ReportWire

Tag: Entrepreneurs

  • Entrepreneurs Need to Develop These 5 Qualities to Be Successful | Entrepreneur

    Entrepreneurs Need to Develop These 5 Qualities to Be Successful | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I am often asked, “What does it take to be a successful entrepreneur?”

    It’s a question that is difficult to answer because there are so many personality qualities an entrepreneur must have to be successful. With some of these qualities, you either have them, or you don’t. However, that doesn’t mean you can’t develop them over time.

    Here are some of the more essential qualities you need for entrepreneurial success.

    Related: 10 Traits All Successful Entrepreneurs Share

    1. Be a risk-taker

    If you already know me, then my approach to taking risks will not surprise you. After all, I have always subscribed to the mantra: Ready, Fire, Aim. I have no aversion to risk, which has been critical to my path as a successful serial entrepreneur. Small business owners must be willing to take risks if they want to achieve their goals.

    At the same time, entrepreneurs need to make sure there is a very real potential for profit on the other side of that risk. Too often, small business owners will embrace a risk without carefully weighing the potential reward. They will focus all that energy on the front end. Then, they successfully navigate that risk, only to break even. I have always believed that only through profitability comes business sustainability.

    The other caveat I would add is that you can’t be reckless, taking unnecessary risks, because you derive some sort of adrenaline rush. That is a recipe for disaster. This can be a challenge for me. Because taking risks has been such an effective strategy for me, I have a tendency to take risks when I could achieve the same result with a more conservative approach. This is where having a good network of advisors can come into play, which I write about next.

    2. Be a connector, build a network

    To be a successful entrepreneur, you have to be able to assemble a team. That means being open to individuals, their abilities and how they can assist you on your path. They say it takes a village, and that’s very true. It takes a village to launch and successfully maintain a business.

    I encourage young entrepreneurs to make connections, whether at in-person events or on social networks. You never know when that one connection you make will be instrumental in the success of your business for decades to come.

    Over time, you will build an invaluable network of trusted advisors. I have such a network — a handful of people with differing personalities. They are typically more risk-averse, which is a good thing (see “Be a risk-taker”), which tempers my sometimes brazen approach to taking risks.

    Related: Want to Succeed as an Entrepreneur? Discover the Key to Building Long-Lasting Connections

    3. Be confident

    While this seems similar to the idea of embracing risks, it is not the same.

    If you take risks, you will occasionally fail. It’s the nature of the beast. But can you bounce back from a failure? Being confident is being resilient in the face of failure. Confidence must be woven into your psyche as an entrepreneur.

    It is also not just confidence in making initial decisions about your business but also having confidence in your ability to pivot if you hit a roadblock. That’s another form of confidence. You have to be confident not just about the normal path that you’ve selected, where you’ve done all your research, but the fact that you can change if you have to and flow in a direction that does work.

    4. Embrace growth capital

    Too often, entrepreneurs run their businesses on a shoestring budget, fearful about the cost of raising capital and/or servicing that debt. I get it. Owing people money can be an emotional weight. But it doesn’t have to be, not if you consider these two ways in which growth capital can transform your business.

    First, the funds can fuel an initiative designed to generate more revenue. I am reminded of a friend of mine who sells newsletters to the legal community. For years, he merely attended a major conference that was frequented by his readers and sponsors. He recently made the decision to take on a little debt and become a sponsor at the conference, which ended up producing three times the investment in revenue.

    Second, obtaining capital will free you up for more important entrepreneurial tasks. If you are constantly making adjustments to your bank account to ensure you have enough funds or making presentations to individuals who might invest in your company, you are not addressing the operational needs of your business.

    Thus, it is important to understand your options. Increasingly, alternative funding companies are offering ways to determine how much capital you are eligible for without experiencing a dreaded inquiry on your credit report. Frequently, entrepreneurs are stunned at the amount of money they are eligible for. And then, when they weigh the cost of servicing that debt versus the time spent trying to keep their business above water with limited resources, they become more open-minded about the prospect.

    Related: How to Make Debt Work For You

    5. Delegate, delegate, delegate

    Being willing to delegate is absolutely essential for entrepreneurial success. You have to be the leader of your venture. That means you have to find people with skillsets that complement what you do. You might be able to do it, but they can do it better.

    I’ve delegated my entire life. There’s no way I could have taken the necessary risks to grow the business without someone to handle the details, whether it is accounting, the nuts and bolts of marketing or writing, to name a few.

    This is even more true when it comes to technology. Surround yourself with those who can handle the operational side of technology so you don’t have to. When your website goes down, you have help on speed dial.

    In sum, being aware of the ingredients in a recipe for entrepreneurial success is a foundational block for that success. Whether you were born with some of these qualities or not, you can shape your future decisions with these concepts and approaches in mind.

    [ad_2]

    Peter J. Burns III

    Source link

  • ‘On vacation every single day’: I left the U.S. to live in Vietnam and only need to work 15 hours a week

    ‘On vacation every single day’: I left the U.S. to live in Vietnam and only need to work 15 hours a week

    [ad_1]

    Kavi Vu, 33, moved to Ho Chi Minh City, Vietnam in August 2023.

    Courtesy of Kavi Vu.

    When Kavi Vu was 3 year old, her family fled to the United States, following a decades-long war in their home country, Vietnam. After 30 years, she has returned to her motherland to “slow down” and experience her native country.

    Vu moved to Ho Chi Minh City, Vietnam, last year, where she currently works remotely as a freelance creative consultant and videographer, bringing in about $11,000 a month, according to documents reviewed by CNBC Make It. She just needs to work about 8 to 15 hours a week.

    “I was able to significantly lessen my workload — way less than if I were living in the States,” she said. “I am very privileged in that, in Vietnam, I get to say how many hours a week I work, which I know is insane. Coming from the States … I worked like 10 hours a day.”

    “I primarily came here to work less and observe more,” Vu said. “I feel like the U.S. is a lot of doing, and here, it’s a lot of being, being present [and] just like existing, and that’s really nice, because sometimes you just need that space to untangle a lot of knots in your head.”

    Not the American dream

    Vu and her family fled Vietnam for the United States in the 1990s to escape the fallout of the Vietnam War, which is also known as the “American War” in Vietnam.

    “My sisters actually were boat people (refugees who fled Vietnam by boat), so they were in refugee camps in the Philippines. [They] came to the States and were able to sponsor my parents and me over from Vietnam,” she said.

    Kavi Vu and her family during Christmas 2021.

    Courtesy of Kavi Vu.

    Vu’s family landed in Florida, where they spent 10 years before moving to Georgia where they lived on a small chicken farm. Growing up as a minority in the U.S., she never felt a sense of belonging, she told CNBC Make It.

    “We were living the refugee experience,” she said. “I mean, we were the only Asians living there, so it was really — I guess — jarring,” she said. “You’re always feeling like a foreigner.”

    Her feelings of being an outsider grew as she became more involved in politics in 2016. For about six years, Vu worked as a freelance videographer on projects that aimed at engaging minority voters in the Southern states, but she began to burn out.

    Vu said she was exhausted from juggling “a million different things at once” and feeling like her brain is “constantly churning.” “The American dream just started feeling like it was dwindling … and I just felt like I needed a break from America.”

    In August 2023, she took the leap of faith and left the U.S. for Vietnam.

    ‘I’m on vacation every single day’

    Now, Vu lives in a luxury 1-bedroom apartment, for $950 a month. Her apartment is located in the Bình Thạnh district, a central location in Ho Chi Minh City.

    Inside Vu’s 1-bed, 1-bath apartment in Ho Chi Minh City, Vietnam.

    Courtesy of Kavi Vu.

    Vu’s apartment complex offers several amenities including community pools, a gym, a restaurant, a bar and a spa.

    “I feel so privileged, like it literally feels like I’m on vacation every single day,” she said. “When I talk to people every day, I definitely have … a fancier, nicer lifestyle, and when I actually talk about how much I pay for rent, among different groups, I definitely pay like some of the highest rents.”

    Vu pays about $950 a month for her luxury apartment in Vietnam.

    Vu pays about $950 a month for her luxury apartment in Vietnam.

    In total, Vu spends about $1,500 a month on her living expenses, including food, transportation and rent, according to documents reviewed.

    For transportation, she uses ride-hailing app Grab to get around the city which usually costs 50 cents to $4 per ride. She usually opts to eat at local food stalls and restaurants, which cost an average of $2 to $5 per meal.

    “My money goes really far here,” she said. “Budgeting was easy, especially if I’m going to make American dollars in Vietnam … It’s like the best life hack.”

    Life in Vietnam

    Besides freelancing as a creative consultant, Vu is also a content creator and enjoys documenting her life in Vietnam. Nowadays, she also has more time to work on her passion for poetry.

    “Everything was moving at like, two times speed in the States, and I never knew it, because … I was constantly in it,” she said.

    While living in the U.S., Vu was always preoccupied with paying her bills and realizing the “American dream,” so she was constantly in a hurry and felt like she had to continually optimize her time, she said.

    After moving to Vietnam, “life feels slow,” said Vu. “Even though Saigon is very hustle bustle, folks are just sitting [in coffee shops] for hours at a time and I don’t remember the last time I did that in the States for even minutes at a time,” she said.

    Kavi Vu with her mom on a motorbike in Vietnam.

    Courtesy of Kavi Vu.

    “It feels just so luxurious to be able to just sit there and ponder life and write it down. I just never felt like I truly had the time or like an empty enough mind to actually do it,” she said.

    Not only has Vu’s move back to Vietnam given her a sense of freedom to slow down, but it’s also given her the mental capacity and air space to unpack and make sense of her family’s history and her own heritage.

    “One of the biggest things that I’m untangling over here is just like feeling a lot closer to my family, even though I’m farther away,” she said. “I’m just understanding my parents a lot more [by] seeing how they lived over here,” she said.

    Want to master your money this fall? Sign up for CNBC’s new online course. We’ll teach you practical strategies to hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for an introductory discount of 30% off, now extended through September 30, 2024, for the back-to-school season.

    Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

    [ad_2]

    Source link

  • 2 Ways to Declutter Your Day and Unleash Creative Freedom | Entrepreneur

    2 Ways to Declutter Your Day and Unleash Creative Freedom | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, it can be difficult to navigate the responsibilities of running a business while still leaving room for creativity. The everyday responsibilities of running a business can overwhelm your bandwidth and hold you back from innovation. Here are two strategies to help you snip the unnecessary weights holding you back from creative freedom.

    Related: 5 Ways to Jump-Start Your Creativity — Even When It’s Running Low

    Letting go

    Unpack your to-do list and consider letting go of what is no longer serving your success. Taking the time to reassess the day’s priorities can save you from feeling overwhelmed by future obligations. When I start my day, I concentrate on what my team needs from me to keep projects moving forward. If there is a task that needs my approval, I make it a priority so my team can continue their work.

    Add a sense of urgency to responsibilities that are most integral to today’s schedule. By prioritizing certain tasks, you can release unnecessary weight from your day and free up more time and space for creative thinking.

    Don’t be afraid to delegate tasks to your team. As an entrepreneur, it can feel like you are the only person who can do the job. But this isn’t true. If a project can be outsourced to someone else, trust that your team has got your back. Being legally blind, I’ve had to rely on others to be the eyes on projects that I cannot see. What some may consider a disability has allowed me to organically grow my business by sharing projects with others.

    Outsourcing projects can also lead to a higher quality of work. More eyes on a project ensures tasks are handled with greater care and attention to detail. Plus, you never know when a team member might have an innovative solution.

    Learn to let go of projects and ideas when necessary. As an entrepreneur, it’s important to gain the skills necessary to know when to move on. Notice when you are continuously hitting a brick wall and either let go or pivot and start from scratch.

    When I am evaluating a campaign for my business, I track the number of successes along with the times when no results were converted. I turn those results over to a professional with more skill than me and stay humble while they report on the campaign’s potential. Allowing room for others to point out your blind spots is essential to the growth of your business.

    Talking through the project with another professional helps hold you accountable and acknowledge when a project has run its course. Retiring an idea is not a sign of failure. It’s only from a place of raw truth that you can bounce back and soar higher than before.

    Related: How I Transformed My Business by Letting Go of Low-Value Tasks and Focusing on High-Impact Activities

    Looking ahead

    When you feel weighed down by responsibilities, visualizing your future success can help you maintain a positive mindset. You want to taste, smell, see, hear, and touch what it will be like to attain your ultimate goals.

    It can be easy to fall into the trap of negative thinking, but it’s essential to protect your mind by choosing hope and resiliency. Try stating words of affirmation or embodying mantras that feed your heart and vision to keep a positive mindset.

    My visualization is that I consider my mind as a neighborhood. There is no trash on the sidewalk or bars on the windows. The streets are clean and full of enthusiastic energy. I allow the momentum of this vision to surge into the words I speak, the actions I take, and the results I achieve.

    Through visualization, you help shape your thoughts into positive actions. Take time every day to refocus on hope and resilience to help you overcome obstacles and achieve success. Even the best idea can get derailed by circumstances. Reassess your goals on a quarterly or annual basis to make room for any necessary adjustments to your budget, staff or vendors. There is always room for growth and for embracing new ideas.

    I’ve learned to make education a priority in my business. I embrace workshops and partner with experts to constantly expand my skill set. But it’s up to me to turn that knowledge into action. By reassessing, I give my goals the wings they need to fly. Create a vision board to put out into the universe what you want to achieve. This can be pictures that remind you of your goals taped to your refrigerator or having a dedicated space in your office for images that motivate you.

    When I discuss my business, I talk about it like it’s a person. I give it legs and eyes and breathe life into it. I visualize my business growing from a toddler to a teenager to an adult. This helps me better understand its journey and advocate for it when I share my goals with others. Personifying your business can help you gain motivation to achieve your goals. Allowing yourself to visualize your future success opens your mind up to new possibilities and helps you stay creative amidst the responsibilities of your business.

    Related: Vision Boards: A Powerful Tool for Achieving Your Goals

    Conclusion

    Snipping the weights that hold you down frees you from unnecessary stress. By delegating and learning to let go of projects, you invite more room for innovation into your business. As an entrepreneur, it can often feel like all the responsibility falls on you. Trust in your team to lift some weight off your shoulders to allow your business to grow. Use visualization techniques to help you remain positive during the many ups and downs of business ownership.

    [ad_2]

    Nancy Solari

    Source link

  • 7 Business Lessons I Learned While Planning My Daughter’s Wedding | Entrepreneur

    7 Business Lessons I Learned While Planning My Daughter’s Wedding | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    My 26-year-old daughter recently got married. I’ve been to dozens of weddings and have enjoyed them, but this was the first time I was involved in putting a wedding together. In the months of planning for this week with my wife, I learned seven valuable lessons that can relate to business.

    We thought about having a traditional wedding, so we searched for a wedding venue to hold the reception. However, we ran into a problem. Our guest list included about 500 of our closest friends — most of them were my daughter’s network of fans, friends, students and others.

    Paying $50-$150 per plate for a reception venue was out of our budget for that many people. We had a choice: We could whittle down the list or put the wedding together ourselves. We did both.

    We got the guest list down to 300 people, and to still save as much money as we could, we did the wedding ourselves. My wife was the wedding coordinator, and I was her assistant.

    What does a DIY wedding look like? Well, we bought custom stickers and placed 400 stickers of the bride and groom on 400 water bottles. We borrowed vases from friends and had many of our own from previous events. One of our friends is a design hobbyist, so she made dozens of table settings and bouquets from real flowers and fake flowers. I could go on.

    However, what was MOST important about planning this wedding were the lessons I learned in doing it:

    Related: 8 Important Lessons From Leading Entrepreneurs

    1. Communication is essential

    We had several WhatsApp groups to facilitate communication. We had regular meetings for status updates and planning various elements of the wedding. My wife and I were in constant communication. We went to the venue, our church, many times to prepare and plan.

    Poor communication is one of the biggest barriers to success. Miscommunication and misunderstanding will sink your business.

    Maybe my wife asked me to “put vases on the table,” but I didn’t ask which vases. This can result in the wrong vases being on the wrong tables.

    Your business is the same. Communicate clearly — in fact, when the task is highly important, you should over-communicate.

    2. Be clear on the goals you’re trying to accomplish

    As we went through the weeks leading up to the wedding, we kept in mind the key goals we needed to accomplish. We knew the bride and groom had to get married — that was most important. Other goals we had were good food and a fun environment, among other things.

    Your business is the same.

    Be clear on what goals you want to accomplish in your business, including the various projects and tasks that are a part of your business. If you’re not clear on your goals, it’s going to be very hard to know what success looks like and how to even be successful.

    3. Get help

    While my wife shouldered the bulk of responsibilities for the planning of the wedding with my support, we could not have done the wedding by ourselves. We had friends and family helping us at various stages of the wedding.

    One couple helped us for weeks leading up to the wedding. Other friends also offered assistance on the day of and in the weeks before the wedding.

    Running your business is the same. It’s very difficult to serve your customers and grow your business if it’s just you. Seek help by building a team, and seek help from friends, mentors and even your family. You’ll need help in different ways from different people.

    Help could take the form of paying a lawyer to help you draft a legal agreement the right way. Help could take the form of a good business friend giving you advice on a new hire.

    Don’t be afraid to get help in starting and growing your business.

    4. Who you partner with is important to your success (or failure)

    My wife and I were partners in ensuring a successful wedding. We trust each other and do our best to work together. It’s the same in business.

    In order for a partnership to be successful, you must understand what’s important to your partner. Understand how they communicate and their styles of working.

    A partner can be a POWERFUL asset to your business as they can help offload the thinking and actual work that needs to be done in order to grow a business. However, the wrong partner can be detrimental to your business.

    Related: 25 Lessons Business School Won’t Ever Teach You

    5. Prioritization is essential — Don’t major on the minors, and don’t minor on the majors

    Prioritization is important, especially as the complexity of your projects increases. There’s only so much you can get done in a given day. Time is finite. Hence, being able to prioritize is essential. In preparing for the wedding, we had to constantly prioritize. For example, today, we’re going to set up tables. Tomorrow, we’ll set up vases. As we got closer to the wedding, we had to “let go” of some things and scale back on other things.

    You’ll need to do this in your business as well.

    What needs to be done TODAY? What can wait until later? What MUST be done this quarter, and what can be held off to another day?

    As you work with others, also understand that YOUR priority might not be their priority. Hence, having shared goals and an understanding of what’s important to you, your partner and/or your team is important.

    6. Who are the stakeholders?

    For the wedding, we knew there were several important people or groups of people we had to consider. The bride and groom were the most important. The groom’s parents were also important, so we had to consider their needs and concerns. We also had to think about our church ministry and their concerns and needs for the wedding.

    Your business is the same. You’re NEVER solo in your business. There’s you, your employees (or team members), your customers, possibly government agencies, vendors and others.

    Consider the stakeholders who are important to the success of your business, and think about their needs and concerns.

    Related: 5 Lessons From The Most Successful Entrepreneurs

    7. Get advice from others

    Critical to the wedding’s success was our wedding coordination team. This team was made up of my sister, my daughter’s best friend, my wife, my daughter, my daughter’s fiance and me!

    We had regular meetings with this team to get their input and their help with much of the planning for the wedding — cake, clothes, housing and so much more.

    You also need advisors in your business. You can get advice from peers who are fellow business owners. You can get advice from books and podcasts. You can join a mentorship community. You can also hire a consultant to guide you with certain aspects of your business.

    My daughter’s wedding was a success, and now you know why. A wedding is a one-day event. However, your business can take years to grow and be successful. You can’t build a successful business alone — it takes guidance, purposeful planning and a bit of luck.

    [ad_2]

    Ramon Ray

    Source link

  • How Tech Innovation Helps You Stay Ahead of the Competition | Entrepreneur

    How Tech Innovation Helps You Stay Ahead of the Competition | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s competitive business landscape, there seems to be a ready-made solution for everything. While off-the-shelf technology can offer practicality and convenience, relying solely on these tools often leads to a product or service that lacks distinction.

    Staying ahead of the competition is about more than simply adopting the latest tech tools — it’s about the ability to adapt quickly and create offerings that truly meet the evolving needs of your clients. Businesses that break free from the constraints of one-size-fits-all solutions are those that embrace innovation, developing unique products and experiences that set them apart from the rest, regardless of what industry they’re in.

    Related: The Secrets to Harnessing Innovation and Driving Your Business Forward

    Standing out and making your mark

    The pace of technological change can feel overwhelming. For businesses, the challenge isn’t just to keep up — it’s to stay ahead. In every industry, the companies that succeed are the ones that can pivot quickly, adopt new tools and adapt their processes to match shifting trends.

    As President and CEO of 1031 Crowdfunding, I saw an opportunity to break away from traditional real estate investment platforms and develop something uniquely ours. Like the best innovations, our platform was born out of necessity. There are a lot of stories of clients being misled, misinformed or deceived by other firms. Our proprietary online platform was created with transparency in mind.

    We’ve built a backend system that can be easily customized, allowing us to roll out new features or make adjustments in response to real-time feedback and shifting investor demands. Our goal has always been to offer our investors the best possible experience while staying compliant with industry regulations. For businesses that prioritize client satisfaction, being able to pivot quickly with your own unique technology can be a key differentiator when it comes to successful client relations. This can relate to entrepreneurs in any industry when developing products or tools for clients or investors.

    This platform isn’t just a rebranded version of what everyone else in the industry is using. It’s fully in-house, which gives us complete control over its features and makes it difficult for competitors to easily replicate. These features give us a direct line to our clients and allow us to offer services that stand out in the marketplace.

    Advantages of adaptability

    Maintaining control and flexibility over your business’ technological operations is a huge competitive advantage. While other companies are at the mercy of third-party vendors for updates, bug fixes and new features, we can move at our own pace. In an industry like real estate, where regulations and market conditions can change quickly, the ability to adapt is crucial. Our back-end technology moves as fast as we do.

    Related: 4 Ways to Adapt Your Business as Your Industry Evolves

    Imitation is not a winning strategy

    As a business owner, something I see a lot is white-label solutions. Many companies mimic others’ sites and services. If it isn’t broken, why fix it, right? The problem is, if you are offering what everyone else is, why should clients choose you? You can’t expect to outpace competitors if you are all wearing the same shoes.

    Off-the-shelf technology may seem like the easy choice. It’s ready-made, tested and widely available. Depending on your business and industry, this might be the right choice for you. However, there can be significant downsides to this approach, particularly in terms of differentiation and innovation.

    The most obvious issue is conformity. Many businesses don’t properly utilize the creative and intellectual talents of their team and, in place of their own product development, end up using the same platform as their competitors, which leads to little differentiation beyond branding. The result? A marketplace filled with companies that essentially offer the same product or service, with few distinguishing features.

    Another issue is dependency. Companies that rely on widely distributed tech solutions often find themselves limited by the functionality and update cycles of third-party providers. If your business depends on another company’s technology and they suddenly close shop, where does that leave you? While being at the mercy of a vendor’s timeline may be sufficient for some, this can hinder growth and innovation for businesses that wish to stay ahead of their competitors, regardless of industry.

    Related: One Size Does Not Fit All: Customer Centricity Is The Key To Differentiate Your Business

    Takeaways for entrepreneurs

    For entrepreneurs and business owners, creating a unique, in-house product can feel like a daunting task, requiring a significant investment of time, money and resources. But the most successful businesses are those that actively listen to their customers. By understanding and delivering the features your clients want, you not only foster loyalty but also encourage word-of-mouth recommendations that can drive growth. In today’s competitive market, providing what customers truly need is often the difference between staying ahead and falling behind.

    Innovation isn’t just an advantage — it’s a necessity. As industries evolve, companies that stay attuned to customer feedback and quickly adapt to meet their needs will secure a lasting competitive edge.

    [ad_2]

    Edward Fernandez

    Source link

  • 8 Critical Things Entrepreneurs Often Overlook When Starting a Company | Entrepreneur

    8 Critical Things Entrepreneurs Often Overlook When Starting a Company | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The very definition of entrepreneurship implies many twists and turns. Founders start companies based on an idea, form a business plan around what they believe that concept’s future to be, press their foot down on the gas pedal and off they go. Along the journey, founders are forced to make many quick but impactful decisions with limited resources and foggy knowledge about how their outcomes will play out. Essentially, they are building the base of a house, having no idea what its roof will eventually look like.

    Many of these early-stage decisions are foundational and become even more significant as the company itself matures. Due to arbitrary and self-imposed goals and timelines, founders may overlook critical components to building a lasting business. Haste can be met with regret later on in the company lifecycle, costing time, human and financial resources and, potentially, the company. In fact, according to the United States Bureau of Labor Statistics, approximately 10% of startups fail within the first year. However, that percentage increases over time, with an eventual long-term failure rate of 90%. Ultimately, the choices we make today could take years to manifest, and the results could prove detrimental.

    Related: I Made These 3 Big Mistakes When Starting a Business — Here’s What I Learned From Them

    Here are eight critical actions that founders overlook when starting their companies:

    1. Properly forming their company under the right structure

    There are multiple structures that companies can take early on, including an LLC, C-Corp and S-Corp. Each has its own advantages and limitations, and it is important that founders match their company structure with their financing and tax goals. For example, an LLC would be a structure amenable to a convertible note and consisting of private investors. To properly determine the best structure for their enterprise, founders should outline their investment strategy and consult an attorney versed in company formation.

    2. Protecting their IP

    Intellectual property should be protected at the onset of company formation and certainly before a product is launched in market. Companies should solicit an IP attorney to trademark the company and product names, logo designs and any defensible product designs. In addition, especially for technology companies, patents should be filed prior to product launch. While the costs may seem expensive, especially early on, IP can end up being the primary source of value for a company later on.

    3. Creating a proper board of advisors

    While the foundation stage may seem premature to acquire a board of advisors, it could actually prove advantageous and even critical. The reality is founders alone cannot cover all of the skill sets and experience bases needed to ensure a positive future outcome. Even at the earliest funding stages, “team” is a core component to investors betting on a company’s success. Advisors can fill in the skill gaps that are initially missing and serve as an important determinant of an investor’s choice to invest. Therefore, founders should assess their teams’ competencies and deficiencies and officially onboard advisors to fill in those experiences/skill gaps.

    1. Determining the right financing strategy. It’s commonly assumed that venture capital is the holy grail of investment and that the most successful companies build themselves by securing VC money. VC money is great for certain companies, but there are also restrictions — once a company secures VC money, it then has external entities owning a good portion of its equity, and those entities subsequently have a strong say in the decision-making process going forward. Some companies may want to grow at a different pace than VCs would demand, resulting in a mismatch. As a founder, it is important to properly identify how success is determined for the company — asking yourself what growth looks like and how much of the company you are willing to part with in the long term.
    2. Evaluating founding team dynamics and identifying the gaps. While advisors may fill in certain near-term skill gaps, the reality is they are not working full-time at the company. Therefore, it is important to identify current and future skill gaps among the founding/executive team, outline the roles that are needed to fill them and create a timeline to hire. Some may not be necessary until the next round of financing, and others may be immediate.
    3. Assessing the current macro environment. While a founder may have the most innovative idea on the planet, the current macroeconomic environment may not be amenable to supporting it. It is important to review the broader macro environment with regard to receptivity to your product or service and the environment in general. For example, the market may be ripe for an offering, but the funding environment as a whole may have dried up. A realistic assessment will enable a founder to create a more realistic growth plan.
    4. Paving their path to market. Founders can become so enamored with their product or service that they forget to assess how they will let others know about it. It is important for a new business to clearly identify its core customer target and its total addressable market to understand how much it will cost and how much time it will take to acquire those customers.
    5. Determining their long-term commitment/investment. Jeff Bezos stated, “All overnight success takes about 10 years.” This could not be more accurate. Entrepreneurs read the shiny social media accounts of the companies that immediately skyrocket and experience a rapid hockey stick growth curve and expect that success, but success takes time. So early on, founders need to assess their own personal time horizons and determine how long they are committed to their endeavors. Part of this may be their own personal commitment, especially if they have a family. Part of it may be financial —as a founder, knowing your personal financial runway is critical. Hiring an outside executive coach and even a therapist can help to better navigate these life waters.

    Related: Don’t Overlook This Crucial Business Function If You Want Your Startup to Succeed

    John Wooden, coach of the UCLA Bruins basketball team, who is considered the greatest coach in NCAA history, taught his players how to put their shoes and socks on in a very specific manner. When asked why, he stated, “The little things matter. All I need is one little wrinkle in one sock to put a blister on one foot and it could ruin my whole season.” Winning the entrepreneurship game starts with intention, founders doing everything they can to purposefully put themselves in the best position for success. Beyond that comes a bit of luck and a lot of fortitude, but it starts with proper preparation.

    [ad_2]

    Kalon Gutierrez

    Source link

  • 5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes | Entrepreneur

    5 Work Ethic Lessons Entrepreneurs Can Learn From Elite Athletes | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Anyone who has found success as an athlete will tell you that sport teaches lessons that go far beyond the playing field. If you’re looking to succeed in the competitive business environment, there may be no better models than champion athletes. What is it that allows these individuals to achieve greatness? What makes someone a winner? There’s not a single answer. Rather, it’s a combination of things. We’re sharing five of them here. If you follow these lessons, you’ll be poised for a championship in the business world.

    Related: 4 Productivity Tips from Extreme Athletes That Will Make Your Business Stronger

    Show supreme confidence

    Champions have a robust belief in themselves and their ability to succeed. Importantly, this does not mean they expect the journey to be easy. Most things worth having require tremendous effort. Champion athletes devote “blood, sweat and tears” in pursuit of excellence, and they’re willing to make the sacrifice because they know it will pay off. Self-doubters abandon the journey when it gets too hard or when they encounter a few obstacles. Champions persevere because they believe in themselves to the core. This stout self-confidence becomes self-fulfilling. When you fully believe you’ll win if you keep on grinding, you’ll out-grind your less confident competitors. Supreme confidence leads to supreme effort, and supreme effort leads to success.

    Like a champion athlete, a winning entrepreneur stays committed when things are tough. Tomorrow’s industry leaders are those who will continue to refine their current pitches and marketing strategies as many times as it takes to reach a breakthrough. They will not be deterred by rejection but rather will learn from it, make adjustments, and come back stronger. This willingness to learn and improve, in fact, is another defining feature of champions.

    Always look to improve

    Champion athletes, while supremely confident, also possess enough humility to know they always have room to learn and grow. When they take a loss, they review the game film to identify the mistakes they’ve made and see where they need to adjust for the next time. Even when they win, they look at what they could have done better. They also seek input from others. When a coach points out a flaw in their technique, they’re receptive to the feedback and incorporate it into their training. They also look to teammates and even to opponents to learn what others are doing well.

    As an entrepreneur, if you lose out on a deal or find a competitor holding a larger share of your targeted market, then look at what they are doing to succeed. Be open to learning and humble enough to seek help from others. Champions are usually their own harshest critics, and their high standards drive them to keep improving. So even when you have some successes, continue looking to level up.

    Focus on what you can control

    Champions do everything they can to control the variables involved in their sport. Knowing that they can’t fully control the outcome, they go all-in on what they can control, including attitude, effort, and preparation. Entrepreneurs ought to do the same by analyzing their markets, rehearsing presentations multiple times, and scouting both their competition and their potential customers. If you’re meeting with a client, study them ahead of time so you can anticipate the questions they may ask and have impressive answers prepared. Be obsessive about your preparation.

    A corollary to this lesson is focusing your post-hoc explanations on what you can – or could have – controlled. After a tough loss, champions do not blame the referee. Instead, they look at what they could have done differently so the referee’s calls would not have mattered. As an entrepreneur, be cautious of attributing bad results to luck or of claiming things weren’t fair. When you do so, you lose motivation to make adjustments for next time. Instead, follow a champion’s lead and know there’s always something you could have done better.

    Improvise when needed

    Even as champions focus on what they can control, they also recognize that they can’t control everything. Rarely does something go exactly as planned, and the best performers adapt and improvise. Something can always go wrong, and rather than panicking when it does, winners stay confident and make the needed adjustments. Thus, even as you work to control what you can embrace the uncertainty of your sport – or your business, as the case may be.

    Related: 5 Lessons Entrepreneurs Can Learn from Pro Sports Teams

    Be flexible

    You may have noticed that the lessons described above hold some contradictions. Champions have supreme confidence yet also believe they need to get better. They also focus on what they can control while accepting they can’t control everything. Thus, another key to success is adapting your mindset based on the situation at hand. Champions have the mental flexibility to do so seamlessly. Rather than looking for a recipe to follow every time, they embrace the fluidity required to succeed consistently.

    This willingness to adapt – to possess an unfixed mindset – is the main premise of the book Extreme Balance: Paradoxical Principles That Make You a Champion, published by Entrepreneur Press. This volume, which I have co-authored with champion athlete and coach Ben Askren and successful business leader Joe De Sena, describes how various champions balance contradictory principles to succeed in their respective sports. It includes chapters such as “Thinking You’re Good Enough and Thinking You’re Never Good Enough,” and “Preparing for Everything and Expecting the Unexpected.” These sections expand upon the lessons described here – and many others – in greater depth. If you want to be a champion entrepreneur, it’s a great resource to help get you there.

    [ad_2]

    David Sacks

    Source link

  • 7 Hispanic Business Leaders Reveal Their Top Advice For Taking Your Company From Zero to Success | Entrepreneur

    7 Hispanic Business Leaders Reveal Their Top Advice For Taking Your Company From Zero to Success | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As a finance professional and fellow Latina entrepreneur, I know firsthand that the path to financial independence isn’t just about numbers; It’s about balancing everything that makes you human while running a business. Your vision, story and overcoming possible financial traumas that many face are part of the mix.

    What matters is asking the right questions, creating your own path and sharing what you’ve learned with others so we can set up a new status quo and grow as a community. So, what insights could successful Hispanic founders and CEOs give you to support your path to financial growth?

    Related: Are Your Subconscious Money Habits Killing Your Business Growth? Here’s How to Fix Them Now

    Embrace authentic storytelling

    We all have stories to tell — so it’s time we bring that to our businesses. In fact, this is exactly what Norma Fabian Newton, founder of Fabian Flores, shares as a key component to her success: “One insight I would give other entrepreneurs is to embrace storytelling. Authentic storytelling is the key to differentiation, establishing yourself as a thought leader and creating connections.”

    Newton started her business to amplify Latino stories within the traditional book publishing industry and contribute to creating more equity in the literary landscape. But storytelling is essential, even if you are not looking to become an author or public speaker. It plays a role in how you relate to your business, employees, clients and, ultimately, your money. Embracing our voice is an inevitable part of success.

    Test your market and invest in yourself

    The path to financial growth is more than luck. It is about thinking, strategizing, testing and adjusting. Catarina Rivera, the founder of Blindish Latina LLC, gives that exact insight as a key to her success. She says, “First test your offering in the marketplace. Do people want to buy your offer? Once you have those foundational pieces in place, invest in yourself.”

    Rivera built her business from her personal journey with disability, and through public speaking and DEIA consulting, she aims to smash stigmas and foster more inclusive workplaces.

    As Hispanic entrepreneurs, we sometimes hesitate to share our creations with the world or believe we can do it all ourselves. But, as Rivera noted, combining both takes us further — and faster. “I have a business coach, brand partnerships coach, therapist, a team of part-time contractors, a bookkeeping firm and a CPA. It’s important to invest in yourself in the most impactful ways when starting your business.”

    Diversify your revenue streams and take control

    Taimi Soto, CEO of Creativ Hous, journalist and entrepreneur, says, “We can’t put all our eggs in one basket. I learned that to have control over my future and ensure stability, I needed to diversify my income streams. That’s how I started my PR agency and joined the beauty products industry. You have to step out of your comfort zone and create multiple sources of income.”

    She learned this lesson after experiencing an unexpected layoff, which made her realize the importance of diversifying. That decision led her to create a new business and incorporate beauty entrepreneurship into her portfolio. The truth is: If you want financial stability, relying on just one revenue stream is not sustainable. Whether you diversify with different products or services within your company or build multiple revenue streams, having options is critical.

    Related: 5 Ways Brands Can Celebrate Hispanic Heritage Month Using Social Media

    Know when to shift and take care of your well-being

    Juan Galán, CEO of IG Creator Academy, began his entrepreneurial journey as a content creator, aiming to become an influencer. Along the way, he realized that what he was building was bigger than just content, it was a business. However, the transition to becoming a full-fledged business owner and CEO came with its own challenges.

    He emphasizes the importance of knowing when to make these shifts and prioritizing your well-being in the process. He says, “You have to take care of your mental health, define the lifestyle you want and not get caught up in the pressure to scale if it doesn’t align with your goals.”

    Get curious and don’t stop learning

    Karina Martinez, founder of DRAFTED, shares a critical insight for success while building the first Latina sports media company: “The best leaders are the most curious students, constantly learning and evolving. In the early stages of building a company, staying endlessly inquisitive is crucial — read widely, listen to podcasts, attend seminars and research those you admire.”

    Curiosity and continuous learning are often overlooked by new entrepreneurs, who may be consumed by the day-to-day tasks of running a business. But to grow, you must learn constantly. This will pull you out of setbacks and open up new strategies for your business, helping you get closer to your goals.

    Uplift others along the way

    Bianca Alba, founder of This Latina Travels, launched her platform with a mission to inspire women of color to explore the world. For Alba, this journey is about creating a supportive community where we uplift one another. “If we stopped seeing each other as competition, I truly believe all our businesses would succeed. We each bring something new to the table,” she says.

    And I wholeheartedly agree with her. We often believe business and entrepreneurship take us far away from our values, but as Hispanic entrepreneurs, our identity and the values we carry from our community — such as unity and uplifting one another — are what truly make us grow stronger.

    Related: Winning Strategies Behind Effective Hispanic Heritage Month Campaigns

    Say yes to new challenges

    Nadine Ramos, CEO and founder of Lasio and Blessed Bananas, shares that saying yes to those new challenges is what has taken her to where she is now: “Become the type of person who says ‘yes’ to new challenges. When I say yes to challenges, I’m really saying yes to myself, to growth and to betting on myself.”

    Ramos first introduced Brazilian keratin treatments to the U.S. with her business with no financial support, connections or experience and later founded her second company, Blessed Bananas, to push the boundaries of haircare by blending nature and science with banana oil-based products. For Ramos, embracing new challenges is key to unlocking growth and arriving where you want to go.

    [ad_2]

    Alejandra Rojas

    Source link

  • How to Build a Legacy For Your Company You Can Be Proud Of | Entrepreneur

    How to Build a Legacy For Your Company You Can Be Proud Of | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When was the last time you took stock of what your business has accomplished and what its legacy will be after you’re gone?

    Understandably, most of us are caught up in the day-to-day demands and challenges of running our company or organization while trying to manage our personal lives. Few of us ever take the time to consider what we are working towards in the long term. Where will your business be in 10 years? In 20 years? And what if, through some unforeseen tragedy, you died today and your enterprise was forced to close – what would your obituary say, and what would be written about your business?

    The “obituary test” or “eulogy test” is an exercise often used by individuals to assess their personal lives. It helps ensure they’re living in a way they’ll be proud of when they look back on their lives.

    It may seem like a morbid process, but it can be a powerful tool for determining whether or not you and the organization you’ve invested so much time, effort and energy into are aligned with your personal values in a way that will endure after you’re gone. Clearly, there are many business metrics for determining the material value of what you’ve built: stock price, dividends paid out and market cap, among dozens of others.

    Related: 5 Factors for Planning Your Entrepreneurial Legacy

    But what if you had to answer the following questions: What is your business’ legacy? What will people say about you and your business after you’re gone? Are you happy with what they will say? There are plenty of examples of companies that have left behind terrible legacies. Think of the energy company Enron, which defrauded investors, price-gouged customers and evaporated its employees’ pensions due to its corporate greed and illegal accounting practices.

    Or consider Lehman Brothers, the investment bank that was revered for over a century before its reputation was swiftly erased in a few weeks during the early days of the 2008 financial crisis. Initially, Lehman’s heavy investment in subprime mortgages helped them record astronomical profits, but when the market crashed, Lehman’s downfall was rapid and brutal. Lehman’s demise led to the biggest bankruptcy filing in U.S. history — $619 billion, with investors and U.S. taxpayers left holding the bill.

    Legacy is not just about how you hope you and your business will be viewed 20 or 30 years from now. It’s about creating a business culture now in which every decision, big or small, is aligned with the ultimate legacy you hope to leave. It’s about living your legacy today and every day.

    For years, the corporate model was based on maximizing profits at all costs while doing damage/reputation control through charitable donations. That’s exactly how companies like Purdue Pharmaceuticals operated. They made billions by misrepresenting the data on their highly addictive drug, OxyContin, which greatly contributed to the opioid crisis that continues to haunt America today. At the same time, the Sackler family, which ran Purdue, donated millions to the arts, charities and universities. Today, with the family’s legacy in tatters, most charities and institutions refuse to deal with the Sacklers or their trust.

    What these examples illustrate is that both your personal and business legacy are determined by your actions throughout the history of their existence. It’s not just the end output of profits for shareholders or a big donation to a charity after years of unscrupulous business conduct.

    Consumers want companies that are committed to more than just the bottom line of profit. They want authentic companies that walk the talk. That’s why companies like Costco are both profitable and trusted. The Reputation Management Company says that Costco has “a legacy of excellence and member satisfaction,” which is one of the reasons they are the second “most trusted company in America” (behind only Patagonia), according to a 2023 Axios survey.

    They offer low prices, quality products, treat their employees well and support their local communities through charitable donations, partnerships and they pay employees to “volunteer” in the community. They walk the talk and are living their brand’s legacy from CEO to frontline employee.

    Related: Leaving A Legacy: Your Business’ Success Requires A Sustainable-First Approach

    So, what does the obituary test tell you about you and your company? Is your company or organization creating a legacy you can be proud of that aligns with your values? If not, here are a few ideas to get you started:

    Create a legacy statement: We all know about mission statements, but consider also creating a legacy statement that articulates the impact you want your business to have in the long term – whether in your community, country or the world.

    It should reflect the values you want your company to uphold and the kind of legacy you want it to leave behind. Work with your team to develop the legacy statement and incorporate it into your strategic and long-term planning to ensure your company is working towards it daily.

    Carry out a legacy audit: Just as you might conduct a financial audit to assess your company’s fiscal health, a legacy audit can help evaluate the level of alignment between your operations and your values. The legacy audit should cover a thorough review of your company’s values, practices, products and culture. Identify areas where you’re on track and where you’re falling short so you can create a plan to address the gaps.

    Implement a values-based decision-making matrix: To ensure that your business decisions consistently reflect your legacy statement, consider implementing a values-based decision-making framework. This framework should include a set of guiding questions or criteria that you and your team can use to evaluate key decisions. For example, “Does this decision align with our company values?” or “How will this decision impact our long-term legacy?” This approach ensures that your legacy remains front and center in your day-to-day operations.

    We all want to be proud of the legacy that we leave behind. If you don’t like what you see, get to work on creating the legacy you want.

    [ad_2]

    Marc Kielburger

    Source link

  • Why You Should Consider Commercial Real Estate as Your Next Investment | Entrepreneur

    Why You Should Consider Commercial Real Estate as Your Next Investment | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Real estate is one of the biggest industries in today’s world. From buying property as an investment to buying your own home, real estate impacts every person’s life in one way or another. Although it’s a beast of an industry, you do not necessarily have to work in real estate to invest in it. In fact, many people buy properties simply to make a passive income with no intention of making it their full-time job.

    Here are some reasons why commercial real estate could be a great investment for you.

    Related: Tap Into the Wealth Potential of Commercial Real Estate With These 5 Tips

    Passive income

    By investing in a property, you are going to be able to make a passive income — a check you don’t have to actively work for. Depending on the property you buy, you can rent out the space to tenants and get paid each month that they occupy the building. In turn, the income can be recycled to pay for the property and its expenses or be used to invest in other properties without having to touch other funds. This is great because this is monthly income that you do not have to actively work for.

    Tax advantages

    By investing in real estate, there are many deductions and breaks that can actually help when it comes to paying your taxes. Also, any money you make on the sale of the property will be seen as capital gains and not an income, therefore lowering the amount of taxes you would have to pay on that money.

    Cash flow

    As you rent out the property and the tenants pay their rent, you will create a steady cash flow for yourself and increase your own income. As the mortgage gets paid, this will also help build your equity, which can help you invest in more properties and build up overall wealth.

    Diversification

    When investing money, it is always good to invest in different types of assets to ensure you have stable and reliable returns. Commercial real estate can diversify a portfolio — and in case of a market crash, properties remain unaffected, whereas stocks and bonds plummet. It’s also a tangible asset that you can touch and feel, unlike other forms of investments. Tangible assets can help minimize the total risk in investments and help you build a profitable portfolio.

    Related: 6 Key Questions You Should Always Ask Before Investing in a Commercial Real-Estate Property

    Leverage

    Most times, buying a piece of real estate requires an initial cash investment. That investment can gain a very high return that can completely cover the debts of the property. For example, if you pay a down payment of 20% and the other 80% is debt, the property only needs to appreciate 20% for the invested equity to be 100%. However, this comes with the risk that if the property does not become profitable, it may have to go into foreclosure if the monthly payments cannot be made.

    Appreciation

    Real estate investments offer a lot of potential growth and appreciation that you may not have in more classic avenues of investing. For example, an investor can choose to buy and develop a property in an area they believe is up-and-coming. In that case, as the popularity of the neighborhood increases, the value of their property significantly rises and can lead to great capital appreciation.

    Inflation hedge

    As the economy grows and inflation rises and falls, commercial real estate doesn’t feel the long-term impacts. Luckily, rents can be adjusted accordingly to the inflation rate and offset the impact. This results in strong rent growth and appreciation for your property, despite any worsening conditions in the economy. With other investments like stocks and bonds, inflation almost always has a negative impact.

    On the flip side…

    Commercial real estate, like any investment, has downsides as well.

    For starters, it’s a time commitment. Investors need to put time into managing and taking care of the property and its tenants. All of the building concerns and problems fall into the lap of the owner, so that aspect needs to be taken into consideration.

    This leads to another downside — managing and taking care of the building usually requires outside help, like property management companies. These companies are not cheap and can be costly. However, this is really the only way to properly run the building and avoid running into issues.

    This leads to the need for cash. Unlike residential real estate, commercial properties need a lot more capital for the initial investment and then cash that needs to be put into the property to maintain it. This makes commercial real estate investing unappealing since there are a lot of costs to carry the property, and it can take time for the revenue to outweigh the costs.

    Related: 5 Proven Steps to Become a Real Estate Millionaire, According to an Investor

    At the end of the day, every investment comes with risks. No investment is guaranteed. However, some may be a little bit more secure than others. Commercial real estate is a great idea if you’re someone looking to diversify your portfolio and find another way to increase your wealth. Although it may be daunting, and the initial investments can be scary, the returns can be very high and worth it!

    [ad_2]

    Erica Dushey Sarway

    Source link

  • How Entrepreneurship Saved Me When I Hit Rock Bottom | Entrepreneur

    How Entrepreneurship Saved Me When I Hit Rock Bottom | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Imagine dedicating your entire childhood to one dream, only to watch it crumble just as you’re about to achieve it. That’s exactly what happened to me when my lifelong goal of becoming a professional soccer player fell apart at 19. What felt like a devastating life crisis turned out to be the push I needed toward a career as an entrepreneur.

    I was born in Miami, but when my family moved to Hyderabad, India when I was 5, it introduced me to a completely new world. School was never really my thing; soccer was my true calling. At 14, my passion caught the attention of India’s national team manager, and I got a chance to train with one of the top German teams. It was a huge opportunity, but the reality of adapting to a new culture at such a young age was overwhelming.

    My soccer journey continued at Ellesmere College in the U.K., where I played for the varsity team. But despite all the hard work, a professional contract eluded me. The alternate path took me to play soccer at Monroe College in the U.S. Though we won the NJCAA Division I national championship, I often found myself on the sidelines, realizing that I wasn’t good enough to go pro. It was a devastating blow.

    The day I accepted that my dream of becoming a professional soccer player wouldn’t come true is seared into my memory. It felt like my world was falling apart. Everything I worked for was gone. I felt directionless and unmotivated. I had hit rock bottom. But then I found a new path at Babson College, where I continued to play NCAA Division III soccer and where I joined eTower, an entrepreneurial living community that reignited my passion for building and creating ventures. It not only gave me a renewed sense of purpose but also helped me overcome that feeling of not being good enough.

    Surrounded by people who were just as driven as I was, I launched Kickstart Sports, a consulting business helping athletes in India find opportunities in Europe and the United States. The pandemic cut that venture short, but it opened up new opportunities. In 2020, I worked at Compstak, a real estate data company, took on a role at a real estate hedge fund in China, and ran a VR/AR sneaker startup. All of these experiences eventually led me to create DesignAI, a company that leverages technology to redesign how cities are built.

    My entrepreneurial journey has been far from straightforward, filled with failures and successes, heartbreaking frustrations and rewarding celebrations. Along the way, I persevered and pivoted. Here are three key lessons that have shaped my journey and how you can apply them to yours, even in the face of feeling like you’re not good enough.

    Related: How to Get Comfortable Being Uncomfortable, No Matter Your Age — Lessons for Entrepreneurs

    1. Rebuild confidence and find a new purpose

    When my soccer career ended, it felt like I’d lost a big part of myself. I had to rebuild my confidence from scratch. This wasn’t about finding just another job; it was about rediscovering who I was outside of soccer. I threw myself into new activities — rugby, student organizations, networking with people from different backgrounds. This exploration was crucial in helping me find a new sense of purpose, which eventually led me to entrepreneurship.

    My advice: Actively seek out new experiences, even when it’s uncomfortable. You’ll discover what truly excites you, what motivates you and what you excel at.

    2. Build and leverage a strong support system

    During this tough transition, I learned just how important a solid support system is. I reached out to mentors, leaned on friends who understood my struggles and even found therapy incredibly helpful. This network became my lifeline, offering emotional support and practical advice. One thing I did that worked really well was sending monthly updates to my mentors and key connections. It kept me accountable and made sure I stayed on their radar for opportunities.

    My advice: Build a support system with people who can challenge you, support you and help you see things from different angles. And, most importantly, keep those relationships alive, because they will continue to provide the support and feedback you need to push through adversity.

    Related: I Couldn’t Sleep. I Obsessed Over My Failures. Then I Found the Weirdest Cure — Flyfishing?

    3. Embrace failure as a stepping stone

    The failure of my soccer dream was a harsh wake-up call, but it taught me resilience. I had to face the reality that life doesn’t always go as planned, and that’s okay. I started seeing failure as a learning opportunity, a chance to grow and pivot. Books like The Psychology of Money and The Hard Thing About Hard Things helped reinforce this mindset. I learned to reflect on my setbacks, extract the lessons and use them to guide my next steps.

    My advice: Don’t fear failure. It’s a vital part of the entrepreneurial process, and it’s what helps you refine your approach and keep moving forward. Every failure or setback is an opportunity to improve — with your venture or your career.

    When my soccer dream was dashed and I realized I wasn’t good enough to succeed down that path, I learned that resilience, a solid support system and embracing your failures are critical skills, especially for entrepreneurs. Challenges will come and the path will be messy. But if you surround yourself with the right people and refuse to back down, you can carve out your own version of success.

    [ad_2]

    Saranga Pagadala

    Source link

  • Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    [ad_1]

    Entrepreneur asked Foursquare to dig into its data, to reveal which small businesses America loved the most. Together we created America’s Favorite Mom & Pop Shops™, a list of 150 local, independently owned and operated businesses across 10 categories — including, yes, lodging establishments.

    To see every category, as well as the methodology behind the list, click here. Below are the 15 companies included in the lodging category.

    1. Abakee Cottages

    Laconia, NH | Company website

    If you’re looking for a vacation away from the hustle and bustle of city life, Abakee Cottages is the perfect lakefront destination for you and your family. Situated on the sands of Lake Winnipesaukee, Abakee Cottages gives you views of the White Mountains, Mt. Chocorua, the Ossipee Range, and Mt. Washington. This destination inn is located at the end of a private road and gives you access to a protected beach area safe for children. With a 58-year history, this mom-and-pop business has been providing families with a memorable place to vacation for generations.

    The cottages themselves are private, well separated, beautifully furnished, and provide access to outside grills and picnic tables. If you need a laundromat or a supermarket, or want to visit the nearby church or the Weirs Beach recreation area, all are located a short drive away. You can also easily make a day trip to the nearby mountains, as well as local golf courses and restaurants. A gallery of the Abakee cottages can be found on its website if you want to check out the architecture and amenities before your stay.

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

    If you’re looking to land in one of Florida’s favorite vacation spots, Perry’s Ocean Edge Resort could be your perfect destination. With 214 rooms, this large resort offers everything from complimentary homemade donuts in the morning to putting greens and shuffleboard courts, heated pools and hot tubs both indoor and outdoor to outdoor BBQ grills. Vacationing with your furry friend? Perry’s Ocean Edge Resort is also pet friendly for dogs up to 40 pounds.

    Perry’s Ocean Edge Resort offers a variety of different room styles to fit whatever type of stay you’re looking for. Just you and your honey? Check out the King Garden rooms for a comforting, romantic stay. If you’re bringing the family along, this resort offers various suite options so that everyone has a place to sleep. Order colorful and whimsical beach-themed drinks at the outdoor tiki bar, which gives you a sublime view of the ocean. Perry’s Ocean Edge Resort also has larger banquet-style rooms if you’re looking for a place to host a birthday party, a corporate event, a reunion, or whatever you’re needing to celebrate.

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

    At Blue Mountain Bed & Breakfast, you will be hosted by Brady and Elaine Anderson-Wood, native Mountanans who have been working for years to preserve and educate people on the wildlife and history of the area. The lodge itself is three stories, offering gorgeous views of the Bitterroot River and Missoula Valley. This bed and breakfast is decorated to highlight the region, offering guests an inside look into Missoula’s history through a vast selection of books and family heirlooms.

    The second floor of the lodge houses two private guestrooms, named The Sagebrush Suite and The Bitterroot Room. Because this B&B is so small, it’s a great vacation spot for your family to have a private, remote, and comforting experience all to yourselves. Then you can walk down to Hawk Hill House, the main facility, where you’ll find a gift shop, the kitchen, and dining areas. If you want to see the space before you book, photos of the wooded, spacious, themed rooms can be found on the B&B’s website.

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

    Occupying 100 acres of lush hills and forests. this spot is perfect for a weekend break from city life, with several options of private cottage-style rooms. Paniolo Ranch has also become well known for hosting weddings and other types of events, offering all-inclusive packages to help take the planning stress off your shoulders. This inn also has an onsite spa, gym, and art studio to keep you active and creative during your stay.

    Paniolo Ranch gets its name from the Hawaiian word for cowboy, which perfectly captures the aesthetic of this inn — a marrying of “Hawaiiain aloha spirit with Lonestar traditions.” You can view the different rooms on their website in order to pick the best one for your stay. All are beautifully decorated with a rustic, vintage, homely style, each suite alive with its own character. The spa offers services like therapeutic massages, hot stone massages, and scalp passages. Local activities not far from the B&B include local vineyards, trails, caves, shops, and theme parks, so there is lots to do on the property and in the surrounding area.

    Related: How New, Small Business Owners Can (and Should) Be Protecting Their Brand

    5. GreenTree Inn

    Sedona, AZ | Company website

    GreenTree is a spacious inn with a variety of rooms, and a welcoming place for those visiting beautiful Sedona. Lounge by the pool that’s decorated with cabanas, a large fire-pit, a hot tub, and grand views of Thunder Mountain. The hotel is located near famous Arizona attractions like Red Rock State Park, where you can explore hiking trails, ride horseback, mountain bike, and more. If you’re looking for a water-based excursion, the hotel is also not far from Oak Creek Canyon, where you can swim and fish.

    GreenTree rooms include a deluxe king option (if you and your spouse are looking for a romantic getaway) and suites and rooms with double beds (if you’re bringing the family or a group of friends). The rooms are decorated in a clean, minimalist, modern style that highlights Arizona attractions and culture. Here you can enjoy in-room coffee, continental breakfast, flatscreen TVs, and crisp air conditioning (vital for those Arizona heatwaves). GreenTree is the perfect place to rest your head after a day of sightseeing around Sedona, taking in the natural wonders of Arizona.

    6. Mathis House

    Toms River, NJ | Company website

    Mathis House is a Victorian bed & breakfast with an elegant tearoom, where guests can enjoy a weekend retreat or simply dine in for afternoon tea. This inn provides five-star service to any travelers passing through Toms River, NJ, whether you’re looking for a solo stop on a work trip, a romantic getaway with your sweetie, or a fun place to stay with your family. It also rents their larger community spaces for club meetings and events.

    This historic, three-story mansion was built in 1898 and houses a grand porch, portico, parlor room, dining room, library, lawns and a carriage house. But the showstopper is definitely the tea room, where you can be transported back to Victorian times and enjoy a traditional afternoon tea of scones, sandwiches, soups, and aromatic pots of tea. Rooms are decorated with ornate wooden furniture, floral tapestries, beautiful arched windows, and chandeliers.

    7. The Pierpont Inn

    Ventura, CA | Company website

    This historic hotel has been operating in Ventura since 1910, with 79 guest rooms and grand suites. With beautiful views of the Pacific Ocean and sprawling rose gardens and bluffs, The Pierpont Inn is perfect for everything from a weekend getaway to a wedding venue. If your pup enjoys the beach as much as you do, The Pierpont Inn is also dog friendly, so you can enjoy this special hotel together.

    If you’re looking for a little more privacy, in addition to hotel rooms the Pierpont Inn also offers two separate cottages with beautiful exposed ceilings, brick fireplaces, and vintage furniture. If you’re looking to bring the whole family, this hotel also has several suite options so that everyone has a place to stay. Explore the nearby neighborhood of historic Ventura which is full of artisanal restaurants, mom-and-pop shops, bars, and breweries. Information regarding booking the 6,000 square feet of flexible space for events can be found on their website.

    8. Eagle Crest Resort

    Redmond, OR | Company website

    It’s always sunny in the high desert of Central Oregon. This full-service resort typically sees over 300 days of clear skies a year, making Eagle Crest the ideal destination to get your Vitamin D fix. And this destination has everything you could possibly want, including golf courses, a spa, restaurants, and spaces for events and meetings.

    When you stay at Eagle Crest, you can book specific tee times for you and your guests on one of their three distinct courses: the Challenge Course, the Resort Course, and the Ridge Course. The resort also offers golf lessons if you’re looking to improve your swing. The extensive spa menu offers massages, facials, and waxing services, including standout treatments like the “Age Maintenance Facial” and therapeutic massages. Dine in at one of this resort’s many eateries, including the casual Aerie Café, the spacious restaurant Niblick’s & Greene’s, or even dine poolside. Eagle Crest resort has something for everyone in the family and will keep you entertained your whole vacation.

    Related: The Most Common (and Preventable) Mistakes Small Businesses Make — and How to Avoid Them

    9. Capitol Reef Resort

    Torrey, UT | Company website

    Capitol Reef Resort in Torrey, Utah spans 58 acres of beautiful mountain views and close access to the entrance of the nearby national park. This resort is not like other resorts, offering incredibly unique types of stays from Conestoga Wagons to even TeePees! This resort is famous for their wagons, which are based on authentic 19th century designs with wooden bunk beds and traditional textiles, if you’re looking for an authentic Utah experience. If you’re looking for more of a traditional hotel stay, Capitol Reef also offers a variety of cabins, suites, and traditional rooms.

    Dine in at the Pioneer Kitchen which serves guests breakfast and dinner. The standout breakfast dish is the iconic pioneer breakfast which is served with a choice of bacon, sausage, pork chop, vegetarian patty, grilled Utah trout, or sirloin steak. The dinner menu offers an array of classic dishes like short rib, steak sandwich, burger, pork chop al pastor, and even has options for you herbivores, like the vegan stuffed poblano pepper and the spinach & mushroom manicotti. Lounge by the heated outdoor pool that gives you a sublime view of the Red Rock Cliffs. Capitol Reef Resort knows that many of its guests will be staying with them in order to access nearby outdoor adventures, so check out the list on their website of nearby trails and attractions.

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

    The Mother Earth is a hotel with history, offering guests a fun, retro experience. This lodge was originally built in 1963 as a motel to accommodate downtown shoppers and automobile travelers from the nearby highway. In the 60s, Kinston was a thriving town for food, fair, shopping, and music, with famous musicians like James Brown coming through the lodge. After closing for a few years, the lodge was transformed into the inn it is today in 2008, when it was renamed the Mother Earth Motor Lodge.

    This lodge has a total of 44 rooms including standard rooms, suites, and rooms that accommodate longer stays. Common areas include a kidney-shaped pool, built to replicate the original pool, grills, picnic tables, shuffle board, and a 9-hole mini golf course. Immerse yourself in the past at the Mother Earth Motor Lodge, which is decorated to take you back to the pop art and bright colors of the 1960s. Next to the lobby you will find the Ram Neuse Room, which is big enough to host events and meetings if you’re looking for a place to throw a party in the Kinston area.

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

    If you want a nostalgic experience at affordable prices, as well as the luxury of being right on the beach, the Gazebo Inn is for you. Enjoy access to the luxury experience of laying by the oceanfront pool and hot tub, easy access to the beachfront, and scenic private balconies. The Gazebo Inn is conveniently located near local attractions like Broadway at the Beach, Myrtle Beach State Park, the Market Common, the Boardwalk, and the Promenade. This hotel is the perfect spot for a romantic, beachside getaway, or a school vacation with the whole family.

    The Gazebo Inn offers a variety of accommodations including king rooms, queen studios, double studios, and allows guests to choose what their view will be. If you’re visiting Myrtle Beach with your little ones, some attractions close to the Gazebo Inn you should check out are Ripley’s Aquarium of Myrtle Beach, the Hollywood Wax Museum, Savannah’s Playground, and the Myrtle Beach SkyWheel. And of course, enjoy long days lounging on the sands of Myrtle Beach.

    12. The Equus

    Honolulu, HI | Company website

    Planning your next Hawaiian vacation? The Equus Hotel Honolulu is a charming family-owned and operated boutique hotel that immerses you in authentic Hawaiian hospitality. This hotel is unlike any in the area, carrying on paniolo history with its equestrian-inspired design and antique east-Asian décor. This hotel is located near one of the nation’s biggest shopping centers, Magic Island Beach Park, and the Ala Wai marina.

    Choose from room king rooms, doubles, and even rooms with beautifully crafted bamboo beds. All the rooms have warm yellow walls, comfortable wooden furniture, and equestrian details to highlight the history of the area. In the lobby you will find the Paniolo Bar & Café, where you can get scrumptious breakfast dishes in the morning and enjoy cocktails in the evening. They even host local live music acts throughout the week to immerse you in the island’s artistic culture. Nearby outdoor attractions include the Honolulu Zoo, Pearl Harbor National Memorial, Waikiki Beach, the aquarium, and much more.

    Related: How Small Business Owners Can Maximize Productivity Despite Limited Budgets and Resources

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

    This charming manor has been in operation since the 1950s, providing guests with a throwback experience in Sullivan County, NY. Decorated in the Pastiche style, it still features original paint colors and historic furniture to transport guests in time. And with over 23 acres of land, it’s the perfect getaway from NYC. Room options include deluxe king, deluxe queen, and mini queen, so that you can customize your experience to your party size.

    Sprawling green fields surround this manor, which makes this inn the perfect destination if you’re looking for a place to enjoy the nature of rural NY. The rooms are adorned with gold-framed mirrors, antique wooden furniture, marbled bathrooms, and ornate curtains. Kenoza Lake View Manor is located directly adjacent to Bethel Woods, Jeffersonville, Callicoon, Narrowsburg, Livingston Manor, and Kenoza Lake itself if you’re looking for a getaway that gives you access to outdoor adventures. In additional to the cozy hotel rooms, enjoy communal areas and fire pits with your friends and family.

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

    Established all the way back in 1923, Menemsha Inn & Cottages has made quite the name for itself in Martha’s Vineyard. Originally DeWolf Thompson’s sheep farm, this hotel has become a historic site, with many families returning year after year. Close by you will find attractions like Lucy Vincent Beach, Larsons Fish Market, kayaking in the Pond, and more. The Nixon family have run this inn for 28 years, constantly working to restore the buildings and surrounding farm in order to preserve the location’s history.

    Guests at Menemsha Inn & Cottages have many choices of room types which include one and two-story stand-alone cottages, a whole floor of the original farmhouse, and even larger rental homes if you’re looking to bring a larger group to the property. As a guest, you’re given exclusive access to Chilmark’s Atlantic beaches, reserved for residents of the area, with its clear waters and jaw-dropping sunsets. This inn also offers in-room massages, basketball, tennis, hiking trails, and much more to help you unwind and relax.

    15. Hotel Blue

    Lewes, DE | Company website

    If you’re looking for a getaway in Deleware, Hotel Blue is conveniently located right near Lewes Beach. This is the perfect place to stay if you’re desiring a classy, comfortable hotel with access to the Atlantic Ocean. Bringing the little ones along? Check out the nearby whale-watching opportunities! Once you’ve splashed in those ocean waves, lay by the pool back at Hotel Blue, which offers stunning beachfront views.

    Hotel Blue has excellent amenities like a sauna and pool, and a wide room selection, from queen-bed suites to studio suites, and even tower suites. Hotel Blue’s convenient location situates guests a two-minute drive from the closest ferry, and a twenty-minute drive to the closest airport. With tiled fireplaces, cozy linens, and incredible views, these hotel rooms provide the quintessential romantic weekend away. Prices are unbeatable for beach proximity, so make sure to check this spot out the next time you’re vacationing in Lewes!

    [ad_2]

    Sofia Wolfson

    Source link

  • Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

    Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Look, chances are that if you’ve clicked on this article, then you’re at least interested in the possibility of becoming an entrepreneur. However, if you’re like most of us, then it’s also likely that just as quickly as dreams of entrepreneurship enter your mind, you’re also seeing warning signs, roadblocks, depressing statistics and maybe a horror story or two of that person you know who took a leap that didn’t pan out. You’re not alone. And yet … it’s a tempting thought.

    As a former corporate employee of many years, I am all too familiar with the motivators behind becoming an entrepreneur:

    • The autonomy to decide your own fate after years of bureaucratic red tape
    • The flexibility of building your own schedule after a traditional 9 to 5
    • The financial security of knowing your hard work directly impacts your bottom line rather than accepting a predetermined salary
    • The sheer excitement of finding purpose in the day-to-day work

    Trust me, I get it.

    However, as we know, entrepreneurship isn’t for everyone. So how do you decide whether to consider it for yourself, much less take the necessary leap? In my current role as a franchise consultant and small business owner, I work with people all of the time who are on the cusp of making this very decision. So before diving in, how can you prime yourself for entrepreneurship before jumping in with both feet?

    Related: How to Know If You’re Ready to Leave Your 9-5 and Go All In on Your Side Hustle

    1. Reflect and self-assess

    As mentioned, not everyone can become an entrepreneur, so you have to honestly ask yourself: What am I good at? What do you like to do? Am I a creator/visionary or am I an operations/execution person?

    Make a list (yes, actually put pen to paper or pull up a document) and take an inventory.

    2. Start networking with business owners in your community

    At the end of the day, being an entrepreneur requires a certain level of social ability. I’m not suggesting that you need to be the life of the party or the most extroverted person in the room — in fact, there are lots of successful entrepreneurs who are predominantly introverted. However, there is no faster way to become aware of the ups and downs of entrepreneurship than putting yourself in front of business owners.

    Meet them through the chamber of commerce events, meetups, professional development service get-togethers, trade networking events and education groups. There are even executive transition groups specifically designed for making this jump.

    Don’t limit yourself. Unless you are totally confident in the type of business you want to own, cast a wide net. Network with franchise owners, online startup business owners, etc. If you are making an effort to meet these people and make these connections, you will find them.

    3. Educate yourself

    Unless you are sitting on a large inheritance, there isn’t a golden ticket way to fast-track your success. It’s important that you take the time to educate yourself on various opportunities. Hit the books and read, read, read about business ownership, leadership and management skills. Perhaps consider getting something like Kindle Unlimited which allows you to peruse thousands of books and check out up to 20 at any given time for a monthly subscription.

    I often like to say that as a business owner, you are the OEO (Only Executive Officer), so make sure you are also reading up on some of the less glamorous aspects like human resources, training and tech tools.

    In addition to reading, watch YouTube videos, follow social media influencers, listen to podcasts — whatever it is that you think you may be lacking or whatever skill you need to hone before becoming a business owner, make a list and cultivate your knowledge in these areas.

    Related: Most People Have No Business Starting a Business. Here’s What to Consider Before You Become an Entrepreneur

    4. Start a small side hustle

    Ultimately, if you’re going to start a business, you are going to have to juggle and sacrifice things. For example, there may be times when you can’t go on a vacation or take time off. You know the phrase: “The grind is real.”

    As an entrepreneur, your work life and your personal life intertwine, especially at the beginning. A successful business gives you all four of those motivators I mentioned above (autonomy, flexibility, financial security and purpose), but not upfront — it takes time to get there.

    If you, like many, are considering entrepreneurship but still have a day job, you need to ask yourself: Do I have the mental flexibility to compartmentalize and move back and forth between both?

    Starting a small side hustle is a testing ground for you. Start with low stakes and a lower investment. This can help you prepare to become an entrepreneur.

    5. Speak with the decision-makers in your life

    Last, but certainly not least, it’s important to speak with the people in your life who may be impacted by your decision to become an entrepreneur, most likely a spouse.

    Have a deep dive and a serious conversation that you schedule separately from just another evening conversation after a busy day. Have a planning discussion for the future. Create a future vision for what you want your life to look like over the next 5, 10 or 15 years. Will you stay in your corporate role? Do you have plans in place for retirement? What’s your risk tolerance? Rate it on a scale of 1-10. Now what is your spouse’s risk tolerance? Is there alignment?

    I truly can’t overstress this: Creating that future plan/vision is key. After all, if you don’t have a target to aim at, you won’t hit it.

    Ultimately, entrepreneurship can be a fantastic path leading toward a fulfilling and exciting life — it’s the best professional decision I ever made. That said, it’s vital that you take the time to understand yourself and the opportunities available. Consider taking these steps above to prime yourself for entrepreneurship so that when the time comes, you’ll be ready to take the leap.

    [ad_2]

    David Busker

    Source link

  • Want to Get Into Founder Mode? You Should Be So Lucky

    Want to Get Into Founder Mode? You Should Be So Lucky

    [ad_1]

    It’s also true that when one of those groundbreaking companies matures and faces challenges, a founder has a unique ability to make bold moves and stick to the original vision when others urge a less risky course. There are certainly cases where companies struggled when founders were replaced by managers. Remember Yahoo? And of course there’s Apple, where the founder returned and restored the company to its former glory and beyond.

    But there are abundant counterexamples as well. Apple isn’t exactly struggling under Tim Cook. And consider Microsoft. Its CEO since 2014, Satya Nadella, had been a company lifer, slogging away in various divisions since 1992. Not a founder, nope. But he’s taken the company to new heights. Though Bill Gates is still revered at Microsoft, no one in the company wants him back at the top.

    And god knows, there are plenty of cases where it wasn’t management fakers but stubborn founders who drove a company into the ground. My guess is that Travis Kalanick might have benefited from listening to stodgy managers. His replacement, a management type of dude, has made Uber profitable.

    The fact is, not everyone is Brian Chesky, and no one is like Steve Jobs. The vast majority of companies never take off, and instead fade into ignominy. Very few founders get to the point where investors demand that they retain adult supervision to manage growth, because only the rarest of companies get to that point.

    It’s fun to talk about founder mode, maybe for the same reason that some of us read Ben Horowitz’s founder-porn texts with our noses pressed to the window. Founder mode, which Graham predicts will one day get its closeup in management texts, really applies only to the most exceptional founders, the ones Steve Jobs once described as “the crazy ones.” Their companies aren’t called unicorns for nothing.

    Time Travel

    In 2007, I embedded in a Y Combinator batch of 12 companies. (Starting next year there will be four batches a year, with hundreds of startups.) It was clear even then that Graham, who was extremely hands-on, had developed his views on the primacy of founders. My story ran in Newsweek under the headline “Boot Camp for Billionaires.”

    Every Tuesday during the program, Y Combinator hosts a dinner of chili or stew for the start-ups. At this first one, Graham and [cofounder Jessica] Livingston distribute gray T shirts emblazoned with one of Graham’s pithiest admonitions, MAKE SOMETHING PEOPLE WANT. A second, black shirt is bestowed only to start-ups that achieve a “liquidity event”—a purchase by a larger company or an IPO. It reads, I MADE SOMETHING PEOPLE WANT.

    [ad_2]

    Steven Levy

    Source link

  • How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    For many new business owners, direct distribution may seem like the most cost-effective route to reach customers. Without any need for partnerships, third-party integrations or revenue splits, it has the lowest apparent cost. However, as businesses grow, a well-balanced mix of distribution channels becomes crucial to unlocking new growth opportunities. By strategically diversifying your distribution strategy, you can protect your brand, and build a more agile and resilient business model.

    Despite their higher costs, distribution partners not only ease operational burden but can significantly broaden market reach thanks to their established networks. That is certainly the case in the hospitality sector, where distribution has always been critical. Since the products can’t be moved, all of a hotel’s inventory is filled by smart distribution.

    Before the internet, the massive distribution power of hotel chains gave them a huge advantage over independent hotels. But since the early 2000s, hotels developed new ways to distribute through various online channels such as Expedia and Booking. In fact, 65% of all direct bookings now come from guests who first discover the property through an online travel agency (OTA).

    Across industries, distribution partners routinely prove their worth, but they are not quite a turnkey solution. To craft an effective distribution strategy, it is important to look beyond where your competition is showing up. Let’s explore how to diversify, innovate and potentially outperform them.

    Related: Innovating Your Product Distribution Is As Important As Innovating Your Marketing

    Balancing direct and partner distribution

    At its height in 2011, Toys “R” Us had revenue in excess of $13.9 billion. Just seven years later, the brand had filed for bankruptcy and shuttered all its U.S. stores, though it has since begun a revival under new ownership. CEO David Brandon linked the closeout to the company’s “inability to provide expedited shipping options” and a “lack of a subscription-based delivery service.”

    In other words, in a market dominated by online retailers like Amazon, their distribution strategy hadn’t evolved. Similarly, the mega-chain Blockbuster was wiped out by Netflix, and RadioShack was taken out by its limited ecommerce strategy. No matter how big your brand gets, maintaining a diverse distribution mix is essential.

    In practice, this means continuously monitoring the competition and proactively adapting to market changes. So, gather and analyze data from your distribution channels regularly. This will help you make quick, effective changes to optimize your sales and market position.

    Additionally, while brands shouldn’t rely on direct distribution alone, it is a crucial component of maintaining control over brand image, customer experience and pricing. Apple is an industry leader in this regard. While the company has many retail partners, it also invests heavily in its own retail stores and online direct-to-consumer channels, allowing it to maintain its market dominance.

    Finding innovative distribution channels

    In a competitive marketplace, the path of least resistance is identifying and mirroring the bigger players’ distribution channels. Ironically, this safety-first approach comes with risk. Instead of becoming commoditized, a better way may be to find niche markets. To do that, recognize that some channels have a stronger presence in certain markets than others. If you want to expand into a new region, for instance, identify channels that have access to demand in that particular area.

    In our industry, some Asian countries have specific OTAs that are widely used, so listing on these platforms can then attract new customers. While investing in specialized segments might not offer the same visibility as mainstream markets, a properly targeted niche strategy can lead to greater conversions and higher profitability. Red Bull, for example, carved out a $10 billion market in the energy drink industry by targeting extreme sports enthusiasts through special events and sponsorships.

    Catering to unmet needs means you can become the “go-to” solution in a small yet profitable market. The caveat is this niche approach can take months or even years to develop. While it is still important to leverage major players, don’t lose your unique value proposition in the process. The “be everywhere” strategy can work well if you are not trying to be everything to everyone.

    Marriott exemplifies this balanced approach. While guests can book any of its branded hotels through the company’s central booking system, Marriott uses both direct channels (website, mobile apps) and indirect channels (OTAs, travel agents) to reach different market segments. This allows Marriott to cater to various traveler preferences, from business-focused brands like Courtyard by Marriott to leisure-oriented properties like Sheraton.

    Related: 8 Ways to Be Certain You Are Selling Solutions Through the Right Channel

    Strategic expansion as things change

    Markets will always fluctuate. But if you listen to what customers say about where they are shopping, you will learn about new trends and new places to put your products. If your distribution strategy is well-mixed and you are not overly dependent on any single channel, you will be well-positioned to leverage changes in your favor.

    At least once a year, replace one or more of the channels generating the fewest sales to search for new customers. As a rule of thumb, when market demand drops, brands should increase the number of distribution options to cast. Conversely, when market demand is high, be more selective and focus on quality of audience, average prices, cost and ease of management. Successful brands often demonstrate this kind of adaptability.

    Perhaps the biggest name in graphic design, Adobe, even pivoted its entire revenue model when faced with the software industry moving towards cloud-based solutions. Although Adobe’s shift from licensing and upselling its creative suite of software to a SaaS model initially attracted criticism, it has proven a masterstroke — posting record revenue of $19.41 billion in the 2023 financial year.

    Related: 4 Must-Know Strategies for Selling Efficiently to Distributors

    Premium brands like Apple and Marriott are able to gain increasing market share despite their higher price points by continuously enhancing visibility and boosting engagement. As you prepare your distribution strategy, find ways to build in flexibility. By establishing metrics early on and recognizing the need to evolve as market conditions change, you will be well-positioned to test emerging platforms, explore new niches and balance a strategy that is capable of driving both immediate revenue and long-term growth.

    [ad_2]

    Kevin King

    Source link

  • Her T-Shirt Side Hustle Led to a DM From Levi’s and $400M | Entrepreneur

    Her T-Shirt Side Hustle Led to a DM From Levi’s and $400M | Entrepreneur

    [ad_1]

    This Side Hustle Spotlight Q&A features Michelle Wahler, co-founder and former CEO of activewear brand Beyond Yoga. Wahler launched Beyond Yoga with Jodi Guber Brufsky in 2006. Years later, Levi’s reached out to Wahler via LinkedIn direct message, ultimately acquiring the company for $400 million in 2021. Under Wahler’s leadership, Beyond Yoga achieved 19% year-over-year growth and surpassed $115 million in revenue in 2023. Responses have been edited for length and clarity.

    Image Credit: Greyson Tarantino. Michelle Wahler.

    What was your day job or primary occupation when you started your side hustle?
    After graduating from the University of Florida with a degree in graphic design, I moved to New York to work in publishing, originally at People magazine and later Harper’s Bazaar. It was during that time that I started drawing illustrations of my friends, which I would put on T-shirts to give as birthday presents.

    Related: The Side Hustle She Worked on in a Local Starbucks ‘Went From Nothing to $1 Million.’ Now It Will Make Over $30 Million This Year.

    This hobby of mine ultimately turned into a company I called Unsweetened, with clothing and accessories featuring illustrations of women — in what I viewed as an “un-sugar-coated” version of them.

    Where did you find the inspiration for your side hustle?
    [At my magazine jobs], I got a firsthand look at the photoshopping that goes on in the industry. Both jobs were incredible experiences, but they shed light on the unrealistic expectations the media was putting into the market and minds of their consumers. My entire life, I have watched incredible, smart, beautiful women not see themselves as they are and try to conform to a singular idea of beauty. While this frustration was brewing, I struggled to make ends meet, working long hours for little pay but gaining loads of invaluable experience! At the time, my best friend and roommate’s birthday was coming up, and since I didn’t have the means to buy her something great, I decided to make her a birthday present — I sketched her and put the illustration on a T-shirt.

    All my friends loved it, so for the next year, everyone got one of these unique drawings of themselves on a T-shirt. These illustrations celebrated them for who they were — curves, careers and fun! I called it the “unsweetened” version of themselves, and before I knew it, I started selling them. It felt so fulfilling to be doing something that I loved while simultaneously promoting body positivity and self-confidence from within.

    Related: They Started a Home-Based Side Hustle Earning Up to $20,000 a Month — and It’s Still Growing: ‘Will Never Get Old’

    What were some of the first steps you took to get your side hustle off the ground?
    At People, I had a cubicle right in front of the publisher — a high-traffic cube! — and I put all my sketches on the wall. People started asking me to make them for them for their friends, and the next thing I knew, I was buying a T-shirt press, getting a wholesale license, purchasing T-shirts and printing and packing them in my shared apartment after my roommate went to bed.

    The T-shirts were a hit, and I started spending all my free time working on Unsweetened. I sold the shirts at holiday bazaars and craft shows and eventually got a booth at the New York City Gift Show and the Los Angeles Gift Show. Ultimately, I left New York City with the intention of making a full run of Unsweetened on the West Coast; however, things quickly changed upon my arrival.

    What led you to decide to transform the side hustle into full-time business Beyond Yoga?
    I moved to California and was very quickly introduced to Jodi [Guber Brufsky], who would become my future business partner. I instantly fell in love with the mission of Beyond Yoga, put Unsweetened on hold and went full steam ahead building Beyond Yoga — a brand that would eventually permanently change industry standards and expectations. These days, size inclusivity is a given for a new brand starting out, but this was just not the case 20 years ago when we started building Beyond Yoga. It’s really something that we pioneered, and I’m proud to be a big part of that movement.

    Related: This 26-Year-Old Dental Student Spent $25 to Start a Side Hustle That Can Earn $500 for Just a Few Hours of Work: ‘There Is Nothing More Satisfying’

    Image Credit: Courtesy of Beyond Yoga

    The idea of creating a line of clothing that celebrates women of all shapes and sizes was very exciting to me. After meeting Jodi, I shared some of my ideas for the business and the product. From that point on, I spent the next 18.5 years building Beyond Yoga from an idea to a global brand, employing hundreds of people (directly and indirectly), driving over half a billion in revenue, and running a profitable business without taking on any additional funding.

    What were some of the biggest challenges you faced while building Beyond Yoga, and how did you navigate them?
    Early on while building Beyond Yoga, everything was a challenge! Getting into stores and securing trusted wholesale partners, learning the ins and outs of the business, teaching myself everything on the fly and building the team from the ground up. It was a lot of work, but it was so rewarding and a time in my career where I learned many valuable lessons and skills.

    Some of the biggest challenges I faced included understanding fabric shrinkage and how to apply it to a pattern, figuring out the ERP, teaching myself merchandising and forecasting, hiring and firing, learning how to delegate — the list goes on and on.

    Related: This Couple’s Weekend Side Hustle Began With a $50 Facebook Marketplace Purchase — Now It Earns Millions of Dollars a Year: ‘You Don’t Need Money to Start’

    It was a long journey, and in the early days, we were a very lean and green team. We did absolutely everything ourselves, and there was a lot of learning to be done. Things started shifting about five years into the business, which is also around the time of one of my most impactful hires: our COO/CFO. Having him on board helped give me more comfort around investing in our team and leveling up by bringing on more experienced professionals.

    Image Credit: Courtesy of Beyond Yoga

    What was the experience of growing the company like over the years? What were some highlights?
    Growing Beyond Yoga into the company it is today was no small feat, but it’s something I’m so incredibly proud of. Even though we began investing more aggressively over the years, we always ran the business for growth, investing every penny back into the business. Once we reached around $20 million, we thought it might be time to take on investors. After learning a few valuable lessons, we took ourselves off the market and decided to focus on profits and controlling our destiny.

    A noteworthy milestone was when I discovered Space Dye, which became the backbone fabric of the company. It was a game changer — so soft, yet durable with the perfect stretch and recovery. It quickly became a fan favorite and is still a huge part of the Beyond Yoga collections today. I love that an exploratory fabric meeting in 2013 led to so much growth and became a pillar for the brand. My love of fabrics gave way to a style revolution that transformed the activewear landscape that still continues to be emulated today.

    Another highlight during my career was becoming a mom, when I learned to balance work, love, family and friends. It was also where Beyond the Bump was born. Becoming a mom and seeing my friends and peers go through this transition helped inspire the creation of our Beyond the Bump line. After being so disappointed in the lack of comfortable clothes for women during and after pregnancy, the only way I was going to find options I liked was if I designed them myself, so I did. This ended up becoming one of our most successful brand extensions and a great way to introduce new customers to Beyond Yoga.

    Related: She Started a ‘Fun’ Side Hustle — Then It Earned $100,000 and Became a Multimillion-Dollar Business: ‘Beyond What I Could Ever Have Expected’

    When and how did the Levi’s acquisition come about? Why was that a “full circle moment”?
    When Levi’s reached out, we were not looking to sell at that point, and honestly, I don’t think we would have sold to anyone else. I was flattered! Levi’s is an iconic brand, and after learning about its values and principles over profits mentality, I was excited to explore this opportunity.

    The more we looked into this, the more it felt like the right fit to ensure our company had a legacy that lasted beyond myself and the team. Negotiating a deal of this caliber and scale was something I’d never done before, so naturally, it was exciting. It was easily one of the biggest challenges of my career but also one of my greatest accomplishments. It was a unique experience, and I am grateful to have had the opportunity to learn this side of the business.

    Image Credit: Courtesy of Beyond Yoga

    Throughout the entire process, from starting my own business to negotiating the terms of one of the industry’s biggest female-led athleisure sales to date, I stayed true to myself, our shareholders and the company I poured my heart into over the years, which I wouldn’t trade for anything.

    Related: This Former Model Used Her Personal Savings to Start a Thrifty Side Hustle — Then Taylor Swift Became a Repeat Patron: ‘People Really Responded’

    What’s your advice for others hoping to start successful side hustles or full-time businesses of their own?
    My biggest piece of advice is to make sure you’re doing it for the right reasons. Do it because you’re passionate, do it because you want to create and give it your all, do it because you think you’ve solved a problem that will benefit people, or because you’ve created a better version of something that already exists.

    Once you’ve figured out what you’re going to do, get started. Don’t wait for the perfect moment — it won’t come! Sometimes, you just need to jump right in.

    This Women Entrepreneur® article is part of our ongoing series highlighting the stories, challenges and triumphs of running a business as a woman.

    [ad_2]

    Amanda Breen

    Source link

  • How to Make Sure Your Business Is Prepared For Any Disaster | Entrepreneur

    How to Make Sure Your Business Is Prepared For Any Disaster | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s modern world, the rules of the game are changing faster than ever. The risks that businesses face are no longer just financial or operational — they’ve become a tangled web of uncertainties driven by tech breakthroughs, new regulations and unpredictable global events. If you’re leading a business today, navigating these risks with agility isn’t just smart — it’s essential for survival and success.

    Why risk management isn’t what it used to be

    The risk landscape has gotten a lot more complicated. What used to be about managing market volatility or supply chain hiccups has now evolved into a whole new ballgame. Look at the rise in cyberattacks. A recent PwC Pulse Survey shows that 58% of businesses see more frequent cyberattacks as a major risk, a concern that’s no longer just for IT departments but for the C-suite as well. When a cyberattack hits, it can halt production lines, compromise sensitive customer information and even bring down a company’s reputation in an instant.

    Or consider the energy sector, where the risk isn’t just about keeping the lights on anymore; it’s about managing carbon footprints and stranded assets. With global regulations pushing for sustainability, energy companies are finding themselves at a crossroads. Do they continue to invest in traditional fossil fuels, or do they pivot toward renewable energy sources? The financial stakes have never been higher, and the decisions made today could determine the industry’s future. Business leaders now have to rethink their entire risk strategy to stay in the game, balancing short-term profitability with long-term sustainability.

    Related: How to Navigate Risk, Regulation and Resilience in Entrepreneurship

    What’s driving this new risk environment?

    The modern risk environment is shaped by a variety of dynamic factors, each adding a layer of complexity to how we manage risk. Understanding these factors is key to staying ahead and ensuring that your business is not just reactive, but proactive.

    • Tech upgrades mean new threats: The digital revolution has brought about huge opportunities, but it also opens the door to significant cyber threats. With the increasing adoption of remote work and digital tools, the risk landscape has expanded dramatically. To stay ahead, companies need to invest in cybersecurity tools. But it’s not just about technology; it’s about building a culture of cybersecurity awareness where every employee understands their role in protecting the organization.
    • Regulatory shifts: Regulatory environments are becoming increasingly complex and global, with new rules emerging faster than ever. Businesses that fail to comply with such regulations face hefty fines and reputational damage. Companies that rely heavily on international supply chains are particularly vulnerable, as political shifts can lead to sudden changes in tariffs, import/export restrictions and even currency fluctuations. Businesses must not only monitor these developments but also have contingency plans in place to pivot quickly when necessary.
    • Extreme weather events: Natural disasters can cripple businesses. The impact of hurricanes, wildfires, floods and extreme weather events are being felt more frequently and with greater intensity. The National Oceanic and Atmospheric Administration (NOAA) reports that the financial toll of weather-related disasters is climbing into the billions each year. Businesses located in vulnerable regions must prioritize resilience and sustainability in their operations and develop comprehensive disaster recovery plans.
    • Health crises: The Covid-19 pandemic was a wake-up call for businesses worldwide, highlighting the need for preparedness in the face of public health crises. The pandemic’s impact on supply chains, consumer behavior and business operations underscored the importance of robust risk management strategies. Looking forward, future public health emergencies — whether they be pandemics or other large-scale health threats — will require organizations to build resilience through comprehensive health protocols, remote work capabilities and adaptive supply chain strategies.
    • Physical security: As physical threats like gun violence rise, investing in security measures to protect your people and assets is more important than ever. In addition to traditional security concerns, such as theft or vandalism, businesses now face the potential for violent incidents that can put employees’ lives at risk and disrupt operations. Enhancing safety protocols, from improving building access controls to conducting regular emergency drills, can help mitigate these risks.

    Related: Cyber Threats Are More Prevalent Than Ever — So Don’t Leave Your Business Exposed. Here’s How to Protect It

    How to stay ahead of the game

    Thriving in today’s risk environment means thinking ahead, staying adaptable and being ready to pivot when necessary. Here’s how:

    • All-in risk assessment: Take a deep dive into your risk environment and prioritize the threats that matter most. This means not just ticking boxes on a checklist but truly understanding the unique risks your business faces. But don’t stop there — risk assessments should be living documents, regularly updated to reflect the evolving landscape.
    • Integrated strategy: Make sure your risk management is baked into every decision. This isn’t just about having a plan on paper; it’s about creating a culture where risk considerations are part of the decision-making process at every level. From product development to market expansion, risk management should be integrated into all strategic discussions.
    • Resilience building: Strengthen your business continuity plans and promote adaptability. Resilience isn’t just about surviving a crisis — it’s about thriving in the aftermath. Developing robust business continuity plans ensures that you can maintain operations even in the face of significant challenges.
    • Physical security focus: Don’t skimp on physical security. From advanced access control systems to employee training programs, ensuring that your organization is ready for anything is crucial. Investing in state-of-the-art surveillance technologies, such as smart cameras and real-time monitoring systems, can provide an extra layer of protection.
    • Risk-aware culture: Get everyone on board with risk management. When it’s a shared responsibility, your team will be better equipped to handle whatever comes their way. Building a risk-aware culture starts at the top, with leadership setting the tone for the entire organization.

    Related: The Five-Step Process to Identify Risk and Improve Decision-Making

    Turn uncertainty into opportunity

    Yes, today’s risk landscape is complex and unpredictable, but that doesn’t have to be a bad thing. With a proactive approach, you can turn these challenges into opportunities. Businesses that view risk management not as a burden but as a strategic advantage are the ones that will thrive in this ever-changing world. By staying adaptable, resilient and forward-thinking, your business can not only survive but seize the opportunities that uncertainty brings. Remember, a solid risk management strategy isn’t just about avoiding pitfalls — it’s about driving success. In a world where the only constant is change, those who are prepared to embrace uncertainty will find themselves ahead of the game.

    [ad_2]

    Randy Sadler

    Source link

  • Want to Save Time and Increase Revenue? Try This Ultimate 3-Step AI Productivity Hack for Busy Entrepreneurs | Entrepreneur

    Want to Save Time and Increase Revenue? Try This Ultimate 3-Step AI Productivity Hack for Busy Entrepreneurs | Entrepreneur

    [ad_1]

    Tackle AI’s toughest questions with Ben Angel, mapping the business terrain for 20 years. Master the AI landscape and reach peak productivity and profits with insights from his latest work, “The Wolf is at The Door — How to Survive and Thrive in an AI-Driven World.” Click here to download your ‘Free AI Success Kit‘ and get your free chapter from his latest book today.

    [ad_2]

    Ben Angel

    Source link

  • This 29-year-old from one of London’s poorest neighborhoods became a millionaire after selling his influencer marketing firm

    This 29-year-old from one of London’s poorest neighborhoods became a millionaire after selling his influencer marketing firm

    [ad_1]

    Timothy Armoo, co-founder and former CEO of Fanbytes.

    Timothy Armoo

    Timothy Armoo is a 29-year-old millionaire who became rich by selling his influencer marketing firm for eight-figures, but the young, Black entrepreneur had to beat the odds to find success.

    Armoo, the co-founder and former CEO of Fanbytes, hails from what was one of the most impoverished areas in south London and as a teenager lived with his dad on a fourth floor council estate — public housing — on Old Kent Road in the borough of Southwark.

    “It was the poorest place,” Armoo told CNBC Make It in an interview. “It was at the peak of when Peckham, Brixton and Old Kent Road were having their beef [British slang for conflict] so it was in the middle of the gang warfare. Between 2005 and 2012 was the peak of the South London gangs.”

    Trust for London names Southwark as one of 19 boroughs that have “significantly” higher levels of poverty compared to England as a whole.

    Armoo knew he was poor, but he had a keen entrepreneurial spirit and managed to cobble together some money by starting his own tutoring business at 14-years-old.

    He taught fellow students math and as more students approached him for help with other subjects, he started connecting them with tutors he knew and took a cut of the fee.

    “I remember very specifically the first time I connected these two people,” he said. “Jane needed some help with chemistry, and I connected her to Harry, and Harry helped her, and I got £5 (around $6.6) in commission for connecting them, because [the business] charged £15 an hour.”

    It was only when Armoo received a scholarship to go to a private boarding school when he was just 16-years-old to complete his A-Levels — equivalent to the Advanced Placement program in the U.S. — that his entire view of wealth changed.

    “I remember one day this kid got picked up in a helicopter,” he recalled. “It opened up my eyes that there is a way to build wealth and you don’t have to be Richard Branson. There’s a whole world of people in between there.”

    He started to realize that “money was a tool” to change his life and the fastest way to escape poverty was to start his own business.

    “When I was growing up on that fourth floor council estate, I would always say to myself ‘This is temporary. This is temporary. This is temporary,’” he said. “I didn’t get to choose the circumstances I was in at 10 years old … but at least I got to decide what ends up happening.”  

    Here’s how Armoo went from living in a council estate to starting his own business and then becoming a millionaire before the age of 30.

    Your first business doesn’t need to be a ‘billion dollar idea’

    Armoo was 17-years-old and still completing his A-Levels when he sold his first business, an online blog called Entrepreneur Express, for £110,000, after only 11 months of running it.

    “Everyone’s aspiration was to go to Oxbridge [The Universities of Oxford and Cambridge] and mine was just ‘I want to make money and I want to get out of my s—ty situation,’” Armoo said.

    The 29-year-old interviewed high-profile figures for Entrepreneur Express from the likes of Virgin Group co-founder Richard Branson, the face of the British TV show “The Apprentice” Alan Sugar and actor James Caan, but making the blog profitable was a challenge.

    Initially he had a print version of the blog ready to be taken in by university society groups but as the deadline drew closer, he realized he didn’t have enough advertising to sustain the print publication.

    The young entrepreneur then turned his attention to placing advertisements on the online blog. “This is where I had my success,” he said.

    He said his “hack” was the distribution of content from the blog via viral social media accounts on Instagram and Facebook such as meme pages and feel-good quote pages.

    Armoo would package the articles into social media posts with a hook like “10 quotes to…” and this would drive people from the post to his site.

    “The way that we made money was by two things: one was programmatic advertising — so just banner ads, but I would also then sell sponsored slots to tax firms, law firms, and accountancy firms so they could get a direct ROI [return on investment.]”

    Armoo said your first business doesn’t need to be “a billion dollar idea.” Instead “your first business should just get you on the first money ladder.”

    He echoed the advice of the late investment guru Charlie Munger who said that making the first $100,000 is the hardest “but you gotta do it.”

    Armoo agreed saying: “If you optimize for that first £100,000 … you slog, and you go crazy for it, life just becomes easier, because then you know a bit of the playbook… now, at the very least, you have a financial cushion to make choices which are not as risky.”

    “You build wealth by selling the business”

    Armoo co-founded Fanbytes with Ambrose Cooke and Mitchell Fasanya in 2017.

    Tim Armoo

    Armoo considers himself an early pioneer in the burgeoning creator economy industry because he co-founded the influencer marketing firm Fanbytes in 2017 with Ambrose Cooke and Mitchell Fasanya.

    Fanbytes’ goal was to connect brands with influencers to create advertising campaigns — a popular marketing strategy at the time as companies transitioned from traditional advertising to using influencers on social media to sell products.

    Their strategy worked as Fanbytes amassed a notable roster of clients from Nike, Samsung, Amazon and ITV, Armoo said.

    One 2016 study by TapInfluence found that social media influencer marketing was 11 times more effective than banner ads on a website, which is why brands were flocking to influencers, according to CNBC reporting.

    “I saw the rise of influencer marketing in the U.S.,” Armoo said and he decided to replicate the idea in the U.K.

    You don’t always need to invent something new as an entrepreneur, instead you can “service existing demand,” Armoo advised.  

    The company was “raising dribs and drabs,” across different stages before ultimately raising £2 million in funding.

    “First ever bit of investment was like 15 grand, then 40 grand, and then 120 grand, and then 300 grand, and then 600 grand,” Armoo said.

    His work with Fanbytes landed him on the Forbes 30 Under 30 list in 2021, and soon after in October that year, offers started rolling in from people wanting to purchase Fanbytes.

    He then appointed a bank to coordinate deals for the company which went on to find six companies interested in acquiring Fanbytes.

    Armoo, who was 27-years-old at the time, and his co-founders sold Fanbytes to Brainlabs, a global digital marketing agency, in an eight-figure deal in May 2022, which made them all multi-millionaires.

    “The aim was always to build something that could be sold,” Armoo said. “I spoke to this guy once when I was pretty early on in my journey, and he said that you can make money while running a business, but you build wealth by selling the business.”

    Armoo always knew that he didn’t want to run Fanbytes for the rest of his life.

    “Fanbytes could have been selling shoelaces to frogs and I still would have been passionate if I thought this is a business we are building and it has the end goal of being something that can achieve financial security,” he said.

    ‘I never saw myself as a Black entrepreneur’

    Armoo and his co-founders sold Fanbytes to Brainlabs in May 2022.

    Timothy Armoo

    Black founders often struggle to raise capital. In fact, Black-founded startups in the U.S. only raised 0.48% of all venture dollars allocated in 2023, per Crunchbase data previously reported by CNBC.

    This follows a decline in funding being given to Black-owned businesses since 2020, after the murder of George Floyd and the social justice movement that followed his death.

    Meanwhile, 87% of non-white founders said they faced more barriers to fundraising compared with 79% of white founders, according to Atomico’s State of European Tech Report 2023.

    Armoo says it was all about perspective and believed that being Black didn’t hold him back.

    “Everyone remembered the bearded Black guy in a room full of white people. Everyone remembers that and so for me, it increases how memorable you are,” he said about his experience of going to events to meet investors.

    He explained that you can either walk into a room and feel insecure because there aren’t that many people that look like you, or you can believe that that factor will help you standout.

    “I never saw myself as a Black entrepreneur. I always just saw myself as an entrepreneur,” he said.

    “I think maybe I’m too logical for my own good. I was like ‘investors want to make money. This business is going to make them money. I’m going to show them how it makes them money.’ That’s it. I didn’t really think they cared if it was coming from the mouth of a white guy or a Black guy.”

    Now, as a 29-year-old millionaire, Armoo is confident that this world view has “served him well.”

    [ad_2]

    Source link

  • What To Do When Your Job Won’t Pay You More | Entrepreneur

    What To Do When Your Job Won’t Pay You More | Entrepreneur

    [ad_1]

    Feeling underpaid and undervalued at work? Gabrielle Judge, the creator of the Lazy Girl Jobs movement, is here to fix that. She’ll share her best strategies for accelerating your earnings and getting the raise or promotion you deserve.

    Register now for our upcoming livestream to gain insights on topics including:

    • How to maximize your time and money in the workplace

    • Leveraging pay transparency to get more money

    • What to do if you feel undervalued and underpaid

    • Strategies for getting a raise through job hopping

    About the Speaker:

    Gabrielle, as the visionary CEO and content creator behind Anti Work Girlboss, leads a social revolution reshaping the future workplace landscape. Her pioneering concept of the “lazy girl job” has captivated millions monthly, offering both relatable content and career inspiration. Her areas of expertise extend across work-life balance, branding for Gen Z employees, and forward-thinking perspectives on the future of work. Esteemed platforms like NPR, BBC, and TEDx have recognized her innovative contributions, inviting her to speak on her insights. Gabrielle’s groundbreaking ideas have also been spotlighted in over 10,000 global publications, including the Wall Street Journal, Bloomberg, Al Jazeera, and 60 Minutes Australia, underscoring her influential role in redefining career norms.

    [ad_2]

    Entrepreneur Staff

    Source link