Geekpad Business

Gathering Facts

The right approach is thinking about facts in a detached, almost mathematical manner. Then, you formulate a proposition and try to find sufficient evidence to examine its validity:

• Proposition: This is a profitable investment.
• Evidence: A’s opinion on this is that…
• B’s opinion on this is that…

Make sure you consider all opinions meriting your attention before reaching any conclusion.

Key Concepts

• Inductive reasoning entails finding the reasons for a known conclusion, while deductive reasoning entails finding a conclusion for which the reasons are already known.
• In inductive reasoning, facts are regarded as propositions that need supportive evidence; facts and hypotheses are essentially treated in the same way; any proposition can be fall into any of these two categories, depending on the circumstances.
• A hypothesis can be described as a supposition about the relationship among a number of propositions for which there is substantial evidence. If the supposition is found to be acceptable, it becomes a proposition for which there is adequate evidence.

Useful Guidelines

The basic guidelines for dealing with hypotheses are:

• If there is a hypothesis, test it out.
• Don’t gather evidence ad infinitum.
• After testing,

You have a record

Now that your long-term and short term goals have been set, a smart practice is to review your progress every six months. You must determine whether the paths you have chosen are working well, and if not, to alter them. This activity will put your business on a faster track for achievement.

Employees know what to do

If you currently have employees or eventually plan to have them, it is wise to document everything you do so that you may easily train them. A CPA once shared that it costs $25,000 to hire and train an employee. The more efficiently you can get your employees properly trained, the less the expenditure and the greater likelihood of their contentment and willingness to remain in your good hands.

Easily write a book

When you have built a successful and/or unique business, if you have all of your documentation in place, you will easily be able to write a book on how you did it. It will be a book that new business owners will want to read. The published book may well open new doors for you to expand your business.

Government contracts vs. private contracting

Projects for the government are covered by strict statutes and regulations to protect the public and reassure taxpayers that their money is being spent properly.

Government contracts are different from private contracting in several ways. To begin with, most public works jobs require that you pay the prevailing wage rate. Public works as opposed to private work is very highly competitive. For example, contractors are on a much bigger margin than public works, while public works typically involves a greater volume. So markup is less. But you’re working with a higher price in labor.

You also have more outside agency inspection, which is often extremely critical. And it’s much more paperwork-intensive: tech submittals, payroll, and legal (lien) documentation, just to name a few areas.

Since the government typically requires more paperwork, many businesses never enter the market. So what’s in it for those who do? Is it worth it?

Good opportunity for stable businesses

Doing business with the government won’t make you instantly wealthy. But it can certainly work to your financial advantage. For one thing, it can help you to level out the economic peaks and

Product Research

In the huge online competitors, Product research is a vital to the internet businessman because this will determine the success of the business. product research included the products type, products conversion and product markets.

Market research

To determine where the products to be market, The market research need to be done to ensure the targeted customers and market can be reach effectively and convert to sales.

Web Hosting company

Web hosting is a online business platform. Choosing the reliable web hosting company is vital to ensure the business is up and running smoothly. You do not want if somebody clicking to your ads and found out the website is not there.

Website

In online business, the website is a shop or premise to the business. Design of the website should be easy to navigate so that can help the business grow and prevent the potential customers leaving your website without buying anything.

Advertisement

Advertisement is a important part in the online business. Without the advertising the business will be dead in the crowd. The most popular to test run the product and website is Pay Per Click

Thinking positive isn’t enough

Whilst thinking positive thoughts definitely helps, thoughts alone don’t put cash in the bank.

So, whilst you definitely need to keep your mind as positive as possible, you can’t survive purely on positive thoughts.

Put your ideas into action

Again, your ideas may be good and they may have lots of potential. But if you don’t put your ideas into action, no-one will know.

There are almost as many starving inventors as their are starving artists.

Because, to be brutally honest with you, ideas are two a penny.

You probably gets hundreds, maybe even thousands, every day.

But unless you’re putting them into practice they’re worth as much as the thought bubbles they’re created on.

Which is basically zero.

This means that part of having a successful business mindset is the process of analysing your thoughts and ideas, giving them some kind of score and then actually putting the best one or two into practice.

A lot of successful business people keep an ideas journal close by themselves at all times. Because you never know when an idea will pop up – often