In my last post, I explained the concept of “highest and best use,” and how it applies to running a business. It’s an easy concept to wrap your head around, but how do you apply it to your business in a practical way? As an entrepreneur, how can you discover what your highest and best use actually is?
To help, I’ve developed a simple, three-question approach to help you identify those tasks that simply don’t represent the best use of your time and mental energies. Continue reading
In the real estate world, there’s a concept called “highest and best use.” It’s a principle appraisers use to determine the optimal value of a piece of property. The basic idea is that a property’s use and its value are strongly connected. When a property is being used in the best way possible — taking advantage of its location, utilizing available parking, being in good shape with modern upgrades, and complementing other nearby properties — then it should also have its optimal value. When a property is being used poorly, on the other hand, its value suffers.
You might be thinking “That’s great, Tom, But what does this have to do with entrepreneurship?” Everything. Continue reading
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In the last episode of the Success In Business Podcast, host Tom Ryan and co-host Jason Pyles discussed their 2016 business resolutions. In part two, they talk about two more resolutions for the New Year, one to start doing and one to stop. Learn why a profit-focused mindset matters for every entrepreneur, and why being unbalanced can result in needless stress as you build your business.
In addition to his work as a podcaster, Tom Ryan is a business coach and Kauffman Foundation Entrepreneur In Residence based in Asheville, NC. Co-host Jason Pyles is a producer for several successful podcasts, including Movie Podcast Weekly. Continue reading
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As entrepreneurs, we wear a lot of hats. We create business ideas, raise money, create product plans and develop marketing strategies. Particularly in the early stages of the business, we even take on all the tasks that simply have to be done, from keeping the books to taking out the trash. But is doing everything yourself always a good idea?
In this “on the road” solo episode, host Tom Ryan explores the real estate concept of “best use” as it applies to entrepreneurs. Continue reading