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Tag: Starting a Business

  • How Startups and Investors Can Thrive in the Current Economic Environment

    How Startups and Investors Can Thrive in the Current Economic Environment

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s macro-economic environment has changed significantly and we see the signs everywhere. There’s an obvious economic slowdown, the stock market has declined, and recent reports of layoffs – especially in the tech sector – point to a looming recession. Despite the negative elements of such an economy, it also presents an opportunity for smart startup founders and savvy investors to thrive.

    The impact of venture capital

    It may be surprising how much venture capital (VC) investing impacts the global economy. Forbes reports that VC investing used to be very risky; even as it has grown, in the U.S., it accounts for only 0.8% of the gross domestic product, compared to about 5% for the private equity industry. The numbers are even smaller in the United Kingdom and Europe. Despite that, between 1980 and 2020, about 39% of all IPOs were venture-backed; VC-based companies have also been proven to grow more than two times as fast as their non-VC-backed peers over a ten-year horizon.

    Data also shows that VC investing drives innovation and employment. Public companies with VC funding account for 44% of U.S. public companies’ research and development spending. Over ten years, employment by VC-based startups increased by 475% compared to 230% for the control group.

    In my experience, startups are typically funded by the founder at first and later with the help of family, friends or angel investors. Beyond that, VCs often provide the additional capital needed for a startup to expand its market and scale to new geographies. VC firms are composed of experienced investors who provide not only funding but also valuable advice — helping startups avoid typical mistakes and connecting them with corporate partners to move their business forward.

    Many of the most valuable companies in the U.S. were funded by venture capital. These include Pegasus investments in Airbnb, SpaceX, Stripe, DoorDash, Instacart and Robinhood.

    Related: Why Some Startups Succeed (and Why Most Fail)

    Succeeding in this environment

    How should investors make decisions in this environment? I recommend they invest in stable, high-quality companies with limited debt, strong balance sheets and good cash flow. It’s ideal if the companies are in stable sectors that are expected to grow. Now is not the time for highly speculative investments, and it’s not the time to bet on highly leveraged startups. A reasonable debt-to-equity ratio — comparing liabilities to equity — indicates that companies are not taking on unnecessary risk in an attempt to grow.

    A recessionary economy changes the game for both startups and VC firms. Since funding may be less available, startups need to refine their business strategy and be disciplined in spending money, making the companies more sustainable in the long term. Entrepreneurs may see it as riskier to start a business. Still, startup hiring becomes easier at the same time, given the number of tech layoffs in the corporate section, such as those at Meta, Amazon and Twitter in recent months.

    This environment presents opportunities for investors to fund startups at better pricing than during the booming economy. Deals are typically less competitive, and lower valuations mean that investors get more for their investments. VCs also need to be extra careful to conduct due diligence to ensure their chosen investments are worthwhile.

    In my experience, I’ve seen up to 30% lower pricing in venture investments during a down economy, spanning from the seed-round stage to later rounds. This reinforces that a slow macro economy helps VCs get good deals, and the pricing of shares tends to stabilize in such an environment — giving investors more peace of mind than they would otherwise have.

    Related: Diverse Hiring and Inclusive Leadership Is How Startups Thrive

    Act now to benefit

    Despite the bad news in today’s economic environment, I recommend that startups refine their business strategy and that VCs take advantage of less competition to invest. Many successful companies were founded in recessionary times, so smart founders and investors can each benefit by actively participating despite the perceived risks.

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    Anis Uzzaman

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  • Free Webinar | February 23: How Black Entrepreneurs Can Achieve Success With a Profit-First Mentality

    Free Webinar | February 23: How Black Entrepreneurs Can Achieve Success With a Profit-First Mentality

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    The road to becoming a successful entrepreneur is a lot less bumpy when someone who has been down that path is guiding you. In this webinar, two-time Emmy Award winner Mario Armstrong will elaborate on the profit-first mentality that led him to become the successful entrepreneur he is today.

    Register now to learn about topics including:

    • Learning The Pomodoro Technique for productivity
    • Accelerating trust from customers
    • Practicing mindset resilience
    • Avoiding the dream-killers in your life
    • And more!

    About the Speaker:

    Mario Armstrong is a two time Emmy Award Winner, Entrepreneur, Public Speaker, TV and Podcast Host. He teaches Creators & Entrepreneurs how to build their brand, monetize their passions and build profitable businesses. He’s the Creator and Host of the Emmy Award Winning Never Settle Show filmed at Nasdaq studios in Times Square. Mario is an NBC TODAY Show Contributor and appears regularly on NPR, Inside Edition & more. He is a public speaker with Daymond John’s Shark Group’s Speaking Division. His new podcast “Parents Making Profits” is available on the HubSpot Podcast Network. Mario’s latest venture is the Never Settle Academy, which provides creators and entrepreneurs the blueprint to closing sales and getting paid brand sponsorships.

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    Entrepreneur Staff

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  • He Turned His Music Passion Into a Thriving Audio Tech Business

    He Turned His Music Passion Into a Thriving Audio Tech Business

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


    Darren Nakonechny, CEO and founder of Flock Audio

    Who are you and what’s your business?

    I am Darren Nakonechny, CEO and founder of Flock Audio. We are a professional audio technology company that specializes in advanced analog routing technologies and hardware management solutions. Our patented analog routing technology is the first of its kind and we’re setting a new standard in our industry for using analog hardware in the professional audio field.

    What inspired you to create this business?

    After leaving a very stable career with many job promotions, I felt like I needed a change. Although I was making strides in my current career, I wasn’t happy or feeling fulfilled. So I changed my career path and ventured into uncharted waters, deepening my passion for audio production and recording studios — which I had been doing on the side for many years with local bands and artists. Once I left my career and began recording full-time, growing my studio and adding more recording hardware/tools along the way, I noticed there was a vital part of our industry that was missing and still stuck in the archaic past: the analog patchbay.

    Related: It’s Never Too Late to Launch Your Dream, Say These Skincare Entrepreneurs

    Analog routing in recording studios was still being done by a 150+-year-old technology, originally developed for the telecommunications industry. We are all familiar with the classic black-and-white footage of lady operators on stools, routing phone calls on a giant patch panel as they plugged and unplugged cables to connect phone calls. It turns out that this very technology was being used a century and a half later in the audio industry, and remained the only lucrative option for thousands of audio professionals worldwide. Upon experiencing this limited and grossly outdated method of analog routing firsthand, I knew there had to be a better way. More importantly, I questioned why there wasn’t a better way. This is what led to my journey into creating our industry’s leading analog routing technology, the Flock Audio PATCH Series.

    Patch

    What has been your biggest challenge and how did you pivot to overcome it?

    As with any groundbreaking technology, it’s overcoming the naysayers. To my surprise, most of our industry accepted and adopted our new technology solution with open arms, but this didn’t change the fact that we had to win over a range of more skeptical audio professionals, who despite seeing the growing successes of the product, were still unconvinced that this was the future of analog routing. New technology and change can be scary among the masses until you see what it can offer, and this is exactly what transpired with the Flock Audio PATCH Series.

    Once those skeptical audio professionals started to see more of the Flock Audio brand and eventually test it for themselves, they all agreed: there was no going back, and nothing else like it. This truly was the future of our analog hardware industry. I generally dislike the term “game changer” but the PATCH Series has been one of, if not the biggest game-changing technology in our industry. Seeing, hearing and experiencing is indeed believing.

    What advice would you give entrepreneurs looking for funding?


    As with every business, product and company scenarios are always unique. There is no simple solution or method to obtain funding. You will be promised a lot of opportunities for funding, and disappointed by a lot of roadblocks and gatekeepers along the way, but keep going. If it was simple or easy, everyone would do it. You will have to experience many hardships, difficulties and dark days during the early times of starting your company, but don’t stop. Accessing capital can come in many different forms of VCs, angel investors, love money, self-funding, preorder funding and more. But don’t expect some golden-throated investor to come along and sign a check to get your business off the ground. It takes determination, stamina and decisiveness to figure out the routes that others haven’t taken, and what might work for your company — specifically in terms of funding options that haven’t been explored. Our company was promised a lot of money and investments along the way during the early years, but not a single penny came through, and we had to do it on our own using creative and decisive methods. Despite the pain and disappointment of not getting any funding from outside sources, we made Flock Audio a true success story.

    
Related: You Don’t Have to Be a Business Owner to Think Like an Entrepreneur


    What does the word “entrepreneur” mean to you?

    For me, “entrepreneur” means a trailblazer: someone who can fit a square peg into a round hole. Perhaps someone who sees things differently? For the first 30 years of my life, I admittedly didn’t really know, care or had any reason to understand what ‘entrepreneur’ ever meant. It never made any sense to me until I lived it, and that included the heartbreaking times as well as other times of achievement that made you feel like a champion. I believe a true entrepreneur is not born. Instead, you are sculpted through early mornings and late nights of small successes and major defeats, until finally, you find the perfect balance towards achieving your dream. Never lose that focus, never forget why you started, and keep both of these things in your field of vision until you get there.

    What is something many aspiring business owners think they need that they really don’t?

    Partners, co-owners, etc. I hate to sound like a lone wolf but no two people, and no two business owners, are alike. If you have a vision for your life and how you want to live it, you don’t rely on other people to get you there. You need a great team, good individuals and positive reinforcement around you to help assist in fulfilling that dream but partnering with the wrong people can destroy in a matter of weeks what may have taken months or years to establish in your mind. Like many entrepreneurs, I made the typical mistake of thinking that I needed someone else to share this journey with and I was wrong. While that partnership didn’t work out, it ultimately taught me that even though you need a good team, you don’t necessarily need a partner to help you achieve your vision. No one will work harder for your dream than you. So I say go in it alone, be the lone wolf, be the odd one out. It’s not always fun, but it’s invigorating and can teach you so many things about yourself, including strength and perseverance you never knew you had in you.

    Related: This 18-Year-Old Student Wanted a Better Way to Keep Track of His School Work. So He Built an App — and a Business.

    Is there a particular quote or saying that you use as personal motivation?

    There are so many, but my favorite is one from Les Brown: “Some people get even, and some people get ahead, stay focused.” This quote has carried me through many difficult times, particularly in my own industry where there were some early naysayers who said my product would never be successful. Each and every time I heard this, I reminded myself of this quote above. The best approach was to keep my head down, stay focused and remember that the best revenge of all is proving people wrong with results; not by arguing online in an otherwise noisy world. I kept telling myself, “stay focused, stay focused, stay focused.”

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    Entrepreneur Staff

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  • Most Entrepreneurs Miss Out On This Crucial Step to Success

    Most Entrepreneurs Miss Out On This Crucial Step to Success

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s not hard to imagine this scenario: An entrepreneur experiences a problem and decides to build a solution to solve it. It works well, they love the solution and choose to start a business around it. The entrepreneur puts in a lot of energy, time and money to bring the new business into the world. Then they launch the business. And nothing happens. They simply can’t sell their solution.

    Whether you’ve launched a new small business or a high-growth startup, you’ve got an uphill battle before you. About 20% of startups won’t survive past their first year in business. There are many reasons why a new business won’t make it, but the one thing I see consistently as a fractional CMO is that the entrepreneur in charge hasn’t done their research.

    Doing market research in the early stages of building a company — and regularly after launching — is essential to validate a business idea and build something your market wants to buy.

    Yet, this essential step is often overlooked or simply ignored by many business owners. Why?

    First, it can be a lot of work. Furthermore, according to Vernon Research Group, you can expect to spend anywhere from $4,000 up to $50,000, depending on your research.

    Put those two factors together, and it becomes clearer why entrepreneurs are skipping this step. The truth, however, is that market research can be easy and cost-effective for small business owners. Here are four strategies for running effective market research on a budget.

    Related: Why Applying Constant Pressure on Yourself Can Significantly Improve Your Productivity and Success

    1. Interviews and surveys

    My favorite way to gather information for market research is to write down the questions I want answers to and have the answers documented through video interviews or surveys.

    The more people you can get to give you their insights, the better. To get the most responses for your survey or interviewees to meet with you, you’ve got to start asking. This can be done by posting on your own social media channels, identifying your target customer on LinkedIn and sending them a message asking for help, or even running ads on social media.

    The key here is to get scrappy, don’t be afraid to put yourself out there and keep going until you have enough information documented to make an educated decision about how to move forward.

    Related: The Best Ways to Do Market Research for Your Business Plan

    2. Competitive analysis

    Although it is often undervalued, there is a lot to be said for conducting a thorough competitive analysis to inform the next steps to take in your business.

    Researching your competition means stepping beyond comparing your business to one or two others. Find eight to 12 companies that could be considered your competition and analyze everything they do, not just their product features. Who are they identifying as the target market? What are they highlighting in their messaging? What are their price points? How are they showing up on social media?

    A strong competitive analysis will help you to identify more clearly how your market is currently being served and how you can fill the gaps.

    Related: How To Spy on Your Competition With Social Media

    3. Tap into the communities of your target market

    We are now connected online more than ever before in human history, and people gather in digital spaces over the things that connect them, from their love of pets to their personal challenges. Find the communities where your target market spends their time, follow their conversations and start engaging.

    Facebook groups, Twitter and LinkedIn are ideal platforms for identifying and joining communities where your ideal customer might connect with others around a problem you are solving.

    4. Start asking questions publicly

    Arguably, Quora and Reddit could also be called communities where your target market lives. However, the way people engage and interact on these platforms is fundamentally different. On Facebook groups, Twitter and LinkedIn, you need to spend time engaging and building rapport with others in the community.

    On Quora and Reddit, it’s a bit easier to join an existing conversation or post a question and get a direct response from the community at any time, as long as you have a thoughtful, non-promotional question to ask.

    These two platforms will likely be the quickest way to start your market research.

    The big problem with skipping market research is that you risk building a product or service that no one wants. It’s essential to spend the time — before you start building — to identify your target market, find them, and get feedback on what you’re trying to create.

    You simply can’t afford to overlook it or assume you know what the market wants or needs.

    Market research is a key component to successfully launching any new business. With a little time and effort, you can successfully confirm that your product has a spot in the market and move forward confidently.

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    Shauna Armitage

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  • Here’s What the Co-Founder of Zillow Says Investors Really Want to Hear From You

    Here’s What the Co-Founder of Zillow Says Investors Really Want to Hear From You

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    Opinions expressed by Entrepreneur contributors are their own.

    “What do you look for when investing in a startup?” It’s a critical question for entrepreneurs looking to launch or grow a business.


    Bloomberg | Getty Images

    We asked Spencer Rascoff, co-founder of Zillow and Hotwire and General Partner at 75 & Sunny, what he looks for in a business and in an entrepreneur to get his backing and support. Here are five critical characteristics that he and other investors are looking for when a new idea comes their way.

    1. You have grit

    “I want that founder ready to run through walls to make something successful,” says Rascoff. “A chip on their shoulder.”

    This is the ability of the founder and team to persevere through the inevitable challenges and setbacks that come with starting a business. It’s that “never say die” attitude that will help them push through the tough times.

    Make sure you have the fire inside of you.

    Related: Book a one-on-one video call with billion-dollar founders

    2. You are a perfect fit for this idea

    “There is no such thing as a great founder, there is only a great founder for a specific idea. So I want that founder to think they were put on this earth to solve that problem,” says Rascoff.

    The founder and the idea need to be a perfect match. The founder needs to be the right person to execute the idea and bring it to life.

    You need to exude the fact that you were born to build this company.

    3. You know how to fundraise

    As Rascoff says, “When you make an early-stage investment in a company, you are really betting that company will be able to raise future rounds.” The ability to raise money is a key indicator of a startup’s potential success. Master the art of sales — great entrepreneurs aren’t just people with big ideas, they’re great at communicating why those ideas matter.

    4. Your idea is big

    This is all about having a grasp on the size of the market your startup is targeting. As Rascoff asks, “Is it a feature, or is it a company?” A big market means more potential customers and more potential revenue.

    5. Ability to recruit

    “Missionaries recruit followers. Recruiting is critical to a company’s success,” says Rascoff. A founder who is passionate and dedicated to their cause should be able to attract others to join their team.

    Keep these five critical characteristics that investors look for in startups in mind as you’re building your business, and you’ll be well on your way to impressing us and securing that investment. If you want to dig deeper into one or all of these tips, you can book a one-on-one video call with Spencer Rascoff today.

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    Brad Klune

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  • Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

    Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

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    What do you think about a pubic haircare brand?


    Courtesy of Fur

    That was the question Fur co-founders Laura Schubert and Lillian Tung were asking back in 2015, as part of the qualitative research the duo conducted on family, friends — even strangers at cocktail parties.

    Schubert and Tung were on the cusp of launching an innovative body-care brand at the time, but it meant taking a big chance.

    Both Harvard grads who’d been friends since seventh grade, the soon-to-be co-founders had already established themselves in the corporate world. Schubert was a management consultant at Bain and Company, while Tung oversaw marketing at Maybelline — and was “super jaded” by the increasingly crowded beauty space.

    Still, Schubert was ready to tackle the then-untouched pubic haircare market, and after some persistence, she convinced Tung to join her. Now, their natural body-care collection is a major hit, including the Fur Oil that started it all: “gentle enough for pubic hair and skin, but effective from head to toe,” which retails for $52 per bottle.

    Entrepreneur sat down with Schubert and Tung to learn about the mission behind their “taboo” beauty line and how they transformed it from an idea to a cult favorite that counts actress Emma Watson among its many fans.

    Related: 100 Things You Need to Know to Succeed in the Modern Beauty Industry

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about.”

    It all started in 2014 when Schubert asked her sister and friends what they were doing in terms of body hair care.

    “I was getting waxed religiously at the time,” Schubert recalls, “and just thinking about, What do I want to wax? How do I want to wax? What do I do between sessions? I get terrible ingrowns — what are people doing about that?“

    The information available on the subject was scarce, and when Schubert searched for products that might help solve her problems, she came up empty-handed. Ultimately, she concluded that some serious stigma was at the root of the issue.

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about,” Schubert says — and she wanted to change that.

    “We all grow body hair,” she says. “We all choose to groom or not groom our body hair. And I just really got the feeling that people would want products like this.”

    There was only one choice when it came to body hair maintenance, Tung adds: removal.

    Schubert wanted to partner with Tung on the venture, so she got creative at her holiday party in 2014. She handed Tung the still-unnamed blue bottle of formula that would become the company’s groundbreaking oil, poured her a “really stiff drink” and asked her to give it a try.

    Tung, a lover of product formulas and development, was immediately impressed by the oil, which counts grape seed, jojoba, clary sage and tea tree oils among its key ingredients.

    “I tried the formula, and I thought it was amazing,” Tung recalls. “It did what it [was supposed to do] on the pubic hair area: softens your hair, makes your skin better, but also it’s just an amazing experience. And that was when I was like, Well, this could have legs.”

    Image credit: Courtesy of Fur

    Related: The Future of Innovation in the Beauty Industry

    “Either people immediately got it…Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore.’”

    When Tung joined Schubert in the qualitative research process, asking a range of would-be consumers what they thought about a pubic haircare brand, she saw two camps emerge.

    “Either people immediately got it and loved it and said, ‘Wow, I can’t believe we never thought about this. I can’t believe a product like this doesn’t exist — that’s brilliant,’” Tung explains. “Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore. Why would you do that? That’s gross.’”

    But from a marketing perspective, the polarized response intrigued Tung, who says that “strong reactions, positive or negative, mean that there’s something memorable — something for you to hang your hat on in terms of messaging.”

    That gives someone having an initially negative reaction to the idea the chance to engage with the conversation and potentially become open to it.

    “It allows them to at least think about it, and if they’re thinking about it, you can encourage them to talk about it,” Tung says. “If you can encourage people to talk about it and keep it a comfortable, safe space, people can express a variety of opinions and have the opportunity to change their minds, including myself.”

    When Schubert served as the brand’s “first salesperson” and took the product into stores, she often faced similar resistance. She recalls being kicked out for solicitation and told to go on Shark Tank (and they did in 2020, even striking an on-air deal with Lori Greiner).

    And even those who did express interest in the product had reservations about leaning into Fur’s unapologetically authentic branding: One major retailer loved everything about the oil but just didn’t think having the word “pubic” on the box would resonate with its customers.

    “We went pretty far down that path of evaluating,” Tung recalls, “Is pubic really a dirty word? Should we be removing it from our branding? But of course we knew we had to stay true to what we wanted to do and where we came from.”

    As co-founders who’d built their business from scratch and are still self-funded, turning down the request was tough — but essential.

    “It was a really big relationship,” Schubert says. “But we knew, being a mission-based brand, that that was something that we could never do. And so to this day, ‘pubic’ is on the front of the Fur Oil box. It will always be on the front of the Fur Oil box because this is what we’re here to do: to encourage conversations around pubic hair and body hair.”

    Image credit: Courtesy of Fur

    Related: Why You Should Do Everything You Can to Self-Fund Your Business

    “As a mission-based brand looking to destigmatize the taboo around body hair, it’s so important to be in places where everybody is thinking and shopping.”

    Fur’s dedication to its original mission continues to pay off big-time, attracting an enthusiastic fanbase that includes Hollywood A-listers like Emma Watson.

    It was 2017 when Fur’s website started “going crazy;” the co-founders discovered Watson’s Into the Gloss interview, where the actress and activist shared that Fur Oil is an essential part of her beauty routine.

    “She really understood our product,” Schubert says, “and we sold out of two years’ worth of product in three weeks. That was definitely a moment that put our brand very much on the map.”

    In the years since, Fur has stayed on the map (and expanded its territory) by rising to meet unforeseen challenges as they come up, especially as they pertain to growth and scale.

    Despite being “thrown for a loop” during Covid as many brands were, navigating changes in the market, digital platforms and, of course, the supply chain, Fur weathered the storm — and even thrived.

    The brand has quintupled its staff over the course of the pandemic and is on track to see more than $20 million in revenue this year.

    Part of the secret to Fur’s success lies in its prioritization of omnichannel growth.

    “It’s so important to be in places where everybody is thinking and shopping and has the ability to get to it,” Tung explains. “And if you were to look at our revenue breakdown, we’re very evenly split across all of our partnerships and our channels — that’s so important because in this day and age, people shop everywhere all the time.”

    Naturally, a lot has changed in the near-decade since Schubert first set out to solve the pubic problem no one was talking about, but when it comes to founders who might have an idea today (taboo or not), some lessons learned remain just as relevant.

    First, don’t wait to figure out the whole path, Tung suggests — just get started.

    And Schubert’s best piece of advice? (Also the very reason Fur exists.) “Every ‘no’ is a ‘not yet.’”

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    Amanda Breen

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  • 60-Second Business Tip: Myths of Entrepreneurship

    60-Second Business Tip: Myths of Entrepreneurship

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    There is a lot of great information about entrepreneurship out there, but some ideas floating around are not completely accurate, says business development consultant and Entrepreneur magazine writer Terry Rice. In the above video, Rice breaks down three common myths about entrepreneurship.

    Myth 1: You have to follow your passion.

    Well, that sounds nice, but it’s not completely true. Instead of passion, focus on purpose. What is something that you’re good at that can help people and have a meaningful impact on your life?

    Myth 2: You should try to make as much money as possible.

    You could be happy making $60,000 a year as a solopreneur or completely miserable, making $600,000 managing a large staff. You get to decide what success means to you, not society.

    Myth 3: You need to have a unique idea.

    The truth is a lot of good ideas have already been. But your personality, experiences and character can allow you to put a unique spin on them and potentially find room for improvement.

    Related: 60-Second Tip on Getting More Productive

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    Entrepreneur Staff

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  • Free Webinar | February 15: How to Build and Elevate A Black-Owned Brand

    Free Webinar | February 15: How to Build and Elevate A Black-Owned Brand

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    Opinions expressed by Entrepreneur contributors are their own.

    While business operations are generally black and white (hello, spreadsheets,) there are often unique cultural and environmental nuances that drive how a Black-owned brand is developed and launched, ultimately shaping how it is received and grows in the marketplace. Learn from global executive leader in public relations and brand elevation, Zakiya Larry, how to shape and grow a Black-owned brand that stands out and lasts. Also, discover how to go beyond checking a DEI box, to enhancing any company’s operations with Black-owned brands.

    Secure your spot today!

    Register now >>

    About the Speaker:

    Zakiya Larry, immediate past Chief Communications Officer for Constellation, a group within Stagwell, elevates brands and awareness through visibility strategy, media coaching, speaking and PR training, crisis mitigation and strategic public relations.

    Zakiya’s media features as an expert include: The New York Times, O, The Oprah Magazine (.com,) FOX News Radio Network, BlackEnterprise.com, The Washington Post, ESSENCE, Ebony, and many others.

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  • Top 5 Fastest Growing Industries for 2023

    Top 5 Fastest Growing Industries for 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The world is changing rapidly, and with it, the industries that drive the global economy. In recent years, some industries have seen explosive growth while others have slowed or disappeared entirely. In this article, we’ll take a look at the top five fastest-growing industries and discuss what makes them so successful. From technology to health care, these sectors are driving the economy forward and paving the way for a brighter future.

    Related: These Are the 10 Fastest-Growing Jobs in the U.S.

    1. Shipping and delivery services

    The rising popularity of online purchases has led to an increased demand for shippers and is fast securing its place as the growth industry front-runner.

    The American Shipper reports that as much as 8% of all retail sales are made online, or $394 billion. With an increasing number of people purchasing items from websites like Amazon and eBay, there will be an increased demand for individuals who can transport these items from one location to another since the pandemic. It is predicted by many economists to be the fastest-growing industry world-over within the next year.

    As a result, shipping companies are hiring more people than ever, and your skills may allow you to join them. If you’re looking for a career that allows you flexibility in scheduling while still maintaining a stable income while working remotely (or at least part-time), this industry might be right up your alley.

    There are many benefits associated with being an independent contractor: flexible hours, no commute time, no dress code and a choice over how much work or money you want out of it (or how much time). These perks make it easy enough to fit into any lifestyle and succeed.

    2. The healthcare industry

    The healthcare industry is projected to expand by 19%, making it the second-fastest growing sector.

    The reason for this growth is the increasing demand for healthcare insurance and the need for more people to fill jobs in the healthcare industry. As our population grows, so do its medical needs — companies have to hire more doctors and nurses to meet those demands. More people are getting sick, which means that more people need treatment. This increase in demand has led to a rise in healthcare professionals’ salaries and an influx of new patients into the field.

    The influx of new patients who require medical attention due to new laws will also cause the demand for insurance policies to rise. For example, in 2019, many states mandated that employers cover their employees’ contraception costs under their health plans. This development has significantly increased the demand for healthcare insurance among young people seeking birth control coverage.

    Related: Telemedicine is the New Normal in the Health Care Industry

    3. Travel and food industries

    With the growing population and interest in traveling after years lost to the pandemic, dream jobs that combine travel with food and culture are set to land in third place.

    If you love to travel, consider a career as an agent or guide who helps others plan their trips. Ensure you’re certified by your local government to become a tour guide (usually required for historical sites).

    You could also be certified through organizations like the Professional Tour Guide Institute of San Francisco or the International Institute of Travel & Tourism Studies (IITTS). If you don’t want to work directly with tourists but still want to help with travel, become an agent for a company specializing in international flights and accommodations.

    Related: The Travel Sector Is Getting Upgraded

    4. Online retail

    As more consumers turn to online platforms for shopping, businesses are quickly adapting to meet this demand. Companies like Amazon, Walmart and Target invest heavily in online efforts to serve their customers better. With more people using the internet to shop and take advantage of discounts, the online retail sector is expected to grow significantly this year.

    The convenience of shopping online through the pandemic has significantly expanded — albeit less for wants and more for needs. However, e-consumerism is already showing a strong return, with 1 out of every five retail purchases occurring online and an estimated end-of-year worth of $1.1 trillion.

    5. The AI revolution

    The future of the global economy lies in Artificial Intelligence (AI). AI is expected to be one of the fastest-growing industries of 2023, already valued at $328.34 billion. AI has begun to revolutionize many industries, such as healthcare, finance and transportation. Through automation, improved data analysis capabilities and predictive analytics, AI is helping businesses become faster and more efficient while cutting costs. With its potential for tremendous growth and its ability to revolutionize existing industries, AI is set to be one of the most important drivers of economic growth not just today but for coming years.

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    Christopher Massimine

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  • How This Founder Landed a $150K Investment

    How This Founder Landed a $150K Investment

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    How do you land a $150,000 investment on Entrepreneur Elevator Pitch? Practice, lots and lots of practice.


    Jared McCluskey

    When Jared McCluskey and Alec Tremaine, founders of the gaming-creator platform The Mirror, got their shot in the elevator, they did not take it lightly. “We practiced our 60-second pitch over 100 times with video calls and by recording ourselves,” McCluskey told Entrepreneur. “We knew we had one shot to get the doors open.”

    The doors to the boardroom not only opened, but the duo secured funding from tech investor Swan Sit, who was impressed with The Mirror’s capabilities for game makers. “The Mirror is designed for all skill levels and similar to how Figma brought multiplayer to design, The Mirror brings real-time collaboration to game development,” explains McCluskey.

    Watch The Mirror’s Winning Pitch

    We caught up with McCluskey to pick his brain for pitching strategies and tactics anyone can use on the show or in any meeting.

    Congrats on your success on the show. Why do you think the investors voted to open the doors for you?

    I believe they opened the doors because we hit the key points of the problem, solution, market, differentiation, team, traction, and financials in a concise, clear manner in the allotted 60 seconds.

    Related: The Surprise Move That Resulted in a $100K Investment

    How did the negotiations go? Would you do anything differently?

    The show’s team does a great job with having these pitches truly be on a timer with no redos. So you must plan and practice under pressure. Pop culture loves the myth of inherent talent, “overnight successes”, and victory without trying. When Howard Hughes set the world record by circumnavigating the globe in 91 hours, he said, “There is one thing about this flight that I would like everyone to know: it was in no way a stunt. It was the carrying out of a careful plan and it functioned because it was carefully planned.” Ben Horowitz alludes to these as “lead bullets.” You won’t regret putting in the reps.

    What do you plan to do with your investment?

    We’ll continue to hire the best engineers to build a real-time game development platform that delights indie game developers and 3D creators. I’m thankful for how supportive the Godot community has been and we aim to continue to give back by sponsoring code contributions.

    I’m grateful to Swan Sit for backing us. We went into the show not only seeking investment but a long-term partner and I believe this will be a great collaboration. Her presence in the web3 community and our focus on using web3 technology to create opportunities for people to learn new skills with free-market incentives is a perfect fit.

    What did it mean to you personally to get in the doors and walk out with a win?

    Some of it still doesn’t feel real. It was less than a year ago that I sent a good friend (and now an investor, Maria Derchi) a 30-page draft about this blindspot that no company is tackling. I called Alec and Micah Petersen and asked, “Do you think I’m crazy?” Pieces were lining up almost too well with what I’ve been thinking about building for 15+ years since my Second Life business.

    The best way to define the future is to build it. Each day when you get up and look in the mirror, you get to make choices; these choices shape the day, and these days cumulatively become the future. The future is in the mirror.

    Related: Would You Say No to a $2 Million Investment Offer?

    What is your advice for anyone thinking of applying to be on a future episode?

    Hit the key points that investors are looking for. As a technical founder, it’s easy for me to go so in-depth on tech and product in pitches that I spend too little time on the other key items of the business. You must paint a simple and complete picture of the business, not just the product. Make sure to have an ask when you are pitching in the elevator and don’t be afraid to negotiate with the investors. My high school background was in debate. I was in the YMCA’s awesome Youth & Government program and it had a huge, positive impact on my life. I highly recommend joining a program like it to hone your public speaking ability.

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    Entrepreneur Staff

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  • 6 Steps To Follow When Choosing a Real Estate Agent

    6 Steps To Follow When Choosing a Real Estate Agent

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    Opinions expressed by Entrepreneur contributors are their own.

    Due to higher home mortgage loan interest rates, many homebuyers are sitting on the sidelines, waiting to purchase a home. The high-interest rates have also reduced the homebuyer’s purchasing power making a once manageable monthly mortgage payment an unaffordable expense.

    However, homes that show well, are priced well and are in a highly desirable part of town will sell very quickly with multiple offers. If not, your home may be on the market for 30-plus days before you receive an offer.

    If you’re thinking of calling an agent, like me, to purchase or sell a home, here are a few ways to prepare yourself for the journey ahead; have all of the money matters taken care of. What I mean by that is to be pre-approved for a mortgage loan if you’re purchasing a home and know how much you’re going to net off the sale of your current home if you’re planning to sell it. Assuming the home is presentable, we’ll be ready to show it within a few days.

    You already know buying or selling is not an overnight task, but how much time it takes depends on the layout of your home and your budget. Don’t take the chance of making a bad first impression in real estate.

    Related: 7 Secrets Luxury Home Buyers Need to Know

    To decide on an agent, first complete the following:

    1. Get a mortgage pre-approval

    To begin, research your mortgage choices before signing a contract with a real estate agent. The mortgage you can afford depends on several factors, including the length, price and interest rate of the mortgage you choose.

    Getting pre-qualified for a mortgage is not the same as getting pre-approved. Both pre-qualification and pre-approval need a thorough examination of your financial situation, but only the latter requires a formal mortgage application.

    Related: The Property Line: What’s With the Surge in Mortgage Rates?

    2. Research the market

    Your search for a new home should be limited to properties within the price range established by the mortgage for which you have been pre-approved. However, if you plan on selling simultaneously, you should research comparable homes in the neighborhood. Remember that the asking prices listed in real estate ads, whether online or in print, are all you will learn. A real estate agent can provide information on how long a home has been on the market, if there have been any price reductions and, most crucially, how much you may expect to pay at closing.

    While studying the real estate market is crucial, avoiding falling in love with any particular property is essential. If you need to sell your current house before buying a new one, there’s a good possibility the property won’t still be available when you’re ready to purchase. Offers contingent on selling another property, known in the real estate market as “yes, but…” offers, have a lower likelihood of being accepted by the seller than those with a stable financial background.

    Related: Single Home Purchase Error Gives Woman Entire Neighborhood

    3. Remove clutter

    Many of us have seen “Trading Spaces” and feel confident in our home-staging abilities. You probably already know that making a good impression on your real estate agent is crucial. If you want your real estate agent to see the full potential in your home, you should have an open house before they come over.

    • Extra shoes and coats should be stored. Keeping these items in plain sight indicates a closet or storage area deficiency.
    • Take off your belongings. Potential buyers want to envision themselves living in your home, and seeing photos of your family reunion can soon dash any hopes.
    • Empty the fridge. The home’s appearance of order and tranquility is ruined by the accumulation of alphabet magnets, postcards, and receipts.
    • Clear out the clutter. Larger homes with more open floor plans give visitors more room to move about and think creatively about how they may use the property.

    Related: 5 Essential Tips for Networking in Real Estate

    4. Clean

    If you’re trying to sell your property, a spotless look will get you far further than you think. A neat dwelling indicates a sense of ownership and pride. The entrance, for example, should be given as much care and attention as the rest of the building. Clean up the area around your entrance, mailbox, mat and trim. While you might not give much thought to dust and insects living in your light fixtures and shades daily, prospective purchasers who do their due diligence might be put off by such slovenly maintenance.

    Window cleanliness is directly proportional to the amount of natural light let in and the degree to which one can take in the scenery outside. It’s a good idea to change out the furnace filter once a month to keep the air flowing freely and to keep the air quality high in your home. Finally, make sure the restroom is spotless. The ancient rule of bathroom etiquette that states you shouldn’t touch anything other than the toilet, the bathtub and the tiles suddenly becomes extremely important. Do not stand on the toilet seat.

    Related: 5 Ways to Sell Your House Fast

    5. Replace, restore or resurface

    Many long-term residents have come to accept the need for constant maintenance and the presence of outdated or broken fixtures. Walls, for instance, need to be patched and painted. Neutral paint colors make it easier for potential buyers to picture themselves in your home (like a blank canvas), and a fresh coat of paint on an undamaged wall shows that you take pride in maintaining the property.

    Consider the home’s street charm as well. Are the weeds pulled and the grass cut? Most potential buyers will form their first impression of your home based on its outside, so give it its best face forward.

    A pre-sale home inspection might be helpful if your property is older or you suspect there may be surprises that would cause potential buyers to back out of their offer. An estimate of the repairs needed will let potential purchasers know what they’re getting into.

    6. Search for prospective brokers

    Try not to settle for the first agent that pops up in a web search. Find an agent who is a good fit for your needs by doing some research. Referrals from recent movers are an excellent place to begin, and there are also many online resources for researching and evaluating real estate agents. Also, it’s important to find a real estate agent who has experience selling properties in your area since they will know how to set a fair price for your property.

    A real estate agent with years of expertise will know how to market your home effectively and where to look for a new one. Remember that real estate brokers can take as much as 7% of your home’s sale price at closing, so choose carefully.

    Related: Signs You are in a Bad Relationship With Your Real Estate Broker

    In conclusion

    The first things to do when selling or purchasing a home are the same as they would be for any other large purchase: research and planning. Before you call in a real estate agent, you must make your house look desirable. Keep in mind that if you don’t get an offer, your real estate agent can’t help you sell, and if your home isn’t in good shape, it won’t be in high demand.

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    Chris D. Bentley

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  • Entrepreneur Guide | Best Financial Tools and Business Ideas to Make More Money in 2023

    Entrepreneur Guide | Best Financial Tools and Business Ideas to Make More Money in 2023

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    Ask any entrepreneur what their most valuable asset is, and ten out of ten will answer the same: time.

    You can’t buy more of it and try as you might, you can’t squeeze more of it into a day. But you can save time, which is why we’re introducing Entrepreneur Guide, a one-stop shop for all of your business needs. We’ve pulled together this heavily-researched compendium to help you make the best decisions for your personal and business finances. No more hours wasted shopping around — Entrepreneur Guide has expert-vetted and time-tested resources to build and manage your wealth quickly and efficiently.

    Entrepreneur Guide resources

    Best banking products: Low-interest loans, money market, checking and savings accounts, bank bonuses, and more

    Best small business tools: Calculators and management systems

    Best side hustle ideas: Proven ways to make passive income or run a business during off hours

    Best mortgages: Most competitive rates to refinance or buy a new property

    Best investments: Expert guidance on navigating the markets

    Best loans: Personal loans for business and personal needs

    Best insurance products: Low-cost coverage for your home and business

    Related: Latest stock tips for beginner investors

    Daily updated trends and news

    Information equals power. Beyond tools and money-saving financial products, you will find helpful how-tos and articles in Entrepreneur Guide to put you on a path to success, including:

    7 Small Business Tax Deductions You Need To Know

    8 Best Passive Income Business Ideas of 2023

    8 Must-Have Social Media Marketing Tools for 2023

    You’ve got the passion to run a business, Entrepreneur Guide has the tools and resources to help you achieve breakthrough results. Check for daily updates as our team is constantly monitoring and updating to bring you the best money-saving and money-making resources out there.

    Check out Entrepreneur Guide now

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    Entrepreneur Staff

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  • How to Product Launch in A Competitive Industry

    How to Product Launch in A Competitive Industry

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    Opinions expressed by Entrepreneur contributors are their own.

    Bringing any kind of new product to market requires a different approach for every industry, target customer and even location you need to enter. Occasionally, new products are so novel that they automatically stand out without much marketing help. But if you are launching a specialized version of a product that already kind of exists, maintaining a strict focus on your target customer and doing everything you can to speak to them personally about your differentiators will help you break through.

    Otherwise, going head-to-head with existing products on a national or global stage will make it harder. Your messages are more likely to get overshadowed.

    The first recommendation is to limit your initial outreach to a small target audience. Second, put on your digital marketer hat and start thinking like a growth marketer.

    After the pandemic, we see in a recent study that B2B buyers now purchase 67% of their products online. It’s up to suppliers to deliver the best product presentation online. You’ll notice that this includes user experience. B2B companies can no longer get away with being a few steps behind B2C with their digital marketing and creative skills.

    Related: 6 Key Things to Consider When Bringing a Product to Market

    But don’t get too confident B2C marketers! You’re just as susceptible to missteps in this process. One of the biggest that everyone can relate to is live streams. They are fun to think about and plan, but they offer zero customer interaction. Afterward, you’re left with the same activity and audience. Think about it — you can’t capture, engage or keep talking to participants. You’re better off doing anything else.

    This doesn’t have to happen. Digital tools are easy to get and use. There are very few barriers to providing every buyer with easy access to your product. Further, if you do it right, they will also take action and be loyal customers.

    To get to this sweet spot, it is essential to know how to use digital and credibility-building tools to generate awareness and quality leads. Here are a few broad strokes on how to get started launching a product.

    1. Plan and prepare

    Launching a product will always require months of advance preparation. It seems obvious, but you’d be surprised how many people leave marketing until the last minute.

    Prepare a plan to make the product known to the target audience. At a minimum, decide what success looks like, who will manage which activities and how much you want to spend.

    Because leaders often want to sell the product as quickly as possible, they can leave behind the best opportunities to educate customers. They can’t see the forest through the trees. So they ‘launch,’ but customers don’t know and understand what the product is about – and then the launch fails or performs weakly without a concrete reason.

    With a well-developed communications plan, you can respond to market needs effectively and measure each step you take.

    You may also need to utilize various channels, like social media influencers, magazine editors, content creators or the local media. You may try several different iterations of the same approach to see what works best. That’s why this planning can take months.

    When we worked with a small publicly traded company within the coal production industry, we focused not only on its marketing efforts but also on public and investor relations. We did this within its home state since it already housed much of the company’s small market.

    Our efforts increased awareness and routinely had the company mentioned among the largest in the industry — despite being one of the smallest. It was less expensive and draining for us to focus our efforts on the state level than on Wall Street, and we got much better results.

    Planning is key. Setting goals, preparing the launch with several backup options, organizing a crisis response strategy and approaching customer questions and concerns must be done well in advance. You can more personally find and fix places that need refinements in a smaller environment.

    2. Study the competition

    The benefit of starting in such a small capacity is that you can easily search who your closest competitors are and what they offer that you don’t and vice versa while staying under the (proverbial) radar. You can also look at larger competitors and replicate their success at a smaller level. It’s cheaper to run ads or use brand sponsorships locally than at the national level.

    Related: Business Spying 101: How to Spy on Your Competitors

    Thankfully, there has been a decline in this trend in recent years, but many businesses tend still focus less on marketing than they do on direct sales. Even with that being the case, less than 5% of B2B content marketers focus on bottom-of-the-funnel content. This means there’s a huge information gap regarding white papers, testimonials, and case studies that you can use to your advantage if you use digital marketing strategies.

    For B2C marketers, this weakness exists too for brands that are not great at tracking how users progress through their websites. This is where content can still save you by offering social proof and other upsells and cross-sells at the funnel drop-off.

    Since we’re talking about product launching, you can’t always start with ‘proof’ content. But starting in a smaller environment allows you more personal access to your customer base to quickly capture this kind of content. As soon as you get the first sales, ask for those testimonials, reviews and case studies and collect that precious content that will make you stand out when you scale bigger.

    When we worked with the launch of an oval-shaped fire extinguisher that fit within a standard wall, we had a tightly controlled and competitive sector where no one had innovated since the early stages of extinguisher technology.

    This gave us fertile ground not only to introduce new messaging but to use digital and other modern tactics that the rest of the industry had not used. They didn’t have to until another brand came along and upset the apple cart!

    Related: How to Produce Quality Competitive Intelligence

    While respecting regulations and taking advantage of the radical design of the product, we generated powerful content marketing strategies aimed at retailers struggling with ADA compliance and the space occupied by fire extinguishers.

    Since we first applied our marketing strategies, the brand made a lucrative exit and now has a market share that previously seemed impossible to reach.

    3. Digital marketing is a must

    It’s worth saying again that no brand can get away without digital marketing and an emphasis, no – an intense focus – on user experience.

    Creating educational content, FAQ pages, webinars, and press coverage will provide better leads. This is also the best long-term way to nurture and attract.

    Start with owned content to earn content from third parties as soon as possible. Once you achieve this valuable third-party credibility, amplify it with the digital tools mentioned above. Examples include giving your constituents a clear value proposition through social media, educational articles, landing pages, webinars and email — get creative and personalized.

    And that targeting is crucial. Most buyers deal with different issues and responsibilities while wading through multiple messages about products. This is when using digital marketing and lead-tracking tools becomes critical. Tools we’ve all heard of, like HubSpot, Mailchimp and Yoast, help you localize and target small audiences so they can receive your message.

    If used strategically, these and other similar tools will become the cornerstone of your strategy because they allow you to evaluate the performance of the content you create and each lead within the customer journey. All this helps you to know how to speak to your audience in a tailored way. Keep your strategy simple and tap into critical thinking skills to launch your next product fearlessly.

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    Christine Wetzler

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  • 5 Effective Ways to Prepare for the Unexpected

    5 Effective Ways to Prepare for the Unexpected

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    Opinions expressed by Entrepreneur contributors are their own.

    Let’s face the hard truth: We are never fully equipped with adequate information to predict — for sure — what will happen in the next couple of days. For businesses, this could be an interrupted cash flow when an investor pulls out of a deal. It could be a lockdown that stalls your plans to advertise your new brand at the next regional convention. Who knows?

    When unexpected events happen, a business must adapt quickly or risk going under. Interestingly, the fate of a business — especially a startup — lies mainly on the shoulders of the founders.

    How founders respond to unanticipated events varies. Some are reactive. Others are proactive. While the latter is better, we all have limits. Frequent exposure to the unknown can cause anxiety and other psychological strains that can be your business’s undoing.

    How many unexpected and unpleasant events can you endure, and how quickly can you navigate through them? That’s a difficult question to answer, I know. Here are five ways that you can prepare yourself.

    Related: How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback

    1. Assess your capabilities objectively

    As founders, you’ve had to wear many hats in your company. You’ve assumed the roles of HR, operations and even finance. You’ve developed skills you never knew you had the abilities for.

    All these experiences can spark the belief that you’re single-handedly capable of handling anything that comes your way. Although this confidence in your abilities is good for entrepreneurs, it could lead to the Dunning-Kruger Effect, which is defined as “a cognitive bias whereby people with limited knowledge or competence in a given intellectual or social domain greatly overestimate their own knowledge or competence in that domain relative to objective criteria or to the performance of their peers or of people in general.”

    Successful entrepreneurs have accurate knowledge of themselves and their capabilities. They also understand the people they work with and have great confidence in their abilities.

    By quickly realizing that your capabilities are not suited for an unanticipated event, you will be better disposed to seek help from those that are better suited for the situation at hand.

    2. Use “buffers”

    Running a business is all about making plans, setting deadlines and pursuing them. Things don’t often go to plan, and deadlines are missed. These are quite expected, but at times, things may spiral in the wrong direction, and chaos could ensue.

    To avoid chaos, founders need to keep their heads high and remain on top of the situation. One way to do this is to create buffers.

    You can start by surrounding yourself with social buffers — familiar individuals that make you feel very comfortable. These could be family members, buddies or close colleagues. Having them around when events take a wrong turn can reduce your chances of acting impulsively out of anxiety or fear.

    Time buffers are very helpful, too. When the unexpected happens, business operations are expected to continue. As you set deadlines, you should consider increasing the timeline of each milestone by about 20%. This will provide enough time to navigate unexpected events without threatening upcoming processes.

    Related: 4 Ways to Make Sure Your Business Survives the Unexpected

    3. Maintain a healthy network

    When quick, unpredicted market changes threaten business survival, founders often seek assistance from outside their organization. Most times, founders seek out other founders in similar situations to help themselves figure things out.

    Many M&A deals during the Dot Com bubble burst — one of the most challenging times in our recent economic history — happened between founders within the same network. The relationship between Elon Musk and Peter Thiel is a typical example.

    Your network may not be there for only M&A opportunities. Sometimes, you need to assess your direction against theirs from time to time. If your industry is volatile and moving in a new unforeseen direction, it will do you a lot of good to know how your colleagues are going about it.

    4. Always look at the big picture

    Founders must recognize that unexpected events can be a good thing. It brings opportunities. Paradoxically, being fazed by the challenges that come with the unexpected can blind you to those opportunities.

    It’s best to paint a big picture of your business. Clearly define your grand mission. And keep an open mind as to how that mission can be accomplished. Things don’t always have to work out the way you planned them. But they will work out.

    Just like road trips, a wrong turn of events can make you reconsider your route. It could take a little longer to reach the destination. As long as you have a clear big picture, you will be more likely to stay in control of the situation.

    Related: 4 Ways to Prepare Now so Your Business Survives the Unexpected Later

    5. Finally, practice willful acceptance

    Unpredicted changes in your business or industry may create new challenges. Sometimes, we are required to solve these challenges. But what can you do if you neither have the capabilities nor resources to solve them?

    You can simply accept the issue and commit to other things within your resources and capabilities. Studies have shown that acceptance and commitment can reduce your chances of acting anxiously when you’re fazed by a fortuitous event.

    Also, the challenges created by the occurrence of these events may not be yours to solve, even though you have the skills and resources. You have to accept this, too.

    Founders must learn to use resources efficiently. If there is an already existing solution that could be creatively used to solve a problem, you should try that out first before committing to creating a solution. This will save you lots of time and resources.

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    Judah Longgrear

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  • What to Know Before Signing a Commercial Lease

    What to Know Before Signing a Commercial Lease

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    Opinions expressed by Entrepreneur contributors are their own.

    When it is time to start looking for a commercial space to lease, there are many items to keep in mind. If this is the first time you have leased a commercial space, there are certain factors I recommend you know in advance before beginning your search.

    1. Zoning

    First and foremost, you must understand the concept of zoning. Zoning laws control what types of businesses may operate on any specific property — next, list cities where you are interested in opening your business.

    Once that list is created, you can either go online to the cities’ planning departments’ websites, call the planning departments or visit in person. I recommend you visit in person since it can expedite the process. When you speak to the person in planning, let them know the exact details of the business you will be opening.

    Remember that once you have an address of interest, you will need to check in again with the city. This time you will give the planning department the address and confirm that you can open your business at the address. Also, ask the planning department if your use is permitted by right or by permit. If it is by right then, you should be good to go regarding your use being allowed to operate. However, if the planning department mentions the use is allowed by permit, you will need to ask follow-up questions. The follow-up questions should include finding out what permits you will need, how long they will take to obtain and how much the permit cost.

    Related: 6 Overlooked Investment Opportunities in Commercial Real Estate

    2. Size

    Once you understand the zoning you are looking for, you need to know your ideal space size. If you need to know the square footage for your type of business, I recommend you research it before starting your search. You can quickly get an idea of the size space you need by using the internet and searching square footage and your use. I also recommend walking into similar businesses to get an understanding of space.

    Related: Criteria to Consider When Renting Commercial Space

    3. Customer demographics

    Next on the list is to know who your customers are through demographics. Age, average incomes and population are the key demographics you will want to keep in mind. For reference, in my markets of the Inland Empire and San Gabriel Valley regions of Southern California, most retailers seek sites with a minimum of 100,000 people within a three-mile radius.

    Additionally, you will want to know when your business will be the busiest. If you expect lunch to be critical, you will also want to know the daytime population numbers near the potential space you will be leasing.

    Knowing who your customers are will assist with understanding if visibility is vital to your business. Are you a destination tenant or an impulse tenant? If you are an impulse tenant, you need high visibility. Without high visibility, potential customers will have more difficulty seeing you and will not be able to visit your store.

    An excellent example of an impulse tenant is dessert. People often decide to have ice cream because they see it in a shopping center. Since prime street front space leases at a premium, you will have more leverage with landlords if visibility is not a significant concern for your business.

    Related: What to Do When Your Ideal Customer Isn’t Who You Expected

    4. Traffic counts

    If you need prime visibility, you will also want to pay attention to traffic counts. In commercial real estate, cars per day are examined. As a point of reference, 25,000 vehicles per day on the main street where the site is located is a minimum number many retailers are looking for when high-traffic areas are needed.

    5. Access

    Next to consider is access. It does not matter if you are an impulse or destination tenant. Access is a critical component in deciding on a space to lease. When figuring out the access for a potential site, make sure to drive all streets in all directions. Please pay attention to the road’s lines and whether they are broken. Also, pay attention to street medians and no U-turn signs. You want to make sure your customers will be able to access your business conveniently.

    Related: How to Make Your Product More Accessible to Customers

    6. Signage

    Signage can also be critical. Most centers have monument signs. Often tenants think that if they are leasing a space that had a monument sign prior, they will be able to take over that sign. That is not the case. You only have the right to use a monument sign if it is in your lease.

    When considering a center, I recommend you fully drive the entire center and take pictures of all the monument signs. In your offer, you must include these images of the monument signs and the specific panels you request rights to utilize.

    Related: 5 Major Leasing Deal Points to Know Before Signing a Lease

    It is essential to realize that there are basics in site selection. If your company has done its homework in advance, your site selection process will be simplified when looking for commercial space to lease. If you have an understanding of what you are looking for but also keep an open mind, the process of finding a location will run smoother.

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    Roxanne Klein

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  • 5 Steps to Finding the Right Startup Idea for You

    5 Steps to Finding the Right Startup Idea for You

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you looking to start a business but don’t know where to begin?


    Jerod Harris | Getty Images

    I’m the VP of Business Operations at Intro, a marketplace connecting people to entrepreneurs. I’ve chatted with some of the world’s most successful founders (like Alexis Ohanian at Reddit and Spencer Rascoff at Zillow), and I distilled my top 5 tips about generating the right business idea.

    If you want personalized help and advice, you can book one-on-one video calls with these founders and many more at Intro.

    1. Start with a problem

    “The way to get startup ideas is not to try to think of startup ideas. It’s to look for problems, preferably problems you have yourself.” – Paul Graham, founder of Y Combinator

    Nick Huzar founded OfferUp because he was having a kid and had no room in his house. He needed to sell stuff.

    David Greenfeld founded DreamPops because he loved sweets and became lactose intolerant.

    Starting a biz isn’t easy and the most successful entrepreneurs are the ones who are truly invested in the problems they’re trying to solve. So before you start brainstorming ideas, ask yourself:

    • What are the issues that I care about deeply?
    • What problems have I faced in the past that I know how to solve?

    If you want to seek venture funding, you need:

    1. A problem that impacts a bunch of people
    2. A market that is growing 20%+ a year
    3. Something that needs to be solved immediately
    4. A problem that impacts people regularly

    2. Craft a solution

    (Note: Don’t start here! A solution trying to find a problem is an exercise in frustration.)

    Once you’ve identified a problem you’re passionate about solving, it’s time to start thinking about how you can address it. And one of the best places to start is by looking at what’s already out there.

    • What products or services are currently available in your industry?
    • Is there a gap in the market that you could fill?
    • Is there a way you could improve upon existing solutions?

    3. Consider your experience and expertise

    Why you versus somebody else?

    Your background and skills are valuable assets when it comes to starting a company.

    Think about what you’re uniquely qualified to do, and how you can use your experience and expertise to solve the problem you’ve identified. You should have some advantage over any joe shmo off the street.

    4. Get feedback from potential customers

    Sarah Leary, the co-founder of Nextdoor, knows the power of getting actionable feedback from your users.

    Talk to potential customers, but avoid asking leading or evaluative questions. Instead, focus on gathering information about the customer’s historical and current actions, behaviors, and needs:

    • Focusing on the customer’s actions and behaviors: Rather than asking for someone’s opinion, try to understand what they actually do and why. For example, “How do you currently solve this problem?” or “What made you decide to use our product?”
    • Asking open-ended, non-leading questions: Instead of asking “Do you like our idea?”, try asking “Tell me about the last time you used [insert name of a similar product in your industry].” or “What do you use [product name] for?”
    • Avoiding yes/no questions: These types of questions can be limiting and don’t provide much useful information. Instead, try to ask questions that encourage the potential customer to explain their thoughts and experiences in more detail.
    • Listening actively and taking detailed notes: Pay close attention to what the customer is saying and try to capture as much detail as possible. This will help you better understand their needs and pain points.

    The more you can learn from potential customers, the better.

    5. Don’t be afraid to pivot

    Don’t be afraid to kill your baby.

    Intro started as an in-person networking tool and pivoted to a virtual consulting platform.

    Even the best startup ideas may need to be refined or completely changed as you learn more about your market. So don’t be afraid to pivot if you realize your original idea isn’t working out.

    Hopefully, this guide helps you navigate the waters of finding the right startup concept. Choose an idea where you care deeply about the problem and the customers. Something that excites you and that you believe has the potential to be successful. With these tips in mind, you’ll be well on your way to coming up with a startup idea.

    If you need help along the way, don’t be afraid to ask.

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    Brad Klune

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  • How to Build a Personal Brand as an Introvert

    How to Build a Personal Brand as an Introvert

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    Opinions expressed by Entrepreneur contributors are their own.

    If I say the phrase “personal brand,” what immediately comes to mind? Most people think of large followings, social media accounts, content creation and influencer culture. Therein lies the problem: We conflate what a personal brand is versus the actions we take to market a personal brand.

    At Brand of a Leader, we work with entrepreneurs, CEOs and leaders — the majority of whom have no interest in notoriety. Often, they are introverts who dread the spotlight and feel much more comfortable working behind the scenes. They come to us looking not for a boost in the number of “likes” they receive on social media, but for clarity: clarity of who they are, clarity of how to position themselves and clarity of how to stand out to achieve their goals.

    Related: 5 Steps to Building Your Personal Brand From Scratch

    How to find your unique positioning

    There are two key distinctions to make in regard to personal branding: uncovering what your personal brand is versus marketing it to build visibility. Uncovering your personal brand means obtaining clarity of two key elements: a unique positioning, as well as associations your name consistently evokes in people’s minds. For some, it is the modern version of the “elevator pitch.” For others, it is their way of combating impostor syndrome. Our unique positioning, when clearly defined to authentically express who we are, allows us to effortlessly answer the frequent questions of self-doubt: “Why me?” or “What do I bring to the table that is unique?”

    As I give talks to audiences across the globe, one of the most common concerns I hear is from individuals questioning whether they have anything that is unique about them to begin with. My answer is an unequivocal “yes” — and a unique positioning helps with that. With the right marketing spin, any authentically dominant characteristic of yours can be packaged in a punchy manner that would allow you to stand out. Where to find it? It could be a core value of yours; your WHY (the reason you do what you do, in Simon Sinek’s words); or even a specific personality trait of yours. Uncovering your brand is an exercise in introspection — something introverts tend to be much more comfortable with than extroverts.

    There is an excellent exercise that can help you find your angle, and it is called “the Lifeline.” Here’s how it goes: Take a large sheet of paper, turn it horizontally, and draw a line through the middle of it. On this sheet, plot each of the most significant moments of your life: the “highs” (over the horizontal line) and the “lows” (under the horizontal lines). Start in early childhood, and include all moments of significance, regardless of how insignificant they might feel to anyone else. Don’t limit yourself — this exercise is about shining light on what makes you tick, what resonates with you and what truly makes you who you are. Slow down, take your time with it, and go deep. Once you are done plotting, put your researcher hat on and look for patterns, as well as for common denominators. Most likely there is a running theme somewhere in there — something which fuels you in your highest moments and which drains you in your lowest moments. These might lead to your angle.

    For example, when I did the Lifeline exercise myself, I realized that so many of my “highs” and “lows” revolved around having a voice versus being censored (growing up in the Soviet Union contributed to many of those experiences) and around standing out versus fitting in (the life of an immigrant is wrought with such stories.) It then led me to my positioning around the concept of radical authenticity and my motto of “standing out, speaking up and being radically authentic.” This is what my personal brand is about, and this exercise helped me uncover it.

    Related: 5 Ways to Build a Powerful Personal Brand

    How to uncover your personal brand descriptors

    Beyond the positioning, a personal brand also hinges on consistent associations your name evokes. It’s your brand’s perception: how people would uniformly describe you. As human beings, we are complex, and we can be described in 100 different ways, all authentic to who we are. A brand, however, is all about the consistency of those associations, which is why you need to intentionally select the adjectives you would want people to associate you with. At Brand of a Leader, we have another simple exercise we leverage with our clients:

    Text as many people as you can, and ask them “What three adjectives would you use to describe me?” Look for patterns and for common denominators to help you finalize your list, and don’t exceed five descriptors. If you are working on your leadership brand, an effective twist on this exercise is to send this question to your employees. Keep in mind: This fun exercise becomes a lot more “real” and a lot less “feel good” when you collect anonymous replies!

    When you are clear on these two elements, your unique positioning and your brand descriptors, you want to ensure that you express them as frequently and fully consistently as possible. People use them to “brand” their curriculum vitae (CV), to re-write their LinkedIn bios and bylines and to answer the common icebreaker of “So, what do you do?” as well as the common interview question of “What makes you different from other candidates applying for this role?”

    Related: How to Define Your Personal Brand in 5 Simple Steps

    Uncovering your personal brand does not require extroverted personality traits. In fact, your introverted tendencies to reflect, think deeply, and self-assess will make the process feel similar and effortless. If you want to market your brand, however, some extroversion will be required: after all, when you build visibility as a human being, you can expect a higher number of people wanting to engage with you. For extroverts, this is a dream come true. For introverts, this isn’t draining — as long as the attention remains contained to the online world.

    Whether you are an introvert or extrovert, taking the time to understand what makes us unique and how to easily express it to others is priceless. From becoming an inspiring CEO who attracts high-quality talent to pivoting to a new career path to unearthing our differentiator as a professional as we seek a new job, our unique positioning is something we will carry forward with us — and it will directly help us achieve our goals.

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    Marina Byezhanova

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  • 5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

    5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

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    Opinions expressed by Entrepreneur contributors are their own.

    The business world is incredibly competitive — which is undoubtedly why roughly 45% of businesses fail within five years of opening.

    While there are many reasons why a business could fail, one of the biggest roadblocks to success is not having a well-defined unique value proposition (UVP). If you can’t effectively communicate to your customers why your business and its products or services are unique from your competitors, you’re going to have a hard time standing out.

    On the other hand, when you are able to better define your unique value proposition, you can stake out a strong position in your niche and make a lasting impression on customers.

    Related: Your Value Proposition Is Crucial. Here Are 5 Steps to Ensure It Resonates.

    1. Focus on your ideal customer

    You won’t get far if you don’t understand your ideal customer. Many brands achieve this by creating buyer personas through market research and gathering insights from their current customers.

    The deeper you can dig into your ideal customer’s wants, needs, struggles and so on — the things that “make them tick” — the easier it will be to identify the types of messages that will be most impactful for them.

    2. Understand the core elements of your unique value proposition

    A successful UVP focuses on the benefits of your product or service, as well as how you are different from your competition. These elements are what ultimately communicate the value of your brand and why it would be worthwhile for your ideal consumer to do business with you.

    Start by listing the benefits offered by your product or service. How do you solve the specific problems your ideal customer faces on a regular basis? Then, identify the ways your offering is different from the competition. This will likely require extensive market research, but it could include anything from more affordable pricing to additional features not found in competitors’ products.

    With each of these lists, you should consider how the unique aspects of your product or service provide value to your customers. This then becomes the core focus of your messaging, and your next step is to communicate that message in a way that makes sense and appeals to your target audience.

    Related: How to Develop a Winning Value Proposition (Infographic)

    3. Frame your UVP with storytelling

    At my marketing agency, we use storytelling to pitch our clients because quite frankly, even though numbers can be convincing, they are also boring. After working on the previous two tips, you’re in a good position to tell a story that places the customer as the hero and then highlights what you’ve learned from your own challenges and how it can help them with the problem they’re trying to solve.

    Entrepreneurs should try to frame their UVP in a storytelling format to hone in on presenting it in a way that will truly appeal to the customer. Customers don’t want to hear about how your team went to work and accomplished what they set out to do. But they will connect with relatable stories of your own struggles and lessons learned and how they can be applied to their lives in the form of your product or service.

    4. Identify what you don’t do

    One way to better differentiate yourself from others in your niche is to take the time to define what you don’t do. This could include the things that you’re not good at or the things that others in your niche do that you actively dislike and avoid.

    Related: What is Your Value Proposition?

    5. Test and iterate

    When it comes to writing books, authors are sometimes advised to put their work through a whopping 10 drafts before their work can be considered complete. Think of the amount of time and effort that would go into continually revising a 300-page novel. Your UVP may not require as much revision time, but it certainly deserves its share of testing, revising and optimizing before it becomes your core marketing message.

    Ideally, you should enlist the help of your target audience when revising your UVP. Use their impressions and feedback to identify how you can improve your messaging and make it more clear. A/B testing of multiple versions of your UVP could also be helpful to see which message resonates best with customers.

    When developed properly, your unique value proposition can be so much more than a corporate statement. It can be the true core of your brand identity that drives your decision-making and how you market yourself to your target audience. By developing a compelling UVP, you will make a far more convincing sales pitch that puts your business on track for long-term success.

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    Andres Tovar

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  • How Yami’s Founder Sustains Growth in the Ecommerce Space

    How Yami’s Founder Sustains Growth in the Ecommerce Space

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    The transition to college can be tough for any young adult — especially if they attend one 7,000 miles away from home.


    Courtesy of Yami

    That was the case for Alex Zhou, founder and CEO of online Asian marketplace Yami, who came to the U.S. from China to attend Kansas State University in the college town of Manhattan, Kansas in 2007.

    “For almost five years, I didn’t have access to Asian food, restaurants or grocery stores,” Zhou tells Entrepreneur. “It was really inconvenient, and I noticed a lot of my classmates who came from Asian countries experienced the same problem.”

    Post-graduation, Zhou moved to LA, where there’s a large Asian population. Surrounded by a bounty of Asian restaurants and brick-and-mortar stores like H Mart, the lightbulb went off: Maybe I can start an ecommerce company to carry Asian products and brands, Zhou thought.

    Ecommerce certainly wasn’t a new concept at the time. In China, there was Alibaba; in the U.S., eBay and Amazon were long-established players. And with more and more Asian students and immigrants coming to the U.S., Zhou realized there was a real market for his idea.

    Zhou established Yami, formerly known as Yamibuy, in 2013. Today, the ecommerce retailer boasts two million customers (one in 10 Asian Americans use the platform, Yami found by examining customer and census data) and more than 300,000 SKUs of Asian snacks, food, beauty and health products, home appliances, books and more.

    Additionally, even though the majority of U.S. Asians live in California, New York, Texas, New Jersey and Washington, Yami’s seeing its most rapid growth not in those states, but in college towns like Raleigh, North Carolina and Tempe, Arizona — a testament to Zhou’s original mission.

    Related: 12 Awesome Tips From Ecommerce Experts

    “In the beginning, I was just trying to serve all the Chinese students studying in the United States.”

    Back in 2013, as a fresh college graduate, Zhou had no idea how to run a business. So he started from scratch: researching everything from products and costs to website development.

    Part of the process? Taking a stroll through the very Asian markets he’d noticed on arrival to study their customers and jot down brand names, some of which would become eventually become Zhou’s own suppliers.

    Zhou’s strategy was a success, but as Yami grew, so did some of the challenges along with it. In the early days, when Zhou couldn’t afford to hire employees, he would work from 6 a.m. to midnight, driving around to pick up the inventory nobody wanted to deliver to his still-young company.

    Then, around 2015, when Yami was really gaining momentum and could afford to hire, Zhou had to figure out how to convince people working at Google and Amazon to join his startup.

    Through it all, the founder had to consider how to sustain Yami’s growth. “In the beginning, I was just trying to serve all the Chinese students studying in the United States because I understood their pain point,” he says. “I knew what they wanted.”

    Leveraging word of mouth was key from the start. The right product can generate a lot of organic takeoffs, Zhou says, using the example of social media.

    “Let’s say somebody bought instant noodles from Japan,” Zhou explains. “Then he or she posts on social media: ‘Oh my God, look at what I bought.’ Then their friend is going to ask [where they bought it from]. This is our classic customer acquisition channel — to this day.”

    Related: The Business of Harnessing the Power of Social Media

    “The strategy changes a little bit [when] customers aren’t familiar with the product.”

    In recent years, Yami has expanded beyond its Asian customer base, and doing so requires a shift in tactics, Zhou notes.

    “When we step into this space, the strategy changes a little bit because these customers aren’t familiar with the product,” Zhou says, “but they’re influenced by the rising Asian pop and food culture.”

    Especially in U.S. coastal cities, it’s not uncommon for people to incorporate Asian cuisines into their weekly meal rotations, Zhou explains, and part of Yami’s success with its non-Asian customer base relies on its ability to connect with those potential buyers.

    To that end, Yami works with Asian chefs and restaurants to acquire Asian-food lovers. The company also partners with Asian content platforms to draw in people who are fans of Asian pop culture like K-pop, K-drama, anime and more.

    Image credit: Courtesy of Yami

    Related: These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture

    “Every single customer wants a world-class experience. Improving the customer shopping experience is on our mind every day.”

    Another major growth milestone? Yami’s opening its East Coast warehouse, which will enable shipping times that rival Amazon Prime‘s across the U.S. — an average of just 2.6 days, Zhou says.

    “Retail is retail,” Zhou explains. “Every single customer wants a world-class experience. Improving the customer shopping experience is on our minds every day. That’s why we [opened] our West Coast warehouse first, and now our East Coast warehouse — so we can ship the packages to our customers faster.”

    Yami also has its own fleet of vehicles; in LA, orders placed in the morning can be delivered the same day, and those placed in the afternoon can be delivered the next day.

    In dealing with so many cross-border products (95% are imported from Asia), Yami has to contend with a sometimes-complicated supply chain. That’s why it’s made data and AI a cornerstone of its strategy — using the technology to forecast demand and personalize marketing to customers.

    Related: Are You Giving Your Customers Personalized Experiences?

    “You never solve the problem if you just think about it.”

    To other founders hoping to break into the ecommerce space as successfully as Yami has, Zhou suggests keeping two things in mind. First, you have to zero in on your niche.

    “It’s too late [to start the next Amazon],” Zhou says. “Amazon already dominates the entire ecommerce space. But there are still new ecommerce companies coming up every day. If you look at all of these [new] companies, there’s always something distinct about them. For example, Yami — Amazon is big, but it’s not doing well with Asian supply chains. It’s not doing well with Asian products.”

    But perhaps the most important piece of advice, according to Zhou? Just take that first step.

    “Sometimes [potential founders] think too much — but they never put their thought into action,” Zhou explains. “You never solve the problem if you just think about it.”

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    Amanda Breen

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  • Kidnappers in Pakistan Held a Gun to His Head and Pulled the Trigger. The Terror of That Moment Fueled His Billion Dollar Startup.

    Kidnappers in Pakistan Held a Gun to His Head and Pulled the Trigger. The Terror of That Moment Fueled His Billion Dollar Startup.

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    Two decades ago, Omair Tariq survived a nightmarish ordeal that left him with deep trauma. But it also gave him something exceptional. And he used it to funnel his ambitions into cofounding Cart.com.

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    Liz Brody

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