Business Advisor

Though it is a subject far from business and entrepreneurship, this week I want to focus on the pressing need for nuclear disarmament. The world has faced this challenge throughout my life, and the issue has become even more urgent in today’s world of terrorism and loose nukes. We would be completely powerless if these destructive weapons fell into the wrong hands. One of my early memories involves nuclear proliferation: the 1962 Cuban missile crisis – the closest ...

I have always liked Sam Cooke’s old hit song, “Chain Gang.” It really comes in handy when I’m talking about customer service. That’s because delivering good customer service requires that a frontline worker receives supportive assistance from an entire network of co-workers – in effect, a chain reaction of teamwork, one that is consistent from beginning to end. And when it comes to helping a customer, the chain of assistance is only as strong as its weakest link. I ...

Q: As much as I agree with you and think of you as a role model, I find some of your recommendations rather unrealistic, especially for businesses just starting up. For example, I would like to keep my employees happy and having fun, but find it a great challenge due to limited resources. I am not able to pay my employees well, nor provide a good working environment. My priority right now is to make more money and ...

Q: If you were to list your top five rules for achieving success in business, what would they be and where would the “people factor” come in? Nicki McKenzie, Malaga, Western Australia A: On behalf of her students studying business at the high school level, Annette Moran of Wavell Heights, Queensland, asked a similar question. The people factor appears over and over on my list of top five tips. It is the basis of many entrepreneurial successes and, because ...

With oil from the wreck of the Deepwater Horizon rig continuing to flow into the Gulf of Mexico and the direct cost of cleaning up the worst environmental disaster in United States history well over $2 billion, it’s clearly time to find new solutions for our energy needs. Part of the problem is that the decision to continue relying on oil has always been portrayed as the lesser evil of a difficult choice between continuing on along ...

Kaspars Parfenovics of Latvia, who reads the weekly magazine Lietiska Diena, sent in the questions that follow about business, motivation and project management. Enjoy, and please keep those e-mails coming! There are just too many messages for me to respond to all of them personally, but I will answer a few questions in this space every month. Q: I have read that you believe in trusting people to perform their duties at a high level and giving them ...

If you decide to tackle an engineering challenge or to venture into the scientific unknown as an entrepreneur, you’re embarking on a real adventure – difficult, fascinating, often risky. Sometimes you and your team might feel quite alone, while at others you might choose to partner with friends or even your competitors. It’s important to remember that we all learn from and build on others’ accomplishments – as I’ve written before, an entrepreneur does not succeed alone. This ...

People tend to think of entrepreneurs as lone heroes, but this isn’t how it works in real life. Many live up to their reputation as risk-takers and some remain outsiders, but despite this outlier status, entrepreneurs need support to be successful. In fact, we’re a lot like Formula 1 drivers: The person in the cockpit gets all the glory since fans tend to forget about the pit crew and all the behind-the-scenes effort it takes to keep ...

A lot of people ask me about the Virgin brand – what’s our secret? What’s the enduring magic formula? The truth is, we started with a really simple idea that has developed over time. When I opened my record store, I thought it might be a success if I made it a cool place to hang out and kept prices low. I hoped that the combination would make the store popular and that the resulting sales volume ...

For every entrepreneur who has the courage to take on a Goliath with the equivalent of a slingshot and a couple of stones, there are a hundred others who’ll say, “You must be kidding! There’s no way I can ever compete with that monster!” For much of my business career, I’ve played the role of David – and loved every minute of it. You see, I’ve always believed that small is beautiful. Young, aggressive businesses have surprising ...