Using the knowledge around you

2 Chronicles 1:11-12 And God said to Solomon, Because this was in thine heart, and thou hast not asked riches, wealth, or honour, nor the life of thine enemies, neither yet hast asked long life; but hast asked wisdom and knowledge for thyself, that thou mayest judge my people, over whom I have made thee king: (12) Wisdom and knowledge is granted unto thee; and I will give thee riches, and wealth, and honour, such as none of the kings have had that have been before thee, neither shall there any after thee have the like.

Yesterday I decided to spend the day with one of my many entrepreneurial uncles and the opportunity presented itself for me to learn from him what he went through and starting his business back home. He brought many things to light for me and verified a few other things that I've already learned along the way. 

(1) Decisions concerning location - Rent if necessary, at some point, rent to buy or own 

Of course this idea will change according to the type of business that you are in, or the target areas and opportunity you have as well as the resources that you have in a new venture. Even my current employer is likely the only company that owns our own standalone building in the office park where we currently reside. Dually noted.

(2) Use other peoples money

Something I commonly heard throughout grad school but was very murky to me, b/c it would seem that you'd want to use at least some of what you have so that investors would see your investment in what you are doing. Wrong! You taking out a loan shows your investment b/c you still are responsible for paying it back. It's likely you'll need your own money to sustain you until your company is operating in the black or at least working it's way towards it.

(3) Pricing Structure 

It's not a bad thing to want to have business ethics, but you can't just always have a permanent discount and give everyone a low price, because then they may not buy your product because they won't think it's quality or it may reiterate their belief "you get what you pay for!" Competitive pricing is a key. From another perspective seen in my current jobs product pricing, even if you completely discount your product, people will still ask for a discount to feel like they are getting value. Either stick firm on your price, knowing you have the best value, or raise it a little and then give them a discount to your original price so they'll still believe their getting value or a deal out of it. Coming out on the winning end.

***Example, a woman knew we had the lowest price to offer, but argued 15 minutes w/ me about a reduced service fee from 24 even down to 12 dollars. It was definitely a standoff, but w/ my inability to waiver (due to company policy) she eventually decided not to walk, because she knew she wouldn't get a better deal.*** 

*Wise Words - "For every unsatisfiable customer lost, there are four more good ones to gain"