Anita Campbell of Small Business Trends

First of all, let me say that I have a lot of respect for Tim Ferriss’s book, The 4 Hour Workweek. After hearing the 6th or 7th person recommend the book, I recently sat down and read it. I found it to be motivating and also thought-provoking. I even picked up a few good tips from it that I am putting to use in my own business.

But I have to say that you should never take the title of this book literally.

The book explains, more or less, how to create a virtual business — one that you can run from anywhere. And one that takes as little as 4 hours a week by the owner. Or at least, 4 hours a week is the goal.

The author makes some great points in it about managing your time, especially email. In fact, a large chunk of the book is about time management. He also provides actionable how-tos on how to find the help to outsource so you have more free time (Lou Dobbs, close your ears — he suggests … gasp! … offshore labor).

Tim’s ideas aren’t new. Other books and management philosophies have touched on some of the same concepts for a couple of decades now. Book shelves are bursting with time management books. And enterprising entrepreneurs have been structuring virtual businesses they can run from anywhere for some time now. In 1998 I sat next to someone on a flight from London to Chicago (on a first class upgrade) who ran several global businesses from the Cayman Islands, and who regaled me nonstop for 6 hours with his philosophies about creating virtual businesses run almost exclusively on outsourced labor.

Still, no knock against The 4-Hour Workweek. Ferriss brings an up-to-date take on things and scales it to the individual entrepreneur who is starting out with very little money. It’s McKinsey for the solo entrepreneur. Read entire article.

Posted in Leadership, Planning & Strategy

Last week I wrote about the almost-empty South China Mall. The developers had built a gorgeous, state of the art mall — the largest in the world. Only problem: it is built in a factory city, Dongguan, where there are few people able to afford what it has to offer.

To me it signified a stunning lack of advance market research and planning.

However, I inadvertently may have given the wrong impression about all of China — that the entire country can’t afford the upscale, Western, middle class lifestyle that such a mall presupposes. From what I understand, that’s not the case. It all depends on what part of China you are in. Some parts of China have a rapidly growing and thriving middle class.

Take, for instance, Shanghai. Shanghai is a rich city and the center of China’s financial industry. A friend of mine who grew up in Shanghai during the Cultural Revolution, says that even during that time citizens owned considerable property and ran businesses in Shanghai.

As one reader emailed me, “To compare Dongguan with Shanghai, is like comparing Altoona with Manhattan. It’s two different worlds economically.” (Apologies to anyone from Altoona — those were a reader’s words, not mine.)

But the point is a good one. As a fast expanding country, China does seem filled with economic opportunities, and not just opportunities to outsource factory jobs from the U.S. to China. There is also the opportunity for enterprising U.S. companies to find an outlet for their products in newly affluent parts of China. Read entire article.

Posted in Planning & Strategy, Sales & Marketing

South China Mall is the world’s largest shopping mall, according to this article in The National.

At over 7 million square feet, it is double the size of the gargantuan Mall of America in the United States. It has an amusement park including a roller coaster; an indoor rain forest; and Las Vegas-style replicas of famous places, including a Venice canal and the Arc de Triomphe.

But it has one big problem: it’s nearly empty.

South China Mall is designed to have 1,500 stores. Unfortunately, only a handful are currently occupied.

The developers expected 100,000 visitors a day. Instead they get 10,000, if that.

Opened in 2005, it was once hailed in the New York Times for exemplifying China’s new consumer middle-class.

Then something went terribly wrong. Read entire article.

Posted in Planning & Strategy, Sales & Marketing

In the eyes of many, “gazelles” are coveted.

Gazelles is the name adopted in the 1980s by researcher David Birch of Cognetics, to describe fast growing companies. According to Inc magazine:

‘Some years back, David Birch of the research company Cognetics conferred that name on fast-growing companies, thereby distinguishing them from the “mice” on Main Street and the “elephants” on the Fortune 500. The name stuck.‘

Economic development organizations, non-profit entrepreneurship programs, venture capitalists and other groups jumped on the bandwagon. Gazelles were in. If you wanted to see jobs, economic growth and high investment returns, gazelles were what you had to focus on.

On one level, that’s pretty obvious, right? Fast growing businesses are the ones that are going to bring the biggest returns, presumably add the most jobs, become a larger part of the economy, faster — when compared with slower growing companies.

It’s hard to argue with that.

But one thing that’s always bothered me with the focus on gazelles to the exclusion of slower-growing small businesses, is that it ignores the life cycle of so many smaller companies and startups.

You see, it simply takes time for most businesses to grow.

In my experience a lot of startups are not fast growers immediately out of the gate. Many businesses remain small for years until they reach some critical mass, the business matures and becomes efficient, and growth explodes. Read entire article.

Posted in Planning & Strategy