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Tag: Young Entrepreneur

  • 29-Year-Old’s Salty Side Hustle Hit $10 Million Last Year | Entrepreneur

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    This Side Hustle Spotlight Q&A features New York City-based entrepreneur Seth Goldstein, 29. Goldstein is co-founder with Steven Rofrano of Ancient Crunch, a company behind the chip brands MASA and Vandy, which launched in 2022. Responses have been edited for length and clarity.

    Image Credit: Courtesy of Ancient Crunch

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    What was your day job or primary occupation when you started your side hustle?
    I was a vice president at a private equity fund focused on fast-growing healthcare businesses.

    When did you start your side hustle, and where did you find the inspiration for it?
    My co-founder, Steven, made fun of me for eating Tostitos while we were hanging out in Miami. I didn’t know what a seed oil even was at the time, but that conversation snowballed into a side project, which became MASA Chips.

    Related: This Mom’s Garage Side Hustle for Kids Became a Business With $1 Billion Revenue

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    Steven and I put in about $250,000 of our own money. I had saved a bit working in finance, and Steven had made some money (accidentally) timing the market perfectly on Florida real estate during Covid. We have raised about $14 million since then.

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    We have always known that happy customers make a strong business, but we didn’t appreciate how much “latent demand” there is. We are primarily an online business, and we didn’t think email marketing made any sense until we tried it. Subscriptions seemed weird for chips, and now they are half of our business. If we knew then what we know now, Ancient Crunch would be about five times bigger.

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    Most consumer packaged goods businesses are really just marketing companies. They hire a factory, slap their sticker on the bag and sell it for a markup. Because we fry our chips in beef tallow, we couldn’t find a factory, so we built our own. Turns out, that’s fairly challenging. The other major dynamic is that you always need more money than you think. We have said we are done raising money countless times in the past three years.

    Related: This Mom’s Creative Side Hustle Started As a Hobby With Less Than $100 — Then Grew Into a Business Averaging $570,000 a Month: ‘It’s Crazy’

    Image Credit: Courtesy of Ancient Crunch

    Can you recall a specific instance when something went very wrong? How did you fix it?
    Just recently, we had the good fortune of Vandy Crisps (our potato chip line) selling too well. Due to our in-house manufacturing, this meant that we had to go out of stock for about three weeks. While this doesn’t sound like a huge deal, it is very frustrating for customers to wait longer than expected (especially in the age of Amazon), and in the meantime, we can’t go market to new customers because we don’t have the inventory to sell them. We started working longer hours, got new fryers and are now back on track.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    We saw fairly consistent monthly revenue basically from day one. We were not profitable, but we had a product that people loved, and it sold pretty well right from the start. We were doing about $30,000 per month in the early days.

    Related: After College, She Spent $800 to Start a Side Hustle That Became a ‘Monster’ Business Making $35 Million a Year: ‘I Set Intense Sales Targets’

    What does growth and revenue look like now?
    We are very focused on growth. Last year, we did just under $10 million in revenue. Next year, we plan to do about $250 million.

    What does a typical day or week of work look like for you?
    I work about 50 hours per week these days. I have calls in a block from 11 a.m. to 5 p.m. and am working through emails the rest of the time. When you own the business, your job is whatever the biggest fire is. Often, that has been fundraising. Some days, that’s signing celebrity deals. Other days, it’s optimizing landing page conversions while trying to convince the next retailer to put you on the shelf. Founders always wear a lot of hats.

    Image Credit: Courtesy of Ancient Crunch

    What do you enjoy most about running this business?
    It’s awesome seeing your product gain cultural standing. When we started, this was a side project that most of my friends politely told me was a waste of time. Now, we have something like 100,000 people eating our products every month, and we are a bestselling product at several major retailers, including Erewhon and Citarella.

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

    What is your best piece of specific, actionable business advice?
    Make something that people want, then put it in front of 100 million people as fast as you can. Don’t start with, “I want to start a business.” Start with, “This thing should exist” or “This problem can be solved.”

    This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

    This Side Hustle Spotlight Q&A features New York City-based entrepreneur Seth Goldstein, 29. Goldstein is co-founder with Steven Rofrano of Ancient Crunch, a company behind the chip brands MASA and Vandy, which launched in 2022. Responses have been edited for length and clarity.

    Image Credit: Courtesy of Ancient Crunch

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Amanda Breen

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  • Home From College: Jobs for Young Adults Without Work Experience | Entrepreneur

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    Julia Haber, the 29-year-old co-founder of career platform Home From College, was a student at Syracuse University when she started her first business: an experiential marketing agency that brought retail pop-ups to college campuses and worked with brands like Shopify to teach students about entrepreneurship.

    Image Credit: Courtesy of Home From College. Julia Haber.

    The experience gave Haber valuable insight into what the career landscape looks like for Gen Z — and just how much it had changed over the past six-plus years.

    “ This next generation is constantly looking for ways to figure out who they are by doing things,” Haber tells Entrepreneur, “and because it’s such a socially native generation, we see all these people online making money in different ways. This next gen really wants to work with brands they love as well and admire, and it’s a blend of this consumer meets career.”

    Related: Gen Z Is Redefining the Workplace — and Companies Must Adapt or Face Losing Talent

    Recognizing that many students graduate without knowing what they want to do with their lives — and often with significant debt — Haber wanted to help them build “multi-hyphenate” careers early on.

    So Haber launched the Los Angeles-based startup Home From College in 2021 alongside co-founder Kaj Zandvliet, a former banker at PineBridge Investments and financial analyst at Sony Music Entertainment.

    “We position ourselves as the translator between companies and college students.”

    Home From College provides students with an opportunity to earn their first dollars and work with the brands they love in a “flexible, student-first” environment.

    To that end, Home From College only hosts paid job opportunities, 90% of which are remote. Companies can create an account on the platform and list their “gigs,” which could be anything from a one-day project to a lengthier brand ambassador program. Students and recent graduates create their own accounts on the platform and apply for the gigs that interest them — no prior work experience required.

    Home From College is free for students to use. The platform offers four subscription tiers for companies, starting at $49 per month, plus a 20% fee on student compensation. All payments take place on the platform via Stripe.

    Related: Why Gen Z Is Ditching the Corner Office Dream — and How Businesses Can Adapt

    Students typically earn about $30 an hour, and the average ambassador program pays students roughly $1,000 a month. It’s also common for students to work two gigs at once. Some of the top earners have seen “tens of thousands of dollars in a short period of time,” Haber notes — with one dedicated student’s gigs even amounting to a $50,000 paycheck.

    “We position ourselves as the translator between companies and college students, and that really resonated,” Haber says.

    Home From College raised $1.5 million of pre-seed funding in 2022, then $5.4 million in a seed round led by GV, formerly Google Ventures, last year.

    The company is using those funds to continue building a “sustainable, fast-moving” business. Home From College has invested in high-level talent and AI to connect students and brands effectively.

    Related: Top Career Motivations of Gen Z and Reasons They Choose an Employer

    “We’ve been implementing a ton of new roles that have more of an AI bent to them.”

    Additionally, although Home From College initially focused on low- to no-skilled jobs, there’s an interesting opportunity to lean on the hard skills that Gen Z college students and recent graduates often already have — like those related to AI, Haber says.

    “We’ve been implementing a ton of new roles that have more of an AI bent to them,” Haber explains, “and helping companies catch up to the students who are already native [in AI]. So that’s been a new frontier of actually having the students be more of the experts in a topic that companies are less proficient in and helping bridge that gap.”

    Companies on the platform are also interested in students with a talent for customer success and sales at scale, Haber says.

    For example, some consumer brands look to students for help with distribution in challenging markets, like the outskirts of a college campus or the middle of the country. It’s typical for these companies to recruit students to source new locations, such as a nearby deli, to sell products.

    Related: Gen Z Talent Will Walk Away — Unless You Try These 6 Strategies

    “ So it’s creating almost a business development sales team, boots on the ground at scale, where they can hire hundreds of people for that type of role,” Haber says, “where it’s skill and labor, and then simultaneously social media and content.”

    Brands often rely on students to run their TikTok shops too, as it can be a massive undertaking for those that want to launch and scale a meaningful affiliate program, Haber notes.  

    “[Students] come in and run those programs on behalf of companies,” Haber says, “and it’s great because it helps generate revenue for their business, but simultaneously teaches [the students] marketable skills.”

    “You’re not just where you went to school. You’re a bigger version of that.”

    Above all, Haber encourages young adults launching their careers to “use your whole self as the opportunity to market who you are” and land the role you want.

    Home From College facilitates that by allowing students to share more information about themselves than a typical resume or job application might glean — for instance, having curly hair could make them “really attractive” to a shampoo brand that specializes in curls and needs a social media manager to connect with its target customer base.

    Related: Gen Z Is Losing Faith in the College Degree — Here’s 3 Reasons Why It’s Still Important for Them

    “You’re not just your major,” Haber says. “You’re not just what your GPA is. You’re not just where you went to school. You’re a bigger version of that.”

    This article is part of our ongoing series highlighting the stories, challenges and triumphs of being a Young Entrepreneur®.

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    Amanda Breen

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  • Entrepreneur and Student: How Blake Alma is Balancing Faith, College, and Business

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    Blake Alma, 24-year-old entrepreneur and founder of CoinHub Media, shares how faith and leadership shape his journey as a college student.


    PENSACOLA, Fla., December 10, 2024 (Newswire.com)
    –
    At 24, Blake Alma has chosen an unconventional path for someone who founded a successful business. As the creator of CoinHub Media, a company specializing in selling collectible coins online, Blake stepped back from his role in daily operations to enroll at Pensacola Christian College last year. This decision reflects his commitment to balancing education, faith, and leadership while continuing to engage with the entrepreneurial world.

    “Being a college student and an entrepreneur is an interesting contrast,” Blake says. “I’m not the youngest person on campus, nor am I particularly old – it’s a unique experience. There are moments when I feel just like a typical college student, and other times when I fully embrace the entrepreneur that people perceive me to be.”

    Blake’s story offers a fresh perspective on how young professionals can pursue higher education without abandoning their business aspirations. Since launching CoinHub at 21, Blake has achieved notable success in the coin collecting market. Now, as a college student, he strives to merge the roles of a learner and leader seamlessly.

    “I want to be treated like any other student,” Blake explains. “But when it comes to business or real-world experience, I think that’s where I truly excel. Some might see me as an excellent leader, others find me intimidating, some see me as goofy – and honestly, I am – and many simply don’t care. That’s just the reality of being both a student and an entrepreneur.”

    Blake’s college experience is about more than academics. He has taken on a leadership role as the incoming president of his collegian, Delta Chi Delta Knights. Collegians are similar to fraternities and provide opportunities for students to build community and develop skills outside the classroom.

    “Next semester, I’ve been honored to serve as president of my collegian,” Blake shared. “This opportunity will further enhance my college experience, which I’m immensely excited about, even as I continue my responsibilities as the CEO of CoinHub.”

    Blake’s decision to enroll in college was guided by his faith. While many might view higher education as an unnecessary step for someone with a thriving business, he sees it as part of a greater purpose.

    “Ultimately, I was convinced it was something God wanted me to do,” Blake reflects. “I know that might sound cliché to some, but it resonates deeply with me.”

    Blake’s journey exemplifies a unique perspective on success, focusing on personal growth and positively impacting his community. By balancing the challenges of college life with professional responsibilities, he serves as an example for others to pursue unique paths, even if they differ from conventional expectations.

    CoinHub Media continues to thrive under the team Blake established, serving collectors with a wide range of rare and valuable coins through live online auctions. Blake remains connected to the business while embracing this new chapter in his life.

    For more about Blake Alma’s story and the work of CoinHub Media, visit CoinHub Media.

    Source: CoinHub Media

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  • Hasbro CEO Chris Cocks on the Toy Company’s Future | Entrepreneur

    Hasbro CEO Chris Cocks on the Toy Company’s Future | Entrepreneur

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    Entrepreneur caught up with Chris Cocks, CEO of 101-year-old toy company Hasbro at Collision conference in Toronto. The conference brings together business and tech leaders to discuss industry trends and innovation. It was a wide-ranging conversation addressing everything from the company’s nimble approach to change to some of Cocks’ most cherished toys. Below is a Q&A with the business leader, which has been edited and condensed for clarity.

    Entrepreneur: Hasbro has a long and storied history. How does the company stay innovative in an evolving toy industry?
    Cocks: Fundamentally, it’s about understanding the consumer and then putting super creative people who are passionate about the consumer in charge. That’s what we did at Wizards of the Coast when I was there for six years, and that’s what we’re doing at Hasbro.

    In that vein, how do you balance tradition and innovation at Hasbro?
    It’s not so much balancing tradition and innovation; it’s understanding where you’ve been so you can understand where you’re going. One of the most surprising things about becoming CEO of an [over] 100-year-old company is that I’ve really become a student of our history. While history doesn’t repeat, it definitely rhymes — so major technology innovations and major changes in entertainment are something Hasbro has faced many, many times. Probably the biggest lesson I’ve learned from it is to embrace the change and not fight it. When we embrace [change], we win, and we come out on top.

    Related: How One Mom’s Mission To Rebuild Her Daughter’s Confidence Sparked a Revolution for The Doll Industry

    What’s the most exciting project you’re currently working on?
    The challenge with that question is the first seven I can’t tell you about because they’re still secret, but two are launching this year that I think are really cool: Beyblade X, which is the fourth generation of that product — it’s the best version ever and is already flying off the shelves. The second one is the refresh of Dungeons & Dragons fifth edition this year. DnD fifth edition has been out for 10 years, and this is probably the most comprehensive rules update ever. We’re pairing it with a really cool virtual tabletop to accelerate what digital play looks like as well.

    What’s your favorite toy that Hasbro has ever produced?
    Oh, that’s an easy one. It’s from my childhood — the USS Flagg. It was a six-foot-long G.I. Joe aircraft carrier that was my sole aspiration as a 10-year-old. I never got it, but I have one in my office now.

    What is the most rewarding part of being CEO of Hasbro?
    At the end of the day, knowing that the core of what you do is about making kids smile — that’s just amazing. Ever since I became CEO of Hasbro, I can’t walk through an airport, restaurant or especially a toy aisle and not notice little faces that just light up with the wonder of a toy and the wonder of childhood. That’s really cool to be a part of.

    What do your own kids think about your role as CEO of a leading toy company?
    Of course, my kids are very proud. My son’s a nerd, just like I am, so he and I play games together all the time. My daughter isn’t really a nerd — she’s kind of rebelled against nerd-dom. But of course, she loves it when her dad lights up, and that’s true of my whole family. I was at Xbox back when it was founded and left a couple of years after it launched. At the time, my nephews were like, “Why the hell would you leave the best job in history?” They might have had a point, but things have worked out well.

    Related: This Mom Started a Side Hustle After a ‘Shocking’ Realization in the Toy Aisle. Her Product Was in Macy’s Within the Year — Seeing Nearly $350,000 in Sales.

    What advice would you give to someone looking to enter the toy industry?
    Follow your passion. When you go into the toy and games industry, you can make a great living; you can do a lot of good in the world. You’re basically working in an industry that generates smiles, laughter and companionship for people. But it’s not the industry where you’ll make the most money — if you want to do that, I know a couple of investment banks I can throw your way.

    This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

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    Brittany Robins

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  • Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

    Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

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    This Side Hustle Spotlight Q&A features Angelina Licari, a 23-year-old recent college graduate based in Dallas, Texas. Licari has been earning consistent income as a seller on Poshmark, a social commerce marketplace featuring new and secondhand clothing and other products.

    Image Credit: Courtesy of Poshmark. Angelina Licari.

    When did you start your side hustle, and where did you find the inspiration for it?
    I originally began my Poshmark side hustle in 2016 as a high schooler saving for college. I remember looking up “best side hustles for high schoolers” and finding Poshmark. I thought it could be a fun way to make money by selling clothing I didn’t wear anymore. I continued selling on Poshmark in college and had the opportunity to become a Campus Representative, which involved introducing other students to the platform. After a few months of navigating post-grad life and trying to decide what was next for me, I decided to take a mental hiatus and give myself some time to process and plan. But I still had bills to pay and couldn’t move forward with no income. I remember contemplating what to do when an “aha” moment hit: Poshmark, of course! I decided to start back up in August 2022.

    Related: These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It’s a ‘Full Hustle’ Earning Over $20 Million a Year: ‘Jump in With Both Feet’

    What were some of the first steps you took to get your side hustle off the ground?
    In the beginning of my post-grad Poshmark journey, I was just selling items from my personal closet that I no longer wore. I created an Instagram account for my business and followed other sellers, and that’s where I started learning more and more about the opportunity to turn a seemingly simple side hustle selling my clothing into something much bigger. In September 2022, Poshmark announced the beta launch of Poshmark Live Shows, and I immediately applied. I was approved to host Poshmark Live Shows, where I could engage with an audience and show items in real time, and I thought it was worth giving a try. After a few shows, I was hooked. I saw the potential in building my own business and never looked back.

    What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
    After a few consistent shows, I realized that if I truly wanted to build my own business, I had a lot of groundwork to lay. I quickly became a high-volume seller and only had so much of my own clothing to sell. I needed to expand my inventory to provide my audience with items that they were seeking. Around this time, I started sourcing more inventory from other secondhand clothing retailers. I’ve gone through numerous growing pains over the course of my side hustle journey, including sourcing and coming home only to notice stains and/or holes on items that ended up being unsellable, optimizing my time as a high-volume selling team of one and lowering my cost of goods across the board.

    Related: These College Friends Started a ‘Fun’ Side Hustle That Landed Them on ‘Shark Tank’— Now the Idea Is Helping Dozens Make Extra Cash: ‘Start Saying Yes’

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    Thankfully, I was able to achieve fairly consistent monthly revenue pretty quickly, but it wasn’t truly until January of this year that I felt I found a consistent strategy that worked best for me. I decided to take my Poshmark side hustle full-time, and I have had nearly $60,000 in sales with a lot of upward momentum month over month.

    What does growth and revenue look like now?
    So far in 2024, my revenue is double what it was at this point in 2023. Q1 of 2024 produced over 90% growth over Q1 in 2023.

    What do you enjoy most about working on this side hustle?
    I love the creative freedom that my Poshmark side hustle has allowed me to have. Working in the secondhand clothing industry gives me the opportunity to curate specific inventory based on what my audience loves and current trends while keeping it affordable and sustainable.

    Related: Her College Side Hustle Led to an Immediately Profitable Product That Sells for Up to $450 — and She Didn’t Even Consider Herself ‘a Business Person’

    What’s your advice for others hoping to start successful side hustles of their own?
    When debating which side hustle is right for you or if you should follow that random creative idea you had, why not go for it? There are endless opportunities to create anything you want, even if it seems out of reach. My biggest advice to anyone hoping to start a successful side hustle is to stay true to you. Follow your heart, trust your gut and have fun with it. Allow yourself the space to feel the pains of growth, but don’t let them discourage you from getting up and trying again.

    This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

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    Amanda Breen

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  • How to Know When to Hire Your First Employee | Entrepreneur

    How to Know When to Hire Your First Employee | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    At some point as an entrepreneur, you’ll face a challenging decision: When is it time to hire your first employee? After incubating the idea of your startup. then deploying your resources and making it all happen, at some point you may realize it’s time to bring someone else in to help you achieve your vision and grow the business. It’s exciting, but at the same time, can be daunting. What if the new hire doesn’t work out? What if you hire too many people or too few?

    Entrepreneurs are inherently self-starters and ambitious, and shifting responsibilities to new workers can be difficult – but it’s a necessary step for growth. A company needs support to grow and thrive. You can’t do it all on your own, which makes hiring employees — especially the early ones — a crucial step toward entrepreneurial success. Before you do anything, though, ask yourself: Is this the right time to hire?

    Knowing when you shouldn’t hire

    Before addressing best practices for hiring, it’s vital to recognize common pitfalls entrepreneurs face when starting to grow their workforce – that starts with knowing when not to hire. Similar to making big life decisions, you should avoid hiring employees out of anxiety or uncertainty. Your choices should be deliberate and strategic. Take a step back and reconsider hiring employees if you find yourself in the following situations:

    You’re desperate

    If you have more work than you can humanly handle and you just need to get another body behind a desk, it’s tempting to find someone right away. However, a hasty decision born of desperation is rarely a good one. Take the time to find the right person for the job.

    You don’t have specific responsibilities for an employee

    Unless you have a defined set of tasks and expectations for your new hire, do them a favor and don’t hire anyone. A new hire at this stage will rightfully be confused and ineffective. You may need help, but if you don’t know exactly what that help will look like, consider hiring a coach instead of an employee.

    You’ll take anyone

    If you’re lucky, the first applicant will be an absolute rockstar who can bring your business to the next level – but that’s not the norm. You’ll learn a lot about yourself, the applicant market and your own position by interviewing more candidates. The variety of skill sets on display can also hone your focus for what your future employee will do.

    Hiring your first employee

    Hire someone too early and you could have cash flow problems, a worker who has nothing to do and the added stress of management. Hire too late, and you could be inundated with work you can’t accomplish, which could lead to missing deadlines and losing out on business.

    Finding the right moment to hire, therefore, can make the difference between a failed enterprise and a successful business. But how do you know when the time is right? The following tips can make this process a little less painful and provide options for making that first hire:

    Start with a cofounder

    If you’re a solopreneur looking to make that next step, bringing on an employee can be intimidating. Instead, hire a cofounder, or at least someone who thinks like one.When making that first hire, look for someone with cofounder potential and traits, such as complementary skills, similar values and vision, teachability, passion, emotional intelligence, flexibility and honesty. Your first employee will hopefully be one of your longest lasting and most knowledgeable.

    Ask yourself: Will these tasks generate money?

    It’s been said that the only two purposes of an employee are to: 1) make money for the business, or 2) save money for the business. If you’re confident a new hire will do at least one of those two things, go for it. In the early stage of a company, making money is more important than saving it. Typically, these early roles involve creating products (designers, developers, etc.), marketing products (growth hackers, content marketers, etc.) and supporting products (customer support, help desk, etc.).

    Know your desired skill set

    Before you search for an employee, you need to know what kind of candidate you’re looking for. It’s not enough to simply know that you “need some help” or “need a developer.” Get specific: You don’t want just a “developer.” You want a Javascript developer with GitHub experience able to create machine learning algorithms with educational applications, for example. The clearer your set of responsibilities are, the more effectively you can hire someone to fulfill those duties r.

    Delay the decision by hiring a contractor

    You may still be undecided over whether or not it’s time to hire. Don’t sweat it. Instead, test it. Try hiring a contractor with the same set of parameters you’re looking for in a full-time employee. The introductory hassle of onboarding a contractor is relatively low compared to that of hiring an employee. You can create a contract for one month, six months or a year. If it works out, you can transition this person into an official hire or look for a full-time employee.

    The differences between hiring freelancers, contractors and employees

    The major differences between freelancers, contractors and employees has to do with their relationship with the business owner. Freelancers and contractors are self-employed individuals, while employees are hired by the company. Freelancers and contractors typically set their schedules based on the needs of their clients and work out a payment schedule (typically upon completion of a job).

    Employees, on the other hand, work the schedule established by the company and receive a regular paycheck on a schedule set by the company. As a business owner, you’re responsible for tax reporting on your payroll employees. But since freelancers and independent contractors are considered self-employed, they are responsible for reporting their taxes.

    So what’s the best decision for your company? It depends on your needs, your resources and your ambitions.

    When should you hire a freelancer?

    Some people use the terms “freelancer” and “contractor” interchangeably, but there is a difference in the type of professional you are hiring. Freelancers usually work on smaller, short-term projects, while contractors work on larger, more long-term projects.

    Freelancers are great options for specific support — for example, bringing on a digital marketer to get your social media up and running. If you’re not financially ready to bring on full-time employees for whom you have to provide employee benefits, a freelance relationship may be a better setup.

    When should you hire a contractor?

    Contractors generally come with a team of expert professionals who can get you the help you need, whatever it may be. They can handle specialized projects, such as IT, remodels, design and consulting. As your business grows, financial consultants can keep you on track with your financial goals. If you need highly specialized work that requires a team, contracting a company will ensure the job gets done right.

    When should you hire an employee?

    Not every company needs a large number of employees, but if you hold frequent meetings, rent an office space or interact with customers, you’ll want reliable employees to help support the business. Remember, just because someone looks good on paper doesn’t mean they’re a good fit for your business. They must fit into your company’s culture. Consider bringing on full-time staff if they can make you more money or improve the customer experience.

    Why hiring globally might be your best move

    The growing popularity of remote work has meant dramatic growth in the pool of available talent. Don’t limit yourself to just domestic workers, though. By hiring workers outside your country, you can save money, increase efficiency and still provide customers with superior service. Consider the following benefits to hiring globally.

    A wider talent pool

    As unemployment levels drop, the demand for skilled workers rises — especially for roles in software engineering or data science. By looking past your own borders, you can grow your pool of potential employees and have access to a wider swath of workers. For example, Poland, Slovakia and India are renowned for their pool of highly qualified tech professionals available to work remotely for international companies. Tap into this talent network to find the right fit for your company.

    Cost efficiencies

    Hiring overseas means access to employees who live somewhere with a much lower cost of living, which generally means lower salary expectations. The requirements for compulsory employer contributions and payroll taxes that increase business costs also vary by country. For example, countries like Germany and Japan generally require that employers deduct a certain amount of the employee’s pay for health insurance. But Australia and New Zealand, with public healthcare systems, do not require such employer insurance contributions.

    Access to resilient international markets

    If you run a growing, ambitious business, you may be eyeing overseas expansion. One of the biggest factors in your success will be having employees familiar with that market. You have a few options for growing an international presence: set up a local entity or subsidiary (abiding by local employment laws) or use an Employer of Record (EOR) solution, in which you designate a third-party company to handle payroll, HR compliance and employee tax withholding.

    Compliance benefits

    Employer compliance can vary depending on the country, and some are more strict than others. Whether you’re concerned about at-will employment, parental leave allowance or pension contributions, you can hire from countries whose labor laws align with your needs.

    24/7 customer support

    Customers expect fast and capable support, no matter where they’re based or when they contact the company. With just 9% of customers able to solve business queries on their own, customer service channels are more important than ever. Having staff in multiple international locations and time zones ensures someone will always answer the support line and provide 24/7 support for your customers.

    Before you hire globally, though, you should look into any logistical challenges it might create. Despite the many benefits, hiring international talent can lead to internal communication challenges, scheduling conflicts across time zones, cultural differences, and discrepancies in pay scales. While these challenges can be overcome, they’re worth considering before building a continent-spanning workforce.

    Related: 10 Pros (and Cons) of Hiring International Employees

    Can college students solve your employee needs?

    Different hires provide varying solutions for business, and hiring college students can infuse your company with young energy and ambitious workers. Whether you develop an internship program or employ them part time or seasonally, college students are often more affordable to hire than full-time employees and can support your team’s specific needs.

    Creating a pipeline between universities and your business could be a worthwhile investment. Students are trying to get their foot in the door, and they can also provide your company with much-needed help. Here are a few benefits of hiring college students:

    They bring fresh perspectives and new ideas

    College students are at a unique stage in their lives and are just beginning to form professional identities. Eager to develop skill sets and apply classroom lessons in the professional world, they often bring welcome new perspectives to the table. This can be especially valuable in industries that are constantly changing or in need of innovation.

    They’re highly motivated and ready to learn

    The most ambitious college students are proactive and eager to take on new challenges — both promising traits for future employees. When you empower college workers, they’ll go above and beyond to learn and contribute to your organization. Additionally, young people are generally tech-savvy and comfortable with digital tools and platforms — a huge asset in today’s business landscape.

    They’re cost-effective employees

    Because school is the main priority, students are often willing to work for less pay than more experienced candidates; they’re also more open to part-time or internship positions, helping small businesses bring in new talent without breaking the bank. These internships can act as trial runs for potential full-time employment.

    How to attract and hire the best salespeople

    Just about any business needs persuasive salespeople. In order to sustain and grow your company, you need someone who can bring in new clients while you focus on the business itself. No matter what role someone in your company fulfills, everyone does some kind of selling on a regular basis — pitching investors or bankers, selling coworkers on a new project idea or vision, providing customer service, negotiating with vendors, etc.

    Ultimately, though, it will be your sales team that drives your company’s growth. If you want to add top-notch talent to this group and increase your revenue, keep these things in mind:

    Your mission should be exciting and purposeful

    What are you looking to achieve with your business? Most people these days are looking to join a company because of its mission — its goal to change the world in some meaningful way. According to a 2021 McKinsey study, 70% of Americans say work defines their sense of purpose. Your mission doesn’t need to save lives, it just needs to inspire workers and point to a larger goal. Find salespeople who buy into this mindset, and they’ll evangelize the company or product for you.

    Be the best salesperson you can be

    If you’re looking to hire salespeople, you should also know how to sell. You may get to a point in your business where you’re not the main person bringing in new clients, but you still have ideas you need to sell to investors, journalists or marketers — and your own team. When interviewing a potential candidate, pay attention to your own energy level. Are you charismatic? Are you enthusiastic about the position and the opportunity? When the interview is done, you’ll want the candidate to feel like they’re ready to jump on your bandwagon and get started right away.

    Know what else you can offer

    If you can’t compete in the market with a high salary, you can at least offer other incentives that attract top talent and keep your business afloat. Many employees are looking for better work-life balance. Can you offer a flexible work schedule? Consider offering profit sharing or a higher commission in the near future. If your product or services are innovative or revolutionary, that can also be an incentive, as employees are eager to join a business that’s about to rapidly expand.

    The best recruiting platforms for small business hiring

    When it’s time to hire, finding quality candidates doesn’t need to be complicated. Job search sites can help you recruit and retain talent no matter your company’s budget or size. Some companies advertise jobs across a variety of platforms, and the sites you choose will determine who applies for your open roles.

    Similar to reaching a target audience, you want to meet candidates where they already are — think industry-specific forums, alumni networks or on social media. But there’s also value in casting a wide net and posting on major job boards with millions of visitors. With so many platforms to choose from, which will best support your mission? Here are some of the top recruiting platforms to consider:

    ZipRecruiter

    ZipRecruiter allows you to post job openings and receive applications from relevant candidates, as well as organize applicants in a resume database. Applicant tracking tools, including providing candidates with notes and feedback, also help you manage the hiring process.

    LinkedIn

    LinkedIn is particularly effective for recruiting candidates in the business, finance and technology sectors. To help you find and hire top talent in — and outside of — your network, it offers job postings, resume searches and applicant tracking.

    Indeed

    One of the world’s largest job search websites, Indeed allows you to search for candidates based on their location, experience and skills. It also provides rates for sponsored listings that prioritize your job openings in the search results.

    Glassdoor

    In addition to job postings, Glassdoor features reviews from people who’ve worked at various companies. By providing insight into a company’s culture and employee satisfaction, the site can help attract candidates to your open positions.

    Workable

    With affordable pricing plans and an easy-to-use interface, Workable is a recruiting platform that’s particularly effective for small- and medium-size businesses looking to streamline their hiring process. It offers a variety of features, including job postings, applicant tracking and candidate sourcing.

    Writing job advertisements to attract remote workers

    The pandemic ushered in a widespread adoption of work-from-home policies that may be here to stay. These policies allow for more flexible working situations, and they’re an excellent way for businesses to stay competitive in the job market.

    When writing your job advertisements, keep in mind it’s still just a listing, so you need to effectively communicate the benefits of working remotely and the job requirements. Consider the following tips for writing job advertisements to attract remote workers:

    Communicate the remote nature of the job

    Specify that the job is a remote position and include details about the type of work environment and equipment that will be required. Does this person need to work certain hours or be in a certain time zone? Spell everything out. If the job advertisement doesn’t say remote up front, many people will assume that it’s not.

    Highlight the benefits to employees working remotely

    Make it clear that the job offers the flexibility and autonomy of working remotely. Mention any perks or benefits that come with the position, such as a flexible schedule or the ability to work from anywhere.

    Clearly outline the job requirements

    Your job advertisements should clearly state the skills, experience, and qualifications that are required for the position. This will help you attract the right candidates and weed out those who are not a good fit.

    Use language that resonates with remote workers

    Use language that speaks to the realities of working remotely. For example, mention the ability to work from anywhere or the need for strong self-motivation and discipline. Also mention skills necessary for collaborating remotely, such as clear and concise communication.

    Include information about your company culture

    Whether in-person or working remotely, employees place a high value on company culture. In fact, this may be even more crucial in a remote environment, where your only coworker interactions are happening in chats and on video calls. Include information about your company’s values and mission in your job advertisements to help attract candidates who are a good fit.

    It’s time to start hiring

    By following these tips, you can make the most effective hiring decisions for your business. Keep in mind: no two companies are the same. Before you make a hire — or post a job, for that matter — consider the work you need done, the kind of worker you need to complete it, and where that person should be located. By outlining your needs early, you’ll save money (and headaches) in the long run.

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    Neil Patel

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  • 22-Year-Old’s Former Side Hustle Draws Several Income Streams | Entrepreneur

    22-Year-Old’s Former Side Hustle Draws Several Income Streams | Entrepreneur

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    Ethan “Haze” Hayes, 22, started making beats in the summer of 2019, right before his freshman year at Bryant University.

    Hayes had a musical background — he’d played the piano from a young age — and picked up the hobby for fun after watching people create their own beats on YouTube.

    But Hayes’ newfound past-time would become a lucrative side hustle, then a full-blown music career, while he was still a college student.

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    Amanda Breen

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  • Why High School Students Should Consider Entrepreneurship | Entrepreneur

    Why High School Students Should Consider Entrepreneurship | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s rapidly evolving world, high school students face a multitude of possibilities for their future careers. While the traditional path of higher education and employment holds its merits, an increasingly viable option that should be considered is entrepreneurship.

    In this article, we explore why high school students should embrace the entrepreneurial mindset and consider starting their own businesses. By fostering innovation, independence and valuable life skills, entrepreneurship offers young individuals a unique pathway to success and personal fulfillment.

    Related: 9 Lessons Entrepreneurship Will Teach You

    1. Developing a growth mindset

    One of the most significant benefits of entrepreneurship is the cultivation of a growth mindset. Young entrepreneurs are encouraged to think outside the box, embrace challenges and view failures as valuable learning opportunities. This mindset empowers high school students to develop resilience, creativity and adaptability — essential qualities for success in any future endeavor.

    2. Building essential life skills

    Starting a business requires mastering a wide range of skills that are applicable across various aspects of life. High school students who embark on the entrepreneurial journey develop valuable skills such as problem-solving, decision-making, communication, leadership and financial management. These skills serve as a strong foundation for personal and professional growth, enabling students to thrive in the competitive landscape of the business world and beyond.

    3. Nurturing independence and self-reliance

    Entrepreneurship encourages high school students to take ownership of their ideas and initiatives, fostering independence and self-reliance. By becoming business owners, young individuals learn to rely on their own capabilities, make decisions autonomously and take responsibility for their successes and failures. This level of independence empowers them to carve their own path and shape their future on their terms.

    4. Promoting innovation and creativity

    The entrepreneurial journey encourages high school students to think innovatively and unleash their creativity. As young business owners, they have the freedom to explore new ideas, create unique products or services and solve real-world problems in imaginative ways. This mindset of innovation and creativity not only fuels personal growth but also contributes to the broader social and economic landscape by driving progress and positive change.

    5. Gaining real-world experience

    Starting a business provides high school students with invaluable real-world experience that cannot be replicated in a classroom setting alone. Entrepreneurship exposes them to the intricacies of marketing, sales, customer service, operations and financial management. This hands-on experience equips young individuals with practical skills and insights that will prove invaluable in their future pursuits, regardless of whether they continue as entrepreneurs or transition into other professional roles.

    Related: Why High School Students Should Try Entrepreneurship

    6. Fostering entrepreneurial networks

    Engaging in entrepreneurship at a young age opens doors to a vast network of fellow entrepreneurs, mentors and industry professionals. High school students who embrace entrepreneurship can participate in local entrepreneurial communities, attend networking events and connect with seasoned business leaders. These networks provide invaluable guidance, support and opportunities for collaboration, which can significantly impact their entrepreneurial journey and future professional endeavors.

    7. Learning and growing from failure

    Entrepreneurship teaches high school students to embrace the power of failure as a stepping stone to success. Starting a business inherently involves taking risks, and setbacks are inevitable along the way. However, these challenges offer valuable lessons and opportunities for growth. By experiencing and overcoming failures early on, young entrepreneurs develop resilience, learn to adapt to changing circumstances and become more comfortable with taking calculated risks in their future endeavors.

    8. Creating a positive impact

    Entrepreneurship empowers high school students to create a positive impact in their communities and the world at large. With their fresh perspectives and innovative ideas, young entrepreneurs can tackle social and environmental challenges, fostering positive change. By building businesses that prioritize sustainability, social responsibility and ethical practices, they contribute to a more inclusive and sustainable future.

    9. Unleashing entrepreneurial opportunities

    In today’s digital era, high school students have access to an array of resources and platforms that make entrepreneurship more accessible than ever before. The rise of ecommerce, social media and online marketplaces provides young entrepreneurs with low-cost avenues to reach customers and scale their businesses. This democratization of entrepreneurship opens doors to endless possibilities, allowing high school students to transform their passions and ideas into viable business ventures.

    10. Cultivating a lifelong learning mindset

    Entrepreneurship is a journey of continuous learning and personal development. High school students who embark on this path cultivate a lifelong learning mindset that propels their growth in all aspects of life. They become avid seekers of knowledge, constantly seeking new insights, trends and opportunities to stay ahead of the curve. This mindset positions them to adapt to evolving industries, embrace emerging technologies and thrive in an ever-changing business landscape.

    11. Fostering financial independence

    Becoming a business owner at a young age provides high school students with a unique opportunity to foster financial independence. By generating their own income through their entrepreneurial endeavors, they can learn valuable lessons about financial management, budgeting and investment. This early exposure to financial responsibility sets a solid foundation for future financial success and builds a strong sense of self-reliance.

    Related: 8 Tips for Entrepreneurial High School Students Ready to Start Their First Businesses

    In an ever-changing world that values innovation, creativity and self-reliance, high school students should consider embracing entrepreneurship as a viable career path. By starting their own businesses, young individuals can develop a growth mindset, acquire essential life skills, foster independence and creativity, gain real-world experience, and build a network of like-minded entrepreneurs. Entrepreneurship offers a unique opportunity for high school students to challenge the status quo, make a meaningful impact and chart their own course toward personal fulfillment and professional success.

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    Jose Rodriguez

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  • Why Entrepreneurship in Africa is Surging | Entrepreneur

    Why Entrepreneurship in Africa is Surging | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurship in Africa is on an exponential upsurge. The vibrant entrepreneurial landscape is being propelled by several factors: a young demographic driving innovation, increased access to technology breaking down traditional barriers and an indomitable spirit refusing to settle for the status quo.

    As we examine the landscape, certain strategic sectors stand out as burgeoning opportunities for astute entrepreneurs ready to leave their mark, catalyze economic growth and stimulate lasting social impact.

    Financial technology (Fintech) is reshaping the African banking landscape

    The Fintech sector in Africa has been a hotbed of innovation, thriving against all odds. World Bank data reveals that approximately 66% of Sub-Saharan Africa’s adult population remains unbanked. This gap presents a unique challenge and an equally distinctive opportunity.

    Fintech startups leverage cutting-edge technology to bridge this financial chasm, offering innovative digital solutions that redefine the traditional banking experience. For entrepreneurs, the fintech sector offers an immensely lucrative venture due to its scalability potential. More importantly, it paves the way for financial inclusion — a key determinant in driving economic development and stability.

    Related: The Future Of Fintech May Well Be In Africa

    Agribusiness: The cornerstone of Africa’s economic prosperity

    Africa’s agribusiness potential is vast and significantly untapped as a predominantly agrarian continent. Agri-entrepreneurs are channeling this potential and innovating to tackle challenges head-on — these range from agricultural productivity to supply chain management and to market access. The agribusiness sector has evolved into a lucrative domain for entrepreneurs. The industry offers a cornucopia of opportunities for creating sustainable solutions that address food security concerns while yielding considerable profits. It also promises to spur rural development, improve livelihoods and contribute to national economies.

    Renewable energy: Charting a sustainable path to the future

    The renewable energy sector in Africa presents another vast landscape teeming with opportunities. Blessed with abundant sunlight and wind, Africa is well-positioned to leapfrog into the future as a global leader in green energy. Entrepreneurs venturing into this sector play dual roles: they contribute to a sustainable planet while addressing the continent’s chronic energy deficit.

    Africa’s energy challenge has spurred innovation in the renewable energy sector, with startups leveraging solar, wind and hydro resources to bring power to millions of off-grid households. This sector represents a business opportunity and a chance to improve the quality of life for millions fundamentally.

    Related: 4 Lessons for Entrepreneurs From Africa’s Solar Industry

    Ecommerce

    The digital revolution has ushered Africa into unprecedented growth and opportunity, most notably observed in the thriving ecommerce sector. The rapid expansion of internet usage, accelerated by smartphone penetration, has fundamentally reshaped consumer behavior and market dynamics.

    Entrepreneurs are tapping into this digital shift, offering online platforms that enable consumers to access a diverse range of products — from fashion to electronics, groceries and more. The digital retail sector is reshaping Africa’s economic landscape by stimulating local innovation, enabling new business models and reaching previously inaccessible markets.

    Related: Top 6 Ecommerce Trends You Need to Know in 2023

    Health Tech: Pioneering a Healthy and Resilient Africa

    Health tech startups in Africa are disrupting the traditional healthcare landscape, carving a new path marked by improved accessibility, affordability and quality of services. These startups are leveraging digital platforms and data-driven approaches to overcome healthcare challenges, including a shortage of healthcare providers, remote patient monitoring and disease surveillance. This sector’s transformative potential underscores the role of technology as a catalyst for improving healthcare outcomes and strengthening healthcare systems.

    Carving a path forward for African Entrepreneurship

    The African entrepreneurial landscape, while burgeoning with promise and potential, has its share of challenges. Entrepreneurs often find themselves grappling with a host of issues, including limited access to finance, regulatory constraints, and a scarcity of mentorship and support structures. These obstacles underscore the need for a robust entrepreneurial ecosystem that empowers startups to thrive and scale.

    Governments, investors and support organizations each have a critical role in nurturing this ecosystem. Governments can institute favorable policies, provide funding opportunities, and foster an environment conducive to innovation and risk-taking. Local and international investors can furnish the much-needed capital for startups to scale, while support organizations can offer mentorship, networking opportunities, and capacity building.

    Moreover, collaboration is pivotal to success. By forging partnerships with research institutions, industry leaders, and each other, startups can spur innovation, create synergies and accelerate growth.

    The potential for entrepreneurship in Africa’s strategic sectors is immense. From fintech to agribusiness, renewable energy, e-commerce and health tech, opportunities abound for entrepreneurs eager to innovate and drive change. Each of these sectors presents unique economic growth, job creation, and socio-economic development prospects.

    However, it’s paramount to remember that a problem-solving mindset is at the heart of every successful entrepreneurial venture. The entrepreneurs who will chart a prosperous future are those who identify societal problems and create innovative, sustainable solutions to address them.

    Africa’s entrepreneurial future is not just promising — it’s already unfolding. Today’s African entrepreneurs are charting the course for a prosperous continent, leveraging opportunities in strategic sectors, and setting the pace for future generations. Indeed, their ambition and resolve mirror the African proverb, “If you want to go quickly, go alone. If you want to go far, go together.” Africa is going far, and it’s going together.

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    Henri Al Helaly

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  • Why Investors With an Entrepreneurial Past are Vital to Startup Success | Entrepreneur

    Why Investors With an Entrepreneurial Past are Vital to Startup Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this article, I would like to focus on one significant trait that some investors possess — an entrepreneurial background that enables them to establish strong connections with startups and better understand the ‘pains’ and challenges new founders face.

    Based on my personal experience as an entrepreneur I would like to highlight key aspects of communication with startups and why your entrepreneurial past makes you a little bit different from others.

    Related: 6 Steps to Finding the Right Investors for Your Business

    Speaking the same entrepreneurial language

    When communicating with founders, having an entrepreneurial background is extremely helpful. Founders can sense it, even from how questions are formulated, and they often highlight they have never been asked such questions before — questions are tailored with a deep understanding of the subject.

    And it’s not just about technology-related topics, but specifically business management, such as sales funnels, marketing strategies, product market fit and customer development. Besides managing businesses, having personal experience in creating acceleration programs and all the leading methodologies of Silicon Valley, which we have integrated into accelerators for many years to make them more effective, can enhance communication between investors and founders.

    With my experience of establishing 42 accelerators and collaborating with 1500 alumni startups, I have encountered familiar patterns, challenges and intricate situations when working with founders. We have found solutions together with startups in the past, and now I bring that experience to my current communication with founders.

    Entrepreneurs then — investors now

    Investors with entrepreneurial backgrounds bring valuable insights and expertise to the table. They have firsthand experience navigating the challenges and uncertainties of building a business, which allows them better to understand the struggles and aspirations of startup founders. Here are some great examples from the venture world.

    Mark Suster is a well-known voice in the investing world, having written extensively about investing in startups and building them on his website, Both Sides of the Table. He possesses the unique ability to discuss both sides of the table due to his experience as a two-time entrepreneur, having sold a company to a French firm and another to Salesforce. Currently, he serves as a partner at Upfront Ventures in Southern California (SoCal).

    Marc Andreesen, viewed as a pioneer in the tech space, founded Netscape, Opsware, Ning, and now his investment firm, Andreessen Horowitz. He’s an expert in tech trends and a frequent speaker in the angel investing space.

    Reid Hoffman is one of the most sought-after opinion makers in Silicon Valley. He is widely recognized for founding the largest business social network in the world, LinkedIn. Moreover, he has successfully translated his entrepreneurial acumen into profitable investments, with key stakes in companies like Facebook, Airbnb, and PayPal.

    Related: 5 Questions to Prepare for Ahead of Your Meeting With Investors

    Benefiting from an entrepreneurial past: from coaching to strategic planning

    An investor with entrepreneurial skills can provide valuable support and guidance to a startup in several ways. Here are some ways in which such an investor can help:

    • Fundraising strategy. The primary role of an investor is to provide funding to the startup and help them with fundraising strategy going forward. This financial support is crucial for the startup to develop its products or services, hire talented employees and scale its operations. With their entrepreneurial experience, the investor can assess the startup’s financial needs and give some strategic advice on funding allocation. Additionally, can guide the founder towards better fundraising strategy and preparation for investor meetings.
    • Strategic planning. An investor with entrepreneurial skills can help the startup create a solid business plan and set strategic goals. They can provide insights and expertise gained from their own entrepreneurial background, helping the startup identify potential challenges and opportunities. Together with the startup’s founders, they can develop a roadmap for growth and devise strategies to overcome possible challenges.
    • Shared perspective. I think this is one of the most important ways of communication, and here is why. An investor with an entrepreneurial background can better understand startups’ challenges and opportunities. They have likely experienced similar struggles, such as fundraising, market-entry, scaling and operational issues. This shared perspective helps establish rapport and empathy with startup founders, fostering better communication and mutual understanding.
    • Mentoring and coaching. Startups often appreciate investors who can go beyond providing capital and act as mentors or coaches. An investor with an entrepreneurial background is well-suited to fulfill this role. They can offer guidance on overcoming challenges, making critical business decisions and navigating the ups and downs of entrepreneurship. Their ability to draw upon personal experiences can be particularly impactful in helping startups succeed.

    I love seeing founders passionate about their startups, and our fund sometimes goes the extra mile to advise startups, even if they didn’t receive investments from us. It’s important to remember that when rejecting a startup, there is always the possibility that it may return in the future after making significant improvements in key metrics. Therefore, it is in our best interest to provide additional advice on what steps they need to take to attract funding.

    I receive requests from founders for personal consultations quite often. We were thinking about how to turn this demand into something beneficial for startups and society and came up with a very good solution. We decided to combine venture and charity by launching a project with the Podari.Life charity fund called “30 min/lunch with VC to save lives.”

    Relationship building

    Investors with an entrepreneurial past can leverage their extensive network and connections to open doors, make introductions and facilitate strategic partnerships for the startups they work with. This network can be instrumental in helping startups access resources, industry expertise and potential customers.

    For example, the CEO of one of our portfolio companies, PicUp, recently embarked on his first visit to the USA. He took the initiative to go on an extensive tour, visiting key states and connecting with potential partners and investors. I understand firsthand how challenging it can be to establish new connections in a foreign country, especially in the USA and particularly in Silicon Valley, which has no analogs in the world. With this in mind, we decided to assist by connecting the company with investors and key players in the Silicon Valley innovation ecosystem in advance.

    Related: The Things Successful Leaders Do and Don’t Do to Build Relationships

    What matters the most

    In summary, it is not solely the investors’ entrepreneurial experience that founders find appealing. Rather, their experience in different roles inside a business allows investors to have a wider view and help early founders avoid common mistakes while building the next big thing. After all, venture investment is a long-term relationship, and you want to build partner-like relationships with people you will most likely work with for the next 8-10 years until your exit.

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    Zamir Shukho

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Acquiring a higher education qualification

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

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

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

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

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

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

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

    Developing relevant personal characteristics

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

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

    Related: 13 Characteristics of Successful Hustlers

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

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

    Building your professional network

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

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

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

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

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    Under30CEO

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  • How to Deal With Imposter Syndrome as a Young Entrepreneur | Entrepreneur

    How to Deal With Imposter Syndrome as a Young Entrepreneur | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you ever experienced doubts about your own abilities or felt out of place among successful individuals? Do feelings of inadequacy persist even when external evidence suggests competency or success? If so, then know that this sensation is known as “imposter syndrome,” first described by psychologists Pauline Rose and Suzanne Imes over four decades ago.

    Young entrepreneurs navigating this exceptionally dynamic field can find this phenomenon incredibly challenging. However, remember that such struggles are normal for many, as studies show that 84% of entrepreneurs are faced with this. As someone who began their entrepreneurial journey at 20 years old, I am no stranger to feeling outclassed or underprepared when compared with more seasoned professionals. But embracing these moments can help foster growth within oneself — don’t let mere self-doubts hinder personal triumphs.

    Imposter syndrome can significantly hinder the personal and professional growth of young entrepreneurs. A lack of confidence and second-guessing themselves can paralyze decision-making processes and impede progress. It becomes a barrier to networking and building relationships, as the fear of being perceived as inexperienced or fraudulent can limit their interactions.

    To overcome imposter syndrome, it is essential for young entrepreneurs to adopt effective strategies.

    Here are some of the strategies that helped me beat the beast of imposter syndrome:

    Related: Mindset Techniques That Will Help You Overcome Imposter Syndrome

    Recognize the signs

    Imposter syndrome can manifest in different ways, such as self-doubt, perfectionism, procrastination, overwork, underpricing, avoiding feedback or praise or feeling like an outsider. If you notice any of these signs in yourself, acknowledge them, and name them as imposter syndrome. Don’t let them define you or your work.

    Celebrate your achievements

    One of the reasons why imposter syndrome thrives is because we tend to downplay or dismiss our accomplishments. We think they are not enough, that we got lucky, or that anyone could have done them. But that’s not true. You put in a lot of effort and worked hard for your achievements, and you deserve to be proud of them. Make a clear list of your successes, big and small, and review it regularly — say every week, monthly or quarterly (I prefer to do mine once weekly). Share your successes with someone you trust and who supports you. Celebrate your wins, and give yourself credit for them.

    Reframe your failures

    Another reason imposter syndrome persists is that we tend to magnify or dwell on our failures. We think they are proof that we are not good enough, that we don’t belong, or that we are doomed to fail again. But that’s not true either. Failures are inevitable and normal in entrepreneurship. They are not a reflection of your worth or potential in any way. They are opportunities to learn and grow. Instead of beating yourself up for your mistakes, ask yourself what you can learn from them and how you can improve next time. Failures are a stepping stone to your success.

    Related: How to Avoid Imposter Syndrome and Be a Successful Entrepreneur

    Seek feedback and support

    Imposter syndrome can make us feel isolated and alone. We think we are the only ones who feel this way or that we have to hide our feelings from others. But that’s not healthy or helpful. Imposter syndrome thrives in secrecy and silence. It shrinks in the light of honesty and connection. Don’t be afraid to reach out to others who understand what you’re going through and who can offer you constructive feedback and support. Find a mentor, a coach, a peer group or a friend who can help you see yourself more objectively and positively.

    Embrace your uniqueness

    Imposter syndrome can make us feel inadequate and insecure. We think we have to be like someone else, fit into a certain mold or follow a certain path to be successful. But that’s not true at all. You are unique and valuable as you are. You have something to offer that no one else can. You have your own voice, your own style, your own vision. Embrace your uniqueness, and let it shine through your work.

    Building a supportive network

    Surrounding oneself with positive influences is key to combating imposter syndrome. Seeking mentorship from individuals who have experienced similar challenges can provide valuable insights and encouragement. Joining entrepreneurial communities and networks fosters connections with like-minded individuals and creates opportunities for collaboration and shared experiences.

    Related: How to Overcome Imposter Syndrome and Tame Your Inner Critic

    Overcoming imposter syndrome as a young entrepreneur is an ongoing process. By recognizing and understanding the causes and triggers, entrepreneurs can implement effective strategies to regain confidence and overcome self-doubt. Cultivating a positive mindset, celebrating achievements, seeking support and building a supportive network are essential steps on this journey. Remember, success as a young entrepreneur is not measured by the absence of self-doubt, but rather by the ability to push through it and believe in one’s capabilities. Embrace the challenges, take one step at a time, and trust in your journey to reach your entrepreneurial goals.

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    Candice Georgiadis

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  • How Entrepreneurship Can Help Teens Overcome Peer Pressure | Entrepreneur

    How Entrepreneurship Can Help Teens Overcome Peer Pressure | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Peer pressure is a common challenge that teenagers face as they navigate through adolescence. It can come in many forms, such as pressure to conform to societal norms or to engage in risky or negative behaviors. However, one effective way to help teens overcome these pressures is through entrepreneurship. Now, it’s important to understand not every teen has the entrepreneur DNA, but if you can convince your adolescent to take an interest in it, there will be lifelong benefits. In addition to teaching valuable business skills, teen entrepreneurship offers a sense of purpose and accomplishment that can help sway negative peer pressures.

    Let’s dive into some of the positives teenage entrepreneurship can have concerning peer pressure:

    Related: 6 Things to Consider When Starting a Business as a Teenager

    1. Critical thinking

    Developing entrepreneurial skills can help teenagers learn to make independent decisions and think critically. When teens take an interest in becoming entrepreneurs, there are many problems they must tackle creatively. With identifying problems comes developing solutions that typically directly impact the business. These skills are transferable to other areas of life, including how to respond to teen peer pressure. By learning to think independently and make decisions, teens are less likely to be influenced by negative peer pressure.

    2. Sense of purpose and accomplishment

    Another benefit of teen entrepreneurship is that it can provide a sense of purpose and accomplishment. As teenagers go down the path of starting their businesses, they develop a sense of ownership and pride in their work. Since passion is fueling them, they’re more inclined to not just “give up” but to push through and be solutions-oriented. Adopting an entrepreneurial mindset can help them develop a strong identity and purpose. When teenagers have a strong sense of purpose and accomplishment, they are less likely to feel the need to conform to peer pressure because they possess the confidence to say “no” and make their own decisions.

    3. Discover and pursue passions and interests

    Starting a business allows teens to discover and pursue their passions and interests. Having passions and something you’re looking forward to and are excited about builds confidence which can help them resist peer pressure. Teen entrepreneurship pushes internal limits and helps introverts become more extroverted, especially when seeking advice from mentors, advisors and other entrepreneurs. This can help them build positive relationships with adults and peers who share their interests and values.

    Related: 10 Things I Have Learned From Starting A Business As A Teen

    4. Leadership skills

    Starting a business can also help teens develop leadership skills. Teenage entrepreneurs face the challenges of self-management, people management, goal-setting and decision-making, which typically leads to lessons learned. They may use these abilities to become stronger and more influential leaders in other areas of their life. Possessing leadership abilities is a valuable asset for any future endeavor and one that may pave the way to financial freedom. When teenagers earn their own money through their creativity and decision-making, they understand the value of the dollar earned vs. the dollar spent — a great life-long valuable skill.

    5. Resilience and perseverance

    Entrepreneurship can help teens develop resilience and perseverance. Starting a business can be challenging, and teens may face setbacks and failures. However, these experiences can teach them to bounce back from adversity and keep going despite obstacles. This can be a valuable skill for navigating the challenges of adolescence and adulthood.

    Overall, entrepreneurship can be a powerful tool in helping teenagers overcome peer pressures and develop valuable skills for success in all areas of their lives. It teaches valuable skills such as independent decision-making, critical thinking and financial management. It provides a sense of purpose and accomplishment that can help teenagers resist negative peer pressure and become more receptive when you talk with your teens about peer pressure. Teenagers who become entrepreneurs gain not only valuable skills but also gain the confidence and resilience necessary to navigate the challenges of adolescence. So, what small project or business can you help persuade your adolescent to start?

    Here are some ideas for your teen:

    • Online reselling: Buy items at garage sales, thrift stores or online marketplaces, and resell them on platforms like eBay, Amazon or Poshmark.

    • Social media management: Offer social media management services to businesses needing help managing their accounts.

    • Pet-sitting or dog-walking: Start a pet-sitting or dog-walking service in your neighborhood.

    • Lawn care or landscaping: Offer services such as mowing lawns, trimming hedges or planting flowers to those in your community.

    • Tutoring or coaching: Offer tutoring or coaching services in a particular subject or sport to other students in your school or community.

    • Homemade crafts: Make and sell homemade crafts such as jewelry, accessories or home decor online on platforms like Etsy or eBay or at local craft fairs.

    Related: Meet 16 Teen Founders Who Are Building Big Businesses — and Making Big Money

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    Ryan Blivas

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  • 5 Lessons I Learned From Starting a Company at 19 Years Old

    5 Lessons I Learned From Starting a Company at 19 Years Old

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    Opinions expressed by Entrepreneur contributors are their own.

    I had no intention of creating my own software company. I was kind of forced into it. You see, a few years ago, I was a full-time YouTuber. All was well until my channel got demonetized. This means that I was making $0 from the ads being placed on my videos.

    There was a point where I was getting 2-3 million views a month on my channel and didn’t receive a penny. As a way to bounce back from this low, I decided to put my life savings ($5,000) into starting a creator economy software startup at 19 years old. I dropped out of college to work on my SaaS startup full-time, and I have learned valuable lessons along the way. Here are five of the most important lessons I have learned so far:

    Related: How to Start and Grow a Business: A Digital Guide for Young Entrepreneurs

    1. Done is better than perfect

    I had no experience in coding — let alone creating and growing a startup. Despite these challenges, I 100% believed in my idea. Backed with a proof of concept, I was willing to do everything within my limited budget to turn my SaaS idea into a reality.

    With a well-written vision and lots of persistence, I was able to find a good developer overseas that not only fit my budget but believed in my vision for Trend Watchers.

    We still work together to this day. The first versions of Trend Watchers were hideous, but over time, the UI/UX slowly improved. When I look back at my journey from a software development point of view, I should not have made it this far. I went through so many setbacks and hurdles. I should have quit back at the start line, but by having a great vision and team mixed with the desire to succeed, we were able to pull through.

    No matter how challenging a task may seem, done is always better than perfect. Oftentimes, perfection comes through the countless mistakes you make along the way.

    2. The importance of data collection

    One thing I implemented early on is good data collection. What do I mean by data collection? Data collection has a bad rep, thanks to large companies and scammers abusing it to make a quick buck. But there is a good side to data collection. Data collection can be used to make better marketing decisions. It can also be used to discover what users like and don’t like.

    I collect data in a few ways, but two of the most useful data collection tactics I used are asking good questions on our signup sequence and having a session recording software that tracks how long users are on each page and what they click on. These two data-collecting methods have helped with making the right decisions and software updates to improve the user experience.

    Related: The Complete, 12-Step Guide to Starting a Business

    3. Get a proof of concept before you build

    For the people in the back, I’m going to repeat myself: Get a proof of concept before you build. In early 2022, I thought it would be a good idea to build a marketplace within Trend Watchers. Marketplaces are great, and when used right they can be a great growth engine for startups — but no one wanted that. They just wanted trends they can use to go viral online.

    Instead of listening to this market feedback, I went ahead and built it anyway, and it was a major flop. It also caused a whole lot of other issues, but I wasted a lot of time and money on something my users didn’t want at the time. Because of that experience, I always conduct surveys and get a proof of concept before I add a new feature.

    4. Tell your story

    Starting a software company at 19 years old with my own money was already challenging enough financially. The next question was, how am I going to market this thing with a $0 marketing budget?

    Growing up, I’ve always been an amazing storyteller. In my free time after school, I would always write my own books. I would go into our home office, grab a few sheets of paper from the printer, fold them in half, staple them together, and boom — I had a book.

    I decided to leverage this skill I developed at a young age to slowly build a movement of loyal followers that would help me get traction for Trend Watchers. The two platforms I decided to focus on to document my progress were Instagram and leveraging press. This wasn’t an overnight success. It took tons of writing, documentation and pitching to slowly start getting my brand’s story heard, and now it is starting to pay off.

    One interesting insight I recently discovered about my paying customers is that they tend to stay longer knowing that their money is being put to work. A lot of my paying customers follow my story through my email list or Instagram page for weekly updates.

    If you are working on growing your startup, document your journey. Not only do you end up with a well-written journal in the end, but you can also find loyal customers along the way.

    5. Take every opportunity that presents itself

    Some of the best decisions I’ve ever made were time-sensitive opportunities that came my way. Some of these opportunities included opportunities to buy into programs, go to different places and break my schedule to attend certain events. About 90% of these opportunities came out of nowhere, and every time I took one, it significantly helped me in the process of growing my business.

    Related: 6 Tips for Building a Successful, Scalable Software Company

    As most people know, starting and growing a business is not easy, especially for a young adult with no prior experience. Reading books and watching YouTube videos can be very helpful and informative, but experience is truly the best teacher. The skills and lessons I’ve acquired through my experience have helped me grow exponentially, and hopefully, these five lessons above can help other entrepreneurs — young or old — grow their businesses as well.

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    Dejon Brooks

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  • This 17-Year-Old Founder Is Helping Farmers Using AI

    This 17-Year-Old Founder Is Helping Farmers Using AI

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    Nathan Elias, now the 17-year-old founder of the cutting-edge app InvasiveAI, was in fifth grade when he first recognized an algorithm’s potential to solve real-world problems. His own problem at the time? Math homework.


    Courtesy of InvasiveAI

    Determined to avoid completing 50 tediously long multiplication problems, Elias used Python to create a program that could do it for him.

    But that was just the beginning.

    As a freshman in high school, Elias encountered another problem in need of a solution while visiting his grandfather’s rice farm in Kerala, India. Because the farm is located in Kuttanad, a town that lies below sea level, it’s especially vulnerable when it rains or floods — an increasing issue with the shift in monsoon seasons.

    That’s exactly what happened during Elias’s trip that summer.

    “The floods actually brought in an invasive plant from the upper regions,” Elias tells Entrepreneur. “And that’s known as Giant Salvinia. My grandfather wasn’t able to identify that early enough, and as a result, that plant just overpopulated the entire farm.”

    Elias began to learn more about invasive species, ultimately discovering just how many issues they cause across the globe — and realizing that AI could be the answer.

    Related: 3 Ways to Drive Business Growth Using AI

    “But I realized that [if we could] identify invasive species via an image and predict where they’re going to go, that would be powerful.”

    Initially, Elias had the idea to create an app that would allow users to identify an invasive species with just a photograph. But it soon became clear that InvasiveAI couldn’t compete with other platforms like iNaturalist in terms of scale. He considered what more he could do and eventually landed on geospatial prediction.

    “It took a while to actually figure out which parts of AI I was using, because there are so many different aspects,” Elias says. “But I realized that [if we could] identify invasive species via an image and predict where they’re going to go, that would be powerful. That’s how I started experimenting with machine-learning models.”

    But AI models need a data set to go off of, learning over time “just like the human brain,” so Elias had to tackle the challenge of building an invasive species database essentially from scratch.

    Additionally, having only a handful of invasive species in the database wouldn’t have the impact Elias wanted to make. He knew he needed at least a couple of hundred — plus thousands of images for a clean, accurate model.

    “I had to scrape all these images using a technique called web scraping,” Elias explains. “I created my own data set, and that took a while because you have to organize each image by each species.”

    Building out that geospatial prediction also took a lot of time and effort because it’s not just based on coordinates: It also takes into account factors like climate and competition between invasive species and clusters.

    Image credit: Courtesy of InvasiveAI

    Related: Can Technology Help Us Fight Climate Change?

    “I don’t want a farmer to identify an invasive species but then have no idea how to take action against it.”

    Along the way, Elias also met with the Texas Master Naturalist program to pinpoint the specific impact invasive species were having and the specific problems that needed solving. You have to fully understand the problem to figure out what to do: “Live in the problem when you’re finding a solution,” Elias says.

    Now, Elias is working on building out the app’s potential for connection — giving people the resources they need to effectively get rid of invasive species. It’s not as simple as recommending a one-size-fits-all pesticide; there’s too wide a range of invasive species, including plants, animals, insects and pathogens.

    “I don’t want a farmer to identify an invasive species but then have no idea how to take action against it,” Elias says. “That’s pretty much the same as them not having a tool at all. Farmers definitely can get rid of invasives on their own, but if they don’t do it in the right way — if they’re not taking care — the invasive species can come back.”

    Connecting farmers with a local university or removal group that has firsthand experience eradicating an invasive species helps ensure the issue remains resolved.

    So far, InvasiveAI’s progress speaks for itself: The app has prevented and projected more than 10,000 cases of invasive species growth across all 50 states.

    Elias has received funding and recognition from companies and organizations like Google, USAID, National Geographic and NASA. He’s also published his work in the scientific community and has been working with researchers at the University of Texas at Austin and the Lady Bird Johnson Wildflower Center.

    Image credit: Courtesy of InvasiveAI

    Related: 3 Lessons Entrepreneurs Can Learn From NASA About Organizational Design

    “I really enjoy it — it’s a passion of mine.”

    Founder is just one of Elias’s current roles — he’s also still a high school student, finishing up his senior year at Liberal Arts and Science Academy (LASA), a public magnet school in Austin, Texas with an advanced curriculum. Being a student at LASA has helped Elias hone his time-management skills, he says, noting that he seizes every spare moment to continue his work on InvasiveAI.

    “Summer, winter break, I’m just developing this app, spending a lot of time on it,” Elias explains. “But I really enjoy it — it’s a passion of mine. If you like something, then you’re going to do it automatically. That’s how it was for me.”

    What’s next for Elias once he graduates from high school? It’s a question he gets a lot.

    “And I don’t have a concrete plan,” Elias says. “But what I always say is that I’m looking for a place that cares about this idea that I have, because it’s been a huge part of what I’ve done in high school — it’s almost like going to debate club every day, but I’ve been working on this app.

    “This is something that I care about,” he continues. “It’s a passion of mine. [So I’m looking for a] CS program that can offer me the skills to continue developing this, to create a better network. It doesn’t matter where it is, as long as I’m able to expand this app.”

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    Amanda Breen

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