Scientific American has an article about Why Things Cost $19.95. They find that the more precise the price, the less likely people are to negotiate over the value. While the evidence they suggest supports what I believe, I disagree with their conclusions.
They say that we’re more likely to believe in “$19.95″ pricing because we’re “thinking in cents” rather than in dollars. I believe that it’s because we believe precise prices are derived from precise means - from accurate portrayals of time & materials and profit margins. When we see a round number we think “Oh, they just made that number up, we can negotiate that,” but when we see a precise number we think “Well, that must really be the value of it.”
Read my post on $19.99 vs. $20.
Read: Why things cost $19.95
This is interesting. People have more confidence in small business owners than in anyone else from politicians to doctors to the religious leaders. Combine that with the fact that more students are or want to be entrepreneurs than any time in recent history & it really looks like this century is going to be the century of the small business owner.
Looking at specific institutions, we have a change at the top this year. Small business was added to the list of institutions in 2005 and tied with the military at the top of the list that first year. Last year, it was a close second to the military, but in 2007, over half of U.S. adults (54%) express a great deal of confidence in leaders of small business.
Read: Harris Interactive | The Harris Poll - Confidence in Leaders of Major Institutions: Small Business Tops the List this Year
Via: Small Business Trends
More about how Gen X will change work, or in this case, Generation Y, many of whom already own or are planing to own businesses by the time they reach college & they’re already planning for retirement. Go Gen Y!
Studies show that about 50% of today’s college students have business ownership as a primary career goal.
Read: Profile of the Entrepreneurial Generation » Small Business Trends
This is a really cool idea - umbrella vending machines. Put them near mall entrances, by subway stations and so on and they could be a (seasonal) cash cow. Maybe they could also (ironically) sell bottles of water for when the weather is hot & sunny.
…we’re surprised umbrella vending isn’t yet a universal feature at shopping malls and other high foot-traffic areas around the world. Which is why we were happy to spot Uport in Singapore. Uport currently operates six vending machines in Singapore, with more on the way. For SGD 6 (USD 3.90 / EUR 3), customers get a good quality umbrella dispensed in a can.
Read: Springwise: Umbrella vending in Singapore
I try to figure out the subtle message I want to convey & then hit J.I. Rodale’s Synonym Finder and stick words into excel & use the randomize feature to find intersting word combinations (though by the time I get to that step, a few key words usually pop out at me).
But just because this method works for me doesn’t mean it’ll work for everyone else. Here are some great tips on How to Name Your Company.
When you start a company, eventually you are going to have to choose a company name. You may not take the decision that seriously - but trust me, a great name can make all the difference.
Read: Vitamin Features » How To Name Your Company
I wasn’t aware that Douglas Coupland (the author for whom the term “brain candy” was coined) did any studies. Nevertheless, this description of a Gen X employee seems to fit me to a tee.
Studies by Bruce Tulgan (Managing Generation X), Douglas Coupland (Generations X), and Australian company HCM Global Pty. Ltd., show the Generation X manger is typically mature beyond their years, very adaptable and flexible, and team oriented. They have high expectations of employees and don’t buy into power structures, rather they prefer the project-based approach to work. Generation X managers need positive validation for their work or they will not hesitate to quit their jobs. They hate being micro-managed and want independence in their work, which may explain why so many of this generation have turned to entrepreneurship.
Read: Gen X will change work culture