Tag: Entrepreneur
Business Pieces of Advice: Stepping Stones for a Startup Owner
Today, everyone wants to become an entrepreneur – or at least hopes to. Well, who doesn't like to introduce 'the next big thing?' But we can't blame them because owning a startup offers you tons of benefits – and that's obvious. For example, you get to bring value to the people around you. You create something right from the beginning. You are your own boss, and not to mention, you make a decent number of bucks along the way. However, all of this happens when you're successful, which unfortunately isn't true for most cases. For example, the Harvard Business Review states that 75% of startups fail. But why? Sadly, not all of us have an entrepreneurial spirit within us – at least, nature didn't allow it. However, if you want to run a business successfully, you've got to get your act together. That means doing something that your nature doesn't approve of, so be it. Otherwise, you'll end up eating the same piece of pie the 75% of entrepreneurs are eating. Here are some business pieces of advice that'll help you become a successful startup owner. Know your Instincts! You should know yourself, what you're willing to do to attain success, the amount of money you can afford to lose, and your proper motivational level. Undoubtedly, we're all here to at least hit that one million marks. But are we ready to give up things to accomplish that goal? How far will your family support you? How far from your comfort zone are you willing to go? How many hours a week will you be able to devote? If you want to become successful, or come anywhere close to it, keep your business plans aligned with you and your family's resources and goals. Learn how to this through the AACSB Online MBA with No GMAT program. It will teach some administrative skills to run a business adequately. Be passionate: Nobody is asking you to love all aspects of your business (nobody can), but whatever you do, do it with all your heart. If you want to build a successful enterprise, you'll need to put in some effort and devote much time. That is why you should be passionate about what you do, whether offering financial advice, creating pottery, or running fishing charters. How can you ensure you're on the right track? By questioning yourself whether your business is worth the investment, you're making in terms of both time and money. If not, you're better off doing something else. Keep the positive vibes around you. Plus, say goodbye to those people who put you or your business down. Don't waste your energy and time defending yourself – use it on your business! Be a solution: Instead of basing your idea around what to sell, think about how it will become a solution. If your business is solving a problem, you'll gain a solid customer base more efficiently. Why? Because your venture will be bridging a gap in a specific niche or market. Going with your passion alone isn't going to cut it; your idea should help the people. For example, suppose you're passionate about accounting. In that case, you might design an affordable, easy-to-use payroll and accounting software that many people would like to invest in and be a part of it. Give yourself some time and think about why you're opening your business. If you're able to understand your motive well, you'll be able to market your company and build a brand. Just do one thing: determine what problems your target customers are currently facing and what you can do to solve them. Start your business during your employment: Without money, nobody can go far. Plus, your business won't immediately offer your returns – you've got to invest in it first. If you start your business while you're employed, you'll have money to invest in your industry. It will also help you meet your monthly living expenses even if your business doesn't readily offer returns. Diversify: Diversity will help ensure you don't put all your eggs in a single basket. Discover other options, for example, sister products/services that you can add to your offerings to lure and retain more clients. It won't just amplify your revenue and produce enough during times your business doesn't do well. Plus, diversification will allow you to cross-market by increasing your bottom line and offering consumers more value for their money! Keep networking: If you find it challenging to get your business off the ground, connections will keep it afloat. Therefore, it's advisable to make connections and record every person you interact with and ask for their suggestions and assistance. Remain in touch with them and build your network – it'll help you. Research your competitors: Regardless of the type of business you're operating or thinking to start, you'll have competitors even if there's no other business with the same offerings as yours. There would be different products/services your target market may get used to to satisfy their needs. To be successful, you'll have to research your competitors and determine what they sell and how. There's no particular time when you should do competitor analysis, but it must get done now and then. However, if you don't have any competitors, that's a warning sign. See if whatever you're planning to sell is something that people would like to spend their money on or not. Have a solid financial plan: It doesn't matter whether the company is small or big; it needs to work out how it will manage its finances. Suppose you want your startup to survive in this economy and out-compete your competitors. In that case, financial management should be one of your primary activities. Don't use your revenue for personal expenses; manage your expenditures and cash flow, and have reserves for steady seasons. Maybe, exercise caution – hire a bookkeeper or an accountant if you have to. It will help you complete your financial tasks, allowing you an opportunity to focus on other parts of your business. Conclusion: As your startup comes to fruition, think of it like you're driving a car. Let your mind control the steering wheel, and your passion hit the accelerator. By doing this, you wouldn't just be confident about the path you take and sustain the momentum you need to arrive at your destination. Best of luck! Read Also: Launching a Business? Hire These 5 Professional Services for Help Basic Small Business Tips for Noobs Who Want to Start a Venture in 2020 Startup Business Management: How to Effectively Incorporate Use of SEO How To Become A Successful Businessman
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Top 10 Best Serial Entrepreneur Of All Time – 2024 Update
Most of us are accustomed to the term entrepreneur. But in case you do not know what is a serial entrepreneur is, let me define a serial entrepreneur for you. A serial entrepreneur is someone who has more than one business in their bucket. They start one business, and then if they fail, they start another one. Or, in some cases, they sell the existing business in a great deal and start another one. What Are The Characteristics Of A Serial Entrepreneur Inc. Magazine says a strong sense of optimism and a high impact threshold characterizes successful entrepreneurs. These qualities are necessary due to the high risks that they take and the long hours of launching a small company when success seems to be a mirage in the desert. They also show strong self-reliance and a desire to stay innovative. They understand that money is not everything. Entrepreneurs do not always have a guarantee of success when they open a chain of different businesses. Sometimes, just one business takes all of the focus of an entrepreneur. Top 10 Best Serial Entrepreneur Of All Time Here are the top 10 entrepreneurs of all time. Who never fails to amaze us with their new innovative business ideas. Here are the serial entrepreneur examples. 1. Anthony Mongeluzo At the age of 21, Anthony Mongeluzo started his first professional company from his parent’s house and took a step towards being a serial entrepreneur. And that is Pro Computer Services. He also had other companies when he was a teenager. He is also the CEO and President of an information technology firm in Marlton, N.J. After some time, PCS has gained regional as well as national recognition as one of the fastest-growing companies. With an annual revenue of $25 and 25 employees, PCS has offices in four states. Companies: PilotLight studios Pro Computer Services Dynamic Telecom Solutions 2. James Currier At the age of 6, James Currier started his entrepreneurial career as a worm seller, and now she is one of the best serial entrepreneurs. When he was in the 8th grade, he opened a store in his school cafeteria. By the time he graduated from Princeton University, he already had 18 little ventures in his bucket. Jiff Inc., which is well known for making HIPAA-compliant mobile software for the medical industry, is led by James Currier. He is not only the lead investor here but also the Executive Chairperson. He has also founded Palo Alto-based Ooga Labs. It helps to develop e-commerce and mobile startups along with medical software. Companies: Tickle Ooga Labs Jiff Inc 3. Ellen Thompson Ellen Thompson has experience in starting and selling companies for more than 20 years. In 1993, Thompson founded a skill-testing firm named Know It All. In 2000, Kenexa Corp. had bought more than 300,000 shares. After she founded another company named 4 Walls, she is now the CEO of the company. This company is based near Philadelphia and helps apartment owners get customers via search engine marketing and social media. The list of serial entrepreneurs will be incomplete without this name. Companies: 4 Walls. Know It All. 4. Rod Drury This New Zealand serial entrepreneur has had a fascination with computer technology since his teenage years, and he has transformed this fascination into his career. He helped found the software company Glazier Systems. In 1999, it was sold for around $7 million. He was also the founder of AfterMail, which is an email intelligence concern. In 2006, the QSFT, or Quest Software, acquired AfterMail for $15 million. At present, Drury is the director of the New Zealand Stock Exchange, the director and founder of Pacific Fibre, and lastly, the Chief Executive Officer of an online accounting portal, Xero. Companies: Pacific Fibre. AfterMail. Glazier Systems. 5. Janet Kraus Janet Kraus is the senior lecturer at the Harvard Business School and has already started and sold 2 businesses. She is the co-founder of the concierge service company Circles. With her hard work, she developed the company with a revenue of $50 million. In 2007, she sold Circles to Sodexo. Just after that, she started leading Spire. This is a high-end social media business that is related to travel. In 2010, it was sold to Perfect Escapes. He is another serial entrepreneur who finds it fascinating to start new ventures. Companies: Spire. Circles. 6. Josh Kopelman The managing director of First Round Capital, Josh Kopelman, is very fond of forming and investing in Internet companies. It has already been around two decades since he is doing this. In 1992, the Infonautics Corporation came to the public in 1996. At that time, he was attending the Wharton School at the University of Pennsylvania. Three years later, in 1999, he started Half.com, which is an online store for used music and books. But just after one year, it was acquired by eBay. He has also invested in several startups, like mint.com and StumbleUpon. Companies: TurnTide. Half.com. Infonautics. 7. Harpal Sandhu Harpal Sandhu is the Chief Executive Officer and President of Integral Development Corporation. It is a Sunnyvale, California-based company owned by this serial entrepreneur. It was 1993 when he was the co-founder of this company. This organization claims to be the only multi-sided trading network that works for foreign exchanges. Earlier, Sandhu was the president and founder of Infinity Financial Technology. In 1998, the software company SunGard Data Systems acquired Infinity Financial Technology. Companies: Integral Development Corporation Infinity Financial technology 8. Gerard Ferro It has already been more than two decades since Gerard Ferro has been setting up and running technology and health businesses. He is also the co-founder and CEO of a prescription discount business, Free For All, which is based in Marlton. Gerer Ferro also cofounded a pharmacy benefits management concern, SUNRx. He was also the chairperson and CEO of the organization. Under his leadership, this company was able to gather a revenue of $49 million in its first five years. During the late 1980s, he was also the co-founder and CEO of Simacre. Companies: SUNRx. Simcare. Free For All. 9. Oprah Winfrey Oprah Winfrey is another shining star in the sky of serial entrepreneurs. When she was in high school, he started his career in the broadcasting industry. The media empire and her group of businesses across magazine publishing, radio, and television have made her a billionaire. As per Forbes, her estimated net worth was $2.8 billion in 2018, and she is the wealthiest woman in show business. In 2011, she launched OWN or Oprah Winfrey Network. The official website of OWN claims that 70% of homes in the United States have OWN. Companies: Oprah Winfrey Network. Harpo Productions. 10. Richard Branson In 1970, when Sir Richard Branson was around 20 years old, he started a mail-order record business. After that, it was time for a record shop in London. Within a couple of years, he built a studio, where “Tubular Bells,” an instrumental by Mike Oldfield. His Virgin Group now has around 200 companies in more than 30 different countries. Branson is also famous for promoting various social causes using celebrity power and his wealth. Being a prolific blogger, he also has written a book, which is published with the name “Screw Business as Usual.” Companies: Virgin group. 11. Elon Musk Any list of entrepreneurs is incomplete without Elon Musk. He is the billionaire mind behind Tesla CEO and the richest person alive as of 2023. Musk’s first try at business was a small start-up called Zip2. It was a searchable business directory, which is an online equivalent of Yellow Pages. Four years after the establishment of Zip2 in 1995, it was sold to Compaq Computers for $307 million. Later, it was integrated into the AltaVista search engine. After the sale of Zip2, Musk moved on to build another company, x.com, which is an online payments app that was later known as PayPal. The company was sold to eBay for $1.5 billion. Highly by the success he invested in and founded SpaceX, Tesla Motors, and The Boring Company. In 2022, he bought the social media company Twitter and renamed it X. Companies: Virgin Group Conclusion They are those entrepreneurs who have never failed to come up with new ideas in case one fails or is acquired by others. They have a bucket full of new and innovative ideas to lead and build a successful career path. They are inspirations for this generation’s entrepreneurs who are willing to make their own identity. Learn More About: Mistakes Entrepreneurs Should Avoid When Using SMS Marketing Starting An Ecommerce Business: 9 Easy Tips For The New Entrepreneur 5 Ways College Prepares Young Adults To Become Successful Entrepreneurs
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7 reasons to be an entrepreneur in the best area: IT
Being an entrepreneur is a great adventure. And adventures are not usually for anyone. They demand a lot of discipline, the vision of the future, personal delivery, multi-disciplinarity, persistence ... and courage, just to mention some of the qualities that this condition demands. Incidentally, the adventure has everything to do with dynamism and the latter is intrinsic to the area of Information Technology: by far the best area to undertake. Let us see 7 points that justify this opinion: 1. Endless fields of activity: When it comes to IT, you can program, support proprietary software packages, computer maintenance, project consulting, training, build a virtual store, and a range of options limited only by the entrepreneur's creativity. 2. Initial investment flexibility: Due to many possible business options in IT, the most varied initial investment volumes are possible to start your dream, after all, you do not always need a physical structure besides a computer and an internet connection. 3. No compulsory upper level: While in traditional professions registration in class organs are required, in IT (fortunately for some and unfortunately for others) it is possible to provide services even without a straw in hand. Making it clear, obviously, the study makes a lot of difference when it comes to successful entrepreneurs. 4. Free online support resources: On the internet you find everything, but when it comes to information technology, it dominates much of this "everything", many interesting communities, highly specialized forums, and can enjoy the help of high-level professionals, all at the lowest possible cost or even for free. The internet provides almost everything including when you want to find a cheap essay writing service. 5. Reduced bureaucracy: Keeping high costs with the open company may not be necessary in some cases, as it is very common and almost a rule in other fields of activity. This can guarantee you a good life until you settle down and start for a formalization of your business. 6. More diversification, more chances of success! The inherent versatility of Information Technology allows this ease of strategy change between different products and services with reduced cost, taking advantage of the demand of the moment. Your company can, in addition to selling products, provide support, training, business consulting, among many other activities. 7. Ability to reach - A global market! With remote access and other resources, it is possible to keep customers in various places in Brazil and around the world, regardless of the activity within IT and at the same time keep a relatively low cost. This means high competitiveness, especially for a small business that is taking its first steps. To undertake in times of crisis? Yes, why not? Undertake in an area that is in crisis counter-hand! Economists have a very common adage that serves as the basis for the investment decision: do not put all the eggs in the same basket. Unfortunately, your job is not (or at least no longer) a place so safe due to the current economic moment that the world lives, then having other alternative sources of income is a simple matter of survival. Read Also: Why Do Entrepreneurs Put Up Their Drop Shipping Websites For Sale? Information Technology And Business Success: The Things That Connect Them
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Explain Your Solution in 60 Seconds or Less – Here’s How
Do you have an elevator pitch? Whether you’re an ambitious entrepreneur with nothing more than a good idea, a fully funded startup gearing up for further funding rounds or your long-anticipated go-to-market, or a mature company looking to retake control of its reputation, a succinct encapsulation of your identity and solution(s) is crucial to a cogent market strategy. Elevator pitches are important for individual professionals, too. “Your elevator pitch is a way to share your expertise and credentials quickly and effectively with people who don't know you,” writes personal branding expert Alison Doyle. Here’s what you need to do to develop and refine your elevator pitch. Your ultimate goal: a comprehensive spiel that answers one question — “what do you do?” — in 60 seconds or less. 1. Start With a Concise Directory Description The nub of your elevator pitch is a company description (or a personal one, if you’re still pitching an idea) that factually describes what you do (or hope to do). If you haven’t already done so, develop a descriptive statement for your social media and business directory profiles, along with the lines of this Crunchbase profile for Florida entrepreneur Steve Dorfman. This statement won’t be compelling enough to build your entire elevator pitch around, but it’s a good skeleton for the initial who-what-where. 2. Identify Your Core Audience Groups How much do you know about audience segmentation? If your answer is, “not much,” get up to speed on the process and spend some time drilling down on the core audience groups to which your pitch needs to speak (if you’re not already reaching out to them in other ways). Remember, you can draft multiple iterations of the same pitch, depending on who’s in the room or on the page. 3. Set Yourself Apart from the Competition (Without Disparaging Them) Now comes the real meat of your pitch: a unique selling proposition that differentiates your idea or solution from competing concepts — theoretical or otherwise — without throwing shade. Generally speaking, you don’t want to name names, unless your solution is an explicit offshoot of something that came before. 4. Isolate One or Two Key Factoids or Stats You don’t have a lot of time to throw facts or stats out at your audience. Nor should you dwell on specifics, for their (and your) sanity. But a well-placed nugget or two may well be what’s needed to concentrate minds. Again, your audience may dictate which nugget you choose to include in any given iteration. 5. Make the Ask You won’t know if you don’t ask — to make the ask, smoothly. Regardless of who’s listening, your pitch should conclude with a clear call to action that doesn’t read like a pro forma sales pitch. Make your audience believe in what you’re asking them to do. You’re Talking — Is Anybody Listening? We’ve all been there: explaining a concept near and dear to our hearts so earnestly that we become lost in our own narrative — only to pull back and realize that the audience has nodded off or lost the plot. A concise, well-articulated, well-organized elevator pitch should hold your audience’s attention, if only because it’s not long enough to put anyone to sleep. Striving to be the entrepreneur who listens twice as much as they talk doesn’t preclude you from being the entrepreneur who effortlessly commands a room, too. Read Also: Green Business Opportunities For Eco-Entrepreneurs Why Do Entrepreneurs Put Up Their Drop Shipping Websites For Sale? Thinking Of Becoming An Entrepreneur? What Is The Cost To Start A Business?
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Thinking of becoming an entrepreneur? What is the cost to start a business?
If you’re thinking of becoming an entrepreneur, you probably already have the motivation and guts to do so, but do you have the right knowledge and the right amount of capital? Many Latinos have the drive and initiative to become entrepreneurs. This comes with many perks including consistency, hard work and an innate ability to be resilient and not stop at the potential of obstacles. But entrepreneurs often lack the proper information about how much it costs to start a business. For example, how many funds will I need upfront? How much do I have to invest from my own savings and how much will come to from a bank loan? How many employees will I have to pay? The cost always varies depending on the field. Usually, the industries with the largest profits are also those that require more expenses and ongoing investments: land, facilities, infrastructure, and major manufacturing equipment. Unless you’re starting a business solo as a freelancer or business consultant, there are a plethora of costs involved with starting a business. Let’s start with a concrete example. If you are thinking of launching your own Mexican restaurant, what initial expenses should you consider? Well, first off you have to pay yourself. What will your salary look like? Then, estimate your business cost by creating a business plan. How many employees will you employ and at what hourly rate? What is the hourly rate for your state? How much do you have to invest in to make the restaurant appealing to customers including equipment and supply costs? All of these factors should be a top consideration in your mind and in your business plan. Having your own business means having to take care of your employees as well. You will also have to consider administrative charges such as the fees you need to pay your state for being a business entity. Many companies opt to become a corporation, a process that can cost roughly around $100 - $250 in fees depending on the state. Franchise tax fees can cost an additional $800 to $1,000, with government filing fees adding an extra $50 to $100 to your expenses. Plus, you cannot forget rent! In pricey areas, you can be coughing up around $50-$60 per square foot. That’s just an example, but the price varies depending on location and state. And, finally, insurance. Insurance is a pivotal part of business as you want to be sure you’re operating from a place in which you’re protected from liabilities. In an atmosphere where so many diners come and go day-by-day, insurance is a must-have. Is your case similar to the one mentioned above? Do you dream of setting up your own business in a different field? Do you want to work for yourself? Whether you’re in the hospitality industry, the freelance industry, or legal, there are a lot of costs you should become aware of before you start. These are some of the questions you should think about and answer before starting your business. Read Also: How To Master Social Media For Businesses & Entrepreneurs Building Your Business Profile Is Easier Than You Think
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Quit the Rat Race: 5 Tips for Becoming an Online Entrepreneur
Are you fed up with spending your time making somebody else rich? Have you had enough of the rat race? Sitting in a cubicle, suffering the commute going to a job you hate to earn enough money to pay for the house you never see and the family you have no time to hang out with? Maybe it is time for you to take that next step and go into business for yourself. Don't think you are ready? No worries, that's a common thought that goes through the mind of every entrepreneur. Doubt and hesitation are normal and natural. Being able to stare them down and make the right decision at the right time is what separates success from failure. Keep reading and you will learn the key steps to ditching the 9-5 and becoming an online entrepreneur. 1. Passive Income Means Not Quitting the Day Job Just Yet Starting an online business is not as simple as moving from one salaried job to another. It can be, but it is a dangerous way to go about it. You are better to start off small, looking to build up some passive income while still working the day job. Yes, it means you can't quit the cubicle just yet, but it does mean you can generate some extra income and learn the ropes of creating online business and mitigate the risk to your finances. Familiarize yourself with the online world and figure out your strategy. There is nothing wrong with building your company slowly. In fact, it is a large benefit, because it means that by the time you are ready to quit the rat-race and step out on your own, you already know who you are. Your brand will be set, or at least in its advanced stages, setting you up for success. 2. Educate Yourself in the Ways of Online Money Making : No entrepreneur becomes successful without educating themselves in matters concerning their chosen field. This applies as much to creating an online business as it does any other industry or sector. You need to educate yourself on the ins and outs of the market you want to conquer. This means learning what the trends are, what sells and what does not. Study the techniques of others and watch the competition. What are they doing that is working and how could you make that work for you? There are paid online courses you could take, and numerous webinars and blog articles that can teach you a lot about making money as an online entrepreneur. By ensuring you are knowledgeable on your target area you are positioning yourself well in the market, and that means success will be there to find. 3. Accept the Risk that Comes With the Riches : Whenever you go into business for yourself you are accepting a risk. The big thing is that most people don't really understand what that means. Being an entrepreneur is a gamble. When starting an online business you are stepping away from a security that you won't see again until your business has matured into something far grander than your initial business plan will consider. It may sound harsh, but that is the fact of it. Paid vacation, Dental insurance Health insurance Pensions Sick leave These are all things that we come to take for granted, but when creating an online business you are surrendering these items. If you have a family to support then these considerations are of vital importance. Not as a means of detracting from your vision of freedom from the cubicle but to ensure you have the right system in place to help keep your finances stable. Being an entrepreneur is one of the high-risk solutions to escaping the workplace and living the life you crave. 4. Believe in Yourself Stronger than Anybody Else : When looking at how to start an online business, you are going to come up against a lot of people telling you to stop. To give up and stick with what you have. If you know what you are doing then you need to ensure that your belief in your own abilities is unshakable. A lot of people will tell you to give up on your dreams because they are scared. They are too scared to do it themselves and so pass this fear on to others. They will come up with convincing arguments as to why you are better off collecting a regular paycheck. However, you have done the research, you know what you are doing and accept the risk associated with it. 5. Identify Your Core Product and Focus on Everything On It If you have wondered how to start a successful online business, you have probably thought about entering a particular sector and making your name therein. However, to be truly successful you need to narrow your target market down even more. Market research and your own personal interests and skills will help you identify your niche. Try to make it as specific as possible. The more precise you can be, the higher your chance of finding success. Know Your Why - The Secrets to Becoming an Online Entrepreneur You will face a lot of trials in your quest to become an online entrepreneur. There will be stumbling blocks and periods of both highs and lows while you build up your empire. The most important thing you need to have before you start down this crazy but rewarding road is to know your way. Why are you doing this? Why are you choosing to focus on this niche? Knowing and understanding your own why is paramount to online success. If you can answer this question then you stand a great chance of making it. For more information on how to start an internet business and build your own company up from the ground, check out some of our other business-related articles. Read Also : How To Master Social Media For Businesses & Entrepreneurs What You Need To Be A Successful Entrepreneur
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