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Tag: startups

  • 5 Ways Startups Can Increase Their Visibility | Entrepreneur

    5 Ways Startups Can Increase Their Visibility | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    During the recent pandemic, many startups had to rethink their business models. In some cases, this meant refocusing on their core business and determining how well they served customer needs. In other cases, startups had to change their business models completely to succeed.

    Now that the world is back to normal, I recommend that startups place a new urgency behind becoming more visible and keeping their momentum going. Methods to do so include attending or speaking at events, competing in startup competitions and establishing new customer or partner relationships. Taking advantage of such opportunities will help startups emerge stronger than ever before from the pandemic.

    1. Target the right events

    Around the world, I see event organizers switching from virtual events to hosting in-person events. I recommend that startups take advantage of this opportunity to increase their visibility. Startups can research which events are the most relevant based on event themes and the typical attendee profile. At technology and business events, attendees often include corporate executives, other startups, potential partners and customers and investors. Most events publish in-depth profiles of their attendees, so startups can study these ahead of time and determine which events are the best fit.

    Before any event, take advantage of event websites and apps to see who is attending. This allows you to reach out to set up networking meetings ahead of time. Journalists often attend business and technology events, so there’s a good chance that startups can meet them and ideally set up press interviews.

    Related: 5 Ways to Make Journalists Actually Want to Publish Your Brand’s Stories

    2. Compete to promote your startup

    I also recommend that startups consider competing in startup competitions to raise the visibility of the business and its founders. Even if you don’t win, you get to pitch your business, fine-tune your elevator pitch and network with attendees – including other competitors, judges, investors and journalists.

    Typical opportunities include:

    • Business plan competitions are offered by MBA programs, which offer startups with a connection to the school to present their business plans and compete to win.
    • Pitch competitions are offered by leading technology events around the world, such as Collision, Web Summit, Startup Grind and The Next Web. Startups who compete typically take the stage to pitch their ideas in front of the event audience.
    • Startup competitions allow startups to compete on a local, regional, national or international basis. At the Startup World Cup, for example, startups compete at 70+ regional competitions worldwide. The grand finale winner earns a $1 million investment prize.

    Related: 8 Business Titans Reveal the Best Social Media Tactics to Promote Your Company

    3. Build new relationships

    While virtual meetings have their place, there’s nothing like meeting in person to build genuine, long-term relationships. Forbes Insights reports that 85% of people reported building stronger, more meaningful business relationships with people they’ve met face-to-face. When I attend events and competitions, I often meet influential people from different walks of life that I would otherwise not meet. Startups should take advantage of such opportunities and either ask for introductions or just introduce themselves. My business relationships with partners, startups, portfolio companies and journalists started with a casual introduction and in-person meeting.

    4. Publish thought leadership content

    Another good way startups can increase their visibility is by publishing thought leadership content. I often advise startup founders to write about what they know – whether about new technologies, business trends or leadership advice. This allows the author to establish themselves as an expert in one or more topics. The press might notice such content, and it often opens the door to new business relationships.

    Research shows that thought leadership works. In fact, 88 % of decision-makers surveyed by Edelman and LinkedIn think that thought leadership effectively improves their perceptions of an organization. Business-to-business decision-makers said that high-quality thought leadership strengthens a company’s reputation and positively impacts requests for proposal invitations, wins, pricing and cross-selling that occurs post-sale.

    Writing thought leadership content can take different forms. The most straightforward method is to write an article on LinkedIn, populate social media or use a self-publishing channel. Experts can also submit their articles to local, regional or national publications that accept contributed content. Doing so will help a startup founder share his or her expertise without generating news, which is typically required to get press coverage. Thought leadership content goes beyond articles. On the technical side, startup founders — or other experts, including chief technology articles — can publish technical articles or research findings. On the creative side, entrepreneurs can create short-form videos that demonstrate their expertise while entertaining the audience.

    Related: So You Want to Be a Thought Leader? Here are 5 Steps to Take

    5. Continue your momentum

    Now that it’s possible to meet people in person and attend live events, I recommend that startups work hard to increase their visibility and maintain their business momentum. Don’t sit back and hope that business will come to you. Put yourself out there and take advantage of opportunities to attend events, network, compete and build new relationships. Each can help startups grow more quickly, enabling them to capitalize on their innovative ideas and ultimately make the world a better place.

    Anis Uzzaman

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  • France bets big on open-source AI

    France bets big on open-source AI

    France has a dream: to make a name for itself in the surging global artificial intelligence industry. 

    France also has a problem: It’s right in the heart of the EU, currently known more for regulating AI than for encouraging it.

    To carve out a spot in that tricky landscape, French leaders are now hoping to foster one particular segment of the industry, called open-source AI.

    “Open-source” computer code — publicly posted to be used and repurposed by anyone — straddles the line between the public interest and a private-sector product. Sometimes developed by universities, sometimes by companies, open-source AI systems are now playing a growing role in the industry. For example, Meta’s powerful LLaMA2, an AI model released in July, is open-source.

    In June, French President Emmanuel Macron announced new funding for an open “digital commons” for French-made generative AI projects, a €40 million investment intended to attract significantly more capital from private investors. “On croit dans l’open-source,” Macron stressed in his speech at VivaTech, France’s top tech conference: “We believe in open-source.”

    A matter of national pride

    There’s a bit of pride involved as well: Officials see it as a way to take on the overwhelming power of U.S.-based firms in the AI industry.

    “We don’t want to live in a world with two or three or four monopolies and to have to negotiate the rights to innovate. So open-source can be a very important answer,” said Henri Verdier, the French ambassador for digital affairs and the country’s top tech diplomat.

    France’s open-source focus comes as part of a hard push toward developing a domestic, francophone AI industry. At the same event, Macron said France would invest €500 million in creating AI “champions” — market and research leaders in the emerging technology.

    One of its existing champions is an open-source AI firm. In June, Paris-based startup Mistral.ai — whose French founders hail from U.S. tech giants including Meta and Alphabet’s Deepmind — raised a whopping €105 million in funding by promising to create an open-source competitor to OpenAI’s ChatGPT. The firm’s backers include Cedric O, the former digital minister for Macron’s government.

    Alexandre Zapolsky, a co-founder of French tech firm Linagora who, ahead of Macron’s set-piece announcement, had co-written a newspaper column calling on France to foster its open-source AI ecosystem, saw Macron’s speech as a major signal to investors, as well as his own administration.

    “Our president endorsed open-source AI — and became a promoter of it — while speaking in front of over 2,000 of France’s top technology entrepreneurs and investors,” Zapolsky said. “And his message has been heard by all the layers of the French government.”

    Following the speech, Zapolsky’s co-founder Michel-Marie Maudet launched OpenLLM France, a collective of developers and researchers collaborating via messaging platform Discord to build open-source Al. 

    France has some academic strengths to build on. It has also been pitching itself as the best place in Europe to train power-intensive advanced AI models because its nuclear power plants offer cheap and abundant electricity. Irene Solaiman, policy director for leading open-source AI provider Hugging Face, said that France was “exceptional in the EU in having labs that develop high-quality language models.”

    Some of the top minds in this field are already French nationals — including Meta’s Chief AI scientist, Yann LeCun — but that doesn’t mean it will be easy to attract talent in an extremely competitive industry. “The U.S. has a lot going for it. Like, it has really stellar academic institutions that work on a lot of the research that’s relevant to the field. It has a lot of cloud [computing] providers,” Solaiman said.

    A Continent-wide opportunity

    In embracing open-source, France is hoping to take advantage of an EU loophole that might offer a friendly regulatory lane for open-source systems. The bloc is currently finalizing its Artificial Intelligence Act, which would ban some AI uses and create obligations for those deemed risky.

    The European Parliament, in its version of the AI Act, exempted open-source AI systems from following the strict compliance rules imposed by the law. Kai Zenner, chief policy assistant to Axel Voss, an influential German member of the European Parliament, says that EU governments support this approach, which suggests “chances are quite high” it will make it to the final version of the law. (The AI Act’s final text, expected to pass in late 2023, is currently being negotiated by representatives of European governments and the European Parliament.)

    Europe’s Parliament sees open-source as an AI opportunity not just for France, but for the whole Continent. “We completely agree with the French assumption: We see open-source AI as a big chance,” Zenner said. “If Europe really wants to catch up with the United States and China in AI, then without drawing on models or data sets from the open-source community, we would never have a chance.”

    Industry skepticism

    Industry leaders, though, aren’t so sure the EU law will give them enough running room. The proposed exemption does not apply when open-source AI is used for commercial purposes, which would likely discourage investors and startups in the space. Members of the open-source AI ecosystem — including Github and Hugging Face — have asked European policymakers for more clarity on what constitutes commercial activity when it comes to making open-source AI components available to the public.  

    They also worry that so-called foundation models — the big software engines powering generative AI tools such as ChatGPT — would separately have to abide by a set of obligations under the EU law whether they’re open-source or not. This worries tech giants as much as it does open-source startups.

    “The latest amendments from the European Parliament — they seem to impose potentially some pretty complex and potentially somewhat unworkable conditions on open-sourcing large language models altogether,” said Nick Clegg, Meta’s president of global affairs. 

    For France and other European Union economies, it feels like a big piece of the future is at stake. Despite being home to world-class universities and talent, European leaders have spent decades watching their countries fail to capitalize on various waves of tech innovation, with the riches going to giants in the U.S. and China. The EU, meanwhile, has established itself more as a technology rulemaker than as a creator and exporter. Policymakers now are determined not to let the same thing happen with AI.

    Cedric O, the former French digital minister turned Mistral.ai’s shareholder and adviser, says that Europe has one other advantage when it comes to developing open-source AI. Unlike the U.S., it lacks powerful corporate actors lobbying against the open-source model on security grounds. 

    “Europe has the ability to be part of the AI race,” O said. “I would say that — regardless of the fact that its AI is open-source or not — Europe has to do whatever it can to be part of the game.”

    Laura Kayali contributed reporting.

    Mohar Chatterjee and Gian Volpicelli

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  • The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

    The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Over the last decade, the Middle East has undergone a profound transformation. Traditionally viewed as an oil-rich region, the Middle East has been diversifying its economies, creating an entrepreneurial landscape ripe with opportunity. The region’s dynamic economies, bolstered by ambitious economic diversification and innovation plans, have created a favorable environment for global entrepreneurs.

    With its expansive Vision 2030 economic reform plan, Saudi Arabia has been leading this transformation. Still, the entrepreneurial wave is being felt across the region — from the United Arab Emirates to Qatar, Bahrain and beyond.

    Related: Entrepreneur Middle East

    Diverse economies foster entrepreneurship

    Countries across the Middle East are showing increased commitment to fostering entrepreneurship as they seek to diversify their economies beyond oil. Governments are investing heavily in infrastructure and establishing regulatory frameworks that are conducive to business, creating a fertile ground for startups and SMEs.

    For instance, Saudi Arabia’s Vision 2030 plan aims to foster a vibrant society, a thriving economy and an ambitious nation. To achieve these goals, the kingdom promotes sectors like tourism, entertainment and technology, providing ample opportunities for entrepreneurs. Likewise, the United Arab Emirates Vision 2021 aims to make the UAE among the best countries in the world by the Golden Jubilee of the Union, and it recognizes entrepreneurship as a key driver of competitiveness and growth.

    Related: The Changing Face Of Business In The Middle East

    The strategic advantage of location

    In today’s globalized economy, the Middle East’s strategic geographic position cannot be underestimated. The region serves as a bridge between the East and West, providing businesses easy access to markets in Africa, Asia and Europe. The region’s extensive logistical and transportation networks further enhance its attractiveness as a hub for international business.

    Investing in innovation

    The Middle East’s commitment to innovation is mirrored in its vibrant investment scene. Sovereign wealth funds, private investors, and venture capitalists actively invest in promising ventures, providing the financial fuel that startups need to scale and thrive. For instance, the Saudi Arabian Public Investment Fund (PIF) has been actively investing in tech companies and startups domestically and internationally, providing the necessary capital for growth.

    At the same time, governments are backing initiatives such as startup incubators and accelerators, offering new businesses resources, mentorship, and networking opportunities to navigate the entrepreneurial landscape.

    The advantage of a tech-savvy population

    One of the Middle East’s greatest assets is its young, tech-savvy population. With one of the world’s highest smartphone penetration and internet usage rates, the region’s consumers are eager for innovative products and services. This creates lucrative opportunities, particularly in the digital and e-commerce sectors, which are experiencing explosive growth.

    Overcoming challenges and obstacles

    Despite the significant potential, the Middle East’s entrepreneurial scene is not without its challenges. Entrepreneurs often cite regulatory complexities, bureaucratic red tape, and the need for more robust intellectual property rights as hurdles to business. However, governments are showing a commitment to addressing these issues, and the business environment is improving year by year.

    Moreover, the region is also grappling with the need to develop a culture of entrepreneurship and risk-taking, a shift from the traditional preference for stable government jobs. However, the tides are changing, and the growing success of startups in the region inspires a new generation of entrepreneurs.

    The Middle East, with its strategic location, vibrant economies, supportive government initiatives and untapped market potential, presents a compelling opportunity for global entrepreneurs. With the right insight, cultural understanding and innovative solutions, the region offers rewarding opportunities for those willing to navigate its unique landscape.

    As governments continue to foster entrepreneurship, and with increasing global interest in the region, the Middle East is emerging as a hotspot for global startups and a region worth considering for entrepreneurs looking to expand their horizons.

    Henri Al Helaly

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  • Neuralink, Elon Musk’s brain implant startup, set to begin human trials | CNN Business

    Neuralink, Elon Musk’s brain implant startup, set to begin human trials | CNN Business


    New York
    CNN
     — 

    Elon Musk’s controversial biotechnology startup Neuralink opened up recruitment for its first human clinical trial Tuesday, according to a company blog.

    After receiving approval from an independent review board, Neuralink is set to begin offering brain implants to paralysis patients as part of the PRIME Study, the company said. PRIME, short for Precise Robotically Implanted Brain-Computer Interface, is being carried out to evaluate both the safety and functionality of the implant.

    Trial patients will have a chip surgically placed in the part of the brain that controls the intention to move. The chip, installed by a robot, will then record and send brain signals to an app, with the initial goal being “to grant people the ability to control a computer cursor or keyboard using their thoughts alone,” the company wrote.

    Those with quadriplegia due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS) may qualify for the six-year-long study – 18 months of at-home and clinic visits followed by follow-up visits over five years. Interested people can sign up in the patient registry on Neuralink’s website.

    Musk has been working on Neuralink’s goal of using implants to connect the human brain to a computer for five years, but the company so far has only tested on animals. The company also faced scrutiny after a monkey died in project testing in 2022 as part of efforts to get the animal to play Pong, one of the first video games.

    In May, Neuralink tweeted that it had received FDA clearance for human clinical trials, with the approval acknowledged by the agency in a statement. The opening of human trials also comes over a month after the brain chip startup raised $280 million in a fundraising round led by Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a co-founder at PayPal.

    “We’re extremely excited about this next chapter at Neuralink,” the company wrote at the time on X, the Musk-owned social media platform formerly known as Twitter.

    Musk has forecast human trials at the startup at least four times since 2019, yet the company didn’t seek FDA approval until 2022. At that time, the agency rejected the bid, according to a March Reuters report, citing safety concerns about parts of the implant migrating to other parts of the brain and possible brain tissue damage when the devices are removed. Musk said at a December recruiting event that Neuralink has submitted “most” of its paperwork to the US Food and Drug Administration and could begin testing on humans within six months.

    But employees told Reuters in December that the company is rushing to market, resulting in careless animal deaths and a federal investigation.

    Neuralink did not respond to CNN’s request for comment.

    Before Neuralink’s brain implants hit the broader market, they’ll need regulatory approval. The FDA put out a paper in 2021 mapping out the agency’s initial thoughts on brain-computer interface devices, noting the field is “progressing rapidly.”

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  • 26-year-old tech CEO found dead in Baltimore with signs of blunt-force trauma | CNN Business

    26-year-old tech CEO found dead in Baltimore with signs of blunt-force trauma | CNN Business



    CNN
     — 

    The Baltimore Police Department has announced an arrest warrant for a suspect wanted for the murder of Pava LaPere, the 26-year-old CEO of startup EcoMap Technologies, who was found dead in a downtown Baltimore apartment Monday with signs of blunt-force trauma to her head.

    Police are looking for 32-year-old Jason Dean Billingsley, Acting Police Commissioner Richard Worley said during a news conference Tuesday.

    Officers responded to a call for service at an apartment complex in the 300 block of West Franklin Street at around 11:34 a.m. Monday, according to Baltimore police. Upon arriving, the officers found LaPere with severe injuries to her head. Police have not released any further information on her death.

    The medical examiner’s office took possession of the body, and an examination is pending, police said.

    Billingsley is wanted for first-degree murder, assault, reckless endangerment and additional charges. He should be considered armed and dangerous, police said.

    “This individual will kill and he will rape. He will do anything he can to cause harm,” Worley warned.

    Baltimore police said they do not believe LaPere and Billingsley knew each other.

    The police did not say how they identified Billingsley as a suspect.

    In a message to Billingsley, Worley urged him to turn himself in. “We will find you, so I would ask you to turn yourself in to any officer, any police station,” he said.

    EcoMap was founded by LaPere and Sherrod Davis while LaPere was a 21-year-old college student at Johns Hopkins, according to EcoMap’s website. With just over 30 employees, the startup is part of the artificial intelligence wave. It sells AI tools, including a customizable chatbot, that aim to make clients’ information easier to access and customer communications more seamless, the company says.

    The company confirmed LaPere’s passing to CNN.

    “With profound sadness and shock, EcoMap announces the tragic and untimely passing of our beloved Founder and CEO, Pava LaPere,” EcoMap said in a statement. “The circumstances surrounding Pava’s death are deeply distressing, and our deepest condolences are with her family, friends, and loved ones during this incredibly devastating time.”

    In August, the company said it had reached nearly $8 million in financing.

    Earlier this year, LaPere was named on the Forbes 30 under 30 list in the social impact category.

    “Pava was not only the visionary force behind EcoMap but was also a deeply compassionate and dedicated leader. Her untiring commitment to our company, to Baltimore, to amplifying the critical work of ecosystems across the country, and to building a deeply inclusive culture as a leader, friend, and partner set a standard for leadership, and her legacy will live on through the work we continue to do,” the company said.

    The CEO of Baltimore-based company Fearless, Delali Dzirasa, served as a mentor to LaPere and remembers her as being a determined leader who was highly regarded across the community.

    “There is no person on planet Earth that could tell Pava that she couldn’t do something,” Dzirasa said. “Even though she was a force, she always made space for other people,” he told CNN.

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  • Neuralink, Elon Musk’s brain implant startup, raises $280 million from Peter Thiel’s VC fund | CNN Business

    Neuralink, Elon Musk’s brain implant startup, raises $280 million from Peter Thiel’s VC fund | CNN Business


    New York
    CNN
     — 

    Elon Musk’s biotechnology startup Neuralink raised $280 million in a fundraising round, the company announced Monday via X, the Musk-owned social media platform formerly known as Twitter.

    The Series D round was led by Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a cofounder at PayPal.

    “We’re extremely excited about this next chapter at Neuralink,” the company wrote.

    The brain chip startup wants to use implants to connect your brain to a computer, a goal Musk has been working on for five years. The company so far has only tested on animals and faced scrutiny after a monkey died in project testing in 2022 as part of efforts to get the animal to play Pong, a computer game.

    Macaque monkeys have been used in testing by Neuralink as the company has been developing Bluetooth-enabled implantable chips — inserted into the monkey’s brains — that ​the company says can communicate with computers via a small receiver.

    The funding news comes months after Musk announced the company was moving towards human trials. The billionaire said at a December recruiting event that Neuralink has submitted “most” of its paperwork to the US Food and Drug Administration and could begin testing on humans within six months.

    But employees have said the company is rushing to market, resulting in careless animal deaths and a federal investigation, according to a December report by Reuters.

    Before Neuralink’s brain implants are mass-produced and hit the broader market, they’ll need regulatory approval. The FDA put out a paper in 2021 mapping out the agency’s initial thoughts on brain-computer interface devices, noting the field is “progressing rapidly.”

    A tweet by Neuralink Monday announced they were hiring and invited those interested to “join in on engineering challenges to restore vision and mobility.”

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  • 4 Key Indicators It’s Time for You to Hire Your First Employee | Entrepreneur

    4 Key Indicators It’s Time for You to Hire Your First Employee | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Recognizing when to transition from a solopreneur to a team leader by hiring employees is crucial for sustainable growth. Most of my time with Strategic Advisor Board (SAB) is spent consulting new business owners reaching this pivotal point in scaling. Many business owners know they need help with maintaining their workload and deliverables, but they’re afraid of having enough resources to bring on employees and still be profitable.

    Let’s explore the key indicators I teach new business owners that signal the need for expansion and practical insights on navigating the transition efficiently and effectively.

    Related: 6 Signs It’s Time to Hire Employees for Your Startup

    1. Overwhelming workload and burnout

    As a solopreneur, you are tasked to fulfill every need and request of your business, I was there at one point myself when I started. From operations to marketing, and customer service to administration — it’s all you. This is a time of 60-hour work weeks and zero personal time; all work and no play. Your partner tells you they don’t recognize you anymore and your kids complain about all the soccer games and recitals you have missed. Your friends may even wonder if you are alive anymore.

    Many of my clients feel hopeless and as though they just created their own 9 to 5 (or 9 to 9) instead of an actual business. Hiring employees can help distribute tasks more effectively, reduce stress and improve your work-life balance. By delegating responsibilities, you’ll have more time and energy to focus on strategic initiatives and higher-value activities that drive growth.

    2. Declining productivity and quality

    Maintaining high productivity and delivering exceptional quality can be challenging for solopreneurs juggling multiple responsibilities. When you notice a decline in your output or struggle to meet customer expectations consistently, it’s a sign you need to bring in outside help. It often looks like missed deadlines, subpar projects being sent out the door and struggling to bring in new clients because you don’t have enough time to bring on more business and still get everything done. This decline may be due to being spread too thin, lacking a specialized skill or simply running out of time to deliver high-quality work.

    Bringing in skilled employees can not only enhance productivity but also streamline processes and ensure your products or services maintain high standards. When it’s time to bring in help, I understand it can be scary to hire a full-time employee. That’s why I tell my clients it may be easier to ease into the hiring process with a part-time employee or contractor.

    Related: Hiring Your First Employee? 5 Things You Need to Know.

    3. Limited time for strategic growth

    A comprehensive growth strategy becomes crucial as your business matures. If you cannot dedicate sufficient time to plan for the future and you spend more time working in your business rather than on it, you need additional resources. One effective way to optimize your business is by hiring employees to manage daily operational tasks. This would enable you to devote more time and attention to strategic initiatives like exploring new market opportunities, developing partnerships or expanding into new product lines or services.

    By prioritizing strategic growth, you can fully unleash your business’s potential and stay ahead of the competition. I always focus my efforts on how best to create smaller inputs in my companies that provide far larger outputs in terms of revenue generation. This also allows you to allocate more funds to reducing tactical tasks and workloads on your end and delegate appropriately.

    4. Increased customer demand

    A growing customer base is a positive sign of business success, but it can also strain your capacity as a solopreneur. If you find yourself consistently overwhelmed by customer demand or are forced to turn away potential clients, it’s a strong indicator that you’re ready for expansion. Hiring employees allows you to scale your operations to meet customer expectations. You can deliver prompt and efficient service with a team, maintain high customer satisfaction and capitalize on new business opportunities.

    Additionally, as you grow your customer base, having employees who can focus on customer relationship management becomes vital, ensuring each client receives the attention they deserve. The increase in customer demand also stresses fulfillment and leads to an imbalance in the growth and scale of the company. Putting the right people in the key seats that support fulfillment will relieve this strain. This is a lesson I learned by practical application a decade ago.

    Related: 4 Things Every Entrepreneur Must Consider Before Hiring Their First, or Next, Employee.

    Requiring new diverse skillsets

    Early on when I work with clients, I suggest they take a personal time inventory or a “time study.” First, look into where your skills aren’t at the highest level they could be, and then find out what you’re spending way too much time doing on a weekly basis. If you’re not strong in marketing or you’re spending way too much time balancing your books, consider finding an employee that brings these skills to the table. This will establish a more varied and capable team, enabling your business to progress in further growth.

    If you’re a small business owner, expanding from solopreneurship to having employees is a crucial step toward growth and sustainability. You can identify signs such as reduced productivity, insufficient time for strategic growth, increased customer demand and excessive workload to decide when to diversify your skillsets by hiring employees.

    Establishing a strong team of members who share your business’s values and mission is crucial for achieving sustained success. Skilled individuals can lead to discovering new prospects and driving your business forward, and by having more hands on deck and more minds problem solving, no doubt your business will head towards growth. Creating the right dynamic team is and will always be a challenge. Take your time and interview many people to fill key roles before actually hiring them. Ensuring you have the right people in the right seats on the bus will be critical to your success in being able to scale your company from a solo operation to a full-grown business.

    Jason Miller

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  • I Believe, Therefore I Can — How to Build the Self-Efficacy You Need to Start Your Own Business | Entrepreneur

    I Believe, Therefore I Can — How to Build the Self-Efficacy You Need to Start Your Own Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Why do you think so many people don’t own their own business? It’s hard, there are challenges, and this fact is undeniable. You may even be thinking to yourself that these challenges are ones only certain people can tackle. You know, the kinds of people who excelled all through high school and had the confidence to jump into anything head first. But what if I told you that the only thing that separates you from them is yourself? Ah, that’s obvious, you might be thinking. But let me challenge this notion a bit more. It isn’t you as a person, it’s your beliefs — those ideas in your head of what you can and cannot do.

    The only thing which differentiates that guy in high school who became captain of the football team and you is the fact he believed he could do it. That is all there is to it. The good news? You can do whatever you want, and it is completely in your control. Let me introduce the concept of self-efficacy.

    Related: Using the Power of Self-Belief to Create Success

    Self-efficacy: Your beliefs about you

    Let’s do a thought experiment together. Think of something uncomfortable to you. It might be getting back into the gym after some time. Or it could even be something like going out on a date. What makes it uncomfortable? Is it the activity itself? Actually, it’s your belief about what you can and cannot do. If you believed that you would be able to go back to the gym on day one and nail it, you would probably go.

    We all have beliefs about ourselves — some helpful and others that aren’t as helpful. This is called self-efficacy: your beliefs about your ability to do a certain task. When you don’t think you can do it, the task seems more daunting, and you put it off. It might even make you develop even more unhelpful beliefs about yourself because you now feel bad about your belief you can’t do it! But what if we flipped this notion on its head, and instead of thinking we can’t, we start thinking we can? This leads to challenging those beliefs you have about yourself.

    Beliefs are not truths — You define your truth

    Okay, another thought experiment. Think of a task you have perfected. Something you can do so well now which you couldn’t before. Even something as simple as the fact you can ride a bike would fall into this category. Let’s go back in time to the version of you who just started to learn how to ride a bike. What would they say? “I’m not very good at this” or “This is too hard” or any variation of these statements. But you did it, right? I guarantee 100% you have conquered something like this in your life.

    What does this mean? Your thoughts are not the truth, and the thoughts you have about yourself may not be the truth either. You have thought many unhelpful things of yourself throughout your life, which without your awareness, you have proven wrong. This awareness helps us realize that all the things we think about ourselves are indeed not facts. And it allows us some space to challenge these thoughts.

    Related: 5 Ways to Overcome Self-Doubt as an Entrepreneur

    Put your thoughts to the test — You’re in control

    So, you have identified that you have thoughts about yourself, some helpful and some unhelpful. You also know now that those unhelpful thoughts are not always true because you have proven it to yourself. So, how do we get you to challenge your present thoughts about yourself on what you want to do now? Here is a step-by-step approach on how to turn your self-beliefs around:

    Step 1. Identify the thought

    You can’t work on something when you don’t know it’s there. And I know, it’s uncomfortable to admit to yourself that you don’t think you’re smart enough or strong enough or whatever quality it is to start your own business. Don’t worry about this step, though. Remember: Your thoughts are not truths. When you say to yourself, “I realize I am thinking I am not good enough to start my own business,” also say to yourself, “It’s my thought, but it is not the truth.” You just need to know you’re thinking it to begin to tell that thought, “You’re wrong, I know I can.”

    Step 2. Externalize yourself from the thought

    Remember how your thoughts are not the truth about you? Guess what? They aren’t even you. We have thousands of thoughts come into our heads every day from all different sources. Maybe someone said something negative to you, and you contemplated it. It’s just a thought, it’s not you. Now you need to take that thought and give it a name. It just needs to have a label. You could call it anything. When you label something, you see it not as yourself. And then you can start to see it for what it really is. This is called externalizing — this is when you say my thoughts are not me, they are a thing I experience.

    Step 3. Challenge that thought

    Get that thought now, call it by its label, and analyze it. What validity does it really hold? Let’s say, for example, you have a thought that you’re not smart enough to start your own business, and this thought is called Not Smart. You are now going to tell Not Smart how not smart it is. What does Not Smart tell you? It might be telling you, “You don’t have the intelligence to do this.”

    “Okay, Not Smart, how do you know?” It might say back to you, “Well you remember how in your first job you got the least amount of sales in the team?” And you say, “So what?”

    Not Smart might say back, “Yeah, well how do you think you’re going to start a business then?” You just say back to Not Smart, “That’s true, that did happen, but why does one mistake mean I am going to make mistakes forever?”

    Keep challenging it! Keep saying back, “I haven’t even done anything like that since then, and it made me grow, and now I actually have so many skills to do what I want.” Or say back, “Okay, I don’t have the answers, so what? I can learn them. What’s stopping me?”

    The truth is that Not Smart or any of these thoughts are actually your mind trying to protect you. Your mind has a good ability to detect threats from the past and project them into your future to try and do what it seems to think is keeping you safe. If you did get the lowest sales in your first job, your mind will say, “Okay we need to avoid anything with business because this hurt you before, and I don’t want you to hurt again.” What you need to tell your mind is that “It’s okay, it’s not going to hurt me. This is actually what is going to bring me the most happiness in the end.”

    Step 4. Create a new narrative, and assign a new meaning

    It’s not enough to just tell Not Smart that it’s wrong — you’ve got to give it a whole new story to rewrite the old one. And this story needs to be exactly what you want it to be. Let’s give it a go together.

    So, Not Smart told you that you’re not intelligent enough to run your own business, and you proved to it that its logic is actually flawed and that you do have the intelligence. What you need to do here is create a new story on this narrative. It could go something like this: “I haven’t always been number one in my sales roles, but that is why I am going to prove to myself and everyone else that I can be successful and run my own business. I’m going to make sure I get the knowledge on how to do it because it’s accessible to anyone. I am going to use my previous failure to be my driving energy to succeed.”

    And there you go, you now have yourself a new narrative. Write it down. You need to have this written down, and you need to go back to it whenever Not Smart comes back up again. Go back to your new narrative, and feel your narrative in your body through your emotions. This is your new story now, and soon enough, it will become your new belief.

    Related: Believe in Yourself and Entrepreneurial Success Will Follow

    Just to end on a thought-provoking note, do you know the story about Beethoven? One of the most famous classical composers of all time was actually deaf. But he still composed. He didn’t just compose, either — he wrote his most famous piece of music at this time. What if he believed he couldn’t do it? Or what if he thought, “What’s the point?” Even without hearing, he still became one of the greatest composers in history.

    Now it’s time for you to make your own history and start that business you have been dreaming of. Trust me when I say this, and I really mean it when I do: There is nothing stopping you but those funny little beliefs you have about yourself. Make your own story, and rewrite your future. You’ve got this.

    Mikey Lucas

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  • Starting a Business? Here Are 10 Common Obstacles to Avoid. | Entrepreneur

    Starting a Business? Here Are 10 Common Obstacles to Avoid. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a new business can be an exciting and rewarding venture, but it also comes with its fair share of challenges. Achieving business objectives will take perseverance and patience. Making good decisions will align with the overall objectives and vision of the business. Each decision should contribute to the strategic direction and goals of the organization. By making well-informed decisions, you increase the likelihood of achieving desired outcomes while advancing the company’s mission.

    When starting a business, there are common obstacles that you must steer clear of in order to increase your chances of success. In this article, I’ll share a few of those obstacles, as well as some tips on how to protect your mental health while dealing with the stress that often comes along with starting a business.

    Related: 5 Things You Really Need to Do When Starting Your Own Business

    10 obstacles to avoid when starting a new business

    1. Insufficient market research: Failing to conduct thorough market research can be detrimental to your business. It’s important to understand your target market, customer needs, competition and industry trends. Lack of market research can lead to misaligned products or services, poor marketing strategies and an inability to meet customer demands.

    2. Inadequate business planning: A well-defined business plan is crucial for success. It outlines your goals, strategies, financial projections and operational processes. Neglecting to create a comprehensive business plan can lead to a lack of direction, poor decision-making and difficulties securing funding.

    3. Insufficient capital: Many businesses struggle due to inadequate funding. It’s important to accurately estimate your startup costs and have enough capital to cover initial expenses, as well as sustain the business until it becomes profitable. Without adequate capital, you may face cash flow problems, difficulty scaling operations and limited resources to invest in growth.

    4. Lack of a competitive advantage: In a competitive marketplace, it’s essential to differentiate your business from competitors. Failing to identify and communicate a unique value proposition can make it challenging to attract customers and gain market share. Determine what sets your business apart, and emphasize those qualities to stand out in the market.

    5. Poor marketing and customer acquisition: Without effective marketing strategies, it can be difficult to reach and attract customers. Invest in marketing efforts tailored to your target audience, whether through digital channels, social media, content marketing or traditional advertising. Neglecting marketing can result in low visibility, limited customer engagement and slow growth.

    6. Inadequate team and leadership: Building a skilled and motivated team is crucial to the success of your business. Surround yourself with capable individuals who share your vision and bring complementary skills to the table. Poor leadership and a lack of competent team members can hinder growth, decrease productivity and lead to internal conflicts.

    7. Ignoring legal and regulatory requirements: Complying with legal and regulatory obligations is essential for any business. Failure to do so can result in fines, legal issues or reputational damage. Research and adhere to all relevant laws, such as licenses, permits, taxes, employment regulations, data protection and industry-specific requirements.

    8. Neglecting customer feedback and market changes: Businesses must adapt to changing market conditions and customer preferences. Continuously gather and analyze customer feedback to improve your products or services. Stay informed about industry trends, technological advancements and shifts in consumer behavior to remain competitive and relevant.

    9. Lack of resilience and perseverance: Starting a business can be challenging, and setbacks are inevitable. It’s important to develop resilience, adaptability and perseverance to overcome obstacles and learn from failures. A positive mindset and the ability to bounce back from setbacks will contribute to long-term success.

    10. Lack of self-care and work-life balance: Starting a new business requires dedication and hard work, but neglecting self-care and work-life balance can lead to burnout and diminished productivity. Prioritize your well-being, establish boundaries, and allocate time for relaxation, exercise and personal relationships.

    Related: 3 Things I Learned in the First 3 Months of Starting My Company

    Mental health tips for entrepreneurs starting a business

    Running a new business can be demanding and stressful, so taking care of your mental health is essential. Here are some mental health tips for entrepreneurs running a new business:

    Prioritize self-care: Make self-care a priority in your routine. Set aside time for activities that promote relaxation, such as exercise, meditation, hobbies or spending time with loved ones. Taking care of your physical and emotional well-being is crucial for managing stress and maintaining mental clarity.

    Set realistic expectations: Running a new business involves challenges and setbacks. Set realistic expectations for yourself and your business, understanding that success takes time. Avoid putting excessive pressure on yourself, and embrace the learning process, focusing on progress rather than perfection.

    Seek support: Running a business can feel isolating at times. Reach out to fellow entrepreneurs, join business networks or communities, and seek mentorship. Surrounding yourself with a support system can provide valuable advice, a sounding board for ideas, and emotional support during challenging times.

    Delegate and outsource: Trying to handle every aspect of your business on your own can lead to burnout. Delegate tasks and responsibilities whenever possible, and consider outsourcing certain functions that are not your area of expertise. This allows you to focus on your strengths and reduces overwhelm.

    Practice stress-management techniques: Develop strategies to manage stress effectively. This may include deep breathing exercises, mindfulness practices or engaging in activities that help you unwind. Find what works best for you, and incorporate stress-management techniques into your daily routine.

    Maintain work-life balance: Strive for a healthy work-life balance by setting boundaries between work and personal life. Allocate dedicated time for relaxation, hobbies and spending time with family and friends. Avoid excessive work hours, and allow yourself to disconnect from work to recharge.

    Celebrate milestones and successes: Acknowledge and celebrate your achievements, no matter how small. Celebrating milestones, completing projects or reaching business goals boosts motivation, provides a sense of accomplishment and fosters a positive mindset.

    Seek professional help if needed: If you find yourself consistently struggling with your mental health, don’t hesitate to seek professional help. A therapist or counselor can provide guidance, support and strategies to manage stress, anxiety or other mental health concerns specific to your situation.

    Related: 5 Mistakes To Avoid When Starting a Business

    Remember that taking care of your mental health is not a luxury but a necessity for your overall well-being and the success of your business. By prioritizing your mental health, you’ll be better equipped to handle the challenges, make sound decisions and create a positive and sustainable work environment.

    By recognizing and proactively addressing these obstacles and working to maintain mental stability, you can increase your chances of starting a new business successfully. Remember that each business journey is unique, and being prepared to tackle challenges will help you navigate the path to success. By being aware of these obstacles and taking proactive measures to address them, you can set your new business on a path to success. Remember that entrepreneurship is a continuous learning experience, and the ability to adapt and grow is key to overcoming challenges along the way.

    Billy Carson

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  • From Napoléon to Macron: How France learned to love Big Brother

    From Napoléon to Macron: How France learned to love Big Brother

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    PARIS — Liberté. Egalité. But mostly: sécurité

    It all started with Napoléon Bonaparte. Over two centuries, France cobbled together a surveillance apparatus capable of intercepting private communications; keeping traffic and localization data for up to a year; storing people’s fingerprints; and monitoring most of the territory with cameras.

    This system, which has faced pushback from digital rights organizations and United Nations experts, will get its spotlight moment at the 2024 Paris Summer Olympics. In July next year, France will deploy large-scale, real-time, algorithm-supported video surveillance cameras — a first in Europe. (Not included in the plan: facial recognition.) 

    Last month, the French parliament approved a controversial government plan to allow investigators to track suspected criminals in real-time via access to their devices’ geolocation, camera and microphone. Paris also lobbied in Brussels to be allowed to spy on reporters in the name of national security. 

    Helping France down the path of mass surveillance: a historically strong and centralized state; a powerful law enforcement community; political discourse increasingly focused on law and order; and the terrorist attacks of the 2010s. In the wake of President Emmanuel Macron’s agenda for so-called strategic autonomy, French defense and security giants, as well as innovative tech startups, have also gotten a boost to help them compete globally with American, Israeli and Chinese companies. 

    “Whenever there’s a security issue, the first reflex is surveillance and repression. There’s no attempt in either words or deeds to address it with a more social angle,” said Alouette, an activist at French digital rights NGO La Quadrature du Net who uses a pseudonym to protect her identity. 

    As surveillance and security laws have piled up in recent decades, advocates have lined up on opposite sides. Supporters argue law enforcement and intelligence agencies need such powers to fight terrorism and crime. Algorithmic video surveillance would have prevented the 2016 Nice terror attack, claimed Sacha Houlié, a prominent lawmaker from Macron’s Renaissance party.

    Opponents point to the laws’ effect on civil liberties and fear France is morphing into a dystopian society. In June, the watchdog in charge of monitoring intelligence services said in a harsh report that French legislation is not compliant with the European Court of Human Rights’ case law, especially when it comes to intelligence-sharing between French and foreign agencies.

    “We’re in a polarized debate with good guys and bad guys, where if you oppose mass surveillance, you’re on the bad guys’ side,” said Estelle Massé, Europe legislative manager and global data protection lead at digital rights NGO Access Now. 

    A history of surveillance

    Both the 9/11 and the Paris 2015 terror attacks have accelerated mass surveillance in France, but the country’s tradition of snooping, monitoring and data collection dates way back — to Napoléon Bonaparte in the early 1800s. 

    “Historically, France has been at the forefront of these issues, in terms of police files and records. During the First Empire, France’s highly centralized government was determined to square the entire territory,” said Olivier Aïm, a lecturer at Sorbonne Université Celsa who authored a book on surveillance theories. Before electronic devices, paper was the main tool of control because identification documents were used to monitor travels, he explained. 

    The French emperor revived the Paris Police Prefecture — which exists to this day — and tasked law enforcement with new powers to keep political opponents in check. 

    In the 1880s, Alphonse Bertillon devised a method of identifying suspects and criminals using biometric features | Peter Macdiarmid/Getty Images

    In the 1880s, Alphonse Bertillon, who worked for the Paris Police Prefecture, introduced a new way of identifying suspects and criminals using biometric features — the forerunner of facial recognition. The Bertillon method would then be emulated across the world.

    Between 1870 and 1940, under the Third Republic, the police kept a massive file — dubbed the National Security’s Central File — with information about 600,000 people, including anarchists and communists, certain foreigners, criminals, and people who requested identification documents. 

    After World War II ended, a bruised France moved away from hard-line security discourse until the 1970s. And in the early days of the 21st century, the 9/11 attacks in the United States marked a turning point, ushering in a steady stream of controversial surveillance laws — under both left- and right-wing governments. In the name of national security, lawmakers started giving intelligence services and law enforcement unprecedented powers to snoop on citizens, with limited judiciary oversight. 

    “Surveillance covers a history of security, a history of the police, a history of intelligence,” Aïm said. “Security issues have intensified with the fight against terrorism, the organization of major events and globalization.” 

    The rise of technology

    In the 1970s, before the era of omnipresent smartphones, French public opinion initially pushed back against using technology to monitor citizens

    In 1974, as ministries started using computers, Le Monde revealed a plan to merge all citizens’ files into a single computerized database, a project known as SAFARI.

    The project, abandoned amid the resulting scandal, led lawmakers to adopt robust data protection legislation — creating the country’s privacy regulator CNIL. France then became one of the few European countries with rules to protect civil liberties in the computer age. 

    However, the mass spread of technology — and more specifically video surveillance cameras in the 1990s — allowed politicians and local officials to come up with new, alluring promises: security in exchange for surveillance tech. 

    In 2020, there were about 90,000 video surveillance cameras powered by the police and the gendarmerie in France. The state helps local officials finance them via a dedicated public fund. After France’s violent riots in early July — which also saw Macron float social media bans during periods of unrest — Interior Minister Gérald Darmanin announced he would swiftly allocate €20 million to repair broken video surveillance devices. 

    In parallel, the rise of tech giants such as Google, Facebook and Apple in everyday life has led to so-called surveillance capitalism. And for French policymakers, U.S. tech giants’ data collection has over the years become an argument to explain why the state, too, should be allowed to gather people’s personal information. 

    “We give Californian startups our fingerprints, face identification, or access to our privacy from our living room via connected speakers, and we would refuse to let the state protect us in the public space?” Senator Stéphane Le Rudulier from the conservative Les Républicains said in June to justify the use of facial recognition on the street. 

    Strong state, strong statesmen

    Resistance to mass surveillance does exist in France at the local level — especially against the development of so-called safe cities. Digital rights NGOs can boast a few wins: In the south of France, La Quadrature du Net scored a victory in an administrative court, blocking plans to test facial recognition in high schools. 

    Some grassroots movements have opposed surveillance schemes at the local level, but the nationwide legislative push has continued | Ludovic Marin/AFP via Getty Images

    At the national level, however, security laws are too powerful a force, despite a few ongoing cases before the European Court of Human Rights. For example, France has de facto ignored multiple rulings from the EU top court that deemed mass data retention illegal. 

    Often at the center of France’s push for more state surveillance: the interior minister. This influential office, whose constituency includes the law enforcement and intelligence community, is described as a “stepping stone” toward the premiership — or even the presidency. 

    “Interior ministers are often powerful, well-known and hyper-present in the media. Each new minister pushes for new reforms, new powers, leading to the construction of a never-ending security tower,” said Access Now’s Massé.

    Under Socialist François Hollande, Manuel Valls and Bernard Cazeneuve both went from interior minister to prime minister in, respectively, 2014 and 2016. Nicolas Sarkozy, Jacques Chirac’s interior minister from 2005 to 2007, was then elected president. All shepherded new surveillance laws under their tenure.

    In the past year, Darmanin has been instrumental in pushing for the use of police drones, even going against the CNIL.

    For politicians, even at the local level, there is little to gain electorally by arguing against expanded snooping and the monitoring of public space. “Many on the left, especially in complicated cities, feel obliged to go along, fearing accusations of being soft [on crime],” said Noémie Levain, a legal and political analyst at La Quadrature du Net. “The political cost of reversing a security law is too high,” she added.

    It’s also the case that there’s often little pushback from the public. In March, on the same day a handful of French MPs voted to allow AI-powered video surveillance cameras at the 2024 Paris Olympics, about 1 million people took to the streets to protest against … Macron’s pension reform. 

    Sovereign cameras

    For politicians, France’s industrial competitiveness is also at stake. The country is home to defense giants that dabble in both the military and civilian sectors, such as Thalès and Safran. Meanwhile, Idemia specializes in biometrics and identification. 

    “What’s accelerating legislation is also a global industrial and geopolitical context: Surveillance technologies are a Trojan horse for artificial intelligence,” said Caroline Lequesne Rot, an associate professor at the Côte d’Azur University, adding that French policymakers are worried about foreign rivals. “Europe is caught between the stranglehold of China and the U.S. The idea is to give our companies access to markets and allow them to train.”

    In 2019, then-Digital Minister Cédric O told Le Monde that experimenting with facial recognition was needed to allow French companies to improve their technology. 

    France’s surveillance apparatus will be on full display at the 2024 Olympic Games | Patrick Kovarik/AFP via Getty Images

    For the video surveillance industry — which made €1.6 billion in France in 2020 — the 2024 Paris Olympics will be a golden opportunity to test their products and services and showcase what they can do in terms of AI-powered surveillance. 

    XXII — an AI startup with funding from the armed forces ministry and at least some political backinghas already hinted it would be ready to secure the mega sports event. 

    “If we don’t encourage the development of French and European solutions, we run the risk of later becoming dependent on software developed by foreign powers,” wrote lawmakers Philippe Latombe, from Macron’s allied party Modem, and Philippe Gosselin, from Les Républicains, in a parliamentary report on video surveillance released in April.

    “When it comes to artificial intelligence, losing control means undermining our sovereignty,” they added.

    Laura Kayali

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  • 3 Key Tips on How to Turn Your Idea Into a Business | Entrepreneur

    3 Key Tips on How to Turn Your Idea Into a Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    When we find ourselves with a brilliant idea, the pull to transform it into a business is strong. However, the path from an idea to success is filled with uncertainties. As a result, this path can make even the most promising ventures stumble.

    In fact, every great business was once simply an idea. The process of transforming that idea into a thriving company comes with many challenges.

    Nonetheless, as entrepreneurs, we can make an effort to overcome these obstacles by persevering to reach our goals, surrounding ourselves with a network of talented, encouraging professionals and seeking out the right opportunity for our ideas to flourish.

    Related: How to Turn Your Idea into a Business

    1. Persevere to reach your goals

    A cornerstone of success is the ability to persevere in the face of failure. In fact, without failure, many successful entrepreneurs wouldn’t be who they are today.

    The indication of a great entrepreneur doesn’t lie in the success of their first attempt. Instead, the characteristic depends on how they react when faced with hardships. These hardships may come in the form of failed prototypes, unsuccessful launches or financial troubles. What separates great entrepreneurs from good ones is how they respond to setbacks.

    Because success is never guaranteed, it’s critical you learn how to embrace failure as a learning opportunity. So, no matter how often you experience setbacks or obstacles, you must never seek shortcuts. Shortcuts will always lead to an undesirable or inferior outcome.

    Instead, when looking to overcome your challenges, take an incremental approach. In simpler terms, take on each challenge in smaller, bite-sized parts. As a result, you’ll stay productive without losing sight of your end goal.

    2. Build a supportive network

    As your company grows in success, it will also grow in size. While your business may be solely your idea, a supporting team with the right skill set can make it a reality — and even improve upon it. After all, entrepreneurs require the expertise of others to fill in the gaps where they’re lacking.

    Many successful entrepreneurs throughout history have relied on strong teamwork to achieve positive results. The ability to step back and let someone with more expertise take the reins is the sign of a humble and unostentatious leader. Not only will this result in better outcomes at your company, but it’ll build your reputation as a modest leader who people want to work with.

    So, you’ll need to build a supportive team of specialized individuals. To do this, find professionals with the experience your idea needs, from mentors and advisors to like-minded peers. Equally important, these individuals should share your vision while complementing your existing skills.

    In fact, as your idea grows from conception to business, members of your team will slowly grow their own teams. Their success as managers depends largely on how you foster your relationship with them. If you start on day one intending to build strong and reliable professional relationships, they will, too. And your idea and your company will be better for it.

    You can transform your ideas into a profitable venture only by believing in people. With this in mind, you can scale your company with employees who are unquestionably the most essential aspect of your business.

    Related: 9 Steps to Put Your Business Idea into Action

    3. Seize the opportunity when it rises

    Unfortunately, a brilliant idea can fall flat if it’s introduced at the wrong time. Meanwhile, a mediocre concept can flourish with impeccable timing.

    For instance, many factors, such as market trends, emerging technologies and consumer preferences will impact how your idea manifests. By monitoring these indicators, you’ll have the opportunity to adapt to customers’ expectations. This adaptation will give you a competitive edge.

    Moreover, timing the launch of your product or service around industry events, seasonal trends or consumer behaviors can boost your chances of success. By coinciding the launch of your business with certain situations, you can generate buzz and attract early adopters. So, take advantage of market trends, instead of working against them.

    Simply put, timing is everything. It encompasses anything from launching your product and scaling your business to understanding the nuances that can make the difference in the success or failure of your business.

    Embrace the journey your ideas take you on

    There is no limit to the number of good ideas out there. But good ideas only become successful businesses if entrepreneurs take the appropriate actions.

    In order to improve your chances of success, first, you must take a steadfast approach to turning your idea into a business in spite of the number of failures you experience. Then, remember to surround yourself with those who support and complement your ideas for a better business. Finally, master the art of timing by paying attention to the market and industry as it evolves.

    With these tips in mind, you can enjoy the journey of building a business from the ground up with your ideas.

    Related: Got an Awesome New Business Idea? Here’s What to Do Next.

    Cyrus Claffey

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  • Law firm launches practice for startups and emerging firms | Long Island Business News

    Law firm launches practice for startups and emerging firms | Long Island Business News

    Cullen and Dykman, the law firm with an office in Garden City, has launched a practice to provide support and guidance to startups and emerging companies. The practice is led by Ilana Pearl, a partner at the firm.

    Attorneys at the law firm, which has offices in the northeast, say they bring expertise in navigating diverse financing structures, such as convertible instruments, early series equity rounds and Regulation D offerings. They advise on securities law compliance, exploring instrument and investor options, drafting essential agreements, and managing SEC filings.

    Well-versed in the challenges faced by startups and emerging companies, partners at the law firm say their “commitment lies in delivering personalized counsel tailored to assist our clients in achieving successful financing outcomes,” according to a news release about the new practices.

    “We are excited to launch our new practice for Startups and Emerging Companies,” Christopher Palmer, managing partner of Cullen and Dykman, said in the news release.

    “With our deep understanding of the needs and objectives of early-stage investors, we are confident in our ability to guide and support startups on their journey to growth and success,” he added.

    Everyone at the firm, Pearl said in the release, is “thrilled to launch this new practice group, enabling us to leverage the firm’s existing platform effectively and provide enhanced services to our entrepreneur and venture capital clients.”

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    Adina Genn

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  • Why Creating a Feedback Culture is Vital to Business Survival | Entrepreneur

    Why Creating a Feedback Culture is Vital to Business Survival | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    A startup is among the most exciting workplaces in today’s business landscape. It suits problem solvers, people who love the challenge of figuring out how to get a promising idea off the ground. For others, what attracts them to a startup is the chance to be part of a company early on and see it through its growth stages.

    But since startup environments can be unpredictable, working at one requires grit, flexibility, and openness to feedback. The last is particularly important because it directly contributes to team members’ improvement. Feedback helps people understand why their actions bring certain outcomes. It also creates a team with a growth mindset.

    Welcoming feedback is also crucial for helping the company grow. Startups must be agile and adaptable. They must innovate rapidly to suit changing customer needs while staying ahead of others in the field. Without feedback, companies grow directionless and people stagnate.

    Related: How to Create a Culture of Feedback

    How positive feedback benefits employees

    It’s simple but often overlooked: a little positive feedback goes a long way. Acknowledging when employees work hard or deliver exceptional work will help them feel valued, and their efforts are seen. Positive feedback also creates stronger relationships—after all, who doesn’t like people who appreciate them?

    Why constructive criticism is necessary, but tricky

    While anyone would like it when their managers notice the good things they do, few people stay cheerful when others notice their shortcomings. Yet constructive feedback is an essential part of giving feedback. It can be difficult to deliver this type of criticism, though! To do this effectively, the first step is to focus on the behavior, not the person. The feedback a person receives should help them

    Constructive criticism is essential for growth but can be difficult to deliver effectively. It is important to focus on the behavior rather than the person. The manager should show–through words and actions–that they are giving this feedback to be supportive. The message should contain specific, actionable steps the recipient can take.

    Related: Open vs. Anonymous Employee Feedback — Which is Better?

    Why give feedback, anyway?

    I understand if managers or business owners might be reluctant to dedicate time to feedback. Especially in a startup, where there are endless things to do at any given moment. But letting your team know how they’re doing leads to better performance. When employees receive feedback, they better understand what you expect from them. So they can align their work with your requirements and the company’s broader goals.

    Employees who receive high-quality feedback also gain a sense of ownership over their work. They can better identify improvements in their processes, which helps them identify obstacles before they become too big to handle.

    For example, suppose you have a teammate who struggles with time management. Instead of telling them, “Just work faster,” which is vague and offers no actionable information, you could give specifics on how they can stay on-task. For starters, you could review their list of things to do and help them prioritize these by urgency. When you teach someone how to course-correct once, they won’t need repeated reminders in the future.

    And this goes for peers, too. Feedback among team members of the same rank will help them build stronger relationships. Having a team that can let each other know areas of improvement without anyone feeling slighted is a special thing. These open lines of communication also allow people to address misunderstandings before they escalate.

    Challenges of giving feedback in startups

    There are many pros, but there are also challenges in giving feedback in a startup. For one, the pace at this type of company can be very fast. So, there could only be a small window of opportunity to give feedback about a crucial process before it becomes moot. This situation leads to missed opportunities for improvement.

    Of course, you also risk losing valued employees when you give them feedback. Managers might be hesitant to provide honest thoughts on an employee’s performance–they might be afraid of alienating their teammates.

    Related: How Entrepreneurs Can Use Effective Feedback to Stay Resilient and Agile

    How to deliver feedback

    Given all these realities, the first thing to do is establish a feedback culture early. When people are used to opening up about work processes, managers need not worry about anyone getting hurt or missing the chance to say what they think. If you’ve established a different culture within your organization, turning it around is possible–it’ll take a while, but it can be done.

    Managers must also frame feedback so it considers a person’s long-term growth. It’s the difference between editing a junior software developer’s code yourself and letting them know what needs to be changed. A manager who corrects the code might say that only the work matters. In contrast, one who corrects others’ behavior shows that they care about their teammates, which builds trust and engagement.

    How feedback contributes to startup success

    Many successful startups have embraced the importance of feedback in their culture and have used it to achieve growth and success.

    For instance, Slack, one of the most popular communication and collaboration platforms, encourages users to provide feedback to make decisions about future development. Another company that leverages feedback is Dropbox. Their “Smart Sync” feature, which lets users access files through the cloud, came from user feedback.

    At Wing Assistant, we implemented a variety of mechanisms to solicit user feedback. Examples include NPS polls in our software product, email surveys (we are leveraging Voiceform to allow customers to speak their feedback freely), and one-on-one calls with customers conducted by our Client Success Managers. We also ask for feedback whenever customers leave us to monitor which areas need improvement constantly.

    Feedback and its role in business growth

    Letting your teammates know what works and what doesn’t is crucial for their personal and professional growth. In the fast-paced, competitive world of startups, feedback is all the more valuable. But feedback isn’t just for growing companies. By embracing and using it to drive innovation, companies of all sizes can reach their goals much faster.

    Roland Polzin

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  • The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

    The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    While you might expect anything to grow in the winter, it is not the same with the cryptocurrency market. Startups do, surprisingly, start, and some even flourish. In this article, we will address your pressing question: to launch your dream project during the seemingly barren crypto winters or to wait for a bull.

    A crypto tale of two super bowls

    There was, of course, a time of superabundant flourish for all of crypto — 2022 was one. Super Bowl 2022 saw a slew of ads from crypto companies. In fact, Super Bowl 2022 was nicknamed the “Crypto Bowl.” The reason for this was not difficult to figure out: it was the crypto bull market. There was a rising demand in the market powered by the increasing popularity of NFTs, meme tokens and the metaverse.

    Fast forward to 2023, the market crashed — no thanks to Luna, FTX and the stiff crypto regulations that followed. There have been no Super Bowl crypto commercials this year, except for one misleading ad from an NFT-based game. The market’s image in 2023 starkly contrasted with what it was in 2022. Retail and institutional investors who embraced crypto last year didn’t want to touch it this time with a ten-foot pole. Crypto startups that once thrived struggled to stay afloat, while potential startups looking to enter the market now faced a dilemma: to launch or not to launch?

    Related: Bear With Me: 3 Ways To Capitalize During the Crypto Winter

    The dilemma of crypto winters

    There is no right or wrong answer to the question: to launch or not? However, this article will provide perspectives to help potential founders decide. But first, we will have to flashback to 2009 – the origin of Bitcoin.

    In the beginning, there was no market — When Satoshi Nakamoto created the first cryptocurrency, there was no crypto market. All the anonymous creator had was an idea that could solve global economic issues by democratizing finance. They were unsure of what to expect. Why would anyone believe, accept, and use a digital currency? Despite this and other valid concerns, Satoshi Nakamoto went ahead to create Bitcoin. And from that one currency, 25,794 coins and tokens (per data from CoinMarketCap) have been birthed.

    Early currencies that followed Bitcoin, such as Ethereum, Litecoin and Ripple, stuck to the plot of innovating within the established democratized financial system. But this wasn’t the case with many of the thousands of projects afterward. These projects, especially after the 2017 crypto boom, went off script. From ICOs and IDOs to meme coins and NFTs, the crypto industry became a center for speculation. Users were not concerned about use cases; they kept hopping from project to project, looking to make quick profits. This is why new founders face the dilemma of crypto winters. Should they risk their new project failing because of the high fear index of the market, or should they just wait to ride on the wave of market hype, albeit temporarily?

    Related: How should investors weather this ‘crypto winter’

    Startups vs. crypto winters: The present dynamics

    During bear markets, investors would rather stick with the few resilient projects they know and trust. New projects, even with viable utilities, may not get their attention if they do not see any quick way to profit from them.

    This is why the founders of meme coins do not bother about offering utility. PEPE, for example, had no utility yet surged by about 7000% within days, reflecting how greed, not value, drives the crypto market.

    But this is not to say that no utility-based projects have successfully launched during crypto winter. UniSwap is one such project. The decentralized crypto exchange launched in 2018 amid a rough bear market. But as of October 2022, the parent company, Uniswap Labs was worth $1.66 billion, controlled 64% of all DEX volumes, and the $UNI token had a market cap of over $5 billion. Users were able to see the project beyond temporary gains.

    Solving the dilemma

    I believe crypto winter is the best period to launch a crypto company or product. It is a period marked by less noise and less hype. A period to test the loyalty and sentiments of users or investors. However, the founder who wants to be successful during this period needs to fulfill two duties: (1) Have a viable product, and (2) Control the narrative.

    Viable blockchain solutions stand a high chance of surviving crypto winters. Though the market is looking for the next cash machine, a utility-focused project would never capture the market’s attention.

    Owning your story as a crypto startup

    Often, founders who successfully navigate the crypto winter are those that control their narrative. They are those that do not let the market stamp them with the “get-rich-quick” tag. These projects continue to present themselves as utility-based and community-centric, even when the market wants otherwise.

    Any founder can capture the attention of the market during bear markets. In fact, a bear market is a period where investors’ attention isn’t divided among the many projects displaying profitability simultaneously. So it is the best moment for startups to emerge provided that they are coming with unique crypto solutions. Once that’s settled, it becomes easy to sell their story to the market.

    Hence, by focusing on viable products with utility and controlling the narrative, emerging crypto startups can increase their chances of success in an unpredictable crypto market.

    Vladimir Gorbunov

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  • First-Time Entrepreneur? Here Are the Skills You’ll Need to Succeed. | Entrepreneur

    First-Time Entrepreneur? Here Are the Skills You’ll Need to Succeed. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Laid-off workers are using their severance packages to fund new businesses. That can be a smart move in a bumpy economy — with the right skills and a deliberate approach.

    Some 4.4 million new businesses are started each year. A record 5.4 million of them started in 2021, as generous severance packages and pandemic-related government funding helped make entrepreneurship a reality for many Americans.

    But a large number of startups fail in the first few years, often because the business owners don’t understand the market relative to the product or service they offer. They might have a novel idea, but they don’t understand that there may be others doing the same thing, with the same idea.

    The challenge for a new entrepreneur is to first meet an unmet need, and secondly, to do it better than all the others who are targeting the same market.

    A coffee shop, for example, has to provide a good product, a great customer experience and an unbeatable location. It has to stand out from all the other coffee shops in the neighborhood. To do that requires in-depth market analysis — which takes time and isn’t cheap — in addition to a solid business plan and sufficient financing.

    Starting a business isn’t just about a market and motivation. Being a successful entrepreneur also involves identifying necessary skills gaps to succeed and knowing how and where to fill them.

    Related: The 6 Most Important Things to Do When Starting a New Business

    Skills every new business owner needs

    Financial literacy is one. What are the startup costs and tax implications of starting a new business? Should the business be structured as an LLC or a sole proprietorship? How much does it cost to develop the product or service? What’s the best way to determine pricing? Those are just some of the critical questions to ask on the front end. There are longer-term considerations as well, such as offering a quality customer experience to keep customers coming back.

    A detailed business and financing plan is a must. It’s important to understand how to generate revenue, as well as how to manage costs associated with developing and launching a product or service. Some business coaches often recommend leveraging personal or family finances rather than seeking venture capital, which can be hard to find and comes with ROI (return on investment) requirements and performance metrics.

    Of course, there needs to be a customer. That’s the purpose of a business, to quote marketing expert Peter Drucker. It’s important to find out what excites customers and how to reach them.

    But no customer is going to be interested in a business that doesn’t have a value proposition. Customers need to see how the product serves them. Does the product fill a need?

    Other critical considerations

    Before starting a business, it’s critical to think about whether you really understand the ins and outs of running an organization, and whether you’re familiar with the market sector you’re targeting. If you’re starting a business in a sector you haven’t worked in, you may need to consider a partner who’s familiar with that market. Many people who start businesses have great ideas but aren’t always the best equipped to run them long-term.

    It’s not necessary for every business owner to have all the needed skills on day one. Taking several months to learn product development, then diving into marketing and operations might be a good way to proceed. Finding a partner who can fill some of your skills gaps is another idea.

    There are ways to acquire skills once you know where the gaps are. “Upskilling” courses can help a new business owner learn the ropes. “Micro-credentials,” such as those offered online or through community colleges, can add value to a new brand. Artificial intelligence can help with business analytics and marketing communications. Some entrepreneurs have been leveraging AI to write and implement business plans.

    A support network can be extremely valuable. Owning a business can be isolating, especially in the beginning. Maintaining or establishing relationships with former colleagues, particularly those who have different skill sets, can make all the difference when you’re trying to answer questions you’re not overly skilled at answering.

    Related: 5 Skills That Are the Foundation of Entrepreneurial Success

    Starting a business is not for the faint of heart, but it can be rewarding. And if, after a few years, entrepreneurship hasn’t lived up to the dream, a business that’s managed well and is profitable may be attractive for acquisition by another company.

    Either way, it’s important from the outset to know where your skills gaps are and start figuring out how to fill them. If you think you have a great product or service, you just might have what it takes.

    Eric Lloyd

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  • 8 Lessons Learned From Building and Selling a Startup | Entrepreneur

    8 Lessons Learned From Building and Selling a Startup | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In entrepreneurship, success often lies in challenging the status quo and embracing risks that others shy away from. It begins with a spark — a bold idea that sets the foundation for a groundbreaking startup. Think about Steve Jobs and his audacious vision of bringing a computer to every individual’s home or Elon Musk’s relentless pursuit of revolutionizing space travel. These pioneers disrupted industries and left an indelible mark on the world.

    As an entrepreneur, your journey from idea to successful exit will require audacity, resilience and an unwavering commitment to your vision.

    Related: The Most Valuable Lessons These 5 Top Entrepreneurs Have Learned

    1. The crucial role of market research: Don’t shoot in the dark

    Before diving headfirst into execution, an astute entrepreneur knows the importance of thorough market research. To navigate the competitive landscape successfully, you must identify your target audience, their pain points and existing solutions. Embrace the opportunity to immerse yourself, and gain direct knowledge by actively engaging in surveys, interviews or focus groups.

    Keep in mind that unraveling your customers’ needs and aspirations holds the key to creating a product or service that profoundly connects with them. Don’t shy away from diving in and seeking firsthand insights — it’s the secret ingredient for success.

    2. Assembling a stellar team: Birds of a feather fly together

    Your startup’s journey is not a solo expedition; it’s a team sport. Put yourself in the company of talented people who share your passion, complement your strengths and challenge your thinking. Look beyond their qualifications; focus on their cultural fit and shared values. As stated by Sir Richard Branson, “Provide people with sufficient training to enable them to leave, but treat them so well that they have no desire to.”

    Foster a nurturing and cooperative work atmosphere that cultivates creativity, and you will experience the enchantment of a cohesive team propelling your startup to unprecedented achievements.

    3. Embrace failure: A launchpad for growth

    Failure is not a setback; it’s an opportunity for growth. Every successful entrepreneur has experienced setbacks and failures along their journey. Take the story of James Dyson, the inventor of the bagless vacuum cleaner. He endured 5,126 failed prototypes before achieving success. Embrace failure as a stepping stone towards success, learn from it, adapt, and pivot when necessary. Remember, resilience is a trait that separates the ordinary from the extraordinary.

    4. Scaling smartly: Don’t outgrow your britches

    As your startup gains traction, scaling becomes the next critical phase. However, beware of scaling too quickly without a solid foundation. The temptation of rapid growth can be overpowering, yet finding a delicate equilibrium is crucial. Let us reflect upon the cautionary story of Webvan. This swiftly expanding grocery delivery startup ultimately crumbled under unsustainable scaling. Prioritize scalability by investing in infrastructure, streamlining processes and building a strong organizational culture that can withstand growth.

    Related: 21 Lessons I Swear By After 21 Years as an Entrepreneur

    5. The art of the pivot: Adapting to the winds of change

    Adaptability reigns supreme in the dynamic realm of startups. Embrace feedback wholeheartedly, heed your customers’ voices attentively, and remain acutely aware of prevailing market trends. A successful entrepreneur understands the value of agility and is not afraid to pivot when necessary. Slack, originally a gaming company, underwent a complete transformation into the widely used workplace communication platform we know today. Stay nimble, and be willing to embrace change — it might just be the secret ingredient that propels your startup to unforeseen heights.

    6. The power of networking: Opening doors and seizing opportunities

    Throughout your entrepreneurial journey, the power of networking cannot be underestimated. Building meaningful connections with industry experts, mentors and potential investors can open doors to invaluable opportunities. Attend conferences, join entrepreneurial communities, and leverage social media platforms to establish your brand. Cultivate relationships that go beyond mere transactions, as these connections can become your biggest advocates and sources of support.

    7. The exit strategy: Knowing when to fold ’em

    Finally, the pinnacle of an entrepreneur’s journey — the exit. While the dream is to build a successful and sustainable business over the long term, there may come a point where an exit becomes the most strategic move. Knowing when to fold ’em requires astute judgment and a clear understanding of your business’s potential, whether through an acquisition, merger or going public.

    Deciding to sell a startup should not be taken lightly. It requires meticulous thought regarding numerous aspects, such as market conditions, growth opportunities and personal objectives. Evaluating potential buyers or partners and their compatibility with your vision and the value they can contribute is crucial. Refuse to accept anything less than the deserving outcome for all the effort you have invested.

    8. The art of negotiation: Securing a deal that reflects your worth

    When selling your startup, mastering the art of negotiation becomes paramount. Your dedication and hard work in building your business deserve a deal that accurately represents its true value. Equip yourself with a comprehensive grasp of your business’s financials, projections and distinctive selling propositions for intensive negotiations. Enlist the support of seasoned legal and financial advisors who can navigate the complex journey, ensuring you secure a deal that optimizes your return on investment.

    Related: 18 Inspiring Lessons From the GOATS of Entrepreneurship and Leadership

    Post-exit reflection: Learning from success and failure alike

    Once the chaos settles and the contract is finalized for the acquisition, pause to contemplate your entrepreneurial voyage. Commemorate your triumphs, recognize your setbacks, and extract valuable lessons from them. Chronicle your experiences, encompassing both favorable and unfavorable ones, and impart them to aspiring entrepreneurs who can gain from your wisdom. Remember that your departure marks not the conclusion but the commencement of a fresh chapter.

    Employ your newfound resources, connections and knowledge to embark on new entrepreneurial ventures, guide the upcoming innovators, or invest in promising startups. Pay it forward, and contribute to the entrepreneurial ecosystem that has nurtured your growth.

    The path of an entrepreneur is extraordinary, requiring tenacity, resilience and a strong belief in one’s vision. Embrace risks, learn from failures, and pivot when needed. Build an exceptional team, and cultivate relationships that propel you forward. Seize exit opportunities on your terms. These insights offer guidance in the tumultuous world of entrepreneurship. Embrace your unique spirit, dare to dream, disrupt, and leave a mark. Fearlessly chase your dreams, and build a startup that defies expectations. The future belongs to those who turn ideas into reality and walk the path less traveled.

    Chris Kille

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  • Why Effective Communication is Crucial to Startup Success | Entrepreneur

    Why Effective Communication is Crucial to Startup Success | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In startups’ fast-paced and ever-changing landscape, achieving success goes beyond merely offering a groundbreaking product or service. While innovation undoubtedly plays a significant role, there is another critical factor that often goes unnoticed but holds immense power: communication.

    Effective communication is crucial and can be the determining factor in the trajectory of a startup. In this article, we will delve deep into the subject and explore why communication is paramount in the startup ecosystem.

    Related: How to Build Sustainable Communications as a Startup

    Introduction to communication in startups

    To truly grasp the significance of communication in startups, it is essential to first establish what we mean by the term in this context. In the dynamic environment of a startup, communication extends far beyond the mere exchange of words. It encompasses transmitting information, ideas, goals and feedback, both within the team and to the outside world, including investors and customers.

    The role of communication in a startup

    Communication assumes many roles within a startup, each contributing to its overall success. At its core, effective communication sets the tone for the company’s culture, fostering an environment of transparency, trust and collaboration. It serves as the lifeblood that enables efficient problem-solving and facilitates sustainable growth. Moreover, when communication flows seamlessly, it enhances teamwork and ensures that the entire startup operates as a cohesive unit.

    Effective communication is the glue that holds the team together. Promoting a shared understanding and aligning everyone towards a common goal, exponentially enhances teamwork and collaborative efforts. A startup operating with a strong foundation of clear and effective communication becomes more productive, efficient and capable of weathering its inevitable challenges. Furthermore, when a startup can clearly articulate its vision, values and goals to investors and clients, it builds trust and credibility, fostering stronger relationships and solidifying its position in the market.

    The implications of poor communication

    Despite the undeniable importance of communication, it is often neglected or undermined in the context of startups. The consequences of poor communication can be far-reaching, with detrimental effects on team collaboration and customer relations.

    When communication within a startup falters, misunderstandings can arise, leading to confusion, frustration and a decline in morale among team members. The resulting breakdown in collaboration and cohesion can significantly hamper productivity and create a hostile work environment. Ultimately, this impedes progress and stifles the creativity and innovation that are essential for a startup’s survival and growth.

    Effect on customer relations

    Inconsistent or unclear communication hampers internal operations and directly impacts a startup’s relationship with its customers. In today’s business landscape, customers appreciate and value transparency, honesty and effective communication from the companies they engage with. Failing to deliver on these fronts can erode customer trust and tarnish the startup’s reputation, potentially leading to a loss of business and hindering future growth prospects.

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

    The pillars of effective communication

    Recognizing the pivotal role of communication is one thing; mastering it is another. Certain pillars must be embraced and nurtured to establish a culture of effective communication within a startup ecosystem.

    • Clarity and consistency — Clear and consistent communication is the foundation for successful startups. By ensuring that information is conveyed unambiguously, goals are well-defined, tasks are assigned with precision and feedback is provided constructively, clarity and consistency reduce the likelihood of misunderstandings or errors. This facilitates smoother operations and enhances productivity, enabling the startup to thrive in the face of challenges.
    • Active listening —Communication is not one-way; it demands active listening. By actively engaging in conversations, understanding the perspectives of others, responding thoughtfully and retaining key information, startups foster an environment conducive to collaboration and innovation. Active listening ensures that the voices of all team members are heard, enabling the emergence of diverse and creative solutions to problems.
    • Implementing good communication strategies — Creating a culture of effective communication within a startup requires intentional effort and a commitment to continuous improvement. It involves fostering open lines of communication, embracing feedback and promoting a learning and growth mindset.
    • Open and regular communication — Promoting open and regular communication is fundamental to creating a transparent work culture. By encouraging dialogue, sharing insights and soliciting input from all team members, startups foster an environment where ideas can be freely exchanged, challenges can be addressed collectively and solutions can be developed collaboratively. Regular team meetings, one-on-one discussions and open-door policies can all contribute to building a communication-rich ecosystem within the startup.

    In conclusion, communication is the lifeblood that fuels the success of startups. It determines how much a startup can harness its resources, adapt to challenges and build strong stakeholder relationships. By recognizing the critical role of effective business communication, startups can confidently navigate the complexities of the business landscape, ensuring their survival, growth and lasting impact.

    Sven Patzer

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  • 3 Secrets to Scaling Your Startup Effectively | Entrepreneur

    3 Secrets to Scaling Your Startup Effectively | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Having worked as a corporate executive, entrepreneur and now venture capitalist, I’m often asked about the secrets behind scaling a startup. Ideally, every startup starts with innovative ideas resulting in unique products or services that customers are willing to pay for. Founders typically kick off with their funds, later relying on family, friends or angel investors to grow.

    But what’s next? Let’s review some of the secrets I share with entrepreneurs to help them grow their startups effectively.

    1. Start with a strong foundation

    First of all, I recommend that startup founders test their ideas with potential customers. This could be through an interview, survey or by simply asking people what they think. Does it meet a critical need that customers have? Does it offer something unique that competitors do not? Are customers willing to pay for it?

    During this process, entrepreneurs must be flexible in hearing feedback and adjusting their offerings to address it. In my experience, most startups start with fundamentally good ideas, but they need to listen to customers and adjust the product, service or price structure along the way.

    Related: 4 Keys to Grow and Scale Your Startup

    2. Seek out diverse partners

    It’s challenging for startups to grow beyond their initial phase because it requires additional fundraising. Seeking investment forces entrepreneurs to fine-tune their business plans and articulate their startup’s value proposition. What is your unique selling proposition? How does your product or service set itself apart? How much are customers willing to pay? Making a compelling pitch deck is difficult, but ultimately it makes any entrepreneur improve their business plan.

    I believe that diversity is critical in startup fundraising. Different types of investors offer different perspectives. Traditional VCs are proven investors, but in challenging economic times – such as now – they reduce the amount they invest. They don’t always conduct thorough due diligence and sometimes invest based on trends rather than research. Remember Theranos? Some startups aren’t as promising as they sound, and some turn out to be complete frauds. Other examples of poor investments or outright scandals include Ozy Media, Outcome Health, WeWork and Uber.

    Corporate investors are smart for startups to consider. Corporations typically do not reduce investments during challenging macroeconomic times because they invest strategically. They want to make money, yet they also look for startups that align with their business and technology vision. Investing helps corporations become more innovative while offering startups rapid growth.

    Related: 10 Things You Must Do Before Connecting With Investors

    3. Working together results in success

    Corporate investors offer unique benefits to startups and doing so helps improve their results. Let’s look at how this happens.

    • Corporate Innovation: Startups make corporations more innovative. By investing, corporations find the most innovative ideas around the world without having to come up with them internally. It’s hard to drive internal innovation, but investing offers an effective alternative. Companies seek out the best entrepreneurs from around the globe, investing in their innovative ideas.
    • Technology and business alignment: Due to their strategic alignment, corporate investors and startups can work together to develop products together and sell them to the same customers. A startup’s technology drives the corporation’s product or service growth, and vice-versa. I typically find this results in faster revenue growth for both parties.
    • Unique advice: Corporate investors offer individual advice to startups since corporate managers and executives are sharing knowledge from their own first-hand experience. They have failed, succeeded, and discovered ways to grow. By offering this experience to the entrepreneurs they invest in, the startup founders get a shortcut to success.
    • Valuable networking: Another way that corporations accelerate startup growth is to leverage their networks and offer introductions to partners and customers. This is typically more efficient than startups developing their networks. A corporation’s contacts have already proven themselves, so startups can often start working with these contacts immediately.

    Related: How Startups and Investors Can Thrive in the Current Economic Environment

    I anticipate that corporate investors will play a bigger role in startup investment. Traditional VCs may come and go, but corporate investors are in it for long-term, strategic reasons. Corporations increasingly rely on the Venture Capital-as-a-Service model instead of developing their own investment organizations. This outsources investing to an experienced VC partner, allowing the corporation to invest strategically at whatever financial level they choose. Doing so helps increase startup investments worldwide, ultimately benefiting the world through innovation.

    Anis Uzzaman

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  • Why Startups Must Drop the ‘Fake It ‘Til You Make It’ Mentality | Entrepreneur

    Why Startups Must Drop the ‘Fake It ‘Til You Make It’ Mentality | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The recent imprisonment of Elizabeth Holmes got me thinking more deeply about the old Silicon Valley adage, “Fake it ’til you make it.” This saying has long been the mantra of startups not only in Silicon Valley but throughout the country. I’ve been involved in the startup community for the better part of 8 years now. I worked at a startup that believed faking it was a legitimate business strategy. Its founders are now staring at substantial prison time tied to a multitude of fraud convictions. I’ve also worked at two startups (my current one included) where the focus was grit, effort and hard work always backstopped by integrity. You don’t tell people you can do something you can’t do simply to benefit your own self-interest.

    The fact is ratifying “fake it ’til you make it” is nothing more than creating an excuse about your own personal or professional failures. Does that mean you can’t push limits? Or test the abilities of your team? Does it mean you can’t seek to achieve goals that seem unattainable? Or to publicly aspire to accomplish those goals? Absolutely not. Startups are typically only successful when they are backed by seemingly impossible dreams. But there are ethical ways to get there. Let me explain.

    Let’s say your startup idea is to create a two-sided marketplace for art. On one side, you have buyers who are interested in art from particular artists, and on the other side, you have sellers who have access to legitimate pieces of art from those artists. Your goal is to programmatically match buyers and sellers and to use technology to validate and authenticate the art. In your mind, this will all eventually be done without human intervention, but it will take months (or maybe years) to make that happen technologically. So, now let’s break this down into two models: (a) a model based on “fake it ’til you make it”; and (b) a model based on grit, hard work and creative but ethical solutions.

    Related: Here’s Why You Should Not “Fake It Till You Make It”

    “Fake it ’til you make it” model

    Let’s start with the “fake it ’til you make it model.” You put out a pitch deck and marketing materials that tout proprietary matching algorithms that will connect the right buyers to the right sellers and an AI-based software that will detect fraudulent or forged works of art. Without question, these are how you envision the future state of your business. Moreover, your website states that you’ve completed thousands of successfully matched art transactions. What does it matter if it’s not true? It’s not hurting anyone.

    Now the truth is it’s still your dream to create proprietary matching algorithms and AI-based fraud detection, but what you currently have is a simple database of sellers and buyers of art with a basic taxonomy that allows you to classify the works. You also employ a few art experts who can review the listings for any clear or apparent fraud. Since you started the site, you’ve matched around 100 buyers and sellers who all seem generally pleased with the experience and what they’ve received. Seems simple. Unfortunately, the fact is, you have completely misrepresented your product, your transaction history, and fundamentally, what your company does to provide value.

    It may seem harmless because your users are satisfied, but what if an angel or VC firm is so interested in your pitch that they want to invest seven figures into your business? You’re a startup. You need money. Depending on the angel or VC, it may also provide significant clout or publicity to your business. So, now you’re stuck between Scylla and Charybdis. Do you perpetuate false information and financially insulate and benefit your business? Or do you turn down the money and attempt to rectify the untruths which may severely impact your business’s ability to survive? Neither is a good option. The fact is, because you touted the potential future state of your business instead of its current reality, you’ve engaged in “fake it ’til you make it” and, depending on the outcome, committed fraud.

    Related: The Truth About ‘Fake It ‘Til You Make It’

    Reality-based model

    Now, how could this have been done ethically, while still generating interest and buzz in your business? It’s simple. In your marketing materials, you could state your value proposition as a technology company/marketplace that helps buyers find sellers, sellers find buyers and ensures that each party is comfortable with the legitimacy of the pieces of art. Your goal can still be the creation of algorithms that help match buyers and sellers as well as an AI-based fraud detection software, but that isn’t what you are currently selling.

    In order to make sure users have a good experience, you can have team members in the background manually poring over the listings to find the best matches and those same art experts perusing the lists for forgery and fraud. The truth is, the users will be happy as long as they have a good buying or selling experience, get what they want and feel as though the platform provides transactional transparency and certainty.

    Publicly, your marketing materials can tout that you’ve successfully matched “numerous” buyers and sellers and even use quotes and endorsements from those satisfied customers. Angels and VCs will see traction and may very well decide to invest in your vision without believing it to be the current reality. Most importantly, you haven’t committed fraud or compromised yourself ethically simply to boost your ego. You’ve simply used grit and ingenuity to provide a good experience without relinquishing a much grander vision for the future.

    We’ve now seen the result of the “fake it ’til you make it” culture — Sam Bankman-Fried, Elizabeth Holmes, Charlie Javice, etc. Right now, we’re operating in a legal climate where the traditional startup mantra is having real and serious repercussions. But that doesn’t mean it won’t change in the future. More importantly, it doesn’t mean the temptation won’t be there for the next generation of entrepreneurs and startups. It’s hard to be patient. It’s hard to grind. But it’s also the only real path to success. Speed kills is another old adage that has existed for generations. Perhaps that should be the new mantra for startups.

    Related: The 5 Worst Tips I Received When Starting My Business

    Collin Williams

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  • AI Is Becoming a Game-Changer in Startup Fundraising | Entrepreneur

    AI Is Becoming a Game-Changer in Startup Fundraising | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Navigating the world of startup fundraising can often feel like walking a tightrope, balancing a compelling pitch with hard data, all while trying to predict what investors want to hear.

    The good news? Artificial intelligence (AI) is here to lend a helping hand, providing startups with an advanced toolkit to make informed decisions and craft persuasive pitches.

    Related: Here’s How AI Is Changing VC Funding

    AI in startup fundraising

    AI, in the context of startup fundraising, refers to data-driven technologies that analyze patterns, predict trends and provide actionable insights. AI tools can help evaluate the potential of a startup based on various factors, such as market trends, competitive landscape and financial projections. These tools are increasingly being used by investors to inform their decisions and by startups to refine their strategies and pitches.

    AI’s influence is not just limited to data analysis; it’s also creating a new frontier in how startups connect with potential investors. AI-powered platforms are transforming the traditional fundraising process, providing efficient, data-driven matchmaking between startups and investors.

    The impact of AI on investor decisions

    Investors have always used data as the backbone of their decisions, but with the surge of AI technologies, this reliance has deepened and evolved. AI is stepping up to reshape the decision-making process, offering advanced capabilities in areas that are key to investor deliberations.

    Firstly, AI assists in examining a startup’s financial data more thoroughly. AI algorithms can quickly sift through vast amounts of financial data, decoding patterns and identifying insights that might be less obvious otherwise. This results in an in-depth understanding of a startup’s financial position, which is fundamental for investors.

    Secondly, AI is invaluable in evaluating potential market growth. By utilizing machine learning and predictive analytics, AI can anticipate market trends and growth with superior accuracy. This helps investors gain an insight into the scalability of a startup and its potential to claim a share of the market.

    Thirdly, assessing the competitive landscape is another domain where AI’s prowess shines. With AI, real-time insights into the strategies and market positions of competitors can be gleaned, helping investors understand where a startup stands in its market, and its capacity to endure competitive pressures.

    Finally, AI helps in predicting a startup’s success by comparing it with similar businesses. By drawing on data from businesses with comparable models, AI can estimate the potential risks and returns of investing in a startup. This can be crucial for investors in determining the future trajectory of a startup.

    Related: 5 Things That Have Changed in Startup Pitching This Year

    How AI can help startups with fundraising

    Artificial intelligence is not just a powerful tool for investors; it’s also a transformative force for startups, particularly in the fundraising landscape. Here’s how AI can help startups raise the necessary capital:

    AI can guide startups in developing a data-driven pitch, harnessing the power of predictive analytics to illustrate potential growth and returns. For instance, by analyzing market trends, competitors and customer behavior, AI can furnish startups with the knowledge needed to craft a compelling, evidence-backed argument for their business.

    Furthermore, AI can take a startup’s financial modeling to the next level. Leveraging machine learning algorithms, AI can predict future revenue streams and cash flow with a degree of accuracy that’s traditionally been hard to achieve. By doing so, it generates a realistic, granular picture of the business’s potential — something that’s crucial for both the startup seeking funds and the investor looking to allocate capital wisely.

    The insights gleaned from AI not only support the crafting of persuasive pitches but also inform strategic decisions, help identify growth opportunities and potentially foresee challenges. Thus, AI’s role in startup fundraising is multifaceted, offering key support in the journey from early-stage venture to successful business.

    Matchmaking with investors

    AI-powered platforms, such as Crunchbase or AngelList, serve as efficient matchmakers between startups and investors. These platforms leverage AI to analyze various factors — the startup’s business model, industry sector, and fundraising stage, among others — to identify and connect with the investors best suited to a startup’s unique needs. This advanced matching capability helps to streamline the fundraising process, increasing its efficiency and effectiveness.

    Beyond initial introductions, AI tools can also assist startups in maintaining robust relationships with their investors. They can automate the process of providing regular updates, tracking critical performance indicators and even forecasting potential issues. This constant communication loop not only keeps investors informed but also nurtures trust and transparency between the parties involved.

    Related: 6 Ways To Raise Capital For Your Startup In 2023

    Pitching to AI-savvy investors

    In the contemporary AI-driven era, it’s crucial for startups to know how to effectively pitch to AI-informed investors. This isn’t just about demonstrating an understanding of AI’s technical aspects. It also involves clearly articulating its impact and relevance to their business.

    Startups must show that they grasp how AI can transform various aspects of their operations. This may include improving efficiencies, optimizing customer experiences, streamlining processes or driving innovation. The ability to comprehend and communicate the potential implications of AI can prove to be a game-changer in gaining an investor’s interest and confidence.

    Moreover, startups should underscore how they are already utilizing AI to bolster their operations and spur growth. Concrete examples of AI applications in their business strategy not only indicate a startup’s tech-savviness but also its ability to stay ahead of the curve. This can be particularly appealing to investors who are always on the lookout for businesses that leverage cutting-edge technologies to gain a competitive edge.

    In the rapidly evolving startup ecosystem, AI is a potent tool, offering a competitive edge in fundraising. It empowers startups to make data-driven decisions, tailor their pitches and connect with the right investors. But as with any tool, its effectiveness depends on how well it’s used.

    As such, startups need to invest in understanding AI and incorporating it into their fundraising strategy. This involves not just leveraging AI tools but also developing an AI-literate team and an AI-friendly culture. This way, startups can use AI not just as a tool for fundraising, but as a driver of innovation and growth.

    Yan Katcharovski

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