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Tag: Entrepreneur Network

  • Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

    Want to Successfully Start a Business? Start by Getting Off TikTok | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    There’s nothing I’m more tired of than 19-year-olds on TikTok selling entrepreneurial advice. Well, there might be one thing: the fact that people listen to it.

    These content creators sell the perception that business is easy; all you have to do is buy a template and plug and play. They promise to teach you how to become rich on the stock market if you’ll only pay them $199/month to do it. But many of the creators giving this advice are not successful CEOs. They’re misleading at best and blatantly dishonest at worst. Unfortunately, an alarming amount of people in our society believe that everything they hear on the Internet is true. But we need to remember that Google is not a replacement for mentorship.

    At the end of the day, you have to find somebody who’s been successful and somebody who has failed — and then learn from both of them. You can’t get that from a 30-second TikTok video.

    What is social media good for?

    Social media is content. Entrepreneurs can never absorb enough content, so long as it’s relevant and reputable. I don’t use TikTok for business advice; I use it to follow my favorite chefs and keep a pulse on what my kids are up to.

    It’s OK to be an entrepreneur or a coach and try to use social media to sell your product.

    But it becomes a problem when people sell a dream that’s not reality. It’s deceitful. And unfortunately, social media makes it pretty easy to be dishonest. In the same way, you can apply a filter to a photo, you can filter reality. And this leads to being catfished on the business side of things. A person having 1.4 million followers on social media doesn’t make them a good CEO — it makes them a good content creator. You have to vet and verify to establish the first part.

    Related: Successful Entrepreneurs Don’t Follow Mainstream Money Advice, And You Shouldn’t Either

    If not TikTok, then who?

    The best advice I can give to someone looking for startup advice is to jump on LinkedIn, reach out to local business professionals who have been successful, and try to meet with them face-to-face. It’s much easier vetting someone’s credibility when they have to look you directly in the eye. But not everyone is who they say they are — LinkedIn doesn’t fact check resumès. Make sure you research by searching the individual’s online footprint and contacting people in their network to verify their reputation. If their online presence is hard to find, that’s a pretty big red flag.

    When seeking a mentor, look for gray hairs. It’s not just because we have more experience; it’s because we likely have more time on our hands. A 31-year-old executive running the same number of companies I do probably has a lot less time; I’m a bit further down the road, so I’ve been able to figure this puzzle out. People in my stage of life are also beginning to think about building a legacy and doing something meaningful with all the knowledge they’ve acquired. It’s wise to tap into that.

    But just as it’s important to seek advice from the right professionals, it’s also important to diversify your perspective. Opinions and recommendations from mentors both inside and outside your industry are critical in widening your lens and creating an all-inclusive view. When you go to these mentors for advice, make decisions that make sense — don’t take shots in the dark by asking generalized questions to people outside your industry. When you look for an outside opinion, choose someone with experience with a problem you immediately need to solve. Maybe they have the financial experience you don’t have or have found innovative solutions to an important tech problem.

    This practice also indirectly introduces you to people who may be able to support you down the road. The person you connect with may have connections to bankers, business insurance reps, etc. Receiving mentorship is more than learning how to run a business; it’s about forming those necessary connections your business will need to survive. Numerous unexpected fires will inevitably pop up that you probably haven’t thought about, and this is how you plan for the unplanned.

    Related: Elon Musk, Richard Branson & Jeff Bezos’ Best Advice for Ensuring Your Startup Doesn’t Fail

    What to expect and how to get there

    Experienced entrepreneurs will tell you the truth: being a CEO is not a comfortable 9-5. It’s an 8-8, and people will have problems at 3 am. Every successful CEO will probably tell you they have 30 sleepless nights a year. If you’re actually invested in your business, that is what it takes. If you don’t work hard, work doesn’t get done. And if you want your team to work hard, you must show up alongside them and lead by example.

    When you approach these potential mentors, there are a few things to keep in mind if you actually want to get their ear. The first is to do your damn research. As an investor, I shouldn’t receive a copy/paste email from you. I want to know why you think I’m the person you need to talk to. Why do you know who I am? What do you think I have to offer you? I’ve received several requests from hopeful entrepreneurs offering to meet me in person and buy me a cocktail, and because they’ve come across as pleasant human beings who have done their homework, I’ve taken them up on it.

    Related: 5 Types of People Who Can Help With Small Business Mentoring

    You can’t replace face-to-face.

    I’m not against online courses, in-person seminars, or other exercises in business education. But nothing can replace face-to-face. It gives you a chance to ask tough questions, be vulnerable and experience their vulnerability in return. The result is a much more valuable learning experience.

    I won’t say everything business-related you find on social media is garbage; it’s not. But the opportunity to look someone in the eye and see their hard-won successes (and failures) is priceless. Take the extra time to find “real” human beings to connect with. You won’t regret it.

    Shannon Scott

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  • 15 Best Entrepreneurial Conferences You Need to Attend in 2023 | Entrepreneur

    15 Best Entrepreneurial Conferences You Need to Attend in 2023 | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that entrepreneurship requires a brilliant idea. Yet the most successful entrepreneurs are driven, ambitious, and willing to take risks others wouldn’t. As an entrepreneur, you also need dedication, commitment, work, and a thick skin.

    What many people don’t tell you is the secret ingredient to success. It is also important to be surrounded by a team of professionals who will implement your idea and support you. That’s why conferences are so important. Startup conferences are great places to meet knowledgeable partners, investors, and friends.

    John Rampton

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  • Why Networking Is a Must for Successful Entrepreneurs | Entrepreneur

    Why Networking Is a Must for Successful Entrepreneurs | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Despite its widespread recognition as a valuable tool for entrepreneurs, many individuals still struggle to use networking effectively. Starting and running a business can be both exhilarating and intimidating, and it’s easy for founders to get consumed by the day-to-day tasks of running their company. Personally, it wasn’t until I started dedicating time and effort to building my network that I realized the full potential of what my business could achieve.

    After devoting time to connecting with other entrepreneurs, I established valuable relationships with potential investors who believed in my business and provided the necessary support and funding to take it to the next level. I’m sure building a network of connections is not just an optional activity for entrepreneurs but a vital tool that can lead to new opportunities, partnerships, and growth. Here are some tips on organizing your network effectively and with minimal time consumption.

    Related: Want to Earn Trust? Don’t Break Any of These 4 Links in the Chain of Credibility.

    So, what can one get from networking?

    There is a specificity of networking among entrepreneurs – it appears to be much more effective. People in our community are often aware of the benefits that connection can bring and are more readily open to building mutually beneficial relationships, which is done by:

    1. Establishing valuable connections with potential investors. I list this opportunity as the most important because finding investments is indeed one of the most challenging tasks for an entrepreneur. The personal connection allows you to build relationships with individuals who can provide support much more effectively than reaching out to them as a “cold” audience.
    2. Expanding your knowledge and learning from other founders and professionals. Exchanging best practices with people who are not your direct competitors but are present in the same region as you are or have a similar type of business in another market provides you with precious insights. You can learn from their experiences, pick up new ideas, and stay up-to-date on industry trends.
    3. Gaining access to partnerships and collaborations. In the case of B2B, people are four times more likely to purchase a solution from someone they know themselves or their friends recommended. So being open to new connections may significantly broaden your business opportunities.
    4. Building your personal brand and increasing business exposure. Apart from helping you at the moment, establishing a connection with someone can be extremely beneficial for you later on. The chance of that is higher the more you show your expertise and interact. You never know what will happen with the person you once met at a conference — maybe they will launch a successful business or become famous someday.

    Without establishing connections, each of these actions might take much longer and be more challenging. But when you get to know the person who can help you, you will reach your goals almost naturally.

    Related: 3 Powerful Networking Strategies that Never Fail

    How to make networking most effective

    The main thing to understand about networking is that it’s a two-way street. To be truly effective, it must be mutually beneficial for both parties involved. It’s not enough to be confident when approaching others, which is probably the most common advice for those looking to master this skill. To make the most of your networking efforts, it’s important to focus on building strong relationships, which requires dedicated time and effort.

    So, when choosing who to network with, it’s important to consider what you can offer in return. Think about the skills and expertise you can share, and seek out individuals who you can help and who can help you. Building relationships based on mutual respect and a give-and-take mentality will result in stronger, more meaningful connections. For example, it’s a bad idea to start the connection by asking for help. Rather, I prefer to explain how I can help the person and why the relationship would be mutually beneficial.

    One way to build strong relationships is to dedicate time each week to focus specifically on helping others. For me, it’s two hours weekly, during which I interact with people exclusively to help them. For example, have lunch with an entrepreneur who contacts you on LinkedIn or participate in an event organized by someone you know.

    Of course, it’s impossible to contact everyone, so one should focus on the potential value they will get. If a person contacts you first, I suggest you create a set of rules to follow when thinking of them or not. Personally, I pay attention to the following:

    • The size of the business: Founders of early-stage startups will find business books more useful for themselves and are unlikely to help me in return.
    • The industry: As an EdTech entrepreneur, I usually agree to meet people within the industry. However, this approach may vary depending on your goals and amount of free time.

    Make it easier for you

    Networking can be challenging for entrepreneurs for a variety of reasons. Some may feel intimidated approaching new people, or some may find it ineffective. However, the most common challenge is that one may have limited time and resources to dedicate to networking activities, making it difficult to balance with other responsibilities. By following these tips, you can reap the benefits of investing in networking:

    1. Start by participating in industry events and conferences, even if you won’t be attending with the intention of networking. Taking part in them allows you to showcase your expertise and thought leadership in your respective industry. This can increase your exposure and help build your personal brand, which, in turn, affects your network pretty directly. When starting my business and drawing attention to it through public speeches, I underestimated its impact on networking. But then I found that many people who later helped me a lot came to me on their own.
    2. Practice with friends. If you’re feeling nervous about meeting new people, start by modeling networking with friends and family. We usually give the same advice to salespeople who are afraid to call their clients at first: this helps build their confidence and gives them a solid foundation to reach out to new contacts. I’m sure there is no book or simple rule that will help one overcome fear without practicing, even in an artificial environment.
    3. Utilize LinkedIn and other social media platforms. If you’re unable or prefer not to network in person, LinkedIn is a valuable resource for connecting with others in your field. First of all, it has the same effect on the industry: it’s a great platform to share your expertise. Many underestimate how powerful a connection on the platform can be: for example, it once allowed me to reach out and negotiate calls with all the largest EdTechs in India within just one week!
    4. Don’t underestimate other people’s connections. If you fail to reach a person, ask the people you know to recommend you or get to know them to connect you with your target person. For example, when I fail to reach a venture organization, I try to connect to representatives of their portfolio companies, provide suggestions, and then ask them to connect me with the organization. Guess what? This works extremely effectively, even if it’s just via LinkedIn.

    These easy techniques will help you utilize your time most effectively without investing too much effort.

    Related: 3 Steps to Make Networking Easier

    Never stop expanding your network.

    Networking is a critical tool for entrepreneurs looking to grow and succeed in their businesses. Only by investing time and effort into building strong relationships can you unlock the full potential of your business. The broader your network is, the more opportunities you gain, and the more time you have to find them. Starting may be challenging, but it will become natural eventually.

    Roman Kumar Vyas

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  • How To Raise Money For Your Startup

    How To Raise Money For Your Startup

    Opinions expressed by Entrepreneur contributors are their own.

    Raising money for a brand-new startup idea can be challenging, especially in a tough economy. However, with the right approach and preparation, you can find the funding required to realize your vision. Let’s explore some of the most effective methods and tools available to entrepreneurs who want to raise money to create their own new businesses.

    Have an “investors pitch”

    An investor pitch is usually a PDF with around ten slides. It tells a story about who the company is, the service or product they offer, the problem in that market and the solution your company presents. It also shows your company traction and includes more information about your team, your staffing projections, and the potential revenue an investor can get if they back up your idea.

    I recommend the book “The Lean Startup,” by Eric Ries to anyone starting a new company. It is a great starting point to understand some essential terms you’ll need to know, such as “minimum viable product.”

    Related: 13 Tips on How to Deliver a Pitch Investors Simply Can’t Turn Down

    A business plan

    A strong business plan must be in place. Your business plan should concisely describe your concept, target market, sources of income, and projected financial results. A thorough explanation of how you intend to use the money you raise to expand your company should also be included. Potential investors will have an easier time comprehending your vision and developing confidence in your capacity to carry it out if you have a well-written business plan.

    I commonly get a question: “how many years of projections should my business plan include?”

    My recommendation is to include at least five years. I usually pay close attention to the first three, and year number four and five can be a little more ambiguous or focus on the bigger picture. Why? Because so many things are expected to happen within the first three years, years four and five are likely to include changes, evolutions, or pivots.

    Grow your network

    The next crucial step is to network and develop connections with potential investors. A wide variety of investors, including venture capitalists, angel investors and crowdfunding platforms, are likely available in any city. Even if they’re not, recur to virtual platforms to connect with them (think LinkedIn or Zoom meetings.)

    Get to know your connections and nurture those relationships. By establishing connections with potential investors, you can learn more about their investment preferences and modify your pitch to better suit their needs. Additionally, you can get insightful criticism and guidance on enhancing your business plan and raise the likelihood that you’ll get funding.

    When considering investors, I often tell them I’m looking for “strategic partnerships,” which means I’m looking for an investor who will not only provide capital but also leverage their knowledge in the matter or their connections to push our plans further.

    Related: Five Ways To Raise Money To Launch Your Own Startup

    Attend startup events

    Startup events and pitch competitions are excellent places to meet and develop relationships with potential investors. Attend as many events as possible where interactions with investors may occur. Get to know like-minded individuals who are also doing the same, and exchange ideas and what has worked for you.

    Platforms for crowdsourcing are another method of raising money. Through websites like Kickstarter, Indiegogo or GoFundMe, crowdfunding enables business owners to raise money from many contributors. Crowdfunding can be a great way to attract investors for your startup and create a network of people who share your vision.

    Related: 6 Steps to Planning a Free Startup Event and Making a Splash

    Think outside the box

    You can also request loans and grants from governmental or nonprofit organizations for a more conventional strategy. Chances are the city where you live offers opportunities or services that may help push your business forward.

    For example, the New York City Economic Development Corporation provides a range of services and tools for business owners looking to establish or expand their operations in the city. Additionally, they offer Small Business Services (SBS), which facilitates access to funding and other resources for small businesses.

    Consider all options available

    Consider equity crowdfunding, for instance, which enables you to raise money in exchange for company equity. Alternatively, think about bootstrapping your company, which entails self-financing your start-up by reinvesting profits and reducing expenses.

    Preparing for different outcomes and being open to new opportunities is important because raising capital is a process. Not all startups will raise the same amount or in the same way. My biggest advice is to approach meetings fully knowing and understanding your business plan. But most importantly, approach all meetings with enthusiasm and positive energy. More often than not, investors vest in a team or a person before they invest in an idea.

    Rodolfo Delgado

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