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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How does one "[b]own profit and loss[/b]"?  [/quote]

Yes, can that pp please explain? [/quote]

Simple. Every month I get a report that details out or income stream - so many sales, at such and such a margin, with these characteristics, etc. It details out the costs as well - x dollars on overhead, y on vendors, z on returns or losses, so on and so forth. The difference between the two is profit, or less desirably loss. My ownership is in the bottom figure and in deciding how to make the inputs work better. For instance, I might run a promotion of sorts in a particular month knowing it'll get me more sales, but the promotion probably comes with some cost, say $20M for a tv spot. Now I need to weigh that cost against the assumed sales increase and make a determination if it makes sense. Or, I might just focus on revenue and look at ways I can get another few % points there, or I might look at who our biggest vendors are and look at renegotiating pricing. For instance I once discovered we had excellent pricing on certain services we rarely used, and terrible pricing on ones we always did. On a hunch that the vendor wasnt too smart, I proposed a price increase in certain services in return for a modest decrease in others. They said yes, and voila, I cut a few million out.

It's fun because your imagination is your limit. Try new pricing, try a new a campaign, Change the product, add a feature, remove one, partner with someone new, try something in the digital space, work more with brick and mortar, whatever ideas and strategies you can develop are yours to own. Some might be great ideas that are hard, others terrible - at the end of every month you can look back and say "Did that work? Should I do it again? What can I try now?" - and the numbers speak for themselves. Rewards come from hard work and good strategic thought - not from face time or your age.

Basically, its like being a mini entepreuner.[/quote]

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