WILDCARD WEDNESDAY: The Hard Bargain Blindspot

A few weeks ago, I was backing into a parking spot when two youths in a van sneaked up behind me trying to claim my spot.  I was livid! Regardless of the consequences, I was going to do anything I could to deny them THIS spot.  So I backed my car in a position that lead to a stalemate: they were 80% parked but could go not further without hitting my car.  

We stayed like that for longer than I care to admit and during the entire time, I kept trying to get myself to move on to any of the other parking spots that became available.  But, regardless of the arguments made by the logical side of my brain, I was determined to "win" so I did not yield.

In the end, I was vindicated when the cops came and ordered the youths to leave the parking spot.  But as I was happily parking my car, reality hit me like a ton of bricks: this was a Pyrrhic Victory.   A parking spot was not adequate compensation for the time I wasted and the errands that were left undone.  

I'm sure we've all been in similar situations, but what would happen if you developed a similar blind spot in business - you know when real money is on the table? Don't think you would be so illogical? Well, take a moment to watch these three people try to divide almost £37,000 and tell me what you would do differently.

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WILDCARD WEDNESDAY (4/8/14)

About a year ago, I went to my first workshop on "elevator pitches"I was told to start with something that intrigues the investor - it shouldn't necessary express what you do in detail, but it should instead, describe the benefits your business offers. (Essentially, start with benefits not features).  For example, one company that rents designer handbags to customers starts its elevator pitch by describing itself as "Netflix for handbags"... simple and effective.

After you have intrigued the investor, you should then highlight your MAIN features & your accomplishments and track record that justifies an investment. 

This pitch below did not follow those rules - at least from my perspective.  Except for the fact that they sell chocolates, I don't know what benefit this company offers that separates it from its competitors. Everything else felt like information overload!  I wanted to scream - "Streamline this presentation & stick us with the MAIN points!"  This poor lady tried to squeeze just about everything there is to know about her company within that 3 minute time span and in the end, she lost me.

But, I'm the typical "A" student that likes to follow the rules laid out by the professor. So, tell me - was I blinded by what I learned in the seminar? Are there experts on the perfect pitch out there who can tell me what I've overlooked in this? I'd really like to hear your opinion!

That’s it for this week’s “WILDCARD WEDNESDAY"!

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WILD CARD WEDNESDAY - Common Sense Tax Advice From A Fellow Entrepreneur

So welcome to our first "Wildcard Wednesday"! Every Wednesday, I'll feature something related to the law that I believe you need to see.  The format and areas covered will change every week, but unlike the legal news blog or our "best of the web" series, the content and format of "Wild Card Wednesdays" will change, well... wildly! (Sorry for the pun but I couldn't resist!)

Our first Wild card Wednesday feature comes from Andrew Shin. First, let me apologize for the quality of the video.  The lighting and production may be off, but the advice is top-notch!  And, for once I wasn't bored to death when someone started discussing taxes.  Why? Because Andrew tells you what to look for without being technical.  He just lays out the stuff that you need to keep track of - and also discuss with your tax accountant.  And, I also thought it would be helpful to hear this stuff from another small business owner.

I recommend starting at around the 1 minute mark.