A Thai doctor has given a young elephant a prosthetic leg after it was crippled by a land mine. The project, which cost only $30, showcased the potential of reverse innovation to find new solutions at remarkably low prices. "It's about shifting the price/performance paradigm: about offering a lot of value at an affordable price," David Zax writes.
Starting a company with one of your friends can work out well, but you're going to have to get used to being able to disagree with one another without falling apart, write Erica Cerulo and Claire Mazur, college best friends and co-founders of Of a Kind. Also, make sure other team members feel included, and spend some time apart from each other, they advise.
If you're a young entrepreneur managing older employees, it's important to remember you're in charge, Justin Moore writes. "[B]e the leader, and don't treat employees differently because of their age," he advises. At the same time, avoid seeming overconfident.
Entrepreneurs can get a better understanding of business by studying the world of academia. For example, like academics, entrepreneurs should collect data and do extensive research to support their business ideas. Also, entrepreneurs should consider historical data as they make their decisions.
After attending Columbia University and working in the technology industry, Philip James got bitten by the wine bug and started Lot18. The flash-sale site has about 750,000 registered users and is signing up about 1,000 people per day, James said. "Part of the beauty of what we do for the consumer is to make the whole experience really simple," he said. "You tell us where you live and we'll figure out which wines we can get to you legally."