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Midwest Book Review

Excerpt
This updated edition contains
more than fifty revisions.
New links for educational content are
sprinkled throughout chapters. You’ll find
an article reprint on work-life balance and time
management issues. And fifteen book titles
have been added with an asterisk to the
bibliography.  A children’s book,
entrepreneurship in African American
communities during the turn of the
twentieth century, public speaking,
skill set evaluation, and tips and
strategies for finding information are included.

The Great Food Truck Race
The second season of Food Network TVs program inspired many budding restaurant owners short of cash to ease into the industry by starting with a  truck. However, it’s a crowded field, and unless a prospective entrepreneur has an angle or is planning to work for someone else who’s already in the business, it’s a highly competitive niche. Rules and regulations vary depending on the state involved.

References
http://blog.foodnetwork.com/fn-dish/2011/08/12/tyler-florence-dishes-on-the-new-season-of-food-trucks/

http://articles.businessinsider.com/2011-10-18/strategy/30292697_1_food-truck-mobile-eateries-perfect-lobster-roll

http://www.dc.gov/DC/DCRA/For+Business/Apply+for+a+Business+License/How+to+Start+a+Mobile+Food+Truck+Business

A Profession in which Good Workers Can’t be Replaced with Technology
If you have ever repeatedly thumbed through an index in frustration, trying and failing to find the correct page number for an important passage which you forgot to plaster with a sticky note, highlight, or dog ear, then you know the value and importance of having a good guide in the back of a nonfiction book.

Many books have machine-generated indexes.
Computer software can make lists of general terms and page numbers, but a skilled human is necessary in order to create a detailed and well-written index, enabling readers to quickly find the information they are seeking.

Reference
So You’d Like to be an Indexer
http://www.asindexing.org/i4a/pages/index.cfm?pageid=3316

Missed Opportunity
Lynn Thomas was awestruck by the unusual artistic candles that she discovered at an outdoor market. She was curious about the production method, but the vendor refused to answer questions about how the product was made, explaining that her brother created the products.

Thomas bought a candle, and through lengthy trial and error she later discovered how to produce the candles herself. She wrote a how-to book on the subject, which became a bestseller.

Lessons:
The craft how-to marketplace is part of a billion-dollar industry.
The vendor failed to follow up on a customer’s request for more information, or anticipate competition, or capitalize fully on other ways to profit from their creative efforts. And apparently they didn’t realize that not all production processes can be hidden by secrecy.

They overlooked an opportunity to teach workshops, create and market books and videos, or license their methods to business opportunity seekers. As a result, they limited their profit potential and gave away their idea.
A one or two person company is restricted in how much product they can produce at any given time.

Other people may have asked the vendor how the candles were made, but where the vendor failed to see the opportunity in their interest, Thomas saw potential in sharing what she learned.

When the candle making e-book debuted on the Internet, do you think the vendor was thrilled?

Reference
http://www.writersweekly.com/this_weeks_article/000617_07182001.html

Spotting a Unique Niche
In the 1970s, Rick Washburn wanted to be an actor and landed minor roles as a hitman and an FBI agent in several movies, according to business editor Paul Barrett. But Wasburn discovered that he could make a lot more money in Hollywood by using specialized knowledge from his childhood.

While growing up in Arkansas, he’d learned a lot about guns and Washburn noticed that many people on movie sets were ignorant about handling the weapons featured in movie scripts. He eventually began a service to advise directors about the proper use of firearms in films and television shows.

Lesson: Even in highly competitive industries like Hollywood, there are numerous problems waiting to be solved through the introduction of a new service or product.

References
http://thespecialistsltd.com/about-us
http://www.npr.org/2012/01/24/145640473/how-the-glock-became-americas-weapon-of-choice

The Nature Company, Harley-Davidson Motorcycle Company, & Famous Amos Cookies are a few examples of early startup companies that were inspired by leisure time activities.

Using a pastime as the basis of a business won’t work for everyone, but some budding entrepreneurs successfully turn their leisure time activities into profitable ventures.

Important questions to think about
What attracts you to your hobby?

Hobbies can be classified as activities motivated by a passion for collecting (antiques, coins, stamps, etc.) making something tangible (arts and crafts, photography, etc.) , performing an activity (playing games or a musical instrument, reading, singing, traveling, animal related, etc.) or learning.

 Is your hobby just for fun, or could the leisure activity become a chore if it’s turned into an everyday business activity?

Would you be able to work in your preferred setting? (i.e., at home with others, or in solitude, or in a commercial setting, or outdoors?)

Do you like selling? How many customers will you need to make enough money?

References
From Hobby to Career: Transforming Your Pastime into a Profession,
Occupational Outlook Quarterly, Fall 2001.
www.collect.com

Bacon lovers who favor the Peameal brand were hit last March with a distressing new policy from the USDA, which issued FSIS Directive 95008.8, which states that consumers interested in personal consumption of any “meat, poultry, shell eggs, or egg products can no longer import those items into the USA by Postal Service or courier.” The directive applies to European meat products as well as Canadian products.

However, travelers can carry the banned items into the country if they are in their possession. This distinction is causing industry insiders to wonder what the difference is between ordering a two-pound bacon roast for shipment versus carrying it on one’s person when entering the country.

Lesson: Government regulations of businesses and industries are subject to change without warning, and may not necessarily make sense. Changes can sometimes put small companies out of commission, or force them to change their business and marketing plans.

Reference:
http://www.canadianfavourites.com/

Strange Business
When the North American division of the Kraft Corporation bought out a small company, one of the divisions in the acquisition manufactured and sold a popular tea, with a profit of a million dollars annually. However, someone in upper management decided to close the tea company, despite protests.

There is a popular brand of peanut butter in Canada that some believe is superior in taste to the top brands in the United States. So why don’t the major food companies pursue the untapped market? Some experts feel that the marketing expense involved in introducing the product into a new market is not worth the headache.

Lesson: Business decisions at the corporate level can sometimes open opportunities and niches for the solo guerrilla entrepreneur.

Finding Their Niche
In the early 1900s, while her competitors focused on products that straightened African American hair, Sarah B. McWilliams, who changed her name to Madam C.J. Walker, developed products that helped women of color to grow healthy hair.

In the 1980s, Paul Mitchell and John Paul Dejoria started a company that focused on selling their product line to salons. The hairstyling industry embraced the products, but it was the company’s stance on environmental friendly ingredients and their ban against testing on animals that boosted their fame in the marketplace.

Lesson: Madam Walker, Paul Mitchell, and John Paul Dejoria uncovered important consumer issues and needs that were not being addressed by others in their industry.

John Paul Mitchell Systems was the first beauty company to go green and not test their products on animals.

References:
http://www.madamcjwalker.com/bios/madam-c-j-walker/9
Los Angeles Business Journal, October 16, 2006, v28,  I42  p27.
http://www.paulmitchell.com/en-us/OurStory/CaringForOurPlanet/Pages/Home.aspx