you have been told by your board, by your chairman, CEO, or direct leader to solve three problems you identify and report back within a month showing progress – or that you have solved these three. But wait. You have questions!

156
156

How good a leader are you?

Berkonomics

There are many roads to Rio, so they say. But there is one overwhelming method of appraising the effectiveness of a business leader. Outcomes.

156
156

Are there only three types of advice?

Berkonomics

“Here’s the deal…” So, I occasionally read suspense novels to break up the relative monotony of constant business books. A sentence in the one I recently read caught my eye.

156
156

How to reach beyond the prospect’s gatekeeper

Berkonomics

What’s a gatekeeper? Looking for an entrance into a VC, an angel group, a bank, a CxO for a sales opportunity, or any other entity? There are always gate keepers whose job it is to filter out the inconsequential or inappropriate and allow through those with most promise.

156
156

How to “reel them in” to a trade show booth

Berkonomics

We seem to be back to 2019 in the trade show world. Shows that shuttered during COVID have reopened, even if traffic and attendance seems smaller so far, but rising. So, let’s spend a cycle on trade shows for the first time in years.

156
156

Are you really ready to examine your email open rates?

Berkonomics

No–one needs to tell you that mobile readers now outnumber desktop readers for your. message. A recent Experian marketing survey revealed that 52% of all email opens are from mobile devices, and that 38% of all clicks are from mobile devices.

156
156

Let’s not confuse big data with knowledge!

Berkonomics

There’s a famous intersection in Tokyo, Shibuya Crossing, where thousands of people cross each day, seemingly in random directions. Here’s the test: try to follow one person in his or her journey. That would be like picking a piece of information form a maze.

156
156

Mailing lists, email marketing, errors, oh my!

Berkonomics

Using old email lists for the first time is like eating really stale doughnuts. The taste is pretty bad, and the side effects could be disastrous. Strict rules about spam accounts. Email companies like Constant Contact, Mail Chimp and many others all have strict rules.

156
156

Have you heard? Eyeballs aren’t everything.

Berkonomics

Remember when? Back when we were all trying to figure out the real value of traffic on the web, investors – and acquiring companies – got a bit crazy with metrics used to value acquisitions and investments.

249
249

Here are tricks to find yourself on social media.

Berkonomics

Finding your needle in the haystack. There is so much information being shot at us daily via social media streams that we should monitor and control that which pertains to our business – and do so with some level of expertise. Start with a simple tool.

156
156

How powerful has new media advertising become?

Berkonomics

We think of media advertising as either paid or free – placed by paying a fee or by a PR firm or by you at no placement cost, especially when you provide editorial content beneficial to the publisher. But now there’s new media….

156
156

Question: Do you know three types of advertising?

Berkonomics

If we never advertised, we’d never sell anything. Right? Perhaps right, but there are three major types of advertising, some requiring large outlays of cash, some not. The types of advertising. First, you can advertise your brand so that people recognize it when they see it in later materials.

156
156

Sometimes your gut is the best you’ve got.

Berkonomics

How I didn’t follow my own advice. Years ago, I led a deal and invested in a company that looked like it had lots of promise to disrupt the women’s clothing industry with special algorithms and an online store. But something had bothered me from the very start – unsalable inventory.

156
156

Go ahead. Revert to “old school” marketing. If you dare…

Berkonomics

“Broadcast the message and they will come!” “Segment my broadcast and I will have better response.” Both of these time–honored methods of reaching our customers have worked for as long as there was print and radio–TV to get the message out. The obsolete marketing message.

156
156

Steve Jobs’ “aha moment!”

Berkonomics

There is a process to innovation that can be summed up with four words: “Whoa. Credit Dr. Mark Goulston with this. He states, that’s exactly how Steve Jobs described his “aha moment.” So, let’s paraphrase the late Mr. Jobs as we describe this process. A bit of history that “made” Apple rich.

156
156

Branding yourself: A critical decision

Berkonomics

We’re talking about brand strategy here. Not advertising, and certainly not an easy grasp for amateur marketers. So how developed is your company’s brand? Is your message clear, concise, and consistent?

156
156

Customer empowerment? Blame the Internet.

Berkonomics

Customer empowerment is moving so fast nowadays that many of us are running to just catch up. Yet if we don’t or can’t, it is a sure thing that someone else will. Yes, we can blame the Internet for this.

156
156

Good, cheap, fast. Pick any two.

Berkonomics

This one is attributed to Rod Adair, the famous oil and gas fire suppressing expert. And boy, does it apply to most of us and our offerings. Quality” products and services….

156
156

Do you really want to be the first to market?

Berkonomics

My stories of missing the context of the times. Over the years, as I managed my several computer companies as CEO or executive chairman, I made the decision to go to market with a brand-new product that had never before been exposed to my customer’s marketplace.

212
212

The lion and the ant: A managerial lesson

Berkonomics

This story has turned out to be one of the most enduring posts ever for me, well worth repeating. And what a lesson for us all. I confess that our research cannot find its source.

156
156

How credible are you to others?

Berkonomics

How do you define credibility in business? A friend of mine recently told me his story of how his very career rests on his credibility with his major supplier–partners.

156
156

Finding “stinky clauses” in legal investment documents

Berkonomics

Here’s the problem: Investors sometimes join into investment rounds that have been pre–negotiated by others, receiving the paperwork already created by attorneys from that negotiation.

156
156

What if you and your investors don’t agree on an exit?

Berkonomics

First, the implied promise: Taking money from professional investors such as angels or VCs usually requires that you agree to seek an exit for those investors in your plan, often targeting five to seven years as the ideal period for growth before a liquidity event.

156
156

Don’t just raise money. Do it on good news!

Berkonomics

Why is this important advice? Because the first rule for raising money is to do it on good news – right when sales are increasing at an accelerating rate. Or when a major customer signs a significant deal. Or when something happens that makes an investor think this company is about to break out.

156
156