An entrepreneur always needs to be motivated and do better than what he was doing the day before.
When the work turns out to be boring or monotonous or piles up to become a lot, an entrepreneur usually loses interest and tends to slack off. This affects the company’s productivity as well as the entire morale of the team to work since the boss doesn’t seem pumped up. Thus, an entrepreneur always needs to be motivated and do better than what he was doing the day before.
Here are 6 ways to increase productivity:
1. Self imposed deadlines
You know better than anyone else what your capabilities are and how much time you actually require to complete a work. So, if a client gives you two days to finish a task and you know that you can get it done in a day, impose the deadline on yourself so that you complete the work in the set deadline and have remaining time for other things. This boosts productivity and helps you stay focused on one task.
2. Always follow the two-minute rule
Entrepreneur and strategist Steve Olenski once said that “if one can do a task in two minutes or lesser, one should do it right then”. This is a brilliant concept because it doesn’t leave any space for procrastination. Also, he claims that if a person leaves the smaller tasks for later, they tend to take longer to complete them.
Since you are the captain of the ship, you need to look over a million things, however, you job doesn’t demand you to attend unnecessary meetings which don’t really need you. According to a survey, most people spend an extra 30 hours weekly attending unproductive meetings. An entrepreneur can delegate and do more important work in that time.
4. Take breaks
By breaks, we don’t mean a lunch break; but when you’ve been staring at your computer screen all day, you eyes and brain need a break. It could be as simple as a 2 minute walk in the fresh air or going to a beverage dispenser to get coffee. Taking breaks get your blood flowing and when you return to your workstation, you are fresh and are able to focus better. Hence, taking breaks when you experience fatigue will actually boost your productivity.
An entrepreneur might have a million things he needs to accomplish in a day and as the day progresses, s/he might forget one or two of them. hence, it is always better to make a to-do list and do the tasks which are more important earlier and delegate the less important ones. Also, a to-do list helps you remember what you need to do and when. You can also have a do-later list for small things that aren’t crucial but demand your attention.
6. Reward yourself
It is always easier to work when you are bound to get incentives out of doing a task. So, your incentive could be a bonus or a nigh out with friends after a long time you’ve been waiting for. These things will come only when you work hard for them. so, just like a kid is made to do things by promising him an incentive, do the same for yourself. You’ll be amazed to see how focused and hardworking you become.
Today we’re going to look at asset management for startups, to help entrepreneurs keep track of resources wherever they may be.
There’s never been a better time to own a small business. Never before has a small business owner had so many powerful tools to help their business succeed. Small businesses are flourishing all over.
With so many going into business for themselves, it stands to reason that not everyone is going to have a solid background in business. Just because someone starts a business doesn’t mean they have the tools necessary for success.
Today we’re going to look at asset management, to help you keep track of your resources wherever they may be and in whatever form they may come. Having an experienced asset manager to work with you will benefit your company a lot. Like Global Partnrs have included Formerly at Natixis John Hailer in their board of directors.
What Is Small Business Asset Management?
Small business asset management is both simpler and more complex than it might seem at first glance. Unlike other compound words, it’s more than just a sum of its parts. Small business asset management is more than just asset management for smaller companies, this is why we recommend Business Asset management systems Australia.
First off, asset management itself refers to maintaining someone’s investment portfolio. Asset management for small businesses is a little different. It’s more akin to inventory management than any kind of investing.
The confusion comes from what constitutes an asset. Thinking of generic asset management software might conjure images of basic accounting software. If you own a business, however, you know there’s a lot more to it than that.
Why You Need Small Business Asset Management
Imagine you’re running a tech company. Does your development team upload to a communal GitHub repository? That’s an asset.
Assets could also include invoices and accounts payable. That means you need to keep track of when those payments are due. Asset management software and tools will keep track of all of that for you.
Modern asset management software tends to handle all of the things you need to keep track of, maintain, and process your assets.
Asset management software will often let you process invoices and payroll through one convenient portal. It includes the latest features for privacy and security, so you don’t need to worry about sending sensitive information.
Asset management software can also offer in-depth control over every component of your enterprise. Things like access and permissions become of utmost importance when you’re dealing with intellectual property. A good asset management resource will take care of that for you.
Of course, employees are one of a company’s biggest assets. If you need help optimizing your human resources, consulting with a headhunter is a sure-fire way to ensure you get what you need.
Business has gotten unbelievably complex in the 21st century. It becomes impractical to try to keep track of it all in your head past a certain point. Putting an asset management system in place helps clear your mind so you can focus on making your business its absolute best!
Want More Startup Advice?
There have never been so many outstanding resources for business owners of all sizes, in every industry. Whether you’re looking for advice on choosing an asset management platform or how to find the right talent, we’ve got everything you need to make your startup flourish.
Browse the rest of our site today for more business wisdom!
Entrepreneurship isn’t for the faint of heart. With 20% of all small businesses failing within the first year, it’s easy to see why the prospect of being an entrepreneur can feel overwhelming.
Entrepreneurship isn’t for the faint of heart. With 20% of all small businesses failing within the first year, it’s easy to see why the prospect of being an entrepreneur can feel overwhelming.
If you want to succeed in the business world, it’s critical to keep your own personality and mindset in mind. As the force spearheading your company, it’s up to you to guide your own strategy and chart a course toward success—which can be harder than it sounds.
Sound familiar? If you’re struggling with your small business, here are a few tips to help you find your best self and achieve entrepreneurial success.
Learn to Take Advice
When it comes to being self-employed, many people want to think of themselves as independent self-starters who don’t need to rely on others—but that’s a sure path to failure.
As an entrepreneur, you’re unlikely to have expertise in every area of business. Ignoring sound business advice, financial insights, and legal feedback could make it harder to chase success in the long run.
Start to Sell Yourself
Sure, few entrepreneurs jump into the business world out of a passion to sell themselves. Many cringe at the prospect of appearing “phony.”
But at the end of the day, gaining the confidence and skill you need to self-promote can mean the difference between a popular business idea and one no one ever hears about. Tell your own story and get comfortable sharing your passion!
Network
Linked to the tip above is networking. The truth is, the best entrepreneurs aren’t really alone, even solopreneurs.
Business owners who network tend to find themselves with more of the support, guidance, and connections they need than those who don’t. Find people with whom you want to cultivate professional relationships, and start making an effort! Over time, you may find yourself working through the 4 stages of psychological safety with people who could easily become your own informal mastermind group.
Know Your Strengths
Not only is it true that you can’t do everything, but you also shouldn’t do everythiing. Know your strengths, and know how to play to them.
If you love managing the big picture but struggle with financial details, hire someone to take care of your payroll and accounting. If you’re great at networking but struggle with organization, spring for some helpful professional software to create better organizational systems for you.
Set the Right Goals
Having SMART goals in place can help you launch your company toward the objectives you have in mind, one step at a time. Try setting just one or two long-term goals that you can break into bite-sized milestones. Creating a plan to reach these smaller milestones becomes much easier in the short-term, allowing you to celebrate smaller successes on the way to your destination.
Find Your Path to Success as an Entrepreneur
The path to success will look different for every entrepreneur based on their personal approaches and mindset. However, the tips above are a great way to help you carve your way forward and find your best self, creating the strategies that lead to growth. Take your first steps toward success today!
Want more of the guides you need to help your startup thrive? We’ve got you covered. Check out our other posts for more info.
Here are a handful of the basic steps you need to take in order to put your business in a position to be successful.
Whether you own an existing brick and mortar business or you’re building an e-commerce brand, properly establishing your internet presence is one of the most significant responsibilities you’ll ever be tasked with. Unfortunately, many business owners either don’t know what they’re doing or fail to follow best practices.
For businesses just getting started online, the process of developing a website is often confusing, but it’s not an alien concept. Simply put, you’ll need two partners to develop a site: a website host and a content management system (CMS).
As the name suggests, the host is the company that provides the technologies and services needed to store and display your website for the world to see.
Finding the right website host is all about determining which service provider meets your needs. There are three basic types individual plans, dedicated servers, and reseller accounts. also, you should research the details of each to find out which will work best in your situation.
Next is the CMS platform. While there are a number of ways to build websites, a CMS platform makes it easier for those who don’t want to deal with all of the coding and technical aspects. Some of these platforms include:
WordPress: By far the most popular and easiest to use for beginners, WordPress is perfect for small and medium-sized businesses. Not only are there thousands of gorgeous templates available, but finding a WordPress designer is easy.
Joomla: If you’re running an e-commerce site and want something other than WordPress, Joomla is a great solution. It does require more coding knowledge, but this shouldn’t be a problem, assuming you’re hiring a freelance designer/developer to handle the site.
Drupal: Finally, there’s Drupal. This is by far the most technical CMS, but it’s also extremely powerful. If you plan on building a large website and can find a developer with Drupal knowledge, you may want to consider this option.
If you want a side-by-side comparison of these CMS solutions, then check out this handy infographic. As you’ll see, each comes with its own pros and cons.
Think of your website host and CMS solution as the foundation of a house. You can’t build a strong home without a foundation, but the foundation itself doesn’t make the structure a house. You also need walls, windows, doors, siding, and thousands of other elements to create a visually pleasing home. This is where design comes into play.
Start by deciding the purpose of your website. Will it be a static website with the main goal of providing a reputable front for your business, or will you actually use it to sell products? You can always pivot in the future, but deciding the purpose of the website up front will help you choose a design.
Once the purpose is established, you’ll either need to find a pre-designed template or hire a web designer to create the site from scratch. Both options are suitable and your choice will likely depend on cost and experience.
With your website built, it’s time to start driving traffic to the site. Since most customers aren’t going to type your website URL directly into their browser, at least in the early days – you need to put your site in front of them. Search engine optimization (SEO) plays a vital role in this.
SEO is a very complex topic and it would be impossible to even scratch the surface in this article, so you’ll either want to spend some time researching the ins and outs of the industry on your own, or hire an expert to develop a strategy for you.
With your website squared away, you’ll want to expand your online footprint by investing in content marketing and social media.
Content marketing: In the world of internet marketing, content is currency. Content is what attracts search engine traffic, facilitates social sharing, and establishes your brand’s reputation in your respective industry. You’ll need a strategy for creating and disseminating onsite blogs, guest blogs, press releases, articles, and more.
Social media: As you know, social media is a massively important catalyst for small business success. It allows brands to reach millions of prospective customers without having to travel around the world or invest major resources into global marketing campaigns. Establish profiles on major platforms like Facebook, Twitter, and LinkedIn to get started.
Content marketing and social media marketing should be your major focus in the months to come. They frequently work in unison to engage your target audience and direct them to your website.
Virtually all modern businesses and brands have some form of an internet presence. However, only a small fraction of these businesses have a strong foundation that’s conducive to long-term growth.
If you want to position your business for the future, then it’s critically important that you gather your key decision makers and develop a concerted plan for getting started.
By outsourcing certain tasks and handling others internally, you can develop an online presence that you’re proud of.
Diving into some of the top tips and expert startup advice to help you make it through troubling times. How to keep your business afloat during an economic dip.
Did you know that only half of startups with employees survive their first five years?
The world of business is tough at the best of times. At the moment, though, we’re facing plenty of new challenges and an economy that’s all over the place. For most of us, we can’t think of a time when the world ever looked like this.
But economic lulls aren’t uncommon. We’ve seen market crashes and closed business tons of times before – and we’ve taken plenty of recession business advice from them. Now when the economy is a bit low we know more about what to do.
To make sure you thrive through the rough times, take a look at our expert startup advice.
Manage Your Cash Flow
If your startup runs out of money before you’ve even got off the ground it’s not a good sign. So, managing your cash flow is essential during an economic lull.
Here are some easy tips to start managing your cash flow:
Set up a calendar: On here, plot out when you’re set to receive payments by. It will help you keep track of when money’s meant to be coming in and spot it if it doesn’t.
Plan your expenses: Instead of tracking expenses after you’ve bought something, plan what you need to buy before. This way you can create a detailed calendar of what you need and when you can buy it, stopping overspending.
Negative or positive? Keep an eye on whether you’re getting more money in than’s going out, or the other way around. If your cash flow is negative, you’re losing money. Why is that? What can you change?
An economic crisis is tough, but by keeping an eye on your cash flow you can create a financial burden resolution that’s suitable.
Do Your Own Accounts
When you’re a startup, you’re going to have expenses coming at you left, right, and center. But, hiring an accounting team isn’t always a viable option, especially with an unstable economy.
Instead, check out accounting software. This can make it easier for you to monitor your accounts without adding expenses.
Know Where To Spend Your Money
If you’re looking at preventing company downsizing during an economic lull, you need to only be spending money on essential items.
Here are a few things that are worth putting your money into:
Shared cloud-based resources for remote access by all staff.
Website and hosting services.
Shipping insurance for products. Take a look at Forum Insurance for more information about land, sea, and air insurance.
Payment processing. This can be both for in-store and online.
Payroll software. Choose automated software like Gusto to make it easier.
Find More Expert Startup Advice!
If you’re a startup, times might be tough when the economy is going a little downhill. But by no means does it mean it’s the end!
Put finance measures in place to monitor your money and know when to cut back.
For more expert startup advice on boosting your startup when times are tough, get in touch with our experts today.
What you need to keep in mind is that increasing productivity in your startup is definitely not a difficult matter.
One of the biggest problems of running a startup lies in the fact that it always feels like an uphill battle. First of all, you’re trying to outcompete companies that have several times your manpower, logistics, and resources. Still, just because something sounds difficult, it doesn’t mean that it’s impossible or that it’s not worth doing. What you need to keep in mind is that increasing productivity in your startup is definitely not a difficult matter. Here are the top six ways you can do so on a budget.
1. Focus on the task at hand
The first thing you need to understand is the fact that it’s quite easy to get distracted, especially when working online. After all, tabs with your social media accounts are just a click away and making a five-minute YouTube break always sounds like a compelling idea. Still, you need to show some restraint. The simplest way to do so is to actually make it harder for you to get distracted. For instance, if you need social media for work, make a new profile, don’t use your own with your personal contacts and DMs. Also, it would be ideal that you use a separate computer for work. Sure, it’s an additional expense but it’s definitely worth the investment.
2. Use adequate tools
The use of proper tools for the job is also a major determiner when it comes to the productivity of your team, regardless of its size. For instance, a tool like Taskworld can help you with all those vital micro-management tasks that lead to the improvement of productivity as a whole. You get assistance for file management and performance report compiling. You also get some aid when it comes to time tracking and composing an efficient project timeline. Overall, the use of an adequate platform can automate some vital tasks and make your job a lot simpler.
3. Improve office design
Improving office design is one of the simplest ways to achieve a slight boost in productivity without having to sacrifice anything. There are so many simple design tricks that you can use like enhanced task lighting, ergonomic furniture, and so on. For instance, one out-of-the-box ergonomic trends that are used all over the world is – standing desks. This boosts not only the health of your employees but also their focus and alertness in the workplace. Finally, keep in mind that design can also be used to minimize distractions. For instance, by adding rugs to the office you can lower the noise generated by the foot traffic, which will help minimize the number of audio distractions within the room.
4. Mandatory breaks
Perhaps the most important thing you need to consider when it comes to boosting the productivity of your startup is the concept of mandatory breaks. You see, there are some people who believe that they can reach excellence by pushing themselves extra hard and skipping breaks. All that this achieves is that it makes them more likely to make a mistake and it makes them overworked in the long run. In fact, in order to turn this one around even further, you could always consider starting a trend of interval working.
5. Encourage a healthy lifestyle
The problem with productivity is that it’s not just something that you can fix in the office 100 percent of the time. An employee that doesn’t eat well, sleep enough, and has some issues at home will not be the most productive member of your team. Here, however, you can just encourage, inquire about the problem (but not be too pushy), and offer your advice. There are some things that you just can’t affect, nonetheless, you can’t know if you can fix this problem if you don’t at least try.
6. Invest in talent retention
A lot of employees see startups as a starting point and not a place where they’ll build their careers. This is a shame, seeing as how by the time your employees get enough skill and experience they might already start considering other offers. So, make them stay by incentivizing them, building a personal relationship, and showing that they have a career in this industry.
Conclusion
The most important thing you need to learn how to do is to track your progress. You see, without tracking your progress, you might get the wrong idea, seeing as how you can subjectively overestimate or underestimate the difference. This is why you need to consistently track your progress over a longer period of time and then calculate averages. This way, you’ll get the most accurate picture possible and find yourself in a situation where your productivity can truly reach its full potential.
But before you go about making the world a better place and filling your pockets, you’ll want to get some advice.
90% of startups fail, after all, so the right startup business tips can keep you from making these same mistakes. Keep reading to find out how you can prepare for success!
Don’t Chase Trends, Solve Problems
There’s money in chasing trends. However, that money dries up quickly once people move on to the newest flavor of the week.
For your startup to have longevity, you should aim to solve customers’ problems. How can your product or service make the lives of your customers easier?
If you can manage to make people’s lives a bit more convenient, you’ll find yourself with repeat customers, and thus, stronger revenue.
Set Your Business Apart with Custom Packaging
The more ways you can set yourself apart and stand out, the better. Custom packaging is an often overlooked way to help your company stand out.
Think about it: if you were in a room full of packages, you’d be able to suss out the Amazon package in a matter of seconds thanks to the logo on its shipping boxes and its custom tape.
You can use the same strategy for your business! Once you have a logo you’re satisfied with, order labels online and customize your shipping boxes. That way, customers will get excited about their order before evening opening the box.
Know When to Outsource
Even if you’re an expert multitasker, there’s never quite enough time in the day. But don’t think you have to tackle everything yourself.
In fact, doing so might be detrimental to your business.
Instead, consider outsourcing certain tasks that either take up too much time or require too many resources.
Let’s say you’re looking to market your company. Instead of dedicating hours to learning the ins-and-outs of managing a campaign, subscribing to services, and carrying out the task yourself, you’d be better off hiring a dedicated marketing company.
While it might cost a bit more upfront, you’ll ultimately get better results since you’re working with a team that knows their stuff.
Research Tax Tips
69% of startups are headquartered in the founder’s home, continuing the long tradition of home-based businesses like Apple, Amazon, and Google.
It’s a smart move, as working out of your home can save you tons of money on rental space. But did you know that you can write off the office space in your home for a tax bonus?
Small business taxes are killer, and you’ll need every tax cut you can get. Keep track of your expenditures, whether it’s a chair for your office, a hotel room for a conference, or even your Internet service.
Create the Next Big Thing with These Startup Business Tips
By following these startup business tips, you should have a strong foundation for your business that allows you to save money, time, and manpower. Now all that’s left to do is put your plan into action!
Don’t forget, we’re here for you! Keep checking back with our blog for more great startup tips.
Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option.
Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option. A lot of people believe these myths to be true which is why they don’t pursue their ambition of being an entrepreneur despite having a great idea. So, if you’re still confused, don’t worry, we’ve got the most common myths debunked for you.
Here’s a list of 7 most common myths about entrepreneurship:
1. Entrepreneurs are born, not made
This is the most common myth that deters people from becoming entrepreneurs. However, this is completely untrue. A normal person with an idea which solves a problem the society is dealing with can become an entrepreneur if he works on certain skills. If one is ready to develop on leadership and managerial skills and isn’t scared to take risks, one can aim to become a successful entrepreneur.
This myth is not completely justified because you may have great investors pumping in a lot of money into your venture but if your idea doesn’t appeal to the people, they will not buy your product or service. Thus, money might be important but it is more important to use the money wisely in places where it is required.
This is a common disbelieve because great people like Mark Zuckerberg, Mukesh Ambani and Steve Jobs have managed to become successful entrepreneurs without a college degree. However, a formal and educated background only helps an entrepreneur to understand concepts and the business better. An entrepreneur becomes one because of his idea and developed skills set and not his college degree.
This is another myth about entrepreneurship which needs to be debunked. It is true that you need an idea to develop on but the idea doesn’t need to be a completely new or innovative one. Running a restaurant, school or any kind of business or adding value to an already existing idea which solves problems of the society can also serve as a great base for entrepreneurship.
A lot of people consider entrepreneurship because they believe they will get to set their own terms at work and lead a team. However, this might not be a favourable scenario for every venture. With ideas like leadership coaches catching up, it is proved that even entrepreneurs who lead a team require help from superiors in order to succeed.
6. You need the perfect timing
People often comment saying that it is actually luck which will make you a successful entrepreneur. They believe that it is important that the time is right and destiny is in your favour. However, the history of entrepreneurs has proved this to be absolute rubbish as successful people like Reid Hoffman, the founder of LinkedIn, got success only later in their life in spite of a brilliant idea.
A lot of entrepreneurs we see aren’t college pass outs which have led to the common belief that entrepreneurship isn’t very difficult to achieve. Instead of attending rigorous classes, they concentrated on developing a skill set and an idea which they’ve grown only due to their hard work. A typical entrepreneur fails many times before s/he can succeed and defeat failure isn’t everyone’s cup of tea.
One needs to keep various factors in mind while aspiring to become an entrepreneur.
Entrepreneurship is one field which has grown leaps and bounds over the last few months. However, becoming an entrepreneur isn’t an easy task. One needs to keep various factors in mind while aspiring to become an entrepreneur.
Here are few powerful tips for first-time entrepreneurs:
1. Build a great team
Entrepreneurship isnt a one man show; it is a collaborative team effort which is why it is important for you to choose a kick ass team who you can trust with your vision and the future of your company.
2. Have a clear vision
It is important for an entrepreneur to have a clear vision about his company and its future because without a final goal, no one would know what they’re trying to achieve. This would lead to chaos and eventually to the downfall of the company.
Is the product/service you are offering to people solving a problem in the society? Because, if it’s not solving a problem, no one would buy it. Hence, it is absolutely important to find a problem or create it and then introduce your product accordingly.
4. Sometimes less is more
An entrepreneur wants to achieve everything in the beginning: offer a good quality product with extraordinary features and make profits. However, it is important for a new entrepreneur to deal with one issue at a time and focus on solving it rather than jumping in between 100 issues. Also, initially, offer a simple and nice product to attract your customers and then bother with the modifications.
5. Don’t price your product low for the sake of it
Sometimes just to enter the market, people price their products very low and later when they increase the prices, they have no customers. That’s why initially the prices must be sustainable and viable even if it means some less customers.
6. Your USP is your selling point
If you do not have a USP; you are doing something wrong because then your product is no different from your competitors. It is necessary to listen to the customer feedback and strengthen your USP and focus further marketing around it.
There’s no point in being a leader everyone fears; instead, become a leader who is fair, just and approachable. The leader needs to make sure that the team works as one and everyone’s ideas are taken into consideration before formulating a strategy.
8. Keep learning
A new entrepreneur needs to keep learning: sometimes it’s the tricks of the trade and sometimes it is simply life lessons. There are people who’ve been in this field longer than you have and it is always better to learn from those people. Also, reading books, watching videos and movies and hiring a coach can help you learn better.
9. Your business isn’t your life; it’s only a part of it
A lot of entreprenuers make the mistake of making their business a part of their soul and start getting defensive with their ideas and operations. It is good to be serious but needs to know where to draw the line. Focus on the more important things in life as well: family, hobbies, health etc.
10. Public speaking will get you places
As an entrepreneur one needs to be confident about their public speaking skills because pitching to VCs or giving a speech or a talk to the team isn’t an easy task. You need to be impactful and reasonable. Also, for the right ideas and words to come to you at a particular time, it is important to practice this art.
Failure and successes are a part of the job that you’ve chosen and the worst thing you can do is be hard on yourself because of a setback you’ve faced. After the setback, identify the mistakes and make sure you don’t repeat them again.
12. Try changing the current scenario
You should be focused on changing the world with your idea and inspire people to buy your product for the same reason. Money, success and other materialistic aspects are momentary and will come with time.
We have put together 6 essential things to know about planning your supply chain.
Before jumping into managing your own supply chain, you must know a few things to get you headed in the right direction. Supply chains are very intricate businesses and require a lot of precise, moving parts. Managing such a system is going to demand someone who is fully invested in the business and who understands how they work.
While more and more supply chains are popping up all over the country, so it the opportunity for managing them. To put yourself into a better position of planning a supply chain, we have put together 6 essential things to know about planning your supply chain.
Have A Good Understanding Of The Industry
One of the most fundamental strategies of any type of manager is knowing the industry that they are in. This gives you a serious advantage over the competition both for the job and for the company as a whole. The same goes with supply chain managers as they will be dealing with various different markets so researching and knowing who and what you are working with can make the relationship between you and your client even stronger. Confidence is a key asset for managers to have and with more knowledge on the industry, the more confident you will be in discussing future plans and strategies.
You will also want to have a great deal of knowledge on how the supply chain industry works as well. Great managers are built from the bottom up, meaning they have done many of the jobs that are usually lower tier than managers. Their knowledge of how each process works makes them better managers as they better understand the business functions. Make sure to spend time getting to know the ins and outs of each process to make your managing of your supply chain that much better.
Data Is King When It Comes To Managing Supply Chains
The old phrase “numbers don’t lie” applies to businesses of all types. Data-driven analytics really let the true performance show when some may think that everything is going well. This is especially true when it comes to supply-chain managing as the whole focus of the business is to make sure that the numbers line up for optimum performance. This is where you are going to want to run daily, weekly, and monthly reports to ensure that all of your performance numbers are being met and you are looking for room for improvement each and every day. This is going to keep your business running like a well-oiled machine and you will have the data to prove it.
It Is A Very Competitive Industry
Supply chain companies are growing at a higher rate than ever before. With the introduction of e-commerce and the reduction of brick and mortar stores, supply chain companies help bridging the gap between companies and suppliers. This means that more and more SCCs are being needed every day to fulfill the demand. A small mistake by one supply chain center can open the door for a competitor who has better efficiency numbers and they are always scouting for new customers. What this means is that rates are at an all-time competitive level as companies are trying to find the best deal available to increase the profits of their company. This is one of the most surprising factors of the industry that most do not know about until they experience it.
Supply Chain Management Is A Very Exciting Job
One of the reasons that many people are starting to look into planning their own supply chain, other than the industry is booming, it that the job is very exciting and never boring. While not all excitement is good, even the bad, unexpected times will keep you on your feet to sharpen your skills for the road ahead. With many different clients and product moving in and out daily, there is hardly a dull day in the supply chain industry. With teamwork being the biggest factor of running a supply chain network, when it gets busy, you may have to lend a helping hand working alongside people you normally never work with in order to meet the demand.
You Must Know How To Network Effectively
Business is all about networking. Networking allows you to go out and meet new clients, customers, and even similar business owners to build relationships that can help benefit each other down the road. Networking can be done in many different ways such as networking events, having dinner with clients, or as simple as grabbing coffee with other business owners. The goal is to build a network of people that can help each other when the time comes. This is a great way to get lower prices, get referrals, and hopefully lifelong friends that will be there when you need them the most. Networking in the supply chain industry can allow you to find a mentor that can help guide you down the right path to avoid costly mistakes and lend some knowledge when managing your supply chain company.
Endless Career Opportunities Are Available
As the industry is growing, so is the opportunities for jobs. As people start to move up the ladder very quickly, more and more jobs become available. As businesses grow, each department of a single business is going to need more people which will add more opportunities to not only the industry but chain supply companies across the globe. As you grow your career with one company, you may see that your skills will be better valued at another company where you can advance more quickly. This will allow your opportunities to become more widely available and even your salary to increase. If you become very good at planning supply chains, you may be able to create and sell new supply chains to give yourself an even bigger advantage to making the most money. Whichever route you choose, there are plenty of jobs available and the industry is not going anywhere anytime soon. To get started or more information on the industry, you can contact Corcoran Trucking.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
It seems that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. Think of Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress) and Pete Cashmore (Mashable) — all in their early 20s, and high up on the list of successful entrepreneurs. But the age of the founder is not the primary factor that determines whether a business will be successful or not.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
In fact, there is an argument that those who start businesses later in life have a better chance of reaching success. Studies have shown that if you’re over 55 years old, you are twice as likely as your counterparts who are under 30 to launch a high-growth start-up. Not convinced? Here are 10 reasons you would make a better entrepreneur now than you would have when you were younger.
1. You have life experience
The most obvious and undeniable benefit of starting a business later in life is the fact that you now have years of life experience to pull from in your new venture. You are seasoned in the ways of the world, and you have a level of business acumen that you didn’t have in your 20s. You are more patient and willing to take each step in the business start-up process one-by-one in order to give your business the best chance it has at success.
While you may not have hands-on experience in every segment of the start-up process, it is very likely that you understand the importance of things like having a business plan, creating a solid financial plan and conducting thorough market research. And you know who you need to help you with the pieces you can’t do yourself.
2. You know more people (and they know people who know people)
At this stage of your life, you have likely built a large and diverse network of peers and colleagues. And because a new business often requires a village to thrive, your connections will be invaluable as you get started. Think about all the experts you have met in your life that could share their advice or provide services to help you in your new venture — attorneys, accountants, marketers, venture capitalists, financial planners, real estate agents, contractors, designers, and writers. This depth of a thriving network often takes years to build, so age is certainly an asset in this situation.
Having experience in the business world, you also understand the importance of networking and can ask for introductions when needed to move projects forward. This can often expand your network by double or even triple, giving you all the resources you need to get started.
3. You know how to set and achieve goals
Goal setting is an integral part of starting and running a business, and is necessary on a consistent basis during the life of the business. In our younger years, we don’t always understand the power of smart goal-setting for getting from one place in life to another.
As a seasoned goal-setter, the process of outlining a desired outcome, as well as the actions you will take to make that outcome a reality, will come as second nature. Your life experience will also help you remain objective as you consider different paths you can take to reach your goals so you can move forward in a more efficient, cost-effective and productive way.
4. You may have an advantage with investors
While young entrepreneurs are often favoured by investors because it can be easier for them to get a bigger ownership stake and have more control in the business, it can be argued that older entrepreneurs offer better chances of success because of what they bring to the table.
Many venture capitalists are looking for older, seasoned and experienced entrepreneurs who have “been there, done that.” The best investors are opportunistic, and by backing older and wiser entrepreneurs who have already made mistakes, they are able to make smarter investments.
5. You know what you’re passionate about
Many young entrepreneurs know they want to start a business of some kind, but they may not know exactly how they want to do it. This is because they haven’t had enough time to develop an idea of what they are truly passionate about. Richard Branson says that “Passion is one of the most effective motivators when it comes to launching a business — and often one of the strongest predictors of whether an idea will lead to success.” Without passion for your work, it’s very likely your business idea will fizzle out at some point. Older entrepreneurs know what they enjoy doing — and what they don’t — and can tailor a new business to fit that.
6. You have knowledge that is valued in today’s economy
7. You are financially secure
Starting a business when you’re young means you will probably be juggling the cost of business ownership along with the rest of life’s major investments many of us face: mortgage payments, children’s expenses (childcare, education, sports, vacations), healthcare, insurance, automobile payments, student loan repayment and retirement savings. While the expenses never really go away, the older you get, the more likely you are to have paid off a significant percentage of the big stuff. This frees up cash to invest in your business. Plus, having less financial responsibilities makes the idea of starting a business less risky since theoretically you will have a lot less to lose if things don’t work out.
8. You have a lot of start-up options
When you’re young, you have limited experience, a limited network and limited capital, so your start-up options are often limited as well — usually a bootstrapped start-up is the only way to go unless you can secure the ever-elusive financial backer. As a financially secure, seasoned professional, you have more options when it comes to your path to entrepreneurship. Sure, you can start a new business from the ground, but that is not the only option on the table. You can buy into a franchise, leveraging the power of an already successful brand and making it your own legacy. You can also form a partnership with a fellow entrepreneur and split the costs, workload and profits. Or, you can become an investor yourself, moving to the other side of the table by providing capital for someone else’s business idea. In return you get a percentage of the business, leaving the “in the trenches” work for them to handle.
9. You’ve failed before
Failure is a part of life, and the older we get the more failures we have on our tally. Whether you have two big failures on your list or 22, they are a huge benefit for two main reasons. First, the most valuable part of each failure is the lessons you learned in the process. Each failure taught you the importance of being prepared, hard work and why you need a contingency plan. Second, your fear of failure is probably a lot less significant now than it was in your youth. Since being afraid to fail can result in an inability to make a decision, lack of confidence and inaction, having less to fear can be a powerful reason why older entrepreneurs have an easier start.
10. You are self-confident
You know all of these failures we just talked about? In addition to valuable lessons learned, these failures also create one more big benefit as soon as you are able to rebound — they boost your self-confidence and motivate you to do better. Many young entrepreneurs have high self-esteem and a certain level of confidence naturally, but much of that comes from pure optimism that their business idea will turn into a hit. Optimism is definitely needed when starting a business, but when you take that optimism and add in confidence that comes with a track record of proven success, it’s unbeatable. As a seasoned professional, you have already experienced both wins and defeats, and have emerged with a powerful confidence that will allow you to take the challenges of business ownership in stride and come out ahead.
So if you are getting older and feel like your chance at entrepreneurship is fading away a little bit every year, think again. Now just may be the perfect time to take the plunge and start a small business.
These websites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for a successful business experience.
Learning is an integral process for every entrepreneur and with the gamut of data available, an entrepreneur definitely receives a lot of help. The website has sufficient information which helps the budding entrepreneur to strategize and build his company accordingly.
The following sites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for successful business experience.
1. Entrepreneur.com
This website definitely lives up to its name by motivating budding entrepreneurs and helping them learn the tricks of the trade. The content on this site is packed with information, tools and strategies regarding how to start and build a whole company. The blog of the website is filled with articles related to marketing, business and finance tips to guide an entrepreneur. This website will educate and motivate the entrepreneur at the same time.
2. BusinessOwnersToolKit.com
This website helps to you start at the very basic stage. It is a simple guide which doesn’t believe in frills and provides you with relevant and versatile content. The versatility appeals to all kinds of entrepreneurs and while starting from scratch, this is the website to be hooked on to.
3. ChicCEO.com
This website calls out to the female entrepreneurs of the world as the name suggest. However, due to the nature of its enriching content, it garners traffic from both genders. The website helps you by providing step-by-step tutorials of website creation, creating a mission statement and more, all through e-mail. To make your life easier, the website also offers downloadable guides on a variety of subjects.
4. ASmartBear.com
This platform created and managed by Jason Chen has over 40,000 subscribers because of the level of information they churn out. A lot of marketing and entrepreneurial advice and tips are doled out on the website which have helped struggling entrepreneurs over the years to build and run their companies.
5. Ben’s blog
Living up to its tagline “CEOs are made, not born. Teaching You To Become One”, Horowitz’s website teachers entrepreneurs at a nascent stage about how to build their company and serve as proper and diligent leaders and CEOs. Once you delve into this blog, a lot of relevant information presented in a unique form is made available to you. The rap lyrics and accompanying music used will entertain you and help you make your business more alive.
6. YourStory.com
An Indian website founded by Shradha Sharma aspires to help all budding entrepreneurs to make it big by providing them with exclusive tips, guides and success stories which motivate entrepreneurs to make their companies successful.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions.
Starting a business can be a stressful experience. You don’t know if people will like your product or service. Is it something people really need? What about the competition? How do I hire the best talent? There is so much to do with so little resources that all these concerns can weigh you down, distract your focus and even cloud your judgment.
On the other hand, top executives in big companies, from Google to Goldman Sachs, are beginning to realize the importance of mindfulness to achieve their full potential. Worrying less about today’s problems and losing sleep over future obstacles can pave the way for mental as well as physical well-being, leading to better performance.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions. It also alleviates the physical stress that stops you from giving your best. So how can it help entrepreneurs: the startups, small businesses and solopreneurs striking out on their own trying to change the world?
Here are 7 ways entrepreneurs can apply mindfulness to bring order to their chaotic lives and realize their dreams:
1. Don’t be a sleep hero
Running a business is like running a marathon. You need to be able to put in your best effort for weeks, if not months, together. If you don’t get adequate sleep, you’ll feel tired quickly and your startup will suffer.
Sure, you may pull the occasional all-nighter but ensure that you get a good 6-8 hours of sleep every night. You may have read mythical stories of successful entrepreneurs who sleep for just 4 hours a day. But understand that it’s only one side of the story. Such people often make this up later by sleeping for a long time.
Lack of sleep will affect your cognitive abilities – you won’t be able to think clearly and make important decisions. Go to bed early. Wake up early. If you feel tired or sleepy, take a quick nap.
Email is a great tool to communicate with people and grow your business, but it can hurt your productivity if you spend too much time on it.
Set aside a specific time (before you start your work, after lunch, or before you leave for the day) when you check your inbox every day. Filter your emails into folders, prioritizing those that need to be answered the same day.
Also, avoid replying to all your emails. It’s wonderful to help others but not at the cost of your own focus and productivity.
“Concentrate all your thoughts upon the work at hand. The sun’s rays do not burn until brought to a focus.” -Alexander Graham Bell
3. Keep aside “thinking time”
It’s easy to fall into a routine carrying out the day-to-day tasks required to run your business. Although it’s a good habit that helps you stay focused, you might miss the big picture if you don’t look at your business from a different perspective.
Devote at least an hour a week to thinking about the next steps, analyzing if you’re headed the right way and what can be done better. It’s essential to give your brain some space and time to explore creative ideas and discover the ‘Eureka’ moments.
4. Spend some time developing your beliefs
To drive your startup to greater heights, you need to truly believe in what you’re doing and know why you’re doing it. If not, you’ll get demotivated whenever you face an obstacle. In your life’s most challenging moments, it is only your belief that will pull you through.
As Steve Jobs said in his Stanford commencement speech, “I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
Spend 15-30 minutes every week reminding yourself why you’re doing what you do. Write down a mission statement and keep it in your wallet. Read it whenever the going gets tough. It will help you calm down, and recharge yourself.
5. Regain your focus every morning
The focus isn’t about typing away on your laptop for hours, or spending all day in meetings. It’s a bigger commitment to yourself to see through a task and do everything it takes to make it happen.
Such focus is present with you at all times, even when you’re not working. It moulds your attitude, your way of thinking and even your approach to life. It guides you in the right direction and enables you to quickly spot and avoid distractions.
Spend some time every morning before work developing your focus through meditation or similar activities.
Don’t make decisions when you’re feeling super-high or low with anger, sadness, or anxious. Make these key decisions when you’re treading the middle path. Every business decision costs a lot of man-hours and money, so never hesitate to put off a decision until the next day unless you’re not feeling emotionally balanced about it.
7. Organize your office (and your mind)
Whether you have a proper office or just work from a laptop at cafes and parks, it’s essential to keep it tidy in order to be more productive. A well-organized and tidy office will not only help you get things done faster but also develop a space conducive for strategic, logical and creative thinking.
Start by decluttering your office space. Only keep things there related to your work such as books, files, office stationery, and laptops. Remove unnecessary items such as last week’s plates and relics that should probably be at your home.
Also, clear out extra stuff from your laptop and phone. Delete unused files and icons from your desktop, and remove unwanted apps from your smartphone.
“Eliminate physical clutter. More importantly, eliminate spiritual clutter.” -D.H. Mondfleur
These tips will enable you to channel your efforts in the right direction and avoid getting overwhelmed with the tasks at hand. Put aside some time every day to clear your mind and practice the above habits. Within 2-3 weeks, you’ll begin seeing results – an organized mind with a focused mindset to achieve its dreams. How do I know this? It has worked for me.
Which one of these tips did you find most helpful for developing your career? Let us know in the comments below!
Being aware of the early symptoms of startup failure is very important in defining how to be successful in the future.
Behind every successful business venture is the story of how everything began, and this is true with an idea that inspires you to start a new business startup venture. Being aware of the early symptoms of startup failure is very important in defining how to be successful in the future. You might have stumbled into a small business idea that might just change the way people do things that come with the prospect of a more stable financial security in life, but you have to be aware of the mistakes to avoid. Listed below are the top 5 early symptoms of startup failure that you have to be on the lookout for.
1. Lack Of Market Interest
It is true though that many people do not know what they want until you offer them a product or a service they never had before, just like when the idea of cell phones was once a novelty. But just because you have stumbled upon a good small business idea does not necessarily mean you can sell it, or stick to the irrational belief that people would want it once the idea is made real. Your idea should be geared toward solving a market problem, instead of a solution that looks for a problem it can solve. You can do research and surveys, but if there is a lack of interest for your service or product or the wrong timing for it, then consider this as one of the early symptoms of startup failure that you can avoid.
It takes money to make more money, and one of the early symptoms of startup failure is funding. Not enough funding means your idea never gets off to start, but even startups that have enough funding still face the potential problem of overspending or spending in the wrong places and for wrong reasons. Funding is like the blood of the body that is your idea of a new startup venture, and you have to ensure it has enough funding to take the first step into becoming real, as well as take control of where funds are spent in the future for its successful growth.
It may only take one person to come up with a brilliant small business idea, but it takes a team to make that idea a reality, and one of the mistakes to avoid is in getting or hiring the wrong people for the job. Starting a new startup may mean getting support from your close circles, like family and friends, but it doesn’t mean they are the best people for the job. Assembling the right team perfect for the tasks ahead ensures you have people qualified to come up with solutions, instead of creating new problems.
Even if you only work from home on your new startup venture, you can always find information on similar products or services or existing business competition. It is to your best interest to know your potential rivals for the future success of your startup. Obsessing too much about the competition for your small business idea can be bad for you, but ignoring them, not being aware of their similar products or services might as well mean failure for you. How to be successful with your new startup venture amidst business competition relies on knowing what lies ahead, be it for their strengths, or services that you can offer as a better alternative. Knowledge is power and is your key to success. Use it well.
For your small business idea to grow and prosper you do not only have to sell it but also for people to buy it, and one of the mistakes to avoid offering it at the wrong price. You have already invested long hours and money into it, but you have to balance between pricing it low which may attract customers but mean financial ruin in the long run, or price it high that would turn off people and lead to low sales. This is one of the early symptoms of startup failure that might just buy out your idea from success, but careful planning and deciding on the right price tag for your startup product or service will also mean steady and healthy growth.
One of the great things about new startup ventures is that you can work from home, be financially stable, satisfied with your career, and find genuine happiness in life. Your small business idea might just be the next big business venture of the future, so never give up! By knowing the early symptoms of startup failure, you are aware of the mistakes to avoid, so you can plan and decide on how to be successful with your startup!
Find serenity to keep yourself from becoming insane.
Entrepreneurship is a very demanding job which requires you to be on your toes all the time. Apart from over-exerting yourself, you also need to multi-task which adds immense amounts of strain on your body and mind. Amongst the chaos of work, you need to slow down and find serenity to keep yourself from becoming insane.
Here are a few ways in which you can work serenity back into your life:
I. Meditate
Meditation is a powerful way in which you can get rid of the chaos around and inside you. All you need to do is close your eyes and focus on calming yourself down every morning for five minutes. Meditation puts your mind at peace and helps you focus and work better.
Everyone knows an entrepreneur multi-tasks and works very hard; this puts your mind and body through a lot of strain. To get rid of the strain, you should aspire to get a good night’s sleep for 6-8 hours. This sleep will help you get rid of all the stress that has piled up over the day and help you wake up with a refreshed and energised mind.
III. Go for a walk
Your brain needs a rest from staring at the laptop screen for hours which is why you need to take breaks frequently. Go out for walks during your breaks to breathe in the fresh air. This will help your mind clear out all the accumulated pressure and stress and ensure that you can go back to work with a fully charged, new-found enthusiasm.
This is a brilliant way to work back the lost serenity in your life. Pursue an old hobby or get a new one like playing an instrument as it helps you take your mind off certain work related distress and enjoy.
Follow these 10 steps to launch your startup and you’ll be one step closer to your success.
Even though these entrepreneurs make it look easy, starting a startup and driving it toward success is extremely difficult. You must always follow certain steps before taking the dive to leave your job and start your own company. Follow these 10 steps to launch your startup and you’ll be one step closer to your success.
1. Find Your Light Bulb Idea
Twitter co-founder Jack Dorsey was fascinated by police scanners since his early childhood. That inspired him to come up with the idea for the micro-blogging social network where you share the information in 140 characters, much like how police scanner discussions work. You must also set your mind to find your own “light bulb” idea that solves an actual, real-world problem. It could be something you’re extremely passionate about or something new that you’ve invented to make your everyday life easier. Whatever it is, it should be your passion because it will play an important role in your startup’s survival.
Just because you have a great idea doesn’t mean it’s worth millions. 90% of startups that start without doing proper research fail because they jump into the business too early. Once you have a great idea for a business, do an extensive research to find if you have a market for your product or service. Understand your audience. See if you have competitors. What makes your product better than the competition? Can you actually make a profit? Get answers to these questions before going any further.
3. Gather Your Funds
High-profile venture capitalists will never invest in concepts or ideas despite how good it sounds. They will need to see proof of concept and your sales numbers before offering seed money. So, unless you’re Mark Zuckerberg, you’ll need to get your business up and running before going to the investors. Empty your bank account. Ask your grandmother for a loan and do whatever you can to gather funds for your business. Try not to start your business on bank loans. Not only it’s tough to get a loan from a bank for a startup, it will also cause you trouble in a later time.
Never start a business taking all the responsibilities on your own shoulder. There are very few entrepreneurs who succeed doing everything by themselves and if you ask them they’ll tell you how much of a nightmare it is to run a startup alone. That’s why most of the successful companies, like Facebook, Twitter, Google, Microsoft, Apple, Uber, Gumption and Hifluence have more than one founder. If you excel at creating things, find a co-founder or a good mentor to help you with the other parts of the business, such as marketing, design, making connections, attending big meetups, etc. If you can’t find your match, try the Founder Dating website that connect entrepreneurs with similar interests to team up and built their startups.
5. Set Goals and Build Your Business Plan
Partner up with your co-founder and start creating your business plan. Approach the plan step-by-step and set smaller goals to make the process easier to take your company uphill, one step at a time. If necessary, get an attorney and an assistant to check on the legal matters and to register with the government, IRS, etc, as well as to keep all your business related documents well organized.
6. Start Testing
Create a prototype of your product and start testing it to see if it really appeals to your target audience. If it didn’t receive the feedback you expected, keep working on it until you get it right, even if you have to repeat the process 1000 times. Remember, Thomas Edison failed 1000 times before perfecting the light bulb.
7. Start Building Your Team
The second phase of the startup development, getting the business off the ground, is the hardest part. Even if you have a co-founder to help with the business, you will need more people to handle different types of tasks related to your company, such as engineers for building your product, designers, marketers, etc. Be very careful when picking your team and assigning the roles. Also, make sure to keep your team happy. As the leader, it’s your responsibility to motivate your team and to make them feel welcome at the working environment.
If you’re completely satisfied with your team and the results of your prototype testing, it’s time to get serious. Take your prototype and show it to angel investors. Angel Investors, or seed investors, are businessmen who are willing to provide capital to help grow a startup in exchange for a small ownership of the company. Find the right investor for your company and raise funds to grow big. Keep in mind that raising funds doesn’t mean you get to rest and spend all that money, it should all be invested in your company. Watch Shark Tank to see how investors and startup founders negotiate.
9. Start Branding and Advertising
With enough seed money, you can finally set a budget for marketing to start promoting your business and your products. It’s best to hire a professional team or an agency to take care of your branding. That way, you can be sure of not wasting your money on untested ideas.
Much like learning, the work of a business is never complete. You must work hard every day to run the company, find new opportunities, improve your products, and take risks in order to survive as an entrepreneur. As Google co-founder, Larry Page says, “always deliver more than expected.”
We asked 14 young entrepreneurs what the one thing no one told them.
We all have ideas about how starting a company will be. You’ve heard about the hardships, are aware of the perks, and are ready to tackle the challenges.
Like anything, though, there’s always going to be things you won’t know until you get your feet wet.
But what if we could get an inside glimpse? To learn the less-common things to be prepared for, we asked 14 young entrepreneurs what the one thing no one told them – the thing they wished they’d known – was when they started. Here’s what they had to say.]
1. There Are Incredible Highs And Lows
Running a startup is truly like riding a roller coaster that doesn’t stop. I’ve had some of the highest highs and the happiest moments I could remember while running my business. But it also comes with some of the lowest lows, and I’ve endured many sleepless nights. Rarely are there any feelings in between, but I think it’s important to celebrate even the smallest of victories.-Ross Cohen, BeenVerified
2. Networks Are Critical
I started off as a solopreneur with a small freelancing gig. For the first six months, things were very slow. However, when I joined my first official mastermind networking group, the business took off immediately. Surrounding yourself with the right people from the start (ideal clients, business mentors) will help you tremendously both when you’re starting up and down the road. -Patrick Conley, Automation Heroes
I wish someone had told me to be prepared for the feeling of isolation at times as an entrepreneur. On a daily basis as an entrepreneur I am faced with new challenges, many of which I must tackle alone. I have since brought in others to assist in building the business. Knowing that you are going down the path together definitely brings a feeling of camaraderie to the company. -David Schwartz, EMMDeavor (DBA Qruber) and Wireless Watchdogs
4. Mentors Are Necessary
Having someone who has walked the path as an entrepreneur is vital. You can gain wisdom from your mentor’s experience and discover insights that you would never have had before. I’ve missed out on so many opportunities to build my ideas because I didn’t have someone to shine a light in the right direction. Having a mentor is imperative. -Rob Fulton, Matikis
You have a big dream and you know exactly how you are going to get there—until it all changes. It’s great to have a business plan and a strategy, but I wish I had known that it is totally OK if you have to change directions. In fact, that’s good business!-Vanessa Van Edwards, Science of People
6. There’s No 4-Hour Work Week
Don’t get me wrong – I love that book. But no one ever told me that I would be trading my 50-hour work week for a 100+ hour work week when I first started my company. The one piece of advice I would give new entrepreneurs is to plan on investing all of your time and then some if you plan on being successful. It’s worth it in the long run! —Roger Bryan, Enfusen Digital Marketing
No one told me just how opinionated others would be about my business. People will come out of the woodwork with what they believe to be sage advice, when they’ve never even been in my shoes. People who have had corporate jobs all their lives will tell you exactly what you should be doing to run your business. Just nod and smile. -Maren Hogan, Red Branch Media
8. Early Success Is Temporary Luck
When you start a new business and achieve some early success, you need to be disciplined to always keep your ego in check and keep your starting vision in mind. I learned this lesson the hard way when I divided my team’s focus early on in favour of building an unproven product. Avoid the same mistake by staying focused. The best entrepreneurs are paranoid and never believe their own press.-Matthew Ackerson, Petovera
When starting up, I bootstrapped in every sense of the word. While this enabled me to propel my company forward, it was the hours of consulting and advising from industry experts that truly helped me make positive, long-lasting business decisions that continue to have a strong impact on my company and its success today. -Zach Cutler, Cutler Group
10. Starting Up Is Unpredictable
Oftentimes people compare their expected entrepreneurial journey to what they hear or read about from others who’ve succeeded, and assume their experience will be similar. Or, they write a business plan and anticipate it will go according to that plan. Rarely do people let you in on the secret that your plan will not be the way it looks—it will be a meandering path, not a straight one.-Darrah Brustein, Network Under 40 / Finance Whiz Kids
Partnerships can be challenging, but they can also be rewarding. If you are really going after a game-changing concept or something big, odds are a partner is a good thing. They can help carry the workload and keep the vision or dream going when things get tough.-Matt Ames, MN Pro Paintball
12. Learning From Other Entrepreneurs Is Invaluable
One of the most impactful ways that I was able to grow and succeed as an entrepreneur was by connecting to and learning from other entrepreneurs. Nobody ever told me this or mentioned this to me. Immediately connecting to other people who have been there is crucial for your success. Learning from others’ successes and failures will accelerate your growth process.-Matt Shoup, MattShoup.com
I have seen many early entrepreneurs get excited when they think they have a billion-dollar idea. We feel that just because we thought of it, we own it. Here is the bad news: Chances are that multiple people have tried most of these ideas in some shape or form. In most cases, it’s your team and your execution that will differentiate you rather than the idea itself.-Karan Chaudhry, DropThought
14. Family Comes First
Family should always come first. You’re going to take big risks and risk almost everything, but I recommend that you never risk losing your family for your entrepreneurial adventure. It’s really not worth losing what’s most important in your life.-John Rampton, Adogy
You need to build a solid financial plan that will help you boost your cash flow and manage your available resources wisely.
So you’ve finally plucked up the courage to turn your dream of becoming the next Steve Jobs into reality. You’ve already ditched your job, chosen a perfect name and a logo for your startup, and even started building your website. In a month or two, the whole world will know about you.
What in the world can be simpler than that?
Unfortunately, even though this all plays out perfectly well in your head, setting up a business is not just about having brilliant ideas. Money makes the world go round, remember? To survive in the first year of your entrepreneurship, you need to build a solid financial plan that will help you boost your cash flow and manage your available resources wisely.
Here are a few financial tips that will help you do so.
Set Realistic Goals
The only way to succeed is to dream big, right? However, in this turbulent entrepreneurial world, this doesn’t have to be so. On the contrary, setting unrealistically high objectives may leave you holding a bag of worms. The key to success lies in scaling down your business ideas and setting achievable goals.
In the beginning, you should focus on staying on budget and keeping unnecessary expenses low. So, there is no need to go into the red by investing in a fancy office in the heart of the city or buying the state-of-the-art equipment. Instead, you should consider outsourcing your workflow. Namely, statistics show that remote working programs help businesses save on up to $11,000 a year, allowing you to allocate your budget to some more important aspects of your business, such as paying taxes, salaries, and health insurance.
Once you launch your startup, expenses will be coming at you from numerous directions. And, the only way to survive is to know where every single dollar is going or coming from. However, if you don’t have any experience in accounting, managing hundreds of bills, receipts, taxes, and invoices on a monthly basis on your own is not an option.
One of the most effective ways to stay on top of your finances is to invest in cloud-based accounting software, such as FreshBooks, Xero, QuickBooks, and Kashoo. These highly intuitive solutions will do all the hard work for you, allowing you to access, monitor, and manage your finances in real-time. Of course, as your business grows and your accounting becomes more complex, you should consider hiring a pro to handle the books for you.
Without customers, your business wouldn’t exist. To build an extensive customer base, you should promote your business through a wide range of acquisition channels. For starters, you could focus on building a digital marketing campaign, as one of the most affordable and effective ways to hook your customers’ attention. Launch a user-friendly site and optimize it for search engines, start your company’s blog, be active on social networks your customers use, invest in a solid email marketing campaign, and get featured on all major business directories. You could even turn to some effective guerrilla marketing techniques, such as street art, organizing stunts, or throwing flash mobs, and promote them via your social media profiles or website.
Once you attract new customers, you should go the extra mile in retaining them. Namely, reports show that 80% of your business’ revenue comes from 20% of your current customers. Ranging from providing loyalty programs to giving out promotional products, there are numerous ways to show your customers a little appreciation.
Keep Calm And Have A Backup Plan
Did you know that 82% of small businesses fail due to cash flow problems? This is exactly why you should have a backup plan when starting a business. Given the fact that it takes your business two years before it becomes self-sustainable, you should never get carried away and quit your job as your main source of income.
Also, the chances are that you will face numerous cash flow problems during this period and, to survive, you need to act fast. This is why you need to choose a funding option that will meet your needs and get you going no matter what. Always go with the financing solutions that will boost your liquidity immediately and yet won’t compromise your company’s future, such as applying for equity funding, selling invoices, taking out online loans, or crowdfunding.
“Our success has really been based on partnerships from the very beginning,” Bill Gates claims. However, you don’t have to be one of the richest people in the world, owning a tech giant to harness the benefits of business partnerships. On the contrary, they may be necessary for your survival in such an overcrowded market.
Teaming up with another company in the same niche that has a similar corporate culture and mission statement gives you an opportunity to expand your customer base, generate more revenue streams, save money on shared expenses, and gain more experience in a given area.
Back To You
Even though launching your company may now seem like some sort of self-punishment to you, this shouldn’t discourage you. Against all the odds, with a strong financial plan, dedication, and patience, you will manage to launch your dream company and stay competitive.
David Webb is a Sydney-based business consultant,online marketing analyst and a writer. With six years of experience and a degree in business management, he continuously informs the public about the latest trends in the industry. He is a regular author at BizzmarkBlog. You can reach him on Twitter or Facebook.
Keep these five factors in mind when determining the right business startup for you.
Do you want to be an entrepreneur and work for yourself? You’re not alone. Finding the right startup business is one of the most popular small business subjects today. Everyone wants in on what’s hot. Riding the wave of a hot market is much easier than spending all your time and resources educating a market without a real need. So finding a hot business opportunity is the first step. But once you find that hot idea, you will need to evaluate whether the business makes sense not only in the market but also for you.
Keep these five factors in mind when determining the right business startup for you.
Know Your Strengths
Using your strengths can help you excel in any business, but the reverse is also true. While your business will most certainly push you to grow, if the business requires you to go way outside of your comfort zone, you might be fighting an uphill battle. Consider your greatest strengths and find something that more closely mirrors your skills.
There is a common saying “do what you love and the money will follow.” However, passion is only part of the equation. In reality, do what you love and the money may or may not follow. If your passion is refrigerators and the world is in an ice age, your market has no need. It’s vital to put your passions and motivations aside and look at the hard realities of the market, what people want, and what they are buying now.
Choose The Right Market
Many entrepreneurs and small-business owners spend too much time focused on their product or service and not enough time on finding the right market opportunity. Without the right customers, you won’t have revenues, profits or much chance of success. It’s important to determine if you are going after the right market.
No matter how hot a business opportunity may be, if it exceeds your startup and seed money, it’s not a great business for you. Carefully determine the complete cost of starting your business and how long it may be before you start turning a profit. You can try to raise money but the odds of getting venture capital are very low. Start a business within the reach your financial abilities.
A hot business opportunity should be based on a long-term trend, not a short-lived fad. Look at the business overall. Is the industry growing consistently year after year? Can you get in at an early stage or is the market already saturated with competitors? The challenge is to look beyond the hype of companies and media and see the trends from the fads.
Starting a business is no easy endeavor, but the time, effort, and challenges can be worth it if you succeed. To give yourself the best chance to be successful, take your time to carefully find the right business for you.
The pioneer of online travels in India; Deep Kalra is the proud founder of Gurgaon based – MakeMyTrip.com.
The pioneer of online travels in India; Deep Kalra is the proud founder of Gurgaon based – MakeMyTrip.com.
The Million-dollar MakeMyTrip in a nut shell, is an Indian online travel company which provides online travel services like flight tickets, domestic and international holiday packages, hotel reservations, rail and bus tickets, etc.
Speaking of his qualification; Deep holds a Bachelor’s degree in Economics from the St. Stephen’s College, Delhi, after which he went on to pursue his Masters in Business Administration degree from the Indian Institute of Management, Ahmedabad (IIM-A).
Presently, he lives with his wife Amrita, his 11-year-old daughter Manya, and his 9-year-old son Armaan. Some of his favourite past times include adventure sports, yoga, swimming, quizzing and travelling to places off the beaten path.
Deep’s career started soon after he completed his Masters with IIM-A & went on to work for companies like GE Capital, ABN AMRO Bank, etc!
Now back in 1995, Deep Kalra took a huge risk by quitting his stable & good-paying but boring job at ABN Bank to join AMF Bowling – an American company that was hoping to enter the Indian market to setup bowling alleys and billiard halls.
He put in all that he had and managed to open more than 200 lanes, most of them in small centres. What was even worse was that, the venture wasn’t really his own thing, and he had a remote boss back in America who threw him in the market without giving him the appropriate mentorship or guidance.
Evidently, for obvious reasons, this did not appeal to him and he also realized that they were all not worth his talent. He needed something more to showcase the same!
At the same time, he noticed that the Internet industry was growing at the speed of fire and held a lot that could be capitalized on! Having said that, he quit his job & began the old-age brainstorming session! He saw that, with all the brokers, the agents & middlemen in place, the online travel booking industry was messier than a man’s bedroom!
Hence, with a backing of USD 2-Million from eVentures and along with co-founders like – Keyur Joshi, Rajesh Magow and Sachin Bhatia, deep began his new found journey with MakeMyTrip.com (earlier known as India Ahoy) in 2000.
Untold story of MakeMyTrip.com!
Phase I – Rough Start
Now it is somehow a fantasy of almost every living creature to travel and explore new destinations. But unlike Birds we have to sort out a lot of things before we start our trip and unfortunately we have to pay heavily for them as well.
But now that we have so many websites available to help us sort our trips, it has gotten a lot easier. And entering new in this race of websites we had – MakeMyTrip!
Now initially, he had also seen that the Indian market was yet to evolve & mature, when it came to the internet industry and playing it safe seemed far more viable than otherwise! Hence, he started off by catering to the overseas Indian community for their US-to-India travel needs.
Anyways just within two years from their launch, their business got jinxed and the dot com market crashed, taking down everything they had begun to make!
This was a very hard time for them and literally everyone who belonged to the internet market. VC’s weren’t ready to touch the internet industry. Their VC, who once ready to offer any hefty capital they demanded, now wasn’t even ready to give USD 1-million.
The situation was so bad that in-order to save the company, Deep had to take some very harsh decisions. They had to reduce their employee strength by a literal half, and what was even worse was that, he also had to let go of their & few other top-management employee’s salaries for the next 18-months.
Taking some thoughtful, stern yet intelligent decisions, MakeMyTrip turned out to be one of those few who managed to survive the tsunami. And as time passed, the situation got better and their decision turned out to be fruitful as well.
Their business now had begun to pick up & was reaching a decent customer base. That is when IRCTC (Indian Railways Catering and Tourism Corporation) launched their first online business model which enabled the Indian traveller to purchase railway tickets on the Internet.
This model of IRCTC was well accepted but the Indian masses and turned out to be a huge hit. Additionally, Low-Cost Carriers had also recently entered the Indian Aviation space. These chains of events opened a whole new level of opportunities for the travel market in India.
It was now time to broaden their portfolio and although this venture for the Indian market was too ahead of time for various reasons like using their credit cards online, trust issues for non-established brands, etc. they risked it anyway.
And in September 2005, they officially launched their services for the Indian market as well.
As a first; apart from flight ticketing MakeMyTrip began by offering holiday packages and hotel bookings which was followed by their tie-up with IRCTC’s online business model.
This move not only increased their presence in railway ticket booking but also gave the much desired boost the Indian market was looking for!
And in a matter of no time, the company started making awesome revenues. The demand was so much that 1-out-of-every-12 domestic flights in India were booked through MakeMyTrip.
Within a year, the company had acquired 200,000 happy customers. As a matter of fact, when the world was in recession in 2008, the company was crossing their Rs1000-Cr mark.
The same year the company also recorded profits worth $5-million with gross revenues being approx $500-million.
From here onwards, the company brought about a lot of additions to its existing profile; be it launching a multi-city flight booking service “Alootechie.com,” adding chauffeur-driven online cab rental services or creating several travel-related Apps for all types of mobile devices, they made sure to leave no table unturned.
But the biggest news that came to light was their listing on NASDAQ, in August 2010!
This was like the ultimate blow for all its potential competitors. As satisfying and happy the moment was for them, it was equally a proud moment for India too, because MakeMyTrip was one of the very few Indian Dotcom companies to be listed on the US stock exchange.
This also bridged the gap between the foreign investors & Indian businesses; thus opening doors for a pool of foreign investments in India in the IT sector. Additionally, this also boosted the confidence of the young entrepreneurs which gave rise to a lot of start-ups in the future.
Since then, MakeMyTrip has majorly focused on expansion and up-ping the revenue which has been done through various mediums such as unique marketing strategies, product development, etc!
During this phase of expansion; even though the company faced their share of problems, but at the same time they also managed to rise out of it bravely and used these hurdles to expand their reach far beyond their imaginations! These comebacks have also time-&-again been proved through their numbers.
One such problem they faced was in December 2013; the wealth of MakeMyTrip which was over $50-mil had been cut by halve & their net revenues declined 5.5% as well. MakeMyTrip was also seen to be booking losses worth $2.6-million.
Times were hard for them but as they had faced problems earlier, they were more prepared and experienced to tackle issues this time, and hence in the next quarter, MakeMyTrip successfully came back with a bang & proved themselves by reporting a 27.7% rise in revenues.
If that wasn’t enough then in march 2014, MakeMyTrip announced a $15 million innovation fund for new entrepreneurs in the travel circuit. And when we looked at the recent stats of the NASDAQ listed company; with a current market cap of $934-Million they seem to be growing drastically too.
And lastly; apart from initial investment of 2-million, MakeMyTrip has raised USD 10-million in 2005, USD 13-million in 2006 & USD 15-million in 2007 from investors such as SAIF (Softbank Asia Infrastructure Fund) Partners, Helion Venture Partners, Sierra Ventures & Tiger Global, till date!
Phase IV – Mergers, Acquisitions & Investments
Over the period of time, MakeMyTrip has also done some notable mergers, acquisitions & Investments, some of these include:
1. MyGola: A start-up travel guide firm was acquired by MakeMyTrip for an undisclosed amount in April 2015.
2. com: A Gurgaon based online health store received investment worth $6 million from Deep Kalra along with other investors such as Sequoia Capital, Omidyar Network, Intel Capital and Kae capital April 2015.
3. TrulyMadly: Deep Kalra also made angel investments in the matchmaking website in March 2015.
4. com (ETB): An online hotel operator based in Amsterdam was recently acquired by MakeMyTrip in February 2014.
5. Hotel Travel Group (HT Group): Again a Travel firm with operations in Thailand, Singapore and Malaysia was acquired in November 2012.
6. ITC Group: A Tour operating company based in Thailand was acquired in November 2012.
7. My Guest House Accommodation: A Budget Lodging / Hotel Operator based in Delhi was acquired in November 2011.
8. Le Travenues Technology Private Limited: The Parent company of Ixigo.com based in Gurgaon, which performs ‘online travel meta search engine’ was acquired by MakeMyTrip in August 2011.
9. Luxury Tours and Travel Private Limited: A Singapore based Travel Agency was acquired by MakeMyTrip in May 2011.
Achievements
• Chairperson of the NASSCOM Internet Working Group
• Member of the Executive Council of NASSCOM
• Member of CII’s Tourism sub-committee
• Awarded as the “Best Travel Portal India” by World Travel Awards (2014, 2013)
• Awarded as the “E-tailer of the Year” by ET Retail Awards (2014, 2013)
• Awarded as the “Best Online Travel Service Firm” by Times Travel Honours (2011)
• Listed as “Ten Best Companies to Work For in India” by Great Place to Work Institute (2013, 2012, 2011, 2010)
