Thursday, January 07, 2010
How do you earn a profit?
Behind the Scenes at Taylor Studios: "I think the word “profit” has gotten a bad rap. In some circles it is a dirty word. I think this comes from a misconception on how a profit is earned and how much profit is earned on average. Profit is similar to an employee’s wage. A wage is their profit for work well done. Generally employees want to earn more."
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Without the prospect of making money at it there's very little reason for anyone to put time, effort, or money into any business venture. What company owner will start a company with a goal of not making money? Large corporations are criticized for operating in a way that seems to imply that they're driven by the bottom line, but isn't the same thing true for your local hardware store as well? Both they and the huge corporation want to make money, and they'll do what they need to in order to make that happen. Maybe it involves dropping a few items that few people want to buy, or maybe it means taking a $10k loss on an item to build and preserve goodwill, but in both cases it's still about the bottom line in the end.
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