ReportWire

Tag: Entrepreneurs

  • We’re Gen Z college dropouts who raised $41.4M for our blockchain startup. Here’s how we did it

    We’re Gen Z college dropouts who raised $41.4M for our blockchain startup. Here’s how we did it

    [ad_1]

    In a late-stage economy dominated by established players, opportunity for new economic entrants can be bleak. So we went our own way. In the fall of 2022, at 19 and 22, we dropped out of Vanderbilt to establish Movement Labs. A year later, in the fall of 2023, we secured $3.4 million in pre-seed funding to kickstart our vision. Fast forward to April 2024, and we’ve just closed a $38 Million Series A round. Our journey isn’t just about reshaping the future of technology and finance with a next-gen coding language, it’s about the realities of navigating life as Gen Z starting from scratch. 

    The Gen Z advantage in a fast-moving space

    Being young and flexible has been our secret weapon in the rapidly evolving world of blockchain and Web3. Our ability to adapt quickly, think outside the box, and challenge conventional wisdom has allowed us to identify and solve problems that others might overlook. 

    As digital natives, we grew up in a world where technology evolves at breakneck speed. This has instilled in us a natural ability to navigate and innovate in fast-moving spaces like blockchain. We’re not weighed down by legacy thinking or outdated practices—instead, we’re driven by a vision of what the future could be.

    Breaking free from traditional paths

    College helped us mature and develop into capable new economic entrants and entrepreneurs. But benefits to being in college eventually diminished, and we found rare opportunities that existed in the moment. College has been shaped as a path to finding a job and starting a career. Once we found a more stable and streamlined path, it only made sense to go all in. 

    Our generation understands that paths we’re told to follow don’t lead where they used to. We’re not afraid to take calculated risks and go off the path. This mindset has allowed us to move decisively, pivoting our focus to the Move programming language when we recognized its potential to revolutionize the blockchain industry.

    Solving real problems in the blockchain space

    Our goal at Movement Labs is to create a unified blockchain ecosystem where developers can build secure applications that interact seamlessly across different networks, and users can confidently manage their digital assets without fear of hacks or incompatibility issues. 

    The Move programming language was originally created by Meta (formerly Facebook) with the goal of building a foundation for a world where digital information is smart and programmable. While many in the tech world moved on when Meta’s project changed direction, we saw hidden potential that others missed.

    Move is like a super-secure and efficient language for the digital age. It’s designed to handle information and digital assets more safely and effectively than older systems, making it ideal for businesses and financial applications.

    This potential inspired us to make a bold move—we quit our internships and dropped out of college to go all in on Move. We’re swimming against the current, but that’s where we see the biggest opportunity. In most industries, large corporations have already claimed the lion’s share of the market. They’ve become like well-oiled machines, making it hard for newcomers to break in.

    By focusing on Move when others have overlooked it, we’re creating a new playing field. It’s our chance to build something groundbreaking and carve out our own space in the fast-moving world of technology and finance.

    Building a community-driven future

    One of the most exciting aspects of being Gen Z entrepreneurs in the Web3 space is the emphasis on community. We are fostering a vibrant ecosystem of innovative builders and community contributors who share our vision. We build our seats at the table together. 

    This community-driven approach is second nature to our generation. We’ve grown up in a world of social media, open-source software, and collaborative online spaces. We understand that the best innovations often come from diverse groups working together toward a common goal. And we understand that breaking the mold requires collaboration between a number of diverse skill sets.

    Our vision for the Move language is to make it accessible and decentralized. We want to level the playing field, opening doors for a new wave of innovation. This approach gives Gen Z around the world the chance to freely create and collaborate, building their own futures without traditional gatekeepers. It’s about empowering our generation to shape the digital economy, together.

    The future is now

    To those who might doubt the ability of young entrepreneurs to lead in such a complex industry, we say: The future is already here, and we’re building it. Our $38 million funding round isn’t just a validation of our technology—it’s a testament to the power of fresh perspectives and bold ideas.

    We believe that the next wave of technological revolution will be led by those who are willing to question everything and reimagine what’s possible. That’s what we’re doing at Movement Labs, and that’s what we believe our generation brings to the table.

    So, to our fellow Zoomers, we say: Don’t be afraid to take risks and challenge the status quo. Your unique perspective and skills are needed in the tech industry and beyond. And to the generations prior, we say: Embrace the energy and innovation that young entrepreneurs bring to the table. We can build a better future together.

    Read more:

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

    Recommended Newsletter: CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about–and from inside–the C-suite. Subscribe Now.

    [ad_2]

    Cooper Scanlon, Rushi Manche

    Source link

  • 5 Things to Consider Before You Hire More Staff | Entrepreneur

    5 Things to Consider Before You Hire More Staff | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As a 3X founder, I’m no stranger to hiring. My first company grew from zero to 5M in just a few short years, which meant we were hiring new staff every few weeks just to keep up with the growth. There was a constant pressure to stay ahead of the curve, but not too far ahead.

    I learned some important lessons during this time, particularly about when to hire and when not to hire. It’s not an easy decision. If you hire too slowly, you may overwork your staff and lose your edge in finding new customers or supporting the customers you already have. If you hire too quickly, you can get ahead of yourself in terms of profitability and cash flow. It’s always a tightrope walk, and there are no easy answers.

    When founders ask for my advice in this area, I recommend they take a thoughtful approach and avoid making emotional decisions. While a new hire is not necessarily a permanent decision, it can have permanent consequences if you’ve made the wrong choice. Before you begin to recruit, interview and hire more staff, I suggest you consider these five things.

    Related: Avoid Costly Hiring Mistakes With These Five Essential Tips

    1. Protect your bottom line

    Entrepreneurs are typically not risk-averse. We go out on a limb every morning when we walk out the door. Ask yourself this simple question: Will the new hire immediately put you in a negative cash flow position? If so, you’re probably better off waiting. Without enough cash flow cushion to cover the additional expense, you might be over your head in short order. Consider waiting until you have at least six months’ worth of cash in the bank to cover the expense of every new hire. Otherwise, you run the risk of putting too much financial pressure on the entire organization, and especially yourself.

    2. Take a good look at growth trends

    You can avoid knee-jerk hiring decisions by taking a good look at your revenue growth trends — and not just in the past weeks or months but over the past year or even longer. Are you experiencing steady growth or just a temporary bump in sales? Do some discovery and try to identify where you see sales are headed in the next quarter, the quarter after that and for the next 12 months. Be brutally honest with yourself. Entrepreneurs can sometimes be too confident about the future (it’s what keeps us going!), but don’t be so confident that you’re making blind decisions. Try to make a data-driven decision, not an emotional decision.

    3. Assess the real need

    Sometimes it’s easy to believe that a new hire will solve all your problems. Try not to deceive yourself into thinking so. While you and your team may feel overworked, bringing on new staff also includes work. Interviewing, training and managing takes time. Creating new roles and positions takes time too — sometimes (but not always) more work if you had done the job yourself. Again, it can be a tightrope walk in terms of how and when to make the decision. Be thoughtful though, and don’t rush into it thinking your problems will all go away with a new hire. Take some time to assess where and why you need more help before hiring more help.

    Related: Think You Need to Hire? Think Again.

    4. Talk to your team

    Before making new hiring decisions, spend some time talking to the people on your team who will be directly impacted by the new hire. Try to get their honest feedback. Sometimes you find your best answers from those on the frontlines of your business. It might be that you don’t necessarily need more staff. Maybe you need some reorganization or better deployment of a technology, or you might find that certain members of your team need more coaching. You can never assume too much, and if you make hiring decisions without consulting your team, you’re jeopardizing yourself and the team.

    5. Remember you are dealing with human beings

    In the hustle-bustle and daily grind of running a business, it’s easy to forget that you’re hiring human beings and not resumes. Every hiring decision you make impacts a human life. If you make the wrong decision and end up letting someone go, remember that job loss is a real hardship and affects entire families. Be thoughtful about your hiring decisions. We have responsibilities as employers to the human beings who work for us. Humans are not numbers on a spreadsheet. They are moms, dads, young adults and others who struggle to make their ends meet. If you have to hire, by all means, hire, but don’t forget to consider the lives of the people you hire.

    Related: 5 Signs You’re Hiring Wrong (and How To Fix Them)

    Business growth always necessitates you hire more staff, and sometimes you have to stretch things a little to reach your goals. I know I certainly did. But make your best effort to make informed, data-driven and prudent hiring decisions that will benefit both your organization and the people you hire.

    [ad_2]

    Tom Freiling

    Source link

  • How I Discovered the Value of Imperfectionism and Made It My Team’s a Secret Weapon | Entrepreneur

    How I Discovered the Value of Imperfectionism and Made It My Team’s a Secret Weapon | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When my company launched a community feature for our customers a couple of years ago, we made some incorrect assumptions in our messaging that derailed the campaign’s success. But when our creativity didn’t land, instead of learning from our mistakes, we made an even bigger error: we abandoned our efforts altogether. The truth? We were perfectionists struggling to face a fairly public failure. But instead of iterating on our campaign to improve it, we let it fizzle out.

    They say perfection is the enemy of progress, and I’ve seen this play out both in my own career and with many entrepreneurs. No matter how genius an offering is, the pressure of getting everything just right can often delay — or completely derail — a launch.

    Perfectionism is a well-known enemy of productivity, the root cause of many psychological disorders and a common answer to the interview question, “What is your biggest weakness?” But while we recognize perfectionism as a barrier to progress (and I certainly have), why do so many creative and innovative people still fall into its trap?

    Perfectionism might not be a new hindrance, but it is on the rise – and not just with entrepreneurs. A culture of competitive individualism, amplified by social media, pressures all of us to be flawless and can seriously undermine our ability to succeed in business. In fact, it almost certainly guarantees failure.

    The reality is, we all need to be able to take risks — and fail — in order to improve our work. Embracing the value of imperfection is the only viable way to get there.

    Perfectionism can be downright damaging

    As a recovering perfectionist, I now understand that perfectionists are more than just uptight overachievers. They can obsess over meeting exceptionally high standards and unrealistic expectations. They can even be highly self-critical and fear criticism from others. And yet many go into their entrepreneurial journey by comparing themselves to those who have already hit it big, blind to any mistakes those role models made along the way.

    Nearly every entrepreneurial success story is built on the back of countless failures – and many entrepreneurs are famous for it. But I’ve witnessed personally how striving for perfection from the outset doesn’t lead to a successful offering. In fact, the results can be the opposite: no launch at all. Perfectionism often holds would-be entrepreneurs and creators back from sharing their unique genius with the world and getting a finished product out in the market. However, there are ways to overcome it. And I should know: I’m still working on overcoming it myself.

    Fail small, win big

    After the communities launch failure (which, fortunately, was a small one in the grand scheme of things), I learned an invaluable lesson: the best way to handle failure is by examining it, embracing it and using it to improve, not by hiding from it and pretending it didn’t happen.

    Nowadays, we approach our launches much differently – in phases that allow us to test the waters, get feedback from our customers, and iterate on our approach and messaging until it hits just right.

    Making mistakes is par for the course in business, but learning from them and correcting the course is the only way to turn them into a net positive. Many of the most successful creators go a step further and share their failures publicly. Patreon’s CEO Jack Conte calls it normalizing the duds, and his approach is pure storytelling genius: a balance of humility and humor that makes his failures feel like an actual work of art.

    Getting past perfectionism

    As a recovering perfectionist, I know that embracing imperfectionism is easier said than done. We’re all operating within a hyper-competitive and often unforgiving business climate where every move (especially wrong moves made publicly) can be ruthlessly analyzed and criticized. We’ve all seen the chilling effects cancel culture has on individuals and businesses that have made irreparable mistakes.

    Moving past perfectionism means intentionally taking calculated risks and baking blunders right into the development process. Here are a few strategies we use to make that process more palatable:

    • Connect with a community of peers: Sharing imperfect work is easier when those around us are doing it too. Getting connected to a community of entrepreneurs in trial-and-error mode is the best way to see that you’re not alone. In fact, by becoming an entrepreneur, you’re part of a group of people in the business of overcoming failure. Whether you find that group through a coworking space or a software-related community, look to others who can accept critical feedback and allow it to inform progress.
    • Adopt a coaching mindset: Reminding yourself that nobody’s perfect is helpful because even seasoned experts make mistakes. Redefining the way I perceive failure (and success) meant rebranding missteps as an opportunity to iterate. You can even rewire your brain to appreciate critical feedback for the gift it is.
    • Look beyond the launch: Product, campaign or company launches often create an intensity that brings out your best work, but leaning into them too much can lead to a letdown – especially if the results don’t meet your expectations. I often tell my team not to put too much creative energy into something that will likely need to change once it’s in market. Even if it’s flawed, I know we’ll learn something as soon as it goes live that will enable us to improve it.

    The truth is, we all have moments of uncertainty. But no matter how uncomfortable it feels to put your creative work out there for judgment, the reality is that people will judge it whether you think it’s perfect or not. Accept that fact, cut yourself some slack and don’t let the idea of perfection hold you back from sharing your unique genius. Done is better than perfect, after all.

    [ad_2]

    Christie Horsman

    Source link

  • Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

    Cyber Attacks Are Inevitable — So Stop Preparing For If One Happens and Start Preparing For When One Will | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In 2024, organizations faced an average of 1,308 cyber attacks per week in Q1, a 28% rise from the previous quarter and 5% year-over-year. And what’s even worrisome is that cybercrime losses reached $12.8 billion in 2023 and are expected to hit $23.84 trillion by 2027.

    Undoubtedly, securing your business in today’s digital business landscape isn’t just about protecting against cyber threats — it’s about resilience.

    You can always fall for the latest threats since cybercriminals are becoming increasingly sophisticated while sneaking into business networks. Hence, you need a more robust cybersecurity plan backed by cyber resilience that goes beyond conventional cybersecurity strategy.

    Cyber resilience isn’t a buzzword; it’s a necessity and a proactive approach that goes beyond conventional security. It ensures your organization withstands and recovers from potential threats without much impact on your business.

    In a nutshell, cyber resilience is about building walls of protection and having the resilience to bounce back stronger.

    Let’s discover why embracing resilience should be a top priority for businesses to ensure continuity and future success in the ever-expanding cybersecurity landscape.

    Related: There’s No Margin for Error in Cybersecurity — Here’s How to Build a Strong Online Defense through Everyday Habits

    Why your business needs cyber resilience

    Cyber resilience is your organization’s ability to prevent, withstand and smoothly recover from various cybersecurity incidents. Cyber resilience isn’t about preventing cyberattacks — it’s about ensuring your organization can swiftly recover and continue to operate after an incident.

    Nobody can predict the next threat to your organization and customers, especially in an era where machine learning and artificial intelligence have broadened the horizons and increased threat vectors.

    Hence, a robust incident response plan is undeniably the need of the hour for businesses that are about to reinvent their cybersecurity posture.

    Remember, a cybersecurity strategy lacking a robust incident response plan is good for nothing since cybercriminals are already exploring new ways to target end users and customers to exploit their personal information and gain access to sensitive business details.

    On the other hand, cyber resilience not only ensures stringent cybersecurity against immediate threats but eventually mitigates long-term costs. Hence, investing in cyber resilience would surely safeguard your business from financial devastation and ensure smooth continuity.

    Now that we’ve learned about cyber resilience and its importance, let’s emphasize how you can incorporate it into your business.

    Related: 3 Reasons to Increase Your Cybersecurity Protocols in 2024

    Is your organization truly protected?

    Most businesses mistake cyber resilience for cybersecurity. However, they are pretty different and hold their own importance at different levels.

    Securing your organization against modern threats is crucial, but it’s also important to prepare for the worst. For example, you must have a plan to deal with a data or privacy breach.

    If you wish to protect your organization from the latest threats, your cybersecurity must include a comprehensive cyber resilience checklist.

    Whether it is regular audits, employee training, or advanced threat detection through technology, you must always be geared up to handle any cyber incident.

    Your cybersecurity checklist to supercharge your cyber resilience

    1. Regular security audits

    Scheduled audits are crucial to uncover potential threats and vulnerabilities before cybercriminals can exploit them. Addressing the issues well in advance can help you prepare a solid plan for the worst-case scenario and bounce back stronger.

    Here’s what you can do:

    • Look for outdated software: It’s crucial to check and update your defense software and firewalls since outdated software is more susceptible to ransomware attacks and other threats.
    • Incidence response drill: Organizing an incident response drill will help identify gaps in your communication protocol and eventually help you overcome the delayed response time during a cyberattack. Hence, scheduling quarterly incident response drills is crucial once you’ve completed the security audit.
    • Engage third-party experts: Involving third-party cybersecurity experts can provide an unbiased evaluation of your security measures and help create a robust cyber resilience program. Experts can uncover vulnerabilities your internal teams might overlook and help prepare an action response plan accordingly.

    2. Strengthening your human firewall through employee training and awareness programs

    Human error leads to cybersecurity breaches. Ensuring your employees are well-trained to handle any vulnerability is critical to building cyber resilience.

    • Regular training sessions: Regular training and updating your employees on the latest threat vectors and best practices are essential. Using real-world scenarios to illustrate various threats and their corresponding responses would shield your organization from potential threats and minimize losses during an unforeseen event.
    • Phishing simulations: Implementing phishing simulations to test your employees’ ability to recognize and respond to phishing attacks is crucial for safeguarding sensitive information. Using the results to identify improvement areas will help tailor training to minimize human error.
    • Clear policies and procedures: Establishing clear cybersecurity procedures and policies within your organization is crucial to building resilience. Ensure the policies are easily accessible and understood by everyone in the organization.

    3. Building a robust incident response team is your frontline defense

    A dedicated incident response team is all you need for swift and effective action during a cybersecurity incident. This will help minimize the impact, leading to fewer financial and reputational losses.

    • Define roles and responsibilities: You must clearly define roles and responsibilities for every team member regardless of their job title and experience. It’s crucial to ensure that everyone knows their duties and responsibilities promptly during an incident and the situation.
    • Invoke the potential of modern tools and technologies: Using threat intelligence tools, data encryption, multi-factor authentication (MFA), and Zero Trust architecture can reinforce your overall cybersecurity resilience program.
    • Continuous improvement: Conducting a thorough review to identify areas for improvement after every drill and incident. This will help you continuously update your incident response plan based on the recent findings.

    Final thoughts

    In this modern digital business landscape, the increasing cyber threats and sophistication of cybercriminals demand next-level security — cyber resilience.

    Cyber resilience is a vital strategy for businesses to ensure they stay up and running even in the event of a cyber incident and can quickly contain a breach without financial and reputational losses.

    Hence, embracing cyber resilience shouldn’t be a luxury; it must be an essential pillar of your cybersecurity foundation.

    [ad_2]

    Rakesh Soni

    Source link

  • Why Taylor Swift Believes in Her Lucky Number | Entrepreneur

    Why Taylor Swift Believes in Her Lucky Number | Entrepreneur

    [ad_1]

    People reports that Chiefs star Travis Kelce just attended his 13th performance of Taylor Swift‘s The Eras Tour, and the significance of that number is lost on no one.

    Swift is a big fan of the number 13 — so much so that before every show she paints a 13 on her hand for good luck. Why are those digits so near and dear to her heart?

    Swift was born on December 13, 1989, and explained in an interview with MTV News: “I turned 13 on Friday the 13th. My first album went gold in 13 weeks. My first No. 1 song had a 13-second intro. Every time I’ve won an award I’ve been seated in either the 13th seat, the 13th row, the 13th section or row M, which is the 13th letter. Basically, whenever a 13 comes up in my life, it’s a good thing.”

    Swift isn’t the only one who leans into superstitions to give herself an extra boost of confidence. In the book Recipes for Good Luck, author Ellen Weinstein researched the superstitions and rituals of some of the most famous and successful people in modern history. And while some might seem odd or silly to others, Weinstein writes that beliefs, rituals and routines can “help you face the world with ambition and confidence and inspire you to go on making good luck of your own.”

    Here are some other superstars who used pre-performance rituals to get ready to go.

    • During his playing days, NBA superstar Michael Jordan wore UNC shorts underneath his Chicago Bulls uniform. They were the same shorts he wore in 1982 when he scored the winning jump shot that brought his college team, the University of North Carolina Tar Heels, their first NCAA championship since 1957.
    • Tennis great Serena Williams has several distinctive pre-performance and on-court rituals: before a match, she’d tie her shoelaces in the exact same way and always bounced the ball five times before her first serve and twice before her second.
    • Before beginning the opening monologue of her former talk show, Ellen DeGeneres would be sure to throw a mint in the air and catch it in her mouth.
    • Rihanna has said that she doesn’t allow anything yellow in her dressing room before a show, believing it is bad luck.
    • Soccer legend David Beckham has a thing against odd numbers. His wife Victoria told The Chicago Sun-Times that their house had several refrigerators, each devoted to different types of food. “In the drinks one, everything is symmetrical,” she explained. “If there’s three cans, he’ll throw one away because it has to be an even number.”

    [ad_2]

    David James

    Source link

  • Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    True story: Recently, my daughter was at a major brand car dealership with her boyfriend, intending to purchase a pre-owned car. Note I made up the numbers for the sake of my daughter’s financial privacy, but the takeaways are still the same.

    The dealership asked for, let’s say, $26,000 “all in” for the car, but my daughter had already decided that $20,000 was the most she would pay. There was a lot of ground to cover to actually make a deal happen. After some discussion, the salesperson did his best, dropping the price to $25,000. But that still left a big gap, so he told her, “Let me go check with my manager and see if he has any ideas.”

    After five minutes, the salesperson and his manager entered the room together. The manager explained that at $25,000, this was a great price; it was already well below their MSRP, and the deal was “very thin” as it was for him. He then used the famous line, “Okay, here’s what I’m going to do to get you into this car today.” The manager pulled out a piece of paper with revised numbers that showed his price now at $23,995. He explained to my daughter that this was the absolute best possible price. He was “all in;” this was his “best offer,” and he told her to take it or leave it. For the grand finale — keeping in mind that this is a 100% true story — the manager took out a big red ink stamp and smacked it down on the paper. The stamp read “FINAL” in bold red ink. $23,995. FINAL.

    My daughter responded, “Thanks, but I’m sorry; it looks like it’s not going to work out.” Without hesitation, he immediately blurted out, “How about $22,500?”

    When my daughter told me the story, I had a wonderful laugh. After the big show, the manager held his price for a full six seconds. And the idea of the red final stamp just made the story even better. But the more I thought about it, the more I realized there’s actually quite a lot to unpack here regarding sales tactics, psychology and effectiveness.

    Related: 3 Unconventional Sales Tactics That Will Close More Deals

    I’m not in the car business, and I’ve never sold cars, but I can see some familiar sales tactics (and mistakes) playing out here:

    Playing the waiting game

    All this went down after my daughter had spent hours on the lot. It was getting late in the day on a Saturday, and the manager knew she was hoping to get it done. At some level, the manager was wearing her down and playing out the clock, playing the “waiting game.” It didn’t work in this case, but often, this notion of using time as a weapon can be very effective. Utilizing time as a strategic element in the negotiation process can be effective, but it must be used carefully and respectfully. Pushing too hard on time constraints can backfire.

    Closing the deal by changing the sales lineup

    When the salesperson reached his personal negotiation line or felt he would lose her, he brought in his manager. In addition to adding some time to the clock, this step created a new opportunity for a new dynamic. The dealership never really wants a potential buyer to walk out the door, so if one person doesn’t get the job done, it’s always worth trying someone else. Involving a manager or company administrator in the negotiation process can create new dynamics and opportunities for closing a deal.

    Proposing your best and final offer

    Although I laughed hysterically when I heard about the red stamp, I soon realized it was actually a smart move. Once upon a time, I’m guessing some sales and marketing people sat in a room, and someone said, “I have an idea — let’s make a red stamp that says final and use that during negotiations.” Everyone probably laughed, and they would have said, “No, I’m serious!” And then everyone thought about it and agreed, as funny of an idea as it was, it actually made sense. It’s one thing to tell someone something verbally, but when it’s “official” and in red ink on paper, it’s human nature to believe it and take it as indisputable. Using psychological sales tactics to create a Fear Of Missing Out (FOMO) effect, such as a “Final Offer” stamp, can be effective in conveying seriousness and finality, but you have to honor your word, or you will likely lose credibility.

    All the tactics I outlined above were smart, but here’s where I think the dealership dropped the ball:

    Trying a shutdown move too soon

    The manager came in cold, and rather than take some time (again, time is on their side) to talk about the value, create some alignment, and build some rapport, he went straight for the kill. That tactic may work, but I felt it was too aggressive. He would have been better off discussing the pain points and goals concerning the product, coming up with some extra incentives, etc. Understanding the customer’s needs, discussing the product’s value and building rapport and trust can be crucial in successful sales.

    Related: How to Master Your Sales Success — Why Every Answer and Rejection Matters

    Putting an out-of-reach offer on the table

    The manager decided to go for the close in a fairly aggressive way. In some cases, that tactic makes sense. But he played it all wrong with the numbers. He knew they were a full $5,000 or 20% off, and he decided to put it all on the line at $23,995. Obviously, given how fast he dropped another thousand, he had plenty more room. If he was going for the hard close and “FINAL” offer, he should have made it more compelling. By putting on the big show and then immediately dropping his price, he completely lost credibility and lowered the odds of closing. In this case, he lost my daughter’s trust and the sale. In negotiation, it’s important to understand the other party’s budget and limits before making an offer. Being aware of their constraints will increase the likelihood of closing a deal.

    Saying your offer is “final” when it’s not

    If you offer something of value at a good price and tell them it’s “final” (which I personally don’t recommend as a sales tactic), then stand by it and mean it. Your word has to mean something. Once he realized his “final” price was not going to work, rather than lower it, he could have thrown in some additional valuable incentive, perhaps some amount of free service or some kind of special financing. If a “final offer” is presented, standing by it as your final word is essential. If adjustments are needed, they should include additional incentives or value to maintain trust and credibility.

    Sales is an art, no doubt about that. A great salesperson builds a relationship, asks questions and listens, understands the client’s pain points, is honest and transparent, and operates with integrity. Of course, strategies, techniques, incentives, and a lot of human emotion and psychology are at play, but all of them can happen successfully without losing your credibility.

    So, the overall moral of my story? Choose wisely before using the big red stamp!

    [ad_2]

    Jason Foodman

    Source link

  • How to Seamlessly Relocate Your Business to Another State | Entrepreneur

    How to Seamlessly Relocate Your Business to Another State | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Starting and establishing a business is challenging, but the endeavor seems almost impossible when you decide to start over again in another state.

    I don’t mean opening an out-of-state location but moving your business from one state to another. My company has helped scores of business owners who want to relocate. The key is to tackle the process step-by-step.

    Whatever your reason for moving, starting over in a new state requires detailed planning, in-depth research and patience. Here’s what to consider if you’re thinking about moving your business.

    Related: 6 Critical Considerations Before Relocating Your Business to Another City

    Do your research

    Before making any move, it’s crucial to do your research. Consider any legal and regulatory concerns. Make sure you understand the new state’s steps for business formation, employment, licensing and tax requirements.

    Then, define the specific reasons you’re relocating. Are taxes an issue? While nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming) currently don’t levy an income tax, you need to find out about any local business, sales, property, and franchise taxes required by the state.

    Are you moving to a state with a lower cost of living (COL)? These expenses are defined as “the cost of maintaining a certain standard of living,” including housing, food, transportation, taxes, healthcare and more. The COL varies by state and fluctuates by city, so don’t eliminate a state based on the costs in one specific location.

    Accessing market trends and opportunities in the states you’re considering moving to is also critical. Consumer demographics, market competition and economic indicators can impact your success. Compare statistics on industries and business conditions across the U.S.

    Every state touts the availability of skilled labor, but the reality of your business’s ability to attract and keep the right talent will vary. What are the prevailing wages for your type of business? Some companies benefit from being located near a college, which provides a pipeline of potential employees. The U.S. Chamber of Commerce keeps tabs on where the labor shortage is hitting hardest.

    Also, consider your company’s infrastructure needs. Depending on your business, concerns such as transportation, access to suppliers and availability of distribution centers may impact operations. Contact state and local economic development agencies for information about infrastructure and resources.

    Many locales may meet your business criteria. However, they also need to fit your quality of life requirements. Does the state provide the healthcare, education and lifestyle options you need? Is the climate to your liking? Can you find the type of housing that suits your personal situation?

    Related: Relocating Your Company? Don’t Make These 10 Moving Mistakes.

    Business domestication

    We typically recommend that entrepreneurs who own LLCs and corporations domesticate (or redomesticate) their companies. This means your business ceases to exist in its state of formation and only exists in your new location.

    Only 31 states and Washington, D.C. allow domestication. Each state has its own rules and processes. Check with Secretary of State offices to see which states allow domestication and their requirements.

    Generally, the domestication process works in a specific order: You apply for domestication in a new state and then dissolve your company in your current home state. The process to domesticate entails getting the approval of all board members, applying for Articles of Domestication or Articles of Continuance and providing a Certificate of Good Standing and a copy of the application for Articles of Dissolution from your former state. Once approved, you’ll file Articles of Dissolution in your former state. You must pay any outstanding fees or taxes.

    Domestication has several benefits:

    • You don’t have to change your Federal Tax ID Number (Employee Identification Number/EIN).
    • There’s less paperwork and tax consequences.
    • Your business can keep its credit history.
    • You’ll save money since you won’t have to pay for annual reports and fees incurred by doing business in multiple states.

    If your corporation or LLC wants to keep your old state as your state of formation or conduct business in both states, you must file for a foreign qualification in the new state. While every state has its own process for foreign qualification, you can usually file online for a Certificate of Authority and pay a fee.

    Maintaining multiple locations means you must designate a registered agent in the state you are not headquartered in. This person must have a local address and the authority to accept legal documents and government notices on your behalf.

    Sole proprietorships and partnerships

    Moving your business is less complex if it’s a sole proprietorship or partnership. There’s still a process you must follow:

    • Cancel local business licenses and permits and apply for new ones in your new state.
    • Pay any outstanding fees and taxes.
    • Withdraw any assumed names (Doing Business As/DBAs) from your Secretary of State’s office and apply for the DBA in your new location.
    • If your business bank does not have branches in your new state, close your bank accounts.
    • Inform the IRS of your new business address.
    • If you move mid-year, you must pay taxes in your new and old states.

    Related: Patagonia Gave 90 Staff a Choice — Relocate Across the U.S. or Leave the Company. They Got 3 Days to Decide.

    HR considerations

    When you decide to relocate, it’s essential to tell your staff as soon as possible and that you be transparent, honest and empathetic. It’s best to hold an in-person meeting, allow time for questions and provide a timeline for the move.

    Do you plan to offer your team the opportunity to move with you? Most small businesses cannot afford to pay employee relocation expenses, which typically cost thousands of dollars. Will you offer them the opportunity to work remotely?

    If not, consider offering them severance and/or job transition assistance. If you know local companies looking for talent, offer to make introductions. And make sure you provide employees with letters of recommendation.

    Taking the required steps to ensure a seamless transition will help ensure a smooth start in your new location.

    [ad_2]

    Nellie Akalp

    Source link

  • Watch the Pitch That Landed $10K in 60 Seconds | Entrepreneur

    Watch the Pitch That Landed $10K in 60 Seconds | Entrepreneur

    [ad_1]

    This episode of Entrepreneur Elevator Pitch may be about child-centric products, but no one is kidding around when it comes to cash. Contestants came ready with serious pitches — and serious funding requests. Will anyone score the hundreds of thousands they’re seeking to grow their business?

    There are many factors at play that can sway an investor’s decision, including this critical pitch component highlighted by Netflix co-founder Marc Randolph: “A product can’t just be useful — it has to be something that a lot of people want.”

    Related: Catch up all seasons of Elevator Pitch

    Quick show rules refresher: Every episode challenges contestants to step inside our elevator and pitch their company in just 60 seconds. A board of investors is watching on a monitor, and if they like what they hear, the elevator doors open and the entrepreneur has the chance to win a life-changing investment. But if the investors don’t like what they hear, the elevator heads to the ground floor, and their shot at glory is finished.

    Watch to find out who wins big and who is sent back to the sandbox on this family-focused episode of Entrepreneur Elevator Pitch!

    Season 11, Episode 2 Board of Investors

    Season 11, Episode 2 Entrepreneurs

    • Nicky Rishi of Miss Poppins, a marketplace that connects parents with expert coaches and a supportive community.
    • Chris Danis of Wet Wipe Wizard, a system that allows for the simple and reliable delivery of Wet Wipes at the push of a button.
    • Tausha LaFlore of Pincer Pal, where fun and learning come together during mealtime.

    How to watch

    Season 11 of Entrepreneur Elevator Pitch is presented by Amazon Business. New episodes stream on Wednesdays on Entrepreneur.com and EntrepreneurTV. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.

    [ad_2]

    Dan Bova

    Source link

  • Why Saying ‘Yes’ to Everything Leads to Failure | Entrepreneur

    Why Saying ‘Yes’ to Everything Leads to Failure | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As people strive more and more for achievement, most of them become workaholics and get too involved. We all know how appealing it is to say “yes” to almost everything that comes your way because, who knows, you might get a promotion or be in the spotlight. However, this tendency often leads to a paradoxical outcome: failure.

    Now that we have examined the danger, let’s consider the following practical approaches to overcome it.

    Related: Overworked? Here Are 4 Easy Steps to Say ‘No’ and Stop Stressing.

    The illusion of infinite capacity

    At the heart of overcommitment lies a fundamental misconception: the understanding that the capacity for improvement is endless. It happens that we, as businesspeople and managers, think that we are capable of taking on more and more work. But in fact, time and energy are scarce goods that limit us in some way. It is important not to spread ourselves too thin across too many things, as this ultimately weakens our presence in everything we are involved in.

    The productivity paradox

    It is evident that doing more does not necessarily mean achieving more in this life. It is generally very unwise to engage in a lot of activities because this can have a very negative impact on productivity. Here’s why

    1. Decreased quality of work: Multitasking is usually characterized by decreased quality in the projects or tasks we have in our hands. We often work very fast, do not pay attention to the fine points and end up making errors. This not only affects the result but reputation as well.

    2. Increased stress and burnout: This is because overcommitment results in increased stress levels. Stress and feeling pressured to meet certain deadlines, for example, may lead to burnout and have adverse effects on the body and mind.

    3. Missed opportunities: When you are constantly agreeing to everything, you may not see any valuable opportunity coming. As we continue to be consumed with the low hanging fruits, our ability to capture the right opportunities is reduced.

    Consequences of not saying “NO”

    For instance, let’s consider a tech company called XYZ. The founder of XYZ startup may accept every invitation for a meeting, partnership and speaking engagement. First, this may appear as an effective way to develop the brand and expand the network. However, the founder is often left overwhelmed, struggling to manage and unable to adequately attend to the business.

    The product development cycle is slowed down, customer satisfaction levels decrease, and the overall growth of the company comes to a standstill in the end; the startup exits, not because there are no opportunities but because it cannot utilize them properly.

    Related: 8 Ways to Say ‘No’ So You Say ‘Yes’ to What Matters Most

    The art of saying “no”

    The ability to say “no” is essential for any manager to learn. It is not that one has to be unhelpful or discouraging — it means that one is smart enough to understand that he cannot do everything or be everywhere and do everything at any given time. Here are some tips that will guide you toward the realization of this noble goal.

    1. Define your priorities: First, analyze your needs and define your main aims and values. That way, you get a better perspective on the opportunities available according to your priorities and which ones do not meet your priority list.

    2. Evaluate the impact: First of all, one should determine how much that task is worth pursuing in terms of results that it can bring. Even if a study aligns with your research aims, will it move you forward substantially in achieving them? To analyze this, we need to decide whether it is worth the time and effort required. If the answer is no, it is most likely better to refuse whatever is offered.

    3. Set boundaries: Boundaries are important for ensuring that there is no interference with the progress of the work or goals to be accomplished. Be clear with the people around you, your team members, colleagues and partners when conveying your limits to them. Make the time you’re able and willing to be available for others clear, as well as the time when you have to focus on important things.

    4. Delegate wisely: It is not a rule that you have to do everything yourself. Try to transfer routine duties that can be performed by other people to them so that you will be able to focus only on the most important operations. Be confident in your people and give them full authority to do their work.

    5. Regularly review commitments: Try to analyze from time to time what you are busy with and what is really important and effective. Are those tasks aligned with your goals and purpose? If not, do not be afraid to go back and think about what you committed yourself to and perhaps alter the plans.

    Prioritizing effectively: The Eisenhower Matrix

    The Eisenhower Matrix is one of the most widely known and effective tools for sorting out tasks by their priorities. This basic framework allows you to sort tasks carefully due to their urgency and significance.

    1. Urgent and Important: Activities that are urgent and strategically relevant to your objectives and priorities. These should be your top priorities.

    2. Important but Not Urgent: Activities that are important for achieving long-term goals but do not need to be executed soon. Organize these tasks and ensure they have a time slot.

    3. Urgent but Not Important: Chores that need to be accomplished soon, yet will not contribute much to helping you achieve your objectives. If possible, these tasks should be delegated by the person in charge of the project.

    4. Not Urgent and Not Important: Activities that you think are not relevant to the achievement of your objectives. Avoid or reduce them to allow time for other, more significant chores.

    When using the Eisenhower Matrix, one is able to avoid getting lost in a plethora of things to do, which ultimately leads to overcommitment.

    Related: The Art of Ruthless Prioritization

    Lessons learned from my personal experience

    Reflecting on my own experience, I know how dire the consequences of overcommitment can be. In the earlier stage of my career, I used to think that the say-yes approach was the way to go. I became a participant and member of every project, meeting and invitation that I received. Before I knew it, I was submerged in distress and concerned about my ability to deliver high-quality papers. Some vital projects faced some slippages, while my efficiency took a massive hit.

    It took a little while to finally knuckle down and start prioritizing and know when to simply say “no.” Thus, I maintained high productivity rates by prioritizing the most critical activities, offloading assignments and defining expectations. This change not only benefited me in terms of effectiveness in the workplace but also the quality of the work produced as well as my personal health status.

    Overcommitment is something that often happens to many leaders and entrepreneurs. You need to learn what can go wrong if you are going to avoid the pitfalls and attain more success with proper prioritization.

    [ad_2]

    Chris Kille

    Source link

  • Every Great Business Partnership Have These 7 Elements in Common | Entrepreneur

    Every Great Business Partnership Have These 7 Elements in Common | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Partnerships in business are a dynamic and powerful way to propel a venture forward. They combine the strengths and resources of individuals to achieve shared goals. However, the success of a partnership hinges on careful planning and establishing a strong foundation.

    Drawing from my experiences in both successful and challenging partnerships, I’ve come to appreciate the importance of making informed decisions from the outset to avoid potential pitfalls. In this review, we’ll examine key considerations that can shape a partnership’s trajectory, ensuring its longevity and success.

    1. Sign a comprehensive partnership agreement

    One cannot overstate the critical importance of a well-crafted partnership agreement. This document serves as the backbone of the partnership, delineating the terms, conditions and expectations that guide the relationship between partners. Prepared by a competent attorney, a solid partnership agreement is not just a formality but a strategic tool to preemptively address potential areas of contention. Without such an agreement, businesses may be entangled in legal disputes when critical decisions, such as selling the business or operational control. The cost of rectifying such issues far exceeds the investment in a robust partnership agreement.

    Related: Most Business Partnerships Fail — 5 Hacks to Make Sure Yours Stays Intact

    2. Distribute ownership

    In the realm of partnerships, the distribution of ownership often dictates decision-making authority. In a 50/50 partnership, achieving equilibrium is crucial, but challenges can arise. It becomes imperative to establish mechanisms for resolving disputes in daily operations. If one partner holds the majority, safeguards must be in place to protect the interests of the minority owner. This protection extends to critical aspects such as owner compensation, business sale decisions, the inclusion of new partners and the exercise of daily operational control.

    3. Establish financial contributions and equity distribution

    Clarity in financial matters is paramount to a partnership’s success. Outlining how capital is contributed on day one sets the tone for a transparent and fair collaboration. In cases where one partner injects capital, and the other contributes expertise, a clear understanding of each party’s role is necessary. The controversial concept of “sweat equity” is challenged here, suggesting that equity should be commensurate with the financial risks undertaken rather than the sheer effort put into the business. It is crucial to establish not only the initial financial commitment but also a shared responsibility for future financial needs.

    4. Delegate control and ensure transparency

    The control of finances is often a sensitive matter in partnerships. Deciding who has authority over financial matters and ensuring transparency to all parties involved are critical steps in fostering trust. As the company begins to generate profits, disagreements may arise on the timing and distribution of these earnings. The potential for contention is especially pronounced during tax seasons. To avert such conflicts, partners should agree on the optimal amount of capital the company should retain and establish clear spending limits that require explicit permission.

    5. Establish responsibilities and compensation

    Defining roles and responsibilities from the outset is essential for harmonious collaboration. Each partner’s duties and the corresponding compensation should be clearly outlined, with a preference for role-based remuneration rather than ownership-based rewards. This approach reinforces the principle that work merits compensation, irrespective of the ownership stake. If the financial health of the company allows, compensating partners based on their roles fosters a sense of fairness and equality.

    Related: Want to Grow Your Business? Here’s Why You Need Strategic Partnerships to Succeed.

    6. Ensure your visions align

    The partners’ vision for the company’s growth trajectory is pivotal. Unanimous agreement on the pace and nature of expansion prevents future conflicts. The strategy for growth, whether rapid expansion with potential financial strains or slow, steady growth with sustained profitability, requires alignment. In cases where expansion involves acquisitions, discussions on bringing in additional partners or securing external funding become paramount.

    7. Planning for inevitability

    While partnerships are born with optimism and shared aspirations, it is crucial to acknowledge that they will eventually end. Planning for the exit is as crucial as planning for the partnership’s inception. Agreements on a potential sale or partial sale should require unanimous consent from all partners to avoid impeding the process. In instances of unforeseen events, such as a partner’s death or disability, a well-defined buyout mechanism should be in place. This mechanism should safeguard the company’s financial stability, ensuring a smooth transition and a fair valuation process.

    In conclusion, partnerships in business offer a potent means of scaling operations, sharing responsibilities and mitigating risks. However, the success of such collaborations hinges on meticulous planning and establishing clear agreements. A robust partnership agreement, addressing critical considerations ranging from financial contributions to responsibilities and exit strategies, lays the groundwork for a resilient and prosperous partnership. By prioritizing transparency, effective communication and fairness, partners can navigate challenges with confidence, transforming their collaborative efforts into a mutually beneficial opportunity that stands the test of time.

    [ad_2]

    Andrew Cagnetta

    Source link

  • How to Successfully Balance Family and Business | Entrepreneur

    How to Successfully Balance Family and Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Along with professional dedication, entrepreneurship calls for personal sacrifice, especially when it comes to family life. For entrepreneurs, success on the home front hinges on clear communication, active family involvement and striking a balance between personal and professional commitments.

    By mastering these elements, founders can create the supportive home environment necessary for success in building businesses.

    Related: How to Build a Business and a Family at the Same Time

    The importance of clear communication

    Effective communication is vital for maintaining harmony between all the work that has to go into entrepreneurial pursuits and family life. If anything, entrepreneurs should deliberately over-communicate with their families about the demands and potential impacts of their busy schedules. By clearly outlining their tasks, commitments and the inherent uncertainties of entrepreneurship, they can manage expectations and reduce conflicts. This transparency ensures that family members are up-to-date on the entrepreneur’s availability and financial stability with the result of fostering a mutually supportive environment.

    My own experience starting Dynasty Financial Partners highlights the importance of this approach. Communicating at length with my wife Mary Ann, we set realistic expectations about the challenges ahead and the sacrifices our family would have to make. By mutually adopting a policy of under-promising and over-delivering, we aligned our family’s goals with those of the business, understanding that our collective efforts could help us realize our American Dream — while taking care not to glamorize the adversity we faced. This alignment and our commitment to ongoing frankness were critical as we faced nearly three years without a paycheck. This process, which continues to this day, reinforces the importance of being united as a couple and ready — really ready — for the ride ahead.

    Securing the buy-in from family members that’s so crucial to entrepreneurial success involves more than setting expectations. Involving family in the business can build an understanding of entrepreneurship and foster a sense of shared purpose. For example, I often bring my wife to final interview meetings with candidates and involve her in client events. Her insights and intuition contribute to our business decisions and strengthen our client relationships.

    Integrating family into business operations

    Another way to get buy-in from family is to involve your kids without pressuring them into it. As age-appropriate, allowing children to visit the office, ask questions and learn about business operations can demystify the entrepreneurial process and help children feel connected to their parent’s work. This connection should be developed without creating undue pressure for them to follow a related career path, allowing them to pursue their own passions while understanding and appreciating the family’s collective efforts.

    To this end, we sometimes frame our family as “Team Penney” to reinforce the idea that we share our achievements and challenges. This team mentality extends to naming our thoroughbred racehorse stable “Team Penney Racing,” emphasizing that outcomes for the stable were results for the whole family. Team building strengthens our family bond and highlights the importance of teamwork in recreational and professional contexts alike. I’ve found that celebrating family achievements and shared successes further reinforces the benefits of collective sacrifices and strengthens the family’s support system.

    “Team Penney” has helped us view our family as a cohesive unit that shares and learns from each other’s experiences. This mindset has brought us closer and established a structure for everyone in the family to contribute, learn and grow together. I recommend it, or something similar, as a way to help family feel connected to the business that, necessarily, takes up so much of your time.

    Related: 6 Productivity Hacks That Help Me Balance Multiple Companies and a Family

    Strategies for maintaining work-life balance

    Maintaining a healthy work-life balance is perhaps the most challenging part of being an entrepreneur. Setting clear boundaries around work and prioritizing family time are essential ingredients to professional and domestic success. I learned early that I can balance my commitments most effectively by treating my wife with the courtesy and respect I accord my very best clients and by showing up — fully present and attentive — for important family events. Taking family vacations and father-daughter trips provides opportunities to recharge and invest in our relationships, ensuring that quality time takes precedence over quantity.

    It’s also important to recognize the cumulative impacts of stress and the emotional toll of entrepreneurship. Being open about challenges and checking one’s “master of the universe” ego at the door can alleviate personal pressures and foster a more supportive family environment. To my mind, prioritizing personal and mental health, including involving family in activities like workouts and meditation, is crucial for long-term success and well-being.

    Outsourcing less important tasks at work and learning to delegate responsibilities to colleagues can also free up valuable time for family and personal pursuits. Surrounding yourself with competent advisors and leveraging their expertise helps entrepreneurs focus on high-priority areas, both in business and at home.

    Fostering family unity for entrepreneurial success

    Reflecting on our entrepreneurial journey, it becomes evident that success in business is intertwined with the support system at home. Again, enjoying wins as a family, whether small achievements or significant milestones, is a powerful reminder to loved ones of the benefits of shared sacrifice. These celebrations reinforce the collective effort and underscore the importance of family unity in achieving entrepreneurial goals.

    For many, the entrepreneurial journey is fused with family life. By “over” communicating, involving family in the business, maintaining a healthy work-life balance and celebrating shared successes, entrepreneurs can set the stage for a supportive and understanding home environment. This holistic approach not only ensures personal fulfillment but also lays the foundation for sustained professional success. It is through this balance of personal and professional commitments that entrepreneurs can thrive, both at home and in their business ventures.

    Related: 15 Ways to Better Manage Your Work-Life Balance as a Parent and Entrepreneur

    [ad_2]

    Shirl Penney

    Source link

  • Swae Lee: From McDonald’s to McMillions in Entrepreneurship and Records Sold | Entrepreneur

    Swae Lee: From McDonald’s to McMillions in Entrepreneurship and Records Sold | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Dive into Swae Lee’s remarkable journey, from clocking in at Mcdonald’s to hitting the heights of the music industry. In this conversation, Swae Lee spills the secrets of his winning mindset, unwavering dedication and the vital role of genuine relationships.

    More Episodes: Win Big with Clinton Sparks

    Here’s a breakdown of all the things we discuss in the podcast:

    The Global Impact of Entrepreneurship:

    • Entrepreneurship knows no geographical boundaries. Entrepreneurs around the world are creating solutions to global challenges and contributing to a more interconnected world.

    Swae Lee’s Early Aspirations:

    • Swae Lee’s early aspirations were rooted in music, driven by a passion for creating and performing.
    • He dreamt of making a name for himself in the music industry from a young age.
    • Swae Lee’s aspirations laid the foundation for his successful music career.
    • His early dreams and goals ultimately shaped his journey to stardom.
    • These aspirations motivated him to work tirelessly to achieve his musical ambitions.

    Hard Work and Persistence:

    • Hard work and persistence have been Swae Lee’s guiding principles throughout his career.
    • He firmly believes in the value of consistent effort and determination.
    • Swae Lee’s success is a testament to his unwavering dedication to his craft.
    • The music industry demands hard work and persistence to overcome challenges.

    Overcoming Challenges for Success:

    • Swae Lee has faced numerous challenges on his path to success in the music industry.
    • Overcoming these challenges has made him a stronger and more resilient artist.
    • Each obstacle he encountered became an opportunity for growth and improvement.
    • Swae Lee’s ability to overcome challenges has contributed to his rise in the industry.
    • He views challenges as stepping stones toward achieving greater success.

    Networking in the Music Industry:

    • Networking plays a crucial role in Swae Lee’s journey in the music industry.
    • Building connections with other artists and industry professionals has been key to his success.
    • Effective networking has opened doors to collaborations and opportunities.
    • Swae Lee recognizes the importance of cultivating relationships to advance his career.
    • In the music industry, networking is more than a skill—it’s a strategic advantage.

    Navigating Relationships in the Music Industry:

    • Navigating relationships in the music industry can be complex due to its competitive nature.
    • Swae Lee has learned to balance personal and professional relationships to maintain success.
    • Building trust and managing relationships with colleagues is essential in the industry.
    • Nurturing positive connections has contributed to his career’s longevity.
    • Successfully navigating relationships has allowed him to thrive in the music world.

    [ad_2]

    Clinton Sparks

    Source link

  • The Key to Preparing Your Business for an Eventual Investment or Sale | Entrepreneur

    The Key to Preparing Your Business for an Eventual Investment or Sale | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Crafting an investment teaser for your business each year might seem premature if selling isn’t even on the radar yet. But this important forward-looking exercise does a lot more than prepare your business for an eventual investment or sale. It helps business owners visualize the pitch they would have to be able to give to achieve the business valuation of their dreams. The gap between what you would like to say and what you can credibly say is exactly where to focus your next frenzied period of energy and investment.

    My partner and I learned this the hard way. We sold two consulting firms about ten years apart. The first was to a strategic buyer at the lower end of the cash flow multiple range, while the second was to a private equity buyer at the higher end of the revenue multiple range. Yes, the market conditions were a little better the second time around. But the real difference was that we started focusing on how to maximize our exit multiple on day one. We kept a rolling sales sheet in our heads at all times, and were constantly rethinking investments that didn’t pass the sales sheet “smell test.”

    To get started with your first business teaser, put yourself in the right mindset. Remember, you are writing a forward-looking elevator sales pitch for your company aimed at getting an investment or strategic buyer to chomp at the bit. Visualize bounding into the tenth VC conference room of the day, rattling off the perfect narrative to an awed audience. This should include a deck chock-full of data and trend analysis with recent financial results that make it clear your business thesis is spot on.

    Related: Selling a Business Starts on Day 1: Here’s What Founders Need to Know

    Total addressable market

    Every good pitch starts with the total addressable market (TAM) discussion. You want to be able to showcase the team cherry-picked the fastest growing part of the addressable market in a highly disciplined way. You should have gained plenty of insights during the launch phase to more narrowly tailor this market and make the case for what products and services deserved the highest level of investment. If you don’t have those insights at your fingertips, this is the place to start.

    In our first business, investors yawned during the TAM discussion. We had only two entry points into a public company to buy our expensive consulting services. To make it worse, the number of public companies was in a slow state of decline. Not exactly a growth industry, even though we had grown revenue in excess of 30% annually for several years. In Business #2, we tweaked our service offering to support expanding our TAM from two business titles to eight, expanding our TAM nearly three-fold to $1 billion.

    Growth strategy

    The next section should cover the growth strategy. List and prioritize the business’s most important growth levers. Think of two or three home-run ideas that will really get the buyers nodding, not 12 weak singles. If your list is long and still feels a little like throwing darts at the wall, start narrowing. This is critical because you are going to swing for the fences with these by directing nearly all of your valuable business investments there.

    In our first business, we focused on a land and expand strategy. We made significant investments in external salespeople, custom marketing tools and company-sponsored networking events. It worked. We attracted a few large clients who provided the base of a referral network that is still feeding us today. The downside? It made scaling expensive, and introductory sales meetings became our total existence.

    Business #2 had far lower customer acquisition costs, which investors loved. We cracked the code on using thought leadership to open doors with potential clients and kept fine-tuning what they were most likely to read (real-world how to’s rather than deep strategic musings) to continuously improve our chances. The majority of our marketing money went to web-based marketing to get more eyeballs on our thought leadership. Margins were higher, and we built more inroads into potential clients than simply cold sales leads.

    Related: The How-To: Building An Exit Strategy For Your Business (Even Before You Start)

    Financial model

    The last and arguably most important portion of the sell sheet is the financial model. The model needs to showcase the key metrics that translate great ideas into profits. Before you lead with whatever is the best metric in your operating deck, gather some industry intelligence on the industry metrics that matter most right now. Don’t try and do this in a vacuum. Reach out to recent industry sellers to ask their single most important financial decision. Figure out what multiple businesses are selling at and what metrics drove their company’s actual selling price. If those metrics don’t show your business story in a good light, you may have to make real changes in investment spending, operating expenses or pricing model.

    Business #2 had very low overhead expenses as we spent less on office space and geographic expansion, and more on automation tools. It helped that this was during the pandemic, and our public company clients better understood the lack of a glitzy corporate headquarters. Expenses were lower, and excess cash flow was spent in a very surgical marketing campaign. We maximized our cash flow and margins, and as a result, more than doubled in two years the money that went into our pocket from a sale.

    It may be years before you sell your business, but the discipline of annually writing your own investment teaser can be an important factor in effective investment decision-making. Picture standing before seasoned investors, articulating how your business strategy and concentrated investments are delivering unrivaled growth opportunities. By prioritizing clear, compelling growth strategies and aligning investments directly with them, you position your business not just as a contender, but as an irresistible opportunity.

    Related: 6 Proven Ways to Sell Your Business for 10x or More

    [ad_2]

    Beth (Saunders) Mazza

    Source link

  • How to Blend Data and Intuition for Better Decision-Making | Entrepreneur

    How to Blend Data and Intuition for Better Decision-Making | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We live in a corporate world driven by data. Why, then, do 85% of business leaders report feeling uneasy about the choices they’ve made recently based on cold, hard facts? It’s because data only tells half the story, which is where intuition fits in.

    Intuition fills in the gaps and picks up where data leaves off. Have you ever “felt” someone staring at the back of your head? How did you know the person was there? It wasn’t data. It was intuition. You have about 120 billion neurons in the “first brain” within your skull and 100 million neurons in your “second brain” (aka, your gut). If you’re only focused on one of those brains, you’re apt to make poorly informed decisions.

    For those just starting out on their entrepreneurial journeys, trusting your “gut” or intuition can feel daunting. You’re often bombarded with a flood of information, conflicting advice and new experiences. In this whirlwind, leaning on your gut might feel like navigating without a map. However, developing this trust in your intuition is crucial. It’s about honing an inner compass that guides you through decisions when clear-cut answers might not be apparent. Over time, as you gain more experience and learn from both successes and failures, what once felt like an overwhelming reliance on an unknown force will start to feel more like a trusted ally in your decision-making process.

    I don’t mean to suggest that data isn’t important. It is. However, trusting your gut is just as important. Your gut can speak volumes. You just have to learn how to marry it with data to drive an informed conclusion. If you’re new to allowing intuition into your decision-making process, follow these steps:

    Related: 4 Reasons Intuition Is an Essential Leadership Skill

    1. Gather insights from unusual, non-data places

    When you have a problem to solve, don’t just pore over spreadsheets and charts. Look for innovation elsewhere.

    Once, I was part of a group asked to increase the penetration of the Hispanic marketplace at Disney. To find ideas in unusual places, our group spent a day with three different types of people: a “weird,” a “deep” and a “normal” (for context, a “weird” is someone who has a tangential relationship to your challenge but is from a different industry. A “deep” is someone who works in your industry but doesn’t work for you. A “normal” is someone within your industry and company sphere).

    My “weird” was a Hispanic car dealer. He and I drove a car to a Hispanic family so they could test it out. The car dealer noted to me that there would be more than 20 people in the kitchen when we arrived. He was right. I considered this a clue, so I wrote it down. Another clue happened when the abuela casually mentioned: “When there’s a fiesta, we fiesta; when there isn’t one, we make one.” Her words were met by laughter, and the laughter kept coming as more of the family loaded into the car.

    Next up was my “deep,” a theme park industry travel agent who catered to Hispanic families. I watched as she talked with a couple about a 50th wedding anniversary cruise. All they cared about was having five tables of 10 people together for dinner on the cruise ship. They didn’t care about the ports or the cruise line. Another clue.

    Finally, I met up with a “normal.” This was a Hispanic woman celebrating her son’s first birthday. Tons of friends and family members were there, but she lamented that the party wasn’t complete because her brother was missing. Now, the clues came together: Hispanic families wanted a place where they could gather together in large numbers. Therefore, if we could create a series of packages to meet that need, we could better attract and serve the Hispanic market.

    Our experience of reaching out in unusual places resulted in a bucketload of ideas. Those ideas couldn’t have seen the light of day without being prompted by the intuition that our data wasn’t telling us everything we wanted to know.

    Related: Study the Data But Then Trust Your Gut

    2. Embrace and encourage intuition in your work

    It’s one thing to believe in the power of intuition. It’s another thing to embrace it wholeheartedly at work. So, how can you cultivate it in yourself and those around you? Start by integrating it into your discussions, especially during meetings or planning sessions. While it’s important to respect and understand data, also open the door to conversations focused on the human element of whatever you’re trying to figure out.

    Listening is a critical aspect of these intuitive-based discussions. Ask open-ended questions to push people to provide more information that feeds into your intuition. And don’t just listen to what they’re saying; observe their body language and how they’re interacting with the world around them. Something invaluable I learned early in my career at Disney was to speak last. Listen to everyone in the room so you can gain the insights needed to more intuitively contribute to the conversation. Avoid overthinking it; instead, let your intuitive voice speak to you and guide you.

    Remember: Your competitors probably have a lot of the same data as you. However, they don’t have your and your team’s unique, intuition-derived insights. By trusting these insights, you can uncover emotional connections and consumer needs that aren’t evident in the data alone, giving you a competitive edge. Invite couples into the conversation when you’re seeking these intuitive nuggets. Often, couples will police each other’s responses, ensuring authenticity as one partner corrects the other if they stray from the truth. This dynamic allows you to glean deeper information than you might from individuals alone.

    Furthermore, take the opportunity to step out of your usual office or focus group settings and visit the living spaces of your consumers. Observing them in their natural surroundings can reveal additional intuitive insights, as you’ll notice things in their environment that either confirm or challenge your preliminary thoughts. This approach not only enriches your understanding but also strengthens the human element in your research, providing a robust foundation for making more empathetic and consumer-focused decisions.

    Related: How to Hone and Harness Intuition in Your Career and Business

    For entrepreneurs, mastering the balance between data-driven insights and intuitive thinking is a powerful stepping stone toward effective decision-making. While data provides a solid foundation, embracing your intuition adds a critical dimension, allowing you to see beyond the numbers and make connections that might otherwise go unnoticed. I encourage you to trust your gut feelings, as they are invaluable in navigating complex situations where data alone may not provide all the answers. As you continue to grow your business, combining these skills will not only boost your confidence but also distinguish your approach, helping you craft innovative solutions and forge meaningful connections.

    [ad_2]

    Duncan Wardle

    Source link

  • I grew my business with no outside funding. Bootstrappers have an advantage over VC-backed startups—especially now

    I grew my business with no outside funding. Bootstrappers have an advantage over VC-backed startups—especially now

    [ad_1]

    Theranos is the telltale story of when VC funding goes awry. The company, which claimed it developed a revolutionary blood-testing technology, raised roughly $724 million from investors. It was valued at $9 billion before it imploded because of a fatal flaw in the company—its product didn’t work. It was all hype, no real value. Even when VC-backed founders aren’t fraudulent, there’s a tendency to prioritize funding and scaling to the detriment of the product. 

    I founded my company Jotform over 18 years ago. With no outside funding, it’s been a slow climb at times, but today, we have over 25 million users worldwide. I learned a lot about bootstrapping and how it creates the right mix of pressure, thrift, and creativity for developing great, profitable products. Here’s a closer look at why VC funding can cause startups to make bad products.   

    Where VC funding goes awry

    People often assume “small business” and “startup” are interchangeable. But ask any founder and they’ll likely tell you their ambitions are huge. Bootstrappers are no different. In fact, according to a recent report from startup lender Capchase, bootstrapped software-as-a-service businesses are growing just as fast as their venture-backed counterparts—despite spending only a quarter of what VC-backed businesses do on acquiring each new customer.

    What’s more, studies show that 64% of the top 100 unicorn startups—those valued at over $1 billion—aren’t profitable at all. 

    As the Capchase report explains, before investing in growth, top-performing startups focus their efforts on nailing the product-market fit. That means finding a match between your product and the people who need it. This, in turn, creates happy customers, high demand, and organic, sustainable growth. A staggering 34% of startups fail because they don’t find the right product-market fit. A brilliant idea doesn’t always cut it.  

    Let’s say you’re a VC-backed startup and you’re not seeing the growth you’d hoped for. Maybe you’ll ramp up spending on sales and marketing campaigns, leaving a shorter runway (the amount of time your business can keep afloat with cash reserves alone). And maybe you’ll achieve the desired effect (customer acquisition), but it’s risky and the long-term return is uncertain. If you’re a bootstrapper, you don’t have that option.

    So, what do you do instead?

    What bootstrappers do differently

    Bootstrapping may sound scrappy, but in many respects, it’s a luxury. As a bootstrapper, you have the luxury of focusing obsessively on your product and answering to no one. 

    When I first founded my company, I loved our initial product, online forms, because I saw its potential to make people’s lives easier. That factor—ease of use—was my principal concern, hence our original tagline “The Easiest Form Builder.” I loved the product so much, and I got so much joy from seeing people using it, that I gave it away for free (while clocking 9-5 at my day job). From February 2006 to March 2007, we didn’t have a paid version of our product. Nonetheless, this was a pivotal period for the company. 

    Why? Because I listened to early users and received invaluable feedback on how they were using our product and how I could improve it. I refined and iterated before I ever released a paid version. Because people genuinely saw the value in our product, we grew our customer base before spending a dime on marketing. 

    If I had investors who required me to meet arbitrary KPIs, I would have been spending my early days mastering PR and sales. I wasn’t an expert in either of those fields, nor did I enjoy them. I’m certain the company wouldn’t have taken off if I’d been forced to focus exclusively on those aspects of the business. 

    Your most important stakeholders

    Today, as a mentor to several founders, I always share my rule of 50-50: spend half your time on the product, and half your time on growth. I also encourage founders to release their most important features as soon as possible so they can get them into users’ hands. Then, they can elicit critical feedback on their product—before even asking people to pay for it. 

    That’s another takeaway: Never stop listening to users—your most important stakeholders. When people are too tied to their product, and ignore whether it meets their users’ needs, they’re bound to fail. Organically growing a business requires letting go of your ego and understanding that even smart products fall flat if they don’t meet a target audience’s specific needs. 

    Another thing that bootstrappers do differently is that they focus their efforts on making an impact. The Capchase report, for example, found that the healthiest businesses don’t spend the most on sales and marketing, but rather, have a “razor-sharp” understanding of which channels and campaigns have the biggest impact and show a quicker return. In the early startup stages, perfecting your product has more of an impact than flashy marketing campaigns. With tighter budgets and smaller teams, bootstrappers tend to apply this way of thinking to everything they do. That’s why I tell entrepreneurs and team members to automate their busywork—to dedicate more time to “the big stuff,” or more meaningful work that moves the needle for your company or career. 

    Recent reports show that in 2024, VC-funding hit a six-year low. This may have sent shudders across the startup landscape, but it shouldn’t. Bootstrapping is a safer, more reliable route. And perhaps most importantly for your company, it creates the optimal environment for developing a better product for your customers.

    More must-read commentary published by Fortune:

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

    [ad_2]

    Aytekin Tank

    Source link

  • How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

    How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    According to Steve Jobs, “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.” It seems obvious that keeping things simple will help your business succeed. And yet, it’s surprisingly difficult to do it.

    If simplicity is this challenging, you need to be intentional to make it happen. That’s why many successful companies actively prioritize it as a value. Ikea’s focus on simplicity comes across in its designs, catalog, store experience and more. One of Nike’s 11 management maxims is “simplify and go,” focusing teams on moving fast to adapt to new technologies and fashions.

    I believe that simplicity is a driver for genius innovation. In fact, my journey as an entrepreneur began with an idea to simplify a complex and bureaucratic process. Today, the success of that idea has created new challenges. We serve millions of customers across over 100 countries, with many different needs — to meet them all, we’d need a ton of different features. So, we have to find the simplest ideas that will improve the experience for the largest number of users.

    Related: Here’s Why You Should Embrace Simplicity as a Strategy (and 3 Ways to Do It)

    Simplifying innovation is a recipe for success

    Some people think that to be an entrepreneur, you have to bring groundbreaking technological innovation to the world. But actually, there’s a lot of room to innovate on top of new technologies, simplifying them and packaging them for specific use cases.

    If you think of two of the technology giants of our times, Google and Apple, neither of them invented their core technologies. Apple wasn’t the first company to create a home computer or cellphone, Google wasn’t the first company to develop a search engine. They made existing innovations simpler and more user-friendly, and it was a recipe for success.

    This is particularly relevant right now in the middle of a revolution fueled by generative AI. There are definitely huge opportunities in creating new AI-driven technologies, but there are even more opportunities in finding ways to package these technologies into user-friendly software for specific use cases.

    To do this, first master the tech, and then put yourself in the shoes of your potential user. Try to understand what is really useful about the innovation and what barriers people might face when trying to use it.

    The key is to find a way to simplify the technology, making it easier for your target users to understand and adopt it. Do this, and you’re onto a winner.

    Work smarter by simplifying communication

    Another part of any business where simplification is super important is communications and processes. As companies grow, it becomes harder to get people on the same page or ensure continuity between departments. Poor communication creates misunderstandings, which can lead to mistakes. The more people involved in a project, the more likely it is that workflows will become complicated. This all slows things down, wastes time and restricts your ability to make an impact on the business.

    Let’s start with communication. Using a single, simple language across the company is crucial for people to be able to understand each other. For example, try to use less jargon and fewer three-letter acronyms, or make sure to explain them if you do. By creating organized archives of historical documents and plans, you help onboard new people and anyone can find important information fast when they need it.

    Create a culture of transparency where different departments share their plans with each other. Create frameworks to facilitate this, like quarterly reviews or roadmap deployments. It’s not possible for employees to be actively involved in everything going on in the company, but by helping everyone take part passively, you’re making sure they’re on the same page and can facilitate ideas and collaborations across teams.

    When you do have to communicate, encourage your teams to do it in the most straightforward way possible. By simplifying communication and making it easy to understand, discussions are more focused and decisions are made faster.

    Related: The Key to Effectively Communicating Important Messages Is All About Simplicity

    Put simplicity at the heart of your product

    A simplification mindset can also be applied to product development. By making small incremental changes, sometimes with test groups of users, you can use the inspect and adapt methodology to understand their adoption, as well as any issues, and innovate further accordingly. Every so often, you can combine all these small changes into a large product update that you roll out for everyone.

    For example: A company added a lot of extra value to its product with new features and releases. In theory, this was great for the users, but some found the UI overwhelming and new pricing options confusing. To use a metaphor, some people are happy to be given ingredients to make their own meal, but most would prefer the chef do the cooking so they can enjoy the final result.

    Having understood this through their feedback, the company introduced a change to its UI that helped users get the end result they wanted, without having to work hard to achieve it themselves. By simplifying, the company maximized the impact of the value of all the new additions to the product.

    Related: Keep It Simple: Why Simplicity Is Key To Making Your Brand Win

    Richard Branson once said: “Any fool can make something complicated. It is hard to keep things simple.” Simplicity won’t come about by accident — you need to be intentional. You have to call it out and make it a focus for the whole company. You need to put it at the heart of everything. And when you succeed, the impact will be huge.

    [ad_2]

    Itzik Elbaz

    Source link

  • 3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

    3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Determining a business’ value is not all about adding up revenue and subtracting expenses. While an important piece, these hard numbers are only half the equation for computing what a company is worth. To come up with the true value, we also look at factors like the level of owner involvement, company goals and growth opportunities. When we use the complete equation, we get a comprehensive picture of a business and can better understand the story of its past, present and future.

    Calculations may vary depending on the company, but in a healthy one, there is about a 50/50 split between the quantitative (financial) and qualitative (non-financial) sides of performance. If the business isn’t profitable, it’s more important to focus on the quantitative side and fix the numbers first. Many owners don’t want to hear that, but if they’re not hitting their numbers, it may mean the business is not working. They must fix the quantitative issues before moving to the qualitative side.

    Related: What Is a Balance Sheet and Why Does Your Business Need One?

    For healthy companies that want to maximize their value, the qualitative indicators can be bundled into three main categories.

    Evaluating quality

    1. The owner’s goals

    We’ve found significant research showing that if an owner has defined goals and plans for the future that are in line with market expectations for their company’s value, they’re going to have a much stronger exit. What is the owner’s defined goal for exiting the business — to get the most money, to take care of their employees and to ensure a legacy? You must then get to the “why” behind the goals and devise a plan of action. It almost doesn’t matter what the answers to the questions are; having achievable goals and a strategy for reaching them can increase the company’s value because it keeps the owner focused on improving the other areas of the business.

    2. The owner’s role

    The extent of the owner’s involvement is a critical indicator, but perhaps not for the reason you think. The more involved the owner is in day-to-day operations, the more central they are to the business, the less the business will be worth down the road. If the owner is the linchpin that holds everything together, what will happen to the company when they leave? Evaluating operations is more about the system and the structure of the team. Look at the organizational chart and who’s on it – are they good employees or bad employees? Examine the company’s processes and procedures and how new team members are trained and onboarded. The owner sets the vision, but it’s the team that increases company value by carrying out the vision.

    3. Growth opportunities

    Nobody wants to buy a business and keep it exactly as it is. They want to see potential for growth in the future, especially the potential for return on their investment as a buyer. Whether it’s a simple price increase or new locations, whoever buys the business is going to ask about growth opportunities. Indicators like product or service diversification in both the company and the industry it’s in give a good sense of whether the company is moving forward or standing still (and at risk of going backward). The more potential you can show, the more upside there will be for the next owner — adding up to greater value.

    Related: 8 Factors That Determine the Financial Health of a Business

    Cycle of success

    When the qualitative side of the equation is working, it all ties together. The owner knows the goals, which are aligned with where the company is going, and is leading the organization but working themselves out of the day-to-day operations; the business grows and creates more growth opportunities for the next owner. Paired with profitable numbers, it’s a cycle that builds a high-quality business.

    For the best owners, it takes a minimum of three to five years to get that cycle working for you and have reliable indicators of your value. Making it part of a 10-year strategy is even better.

    At Exit Factor, we have 62 different qualitative indicators that we use for determining company worth. We don’t use them all, or even close to that, for every business; it’s usually a matter of tweaking three to five of the 62 indicators. Figure out which of those 62 are essential for your company, and you’ll have a truly forward-looking strategy for profitable growth.

    [ad_2]

    Jessica Fialkovich

    Source link

  • How This Unique Coffee Cafe Is Brewing Success | Entrepreneur

    How This Unique Coffee Cafe Is Brewing Success | Entrepreneur

    [ad_1]

    In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)

    Jeni Castro is the founder of Coffee Dose, an eclectic cafe with five locations in Orange County, California. Read on to learn how she built a brand that delivers an experience like no other coffee shop on earth.

    How did you get into the coffee business?
    I’m a serial entrepreneur. I started Coffee Dose six years ago after franchising my previous company. It was a tanning and waxing brand, so I always joke that I went from vaginas to coffee. I’m a master connector, and I was trying to connect different small coffee operators in my area to link up with my friend who was opening a hair salon. I thought it would be a great concept to have coffee and hair. Well, that didn’t work out and I couldn’t find anyone interested in taking an 85-square-foot coffee bar, so I thought, well, I can brand anything and sell anything so let’s try coffee! And that’s how Coffee Dose was born. I had no coffee business experience at all. But as the serial entrepreneur does, I figured it out. Fast forward to today and we have five locations and we’re getting ready to hit our next growth phase and we’re looking for a big strategic partner.

    Related: This Couple Cashed in Their 401ks to Launch a Virtual Business — Here’s How It Led to a 9-Figure Exit and Co-Owning 2 Professional Soccer Teams

    What’s different about Coffee Dose?
    And we are a very fun coffee brand. Our original latte is called “Anti-Bitch Serum.” Our flagship has what we call “the diner experience.” You walk in and it’s this pink and teal look. Everything is made fresh daily and many of our lattes have health aspects like turmeric, collagen, and charcoal. We call ourselves vibe dealers because we are essentially drug dealers. We’re giving the community drugs all day long. We have people that come back for multiple drinks in a day, and I didn’t want people to consume just a bunch of crap like what’s currently out there in the market. Like Starbucks, imagine drinking that twice a day, seven days a week? It’ll kill you. So I wanted to make really good coffee with really good ingredients and serve delicious food in a fun space. Honestly, it’s just a fucking vibe.

    Photo credit: Mike Carreiro

    Have you had “real jobs” before going the entrepreneur route?
    I’ve basically been an entrepreneur my whole life. I mean, I’ve worked for people, but I’ve been fired from pretty much every job. I worked for George Biel, who owns all of the Gulfstream and Hillstone restaurants. I was always trying to rework how they managed the staff. I worked there for seven years and I was let go because, honestly, they were just tired of talking to me. And so I always had dreams of doing my own thing. I really love branding — taking something that could be super simple or something that we use every day and putting a spin on it that makes it special.

    Related: After Noticing That Dogs Had Better Fresh Food Options Than Babies, This Couple Started a Business. Now They’re Running the Fastest-Growing Kids Meal Delivery Company in America.

    What are some of the challenges of starting your own coffee shop brand?
    We’re very disrespected in the coffee industry. And that’s okay! The coffee community is very small and male-dominated. It’s comprised of operators who are diehard baristas — they know every aspect of every piece of equipment and travel to meet the farmers roast growing their beans. I’d like to do that one day, but right now I am focused on getting people through the door. So to do that, I knew we had to be exceptional. I would hate to come out and have people say oh, well, you know, she’s not a coffee person and her food sucks. So I had to go one step further and just blow it out of the water. Our food and drinks are amazing, and when you order your eggs and toast, they come on a plate that says “Fuck mornings.”

    What’s your outlook for this growth phase?
    I’m really stoked to find the perfect partner because I want these everywhere. It’s going to be a global brand and I feel like I’ve only just begun but I’ve been working my ass off for the last six years. Someone once said that it takes 10 years to become an overnight success, and I feel like I’m living that. I would like to own and operate as many shops as I can for as long as I can. We’ve already talked with some very prominent VCs to lay out the path of what an exit looks like down the road, but it’s hard to even talk about that because I’m having so much fun right now.

    Related: This Entrepreneur Wants to Turn Every Home Into an Urban Farm

    Any advice for entrepreneurs facing tough decisions?
    When it comes to decision-making, I’m like the Magic Eight Ball. Just shake it, see what the answer is and go for it. I love to take chances. I’m a risk taker. I’m a big dreamer. I’m also a manifester and I believe in all that crazy shit. If you think it, it will happen. Whether it’s just me believing my own bullshit, I don’t know. But it works for me. My husband thinks I’m crazy — I’m always sending him inspiring podcasts and quotes from books. But I think for real entrepreneurs, we all live in that space, right?

    Have you had any impactful mentors along the way?
    One of my biggest mentors is Alli Webb, the founder of Drybar. She’s been a really close friend and a really great mentor. She’s a visionary founder who believes that as long as you put the right people in place, you can grow and run a successful company. It’s very refreshing to talk to someone who has been through that. She’s worn many hats and came from nothing — she just had an amazing idea. I love surrounding myself with people like that.

    Photo credit: Jordan Shiley

    What are some of your passions outside the walls of your coffee shop?
    I’m a mother of two. I have a five and a seven-year-old there. They’re super fun. I’m a professional eater and a professional hotel stayer. I love to travel and that helps keep me motivated. I could work 18-hour days for months straight as long as I know a trip is on the horizon. If the trip is planned, I’m good. Oh, and I listen to murder podcasts. Last night I was at the flagship store, installing something late at night. It was dark and I’m listening to the details about some grisly death and I’m like, ‘What am I doing? This is horrible!’ I think I love the abuse. Working with caffeine and listening to murder podcasts is not a recipe for a good night’s sleep.

    [ad_2]

    Dan Bova

    Source link

  • How to Profitably Integrate Eco-Friendly Practices into Your Business | Entrepreneur

    How to Profitably Integrate Eco-Friendly Practices into Your Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Today, consumers are increasingly prioritizing doing business with companies that can clearly demonstrate a commitment to improving the world around them. These drivers can range from supporting important social issues to providing eco-friendly products. In fact, over 40% of consumers admit that they are more likely to purchase products or services from businesses that embrace sustainability. For this reason, it should come as no surprise that nearly 100% of all S&P 500 companies have environmental and sustainability goals.

    Within the small business community, there is a misconception that ESG (environmental, social, and governance) initiatives are something only large corporations can afford to implement. This couldn’t be further from the truth. For small businesses and entrepreneurs, sustainability efforts can actually improve operational efficiency, increase customer demand and boost profitability. Here are six easy ways small businesses can capture the financial benefits of sustainability.

    Related: How to Harness the Power of Sustainability in Small Business to Drive Profits and Capital

    1. Implement energy-efficient solutions

    Many businesses require a lot of energy to operate, especially if they have a manufacturing center. One of the easiest and most effective ways to embrace sustainability is by implementing solutions that reduce the amount of energy consumed by the business. These actions include upgrading to LED lights, installing smart thermostats, replacing fossil fuel vehicles with EVs and changing out appliances for energy-efficient models.

    In addition to reducing energy consumption, businesses can also embrace clean energy generation by installing solar panels or purchasing renewable energy credits to help offset the use of fossil fuels. Ultimately, lower energy costs can directly reduce your operating expenses increasing your profit margins. Also, promoting your commitment to renewable energy is a powerful marketing tool to help attract environmentally conscious consumers and enhance your brand reputation.

    2. Develop eco-friendly products

    Consumers are becoming increasingly aware of the toll that consumerism plays on the world’s natural resources. Cheap, disposable products like single-use plastic and fast fashion are quickly losing their appeal. Durable products, especially those made from recycled or sustainable materials, are currently in high demand.

    Depending on the materials used, businesses can save money on raw materials by building eco-friendly products. Even better, some products could transition to entirely digital formats requiring no physical resources. For example, a small publishing company could move to eBooks rather than physical print. Another benefit is that consumers will often pay a premium for products that are sustainably produced.

    3. Embrace circular economy principles

    The circular economy is an economic system that is based on the reuse and recycling of products and materials. Designing products that use recycled materials is just scratching the surface. Additional circular economic practices include take-back schemes, refurbishment programs and refill systems. For example, a technology company can incentivize customers to return old devices for refurbishment, which reduces waste while encouraging repeat purchases. These old devices can then be resold at a discount on second-hand markets, creating a new source of revenue.

    Related: How the Circular Economy of Consumer Electronics Can Change Sustainability

    4. Promote remote work and flexible schedules

    Labor is often one of the highest operating costs for small businesses. Many companies are embracing and promoting opportunities for their team to work remotely or switch to flexible, hybrid schedules. From an environmental standpoint, this can help reduce the company’s overall carbon footprint by eliminating or minimizing greenhouse gas emissions from commuting.

    From a business perspective, offering remote work can support employee well-being and productivity. It can also help the company save money on office space and salaries by allowing them to recruit employees from regions that have a lower cost of living.

    5. Leverage lean manufacturing

    Another effective strategy to cut costs and reduce resource consumption is by embracing lean manufacturing processes. By streamlining production processes and minimizing waste, businesses can improve their manufacturing timeframes and lower production costs. The savings associated with improved efficiency can then be applied to widening your profit margins or allowing you to offer better pricing compared to your competitors.

    6. Use local suppliers

    Consumers are tired of the same old, mass-produced products. Sourcing materials and products from local suppliers can provide the perfect balance between customer demands and sustainability. By working with local suppliers, small businesses can lower their carbon footprint by reducing transportation emissions and save on shipping costs while stimulating the local economy.

    Related: I Use These 7 Methods to Make My Business More Eco-Friendly — Maybe You Can Use Them, Too.

    Integrating eco-friendly practices into your business isn’t just the right thing to do for the planet. It can also lead to significant financial benefits. By embracing sustainability, companies can deliver the services and products that consumers want while setting themselves up for long-term success.

    [ad_2]

    Nicholas Leighton

    Source link

  • Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

    Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

    [ad_1]

    This Side Hustle Spotlight Q&A features Angelina Licari, a 23-year-old recent college graduate based in Dallas, Texas. Licari has been earning consistent income as a seller on Poshmark, a social commerce marketplace featuring new and secondhand clothing and other products.

    Image Credit: Courtesy of Poshmark. Angelina Licari.

    When did you start your side hustle, and where did you find the inspiration for it?
    I originally began my Poshmark side hustle in 2016 as a high schooler saving for college. I remember looking up “best side hustles for high schoolers” and finding Poshmark. I thought it could be a fun way to make money by selling clothing I didn’t wear anymore. I continued selling on Poshmark in college and had the opportunity to become a Campus Representative, which involved introducing other students to the platform. After a few months of navigating post-grad life and trying to decide what was next for me, I decided to take a mental hiatus and give myself some time to process and plan. But I still had bills to pay and couldn’t move forward with no income. I remember contemplating what to do when an “aha” moment hit: Poshmark, of course! I decided to start back up in August 2022.

    Related: These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It’s a ‘Full Hustle’ Earning Over $20 Million a Year: ‘Jump in With Both Feet’

    What were some of the first steps you took to get your side hustle off the ground?
    In the beginning of my post-grad Poshmark journey, I was just selling items from my personal closet that I no longer wore. I created an Instagram account for my business and followed other sellers, and that’s where I started learning more and more about the opportunity to turn a seemingly simple side hustle selling my clothing into something much bigger. In September 2022, Poshmark announced the beta launch of Poshmark Live Shows, and I immediately applied. I was approved to host Poshmark Live Shows, where I could engage with an audience and show items in real time, and I thought it was worth giving a try. After a few shows, I was hooked. I saw the potential in building my own business and never looked back.

    What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
    After a few consistent shows, I realized that if I truly wanted to build my own business, I had a lot of groundwork to lay. I quickly became a high-volume seller and only had so much of my own clothing to sell. I needed to expand my inventory to provide my audience with items that they were seeking. Around this time, I started sourcing more inventory from other secondhand clothing retailers. I’ve gone through numerous growing pains over the course of my side hustle journey, including sourcing and coming home only to notice stains and/or holes on items that ended up being unsellable, optimizing my time as a high-volume selling team of one and lowering my cost of goods across the board.

    Related: These College Friends Started a ‘Fun’ Side Hustle That Landed Them on ‘Shark Tank’— Now the Idea Is Helping Dozens Make Extra Cash: ‘Start Saying Yes’

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    Thankfully, I was able to achieve fairly consistent monthly revenue pretty quickly, but it wasn’t truly until January of this year that I felt I found a consistent strategy that worked best for me. I decided to take my Poshmark side hustle full-time, and I have had nearly $60,000 in sales with a lot of upward momentum month over month.

    What does growth and revenue look like now?
    So far in 2024, my revenue is double what it was at this point in 2023. Q1 of 2024 produced over 90% growth over Q1 in 2023.

    What do you enjoy most about working on this side hustle?
    I love the creative freedom that my Poshmark side hustle has allowed me to have. Working in the secondhand clothing industry gives me the opportunity to curate specific inventory based on what my audience loves and current trends while keeping it affordable and sustainable.

    Related: Her College Side Hustle Led to an Immediately Profitable Product That Sells for Up to $450 — and She Didn’t Even Consider Herself ‘a Business Person’

    What’s your advice for others hoping to start successful side hustles of their own?
    When debating which side hustle is right for you or if you should follow that random creative idea you had, why not go for it? There are endless opportunities to create anything you want, even if it seems out of reach. My biggest advice to anyone hoping to start a successful side hustle is to stay true to you. Follow your heart, trust your gut and have fun with it. Allow yourself the space to feel the pains of growth, but don’t let them discourage you from getting up and trying again.

    This article is part of our ongoing Young EntrepreneurÂŽ series highlighting the stories, challenges and triumphs of being a young business owner.

    [ad_2]

    Amanda Breen

    Source link