How to turn your kids into entrepreneurs

We're always being told that there is no magic formula for success. Despite the belief of many parents that pounding the books and staying away from the evils of PS3 and Xbox will be enough, it seems that may not be so.

I found this interesting article on this very subject.

http://online.wsj.com/article/SB10001424052702304066504576341222166546598.html?mod=djemSB_t

It's worth a read

The special partnership

We often hear about how we have all just become a bunch of numbers and that the 'i' in individual is lost. The US certainly delivered on this by citing the UK as ' a series of islands off mainland Europe'. Obviously a description from Geography 101. Gordon Brown must be delighted.

If you feel that you cannot describe what your clients do and who they are, be it terms of delivery, strategy or even how they fit in their market, then you're just as guilty as the US State Department. The loyalty that we all strive to see coming our way is a two way street. Make sure you're going the right way.

When just in time is out of time

Today we see the sad end to the Woolworth retail story. 

Shoppers fighting over the so-called bargains as the management seek to squeeze every ounce out of  this once proud bastion of the high street. Regardless of what analysis is reached, when all is said and done it seems that here is a company that has been constantly sailing too close to the edge. 

Many retail operations work on the assumption that they lead the market. In truth, very few do and like lemmings, they follow their competition. Of course, it is the businesses that get in, and out, early on that make the real money. Whilst just-in-time works for manufacturing, retail requires stock at the point of sale when the customer is there. 

If your business is retail based, make sure you don't make the same mistakes as Woolworth.

Guy and Madonna show us the way

So, Mr & Mrs Ritchie have decided to call it a day. No great surprise there. But in doing so, they have demonstrated that you can still end a relationship, no matter how multi-layered, with dignity.

There is a good lesson here for us in business. We often hang on to failing businesses or favourite ventures, in the misguided hope that we can turn it around. Look at the current disastrous position that Woolworth's have got themselves in. 

When we see that despite the best intentions, we cannot make a business or a division a success, we need to boldly take decisive action. Like a surgeon removing a tumour, the cut must be quick, lest we allow the rest of the body to be infected.