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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review March 8, 2007 / 8 Adar, 5767

How to start a business when you're fresh out of school

By Marty Nemko

Nemko
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http://www.JewishWorldReview.com | You're done with school and are trying to figure out what do. You'd much rather be your own boss than a wage slave but you're scared. After all, you know that most new businesses go out of business. Here's how to maximize your chances of success.


Status is the enemy of success. Most top graduates are too prestige-conscious to start low-status businesses. So, they start la-di-dah ones like a software company or they become doctors or lawyers. So, if you start a low-status business — for example, mobile home park maintenance, chain of espresso carts, used truck-parts brokerage — your competitors are likely to be lightweights, and so you're likely to eat their lunch. Also, low-status businesses are simple so there's less to go wrong.


Don't innovate; replicate. Come up with a new idea and it might work and it might not. You're the guinea pig, and while you might not die if your experiment fails, you might go broke. I had a client who invented a new product. To keep costs down, he found an overseas manufacturer. The overseas manufacturer simply stole the idea, ignoring U.S. patent laws. Suing was prohibitively expensive so our hero went bust. Of course, even if he hadn't, there are a zillion other reasons his innovative business could have failed: cost overruns, the product may not have worked, failed to impress consumers, or soon was superseded by a better or better marketed competitor.


Better to copy a proven concept: knock off a hot or long-selling product or website, or find the busiest type store in town and clone it in a similar location. If, for example, you see a number of burrito shops doing ay-caramba business, incorporate each one's best features and open yours in a great location.


Beg for honesty. The oldest business axiom is "Talk to your customer." But that's not good enough. Customers lie, especially if they're your friends and you're asking, "Is this a good idea?" You have to beg them to be honest with you: "Better to tell me you wouldn't buy my product now than after I've invested a bundle in the business."


Okay, so you have a workable idea. Now you need excellent execution. What does that mean?


Be a cheapskate. Making six figures as your own boss doesn't require a lot of capital. Indeed, the old saw, "It takes money to make money" is dead wrong in running a simple, low-status business. Sure, you need big bucks if you're trying to create the next Olive Garden, but what's needed to maximize your chances of making six figures in a simple business is that you be a cheapskate: Work from home, hire help only on a just-in-time/by-the-hour basis, buy low (for example, use price search engines such as shopzilla.com and bizrate.com to get the cheapest price on zillions of items) and sell high (never try to compete on price. Market to clientele that will pay for service.)


Hire wisely. Hire people you already know and trust or who are recommended by those people. There's too much lying on resumes, interviews, and references to trust a stranger. Test candidates out, not with B.S-able interview questions like, "What's your greatest weakness?" but with simulations: Ask them to show you how they'd tackle the tasks they'd be doing on the job.


Hire people you like personally and who will stay with you. Not only is replacing and perhaps retraining expensive, it's fun to work long-term with someone you like. How do you determine who will stay? Often, it's someone with a flaw that will make them unlikely to land better work: no college degree, physically unattractive, too shy to do an aggressive job search.


By hiring them just-in-time and by the hour, if despite that careful selection process, you guessed wrong, you can fire a bad worker with little worry of a wrongful-termination lawsuit.


Treat everyone like your lover. Whether it's the people who work for you, your customers, or vendors, treat them with kindness, respect, even love. Ask their advice, criticize sparingly and in a face-saving way, and show concern for them as human beings. They'll do much more for you and be loyal, even if you pay modestly.


Work long. No matter what the work/life balance cheerleaders say, most successful business owners don't just work smart; they work long. I know that advice will never get me on Oprah, but it's the truth.


Rebound. Stuff happens. Losers then quit, prematurely. Winners struggle for solutions, and only if the struggles come too often, do they know when to try a different game.


Never do anything you couldn't tell your mother. The bottom line is only half the bottom line. The other half is — at the risk of sounding like your mother — doing the right thing. You may or may not be as successful if you're a sleazebag, but you don't want to sell your soul for money. Trust me on this one.

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

400+ of Dr. Nemko's published writings are on www.martynemko.com. Comment by clicking here.

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