Street Smarts: An All-Purpose Tool Kit for Entrepreneurs

These flashcards cover key concepts and principles from 'Street Smarts' that will aid in understanding entrepreneurial success.

What does Norm Brodsky emphasize as essential for entrepreneurial success?

A street-smart mentality, including problem-solving skills and an opportunistic mindset.

What is the primary focus in a business plan according to Brodsky?

Understanding cash flow, gross profit, and expenses.

What is 'critical mass' in a business context?

A point where a business sustains itself through internal cash flow.

Describe the 'Groundhog Day Syndrome' in entrepreneurship.

The tendency to repeat self-destructive mistakes without learning from them.

What is a key takeaway regarding small customers according to Brodsky?

They often pay higher prices and provide stability, thus forming a solid business foundation.

Why should entrepreneurs avoid overly complex business plans?

Complex plans can obscure pitfalls and lead to unrealistic financial forecasts.

What does Brodsky recommend about tracking financial metrics?

Track monthly sales and gross margins manually to develop a deeper understanding.

How does Brodsky define resilience in entrepreneurs?

The ability to recover from failures and learn from mistakes.

What does Norm Brodsky suggest regarding hiring salespeople?

Hire committed individuals rather than aspiring entrepreneurs to reduce turnover.

What is the impact of a good reputation on a business?

It helps attract customers, obtain financing, and establish industry respect.

Why is understanding cash flow vital for a business?

It determines whether the business can cover its expenses for long-term survival.

What should entrepreneurs focus on when facing setbacks?

Use failures as learning opportunities and be adaptable.

How does Brodsky recommend building relationships with customers?

By showing genuine care through small gestures and maintaining consistent communication.

What should entrepreneurs prioritize according to Brodsky?

Focus on profit margins instead of just sales volume.

What does Norm say about the importance of negotiation skills?

Negotiating is crucial at every business stage to secure better deals.

What is one benefit of maintaining a strong company culture?

It helps attract and retain high-quality talent.

What principle does Brodsky emphasize about making decisions?

Avoid letting emotions dictate decisions that affect long-term success.

How should entrepreneurs view problems, according to Brodsky?

As opportunities for growth and not mere obstacles.

What essential quality does Brodsky attribute to entrepreneurship?

A passion for the business that can inspire and lead to greater success.