Scott Allen

Online social networks such as LinkedIn, blogs, and Meetup have enjoyed phenomenal growth in the past year. They are among many new social software tools in an arsenal that also includes virtual communities, social network sites, and much more. The Virtual Handshake is the roadmap to a dynamic (and lucrative) online arena that is fast becoming the crucial relationship-building environment for serious professionals. Filled with clear, real-life examples, The Virtual Handshake shows readers how...

The convergence of technology that accelerates the power of relationships and facilitates dynamic communications--peer to peer and to entire communities--is revolutionary to say the least. The book defines The Relationship Economy as “The people and things we are connected with in our personal networks, who or that distribute or consume our capital, which in turn influences our individual production outputs.”

One of the most difficult, yet important, issues you must decide as an entrepreneur is which pricing methodology to follow within your business. Determining exactly how much to charge for your products or services is a major step towards setting your long-term pricing strategy as a company.

One of the most important lessons entrepreneurs have to learn, often painfully, is that cash really is king. I'm not talking about paper money -- I'm talking about cash flow. Simply put, it doesn't matter how much money is coming in the future if you don't have enough money to get from here to there. Employees can't wait on paychecks until your customers pay. Your landlord doesn't care that you're talking to investors and will have the money in a couple of months.

Managing cash flow is one of the most challenging aspects of being a business owner. Learning to budget, however, can help you overcome this challenge.

Many entrepreneurs leave a secure job to run a business. When you do this, you move from earning a regular income to earning a more haphazard income, which can make personal budgeting difficult. The haphazard nature of business income is one of the risks of running a small business.

It's an old cliche that we all know and understand, but to what extent do you really apply it in your business? Be honest with yourself, how much is your time worth?
As a business owner, you can't afford to spend your precious time doing $10/hr work when your hourly output needs to be $50/hr in order to turn a profit with your company each week. That's when opportunity management, having a productivity system with regimented rules in place, and being willing to hire help comes into play.

When you borrow money from an outside source and promise to return the principal in addition to an agreed-upon percentage of interest, you take on debt. The term "debt" tends to have negative implications, but startup companies often find that they must acquire debt so they can finance operations. Even the healthiest of corporate balance sheets will typically include some level of debt.

For most successful small businesses, networking and referrals are both the least expensive and most effective forms of marketing. Reputation is the currency of networking and referrals. Whether it’s reviews and recommendations on websites such as Yelp and LinkedIn or the more vague “Yeah, I’ve heard they’re great” of face-to-face conversation, a positive reputation is one of your most valuable business assets.

Reputation is usually built from one thing: happy customers. Depending on your bus...

A few years ago, when I was active in the field of knowledge management, a friend of mine turned me on to the book Diffusion of Innovations by Everett Rogers. It’s not generally known as a business book, but as a sociology and communications textbook. You may, however, be familiar with some of the concepts within it...

Once you've decided to walk the entrepreneurial path, the next question to ask yourself is, "What type of business do I want to start?" There are thousands of choices. Even things you might think are out of your reach may not be. Short of something like pharmaceuticals that requires enormous research & development budgets, there are virtually no limits: automobile manufacturing, food products, import/export, and many others are open to even the individual entrepreneur.

Your friends and family, the online gurus, publications, and even casual acquaintances can provide you with a steady flow of information regarding news, industry developments, and opportunities. Industry analysts, consultants, employees, and good networking contacts can share their expert knowledge with you regarding particular situations and needs you may encounter. However, only a business mentor can truly share wisdom with you on an ongoing basis...

You know him. He’s the perfect networker. He’s at every event. He’s a brilliant conversationalist. He’d give you the shirt off his back. He follows up. He keeps his commitments. He’s always happy to make an introduction.

And yet he’s always broke...

The beauty of creating an online business is that you can potentially make a great deal of money with it—and at no cost. All that's required is a novel business idea, a well-defined target audience in mind, and the skills to pull it off.

From an insurer’s standpoint, every business is unique in the risk that it poses. In order to properly rate a risk, the insurance company must take many things into consideration in an attempt to determine the likelihood of a claim and if there is a claim, the severity of it. The following are the top factors that insurers consider that could cause a business to pay higher insurance premiums. These also represent your best opportunity to keep your insurance costs under control or even reduce them.