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Tag: Starting Up

  • 7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

    7 Critical Pieces of Business Advice for Entrepreneurs | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Going out on your own as an entrepreneur can feel both intimidating and exhilarating at the same time. Though you may have the skills and experience to get started, knowing the responsibility relies solely upon you may not feel like the same security as working a regular 9-5 job. However, a sense of freedom and accomplishment makes the risk feel worth it.

    Every person who’s decided to take the leap and forge their path has felt a bit of uncertainty at some point along the way. After all, several unknown variables exist, but learning to forge ahead builds resilience.

    When embarking on an entrepreneurial endeavor, it’s important to go at the pace and in the direction that feels right for you, but here are a few pieces of general advice as you start your journey.

    Related: 9 Lessons to Learn From Being in the Entrepreneurial Trenches

    1. Commit to the process

    As an entrepreneur, you wear all the hats. You are the boss, the operations, the accountant, the cheerleader, and so on. Therefore, it’s up to you to champion your brand and adapt as needed.

    Even when times get rocky (and they will), you must dig in and believe in your business.

    No one will care as much about it as you are, so be discerning when deciding who you work with and bring on board to help reach your goals. Remember, it’s a marathon, not a sprint, so not everything may happen as quickly as you’d like. Have patience in the process.

    2. Get organized

    Having big ideas is the exciting part, but the reality is you have to get things organized to execute well. Take advantage of project management tools and programs for invoicing, scheduling and online branding and promotions.

    Ensure your focus on business growth isn’t taking away from delivering a quality product or service. There must be an excellent balance to maintain your clients and entice new ones to come aboard. Getting organized takes more time initially but will save you invaluable time and money once your business is up and running.

    3. Be confident in your rates

    Setting rates is one of the most challenging things for entrepreneurs, mainly because they’re unsure what they should be. Research your industry averages and factor in your expertise, experience and skills to come up with a rate you’re comfortable with.

    However, don’t sell yourself short. Not everyone may be a good business fit for you, and vice-versa. Focus on building quality client relationships rather than worrying too much about quantity.

    Related: Confidence Will Make All the Difference to Your Hustle

    4. Seek the support of others

    Every business has competition, but every industry has plenty of room for anyone wanting to succeed. Reach out to the support of other entrepreneurs through networking and social events or even online. Sharing stories of struggles and tips for taking your business to the next level can motivate you during the lulls.

    It allows you to be part of a community even as you’re running a business solo. Plus, camaraderie can help you feel less alone when you’re unsure of the next step.

    Related: 6 Principles From the Navy SEAL Code That Will Make Your Team Stronger

    5. Channel gratitude

    The frustrations of being an entrepreneur can lead down a slippery slope of feeling sorry for yourself. Some days, it’s going to feel like nothing is going right. Other days, you may compare yourself to others in your field and wonder why their success is coming more quickly. In these moments, wanting to quit can feel all too easy. Don’t.

    Allow yourself time to feel and reflect, but switch those feelings to gratitude for everything you have and the promise of where you are heading. There will be bad days, but when you change your perspective, you can turn things around for the better.

    6. Stay true to yourself

    Being an entrepreneur is a test of your integrity. With so many different challenges and new situations coming your way simultaneously, it can be easy to lose sight of your goals. While stepping out on your own is an emergence from your comfort zone, you want to do so as your authentic self.

    There will be shortcuts you find along the way; just make sure they align with how you want to do business. It’s essential to pause and check in with your strategies, your partnerships, and your path to ensure it is still true to you. Otherwise, you may reach a place of burnout or breakdown because you’re misaligned.

    Related: Understanding Entrepreneurial Burnout (And How To Deal With It)

    7. Celebrate the wins

    Life as an entrepreneur is busy. There are weeks when it’s hard to track what day it is. However, as chaotic as your schedule gets, take time to celebrate the big and small wins and plan rewards.

    A reward can be as small as treating yourself to lunch or as big as acquiring new office space to help grow your brand. Whatever marks the effort feels valuable to you, do it. Acknowledging your accomplishments along the way will motivate you to keep going, improving, and growing. And more than that, you deserve it.

    Kelly Hyman

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  • How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

    How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In strategy games, macromoves are plays made with the end in mind. If you play video games, you are undoubtedly familiar with the concept. If not, you can ask any gamer how they approach making progress and winning the game. There are two philosophies: One is reactionary — making emotional decisions on the fly, looking only at the threats faced at that moment. The other is macromoves — playing the long game with a global perspective, anticipating threats and exercising patience.

    Nearly half of all new businesses fail within the first five years. Whether a college graduate or a veteran entrepreneur, you will face real challenges launching a new business with plenty of legitimate threats. While it’s tempting to believe that you can walk right into the job of CEO, it’s important to take the time to make macromoves: patient moves made with purpose that help establish a healthy growth pattern, ensuring that your business will thrive despite challenges that prove catastrophic for the less prepared.

    Related: It’s Time to Change Your Mind About Failure

    Envision your future role

    Gaming requires you to put yourself in a role, taking a virtual tour through the new reality, “playing” as someone else. In business, a good place to start is projecting your ideological “self” into the future, using your imagination and your senses. Ask yourself, “What will I be wearing when I step into this position?” “Will I have a corner office with a view, or do I see myself working outside?”

    How many of us have taken entry-level jobs and left because the environment was oppressive? It’s important to visualize the culture and workspace you want when developing your business concept. The right environment can give you a sense of purpose, camaraderie and support your creativity. If you want to work there, your staff will as well.

    You can start “envisioning” by decorating the walls of your room or office with images that reflect your dreams, or you can create a vision board, cutting out photos, phrases, names of heroes or whatever motivates you. A vision board can help you get a sense of what inspires you and how your inspirations could be connected.

    Immerse yourself in the field

    When you begin to carve out a plan, make it a point to study the roles people fulfill in the business you want to start. For some newbies, it could mean interviewing people who do your desired job. Getting an entry-level job in your field of interest could be the answer for others. After I decided I wanted my own talk show, I sat in the audience of Dr. Phil, The Price is Right and Leeza, watching the host go through rehearsals, pre-production and filming.

    Those who start from the bottom, gaining their experience from the ground up, make the best CEOs. As your knowledge and experience grow, you will develop your ideas about launching your enterprise and set realistic goals.

    As you observe how business is done, keeping a journal can help you define what you want — and don’t want — in your corporate culture. Writing about your observations can help you determine the synergy you want in the workplace.

    Related: The 4 Principles of Success and Wealth Accumulation

    Make purposeful connections

    In many strategy games, coordination with allies is key. The course of a career is not determined merely by classes and internships; we learn from people, from the connections we make and the experiences we take with us. This strategy requires teachability. You may not always recognize a teacher in your midst — we don’t usually think of a custodian, cashier or receptionist as a business coach. But the CEO often learns from the secretary. The manager learns from the customer service agent. If you’re dreaming of launching a business, talk to those on the front lines, ask questions and find out what they think about the company’s strengths and weaknesses.

    It’s important to be open and accessible to learning. Be aware of when a person comes into your life, even as a friend, a coworker or a roommate. There’s an old saying, “Iron sharpens iron.” Your life can be enriched by someone who challenges you to think differently about situations, plans, and goals. One person can ask the right question — the one you’ve not had the guts to ask yourself — such as, “Why do you want to start this business?” or “Who is going to be your sounding board?” You need people, but you never know where you might encounter them. Keep your eyes and ears open whether you are at a burger stand or in the parking lot at Walmart.

    Related: Why Embracing Change is the Best Catalyst for Growth

    Watch the competition

    In strategy games, the phases in which you are most vulnerable are the most important parts of the game. There are two considerations: your ability to defend your security and expand your economy. In business, it’s vital to understand the situation and the environment you are navigating. Watching your competition teaches you what they are doing well and where they are weak. There you will find your advantage.

    Many businesses falter at a particular breaking point; they fail to capitalize on their unique advantages while pressing on with their traditional strategy. In games and business, if you have an edge and do not press it, you give up something — perhaps something vital to growth. Growth trumps vision. Your vision can be based so much on tradition that it is difficult to embrace change, envision new ways of doing things or create new products; an old vision can keep you stuck in an obsolete business model. The competition may see you as predictable or irrelevant.

    One way to gauge the competition is to study companies, looking up blogs, reviews and articles to uncover weaknesses and strengths. You will learn what people are complaining about, what companies do right, and where they stand to improve.

    Launching a career is about planning out the moves, a long game in which you are setting yourself up for success, much like playing chess. Although you can’t control every aspect of your destiny, you can deploy a game-winning strategy so that, when opportunity comes, you are ready.

    Nancy Solari

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  • How You Should Dedicate Your Early 20s to be a Successful Entrepreneur | Entrepreneur

    How You Should Dedicate Your Early 20s to be a Successful Entrepreneur | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    If you are aspiring to become an entrepreneur, your early 20s are the perfect time to get started.

    By spending this important time in your life getting the right qualifications, building great personal qualities, and expanding your professional connections – you’ll be thanking yourself down the road.

    Acquiring a higher education qualification

    Your early twenties are the perfect time to obtain an additional degree or certificate to add to your resume. This is especially true if you aspire to become a business entrepreneur. If you are looking to start a new business venture, enrolling to complete an MBA online, for instance, will provide you with invaluable life skills, capabilities, and technical knowledge that you can bring to your new business.

    Related: The 9 Most In-Demand Professional Certifications You Can Get Right Now

    Also known as a Master of Business Administration, an MBA will effectively teach you the many skills you require to be successful as a business entrepreneur. Some of the course material you are likely to cover during an MBA degree will usually include:

    Business function skills and expertise – If you’re venturing out on your own, you need to know the business world and how it functions and operates. Studying core MBA units around strategic decision-making, planning, and analysis is essential to becoming a business expert. Your business studies will also focus on understanding and leveraging marketing concepts. Some of these concepts will cover the areas of consumer demand, supply chain management, and marketing data analytics – to name a few.

    Related: Do You Need an MBA to Succeed in Business?

    Leadership and management capabilities – A competent leader is essential to running your business. If your venture is successful, you may hire your own staff in the not-too-distant future, even in your early 20s. The best part about this is that by training your employees to understand how to operate your business autonomously, your own workload will be greatly reduced. Ideally, you want to be able to employ staff who can run the business without you. Essentially, the goal is to generate somewhat of a passive income without having to physically be involved in the daily operation of your business.

    Transformational change techniques and strategies – Lastly, you need to learn to adapt to change. As such, learning and developing techniques and strategies that will assist with adapting to transformation and change is invaluable for any business entrepreneur. Some of these capabilities involve understanding how to navigate the complex and changing landscape of the business world. Additionally, it will help you make strategically-beneficial business decisions.

    Developing relevant personal characteristics

    As well as pursuing formal education, if you’re serious about becoming a business entrepreneur, you need to cultivate certain personality traits, characteristics and personal attributes. These include:

    Passion, drive and ambition – If you are an aspiring entrepreneur, you will already have the passion to get yourself going. You may also have a new business concept in mind. Your passion for this concept will drive and propel you forward. If you are in your early 20s and you are already passionate enough to want to start your own business, you definitely have it in you to succeed. Next, you’ll need to put in the work.

    Related: 13 Characteristics of Successful Hustlers

    Discipline and motivation – Sometimes, passion isn’t enough. You also need to stay consistently motivated. It can If you’re not feeling especially motivated, then you need to learn to be disciplined. There is a difference between being motivated and being disciplined. Discipline will enable you to stick to your positive habits, routine, and objectives, even when lacking motivation. As such, it is vital to develop this important attribute to stay on track toward your business goals.

    Dedication and a strong work ethic – Dedication and a strong work ethic are central to success as a business owner. Undoubtedly, the road ahead will be bumpy, and many obstacles will come your way. The only way to combat this is to work through the challenges and remain dedicated to your cause. By showing dedication, hard work, and commitment, you also become a role model to the staff you employ to help run your business in the future.

    Building your professional network

    There’s no way around it; if you want to be successful in the business world, you need to network. Perhaps the best way to expand your network is to engage with a professional business mentor.

    Related: Communication Tips 7 Entrepreneurs and Leaders Wish They’d Known in Their Early 20s

    Importantly, engaging with a mentor who can show you the ropes of the business world is extremely helpful, especially when you are starting out on your own. Likely, your mentor will already have experienced exactly what you are about to go through as a new business owner.

    Your early 20s are a formative time in your life. And, if you make the most of these years by developing the skills and characteristics required of a business owner, your ambition to become a successful entrepreneur is well within your reach. So, take the time to invest in higher education, cultivate desirable personal qualities, and grow your business network.

    Under30CEO

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  • How to Launch Your Business With Boldness and Confidence | Entrepreneur

    How to Launch Your Business With Boldness and Confidence | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Launching a business requires a lot of hard work and dedication. However, sometimes it takes more than that to make your business successful. Boldness is key when it comes to launching a company, and being able to make pragmatic choices can set you apart from your competitors.

    The first step towards launching a business is taking the bold step to start something new. As a leader, stepping out of your comfort zone is not an easy task, but it is the first essential step on the journey to success. If you are planning to launch your business, it’s essential to stand out from the mainstream and think outside the box. Boldness not only signifies courage, but it also demonstrates the determination to change the pattern.

    Let’s talk about five ways to launch a business with boldness and set yourself apart from the pack.

    Related: 5 Ways Business Owners Can Slay Fear and Be Bold

    1. Embrace creativity

    One way to launch a business with boldness is to embrace creativity. Don’t be afraid to think outside the box when it comes to your business plans. Consider unique marketing strategies, unconventional advertising techniques or even a daring company name. Creativity can be key to setting yourself apart from your competition and gaining attention. Let the ideas flow, but know that not every idea is a good idea.

    Your approach to business can set you apart from competitors, so it’s crucial to have an open mind when trying to come up with innovative business ideas. Embrace your creativity, and explore different options before embarking on a new business. You may be unique in ways that can attract a new audience or create an entirely new market. The key to success in entrepreneurship is putting in the effort, and creativity goes a long way in taking your business to the next level.

    2. Take growth-mindset-driven risks

    Taking calculated risks is another way to launch a business with boldness. Don’t always follow the conventional path, but examine a radical approach and research all the possible outcomes. You may find that taking a bit of a risk can be greatly rewarding in the end. This is the essence of boldness — not knowing if it will work but knowing that you did everything possible for it to be successful and to learn from the attempt, even if it fails.

    Taking risks is essential when starting a business because growth rarely comes without risk. While there’s no guarantee that doing anything in business will work, taking risks and making calculated decisions is one of the most effective ways to grow. The chances of success are significantly higher when we take calculated risks and learn from our failures. For example, if you’re considering a particular strategy or partnership that could make or break your business, you need to have the courage to move forward and see what comes out of it.

    3. Find your niche

    One of the biggest mistakes new business owners make is attempting to tackle a broad market. Finding a specific niche in your overall industry might seem limiting, but it can allow you to become an expert in that area. Your passion for that niche will draw in customers, and your unique skills will make you stand out. You do not and cannot be everything to everyone.

    Your business’s market can be broader and more relaxed at first to enable you to gain some foothold; you may concentrate on a small area that’s more likely to react positively to your product or service. Once you get your foothold, you’ll gradually increase your customer base. If you want to achieve long-term success, your niche or focus market should be unique and serve a purpose.

    Related: 6 Key Things to Keep in Mind Before You Launch Your Business

    4. Stay public and engaged

    Bold companies aren’t afraid to be present and visible to the public. Using social media is an excellent way to stay publicly involved with your audience. Building and targeting a relevant audience will require engagement. Not only will it help in gaining customers, but it can create relationships and enable you to keep learning from your market. Be consistent in your posting, and be authentic to your brand.

    It is vital for entrepreneurs to be public, although we may like to be private when launching a business. Entrepreneurs can stay active on social media and participate in speaking engagements, local business events and other local marketing activities to gain more awareness and enable their followers to get to know them better. Promote your business whenever you can, and the attention you garner could eventually result in organic searches.

    5. Believe in yourself

    Last but not least, the most important key to launching a business with boldness is to believe in yourself. Individuals who are too hesitant may not have the courage to push forward with their idea. You may face difficult times, pressure and possible rejections. You must have faith in yourself and the vision for your business. There will be noise when you are starting out — be sure to have strategies you can use to mute the negative and filter the essential learnings to strengthen your confidence and success.

    When starting a business, it’s essential to remember that success takes time. There will be setbacks, roadblocks, hurdles and times when things don’t go as planned. But don’t give up. Believe that your hard work is worth it. Always remain focused on your goals, and have belief in yourself. You have to put in the work to succeed, so stay positive, be patient, and believe in your business — and the success will come.

    When launching a business, taking chances and believing in yourself can help you get ahead. It’s important to embrace creativity, take risks, find your niche, stay public and believe that your business is worth all of the hard work you’re putting in. Remember that success does not come overnight, but your determined and calculated boldness will take you there!

    Related: The Importance of Having Courage

    Leigh Burgess

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  • How to Stay Motivated When Starting a Business | Entrepreneur

    How to Stay Motivated When Starting a Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Americans launched new businesses at unforeseen rates during the pandemic. Perhaps the time in isolation inspired individuals to finally take a chance on a new idea, or maybe unfortunate layoffs prepared people to take a new path. Either way, if you are a recent or new business owner, you are likely facing some challenges that discourage you from time to time.

    If that sounds familiar, keep reading to find out what those common challenges are and what you can do to motivate yourself again.

    Common challenges business owners face

    Starting a business requires a high level of grit, resilience and reliable resources to make it possible to overcome challenges and see through to your goals. Individuals who start businesses of all kinds — from products to services, startups and more — face many of these challenges:

    • As you embark on the new path, fear and uncertainty lead many business owners to worry when taking risks and find themselves second-guessing their plans or intentions.
    • Financial issues like needing funding, using your savings as an investment and making ends meet at the start of a business can pose significant hurdles for many entrepreneurs and cause stress early on.
    • Differentiating yourself from competitors and standing out in the market can be challenging initially.
    • Finding and maintaining a solid team and reliable employees can be complex and majorly impact your success rate early on. High turnover and a poorly functioning team can negatively impact a business’ workflow and output.
    • Balancing your new business with your personal life or full-time job, if you have one, means you will be tight for time, and this can be a point of stress early on for business owners.

    Related: 7 Factors That Make a Brand Stand Out

    How to stay motivated

    With all these challenges, it’s important to put systems in place to help you manage your workload and stay on track. Running a business is challenging in the long term, but there are particular stresses associated with starting up that may level out over time. So, when you are getting started, consider the following strategies to help you maintain motivation amid hurdles.

    1. Set goals: Make sure you use the SMART method when setting goals so that you make specific and achievable targets. SMART stands for Specific, Measurable, Achievable, Relevant and Time-Bound. This structure can help you stay focused and on track.
    2. Celebrate as you achieve goals: Make sure to enjoy your wins. Honoring those moments will help you feel optimistic about your progress and your path forward.
    3. Track your progress: Check in at various milestones to measure how far you’ve come beyond just income and earnings. Have you acquired more clients this month than last, sold more items, or increased your average order value? Tracking various metrics will help you see your strengths and accomplishments.
    4. Get inspired: Consume media and content that excites you and find leaders who inspire you. Listen to podcasts, read books and watch videos that can teach you how to look at your challenges in a new way and expand your understanding of your business and yourself.
    5. Upskill: Keep improving your skills and learning new ones to add additional value to your business operations. If you still need to hire a whole team to cover tasks that need to be done, you will need to learn to do them yourself. Brush up on your marketing, Excel, accounting, or sales skills to elevate the part of your currently lagging business.
    6. Remember your why: When you feel like giving up, it’s hard to remember why you started doing all this in the first place. Having your why written down somewhere you can always see it can help you feel motivated again when you feel like you can’t go on.
    7. Visualize success: It’s vital to create a strong mental picture of what success looks like for you. Make a vision board, keep a journal and return to these things when you’re feeling unmotivated.
    8. Create a motivating workspace: Surround yourself with an atmosphere that promotes inspiration. Motivational quotes, pictures, or just things that make you happy can help you achieve this. Keep your workplace clean and free of clutter that could contribute to stress.
    9. Seek an accountability buddy: Sometimes, you’ll need help to get where you’re going. Find someone or a group of people on the same path as you that can help you stay accountable. It feels great to connect with like-minded people to help achieve your goals.
    10. Take strategic breaks: Working too much or too hard can lead to burnout. It’s important to plan breaks that rejuvenate and refresh you. Find an outlet that helps you destress, such as yoga, hiking or swimming.

    Related: Building a Business? Here Are 4 Common Challenges You’ll Likely Face Along the Way

    It is understandable for any new business owner to feel inspired some days and lack motivation the next. Running a business can feel like an uphill battle in the early stages, but when it works, it’s worth it. Incorporate some of those practices into your daily routine to keep yourself motivated.

    Prabhat Sharma

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  • 7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

    7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is an exciting but daunting prospect. You need to consider many factors when taking the plunge and deciding whether or not you can make it a success. One crucial factor that shouldn’t be overlooked is trusting your gut.

    Trusting your gut means more than just relying on instinct or being impulsive. It’s about trusting your intuition and decisions when starting a business. It’s about learning how to recognize the signs that something isn’t right and taking action accordingly rather than having an emotional reaction to every situation. Knowing how to trust your gut can help you make decisions confidently, even in uncertain times.

    Related: Should You Actually Trust Your Gut Feelings?

    Why should you trust your gut?

    1. You know what’s right for you. Every decision you make needs to be right for you and your business. While opinions from family and friends are valuable, ultimately, you should make the final call based on what you believe is best for you and your business. Only by listening to what feels right internally can you make the right decision for yourself and your venture.
    2. Recognize patterns. Experienced entrepreneurs know how to identify patterns in their businesses that signal opportunities or challenges ahead. Learning to read between the lines will help inform decisions that lead to growth and success for your business. Recognizing patterns also enables you to spot potential problems before they become too big of an issue so that issues can be addressed quickly as they arise.
    3. Make quick decisions. Trusted entrepreneurs take decisive action when faced with difficult situations rather than dwelling on them for too long or overthinking their options. This helps them move quickly from one challenge or opportunity to another without getting bogged down in analysis paralysis or second-guessing themselves due to fear of failure or change. By identifying patterns in their businesses, trusted entrepreneurs can make quick decisions with confidence that align with their core values and goals for their company without hesitation or indecision, delaying progress or putting them at risk of missing out on potential opportunities down the line due to lack of action now.
    4. Stay true to yourself. One crucial thing successful entrepreneurs understand is staying true to who they are as individuals while running their businesses regardless of external pressures from peers, industry trends, etc. Staying true allows them to remain focused on achieving their goals rather than being distracted by temporary fads or industry hype since trust relies heavily on consistency over time.
    5. Don’t get caught up in the details. Many entrepreneurs get caught up in details when starting a business instead of focusing on what matters most: the people involved in making things happen! That’s why trusted entrepreneurs prioritize relationships over tasks; they understand that building strong relationships between key stakeholders is essential for long-term success, even if it requires extra effort during tough times like start-up phases which may require everyone to work together diligently until stability sets in!
    6. Listen to advice but ignore the noise. A successful entrepreneur understands where the advice comes from before accepting it; advice from experienced professionals should be taken seriously, but input from random strangers should be ignored since chances are it might not have a basis in reality nor provide any tangible benefits, either short term or long term! That’s why trusted entrepreneurs listen carefully before acting upon feedback received because sometimes “no” is just as important as “yes”! Additionally, if the advice does come from someone reputable, then there’s no harm double checking facts provided out of precaution because mistakes can happen, so always verify information correctly before proceeding!
    7. Embrace failure. Ultimately failure happens, but it doesn’t mean destruction; failure provides valuable lessons which can help shape future decisions made by trusting entrepreneurs who embrace adversity instead of running away from it because when done correctly, failure leads us closer to our desired outcomes, not away from them due diligence coupled dedication paying off eventually if persistent enough!

    Related: Know When to Trust Your Gut and When to Seek Outside Advice

    Conclusion

    Starting a business requires courage and conviction. Trusting your gut is just one way successful entrepreneurs learn how to manage risks while navigating uncharted territory successfully!

    It’s all about learning how to recognize patterns within our environment, spotting opportunities, taking decisive actions while staying true to ourselves, never allowing outside noise to distract us and focusing solely on what matters.

    Energy is spent unnecessarily, so always trust your gut and never settle for anything less than the best. Strive higher — only then will you reap the rewards.

    Kartik Jobanputra

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  • 7 Proven Strategies for Launching a Successful Ecommerce Business | Entrepreneur

    7 Proven Strategies for Launching a Successful Ecommerce Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    If you aspire to be a successful entrepreneur in today’s digital landscape, having an online presence is essential. Whether you’re planning to set up a dropshipping business or intend to develop, produce and sell products, having the proper knowledge about setting up your business for success is imperative.

    As an entrepreneur and executive with a background in manufacturing consumer goods, distributing products globally through mass retailers (like Walmart, Dollar Tree, etc), and building ecommerce businesses, I have 20 years of experience creating, launching and growing brands as well as advising entrepreneurs through my coaching business, Inspiring Brands Academy.

    To help get your ecommerce business off the ground and running, here are seven proven strategies for launching a successful ecommerce business.

    Step 1: Start with a clear business plan

    If you plan to launch an ecommerce business, your roadmap for success must be laid out in a business plan. Here’s an overview of the fundamentals that must be contemplated.

    Executive summary — The executive summary should explain your company’s purpose and vision, mission statement, target market audience, products or services offered and desired goals. Additionally, the overview should include information about key members of the team as well as financial estimates and any funding requirements.

    Market analysis — The market analysis should describe your target customer, including demographics, actions, purchasing preferences, etc. Additionally, research competing businesses, uncovering their strengths while noting any disadvantages.

    Product and service description — This section should provide an in-depth overview of all features, advantages and benefits to customers. Additionally, include details about the process used to develop products and any associated intellectual property.

    Marketing and sales strategy — This part of your plan should detail how you will market and sell your product or service. Include pricing strategies to maximize profits, cost-effective distribution methods and promotional techniques such as advertising campaigns or loyalty programs.

    Related: 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    Operations plan — Your business plan should include a fifth section dedicated to your operations strategy. This section should explain how you will manufacture products, organize logistics and manage customer service. Furthermore, details about who is on your team and any collaboration with vendors or partners should also be included.

    The great aspect of an ecommerce business is that you can use website plugins or apps to easily integrate with your facilities, such as third-party warehouses that ship orders on your company’s behalf and logistics programs. For example, one of my businesses, a photography print company, uses Etsy to sell products. Since I utilize a print-on-demand facility, when a customer places an order, it gets sent directly to my printing facility, producing and fulfilling the shipment.

    Bottom line: I don’t have to do anything other than market the business. This is a major benefit of using technology and systems to integrate so that it makes the scalability of your operation faster and easier.

    Financial projections — The final section of your business plan should be the financial projections. This should provide a detailed forecast of your revenue and expenses, including your income statement, balance sheet, and cash flow statement. You should also include information about your funding needs and any potential sources of financing.

    Related: 5 Ways To Fund Your Startup As A Solopreneur

    Step 2: Choose the right platform

    Having drawn up a comprehensive business plan, the next logical step is to select an appropriate ecommerce platform to run your online business. It is important to evaluate all your options when selecting an ecommerce platform. Though Shopify, WooCommerce and Magento (now known as Adobe Commerce) are popular choices, each has unique advantages and drawbacks. Evaluate your company’s needs and wishes, and compare various platforms to decide which ecommerce platform is ideal for your online business.

    Related: 10 Tools to Help Your eCommerce Business Get off the Ground

    Step 3: Invest in a strong brand

    Crafting a powerful brand is pivotal for any ecommerce business if you want to stand out from your rivals and acquire steadfast customers. Here are tips to get you started.

    1. Define your brand identity — Developing a solid brand for your ecommerce business begins with articulating your unique identity. Your company’s image will be expressed to the public through its name, logo, color palette, tone of voice and other visuals/words.
    2. Conduct market research — Market studies help you acquire invaluable insights into your target customers — including their desires, preferences, and difficulties. This helps you craft an impactful brand that resonates with consumers and distinguishes itself from other competitors.
    3. Create your logo — Your logo is the centerpiece of your brand identity. You can hire a freelance graphic designer on platforms like Fiverr or Upwork to create a professional logo for your business or use online tools like Canva to design your logo.
    4. Choose your color scheme — When constructing your ecommerce brand, selecting a color scheme is one of the most important decisions you’ll make. Your chosen colors should encompass and echo your company’s values and attract potential customers.
    5. Develop your tone of voice — Your tone of voice is the key to connecting with your target customers. When crafting it, make sure that you reflect your brand’s mission, values, and intended audience.
    6. Design your website — Your website is the nucleus of your ecommerce business, which should accurately present your brand’s image and deliver a seamless experience for potential customers.

    Step 4: Focus on search engine optimization (SEO)

    If your goal is to attract more leads and customers, you need search engine optimization (SEO). Optimizing your website for higher rankings on SERPs allows potential visitors to quickly find what they’re looking for when searching with keywords related to your business. To achieve this success, focus on developing compelling content that people want to read and share. Keyword optimizes the pages of your website and earns high-quality backlinks from authoritative websites.

    Step 5: Use social media to your advantage

    Leverage the power of social media (like TikTok, Instagram, etc.) to promote your ecommerce business and reach potential customers. Establishing a strong presence on platforms where your target audience is active will help you develop brand recognition, generate leads, and drive website traffic.

    Related: Why Social Media Platforms Are Adopting Ecommerce as a Saving Grace

    Step 6: Leverage influencer marketing

    Another great way to grow your company is to use influencer marketing. All you need is to uncover influential figures in your niche that fit with what you are trying to promote and reach out with a clever partnership offer.

    I’ve worked with hundreds of leading brands and retailers on sponsored campaigns, helping them drive brand awareness and boost product sales. Given my experience as an influencer, I’ve not only assisted brands around the world, but I’ve also learned how to tap into this knowledge to benefit my own companies and small businesses through influencer marketing strategies that result in viral content (1M+ views) and driving massive brand awareness for national product launches.

    To make the most out of influencer marketing, consider these key steps:

    • Uncover your industry’s key influencers and bloggers whose readership aligns with your target demographic. You can explore them on social media networks or employ an influencer platform (like AspireIQ or TapInfluence).
    • Contact the influencers with a proposal explaining what you want them to complete for you, including prompt deliverables, deadlines and payment.
    • Gauge the efficacy of your influencer initiatives. ROI goes above and beyond sales conversions, extending into audience-building, brand awareness, engagement and other metrics and factors.

    Step 7: Focus on customer service

    When launching an ecommerce business, providing superior customer service is paramount. Promptly reply to inquiries and criticisms professionally, offer precise product information and give customers easy return options. If you provide them with a great customer experience, they’re more apt to rave (rather than rant) about your company.

    Ultimately, launching a profitable ecommerce business necessitates thoughtful preparation and well-executed strategies. Utilizing these seven proven strategies for launching a successful ecommerce business will help you launch and grow your business more easily and quickly.

    Christina-Lauren Pollack

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  • Watch Out For These 3 Entrepreneur Death Traps

    Watch Out For These 3 Entrepreneur Death Traps

    Opinions expressed by Entrepreneur contributors are their own.

    Inexperienced founders and first-time entrepreneurs who are excited about entering the realm of entrepreneurship often find themselves focused on “not important right now” items.

    You can generally tell when an entrepreneur is falling for the non-important. Their focus gets drawn out over a longer than necessary period of time for things like branded clothing, business cards and the proper titles. There is a flow of priorities in business that are always at play, and when you’re building a business, it is crucial not to waste resources on non-important right now priorities.

    To clarify the point, let’s look at a general overview of priorities broken down between experienced and inexperienced entrepreneurs:

    Inexperienced order of objectives:

    1. Figure out a name
    2. See if it’s available
    3. File to incorporate
    4. Wait for incorporation to go through, then get a business bank account
    5. Get a logo
    6. Get branded apparel
    7. Get the business cards
    8. Start to build a prospect list
    9. Get a customer

    The experienced flow of objectives

    1. Get a customer
    2. Continue to build a prospect list
    3. Figure out a name
    4. Maybe get a contact card
    5. Etc.

    Here is a list of three common flaws first-time entrepreneurs and founders face when starting a business.

    Related: The True Failure Rate of Small Businesses

    1. Understand the difference between an order of objectives and a flow of objectives

    Inexperienced entrepreneurs tend to think that things must be done in a set order to accomplish a goal. For example, I have seen multiple people start their entrepreneurial journey and turn away customers because they feel it’s necessary to follow the order of objectives above.

    That thinking — especially in the early stages — slows down execution rates because they bottleneck the next thing to be done. This causes friction, leading to burnout in a new entrepreneur.
    Meanwhile, an experienced entrepreneur knows that multiple objectives will be in play, working to accomplish simultaneously — especially at the beginning.

    The challenge is that the brain wants a perfect order, but that’s not how it always works; sometimes we have to focus on multiple things to see them through to accomplishment.

    A flow of objectives will vary on a case-by-case basis. However, the critical point, in the beginning, is to make sure the focus is on the right objective and, most importantly, the business shows some premise of viability. The objectives listed above can be completed in about a day — that’s not the issue. The issue is that the inexperienced tend to get caught up on the non-important and it pushes a one-day list into a one-week or one-month list or a not completed “I got distracted” list.

    Sometimes even setting up a legal business entity is not important right now. When it comes to small businesses, most can and should be started as a sole proprietorship — at least briefly before filing to incorporate. That said, there are specific industries where incorporating should be heavily considered.

    For example, a low-risk graphic design business might want to forge ahead and start conducting business. However, if it’s an industry with a risk of personal injury, it might make sense to incorporate it. (Always consult with a legal expert on what could be the best fit for you).

    Related: How Successful Entrepreneurs Stay Focused and Block Out the Noise

    2. Understand the risk and rewards of priorities

    Every action or inaction has a risk or opportunity cost, especially at the beginning, where the compounding effect is more significant. That being the case, looking at objectives in a risk vs. reward manner gives us guidance on tackling the objective list.

    An experienced founder will start by bringing on a new customer. It is rarely risky, and the reward is great — there is business growth, especially compounded over time. But following the inexperienced route risks all the resources used in steps 1-8 (time, money, mental capacity, etc.) in hopes of generating the reward of 9, bringing on a new customer. Furthermore, the risk is more significant because a founder might find that the actions in steps 1-8 might change with the compounding of time. Example: The logo might not be the best fit, or a C-Corp or LLC would have made more sense.

    This means we need to write down the steps and label them in priority of what needs to be done. You can always incorporate it later, change the logo, or get branded apparel later. While you can always get customers later, the focus of getting a new customer offers the greatest return on investment, especially at the beginning.

    An inexperienced founder who focuses on the wrong things from the beginning tends to focus on the wrong things until one of two things happens:

    1. They continue to waste resources sweating the “not important right now” until they run out of resources and the business dies.
    2. They continue to waste resources until they learn the appropriate type of execution for them. (Sometimes necessary, but why waste the resources when it’s preventable.)

    Option number two brings us to the third tip for starting entrepreneurship:

    Related: The Biggest Trap Of Entrepreneurship: Happiness ≠ Achievement

    3. Understand the type of entrepreneur you are. It’s not a one size fits all role

    Entrepreneurship mirrors life in that you cannot know who you are and how you operate entirely until you live through it. You might think that you can tackle one step by one step, only to discover that you are the type that needs to make progress on all fronts intermittently.

    Like life, there is no one-size-fits-all when it comes to Entrepreneurship.

    Certain key requirements are needed in the starting phase, but how those requirements are met is completely up to the individual. Experienced entrepreneurs who know who they are and how they operate best can create their chosen route to build an optimal company. Meanwhile, the inexperienced can use the tips listed above to build from scratch better.

    Anthony D. Anselmo

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  • 7 Misconceptions About Starting Your Own Business

    7 Misconceptions About Starting Your Own Business

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business can be one of the most exciting and rewarding things you’ll ever do. The process has its challenges, but it’s important not to let misconceptions about them stop you from trying. In this article, we’ll go over seven common misconceptions about starting a business.

    Misconception 1: You don’t need a business plan.

    There are a lot of misconceptions about starting a business. One of the most common is that you don’t need to write a formal business plan. It’s easy to understand why this would be so — after all, who has time for more paperwork when you’re trying to keep things going as efficiently as possible? The problem with skipping the planning stage is that it can lead to wasted time, money and a poorer product or service than what you could have created.

    An example of this is advertising: many start-ups spend thousands on ads without thinking through their audience, budgeting, or messaging strategy. Writing out a marketing plan before investing in any ad buys would help prevent these issues from arising and save you some cash along the way.

    The reality is that there are several different kinds of plans — business plans (which detail your company’s overarching goals) and financial plans (which provide projections for revenues and costs) are examples — but they all have one thing in common: they help you visualize where your company is headed over time.

    Related: 7 Common Misconceptions Young People Have About Entrepreneurship

    Misconception 2: You can entirely rely on your financing.

    Learning the basics of running a business before seeking financing is essential. While it might sound great to have all that money at your disposal, you could end up in debt before you even start.

    There are two common financial mistakes made by people who don’t have a lot of experience running a company. The first is relying too much on financing and not having enough personal money invested in the business. This leads to an over-reliance on loans, which can be difficult if the company goes under or runs into trouble. The second mistake is spending too much money on things that aren’t helping your business succeed — like a fancy office space or expensive furniture.

    Misconception 3: You’ll have to choose between work and having a personal life.

    You will not have time to handle every single detail. After all, you are now the head of your own company. That means you’ll have to balance running your business with everything else. You will not be able to handle everything by yourself. It’s okay if you need help from someone else. It’s expected.

    You can delegate tasks that don’t require special knowledge or training, such as answering phone calls or taking out the trash at the reception. Still, there are some things only you can do because they involve special skills and experience that only come from doing them before.

    For example, setting up marketing campaigns requires understanding how different channels work together for maximum effectiveness; updating website content requires knowing what keywords people search for when looking for information on a particular topic; creating invoices requires basic knowledge about accounting software programs like QuickBooks Pro.

    Related: Having A Work-Life Balance is Nonsense. To Reach Your Goals, Follow Another Approach

    Misconception 4: Everyone on your team will work as you do.

    When you are starting a business, there will be times when things get complicated. The longer you have been in business, the more complex the challenges can become. This is just part of the journey; everyone has their own way of dealing with these feelings.

    In my experience, though, I have found that rarely anyone will tell me when it’s time to stop and go home. And chances are you’ll keep working if you haven’t set boundaries. No one else should be expected to work as you do. After all, this is your company. You should temper your expectations of yourself with what you expect from an employee — and then act accordingly. If you fail to do this, your expectations will be unrealistic, and ultimately, nobody will want to work with you.

    Related: Good Leaders Treat Their Employees Like CEOs. Here’s 4 Ways They Do It.

    Misconception 5: You must compare yourself to other companies.

    You’re new in your space. It’s important to capitalize on what makes you unique and slowly carve a market share for your product or service. At this stage, comparisons are unproductive and could lead to jealousy or negativity. Instead of comparing yourself to other companies, focus on your goals and how you can achieve them in the most effective way possible. You can learn from others, but don’t try copying their success — it’s not likely that someone else’s approach will work exactly as well for you as it did for them in their industry.

    Misconception 6: There’s no room for error.

    As a founder, it’s easy to mount a full load of responsibility on your shoulders. So much more becomes personal when you’re an entrepreneur. But remember, everyone makes mistakes. The important thing is to learn from them. If you’re not making any mistakes, you’re either not trying hard enough or have lost your ability to think creatively and independently — and that’s a problem.

    Mistakes are part of the process. They tell you what works and what doesn’t. They teach valuable lessons about yourself, your product, service, customers and competition — all invaluable information for any entrepreneur building their business.

    Misconception 7: Taking a risk is too risky when first starting.

    Not making decisions based on risk can mean missing out on significant opportunities. Fear is why many people don’t try to start their own business in the first place — or even leave their current job for a new chance. When you can overcome your fears and take calculated risks that match up with your values and goals as an individual or company, you can do more than survive; you might thrive.

    When fear enters your mind, remind yourself that it is often a sign that there’s something more prominent on the horizon if you choose to overcome it — and if there isn’t something bigger on the horizon for you right now, then find it. There are many opportunities out there waiting for those ready to take them on.

    Related: Here’s What Science Says You Should Do to Achieve Greater Success

    Christopher Massimine

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  • How to Start a Company with Only $1,000

    How to Start a Company with Only $1,000

    Opinions expressed by Entrepreneur contributors are their own.

    When you think about starting a company, the first two questions that come to mind are: “How much is this going to cost, and how am I going to get that kind of capital?”

    The dynamics of funding a business have dramatically changed over time. Where once you were resigned to bank loans and savings, there are now many options to choose from to help get your business off the ground.

    However, let’s take a step back. You should ask: “What is the minimal amount of capital I need to get this off the ground?” For those first few steps, $1,000 can get you moving quickly and far along. It is all about what I call “resource capital,” a mixture of your time, money and effort.

    Related: How to Start a Business Online

    The price does not always equal the value

    As a disclaimer: I am guilty of falling victim to thinking that I had to have the best of the best when starting our company. We always went for the most expensive external partners for operational needs. A hefty price tag could at least give us confidence that we’d be getting exactly what we paid for, right? We found that just because a company spends a lot of time and money on its reputation, it does not mean that it will deliver. We had to learn that going the less expensive route was not always bad.

    Related: 10 Ways to Fund Your Small Business

    Building your business

    Building a business is like building a house. You have to dream it up, create a blueprint and get all the necessary permits from the city. From there comes all the fun stuff, like designing, building and scaling.

    Starting off the same way, we have to think about our business and our $1,000 in very similar steps:

    The Permits

    – Business Filings: ($50 – $150 depending on location)

    Every state has a site or process for starting a business which can typically be found on the Secretary of State’s website. California, for example, allows you to choose your name, pay your fee, obtain your EIN, and then your business is official. Depending on the corporate structure, this can be more complex. Still, many people make the mistake of using online services to file businesses when, in reality, it is simpler than many are led to believe.

    The Blueprints

    – Your Website or Landing Page: (Free – $150/month)

    There are a variety of platforms you can choose for this. I recommend not spending a lot of time building out an entire site. Instead, build a simple landing page that provides an exciting outline of your business. Think of this as the digital billboard you can use when explaining what you are building to others.

    Don’t hire some expensive web designer to build it your first go around. There is a 100% chance it is going to change.

    – Website domain & Email: ($12 – $60)

    Always buy the domain if you can, or an offshoot of it (e.g., “.co” or “.io.” No one will take a business seriously if it does not have a proper domain name. This is simple to do at places like GoDaddy and Google Domains.

    Next, create your new email address with your new domain name — your first name and company name will do. If you want a more general support email, use “hello@” or “info@” instead. In many cases, website platforms have packages where the domain and the email are included. Take advantage of these cost savings out of the gate.

    The designs

    Your early branding is crucial in getting people to take you seriously. To successfully build a brand, your business has to look the part.

    Creative (Logo, Branding): ($100 – $350)

    If you are not creative and need help with things like logos and branding, there are resources such as 99Designs, Fiverr and even Etsy, where you can hire brand specialists to help you. Being consistent with how you present your brand out of the gate is incredibly important and helps align yourself with the brand and its mission, and it is an exciting and fun win you can celebrate right off the bat.

    Laying the foundation

    – SAAS Tools: (Free – $100)

    Now that you are ready to build your “house,” it is time to pick your tools. There are thousands of options for SAAS products, depending on what you are doing. The key thing to remember here is only to utilize what you need and always choose the free trial first. These companies are built to hook you for free and prepare you to pay as you scale. If you need to pay for their service, I recommend spending a maximum of $100 on these.

    Finding your contractor

    – Virtual Assistant: ($300-$500)

    If you are starting alone or even with a partner, you will be shocked to find out what $10 per day can get you. When it comes to virtual assistants, this cash can get you just about anything you need. The goal is to ensure you get someone of quality who understands your work style and brand. This will not only result in you learning to delegate and build a team but will offload a minimum of four hours each day of work.

    When starting a company, one of the most significant issues is the number of menial tasks that need to be done. Having someone to handle those is critical. If you need someone more project-based rather than part-time or full-time, I recommend looking to places like Fiverr instead of Upwork, which is typically meant for more seasoned, US-based contractors.

    Back to that key figure, $1,000 is more than enough cash to lay the basic foundations. It’s also enough money for your startup to at least appear like a legitimate company, which is half the battle.

    Related: 3 Alternatives to Venture Capital Funding for Startup

    Patrick Frank

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