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Tag: Money & Finance

  • Your Entrepreneurial Elders’ Worries About Passing the Baton | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Between now and 2048, an estimated $124 trillion in family assets will be passed from Generation X to millennials and Gen Z, the first mass transfer of its kind. This is a phenomenon so significant that it is named the Great Wealth Transfer, and it’s an event that began unfolding in the mid-2010s, catalyzed by the retirement of the Baby Boomer generation.

    A market research firm called Cerulli and Associates estimated that out of the $124 trillion worth of assets that will be transferred, around $105 trillion will be inherited directly by heirs and $18 trillion will go to charity. Swiss banking giant UBS, in its 2024 wealth report, estimated that $83 trillion globally will be passed on within the next two decades, and that a large chunk of these assets will be held across the Asia Pacific region. A recent McKinsey report showed that the value of these assets circulating in this Eastern region could be worth $5.8 trillion by 2030.

    As a fourth-generation heir of the Kowloon Motor Bus Company, Hong Kong’s oldest transportation company, I inherited my family’s wealth at a really young age due to premature deaths within my family. Despite this, I managed to carry the business forward as a director and figurehead, which I believe is rare since research has shown that as many as 90% of family wealth is often lost by the third generation. I am in a unique position to speak about this subject as a Baby Boomer looking to transfer to younger generations.

    Among the concerns the older generation may have about the Great Wealth Transfer and how it will be orchestrated successfully across the coming years, here are what I consider to be three of the most salient points.

    Related: 3 Ways to Prepare Yourself for the Great Wealth Transfer

    1. Gauging millennial and Gen Z’s financial interest

    Most family elders, especially in Asia, are highly concerned about how they would go about educating their children about the family assets and businesses. How willing would their heirs be to take over a business that has been continuing for more than a hundred years? This is a common concern due to the fact that some of the oldest companies in the world are currently held by families in the East.

    This concern is compounded by the fact that Baby Boomers and Gen X have significantly different attitudes to money compared to their heirs, since these generations have been conditioned to aim for a “job for life,” with intense focus on accumulating savings for retirement. According to an article by the Financial Times, millennials (1981-1996) lack financial education, having the propensity to build up credit card debt, while Gen Z possess a short-term fiscal outlook compared to their elders.

    2. Emotions can get in the way of discussions

    There may be different types of emotions at play whenever the Great Wealth Transfer is mentioned in a family business. Older generations are generally more reluctant to discuss financial affairs more openly with younger generations, which can act as a barrier to effective communication. Moreover, younger generations may find it distressing to have discussions about inheriting wealth and business, as they often have connotations of death.

    Younger generations can also have significantly differing views to their elders when it comes to running a company, with evidence showing that they are more socially aware of issues that affect the world, such as climate change, AI revolution and globalization, while some members of older generations may have a more conservative attitude, with a greater focus on wealth preservation and conservation. These differences can make discussions about business succession more heated and prone to disagreements and family conflicts. This is one of the main reasons families delay these important conversations from taking place, which could negatively affect a smooth transfer.

    Related: Passing the Family Company to the Next Generation Is a Complicated Business

    3. A rush to transfer wealth

    An article written by the Guardian showed that the 2020 pandemic has accelerated the intergenerational wealth transfer due to unforeseen, untimely deaths. Many members of younger generations, especially in the UK, are beneficiaries of unexpected windfall, according to Treasury figures, which found that a record-breaking volume of inheritance tax was collected during 2021 and 2022: £6.1 billion.

    Research from Capital Group also found that high-net-worth families are actually accelerating the transfer of wealth to their heirs, in a survey conducted with 600 individuals across Europe, Asia Pacific and the U.S. The report found that 65% of Gen X and millennial inheritors who participated in the research said they had regrets about how they used their inheritance money, with nearly two in five respondents wishing they had invested more of their assets after the transfer.

    With these concerns percolating in older generations’ minds, it is only wise for family businesses to plan well ahead for the Great Wealth Transfer. Have those difficult conversations with your heirs early on so that unpredictable shifts will not shake up your family’s assets. And more importantly, it is important to ensure that the family wealth’s purpose is well-defined in this increasingly complex and volatile world, and for that, meaningful conversations between the generations need to continue. Family businesses can no longer rest on their laurels.

    Related: Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right.

    Between now and 2048, an estimated $124 trillion in family assets will be passed from Generation X to millennials and Gen Z, the first mass transfer of its kind. This is a phenomenon so significant that it is named the Great Wealth Transfer, and it’s an event that began unfolding in the mid-2010s, catalyzed by the retirement of the Baby Boomer generation.

    A market research firm called Cerulli and Associates estimated that out of the $124 trillion worth of assets that will be transferred, around $105 trillion will be inherited directly by heirs and $18 trillion will go to charity. Swiss banking giant UBS, in its 2024 wealth report, estimated that $83 trillion globally will be passed on within the next two decades, and that a large chunk of these assets will be held across the Asia Pacific region. A recent McKinsey report showed that the value of these assets circulating in this Eastern region could be worth $5.8 trillion by 2030.

    As a fourth-generation heir of the Kowloon Motor Bus Company, Hong Kong’s oldest transportation company, I inherited my family’s wealth at a really young age due to premature deaths within my family. Despite this, I managed to carry the business forward as a director and figurehead, which I believe is rare since research has shown that as many as 90% of family wealth is often lost by the third generation. I am in a unique position to speak about this subject as a Baby Boomer looking to transfer to younger generations.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    William Louey

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  • 30-Year-Old Billionaire Says She’s Frugal, Shops Uber Deals | Entrepreneur

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    Lucy Guo, 30, saw her net worth reach $1.3 billion in April. But the entrepreneur, who is now the world’s youngest female billionaire, is committed to finding the best deals — even if she can afford to pay full price.

    Guo told CNBC on Wednesday that she remains “frugal,” admitting that she has done things like reserve flights at the airport and cancel them later so she could have a meal for free in the Amex lounge. She also rides UberX, the budget-friendly, low-cost version of Uber, and compares prices for food before buying something to eat. Her closet consists mainly of $10 pieces from stores like Shein.

    “I’m frugal at some things, and I spend more on other things,” Guo told CNBC.

    Lucy Guo. Photo by Gonzalo Marroquin/Getty Images for Passes

    Guo’s fortune was built via Scale AI, the AI data labeling startup she co-founded with Alexandr Wang in 2016. Meta made a $14.3 billion investment in Scale AI in June, acquiring 49% of the startup and allowing the company to achieve a $29 billion valuation.

    Related: These Are the AI Skills You Should Learn Right Now, According to the World’s Youngest Self-Made Billionaire

    Though Guo left Scale AI in 2018, she has held onto a nearly 5% stake in the company, which has grown to be worth $1.25 billion. Despite her billionaire status, Guo says that her life has remained the same.

    “My life pre-money and post-money, it hasn’t really changed that much,” Guo told CNBC Make It earlier this month.

    While Guo may be frugal when it comes to her closet, her food, and her rides to work, she still has the means to spend lavishly in key areas without thinking about the cost.

    For example, when it comes to homes, Guo bought a newly constructed mansion in L.A.’s Hollywood Hills for $29.5 million earlier this year. She got it at a discount: The 5-bedroom, 13,500-square-foot mansion was first listed for $43 million in January 2024.

    Related: Sam Altman’s Mansion Was Once the Most Expensive Home Listing in San Francisco. A New Lawsuit Says It’s a ‘Lemon.’

    Guo is also the owner of a $6.7 million condo in Florida, which she purchased in 2021, as well as another L.A. home, which she bought for $4.2 million last year.

    Guo additionally owns a Ferrari in a vintage rose color, which she admits was a “splurge.” A Ferrari can cost upwards of $230,950. When it comes to transportation, she also sometimes flies via private jet to skip the lines at the airport.

    Guo is a college dropout who studied computer science and human-computer interactions for two years at Carnegie Mellon University, per her LinkedIn. She left to pursue a Thiel Fellowship, which rewards young entrepreneurs for following non-traditional paths and choosing to build a business over going to college. Thiel Fellows receive a $200,000 grant and access to a network of founders to grow their companies.

    Related: ‘We Don’t Believe in Work-Life Balance’: A Newly Acquired Startup Just Offered Its 200-Person Team a Choice — Work Weekends or Take a Buyout

    Guo still puts in long hours at her startup, the creator commerce and monetization platform Passes, which she founded in 2022. Passes has raised a total of $66 million across three funding rounds. She says that the normal working day for her stretches twelve hours, from 9 a.m. to 9 p.m.

    “9 a.m. to 9 p.m., to me, that’s still work-life balance,” Guo told CNBC.

    Lucy Guo, 30, saw her net worth reach $1.3 billion in April. But the entrepreneur, who is now the world’s youngest female billionaire, is committed to finding the best deals — even if she can afford to pay full price.

    Guo told CNBC on Wednesday that she remains “frugal,” admitting that she has done things like reserve flights at the airport and cancel them later so she could have a meal for free in the Amex lounge. She also rides UberX, the budget-friendly, low-cost version of Uber, and compares prices for food before buying something to eat. Her closet consists mainly of $10 pieces from stores like Shein.

    “I’m frugal at some things, and I spend more on other things,” Guo told CNBC.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Sherin Shibu

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  • His Side Hustle Earns 6 Figures a Year: 1-2 Hours of Work a Day | Entrepreneur

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    This Side Hustle Spotlight Q&A features Dennis Tinerino, 39, of Los Angeles, California. Tinerino worked in online sales when he first learned about domain names and launching websites, which helped him discover domain investing as a side hustle. Here’s how he turned the gig into a lucrative business that brings in six figures a year — with about an hour or two of work per day. Responses have been edited for length and clarity.

    Image Credit: Courtesy of Domain Smoke. Dennis Tinerino.

    When did you start your side hustle, and where did you find the inspiration for it?
    I started my side hustle in 2014 after discovering that domain names are like real estate, only online. Realizing the right ones could keep growing in value was all the inspiration I needed to dive in. My interest first sparked when I was launching a new website and came across a domain name for sale. I had no idea what the cost might be, so I filled out the form on the seller’s website. A domain broker from Afternic replied, explaining that the name was for sale and would require a six-figure minimum offer. Unfortunately, this domain was out of my budget for this project, but thankfully, they were very helpful and explained why it was valued at that price, even suggesting other names that were closer to my budget at the time. That conversation grabbed my attention and pushed me to do a deep dive into the world of domains.

    Related: These 31-Year-Old Best Friends Started a Side Hustle to Solve a Workout Struggle — And It’s On Track to Hit $10 Million Annual Revenue This Year

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    When I started, I did not know anyone personally who was doing this, so I had to teach myself. I dove into blogs, read FAQ sections on marketplaces and learned everything I could about how domains are bought and sold. Like most new investors, my first stop was GoDaddy, where I began registering domains that sounded cool or interesting. Luckily, I kept my spending in check and only bought four domains for a total of $36. One of them, LawyerBoss.com, ended up selling for $700 on Afternic less than two months after I bought it for about $8. That sale was a turning point. It was exciting to see that I could learn the process, list a name and have someone actually buy it for their business. From that moment on, I was hooked and started looking for more ways to find new domains to invest in.

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    If I could hop in a time machine, I’d go straight back and immediately sign up for the Domain Academy course on day one. It covers everything about domains, with resources from A to Z, and there’s nothing else like it. I could have skipped months of trial and error, saved a few gray hairs and gotten in the game faster with a deeper understanding of domains and the industry as a whole. There are countless strategies in domain investing, but before you dive in, you need to understand how domains work, what end users are looking for and the different ways to approach them. Trust me, learning this early is a lot cheaper than buying cool names and hoping for the best.

    Related: I Interviewed 5 Entrepreneurs Generating Up to $20 Million in Revenue a Year — And They All Have the Same Regret About Starting Their Business

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    The hardest part for newcomers is getting the right education. Too many jump in blind, skip the basics and end up spinning their wheels. It’s like trying to fix a car without ever popping the hood. Making uninformed investments is a quick way to waste time, burn cash and get frustrated fast. Another big surprise is how much upkeep a domain portfolio requires. This is not a buy it and forget it business. You have to watch your names, keep up with renewals, follow the market and be honest when it is time to let go of names that are no longer relevant or valuable.

    Can you recall a specific instance when something went very wrong? How did you fix it?
    In my early days, I started doing outbound marketing to create interest and generate sales for my domains. I was not thinking about trademarks at the time and reached out to companies that owned marks similar to my names. That mistake earned me a stack of legal threats and cease and desist letters. Thankfully, I was able to resolve each situation on good terms by finding common ground with the parties involved. It was a valuable lesson to always check for trademarks before investing or reaching out to buyers, and I am glad I learned it early. Avoiding legal battles is high on my priority list.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    It wasn’t until my second to third year of domain investing that I began to see consistent monthly revenue come in. What I noticed is that after my first year, when I started to educate myself more, build up my domain portfolio with better quality domains and then began outbound marketing, my sales accelerated, and steady monthly revenue came in. In the first year, I earned a few thousand with my first initial sales. In the second year, it was in the lower five figures, and it kept ramping up from there as I invested more time and resources.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    What does growth and revenue look like now?
    Back in 2014, the portfolio was just a handful of domains. Today, it has grown to roughly 8,000 to 10,000 names. There were stretches where I was buying one name a day, and some days I went on a spree and grabbed 20, using profits to keep scaling and building the portfolio. Each year, I have consistently added another 500 to 1,000 names, experimenting with different top-level domains (TLDs) and country code top-level domains (ccTLDs) when I spot a trend. The real growth has come from .com domains, which remain the most in-demand with end users. What started as a few thousand dollars a year has grown into a business generating steady six-figure revenue for the past five years. That growth comes from years of research, relentless market tracking, careful portfolio maintenance and making the right moves at the right time, even when they were tough.

    How much time do you spend working on your business on a daily, weekly or monthly basis?
    On a typical day, I spend one to two hours building and managing my portfolio. Over a week, that adds up to 15 to 20 hours, and by the end of the month, it’s usually 60 to 80 hours.

    How do you structure that time? What does a typical day or week of work look like for you?
    My time is split between portfolio management, searching for fresh inventory, outbound marketing and closing deals. Each week, I set aside blocks of time to review my portfolio, adjust prices and prepare names for marketing. Once you get past a few hundred domains, daily portfolio management becomes essential. It is easy to let small tasks slip through the cracks, and that is when mistakes happen. What has saved me the most time is staying organized. It sounds easier than it is, but creating workflows, keeping detailed spreadsheets and using the right tools will save you from falling behind on your daily tasks.

    Related: These Friends Started a Side Hustle in Their Kitchens. Sales Spiked to $130,000 in 3 Days — Then 7 Figures: ‘Revenue Has Grown Consistently.’

    What do you enjoy most about running this business?
    Domain investing can get a little lonely sometimes because you have to put in the hours to stay sharp and up to date. But the thing I have enjoyed the most is the investor community. We are very active on X, and I have met incredible people from all over the world who have helped me grow as an investor, taught me a ton and become lifelong friends.

    The freedom that comes with this business is unlike anything else. You can run it from anywhere in the world with minimal tech skills. You set the rules, choose your hours, decide your prices, pick where to sell your names and choose which names you want to buy.

    Over the years, as an investor, I found myself looking at tens of thousands of domains coming to auction or expiring every day. As great as many of those names were, I knew I could not buy them all, but I also did not want to see those opportunities go unnoticed by other investors. That got me thinking about how I could share this research and these findings with others. That is when I launched Domain Smoke, a daily newsletter sharing industry news, investment opportunities and the best domains hitting auction each day. Since its launch in 2019, it has grown to thousands of readers worldwide who read it every day.

    Based on your journey so far, what’s your best advice for someone who wants to get started with this kind of business?
    When I got started, there were a few things I would change if I could, and I hope my experience can help you find success in your own journey as a domain investor. If you are new to domain investing, here are three tips that can help you start on the right foot:

    1. Be patient with hand registrations
      This one is not easy, but you will thank me later. Try to hold back from registering new domains by hand until you have a proper understanding of domain investing. The easiest mistake beginners make is buying names that are not likely to sell. Many of them also have little or no appeal to end users. That costs both time and money you will not get back. Once you get past the learning phase, you will have plenty of time to acquire domains that actually fit your strategy. When you know what to invest in, you will be glad you waited.
    2. Invest in yourself early
      They say the more you learn, the more you earn, and that is definitely true with domains. Avoid rookie mistakes by investing in your education. One of the best places to start is the Domain Academy course from GoDaddy, which teaches the ins and outs of the business. Just like any other form of investing, there are many ways to make money, but the best way to improve your chances of success early on is to educate yourself.
    3. Keep learning and follow the data
      It is easy to get started, build up a bit of knowledge and then think you know it all. But markets evolve, trends shift, and change is constant. Stay up to date with domain blogs, industry news, eBooks, Domain Sherpa shows and forums like NamePros, which is full of free knowledge for beginners. Most importantly, follow the data. Study sales and trends using resources like NameBio, dotDB and DNJournal. These will help you understand what is actually selling, what is trending and why. That insight gives you a competitive edge and keeps you aligned with the market.

    Related: I’ve Interviewed Over 100 Entrepreneurs Who Started Businesses Worth $1 Million to $1 Billion or More. Here’s Some of Their Best Advice.

    Start small, stay consistent and give yourself time to learn. Every successful investor was once a beginner. The more you study and track sales data, the sharper your skills will become. And remember, the community side of this business matters too. The investors and connections you build can be just as valuable as the domains you own.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

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    Amanda Breen

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  • The Top 5 Mistakes Smart Entrepreneurs Keep Making | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s a funny thing about experience: It doesn’t always make you immune to failure. In fact, some of the most seasoned, intelligent founders I’ve met — including myself — have walked straight into the same fire multiple times, thinking this time would be different.

    After buying, building, burning and selling businesses ranging from $1 million to over $20 million in annual recurring revenue, with teams as small as five and as large as 500, I’ve seen these mistakes up close. Not once. Not twice. But over and over. I’ve made them myself. I’ve watched peers make them. And most frustratingly, I’ve watched incredibly smart entrepreneurs make them while fully aware of the warning signs.

    Why does it keep happening?

    Because we convince ourselves that this time is different. We raised more capital. We’re in a new vertical. The economy has shifted. We’ve got better advisors. But these so-called differences rarely change the fundamentals. These mistakes don’t care about your funding round, your pitch deck or the decade you’re building in. They always find a way to show up … unless you deliberately learn to recognize and avoid them.

    Here are the top five mistakes smart entrepreneurs keep making — because intelligence alone isn’t protection.

    Related: 5 Common Entrepreneurial Mistakes There Is No Excuse for Repeating

    1. Outsmarting simplicity

    Smart founders love strategy. We love architecture, systems and layered thinking. But too often, that intelligence leads us to outsmart ourselves by overcomplicating something that should’ve stayed simple.

    In one of my earlier ventures, we created an onboarding system so “intelligent” that it required a five-step identity verification, AI scoring and three user roles. It was technically perfect — and completely unusable. Not a single customer made it through the first interaction without needing help. We had engineered a fortress when all the customer needed was a front door.

    Simple is not a synonym for lazy. Simple is scalable. Simple gets used. If your product, process or pitch can’t be explained in one sentence, you’re not impressing people — you’re confusing them. Don’t make the mistake of confusing complexity with value. Often, it’s the opposite.

    2. Overbuilding before testing

    It feels so good to build. It feels like progress. It’s measurable. It’s exciting. But building without real customer validation is like sailing without checking the tide: You might be moving fast, but you’re heading toward a sandbar.

    I once spent months and hundreds of thousands of dollars building a tool we were sure the market wanted. We built features on top of features, tied in AI recommendations, created dashboards, reports, you name it. But we hadn’t tested the core value with real users. When we finally launched, the silence was deafening.

    We didn’t fail because we couldn’t build. We failed because we didn’t listen.

    Your MVP should hurt a little. It should feel unfinished. Because the moment you build past the point of user feedback, you’re building for yourself — not your customer. Build to learn. Then build to scale.

    3. Ignoring customer feedback that hurts

    Let’s be honest: Some feedback cuts deep. Especially when you’re passionate. When you’ve poured years into a business or a product, hearing that it’s confusing, clunky or not worth the money feels personal.

    At one point, while scaling one of my companies, we were receiving consistent complaints about our service response time. We brushed it off. “Growing pains,” we said. “We’re expanding.” But the complaints kept coming, and we kept rationalizing — until the damage was no longer subtle. Clients started leaving. Our reputation took a hit. And fixing the problem cost ten times what it would’ve if we’d acted earlier.

    Feedback, especially the kind that makes you wince, is gold. Don’t dodge it. Don’t argue with it. Use it. Because every complaint you ignore becomes someone else’s competitive advantage.

    Related: 5 Common Mistakes Leaders Make and How to Fix Them

    4. Misjudging your own burn rate

    This is one of the deadliest mistakes. And ironically, it’s more common among founders who’ve raised capital or had prior exits. You think you’ve got room. You think you’re being strategic by “investing in growth.” And suddenly, your company’s financial discipline goes out the window.

    I’ve run tight operations. I’ve also run operations with fat budgets and too much confidence. The tight ones were stressful, but lean and sharp. The overfunded ones got bloated fast — extra hires, experimental campaigns, unnecessary vendors. All in the name of growth. But here’s the thing: Growth doesn’t matter if you don’t survive long enough to reach it.

    Every dollar should work. If you can’t justify it with near-term utility or long-term leverage, you’re probably burning money you’ll wish you had six months from now.

    Being a smart entrepreneur doesn’t mean ignoring your burn rate; it means obsessing over it. Because financial waste isn’t just inefficient — it’s existential.

    5. Hiring more people to solve the problem

    This one is almost a rite of passage. Things start breaking — operations, marketing, delivery — and the instinct is: “We need more people.”

    Founders tell themselves that scaling the team will fix it. VCs sometimes push for headcount growth as a signal of momentum. But nine times out of ten, it’s the wrong move.

    I’ve scaled teams from five to 200+. I’ve watched entrepreneurs stack up departments like LEGO blocks, trying to fix broken pipelines, unclear roles or systems that never worked in the first place. The result? More meetings, more chaos, more burn. Not more progress.

    Throwing people into a broken system just gives you more breakage.

    What I’ve learned is that most problems can be solved by a few qualified individuals with clarity and autonomy, not by hiring a battalion. Talent density beats volume every time. If your house is on fire, you don’t fix it by moving in more tenants. You put out the fire.

    Related: 10 Stupid Mistakes Smart People Make

    Intelligence isn’t insurance

    It’s easy to assume that once you’ve built or sold a company, you’ve “earned” your wisdom badge. But the real test isn’t whether you’ve experienced these mistakes before — it’s whether you keep making them.

    Experience without reflection is just repetition.

    I’ve built companies with world-class teams. I’ve also watched great ideas burn out because I refused to listen to the basics. These five mistakes show up over and over, usually wrapped in new branding, new market conditions or new funding. But they’re the same patterns, and they still kill momentum.

    So here’s your call to action: Audit yourself.

    Where are you overcomplicating? Where are you building without feedback? Where are you hiring instead of solving? Where are you ignoring warning signs because they’re inconvenient?

    The smartest move you can make isn’t being clever — it’s being clear. Because clarity builds endurance. And endurance is what separates the companies that survive from the ones that almost did.

    There’s a funny thing about experience: It doesn’t always make you immune to failure. In fact, some of the most seasoned, intelligent founders I’ve met — including myself — have walked straight into the same fire multiple times, thinking this time would be different.

    After buying, building, burning and selling businesses ranging from $1 million to over $20 million in annual recurring revenue, with teams as small as five and as large as 500, I’ve seen these mistakes up close. Not once. Not twice. But over and over. I’ve made them myself. I’ve watched peers make them. And most frustratingly, I’ve watched incredibly smart entrepreneurs make them while fully aware of the warning signs.

    Why does it keep happening?

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Roy Dekel

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  • Her Business Helps Women Earn in a $6.3B Industry: ‘Rewarding’ | Entrepreneur

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    Moniqueca Sims, owner of SSG Appliance Academy, got her first glimpse into the appliance repair industry while dating a man who worked in the space. “He worked all the time, seven days a week,” Sims recalls, “so I used to go out with him just to spend time with him. I saw how easy it was for him to repair those appliances, and he was repairing them quickly.”

    Image Credit: Courtesy of SSG Appliance Academy. Moniqueca Sims.

    Sims believes in “working smarter, not harder” and had the idea to hire technicians to help the man she was dating with repair calls. She did, but when he didn’t slow down, she ended up with her own appliance repair company.

    However, in running that business, Sims lost a significant amount of money purchasing parts. Many people she hired didn’t actually know how to repair appliances — and would just switch out part after part in search of a fit.

    Related: After Experiencing the ‘Lack of Diversity’ in Tech, This Software Engineer Started a Business That’s Changing Lives: ‘People Are Waking Up’

    So Sims took matters into her own hands again. She enrolled in an online course to learn about appliance repair and started handling jobs herself, even taking her kids along sometimes.

    “When you fix something, it boosts you up, every time you do it.”

    Still, Sims knew there had to be a better way to train and hire technicians for business growth, so once more she set out to make it happen: She founded SSG Appliance Academy, which provides hands-on training courses on the fundamentals to have a career in the appliance repair industry, in Atlanta in 2019.

    “ I saw how appliance repair was the gift that keeps on giving,” Sims says. “When you go out, when you fix something, it boosts you up, every time you do it. It’s not a grunt job. It’s a feel-good job.”

    When Sims went out on jobs with her daughter, she found that many of the clients were stay-at-home moms who breathed a sigh of relief when they realized they wouldn’t be alone with a male worker. Knowing that, and seeing firsthand what a confidence booster appliance repair could be, Sims committed to bringing more women into the industry.

    The total appliance repair industry revenue reached an estimated $6.3 billion in 2023, yet women make up less than 3% of home appliance repairers, according to data from ConsumerAffairs.

    Related: Raised By an Immigrant Single Mom, She Experienced ‘Culture Shock’ Working at Goldman Sachs. Here’s What She Wants You to Know About ‘Black Capitalism.’

    Sims decided to partner with shelters to grow SSG Appliance Academy and offer a viable career path to the women there. Although there was a lot of interest, the shelters didn’t have the funding to back it. So Sims got approved for grants through the Workforce Innovation and Opportunity Act (WIOA).

    The funding helps low-income, under- or unemployed women and men complete SSG Appliance Academy’s program and “turn their life around,” Sims says.

    SSG Appliance Academy’s classes typically enroll eight to 10 students. The most recent course had three women in it. In the past, Sims often had to attend events and convince women to come to the class; now, word-of-mouth is helping them find it themselves, she says.

    “ You constantly have to prove yourself [as a woman] in this industry.”

    Sims looks forward to seeing even more women take advantage of SSG Appliance Academy, despite the challenges that can come with being a woman in the space.

    “ You constantly have to prove yourself [as a woman] in this industry, and not just to the customers,” Sims says. “You have to prove yourself to everybody that works in the industry.”

    Sims is also excited to see more people across the board jump into the appliance repair industry, noting that learning a trade can help people make more money than they might through earning a four-year college degree.

    “Appliance repair can really help change people’s lives,” the founder says.

    Related: This Black Founder Stayed True to His Triple ‘Win’ Strategy to Build a $1 Billion Business

    “You want to learn your craft from the inside out.”

    To other women interested in starting their own careers or businesses in the appliance repair industry, Sims has some straightforward but essential advice: Enroll in a program that can help you learn all you need to know about the trade.

    “You want to learn your craft from the inside out,” Sims says. “A lot of technicians in the field now learn on the job, so they become part-changers because they don’t learn how to diagnose and troubleshoot the appliances properly. So my advice would definitely be to take a class. It doesn’t have to be my school — any school.”

    Related: I Interviewed 5 Entrepreneurs Generating Up to $20 Million in Revenue a Year — And They All Have the Same Regret About Starting Their Business

    Sims notes that there will be plenty of obstacles along the way, but she encourages anyone interested in learning appliance repair to stay the course — because “it’s a very rewarding career and business.”

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

    Moniqueca Sims, owner of SSG Appliance Academy, got her first glimpse into the appliance repair industry while dating a man who worked in the space. “He worked all the time, seven days a week,” Sims recalls, “so I used to go out with him just to spend time with him. I saw how easy it was for him to repair those appliances, and he was repairing them quickly.”

    Image Credit: Courtesy of SSG Appliance Academy. Moniqueca Sims.

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    Amanda Breen

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  • Is There a Hidden Agenda Behind These New Crypto Laws? | Entrepreneur

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    Recent crypto laws have sparked debate about their true political motivations. The GENIUS Act, signed on July 18, 2025, represents the cornerstone of the administration’s cryptocurrency strategy.

    Officially, the initiative aims to remove excessive administrative barriers and legalize stablecoins – crypto assets backed by real American assets: dollars, treasury bonds or gold.

    According to legislators, these coins should simplify transactions and position the United States as a global leader in digital finance. The administration has framed this legislation as part of a comprehensive strategy to enhance financial innovation while maintaining America’s economic leadership.

    Understanding cryptocurrency laws in the U.S. requires looking beyond official narratives. The stablecoin market, currently valued at over $260 billion, is projected to reach $2 trillion by 2028 under this new regulatory framework. This explosive growth will fundamentally alter the financial landscape in ways that may not align with stated objectives.

    Related: The Hidden Problems That Could Threaten Crypto’s Future

    Who regulates crypto in the U.S.?

    The question of who regulates cryptocurrency in the U.S. is becoming complex under the new legislation. The hidden agenda behind these laws appears to be weakening the Federal Reserve System’s control. As a reminder, the Fed, established in 1913, consists of twelve regional reserve banks and is considered a private structure independent of executive power.

    The prerogative of issuing “national money” is firmly secured by the Fed, and attempts to interfere with its powers have invariably met with strong opposition. Understanding who regulates cryptocurrency in the U.S. reveals the political power struggle behind recent laws.

    The new stablecoin law represents a half-measure, as it cannot solve the task of creating an alternative digital central bank. Instead, it allows private players to issue their own “money” backed by government securities, effectively fragmenting the Fed’s monopoly on emission.

    Read More: People Really Only Care About These 3 Things at Work — Do You Offer Them?

    Stablecoin influence as a tool for political influence

    New stablecoin regulation allows private entities to issue currency-like assets backed by government securities. This represents a significant departure from traditional monetary policy, where currency issuance is tightly controlled by central banking authorities.

    The approach to stablecoin regulation may fragment the Federal Reserve’s monopoly on currency issuance. By allowing private entities to create dollar-backed digital assets, the legislation effectively creates a parallel monetary system that operates under different rules and oversight.

    Critics argue that current stablecoin regulation could create a shadow emission system outside traditional controls. This system could potentially undermine the Fed’s ability to implement monetary policy effectively and respond to economic crises.

    Related: Why Institutional Investors Are Embracing Crypto–TradFi Partnerships

    The political agenda driving recent legislation

    The cryptocurrency political agenda behind recent legislation extends beyond promoting innovation. As a result, the U.S. economic system risks losing part of its budget revenues and deviating from its usual course. Businesses, having received the right to issue and use stablecoins, may begin to evade tax control and the stablecoins themselves, under unfavorable regulation, will depreciate and lose trust.

    To understand the politics around crypto, you have to look at the power struggles between government institutions. Hidden money printing creates slower growth and shaky forecasts, which is risky in an election year when political pressure is already high.

    Some in the crypto space even push for reducing the Federal Reserve’s control over monetary policy — a major change to the financial system that has shaped the U.S. for more than 100 years.

    The potential consequences of these hidden agenda crypto laws include:

    • Budget Revenue Loss: Reduced tax collection from cryptocurrency transactions compared to traditional financial operations.
    • Monetary Policy Fragmentation: Multiple entities issuing dollar-backed assets could complicate coordinated monetary policy.
    • Financial Stability Risks: A parallel financial system with different rules could introduce new systemic risks.
    • Political Power Shifts: Reduction in Federal Reserve independence and increased executive branch influence over monetary policy.
    • Economic Uncertainty: Potential for market volatility and reduced predictability during political transitions.

    Analysts are questioning whether Trump’s crypto ventures are designed to weaken Federal Reserve control. The legislation creates a framework where private entities can issue dollar-backed assets with potentially less oversight than traditional banking institutions.

    The Trump administration has framed its cryptocurrency laws as forward-looking reforms designed to position the U.S. as a leader in digital finance. But beneath that narrative lies a more complex political agenda. The legislation could reduce the Federal Reserve’s influence over monetary policy, introduce alternative currency-like instruments with favorable tax treatment and shift power among key financial institutions.

    Related: This Trillion-Dollar Industry Is Where You Need to Look For Your Next Investment — Here’s Why

    The full impact will only become clear over time. What is certain is that the effects will extend well beyond cryptocurrency markets, with the potential to reshape core elements of America’s financial and political order. The central question is whether these changes will bolster or weaken U.S. economic stability and global leadership. Understanding the implications requires looking past official narratives to the shifting power dynamics they conceal — only then can we judge whether the reforms serve the public good or narrower political aims.

    Recent crypto laws have sparked debate about their true political motivations. The GENIUS Act, signed on July 18, 2025, represents the cornerstone of the administration’s cryptocurrency strategy.

    Officially, the initiative aims to remove excessive administrative barriers and legalize stablecoins – crypto assets backed by real American assets: dollars, treasury bonds or gold.

    According to legislators, these coins should simplify transactions and position the United States as a global leader in digital finance. The administration has framed this legislation as part of a comprehensive strategy to enhance financial innovation while maintaining America’s economic leadership.

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    Vladimir Gorbunov

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  • Why More Companies Are Choosing to Stay Private | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The evolution of the private marketplace is one of the most significant developments to shape the capital markets in decades.

    Just consider the statistics. In the late 1990s, there were more than 8,000 publicly listed companies in the United States. By 2008, there were fewer than 5,000. As of 2023, there were approximately 4,317.

    Further, those companies that opt to go public are waiting longer to do so. According to a January 2025 analysis by Morningstar, the median age of companies debuting in the public markets increased from 6.9 years a decade ago to 10.7 years today.

    Related: Go Public or Stay Private? What’s The Right Move For You?

    Why more companies are staying private

    Companies launch initial public offerings to access capital, boost visibility and provide liquidity for investors. Today, though, private equity firms, family offices and other strategic investors offer companies that same opportunity without the need to list.

    Staying private means avoiding quarterly financial reporting requirements, which can become onerous and all-consuming. Operating privately allows owners and key stakeholders to retain more control and influence over the future of a company, prioritizing long-term goals over short-term shareholder and market demands and expectations. Private companies are not subject to the volatility and vacillation that come with being publicly traded, nor do they live by where the stock trades or quarterly results fall.

    However, as the private marketplace becomes a more viable and commonplace option for an increasing number of companies, a significant issue has emerged: the need for greater transparency around and education about share ownership and share structure. Unlike public company stock valuations, which are readily available and accessible to all, there is less clarity around how private company shares are valued and how share classes are structured.

    The importance of transparency and education

    It is important for employees to learn how to build their wealth in a private company. Owning shares in a privately held business is a longer-term play, so understanding how they are valued and when they are distributed is critical to your personal financial plan. In turn, private companies have the responsibility to provide employees and investors with a clear and concise overview of how the equity is organized. Managed well, a private company stock program can be an incredibly effective recruiting and retention tool.

    At Dynasty, for example, we launched an internal education program to ensure that our growing team of colleagues understands how we structure and issue our company shares. It is important to us that everyone feels comfortable asking questions and seeking advice about their holdings.

    For business owners, managing your “cap table” or capitalization table — the document that outlines a company’s equity ownership structure, including all shareholders, their shareholdings, and percentage ownership — is also crucial, especially for startups and growing businesses. Giving out too many shares early on could hinder the future value of your business and its shares.

    Growth is not vertical, so leaving some margin to weather the inevitable ups and downs is ideal. Issuing shares based on an employee’s time at the company and/or performance is also a sound strategy. With a myriad of details to consider, unique to your business, a cap table is a dynamic document that changes as a company grows and undergoes new funding rounds, employee stock option grants and other events.

    Related: 12 Rules Entrepreneurs Must Know About Cap Table Management

    For over 15 years, we have helped launch over 100 new businesses for our network of independent registered investment advisors (RIAs). As an entrepreneur, founder and chief executive officer of a privately held business myself, I understand the challenges inherent in the private market, and as a team, we have learned many lessons along the way, including for our own business.

    We continue to pivot and innovate to meet the needs of our network and ourselves, which starts with stepping up to educate our own employees and clients on effectively navigating share ownership, structure and distribution for long-term success.

    Private stock ownership should not and does not have to be an enigma. Your financial health depends on having the guidance of a financial advisor with both the experience and the specialized expertise to ensure that you understand your options as a private company employee.

    The evolution of the private marketplace is one of the most significant developments to shape the capital markets in decades.

    Just consider the statistics. In the late 1990s, there were more than 8,000 publicly listed companies in the United States. By 2008, there were fewer than 5,000. As of 2023, there were approximately 4,317.

    Further, those companies that opt to go public are waiting longer to do so. According to a January 2025 analysis by Morningstar, the median age of companies debuting in the public markets increased from 6.9 years a decade ago to 10.7 years today.

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    Shirl Penney

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  • The ‘Boring’ Side of AI That Could Make You a Fortune | Entrepreneur

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    Most people building with AI are chasing the same thing: viral chatbots, cool demos or the next trending wrapper. But I think the real money — the serious, unicorn-level money — is somewhere else entirely.

    It’s in the stuff nobody wants to touch. Tedious, time-wasting, must-do tasks. The things you hate doing, but have to. That’s where the next wave of AI companies will emerge.

    Painful > pretty

    AI that makes you laugh is fun. AI that gets your taxes filed, your Visa sorted or your documents organized? That’s life-changing.

    When I moved to the UK on a Global Talent visa, I couldn’t find a single tool to track my absence days — something crucial for maintaining legal status. So I built it myself. Not to show off. Just to solve a problem I was quietly freaking out about.

    That’s the kind of “boring” problem most people overlook. But if it causes stress, repetition or fear — it’s valuable.

    There’s more money in fixing one painful workflow than chasing 100 likes on a fancy AI-generated avatar.

    Related: Don’t Be Afraid to Embrace Boring Ideas

    The more annoying it is, the bigger the opportunity

    Scheduling medical appointments. Submitting invoices. Picking wines from a 40-page restaurant list. These aren’t sexy problems. But they’re everywhere, and no one enjoys dealing with them.

    I’ve built apps that take care of those exact scenarios. Some were simple side projects, but they solved problems that people repeatedly run into. That’s the magic formula.

    In a piece I wrote earlier — 7 AI-Based Business Ideas That Could Make You Rich — I pointed out that the most profitable ideas are often hiding in plain sight. This is another example of that.

    No team? No problem.

    The tools available now are ridiculous. With GPT-4o, Supabase, Vercel and Claude, I’ve launched entire products in a week — solo.

    No designers. No backend engineers. Just a painful idea, an AI stack and a few cups of coffee.

    I’m not the only one. I’ve seen one-person shops build apps that manage apartment leases, prep legal docs and even coach you through IVF. They’re quiet tools with unflashy interfaces, but they’re deeply useful.

    If you’re a founder today, your MVP doesn’t need to be impressive — it just needs to make someone’s headache disappear.

    Build for Tuesday, not for tech Twitter

    Some of the smartest founders I know aren’t even trying to go viral. They’re building for Tuesdays — for that one problem that hits at 4:00 p.m. when you’re stuck in a bureaucratic loop and need someone (or something) to handle it for you.

    And here’s the kicker: The more boring the problem, the less competition you’ll have. AI founders are still chasing novelty. That’s your advantage.

    This article on overlooked metaverse jobs made a similar point: There’s a fortune in places people ignore.

    Boring doesn’t mean small

    If you told someone a decade ago that accounting automation or AI-powered scheduling tools would be billion-dollar companies, they’d probably laugh.

    Now those tools run quietly in the background of almost every business.

    The lesson: Don’t build for applause. Build for relief. If your product makes someone breathe easier, saves them time or reduces stress — they’ll pay for it.

    Even if they never tweet about it.

    Related: Why Unglamorous Entrepreneurial Opportunities Can Be Lucrative

    Boring tools can still build billion-dollar companies

    If you need proof, look at Expensify. It started by solving one thing: making expense reports less painful. It’s not exciting, not revolutionary — just useful. Nobody dreams about scanning receipts, but millions of people have to do it.

    Now Expensify processes billions in transactions. All because it made one annoying task easier.

    Same story with Calendly, which killed the back-and-forth of scheduling. DocuSign, which removed the pain of printing and scanning contracts. UiPath, which built a massive business by automating office tasks.

    None of these were flashy, but they fixed something people deal with every day. That’s what makes them work.

    If you’re building with AI, forget the hype. Look for the problems people quietly suffer through. The ones they never talk about publicly, but deal with constantly. That’s where the best ideas live.

    Boring isn’t a weakness. Boring is a business model.

    You don’t need a revolutionary idea. You just need to make one annoying thing go away.

    If you can do that, it won’t matter how it looks. It will sell.

    Most people building with AI are chasing the same thing: viral chatbots, cool demos or the next trending wrapper. But I think the real money — the serious, unicorn-level money — is somewhere else entirely.

    It’s in the stuff nobody wants to touch. Tedious, time-wasting, must-do tasks. The things you hate doing, but have to. That’s where the next wave of AI companies will emerge.

    Painful > pretty

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    Ashot Gabrelyanov

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  • Co-founders of Stakt on Starting a Side Hustle Earning $10M in 2025 | Entrepreneur

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    This Side Hustle Spotlight Q&A features New York City-based friends and co-founders Millie Blumka, 31, and Taylor Borenstein, 31. The pair started a side hustle in 2021 called Stakt, an adaptable workout accessories brand.

    Blumka was a director of brand partnerships at Showfields and Borenstein was a product implementation manager at Bloomberg when they invested about $50,000 of their personal savings into the business. The co-founders have since grown it from a two-person operation to a lucrative business on track for $10 million in revenue in 2025 as it scales across Amazon, DTC and B2B.

    Read exactly how they did it, here.

    Image Credit: Courtesy of Stakt. Taylor Borenstein, left, and Millie Blumka, right.

    Responses have been edited for length and clarity.

    When did you start your side hustle, and where did you find the inspiration for it?
    Blumka and Borenstein: We had the idea for Stakt back in 2020 when home workouts became the norm and our old yoga mats just weren’t cutting it. We needed more support and versatility for the variety of workouts we were doing like sculpt and pilates, and we couldn’t find a mat that could keep up. We found inspiration through our own personal need and noticing many trainers we looked up to were rolling their mat in half to get extra support…we knew there had to be a better way.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    Blumka and Borenstein:     Neither of us had started a business before, let alone created a product, so the first step was a lot of networking. We spoke with friends of friends to try to understand how you even go about creating a product. We also did a lot of surveying to understand if this was an “us” problem or if other people were struggling with this, too. We each invested $25,000 of our own savings to get the business off the ground and have invested profits ever since.

    Image Credit: Courtesy of Stakt

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    Blumka:     If I could go back, I’d probably establish our lanes much earlier. In the beginning, we both tried to touch everything and be hands on for every aspect of the business. Once we defined who owned what, things became so much smoother. Having those roles in place earlier would have saved us a lot of time.

    Borenstein: I probably would have hired customer service support sooner, as we spent a lot of our time on customer experience when we could have spent it building the business.

    Related: These Friends Started a Side Hustle in Their Kitchens. Sales Spiked to $130,000 in 3 Days — Then 7 Figures: ‘Revenue Has Grown Consistently.’

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    Borenstein:     Before starting a consumer brand, I had always thought, How hard could it be if you have a good product? It turns out the product is just the first step: Growing a business takes a ton of discipline, hard work, networking and efforts across all verticals to really make it successful.

    Image Credit: Courtesy of Stakt

    Can you recall a specific instance when something went very wrong — how did you fix it?
    Blumka:     We once had an entire container of inventory arrive damaged, and we didn’t feel comfortable selling it. Instead, we donated the mats to local organizations and used them for community events. It left us out of stock for a while, so we leaned on pre-orders and reframed the challenge as a marketing opportunity.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    Blumka:     We didn’t pay ourselves until we decided it was time to make Stakt our full-time jobs instead of just a side hustle.

    Borenstein: It took about a year before things leveled out and we saw consistent monthly revenue. For the first year, there were good months, great months and bad months — eventually it became more consistent and easier to predict.

    Related: At 24, She Immigrated to the U.S. and Worked at Walmart. Then She Turned Savings Into a ‘Magic’ Side Hustle Surpassing $1 Million This Year.

    What does growth and revenue look like now?
    Blumka and Borenstein:     We are on track to do $10 million in revenue this year — doubling what we did in 2024.

    Image Credit: Courtesy of Stakt

    What do you enjoy most about running your business?
    Blumka:     The combination of creativity and community. I love taking an idea and turning it into something people genuinely connect with. That said, the real reward is seeing our products out in the wild, with people actually using and loving them. Building community around movement and wellness has been the most fulfilling part. Plus, doing it alongside my best friend is the biggest bonus.

    Borenstein: At some point, this truly stopped feeling like work. Stakt is an extension of me and my family, and every day I get to work with my best friend and my husband (whom we hired last year). I love that I can make my own schedule, my hard work is rewarded with the growth of my own business, I meet awesome people, and I get the opportunity to design new products and see them come to life.

    “Chaos is part of the journey.”

    Based on your journey so far, what’s your best advice for aspiring founders?
    Blumka:     There will never be a perfect time, perfect product or perfect plan, but you have to start somewhere. There will always be a reason to wait, but the real progress starts once you launch. This is when you can adapt, learn and grow.

    Borenstein: Everyone will have advice, but trust your gut — there’s no single playbook. And remember, no one has it all figured out; the chaos is part of the journey.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    This Side Hustle Spotlight Q&A features New York City-based friends and co-founders Millie Blumka, 31, and Taylor Borenstein, 31. The pair started a side hustle in 2021 called Stakt, an adaptable workout accessories brand.

    Blumka was a director of brand partnerships at Showfields and Borenstein was a product implementation manager at Bloomberg when they invested about $50,000 of their personal savings into the business. The co-founders have since grown it from a two-person operation to a lucrative business on track for $10 million in revenue in 2025 as it scales across Amazon, DTC and B2B.

    Read exactly how they did it, here.

    The rest of this article is locked.

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    Amanda Breen

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  • How a Software Engineer’s Business Impacts Education | Entrepreneur

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    As Brandon Bailey, founder and CEO of TutorD, built his career in software engineering, he came face-to-face with the “lack of diversity and inclusion” in tech — and he wanted to do something about it.

    Image Credit: Courtesy of TutorD. Brandon Bailey.

    Bailey worked at a consultancy in Chicago at the time, and as co-lead for one of the firm’s employee resource groups, he partnered with a couple of community-based organizations. One partnership was with a middle school in Bronzeville.

    The school was located about 15 minutes from Bailey’s home, but the students “had a totally different lived experience,” the founder recalls. Many of the kids had never been on an escalator or inside a skyscraper despite living just minutes from downtown.

    Related: Technology Opens the Door for Entrepreneurs to Achieve the Triple Bottom Line

    The program helped the students have those experiences and access internships and other opportunities. “That gave me this drive and passion for the educational experience and helping facilitate it,” Bailey says. “It changed my life. I know it changed [their lives].”

    But Bailey wanted to figure out how to reach even more people. He landed a job at an edtech startup in Los Angeles, California, and began to think about how he could bring together education, engineering and entrepreneurship.

    When considering the platform or tool that could accomplish that, Bailey noted one significant obstacle: There was an issue of connectivity for students who didn’t have access to computers in their homes. However, most students did have cellphones, so Bailey decided to meet the students where they were and build for those.

    Related: How DEI and Sustainability Can Grow Your Triple Bottom Line

    “We wanted to lead with providing value to the community first and gaining trust and buy-in.”

    Bailey officially founded TutorD, an edtech platform for teachers and tutors to enable distance learning, and TutorD Scholars, a nonprofit that teaches “urban youth in-demand 22nd century skills,” in 2019.

    “We wanted to lead with providing value to the community first and gaining trust and buy-in into what we were doing,” Bailey says. “So that’s why we led with the nonprofit TutorD Scholars first, while building out the software platform.”

    Teaching made it easier to figure out the specific tools students would need on the platform and how to tailor lessons to their unique learning styles.

    Related: This Black Founder Stayed True to His Triple ‘Win’ Strategy to Build a $1 Billion Business

     ”We’re teaching [the students] in different ways,” Bailey says, “so using visual, auditory, reading and kinesthetic. [It’s] a very intentional approach.”

    Entrepreneur sat down with Bailey to learn more about how he’s grown TutorD into a successful business — and the role that Intuit’s IDEAS accelerator program has played.

    Intuit’s IDEAS accelerator program provides founders access to capital and the company’s AI-powered platform, service and experts, plus business coaching from the National Urban League and executive coaching from Zella Life to support their business and professional growth.

    Related: Over Half of Small Businesses Are Struggling to Grow, Intuit Survey Shows — But These 5 Solutions Can Help

    Learning the accounting fundamentals was a game changer

    Through the IDEAS program, Bailey got valuable exposure to the basic accounting fundamentals, like cash flow and profit and loss statements, that make or break a business.

    “That wasn’t something I had a lot of support with growing up, looking back at it,” Bailey says. “In our household, [and] it is common across Black and brown households, we didn’t have that training around finances.”

    Receiving that technical training helped Bailey and the TutorD team develop a clearer sense of where the business was headed and how its costs and sales projections would shape that trajectory, the founder notes.

    Related: Why Accounting Skills Are Indispensable for Entrepreneurs

    Streamlining the business’s messaging was also key

    TutorD used Intuit’s MailChimp, an email and marketing automation platform for growing businesses, to streamline its communications.

    Not only did the platform make it easier for people to get in touch with TutorD, but it also helped cultivate a sense of presence — making the business seem bigger than it was, Bailey says.

     ”We’re a team of five right now, and we’re dealing with other companies that are 200, 500 people strong,” Bailey explains. “And they have $20 million backed by different investors. [MailChimp] helped us appear bigger than we are to compete in the market and with other edtech companies.”

    Related: How to Streamline Your Company’s Internal Messaging and Communication

    Leaning on mentors helped during tough times

    The business coach that Bailey connected with through Zella Life also became an integral part of TutorD’s journey.

    Having a support system in place was invaluable as Bailey juggled the challenges of growing a business with major life events, he says.

    “My father passed away, and my baby came, and I had an injury, all in a three-month span,” Bailey says. “My coach had also lost his mother around that time, so we [had a] really deep connection, and he was able to help.”

    Related: How to Evolve From Manager to Mentor and Create a Lasting Impact in Your Organization

    Bailey says that the IDEAS program put TutorD in the position to scale — and gave him and his team the confidence to talk to people about their journey.

    Advice for young entrepreneurs

    Bailey encourages other young, aspiring entrepreneurs to never stop learning, seek out opportunities where there’s a need and ability to create value, connect with other founders who can serve as mentors, and leverage the community to help lay the foundation for business success.

    He’s also excited to see people embracing the “triple bottom line,” which tracks a business’s financial, social and environmental performance — and suggests anyone considering the leap to founder do the same.

    “ People are waking up to [the fact that] it’s not just about making money and some infinitely growing, making-money approach to entrepreneurship and capitalism in general, but really looking at it with a triple bottom line approach, generating sustainable profit or revenue for yourself, your family, business and shareholders, but also making an impact in the community,” Bailey says.

    Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.

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    Amanda Breen

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  • 5 Sales Secrets Your Competitors Don’t Want You to Know | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Poor pricing always comes with a profit margin, whatever the category or product you have. In 2024, returns in ecommerce reached $743 billion, almost 15% of all retail sales in the US. A significant part of these returns would not have happened if priced right.

    Such errors are not only responsible for lost revenue but also come with missed customers, eroded market share and shattered brand trust.

    The good news? I’m about to share five proven ways that you can use to help your sales grow.

    Related: An Entrepreneur’s Guide to Startup Pricing Strategies

    1. Dynamic pricing

    The retail landscape in 2025 is more tense than ever. Real-time competitor activity, demand shifts, stock levels monitoring and scraping, all while using AI-driven tools, make it now easier than ever to adjust prices within a few seconds. This allows ecommerce brands to remain agile and competitive without manually updating listings.

    Take Airbnb as an example. Their ‘Smart Pricing’ tool fine-tunes nightly rates based on seasonality, local events and demand spikes. Hosts using Smart Pricing are nearly four times more likely to receive bookings and report a 12% increase in revenue, on average.

    By automating price decisions, you can react instantly to the market, run A/B tests to identify price sensitivity and keep your margins healthy even in crowded categories.

    2. Competitive pricing

    The US e‑commerce market, worth $1.19 trillion in 2024, is projected to hit $1.29 trillion by the end of 2025. Such growth always comes with fierce competition, requiring competitive pricing, which is named as a top priority when making a purchase by 46.8% of online shoppers.

    Competitive pricing means strategically changing your prices, depending on other players on the market and your value proposition. It’s often used by businesses selling similar products with little differentiation, where everyone is fighting for the same customer.

    Walmart and Amazon are stuck in a constant pricing battle. Walmart uses competitive pricing backed by dynamic algorithms, closing its price gap with Amazon by 3% and even reducing prices by 4% on Amazon’s top‑selling products. This approach has helped Walmart remain a strong competitor in fast‑moving categories like grocery and packaged goods.

    If you’re in a competitive niche, monitor competitor pricing regularly and use dynamic or AI‑powered tools to adjust in real time.

    Related: A Marketer’s Guide To Successfully Navigating A Price War

    3. Value-based pricing

    Value-based pricing focuses on what customers are willing to pay based on perceived value, not just production cost. This approach positions you for better margins and long-term loyalty.

    Apple is the gold standard here, with its customers staying loyal despite being in quite a premium segment with high prices. People see how a company invests in innovation, user experience and brand prestige and that’s when they’re willing to pay more. As of Q1 2025, Apple held a 19% share of global smartphone shipments, up from 16% the year before.

    Start by understanding what value means to your audience. Gather feedback, analyze market perception and position your brand clearly.

    4. AI-driven pricing

    In 2025, over 60% of enterprise SaaS products embed AI features, many of which are used for pricing optimisation and personalisation.

    AI-driven pricing uses machine learning to analyse customer behaviour, competitor prices, supply levels and market trends in real time. Then, the system determines the ideal price point to maximise both conversions and profitability.

    Google Workspace recently raised prices by 17–22% after integrating AI features into every business plan. By bundling AI capabilities directly into its offering, Google increased perceived value and reduced churn, even with a higher price tag.

    For ecommerce businesses, the takeaway is clear: invest in AI tools that integrate with your existing platforms (ERP, BI, CRM). Make sure to monitor the financial impact, avoid abrupt price shifts and allocate resources to maintain and update your AI models for continued accuracy.

    Related: AI’s Role Is Up to You — These 4 Rules Make the Difference

    5. Promotional pricing

    Temporary discounts with urgency are one of the simplest ways to attract new customers and boost sales. It can come in many forms: percentage discounts, flash sales, coupon codes or free shipping. A 2024 Statista study found that 62% of online shoppers are motivated to buy when offered a promo code, especially via email or social media.

    McDonald’s changed its McValue platform in the US to add popular options like the $5 Meal Deal and ‘Buy One, Add One for $1’. These promotions are forecasted to drive revenue growth to $27.4 billion in 2025 – a 5.1% year‑on‑year increase.

    Incorporate promotions into your broader marketing and financial strategy to drive short‑term sales, clear inventory or launch new products.

    Pricing is a living, evolving part of your business that can influence your profits and, what’s more, customers’ trust. Data-driven strategies can help you course-correct quickly. The best way to increase sales is to adapt your strategies as markets change and combine dynamic, competitive, value‑based, AI‑driven and promotional pricing.

    Poor pricing always comes with a profit margin, whatever the category or product you have. In 2024, returns in ecommerce reached $743 billion, almost 15% of all retail sales in the US. A significant part of these returns would not have happened if priced right.

    Such errors are not only responsible for lost revenue but also come with missed customers, eroded market share and shattered brand trust.

    The good news? I’m about to share five proven ways that you can use to help your sales grow.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Slava Bogdan

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  • Average Ages to Make 6 Figures, Buy a House, Save for Retirement | Entrepreneur

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    There’s no age limit when it comes to achieving significant financial milestones, but many people envision checking them off their list by a certain point in their lives.

    Unfortunately, these days, amid high costs of living and economic uncertainty, most U.S. adults fall short of wealth-building goals: 77% say they aren’t completely financially secure, according to Bankrate’s Financial Freedom survey.

    How old should you really be to land that dream job, start saving for retirement, earn six figures or buy your first home?

    Related: Rewire Your Brain to Reach Money Goals With This Simple Exercise From a Former J.P. Morgan Retirement Executive

    New research from Empower set out to answer those questions and explore how Americans navigate money milestones today.

    Although just 17% believe people should hit financial milestones by a specific age, 44% are glad they achieved them when they did, per the report.

    On average, Americans think you should start saving for retirement at 27, land your dream job at 29, buy your first home at 30 and earn six figures by 35, according to the research. Respondents also reported hoping to be debt-free at 41 and to retire at 58.

    About half of Americans (45%) wish they’d saved money earlier and with more consistency in order to prepare for life’s big changes, the study found.

    Related: Make Your Money Manage Itself — How to Automate Your Personal Finances and Keep Your Goals on Track

    After planning for retirement and becoming a homeowner, Americans see several life events as significant wealth-building opportunities: investing in stocks (34%), investing in education (26%), changing career paths (21%), getting married (19%) and starting a business (19%).

    Nearly one-third of respondents said they realized the value of having a financial plan or working with a financial planner after meeting a life milestone.

    “For all ages, it’s important to talk to an advisor who can help create a tailored path specific to your financial goals and set you up for a realistic retirement lifestyle,” Stacey Black, lead financial educator at Boeing Employees Credit Union (BECU), told Entrepreneur last year.

    Ready to break through your revenue ceiling? Join us at Level Up, a conference for ambitious business leaders to unlock new growth opportunities.

    There’s no age limit when it comes to achieving significant financial milestones, but many people envision checking them off their list by a certain point in their lives.

    Unfortunately, these days, amid high costs of living and economic uncertainty, most U.S. adults fall short of wealth-building goals: 77% say they aren’t completely financially secure, according to Bankrate’s Financial Freedom survey.

    How old should you really be to land that dream job, start saving for retirement, earn six figures or buy your first home?

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Amanda Breen

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  • Billionaire CEO Daniel Lubetzky Shares Morning Routine, Tips | Entrepreneur

    Billionaire CEO Daniel Lubetzky Shares Morning Routine, Tips | Entrepreneur

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    Daniel Lubetzky, the founder of Kind Snacks with a personal net worth of $2.3 billion, admits that his morning routine used to be exhausting.

    “I used to have horrible habits,” he said in an interview with Entrepreneur.

    Lubetzky founded Kind Snacks in 2004 and sold it for $5 billion in 2020; he is now the founder and chairman of Camino Partners, a $350 million fund he started in January 2023, and a regular cast member on ABC’s “Shark Tank.”

    Lubetzky shared that he spent years going to sleep at 2 a.m. because he wanted to clear his inbox completely. Instead of going to sleep, he would spend hours checking and responding to emails. The next morning, he wouldn’t make his scheduled workout because he needed the extra half hour of sleep.

    Daniel Lubetzky. Photo Credit: Christopher Willard/ABC via Getty Images

    “I had terrible exercise habits and sleeping habits,” Lubetzky said.

    In the past two months, the 56-year-old entrepreneur has deliberately made some changes to his bedtime and morning routine.

    “I conquered that,” he said. “I’m not going to sleep and waking up at the same time. It’s just transformed my life.”

    Lubetzky now falls asleep around midnight and wakes up by 7:30 a.m. or 8 a.m., setting a new habit. His morning routine consists of stretching, something he says gives him “so much enjoyment.”

    Related: Daniel Lubetzky Took Kind Snacks From Idea to $5 Billion. Here’s His Best Advice For Anyone Who Wants to Start a Business.

    Productivity hack

    Lubetzky also shared his top tip for productivity: When you’re working on a task, finish it.

    “Don’t just leave things halfway, because then you have to start from scratch,” he said. “You’re being very unproductive.”

    He recommended thinking about attention as a dot. Every time you read an email, that’s one dot virtually placed on the email. The goal is to minimize the number of dots, or points of attention, commanded by an email or document so that you’re not revisiting the same issue over and over again.

    Book recommendation

    Lubetzky recommended reading “The Daily Stoic” by Ryan Holiday, a book of 366 meditations. The book focuses on insights from Stoicism, a philosophical system that encourages focus on what can be controlled and acceptance of what can’t.

    Related: Here’s What It Takes to Land an Investment From the Founder of Kind Snacks, Who Sold His Company for $5 Billion

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    Sherin Shibu

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  • New Survey Reveals Americans’ Biggest Life Regrets | Entrepreneur

    New Survey Reveals Americans’ Biggest Life Regrets | Entrepreneur

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    Americans are more likely to regret the things they didn’t do than the things they have done.

    That’s according to a survey of 2,000 U.S. adults split evenly by generation, which found that only 11% of Americans don’t have regrets.

    Between not speaking up (40%), not visiting family or friends enough (36%) and not pursuing their dreams (35%), those missed opportunities add up.

    Related: Always Waiting for the Best Option Is Holding You Back. Here’s Why.

    In their lifetime, Americans average three missed chances to take a once-in-a-lifetime trip, four lost opportunities to ask their crush out and six instances of not having the perfect comeback in an argument.

    On the flip side, the top actions Americans regret include spending money or purchasing something (49%), fighting with friends or family (43%) and making an unnecessary comment (36%).

    Over the years, Americans also regret an average of five angry text messages and two break-ups.

    In fact, nearly one-third (32%) of baby boomers have a regret that spans three decades and still crosses their minds an average of three times per month.

    While millennials’ oldest regret is only about 11 years old, they average fretting about it almost once per week, more than any other generation.

    Related: The Top 5 Regrets of Mid-Career Professionals

    Conducted by Talker Research on behalf of Mucinex, results revealed that Americans are almost twice as likely to make bad decisions at night (41%) than in the morning (22%).

    Moreover, Americans also tend to regret something more at night (43%). Nighttime decisions such as not going to bed at a decent time (47%), eating too many snacks or too much food (36%) and arguing with a loved one (35%) are the most likely to negatively impact Americans the next morning.

    For Gen Zers, failing to do their nighttime routine (29%) or forgetting to turn on their alarm (22%) will almost always ensure morning distress.

    These poor choices not only cause regret but also put Americans in a bad mood (39%), leave them unable to tackle the day (29%) or even inhibit them from fulfilling the day’s responsibilities (20%).

    Related: 10 Horrible Habits You’re Doing Right Now That Are Draining Your Energy

    But what factors are contributing to these bad decisions? According to the results, being tired (40%), sick and desperate for relief (20%) or after a long night out (15%) are the most likely culprits.

    “We don’t make the best decisions when we’re sick or tired, especially at night,” says Albert So, marketing director of upper respiratory at Reckitt. “And while no one is going to get it right every single time, it’s important to have products you can rely on to help you make better decisions so you don’t wake up with regrets.”

    For all the bad decisions made and opportunities missed, 48% of Americans still agree with the common saying, “Never regret anything because, at one moment, it was exactly what you wanted.”

    This may be because almost two-thirds (64%) believe that their decision-making has gotten better as they’ve gotten older.

    Results also revealed that some “bad” decisions don’t always result in feelings of regret. Staying up late with friends (24%), quitting a job (23%), taking a chance on a new food (20%), moving somewhere new (17%) and going to a concert on a weeknight (10%) are all choices Americans consider to have been “worth it.”

    “Few things are worse than starting your day regretting a choice you made the night before, especially when you’re suffering from cold and flu symptoms and have a busy day ahead,” So says. “Feeling better starts with getting a good night’s sleep and making smart decisions before bed so you wake up feeling ready to go with no regrets.”

    Related: 10 Regrets Most Entrepreneurs Eventually Face

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    David James

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  • Why Relying on Social Media for Income Is a Losing Game for Creators | Entrepreneur

    Why Relying on Social Media for Income Is a Losing Game for Creators | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Social media platforms are constantly evolving to keep creators engaged, but the changes to their monetization systems aren’t always in the creators’ best interest. Recently, platforms like Meta (Instagram/Facebook) and X (formerly Twitter) made adjustments to their creator monetization platforms in an effort to keep us producing content that keeps users scrolling. But let’s be honest — these systems are designed to benefit the platform more than the creator.

    Not everyone is on these platforms to make money from their monetization programs, but if you are — and you’re relying on these platforms for revenue — you’re playing a losing game. Algorithms control the visibility of your content, and whether you’re earning from ad revenue or just trying to reach more people, it’s the platform that ultimately calls the shots.

    I’ve experienced this firsthand. Over the last year, I racked up 35.9 million impressions on X. You’d think with that kind of reach, the payout would be significant, right? Well, not quite. My total earnings? $115.24. That’s barely enough for a decent pair of sneakers.

    The truth is, if you’re relying solely on platforms like Meta or X to build your livelihood, you’re going to be disappointed. These platforms are great for visibility, but they aren’t designed to make creators rich. It’s time to stop chasing likes, shares and viral moments and start taking control of your content and revenue streams.

    Related: 3 Reasons Why Relying on Social-Media Marketing Is a Losing Strategy

    Platforms are for awareness, not revenue

    Let’s get this straight — social media platforms are excellent tools for building awareness. They can help you reach new audiences, grow your following and gain visibility. But when it comes to monetizing that reach, the situation changes. The problem isn’t with creators not making good content; it’s that the platforms themselves control how many people see your work and how much you earn from it.

    Creators need to understand that these platforms are ad platforms first, not creator-first. They profit from ads, not from paying creators. Recent changes on Meta and X reflect this, as both platforms have made tweaks to their monetization systems to keep creators engaged and pumping out content. However, these changes don’t really shift the balance in the creator’s favor.

    The reality of revenue share on social platforms

    Here’s how monetization on these platforms works:

    • Meta (Instagram/Facebook): They’ve introduced In-Stream Ads and Ads on Reels, allowing creators to earn from their content. But unless you have a huge following, those earnings will be minimal. They may give the illusion of helping creators, but the lion’s share of the revenue goes to Meta.

    • X (formerly Twitter): X recently made a switch to paying creators based on engagement from Premium users only. This means if your audience isn’t subscribed to X Premium, their engagement doesn’t count toward your earnings. In other words, the platform is asking you to push their premium service to make money.

    The common theme? These platforms dictate your reach and earnings. Even with millions of impressions, you might still see shockingly low payouts. That’s the reality of relying on algorithms and ad-based revenue.

    What content ownership really means

    When I say “take ownership of your content,” I’m talking about moving away from platforms you don’t control. You need to be in charge of where your content lives, how it’s monetized and who gets to access it.

    This is what true ownership looks like:

    • Your content resides on a platform you control.

    • You decide how it’s monetized.

    • You set the terms for who gets access and keep 100% of the revenue.

    Social media platforms are useful for visibility, but if they change their algorithms or policies, your reach and income can vanish overnight. Creators who rely solely on these platforms are always at risk of having their hard-earned audience controlled by someone else’s rules.

    I’ve seen creators with massive followings wake up one day to find their reach has been slashed because of an algorithm update. That’s the trap: You’re constantly at the mercy of decisions made by the platform, not by you.

    Related: Using Social Media Alone To Build Your Brand’s Online Community Means You Risk Losing It All. Here’s Why.

    Creators are sleeping on email

    The crazy part? Many creators are still sleeping on email. Even some of the biggest names in content creation are putting all their faith in social media platforms. But email is one of the most powerful tools for reaching your audience directly. Unlike social media, you own your email list. Algorithms can’t touch it.

    Take Morning Brew as an example. They built their media empire by delivering free content through email. They cut through the social media noise, and today, they’re monetizing that audience through ads and sponsorships — keeping the majority of the revenue for themselves.

    Email marketing gives you control and consistency. You don’t have to worry about reach being throttled because you own the relationship with your audience.

    Why every creator needs a paid newsletter or course

    If you’re serious about monetizing your audience, it’s time to move beyond relying solely on social platforms. Instead, focus on creating content you can own, like a paid newsletter or an online course.

    Here’s why these models work:

    1. Paid newsletters: A paid newsletter allows you to deliver exclusive, high-value content directly to your subscribers. This creates recurring revenue and puts you in control of what you’re delivering and how much you’re charging. Morning Brew is a prime example of how this model can be scaled. By giving away content for free, they built a massive audience, which they now monetize through ads and sponsorships.

    2. Online courses: Have a skill or expertise? Package it up and sell it as a course. Online courses are a scalable product that keeps generating revenue even after you’ve created it. You can build a course once and keep profiting from it indefinitely.

    How you can leverage social platforms for awareness

    Just because I’m saying don’t rely on social platforms for revenue doesn’t mean you shouldn’t use them. Social platforms are still one of the best ways to build awareness and get attention at the top of the funnel. Here’s how you can leverage them to support your monetization strategy:

    1. Create awareness: Post engaging content that hooks people in. Your goal is to drive visibility, not immediate monetization.

    2. Drive traffic to owned channels: Once you’ve captured attention, move your audience to your email list, website or paid newsletter — platforms you control.

    3. Monetize on your terms: With your audience on a platform you own, you can monetize however you see fit, keeping all the revenue and growing your business sustainably.

    Related: Why Email Marketing Is Better for Your Business Than Social Media

    The creator economy is evolving, and the future belongs to those who take control of their content and revenue streams. Social media platforms like Meta and X are great for building awareness, but you shouldn’t depend on them for monetization.

    Instead, take control by moving your audience to a platform like email newsletters or online courses, where you own the content, the reach and the revenue. You’ll be free from the constant algorithm changes and in control of how much you earn.

    Ready to take control of your future? Start building your audience and stop relying on social platforms to determine your success. The future of your business depends on it.

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    Carlos Gil

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  • These Are the Top Side Hustles to Work Less, Make More Money | Entrepreneur

    These Are the Top Side Hustles to Work Less, Make More Money | Entrepreneur

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    In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

    A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

    The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

    The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

    Related: Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

    The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

    Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

    Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

    Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know

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    Sherin Shibu

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  • How NYU’s Scott Galloway Uses AI on the Job, How You Can Too | Entrepreneur

    How NYU’s Scott Galloway Uses AI on the Job, How You Can Too | Entrepreneur

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    NYU Stern professor and serial entrepreneur Scott Galloway says “AI is not going to take your job” — but people who know how to use it might.

    In an episode of the Masters of Scale podcast, which aired earlier this month, Galloway advised anyone who thinks their job might be at risk of automation to start using AI.

    Related: This One Talent Is ‘the Greatest Skill You Can Develop’ for Entrepreneurship, Says Professor Scott Galloway

    “I would say try to take 15, 30, 60 minutes a day, even if it’s spending time with your kids to try and time sneaker drops — which I’m doing with my 14-year-old — using AI,” he said. “Just get competent with it.”

    Galloway, who sold his media business L2 for $134 million in 2017, initially experimented with the tech by having AI write for him based on prompts. He quickly realized how much AI wrote “like a computer” or in a bland way.

    “I’ve used AI for every component of my job, and I find it can’t replace anything,” he said.

    Related: Worried About AI Stealing Your Job? A New Report Calls These 10 Careers ‘AI-Proof’

    Galloway says he now uses AI more as a “thought partner” than a writer. He consults AI for information, asks it to create a pitch deck, and prompts it to ask him questions like an investor based on the pitch deck. AI doesn’t replace the tasks Galloway has to do; it augments them.

    “What I would say is just start using [AI], and your own mind will start figuring out ways you can incorporate it,” Galloway said. “You’re the warrior. This is a weapon, but you’re the warrior.”

    Scott Galloway. Photo by Tobias Hase/Picture Alliance via Getty Images

    Galloway’s recommendations come as tasks like writing and coding have increasingly become automated. In August, Amazon Web Services CEO Matt Garman predicted a future where AI does most of the coding for software engineers. In April, Goldman Sachs CIO Marco Argenti encouraged computer science majors in college to study philosophy as well in order to develop the reasoning skills to interact with AI.

    As for writing, one expert estimates that 90% of all online content will be AI-generated by the end of next year.

    Related: How Close Is AI to Actually Stealing Your Dream Job?

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    Sherin Shibu

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  • EY Fires Dozens Over ‘Cheating’ on Online Courses | Entrepreneur

    EY Fires Dozens Over ‘Cheating’ on Online Courses | Entrepreneur

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    The Ernst & Young (EY) Ignite Learning Week in May offered employees at the consulting and strategy firm a chance to upskill by taking online courses like “Conversing with AI, one prompt at a time” and “How strong is your digital brand in the marketplace?”

    However, a report from The Financial Times revealed an unexpected consequence of the week: getting fired for “cheating.” EY staff who virtually attended more than one course at the same time were let go.

    Related: Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

    EY requires staff to complete 40 education credits per year, and the classes went towards that total. The firm said that dozens of employees were caught taking multiple courses simultaneously.

    To the employees, being fired reportedly came as a shock, considering the overall culture at EY.

    Some told FT that they’ve seen other employees do things like take two client calls at once. To them, the company has “a culture of multitasking,” complete with three monitors per person.

    According to Glassdoor, the average base salary at EY in New York City is $105,000 yearly, with an average annual bonus of $10,000.

    Cheating is a sensitive issue for EY. In 2022, the firm had to pay a $100 million penalty, the largest ever fine leveled against a company of its type, after the Securities and Exchange Commission found that its employees cheated on professional exams and education courses.

    Related: U.S. Recession Fears Are ‘Overstated,’ According to EY’s Chief Economist. Here’s Why.

    EY joins Meta in firing employees who misuse perks. Last week Meta reportedly let go of close to two dozen employees who used a $25 dinner voucher for items other than dinner over an extended period of time.

    EY has almost 400,000 employees globally.

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    Sherin Shibu

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  • I Was a Founder Before I Became an Investor — Here’s How It Shaped My Investment Strategy | Entrepreneur

    I Was a Founder Before I Became an Investor — Here’s How It Shaped My Investment Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Before becoming an investor at Bread, I was a startup founder. I know what it’s like to stand before a room full of people, palms sweating, asking them to believe in me. I also know the relentless effort it takes to prove, time and again, that their faith — and their money — will pay off. My journey from founder to funder was shaped by these experiences, and it’s why I approach investing differently.

    As a founder, I benefited most from investors who went beyond providing capital. They mentored me, guided me through difficult decisions and became true partners in my entrepreneurial journey. Now, as an investor, I aspire to offer the same kind of support to the founders I back because it’s something that the startup world has long been missing.

    This founder-to-funder transition isn’t unique to me — I’m seeing a growing number of entrepreneurs take their hard-earned experience and apply it to venture capital. What’s more, there’s an increasing number of former founders taking on strategic consulting roles for young companies. These “founders for hire” aren’t just giving advice from the sidelines; they’re applying years of entrepreneurial experience to help today’s founders plan, execute and grow their businesses.

    Both founders-to-investors and founders-for-hire are transforming how startups are funded and nurtured, and I believe it will have a profound impact on the startup ecosystem for years to come.

    Related: How Saying ‘Yes’ to Every Opportunity Helped My Startup Make $1 Million in the First Year

    A unique perspective

    Successful founder VCs have investment success rates that are 6.5 percentage points higher than professional VCs. This doesn’t surprise me. Founder-turned-investors bring something to the table that isn’t common in the VC world: operational knowledge. They’ve experienced the highs and lows of startup life, understand the challenges of scaling a business, and have a keen eye for identifying promising ventures. Investors with startup experience can relate to founders on a deeper level, offering insights that traditional investors might miss.

    My co-founders and I built our first product company, Density, from the ground up, which has shaped my approach to supporting my portfolio companies. It’s a common misconception that innovation in business is all about technological discovery, when really it’s about solving “boring problems.” I look for founders who are just as excited about their hiring practices, operational processes, and financial planning, as they are about their product development. When you’re excited about the boring things, you build better products and run a more stable business. I wouldn’t know this without the firsthand trial-and-error experience I gained as a founder.

    How experiences shape investment strategies

    If you’re a founder looking to raise capital, here’s why you want to look for an investor with startup experience:

    1. Emphasis on product and market fit: Having built products themselves, a founder-turned-investor is able to quickly assess a startup’s potential to solve real-world problems.
    2. Realistic expectations: They understand the challenges of scaling and are often more patient with growth trajectories.
    3. Focus on fundamentals: They tend to prioritize sustainable business models over hype-driven metrics.
    4. Empathy for founders: They’re more likely to back passionate founders who demonstrate grit and adaptability.

    Investors with startup experience also offer much more than access to capital, often providing founders with access to their network, partnership opportunities and guidance on every part of the business.

    The importance of hands-on involvement

    One of the most significant advantages that a founder-investor brings to the table is a willingness to roll up their sleeves and get involved in portfolio companies. They often want to know the ins and outs of product development at every company they invest in and the operational challenges they’re dealing with.

    Are they struggling to hire the right people? Are they lacking clear processes for project deliverables? Are they conflicted about which product feature to prioritize?

    Whatever the challenge, founder-turned-funders are not afraid to get into the trenches with their portfolio companies. Personally, I’ve spent hours helping founders reshape their visual identity, refine their marketing strategy or even relaunch their product if necessary. In many cases, I am literally in the code with them.

    Investors who’ve started their own companies know how hard it is. They want to provide emotional support and guidance through the intense ups and downs of startup life. By being a sounding board for the founders I work with, I hope to make the journey a little less stressful, which can make achieving success a bit easier.

    Related: What Should You Value More — An Investor’s Money or Their Experience?

    The future of the founder-led startup ecosystem

    Just as founder-led venture capital firms offer early entrepreneurs access to operational guidance, working with a consultant who has started their own company can provide invaluable mentorship opportunities.

    What sets a founder-for-hire apart from a traditional consultant is the depth of their involvement. They’re not just helping startups refine their sales motions or market strategies; they’re actively shaping products, helping find market fit, and even assisting in building out teams. It’s a level of engagement that goes far beyond typical consultant-client relationships. It’s also a flexible way for startups to tap into years of experience without needing to hire someone full-time or give up too much equity.

    Having a founder-consultant on your team is one of the smartest things you can do as an early entrepreneur. The combination of practical experience is invaluable in those first stages of business growth.

    Related: I Shifted From Founder to CEO 20 Years Ago and Never Looked Back — Here’s How to Successfully Make the Leap

    Bridging the gap

    The rise of founder-turned-investors and entrepreneurial consultants is changing the game for both venture capital and startups. By mixing financial knowledge with the real-world experience and hands-on involvement of former founders, these new players offer a unique level of business development and growth potential for young companies.

    For new entrepreneurs, this means a more supportive and understanding investment landscape. And for the startup ecosystem overall, it means a clearer path to success for everyone involved.

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    Rob Grazioli

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  • Meta Fires $400,000 Employee Over $25 Uber Eats Meal Voucher | Entrepreneur

    Meta Fires $400,000 Employee Over $25 Uber Eats Meal Voucher | Entrepreneur

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    Meta fired about two dozen people in the company’s Los Angeles office last week for misusing a $25 dinner voucher over an extended period of time. One employee made $400,000 per year.

    Meta gives employees a $20 credit for breakfast, $25 for lunch, and $25 for dinner through Grubhub or Uber Eats. Instead of using the $25 credit to buy dinner and have it delivered to the office, some Meta staff opted to buy items like toothpaste and wine glasses with the credit, per The Financial Times. Or they would get dinner delivered at home or pool their credit money together.

    Related: Meta Is Putting AI Images on Your Facebook and Instagram Feeds, With Personalized Pictures

    The staff who were let go routinely misused their vouchers, while others who misapplied them less frequently, were reprimanded but not fired.

    The Meta employee who made $400,000 wrote on an anonymous messaging platform that being let go over the meal credit was “surreal.”

    Mark Zuckerberg. Photo Credit: David Paul Morris/Bloomberg via Getty Images

    Meta started a new round of layoffs on Wednesday that affected teams across Instagram, WhatsApp, and Reality Labs. It’s unclear how many people were affected.

    Meta reported 22% revenue growth, or revenue of $39.07 billion, in its second quarter in late July. In an earnings call, CEO Mark Zuckerberg said that the company was “driving good growth” and that Meta AI was “on track to be the most used AI assistant in the world by the end of the year.”

    Related: She Sent a Cold Email to Meta Judging Its Ray-Bans. Now She Runs the Wearables Division.

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    Sherin Shibu

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