Summary of “From Passion To Profit: How To Make Money Doing What You Love”

“People no longer think of business as the antithesis of art, but as an opportunity to express their vision.”
As of 2015, the brand currently has 14 staff members working in San Diego who specialize in things like inventory management and human resources, which are aspects of the business Thall did not feel equipped to handle himself.
“It’s about whether you want to learn all the tech skills you need from scratch or hire an agency to help you. We’ve chosen to focus on doing what we really enjoy, and I think this is why we still love managing our business.”
When you launch your own business, one of the earliest challenges is managing your startup costs when you don’t yet know how big your customer base is or how big your inventory needs to be, if you’re selling products.
For Annie Lin, who recently left a marketing position to start her own business, a solution to this problem arrived in the form of a subscription business from which customers purchase a product on a recurring basis, rather than on a one-off basis.
While consumers are drawn to subscriptions because they like receiving a monthly or quarterly delivery of curated products in the mail, this model is also a boon to small business owners because it allows them to accurately assess how much inventory they need each month.
“But with 500 subscribers, my business suddenly becomes sustainable. You don’t need to be as big as Birchbox or a Barkbox to be successful.” Given that her profit margins are currently between 30 and 40 percent, she’s been able to live comfortably on her earnings.
“Ten years ago, when people thought the Internet was the Wild West, I saw that millennials were already consuming content on YouTube and I realized that I should be building influence here.” Phan worked hard to consistently upload high-quality videos, but at the time, there was still no way for her to immediately monetize the content-so even though she knew YouTube had business potential, the videos were still very much a side project for her.

The orginal article.

Summary of “The uncertain future of your neighborhood dry cleaner”

The rise of fast fashion and athleisure means that dry cleaning a garment can equal or surpass the cost of replacing it.
When a wholesale cleaner accidentally damages a garment, or a customer is dissatisfied, there’s liability insurance, which can cost $300 a month.
Because of constant upkeep and nonstop city regulations, it’s no wonder that Hargrove jokingly said that New York City is “The worst place to own a plant.” She also said that industry downturn in the last five years has pushed dry cleaners, both plants and drop shops, to branch out into cleaning Ugg boots, wedding gowns, rugs, and more high-ticket items like evening gowns and prom dresses.
He moved to New York in 1993 as an international student majoring in theology, and went on to become a supervising pastor before moving into dry cleaning.
“We take care of them, like free dry cleaning for the supers, and then we try to give them a good deal for uniforms. It’s not gonna happen just one night, one day – it’s a long time.”
He’s happy to strike up a conversation to inform customers that dry cleaning isn’t the only option, nor the best for a particular garment.
A handwritten note under the real-estate sign at the empty storefront now directs his former customers down two avenues to another retailer, Tower Cleaners.
Tower Cleaners is owned by a man who identified himself as Mr. Lee, who says he is also the founder of the Manhattan-based franchise J’s Cleaners and DC Care Center, large players in the dry-cleaning industry.

The orginal article.

Summary of “Why the Tom’s of Maine Founder Thinks He Can Create the Next Patagonia”

On an icy day in early January, Tom Chappell peers across the rolling pasture of his 85-acre farm in southwestern Maine.
Chappell worked his entire adult life to grow Tom’s of Maine from an upstart that made hippie toothpaste into a national drug-store-chain staple.
After selling Tom’s of Maine to Colgate for $100 million in 2006, Chappell decided to join the emerging movement of entrepreneurs working to resurrect U.S. manufacturing.
In 1966, Tom Chappell discovered he was a natural at selling life insurance.
In 2006, having run Tom’s of Maine for 35 years, Chappell felt it was time to sell.
“No one could tell us how much of it there was,” recalls Chappell’s son-in-law Nick Armentrout, who had a farm outside Kennebunk and knew a thing or two more than Chappell did about ranching, which was nothing.
“We didn’t understand as a company that fit was important. Not just fit, but quality of design,” concedes Chappell of the brand’s clothing, which until this year, he says, fit inconsistently from one season to the next.
“What’s the problem? Price. And a lack of knowledge of the cost to the world and other people globally.” He’s hoping to ride the burgeoning movement in “Slow fashion”-people caring about ethical and sustainable production of their clothes-to help win Ramblers Way the loyal customer base that Chappell once enjoyed with Tom’s of Maine.

The orginal article.

Summary of “”The World According To Fannie Davis” Is BuzzFeed Book Club’s October Pick”

I’ve already learned that the best time to tell Mama difficult news, something that could get you in trouble, is during that brief, expectant pause in the day.
Mama throws on her soft blue leather coat, the color of the Periwinkle crayon in my Crayola box, and together we slide into her new Buick Riviera; are we headed back to school to confront Miss Miller? Thank God no, as Mama heads south, away from Winterhalter Elementary; she soon turns onto Second Avenue, drives to the corner of Lothrop, and parks in front of the New Center building.
Mama takes my hand and leads me to the children’s shoe department, where an array of options spreads before us.
We lived well thanks to Mama and her Numbers, which inured us from judgment.
After Mama died in 1992, my sister Rita briefly took over running the business; but she eventually closed it down and our family’s life in Numbers ended, and with it, the threat of exposure disappeared.
To maintain our comfort, Mama fought steadily against the threats of fierce competition and wipeouts, but also against exposure and police busts-and thanks to the cash business she was in, armed robberies and break-ins.
Yes, Mama could get busted, but I didn’t process what that meant: that our good life would end.
Scariest of all is this: the only way for me to tell Mama’s story is to defy her, by running my mouth.

The orginal article.

Summary of “You Have to Nail it Before You Scale it”

The result-they don’t have as much control over their ability to scale.
Have you defined your end goal? Or are you just running as fast as you can, hoping to get traction, then deciding on the finish line? When understanding how to best scale your business, it is important to keep your end goals in mind.
If your end goal is to have a huge payday, it is likely that you will need to scale.
A company we’ve recently invested in, partially because of its ability to scale quickly with limited friction, is ClassPass, the online marketplace that connects fitness classes and gyms with consumers.
In the end, it made more sense to sell to a global company that already had the necessary infrastructure in place to scale.
If the answer is “Not a lot,” you don’t have systems in place that are ready to scale beyond you.
Is there anything I could put in place now that would make growth as scale easier?
What are other factors that have helped you to nail it before you scale it? Please share as comments.

The orginal article.

Summary of “The Books Every New Graduate Should Read, According to a Dozen Business Leaders”

We asked a dozen business leaders-from CEOs of big companies and startups, to deans of leading business schools-what books they would put in the hands of a newly minted graduate.
The Boys in the Boat Daniel James Brown’s account of an underdog rowing team beating the elite squads of the US and Europe on its way to the 1936 Olympics in Berlin is “a vivid description of grit, hustle and, perseverance,” said Mark Hoplamazian, CEO of Hyatt, the hotel company.
Team of Teams Retired general Stanley McChrystal, who led US special operations in Iraq between 2003 and 2008, makes the case for a new way of organizing companies and work around small, nimble teams.
McCrystal shows “How the sum is greater than the parts,” said Bill Clough, CEO of CUI Global, a small industrial conglomerate, and a former police officer and air marshal.
“You can’t possibly know what happened unless you were there, and people don’t always act in rational ways,” said Kathryn Minshew, CEO of The Muse, a job-search site that targets millennials.
“It’s about the mythology of life,” said Rick Goings, former CEO of Tupperware, the houseware company.
“New graduates are charged with developing their relationships with society: family, co-workers, government,” said Jeff Jonas, CEO of SAGE Therapeutics, a biotechnology company.
“If you were a college student and you read that talked about it in a job interview, they’d be really impressed,” said Catherine Engelbert, former CEO of Deloitte, an accounting and consulting firm.

The orginal article.

Summary of “Orthodox Jews Are Selling Big On Amazon”

There’s an estimate passed around third-party Amazon consultants that claims 7% of all Amazon third-party sales originate from a single zip code in Brooklyn, and that Orthodox Jewish-owned businesses make up 15% of marketplace sellers.
There’s an estimate passed around third-party Amazon consultants that claims 7% of all Amazon third-party sales originate from a single zip code in Brooklyn.
In March, several Lakewood-based Amazon sellers spoke at an event dedicated to selling on Amazon attended by roughly 500 Orthodox Jews.
Ed Rosenberg, who runs a consulting firm and Facebook group for Amazon sellers, holds an annual event in Brooklyn where he told BuzzFeed News roughly 1,000 sellers attend, mainly Orthodox Jews, to learn about new rules, network, and share information.
James Thomson, a manager with Amazon Business Services from 2007 to 2013, told BuzzFeed News that he noticed his third-party seller clients were mainly concentrated in only a handful of neighborhoods – Brooklyn; Fair Lawn, New Jersey; and Lakewood, neighborhoods with large concentrations of Orthodox Jews.
Some people in the Orthodox Jewish Amazon seller community joke about what the word “Amazon” means in Hebrew – Am means nation and mazon means feed.
Selling on Amazon’s platform also means selling on Amazon’s terms.
“I’m not in a bubble – I live knowing Amazon is not necessarily here to stay.” He’s planning to use some of his income from the company to make other investments and expanding his wholesale business to vendors outside of Amazon.

The orginal article.

Summary of “This Chicago Duo Sold Their Protein Bar Company for $600 Million. 6 Lessons You Can Take From Them”

I had just finished interviewing co-founder of RXBAR, Peter Rahal at his local coffee shop in the River North neighborhood of Chicago.
Three weeks prior, Rahal and his partner Jared Smith sold their company to Kellogg’s for $600 million.
You don’t need investors to build a multimillion-dollar company.
“We would ask to speak to the owner and ask if we could put my bars on their shelves. we gave it away for free. We didn’t care. We just wanted people to start trying them out. We made these bars by hand. There was no huge manufacturing line. It was one bar at a time.”It actually made our due diligence with Kellogg really smooth.
“We were sick of all these weak ingredients in protein bars.
“These constraints helped us stay honest with ourselves,” says Rahal.
Just because you sold the company, doesn’t mean your work is done.
You don’t sell your company and have less work.

The orginal article.

Summary of “25 Of the Most Inspiring Books Everyone Should Read”

The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse by Mohamed A. El-Erian “During my time on Wall Street, I witnessed both high and low times. If you want to understand the modern global economy, you should read this book. El-Erian is an incredibly clear thinker and explains complex ideas in an articulate way that is understandable to the financial novice while engaging to a seasoned industry veteran. Although no one can predict the future, this book comes close.”
A Tale of Three Kings by Gene Edwards “This masterfully written book highlights three leadership styles, culled from the lives of three kings mentioned in the Bible: Saul, David, and Absalom. Whether you are a seasoned business owner or a young entrepreneur, this book is a priceless treatise on the art of identifying and dealing with the good, the bad, and the ugly attitudes of those who sit in the big chair at the office.”
The Art of War by Sun Tzu “A very good friend of mine recently gave me a copy. It’s not a sit-down-and-read-it-in-one session type of book. But I was facing some challenging moments, and she left a copy on my desk with a note that said, ‘You need this.’ I opened a page randomly, and read, ‘Know yourself, and you will win all battles.’ It resonated immediately with me. Sometimes founding a company is like a war-you need discipline, a game plan, confidence, and to understand the enemy. I keep it on my desk for moments when I’m finding things tough. It’s not always relevant, but sometimes it’s a better pep talk than any inspirational Instagram post.”
The Goal: A Process of Ongoing Improvement by Eliyahu Goldratt “This is a story about a business executive dealing with serious challenges at work and in his personal life. It is a good read as a novel, but more interestingly, it is a great business and leadership book. Its theme is that, in life and in business, you should constantly ask ‘What’s the goal?’ before taking any action when faced with a task or challenge. If you establish clear goals and a method of measurement, your action plan is more likely to line up with achieving the goal. The character, Herbie, becomes a metaphor for how to identify constraints and define processes based on these constraints.”
Blue Ocean Strategy by W. Chan Kim “How to leverage, how to differentiate, and how to hedge-this classic business book inspires me on how to compete in the overcrowded optical and eyewear business. In today’s fast-changing environment, what used to be your strength and competitiveness can be your biggest obstacle in growth and change. One must constantly question, learn, and keep an open mind.”
American Icon: Alan Mulally and the Fight to Save Ford Motor Company by Bryce G. Hoffman “This book really resonated with me, because it’s almost a mirror image of what we did with the Sparkling Ice brand. Hoffman dives into how Alan Mulally went into Ford and took a look at the organization as a whole. He shifted the focus to the consumer and recognized the importance of delivering quality products and services. Mulally honored the heritage of the company and used Ford’s identity as a strength to reinvigorate a culture. If you need to enact change in your company without losing its values, this book will be perfect to pull inspiration and tactics from.”
Double Your Profits in 6 Months or Less by Bob Fifer “This book was the most impactful on my career. Other than a small section on technology, the book is a blueprint for how an effective and efficient business should be run. Fifer’s teachings are ingrained in nearly all of TransPerfect’s business systems, and he has personally come and participated in training conferences with our senior management team.”
Crossing the Chasm by Geoffrey Moore “I read this book when it was first published and I was a first-time CEO at Cobalt Networks. The book, which focuses on how to bridge the chasms that occur in the transition from a market solely for innovators and early adopters to one that reaches a mainstream audience, proved to be my personal manual for building disruptive companies. For those in management, marketing, and sales at B2B tech companies, this book is a must-read.”.

The orginal article.

Summary of “25 Of the Most Inspiring Books Everyone Should Read”

The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse by Mohamed A. El-Erian “During my time on Wall Street, I witnessed both high and low times. If you want to understand the modern global economy, you should read this book. El-Erian is an incredibly clear thinker and explains complex ideas in an articulate way that is understandable to the financial novice while engaging to a seasoned industry veteran. Although no one can predict the future, this book comes close.”
A Tale of Three Kings by Gene Edwards “This masterfully written book highlights three leadership styles, culled from the lives of three kings mentioned in the Bible: Saul, David, and Absalom. Whether you are a seasoned business owner or a young entrepreneur, this book is a priceless treatise on the art of identifying and dealing with the good, the bad, and the ugly attitudes of those who sit in the big chair at the office.”
The Art of War by Sun Tzu “A very good friend of mine recently gave me a copy. It’s not a sit-down-and-read-it-in-one session type of book. But I was facing some challenging moments, and she left a copy on my desk with a note that said, ‘You need this.’ I opened a page randomly, and read, ‘Know yourself, and you will win all battles.’ It resonated immediately with me. Sometimes founding a company is like a war-you need discipline, a game plan, confidence, and to understand the enemy. I keep it on my desk for moments when I’m finding things tough. It’s not always relevant, but sometimes it’s a better pep talk than any inspirational Instagram post.”
The Goal: A Process of Ongoing Improvement by Eliyahu Goldratt “This is a story about a business executive dealing with serious challenges at work and in his personal life. It is a good read as a novel, but more interestingly, it is a great business and leadership book. Its theme is that, in life and in business, you should constantly ask ‘What’s the goal?’ before taking any action when faced with a task or challenge. If you establish clear goals and a method of measurement, your action plan is more likely to line up with achieving the goal. The character, Herbie, becomes a metaphor for how to identify constraints and define processes based on these constraints.”
Blue Ocean Strategy by W. Chan Kim “How to leverage, how to differentiate, and how to hedge-this classic business book inspires me on how to compete in the overcrowded optical and eyewear business. In today’s fast-changing environment, what used to be your strength and competitiveness can be your biggest obstacle in growth and change. One must constantly question, learn, and keep an open mind.”
American Icon: Alan Mulally and the Fight to Save Ford Motor Company by Bryce G. Hoffman “This book really resonated with me, because it’s almost a mirror image of what we did with the Sparkling Ice brand. Hoffman dives into how Alan Mulally went into Ford and took a look at the organization as a whole. He shifted the focus to the consumer and recognized the importance of delivering quality products and services. Mulally honored the heritage of the company and used Ford’s identity as a strength to reinvigorate a culture. If you need to enact change in your company without losing its values, this book will be perfect to pull inspiration and tactics from.”
Double Your Profits in 6 Months or Less by Bob Fifer “This book was the most impactful on my career. Other than a small section on technology, the book is a blueprint for how an effective and efficient business should be run. Fifer’s teachings are ingrained in nearly all of TransPerfect’s business systems, and he has personally come and participated in training conferences with our senior management team.”
Crossing the Chasm by Geoffrey Moore “I read this book when it was first published and I was a first-time CEO at Cobalt Networks. The book, which focuses on how to bridge the chasms that occur in the transition from a market solely for innovators and early adopters to one that reaches a mainstream audience, proved to be my personal manual for building disruptive companies. For those in management, marketing, and sales at B2B tech companies, this book is a must-read.”.

The orginal article.