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<< Ed Kaim's Entrepreneur Tip#1 | Home | A couple of VERY good posts >>

Two Things Big Biz Tycoon can Teach You

I was playing this game tonight and was doing really well but I made two critical mistakes that eventually caused me to go bankrupt. First, I tried to move into a new business industry-from children's toys to business software. There is no intended irony there. I discovered that in the game, as in a real business, entering a new market is extremely expensive. I had about $240,000 before the move and I didn't even get the research portion out of the way before I was out of money. Second, hire good employees and place them strategically. I hired one employee who was high on intelligence and sincerety and development but low on loyalty. He left the company before finishing the first project. I have seen this several times myself in the real world. My various employers would hire a superstar and try to squeeze all they needed from them in as short as time as possible. The person, when they were heavily depended upon, broke under the pressure and just quit.

Print posted @ Monday, October 11, 2004 10:43 PM

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