Why Startup Entrepreneurs Need to Take Data Seriously In 2020

Using business intelligence data gives you a leg up on the competition. December 2, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Startup entrepreneurs face a world of opportunities. But they also face a large swath of challenges and a heavy amount of competition. It’s no surprise that data from Statistic Brain shows more than 50 percent of startups in the United States don’t last longer than four years. While there are many issues that can make or break the success of a startup, one area that is becomingly increasingly important for companies of all sizes is business intelligence. Today’s startup founders have access to a wide range of tools that offer historical and predictive data analyses to spur better decision making. Related: Good Decision Making Requires Good Data The problem, of course, is whether startup founders are willing to take advantage of these available resources. In reality, […]

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How To Stop Losing Your [email protected]#! and Become a Recovering Control Freak

Learning how to delegate and loosen your grip on control is key if you want to grow your business. November 27, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. When it comes to your business, it’s hard not to be a control freak — after all, running the business and the business’ success comes down to the decisions you make. In fact, relinquishing control is consistently considered one of the hardest challenges for entrepreneurs. However, the stress from the need to control can make it impossible for an entrepreneur to think straight, make creative decisions, or find mental wellness in their day-to-day.  Controlling business owners also struggle with delegating tasks to other team members, meaning there’s more on their plate than necessary. And usually, being a control freak and perfectionism go hand in hand. At a certain point, the perfectionism needs to be compromised so you can get your work […]

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How to Be an Entrepreneur and Have a Life!

Entrepreneurs are crazy busy, but pursuing your dream doesn’t have to mean ditching your friends and loved ones. November 18, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. When you’re starting, scaling, or simply running a business, it seldom feels like there are enough hours in a day. As a result, entrepreneurs quickly learn to adapt by sacrificing parts of their lives… and their social lives are often the first to go.  But, what are the costs of consistently abandoning a Friday night out with friends in favor of your work? It may seem like a smart time investment at the moment, but it may be harmful to your mental well being. A study from DePaul University found that the happiest people are those with strong social ties who engage in social events frequently.  Related: 50 Habits That Prove You Were Born to Be an Entrepreneur And nope, it doesn’t […]

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4 Principles That Helped a Former White House Official Make Cyber Security More Accessible

President George W. Bush’s one-time Chief Information Security Officer shares his tips for small-business growth. November 8, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. For the first time in history, the greatest threats to institutions and businesses alike are no longer physical. Instead, stealing client information or impairing an organization’s ability to operate is something that’s done predominantly online. With 43 percent of cyber attacks targeting small businesses — and an average of six months before they realize they’ve been compromised — cyber security is becoming more important than ever. But most small businesses don’t have the resources to implement robust protocols. Whether it involves how expensive it is to hire an in-house expert or the price of most outsourced services, access is typically the deal-breaker. Few people understand this conundrum better than Vince Crisler, who served as the White House Chief Information Security Officer (CISO) under […]

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4 Simple, Money-Making Opportunities for (Nervous) First-Time Investors

From real estate to retirement accounts, how to commit your cash without all the worry. November 1, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. To many, the word “investing” immediately conjures up images of major stock-market transactions. The very idea of trying to do Wall Street-style deals can be intimidating, to say the least, especially when you already have the other challenges and responsibilities of an entrepreneur on your plate. In reality, however, becoming a first-time investor doesn’t have to be so daunting. By taking advantage of the right investment opportunities — as laid out in the following four steps — you can generate real income without needing to become a financial expert. 1. Get started with low initial-investment mutual funds. Investing in a mutual fund allows first-time investors to diversify their stock-market risk by putting their money in a portfolio of various stocks and bonds. […]

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4 Secrets to Starting a Business and Scaling an Online Platform

The real work begins after you start your online business. November 1, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. These days, your online platform is crucial. Consumers trust brands more readily if they have an online presence, and per Vox, top tier influencers with substantial followings are now raking in a whopping $100,000 per sponsored post. Online platforms are as lucrative as they are important for customer engagement. And, believe it or not, they’re continuing to grow.  According to Brand Watch, even though there are 3.5 billion social media users in the world, another newcomer creates an account every 6.4 seconds. With almost everyone online — and with that number growing daily — the sheer potential of your online platform for building a business or sharing your message should not be taken lightly.  Related: 8 Crucial Steps You Need to Take Before Starting an Online Business But, there […]

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4 Big Benefits of Improved Employee Training

Attention to each individual’s development can mean big profits for your business. October 21, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Hiring the right employees to fill roles in your organization is a vital step, but finding a qualified candidate is only part of the equation. If you want to get great results from your employees, you must provide sufficient training. Even someone who seems to have all the right credentials may not live up to expectations if you don’t give them the tools they need to succeed. From outlining company procedures and policies to helping workers improve their individual skill sets, improved training can lead to dramatic results for your bottom line. When you put in the effort, you’ll see these (and more) outstanding results. 1. A quicker pathway to productivity. Starting a job with a new company, or even changing roles within the same […]

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7 Tips for Making 7 Figures Selling Online Courses

Passing along your knowledge can also be highly profitable. October 11, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Online courses have become an increasingly popular way to share expertise with an audience, and to get paid for what you have to say and teach. But the amount you can make selling online courses differs widely, depending on your price point and your audience.  The exciting part is the sheer potential of how much you can make — and we’re talking in terms of both impact and profit. Tony Delgado, founder of Disrupt and Disrupt Week Puerto Rico, shares that making your first million dollars gets a whole lot easier once you bring your product or service online. “Just do the math,” he says. “If 1,000 people buy your $1,000 course, you just made a million dollars overnight. All you really need to succeed is Wi-Fi and a dream.” Here are seven […]

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4 Foundational Networking Tips for Finding Your Tribe

You’ve got to cast the net wide if you want to narrow the field. October 7, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. Everything in life stems from relationships, and humans thrive on community. In an interview with the Scientific American, UCLA Social Cognitive Neuroscience Lab Director Matthew Lieberman shared that significant data has proven that humans suffer in the absence of social bonds. In recent years, the buzzword “tribe” has come to mean much more than its dictionary definition of a “human social group.” Rather, a “tribe” now encompasses one’s friends, family and peers. It’s a core tenet of who we are. Given that, here are four foundational networking tips for finding and building your tribe. Related: Building the Right Network for Your Business 1. Talk to everyone, everywhere. A foundational principle of many successful people is their desire to talk to everyone, no matter where they are. In […]

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3 Ways You’re Sabotaging Your Business (Without Even Knowing It)

Success truly is a state of mind. October 6, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Running a business is hard enough as it is. The statistics are well-known: According to a survey by the Small Business Administration, half of all businesses fail in the first five years. New businesses are fraught with the perils of cash flow and market forces. Whether you’re just starting out or you’ve been at it for a while, you have plenty of challenges on your hands. But what if you’re adding extra challenges when you don’t have to? You could be sabotaging your business without even realizing you’re doing it. And it starts in the same place you had the idea in the first place: your mind. Be mindful of these three pitfalls. 1. You fear change. The world is changing faster than it ever has. That seems like […]

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How the Best Entrepreneurs Find Simple Solutions to Complex Problems

Here’s why it can pay not to overthink every challenge. October 5, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs are different than other problem-solvers. They have a knack for coming up with unique solutions that transform lives and industries. Brands like Uber and Airbnb are just two examples of how entrepreneurial thinking can transform daily activities. What many people overlook when they evaluate these and other entrepreneurial successes is that while the problems they solve may appear quite complex at first glance, the actual solutions are relatively simple. By training themselves to provide an easy-to-understand solution to the problems others face, successful entrepreneurs are set up to make a lasting impact on the world. The Desire for Simplicity Our natural desire is to find simple solutions for our problems, yet our own personal biases and outside influences can make even simple problems seem difficult to solve […]

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How to Choose Your First E-Commerce Product

And do it without taking too big a risk. September 29, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. If you’ve been wondering when to get into e-commerce, the answer is now. E-commerce is huge, and getting bigger every year. According to Statista, in 2014 the global e-commerce market was 1.3 trillion dollars. In 2023, it’s projected to be a whopping $6.5 trillion. The best time to get in was when it was still nascent. The second best time is right now. “Okay,” you say. “But I have no idea what I’m getting into. How do I even choose what to sell?” A great question, and one that’s easier to answer than you might think, but it’s important that you get it right. The products you sell are fundamental to everything you do. They’ll affect your marketing, your profit margins and the design you use. Logistics […]

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5 Creative Ways Consumer Data Can Quickly Scale Your Business

The right applications can benefit both you and your customers. September 27, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Today’s businesses have more information available than ever before, but are you using your data to its full potential? Customer data is the key to unlocking new insights that will help you scale more rapidly and efficiently. Digital tools allow you to track the behaviors of customers engaging with your website, and that data can have a big impact on your bottom line. In fact, research from McKinsey reveals that companies that utilize behavioral insights enjoy 85 percent greater sales growth and a 25 percent higher profit margin than their competitors. Of course, simply posessing that data isn’t enough. You must find the right insights and act on them so you can improve performance like never before. Here’s how to make it happen: 1. Reduce acquisition […]

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How Accessibility Can Make (or Break) Your Small-Business Website

If you’ve yet to have familiarize yourself with web accessibility, now’s the time to make it a priority. September 26, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Web accessibility may not be the first thing you think of when designing a website for your small business, but in the long run, few things could prove more important. Just like how a brick-and-mortar store must comply with ADA guidelines to ensure that all individuals can access their facilities regardless of whether they have a disability, business owners, as well as web design and digital agencies, must also ensure that those with disabilities have equal access to web content. Failure to make web accessibility a priority when designing your website could have significant long-term consequences. What is web accessibility? Web accessibility refers to the idea that all websites and digital tools should be designed in a way that […]

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How Steven Li Balances School and Business

Five principles that helped this young publisher forge ahead, and could help you too. September 14, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. If recent research is any indication, Generation Z is poised to become unprecedentedly entrepreneurial. One 2017 survey conducted by Babson College in Massachusetts found that 41 percent of the cohort plan on becoming entrepreneurs, and a whopping 64 percent of college students want to start their own businesses. Though a lot of young people want to start their own companies, it’s not always tenable due to a busy queue of priorities including attending school and completing job applications. But Steven Li, founder of current events and commentary site The Rising — which boasts more than 500,000 monthly impressions and 30,000 monthly readers — proves it’s not impossible. After starting his entrepreneurial pursuits (Li also co-ran a popular publication titled Youth Business Collective while still in high school) with money he earned from internships, Li currently runs […]

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The Secret Cause of Burnout and How Entrepreneurs Can Avoid It

Having a non-stop hustle mentality can put you at a higher risk for burnout. September 12, 2019 9 min read Opinions expressed by Entrepreneur contributors are their own. If you’ve ever sat down at the end of a long day and questioned whether or not entrepreneurship is worth it, you’re not alone. In my years of working for myself, I’ve witnessed countless, talented entrepreneurs around me doubt themselves and their ability to succeed. If you can relate, rest assured it doesn’t automatically mean you’re not cut out for the vigorous life of an entrepreneur. If you’ve ever felt extra doubtful, anxious or stressed, it doesn’t mean you should throw in the towel and send in your application to the closest fast-food restaurant. It may just mean a few essential tweaks need to be made in your daily routine.  The real lesser-known reason why entrepreneurs often reach a critical breaking point in their […]

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5 Quick Tips for Optimizing Your E-Commerce Shop in Fewer Than 5 Days

It’s an ongoing process, but there are ways to guarantee an immediate boost in incoming orders. September 10, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Is your e-commerce shop optimized? It’s almost certainly not. When you’re running a business, it’s easy to get caught up in the day-to-day rat race and not keep up with the most current trends. If you’ve let your store go to seed a little bit, it’s time to step up and make a change. The good news is it doesn’t take long to get your operation into top shape. In less than five business days, you can build up your sales, lower your bounce rate and build up your audience. All it takes is a little elbow grease and a few small adjustments. 1. Harness the power of product images. According to a study from product-video services company Invodo, 92.6 percent of all consumers feel […]

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5 Reasons Mission Statements (Still) Matter for Startups

Every new business stands to benefit from clearly stated goals and ethos. August 19, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. Every successful startup has a clear goal or vision as to what they want to accomplish. While cynics would say that the ultimate mission of any business is making money, the most successful startups generally have a larger sense of purpose. And the best way to express that aspiration is with a well-written mission statement that establishes your company’s core values and highlight its goals, no matter what niche you might be working in. Here is a handful of reasons why. 1. A mission statement defines your goals. While a mission statement won’t get into the nitty gritty of your short-term goals, it helps establish the long-term pursuits that everyone in your company should be working toward. A recent study looked at the different results between those who passively agreed to […]

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4 Reasons Amazon Ads Are Better For E-Commerce Than Facebook

Put your money where your online retailer is. August 14, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. While Facebook has become one of the world’s largest platforms for e-commerce marketing, this doesn’t mean that it’s necessarily the best pick for your advertising dollars. Yes, Pew Research’s latest data reveals that 69 percent of adults in the United States use Facebook, but the vast majority aren’t going there to discover new products and services. To many, Facebook ads are actually an intrusion that takes time away from checking in with family or sharing the latest cat memes. Worse still, even with Facebook’s audience-targeting metrics, many users are exposed to ads that are completely irrelevant to their interests. On the other hand, when someone visits Amazon, they are specifically going there to shop. Broadly speaking, this is why investing in Amazon ads could be one of the most important […]

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6 Outdated Marketing Tactics You Need to Leave in the Past (Where They Belong)

Promotional-only social media, paper-based marketing and poorly produced videos are on the “no-no” list. And who can forget that “Domino’s Forever” campaign? July 12, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. Marketing is complex. With seemingly endless techniques, how do you reach and resonate with your audience? First things first: You need to know what you shouldn’t do. Last year, “Domino’s Forever” was a campaign created by a Russian Domino’s franchise. If customers tattooed the Domino’s logo on their skin, they were told, they’d get 100 free pizzas yearly for 100 years. Related: 7 Dreadful Marketing Mistakes to Avoid in 2018 Initially, that strategy worked big-time: Although it may sound strange to us, hundreds of customers jumped in and started getting those tattoos. Yet, even as images of their freshly inked images flowed in, Domino’s imposed restrictions on its offer. Suddenly, the tattoos had a size limit; and only […]

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