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Tag: Entrepreneurship

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: 10 Traits All Successful Entrepreneurs Share

    1. Be a risk-taker

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

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

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

    2. Be a connector, build a network

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

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

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

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

    3. Be confident

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

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

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

    4. Embrace growth capital

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

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

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

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

    Related: How to Make Debt Work For You

    5. Delegate, delegate, delegate

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

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

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

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

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    Peter J. Burns III

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Related: 5 Factors for Planning Your Entrepreneurial Legacy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    Marc Kielburger

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

    How Entrepreneurship Saved Me When I Hit Rock Bottom | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

    1. Rebuild confidence and find a new purpose

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

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

    2. Build and leverage a strong support system

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

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

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

    3. Embrace failure as a stepping stone

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

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

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

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    Saranga Pagadala

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Trust me, I get it.

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

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

    1. Reflect and self-assess

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

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

    2. Start networking with business owners in your community

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

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

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

    3. Educate yourself

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

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

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

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

    4. Start a small side hustle

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

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

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

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

    5. Speak with the decision-makers in your life

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

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

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

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

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    David Busker

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  • Companies are crafting new ways to grow cocoa, and chocolate alternatives, to keep up with demand

    Companies are crafting new ways to grow cocoa, and chocolate alternatives, to keep up with demand

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    WEST SACRAMENTO, Calif. — Climate change is stressing rainforests where the highly sensitive cocoa bean grows, but chocolate lovers need not despair, say companies that are researching other ways to grow cocoa or develop cocoa substitutes.

    Scientists and entrepreneurs are working on ways to make more cocoa that stretch well beyond the tropics, from Northern California to Israel.

    California Cultured, a plant cell culture company, is growing cocoa from cell cultures at a facility in West Sacramento, California, with plans to start selling its products next year. It puts cocoa bean cells in a vat with sugar water so they reproduce quickly and reach maturity in a week rather than the six to eight months a traditional harvest takes, said Alan Perlstein, the company’s chief executive. The process also no longer requires as much water or arduous labor.

    “We see just the demand of chocolate monstrously outstripping what is going to be available,” Perlstein said. “There’s really no other way that we see that the world could significantly increase the supply of cocoa or still keep it at affordable levels without extensive either environmental degradation or some significant other cost.”

    Cocoa trees grow about 20 degrees north and south of the equator in regions with warm weather and abundant rain, including West Africa and South America. Climate change is expected to dry out the land under the additional heat. So scientists, entrepreneurs and chocolate-lovers are coming up with ways to grow cocoa and make the crop more resilient and more resistant to pests — as well as craft chocolatey-tasting cocoa alternatives to meet demand.

    The market for chocolate is massive with sales in the United States surpassing $25 billion in 2023, according to the National Confectioners Association. Many entrepreneurs are betting on demand growing faster than the supply of cocoa. Companies are looking at either bolstering the supply with cell-based cocoa or offering alternatives made from products ranging from oats to carob that are roasted and flavored to produce a chocolatey taste for chips or filling.

    The price of cocoa soared earlier this year because of demand and troubles with the crop in West Africa due to plant disease and changes in weather. The region produces the bulk of the world’s cocoa.

    “All of this contributes to a potential instability in supply, so it is attractive to these lab-grown or cocoa substitute companies to think of ways to replace that ingredient that we know of as chocolatey-flavored,” said Carla D. Martin, executive director of the Fine Cacao and Chocolate Institute and a lecturer in African and African American Studies at Harvard University.

    The innovation is largely driven by demand for chocolate in the U.S. and Europe, Martin said. While three-quarters of the world’s cocoa is grown in West and Central Africa, only 4% is consumed there, she said.

    The push to produce cocoa indoors in the U.S. comes after other products, such as chicken meat, have already been grown in labs. It also comes as supermarket shelves fill with evolving snack options — something that developers of cocoa alternatives say shows people are ready to try what looks and tastes like a chocolate chip cookie even if the chip contains a cocoa substitute.

    They said they also are hoping to tap into rising consciousness among consumers about where their food comes from and what it takes to grow it, particularly the use of child labor in the cocoa industry.

    Planet A Foods in Planegg, Germany, contends the taste of mass market chocolate is derived largely from the fermentation and roasting in making it, not the cocoa bean itself. The company’s founders tested out ingredients ranging from olives to seaweed and settled on a mix of oats and sunflower seeds as the best tasting chocolate alternative, said Jessica Karch, a company spokesperson. They called it “ChoViva” and it can be subbed into baked goods, she said.

    “The idea is not to replace the high quality, 80% dark chocolate, but really to have a lot of different products in the mass market,” Karch said.

    Yet while some are seeking to create alternative cocoa sources and substitutes, others are trying to bolster the supply of cocoa where it naturally grows. Mars, which makes M&Ms and Snickers, has a research facility at University of California, Davis aimed at making cocoa plants more resilient, said Joanna Hwu, the company’s senior director of cocoa plant science. The facility hosts a living collection of cocoa trees so scientists can study what makes them disease-resistant to help farmers in producing countries and ensure a stable supply of beans.

    “We see it as an opportunity, and our responsibility,” Hwu said.

    In Israel, efforts to expand the supply of cocoa are also under way. Celleste Bio is taking cocoa bean cells and growing them indoors to produce cocoa powder and cocoa butter, said co-founder Hanne Volpin. In a few years, the company expects to be able to produce cocoa regardless of the impact of climate change and disease — an effort that has drawn interest from Mondelez, the maker of Cadbury chocolate.

    “We only have a small field, but eventually, we will have a farm of bioreactors,” Volpin said.

    That’s similar to the effort under way at California Cultured, which plans to seek permission from the U.S. Food and Drug Administration to call its product chocolate, because, according to Perlstein, that’s what it is.

    It might wind up being called brewery chocolate, or local chocolate, but chocolate no less, he said, because it’s genetically identical though not harvested from a tree.

    “We basically see that we’re growing cocoa — just in a different way,” Perlstein said.

    ___

    Taxin reported from Santa Ana, California.

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

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

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

    Timothy Armoo

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    “You build wealth by selling the business”

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

    Tim Armoo

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ‘I never saw myself as a Black entrepreneur’

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

    Timothy Armoo

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

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

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

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

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

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

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

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

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

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

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

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

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

    • How to maximize your time and money in the workplace

    • Leveraging pay transparency to get more money

    • What to do if you feel undervalued and underpaid

    • Strategies for getting a raise through job hopping

    About the Speaker:

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

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    Entrepreneur Staff

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  • 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

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    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.

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    Cooper Scanlon, Rushi Manche

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

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

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    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.

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    Chris Kille

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  • How to Successfully Balance Family and Business | Entrepreneur

    How to Successfully Balance Family and Business | Entrepreneur

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    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

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    Shirl Penney

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  • 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

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    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.

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    Aytekin Tank

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  • Why Are New Business Applications at All-Time High? | Entrepreneur

    Why Are New Business Applications at All-Time High? | Entrepreneur

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    More people are starting businesses now than ever before — and the reason could be that the opportunity cost, or what they have to give up in exchange for entrepreneurship, is lower than ever.

    Data that the U.S. Census Bureau released earlier this month shows that the total number of applications to start businesses hit a record 5.5 million last year.

    That’s half a million more applications than what was filed in 2022.

    Related: Here’s What Millions of Small Businesses Have in Common, According to a New Survey

    Census Bureau data from the first four months of this year show that the startup boom is still going strong, too — from January through April, the number of new business applications totaled over 1.7 million.

    Why are more people filing to start new businesses?

    Columbia Business School professor Angela Lee told Entrepreneur that the reason could be the “unprecedented number of layoffs from big tech companies in the last several years, resulting in a large pool of talent freed up to pursue entrepreneurship.”

    Columbia Business School professor Angela Lee (left) and Co-Founder of Plum Alley Investments Andrea Turner Moffitt (right). Photo by Monica Schipper/Getty Images)

    Lee, the director of the Eugene Lang Entrepreneurship Center, also noted that “entrepreneurship has historically been counter-cyclical because the opportunity cost to start a company goes down during a recession.”

    Related: Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

    Big tech companies have been laying off employees in record numbers in recent years.

    Tech layoffs last year affected 263,180 employees globally according to tracker Layoffs.fyi.

    Amazon laid off the most people (27,410) last year, but Meta (21,000), Google (12,115) and Microsoft (11,158) also contributed to record numbers.

    The unemployment rate has remained stable, in the 3.7% to 3.9% range in the U.S. over the past nine months, according to the latest U.S. Bureau of Labor Statistics jobs report.

    Related: ‘The Employment Situation’ Report for April Shows Employers Are Taking Hiring Down a Notch, Employee Wage Growth Slowing

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    Sherin Shibu

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  • This 35-year-old turned a local Indonesian coffee stall into a unicorn startup — today it brings in $100 million a year

    This 35-year-old turned a local Indonesian coffee stall into a unicorn startup — today it brings in $100 million a year

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    In college, Edward Tirtanata had a brewing love for coffee, so much so that he’d order “one huge cup” every day from either Dunkin’ Donuts or 7-Eleven.

    Today, the 35-year-old CEO and co-founder of venture-backed unicorn coffee company Kopi Kenangan, still has his cup of joe daily — except that he’s upgraded it to three or more cups a day for “product testing” purposes.

    What started as a local Indonesian coffee stall in 2017 has now become an international coffee brand worth over $1 billion, with more than 800 locations across Southeast Asia.

    The company raked in over $100 million in sales in 2023, according to documents provided to CNBC Make It.

    Within the span of seven years, Kopi Kenangan went from a local Indonesian coffee stall to a venture-backed unicorn coffee company.

    Entrepreneur in the making

    Tirtanata grew up in the Indonesian capital of Jakarta.

    But he moved to the U.S. in 2007 when he started college at Northeastern University in Boston, where he studied finance and accounting.

    While he never enjoyed studying, he had the heart of an entrepreneur from the start.

    Edward Tirtanata with his parents.

    Courtesy of Edward Tirtanata

    “When I was a kid, I was definitely naughty — I didn’t really study much,” he told CNBC Make It. “But whenever there is an opportunity to make money or do businesses, I always [got] excited.”

    “It’s not about the money — it’s about the pleasure of doing it. It is something that really excites me until today,” he said.

    Even as a student, Tirtanata discovered a key business principle: “Buy low, sell high.” He learned to sell Pokémon cards and gaming bots to friends at school for a profit. It was almost instinctive for him.

    Inspired by his parents who were also entrepreneurs, Tirtanata always enjoyed the hustle of making his own in the world.

    Edward Tirtanata with his family.

    Courtesy of Edward Tirtanata

    During his freshman year in university, he received a fateful call from his mother, who revealed that his father’s business had encountered some major financial setbacks.

    After that call, Tirtanata decided to speed through his five-year program and finished it in three.

    He quickly returned to home Indonesia and became his father’s business partner.

    “Back then, my days were filled with a lot of stress and uncertainty — but I think this is one of those moments that made me a better entrepreneur,” said Tirtanata. Despite facing these financial difficulties with his family, Tirtanata went on to forge his own entrepreneurial path.

    Business beginnings

    Before starting Kopi Kenangan, Tirtanata opened a tea shop chain called Lewis & Carroll in 2015 with locations across Indonesia. By the time he opened his fifth store, he realized that the tea shop wasn’t as profitable as he expected.

    Tirtanata and his long-time friend James Prananto discovered the problem one day, when they were having a casual chat at his tea shop: many of the big coffee and tea chains in Indonesia were too expensive for the local population.

    According to the Starbucks Tall Latte Index, while a Starbucks tall latte costs approximately 2% of the median daily income of people in the U.S., that same drink costs more than 30% of the median daily income of people in Indonesia.

    Kopi Kenangan’s first outlet in Indonesia.

    Courtesy of Edward Tirtanata.

    The idea of Kopi Kenangan was born.

    In 2017, Tirtanata and Prananto together invested a total of $15,000 into their first grab-and-go location in Jakarta, Indonesia. This model allowed them to ditch the costs of renting and designing a sit-down cafe space, and instead, invest that money into quality ingredients. 

    “Instead of focusing on the sofa, or fast Wi-Fi, we’re going to focus on a good, high quality cup of coffee,” Tirtanata said.

    This decision helped Kopi Kenangan scale to over 200 locations and 10 cities within the first two years of operations.

    Kopi Kenangan’s secret formula

    It’s no secret that the coffee business is highly saturated, especially in big metro areas.

    Asked what has separated Kopi Kenangan from its competitors, Tirtanata said there are three major reasons: the company’s grab-and-go model, it is a tech-enabled business, and it takes a hyperlocal approach.

    “So while Starbucks and other global coffee chains really prioritize consistency, I realized that people have different tastes and preferences,” he told CNBC.

    “This is where we really shaped our strategy for our global expansion — we want to make sure that the sweetness and robustness of the coffee really suits the market that we are operating in, using a data-driven approach,” Tirtanata said.

    Taking a data-driven hyperlocal approach means that a Kopi Kenangan latte in Singapore will taste different from a latte in Indonesia.

    During Covid, Tirtanata and Prananto doubled down on their efforts to integrate technology into their business. This helped Kopi Kenangan more than triple its store count during the pandemic.

    From Indonesia to the world

    As of April, the coffee chain has raised over $230 million in funding from investors across the globe, according to documents seen by CNBC Make It.

    Tirtanata with the Kopi Kenangan team.

    Courtesy of Edward Tirtanata

    Today, Kopi Kenangan stores can be found in Indonesia, Malaysia and Singapore.

    But that’s not enough for Tirtanata, who plans to expand the company globally and hopes to list the business in the U.S. one day.

    “It only gets more complicated as a business grows bigger — so I try to learn everyday how to become a better leader,” he said.

    “I’m very excited [about] what the future holds for us. I believe that we are just [at] the beginning of our journey.”

    Want to make extra money outside of your day job? Sign up for CNBC’s new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.

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

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  • Project Invent’s Night of Innovation 2024 Set to Showcase Student Ingenuity in Northern California

    Project Invent’s Night of Innovation 2024 Set to Showcase Student Ingenuity in Northern California

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    Former NFL Player Shawn Springs, Lockerverse Co-Founder James McFall, Boogio Co-Founder & CEO Jose Torres and Second Spectrum’s Heaven Chen and Catherine Xu Among Guest Speakers


    SAN JOSE, Calif., May 16, 2024 (Newswire.com)
    –
    Project Invent, the national nonprofit empowering middle and high school students to invent for social good, is thrilled to invite the public to A Night of Innovation on Friday, May 17, from 6-9 p.m. PDT. Proudly supported and hosted by Adobe, this event will showcase student teams from across the country as they share their invention journey and pitch their innovative solutions to real-world problems. 

    A Night of Innovation will bring together innovators, engineers, tech leaders, young professionals, students, educators, and donors interested in the future of education. Attendees will have the opportunity to witness the creativity and ingenuity of student teams as they present their solutions to social problems. Project Invent will recognize outstanding members of its community with three annual awards — Fellow of the Year, Volunteer of the Year, and Community Partner of the Year. 

    “A Night of Innovation is an exciting showcase of the impact that students can have on their communities and the world,” said Jax Chaudhry, Executive Director of Project Invent. “We are excited to provide a platform for young inventors to share their groundbreaking solutions and inspire others to make a difference.”

    Adobe, renowned for its history of creating groundbreaking technology that empowers individuals to bring digital experiences to life, will serve as the host venue. Project Invent is thrilled to present at Adobe’s World Headquarters and offer student innovators the platform to showcase their creativity, ingenuity, and ambition.

    The evening will commence with Demo Day student presentations from 6-7 p.m., unveiling prototypes developed in collaboration with members of the local community. Project Invent is especially proud of its partnership with the Synopsis Foundation, which supports Oakland-area students and community partners. Following this engaging showcase, guests will have the chance to network over refreshments and hors d’oeuvres.

    At 7 p.m., in partnership with Lockerverse, Project Invent will host a Fireside Chat with inventors of today. This dynamic conversation will feature former NFL player Shawn Springs, Boogio co-founder and CEO Jose Torres, and Second Spectrum’s Heaven Chen and Catherine Xu. The conversation will revolve around the intersection of digital creativity and student-led innovation and will livestream on the Lockerverse app.

    At 7:30 p.m., select student teams will be recognized with awards and funding to further their invention journeys and honor the outstanding efforts of these student inventors. A Night of Innovation will conclude with a Cocktail Reception from 8-9 p.m., where attendees will have the opportunity to network and celebrate the achievements of Project Invent’s Annual Community Award winners, recognizing outstanding individuals who help support students on their invention journeys.

    About Project Invent:

    Project Invent is a national nonprofit dedicated to empowering students with 21st-century skills to succeed individually and impact globally, through invention. Through a year-long curriculum, students are mentored to develop products that make a tangible impact, fostering a generation of innovative problem-solvers. For more information, visit projectinvent.org.

    About Adobe

    Founded 40 years ago on the simple idea of creating innovative products that change the world, Adobe offers groundbreaking technology that empowers everyone, everywhere to imagine, create, and bring any digital experience to life.

    About Lockerverse

    Launched in 2022, Lockerverse enables athletes, entertainers, artists, and brands to build equity by telling culture-defining stories, providing their fans exclusive access to merchandise, digital and IRL experiences, content, gaming, and unlocking new opportunities for direct engagement and monetization.

    Project Invent Event Photos

    https://bit.ly/3V16a5R

    Source: Project Invent

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  • Lyons Elite Luxury Matchmaking Awarded Consumer Choice Award for Second Consecutive Year

    Lyons Elite Luxury Matchmaking Awarded Consumer Choice Award for Second Consecutive Year

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    TORONTO, May 16, 2024 (Newswire.com)
    –
    Lyons Elite Luxury Matchmaking, a premier matchmaking service founded by award-winning entrepreneur Emily Lyons, is proud to announce that it has been named a recipient of the Consumer Choice Award for 2024. This marks the second consecutive year the company has earned this prestigious accolade.

    The Consumer Choice Award is recognized across North America for its rigorous, data-driven selection process. Unlike other awards, the Consumer Choice Award utilizes statistically supported independent research to ensure that only the most outstanding service providers are honoured.

    A Commitment to Excellence

    “Receiving the Consumer Choice Award for the second year in a row is a testament to the hard work and dedication of our team,” said Emily Lyons, founder of Lyons Elite Luxury Matchmaking. “This award not only recognizes our commitment to excellence but also reassures our clients that they are choosing the best in the business.”

    Lyons Elite is renowned for its discreet, personalized approach to matchmaking, catering to a clientele that values privacy and efficiency. The award reaffirms the company’s status as a leader in the matchmaking industry, committed to connecting successful, marriage-minded individuals with highly compatible partners.

    About Lyons Elite Luxury Matchmaking

    Lyons Elite Luxury Matchmaking is a top-tier matchmaking service that specializes in creating meaningful connections. Founded by entrepreneur Emily Lyons and recognized internationally by outlets like Forbes and Bloomberg, Lyons Elite offers a unique blend of confidentiality, luxury, and precision in the matchmaking process.

    Source: Lyons Elite Luxury Matchmaking

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  • Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

    Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

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    Marc Randolph, the co-founder of Netflix, joins us for another episode of Ask Marc, a live Q&A series about starting and growing your business. The event will begin on Thursday, May 9th at 2:00 PM ET, streaming on our YouTube, LinkedIn, Facebook and X (formerly known as Twitter) channels.

    Where can I watch Ask Marc?

    Watch and stream: YouTube, LinkedIn, Facebook & X (formerly known as Twitter)

    You can watch on your phone, tablet or computer. Ask Marc will be shown in its entirety on YouTube, LinkedIn, Facebook and X (formerly known as Twitter).

    What time does Ask Marc start?

    Date: May 9th
    Time: 2:00 PM ET

    The episode kicks off at 2:00pm ET.

    Why should I watch Ask Marc?

    Get free business advice directly from the co-founder of Netflix, Marc Randolph. Marc loves helping founders and small business owners, and this your free opportunity to ask him any of your questions about topics like:

    • Starting a business
    • Growing a business
    • Raising money
    • Building marketing campaigns
    • Best practices
    • Anything you want to know!

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    Entrepreneur Staff

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  • Crafting Anticipation: Favor Games’ Path to Launch Led by the Roberto Boligan

    Crafting Anticipation: Favor Games’ Path to Launch Led by the Roberto Boligan

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    Dive Into the Future of Gaming With Favor Games’ “Deepest Trench” – An Unprecedented Underwater Adventure


    MIAMI, April 11, 2024 (Newswire.com)
    –
    Favor Games, an innovative game development studio is about to launch its new game, “Deepest Trench.” This article explores Favor Games’ unique approach to game creation, the team behind it, and the anticipation surrounding its upcoming release.

    Favor Games: From Startup to Powerhouse

    Significant milestones mark Favor Games’ journey from humble beginnings to a creative powerhouse. Their upcoming release, “Deepest Trench,” an underwater co-op adventure, exemplifies their commitment to immersive storytelling, stunning visuals, and dynamic gameplay.

    Behind The Scenes: The Diverse Talent Fueling Favor Games’ Success

    Favor Games has a team comprising various skilled and talented individuals who contribute to the company’s identity. Helmed by Floridian-based influencer and CEO Roberto Boligan, alongside VP Frederick Boisclair, the team comprises skilled developers, artists, musicians, and other professionals contributing to game development.

    With their collective knowledge and passion for gaming, the studio’s primary goal is to provide engaging and immersive experiences for players worldwide.

    Crafting The Experience: The Unique Game Development Process at Favor Games

    Favor Games follows a systematic planning and script-based approach in their game development process. “Deepest Trench” features unique gameplay mechanics, complex puzzles, and a groundbreaking cooperative system that transforms how we play games.

    Player Power: How Favor Games Puts Gamers at the Heart of Development

    Roberto Boligan, the CEO of Favor Games, considers players essential to their growth and development. Under his leadership, the studio places great importance on the feedback and participation of players, seeking their input in decision-making processes. 

    In the game “Deepest Trench,” players have the power to influence the narrative and gaming experience, which is a testament to Roberto Boligan’s dedication to creating a player-centric environment.

    Favor Games: Rising Above Competition

    Favor Games stands tall among competitors like Abzu, Subnautica, and Bioshock. Their current in-game platform, “Deepest Trench”, promises to offer a competitive and affordable gaming experience.

    Investing in Innovation: The Business and Technical Backbone of “Deepest Trench”

    Favor Games has put millions towards creating “Deepest Trench,” utilizing Unity and Unreal engines. Favor Games owns all licensed assets and songs, and they are expecting the PC version to be completed by early May 2024.

    A New Era of Gaming: Roberto Boligan’s Vision for Favor Games and “Deepest Trench”

    Roberto Boligan, the CEO of Favor Games, is leading the studio’s charge to deliver unique and immersive gaming experiences to the eagerly awaiting gaming community.

    Roberto Boligan’s commitment is palpable in the studio’s latest game, “Deepest Trench,” which promises to captivate audiences with its groundbreaking technology, captivating storytelling, and solid player-studio connection. Get ready to dive into a new era of gaming with Roberto Boligan and Favor Games at the helm.

    Source: Favor Games

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  • Congress continues to make the tax code ridiculously hard to understand

    Congress continues to make the tax code ridiculously hard to understand

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    My income tax is due in a few weeks!

    I hate it.

    I’m pretty good at math, but I no longer prepare my own taxes. The form alone scares me.

    I feel I have to hire an accountant, because Congress, endlessly sucking up to various interest groups, keeps adding to a tax code. Now even accountants and tax nerds barely understand it.

    I can get a deduction for feeding feral cats but not for having a watchdog.

    I can deduct clarinet lessons if I get an orthodontist to say it’ll cure my overbite, but not piano lessons if a psychotherapist prescribes them for relaxation.

    Exotic dancers can depreciate breast implants.

    Even though whaling is mostly banned, owning a whaling boat can get you $10,000 in deductions.

    And so on.

    Stop! I have a life! I don’t want to spend my time learning about such things.

    No wonder most Americans pay for some form of assistance. We pay big—about $104 billion a year. We waste 2 billion hours filling out stupid forms.

    That may not even be the worst part of the tax code.

    We adjust our lives to satisfy the whims of politicians. They manipulate us with tax rules. Million-dollar mortgage deductions invite us to buy bigger homes. Solar tax credits got me to put panels on my roof.

    “These incentives are a good thing,” say politicians. “Even high taxes alone encourage gifts to charity.

    But “Americans don’t need to be bribed to give,” says Steve Forbes in one of my videos. “In the 1980s, when the top rate got cut from 70 percent down to 28 percent…charitable giving went up. When people have more, they give more.”

    Right. When government lets us live our own lives, good things happen.

    But politicians want more control.

    American colonists started a revolution partly over taxes. They raided British ships and dumped their tea into the Boston Harbor to protest a tax of “three pennies per pound.” But once those “don’t tax me!” colonists became politicians, they, too, raised taxes. First, they taxed things they deemed bad, like snuff and whiskey.

    Alexander Hamilton’s whiskey tax led to violent protests.

    Now Americans meekly (mostly) accept new and much higher taxes.

    All of us suffer because politicians have turned income tax into a manipulative maze.

    We waste money and time and do things we wouldn’t normally do.

    Since I criticize government, I assume some IRS agent would like to come after me.

    So, cowering in fear, I hire an accountant and tell her, “Megan, don’t be aggressive. Just skip any challengeable deduction, even if it means I pay more.”

    I like having an accountant, but I don’t like having to have one. I resent having to pay Megan.

    I once calculated what I could buy with the money I pay her. I could get a brand-new motorcycle. I could take a cruise ship to Italy and back every year.

    Better still, I could give my money to charity and maybe do some good in the world. For the same amount I spend on Megan, I could pay four kids’ tuition at a private school funded by SSPNYC.org.

    Or I could invest. I might help grow a company that creates a fun product, cures cancer, or creates wealth in a hundred ways.

    But I can’t. I need to pay Megan.

    What a waste.

    COPYRIGHT 2024 BY JFS PRODUCTIONS INC.

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    John Stossel

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  • 3 Values That Empower Entrepreneurs Just Starting Their Journey | Entrepreneur

    3 Values That Empower Entrepreneurs Just Starting Their Journey | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Launching a new venture from the ground up can be a thrilling process. Selecting your first workplace, narrowing down your business model and defining a clear action plan are all common exciting experiences that entrepreneurs go through. But even these first steps can present challenges to surpass.

    My first startup was an internet company called Joyo.com, which I co-founded in late 1999. This was in the early days when the internet was still very young and full of undiscovered potential. Joyo’s first three months saw many fierce debates within my team as we struggled to agree on what we wanted our startup to achieve — with so many possibilities available in the internet space at that time, from e-commerce and web portals to travel sites and games, it was tough to decide on the best course of action.

    In such moments, a founder needs to trust in their ability to make hard decisions and stick to them. This kind of steadfast resilience can help guide entrepreneurs through the early stages of a company. So, I finally decided to build Joyo.com as China’s first B2C e-commerce platform at the end of February 2000. Joyo became the largest such site in China at the time and was acquired by Amazon in 2004 and rebranded as Amazon China.

    Related: How to Tap into the U.S. Social Commerce Market Through Millennials and Gen Z

    My second venture, DHgate, was a much more arduous challenge. As China’s first B2B e-commerce platform, it was extremely difficult to prove our business model and attract investment. I discovered how truly cold and heartless the business world can be when we almost ran out of funds just before we launched in 2004. An investor who had signed a contract to fund us suddenly reneged on his promise in the eleventh hour, which meant that I had to turn to my own savings to pay the remaining employees at DHgate, never knowing if that week might be our last.

    Without sufficient funds, we surrendered the office and moved to a 20sqm conference room next to the toilet of a friend’s company. My office chair was broken, but my hope was strong. I was able to find a way to stay focused on the positives and possibilities. Most importantly, I looked inward for strength and confidence in my business.

    Beyond a lack of funding, the biggest problem we faced in the early days was that nobody trusted us. This was back in the mid-2000s when traditional trade was still booming. Nobody believed the entire complex process of international trade could be achieved online. Validating our business model was like running a marathon — a long and challenging ordeal.

    Most entrepreneurs experience win-or-go-home moments like these. Mentally, the early stages can be the most difficult period of building a company. Yet, we persevered, and today DHgate is one of the world’s leading B2B cross-border e-commerce platforms.

    Related: Core Values: What They Are, Why They’re Important, and How to Implement Them Today

    The hardest challenges give the greatest rewards

    Keeping a young company afloat is a daily struggle. Challenges and obstacles come from all directions — you may have to deal with limited access to capital, an undersized and overstretched team, a lack of market recognition in a possibly overcrowded market, and a lack of mass understanding around the business or technology, among other factors.

    Your staff and investors all have lofty expectations, and you must also set high standards for yourself. Maintaining high motivation and energy in the office is a constant challenge, especially when everyone knows you’re feeling exhausted and anxious. This builds an incredible amount of pressure and stress, which rides on the shoulders of founders who already battle self-doubt daily.

    Yet, running your own business can also be incredibly rewarding. Every entrepreneurial journey has its ups and downs; if you can find the right path and persevere through obstacles, you can achieve things that nobody has ever done before, and your efforts can pay off a hundred-fold. These growing pains are worth it for your own personal development, too.

    Related: The 8 Biggest Challenges for New Entrepreneurs

    Strong founders who make it through the initial stages of entrepreneurship tend to have certain key characteristics. New founders may benefit from embracing these three key values or standards to hold themselves to:

    1. Talk to your heart to follow your passions

    Your founding journey will be made all the easier when you are following a dream that you are truly passionate about. As a bonus, you’ll be able to make your team more passionate, too. When facing difficult decisions, talk to your heart for guidance. I have done this many times in my life to help me choose a path that excites my imagination and keeps my interest.

    2. Be brave and dare to do difficult things

    If you listen to your heart, you will hear an answer, and your next course of action will become clear. So, take action! Start looking for opportunities, and you will find them — it is practically inevitable if you look hard enough. As long as you know what your goal is, it doesn’t matter if you don’t see the path from the start. The important thing is to start walking down that road.

    Related: The Top 5 Reasons Why Entrepreneurship is Difficult (and How to Overcome Them)

    3. Be persistent

    Eventually, you will stumble on your path. Everybody does. The key is to celebrate your failures, learn from them and keep moving on. Persistence just requires you to keep showing up daily to pursue your goals. If you listen to your heart and follow your passions, optimism, and confidence in your projects, come much easier. It may sound cliché, but I believe that while it’s not magic at first, steadfast persistence in any goal can create magic.

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    Diane Wang

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  • Entrepreneurship Can Be Draining — Try This to Restore the Joy. | Entrepreneur

    Entrepreneurship Can Be Draining — Try This to Restore the Joy. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    CEOs feel the weight of every decision they ever made — not to mention every dire prediction about their business. It’s important to discern when it’s time to help with the heavy lifting and when you need to take a step back and reflect. Executives can balance the scales using these three key strategies to achieve balance, all the while increasing productivity in their company and for themselves.

    1. Learn when to surrender

    How many times have you tried to solve a problem only to discover a dozen more problems stemming from the first one? Or had a decision you made turn out to do more harm than good? Those are the times when most people push the hardest, determined to gain victory. It’s important to consider the cost when you maintain this relentless attitude. What is being sacrificed? Have you analyzed all the factors and possible breaking points, or are you the type of person who wants to achieve the goal at any price?

    Surrender is an art, but it is a vital tool you can use at any time when you see that applying force in a situation is going to end in collateral damage. I have to press the “surrender button” often. I’m legally blind. I rely on my team members as the eyes, ears, legs and hands of the company. As a result, I use my brain all day — my imagination is on fire anticipating problems, responding to needs, memorizing, making decisions and collaborating. Sometimes the workday is long. But no matter how tempting it is to get everything on your list done, you have to know when to back off.

    A surrender moment might be calling it a day, going to bed early and waking up at 4 a.m. the next morning to read emails or prepare for a meeting. You may find podcasts or audiobooks to decompress with or take 10 minutes to meditate or calm your thoughts with music. These are small, quick moments where you may put off important decisions, meetings or tasks, knowing you will not be giving your best.

    Just when people are demanding that you solve a problem immediately, you are taking five minutes to step back and reflect. Surrendering at the right moment of frustration can often bring a creative solution to the surface of your mind; in fact, giving in to the obstacle instead of trying to force the situation can often save you time.

    Related: Self-Care Isn’t Selfish — It’s Essential for Sustaining High Performance. Here’s How to Avoid Burning Out.

    2. Put yourself in check

    Have you often felt that the push and pull of business has overwhelmed you to exhaustion? Maybe you feel as though you don’t have time to strategize or contemplate your direction because the mere constant on-the-fly decisions and the swirl of problems seem overwhelming. It’s easy to tell yourself you need to change your work-life balance, but many business leaders find this kind of revolution tough to achieve.

    If you are constantly driving and pushing, that is when fatigue can lead to multiple negative outcomes, including a feeling of desperation leading to bad decisions. Not only is this detrimental to your health and well-being, but it can also trigger other negative outcomes for your company. Building in balance and putting yourself in check is vital. It starts with asking hard questions and answering them honestly. Are you lopsided in life? Are you overambitious? Do you need to recharge? How can you best do that? It’s easy to say “no” to spontaneous invitations to let off steam — there’s always more work to be done.

    One way to ensure your work and personal life are balanced is to have an accountability partner. This person should know your strategies for making room for relaxation and quiet as well as a little fun. At the same time, you can begin scheduling commitments aimed at recharging your batteries: Put everything on the calendar, both personal and business, including planned breaks, attending a school play, working out, getting a massage, going for a walk or just dining alone with the phone off in a restaurant you enjoy. You can even schedule a night out with friends, a morning coffee date or a karaoke party. You would then share the schedule with your accountability partner — they should call or text you regularly, asking whether you met your commitment to bring more balance into your life.

    3. Find and set boundaries

    It’s great to know your own boundaries so you can reflect, study and handle yourself in a crisis. However, no matter how your business is set up, you are dealing with other people, too: employees, colleagues and customers. Negotiating with others’ schedules and managing the workflow will require patience. You’ll need to learn when to put your foot on the pedal and when to release.

    Getting to know the strengths and weaknesses of your team members is most important here. What are their peak work hours? Are they morning people, or do they stay up late and work into the night? You’ll need to build in praise, encouragement and even celebration to honor their time, talents and dedication.

    Even if you only employ one or two other people, you’ll need to be aware of personal struggles, triggers, tragic events — like the loss of a family member — or divergent abilities they may be reluctant to reveal to you. Fostering an atmosphere of acceptance and understanding can go a long way toward helping individuals feel comfortable sharing valuable information with you about their lives. You may discover healthy ways to push employees beyond their limitations or fears. On the other hand, you may find that simply being a source of comfort and strength for individual team members is all you can do — and you may have to pull back at times, allowing those who face extreme challenges the time to grieve or heal.

    There are times when a partnership or working relationship has achieved its end. In those times, you’ll have to learn to accept change as part of the cycle of living and be respectful of your own need to let go if a loyal employee or colleague makes a pivot. At those times, you will have the chance to take the high road, wish them well, thank them and leave them with sincere good wishes for their future. At the same time, you can look forward to meeting the next teammate down the road.

    Related: 5 Strategies to Thrive as a Solo Business Owner — Without Burning Out

    Final thoughts

    Learning when to put the pressure on and when to take a step back are equally vital to the success of the team, the original vision of the company and a healthier, happier you. When you build structure into your whole life — surrender, balance and boundaries — you will find the peace you need to navigate all obstacles and restore the joy of being an entrepreneur.

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    Nancy Solari

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