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The Six Sigma manufacturing process drives production to near-perfect levels, seeking less than 3.4 defects per million output units. Here, the basic purpose and process of the Six Sigma methodology, and its connection to "lean" manufacturing, are clearly explained for entrepreneurs. The article also provides tips on getting started and guidelines to successful implementation.
As Buck Knives, Inc., celebrated a century in business, it also faced a cash crunch that was putting it out of business. CEO CJ Buck shares how his team took dramatic action (including moving the company from Southern California to northern Idaho) to fend off high-quality global competitors and to turn the historic and highly regarded company around with its own version of the Toyota Production System (TPS).
After leaping into "Lean," Southern Vinyl Manufacturing gained efficiencies in nearly every area of its operations. Specifically, entrepreneur Rod Matthews explains the challenges and rewards of involving employees in finding and eliminating waste using the "Five Why" process. As a result of "getting lean," the company resolves manufacturing problems by digging deeply to identify root causes instead of just treating symptoms.
Six Disciplines energized this manufacturing firm as its CEO and management team struggled to motivate and reward employees by measuring performance. Engaging employees in ongoing strategic planning, using Six Disciplines software to stay focused on the plan, and remaining accountable for performance resulted not only in increased enthusiasm and efficiency. An unexpected benefit was that it helped management and employees learn how to work much better together.
Among the newest business-excellence methodologies now available, Six DisciplinesT is growing in popularity as a holistic tool to help manufacturing entrepreneurs remain competitive against all comers. It's designed specifically to help small and mid-sized businesses ensure they are doing the right things at the right times. Goals include simplifying the quality management approach, fostering practical planning, and delivering effective, sustainable execution management. Many practical tools to implement the program are available.
Does Six Sigma methodology have benefits small- to medium-sized entrepreneurial manufacturing firm? "Yes!" proclaims this author, a Six Sigma Master Black Belt. He provides an overview of, outlines four actions needed for a company to succeed with, and defines steps to deploying Six Sigma.
This exceptional article offers insightful explanation and key details of how angel investors determine valuations, why entrepreneurs and investors often have different perspectives for angel returns, and what steps angels and entrepreneurs can take to quickly find common ground on this critical topic.
Investing in seed and startup companies is extremely risky: Angel investors typically realize about 85 percent of their total portfolio returns from 15 percent of their portfolio companies. Consequently, angels look only for companies that can grow rapidly. Entrepreneurs who pursue less aggressive growth are unlikely to attract angel investors.
This informative piece explains a well-known method that venture capitalists use to determine "post-money valuation," which is a company's valuation at the time of investment. Perhaps more important, it provides valuable insights into why the returns expected by investors are often perceived as "too high" by entrepreneurs.
Much work is involved in developing an executive compensation plan that keeps your company competitive, integrates short- and long-term goals, and contains performance measurement systems that tie back to compensation. Well-devised packages drive organizational goals and objectives and your top talent.
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