The 10 Best Cities for Young Entrepreneurs in the U.S.

Smaller cities beat out the big hubs in this year’s study of the U.S. cities with the youngest entrepreneurs. February 10, 2020 3 min read Starting your own business is often seen as a pipe dream for people in the early stages of their careers — something they do when they’re older and have more financial stability. But some of the world’s most successful entrepreneurs, among them Bill Gates, Mark Zuckerberg and Steve Jobs, started their companies when they were teenagers or in their early twenties. Some serial entrepreneurs tell stories of the companies they started as kids; startup savvy  has been one of their defining characteristics since they were young.  If you’re a young entrepreneur interested in starting a business, one of the first things you’ll likely think about is where to headquarter it. Where are tax policies business-friendly? Where is the cost of living low? Where is there […]

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How to Start a Consulting Business: Get Ready to Launch

February 6, 2020 9 min read Opinions expressed by Entrepreneur contributors are their own. Every day when I walk to my office in Brooklyn, the majority of people are walking in the other direction towards the subway. I assume many of them are heading to their jobs in Manhattan, and by the looks on their faces, that a good number of them look completely miserable. Mind you, it’s 8 am and they’re about to get on a crowded subway train, but I’m sure it runs deeper than that for some people. It is my assumption and my experience that they’re marching towards a job that doesn’t inspire them or doesn’t pay them enough or doesn’t express who they are beyond what they do. This is one reason why we’re seeing so many professionals consider starting a consulting business. They want to operate in their zone of genius and do so on their own terms.  I daydream about standing near […]

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4 Ways Do-It-Yourself Entrepreneurs Can (and Should) Keep Things Simple

If you’re new to the DIY business model, make sure to do things the right way to protect your sanity. January 30, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. The world of entrepreneurship can seem extremely complex. After all, entrepreneurs have a lot of different responsibilities on their plates. From developing products and services to managing contractors and marketing campaigns, the to-do list can seem never-ending. Despite this, the oft-quoted cliche, “Keep it simple, stupid,” still has great meaning for entrepreneurs — especially those who bring a do-it-yourself attitude to their work. By streamlining your focus and keeping things simple, you will avoid getting stressed out and burned out. Here’s a guide for tapping into your inner DIY entrepreneur.  1. Focus on the one thing your business does best One of the most common mistakes new entrepreneurs make is trying to be all things to all […]

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Why This Entrepreneur Says Knowing Less Can Be Good for a New Business

The frozen foods founder discusses some of the experiences she is most grateful for. January 29, 2020 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Business Rockstars speaks with Junea Rocha, the co-founder and CMO of Brazi Bites, a food company that creates Brazil-inspired snackable frozen treats.  The founder still gets excited to go to work, even after almost nine years of running her business. Surprisingly, the founder feels grateful that she didn’t know a lot about the complex parts of having a business when she first started. By knowing less, the entrepreneur was able to take more risks and keep first-time hesitations from affecting her.  One of the female entrepreneur’s top tips is to always do the hard work first — or “eat the frog.” In order to get all high-priority work out of the way, Rocha will also make an effort […]

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Telltale Signs That You Shouldn’t Be Raising Venture Capital

Most entrepreneurs think they need VC funds to start a business, but the reverse is often true. January 24, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. Standing outside of the Mercy Virtual facility in St. Louis on an unusually cold fall day, I was on the phone with two founders who were pitching me on a new blockchain startup. They had a few customers and some early traction, but nothing to indicate product-market fit. And yet, they had raised $3.5 million from crypto investors in an Initial Exchange Offering (IEO) to grow the team and build product. Remarkably, the $3.5 million they raised was non-dilutive, meaning they didn’t have to give up equity in their business the same way you would have to through traditional venture capital.  “We’re planning on raising traditional venture because it’s a great time to do so,” said one of the founders. “Our […]

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Starting a Business Isn’t What You Think. Here’s What to Expect Instead.

Find out if you are truly ready for the lifestyle changes that come with being an entrepreneur. January 22, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. According to recent research, 24 million Americans want to become their own boss by 2021, but they may not really know what they’re getting themselves into. Freshbooks collected data from more than 3,700 full-time American workers for it’s 2019 Self-Employment in America report. Many of them had recently become small-business owners or wanted to become one. It turns out many budding entrepreneurs have high expectations, but they aren’t being realistic.  The data shows people anticipate better work-life balance once they start a business. They think they’ll be healthier and less stressed. At the same time, they expect to earn more money and have more career certainty. This doesn’t always happen of course. If you plan to start a business, be cautious and […]

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Here’s How I Started the Business That Appeared on ‘Entrepreneur Elevator Pitch’

Recess & Results is a faith-based kids fitness program and turn-key business opportunity. January 17, 2020 6 min read Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the interest of a group of judges. It’s a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components: Defining the company Making the request Specifying what the investment money will be used for The investors watch the pitch via a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the judges vote on whether to open the doors or send the founder back down and pass on investing. The fifth season of Entrepreneur Elevator Pitch offers a dynamic change in the show’s format. Before, our four judges needed […]

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8 Mistakes to Avoid When Naming Your Business

Many business owners know they have a problem with their name and just hope it will somehow magically resolve itself. The original company name of one of my clients, for instance, was “Portables,” which reminded some people of port-a-potties or portable classrooms –neither of which was accurate nor something the business owner wanted to be associated with. This added to the confusion when sales reps tried to explain their new concept of moving and storage. After some careful tweaking, we came up with the name PODS, an acronym for Portable on Demand Storage. The rest is quickly becoming history as the company has expanded both nationally and internationally. Mike Harper of Huntington Beach, Calif., bought a 30-year old janitorial and building maintenance company named Regency. We both agreed it sounded more like a downtown movie theater than a progressive facilities management firm. After a thorough naming search, we developed the name Spruce […]

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How This Entrepreneur Scaled His Business With Purpose

Urgency helped this entrepreneur rid himself of paralyzing self-doubt. January 13, 2020 2 min read Opinions expressed by Entrepreneur contributors are their own. “It’s not just trying to just throw a bunch of darts at the wall,” says Anthony Morrison, an e-commerce entrepreneur who teaches people how to build businesses online. “It’s going in with a purpose. It’s intention … find what it is that you want to do and then stick to it.” In this interview at ClickFunnels’ Funnel Hacking Live conference, Emily Richett talks to Anthony Morrison to learn his best advice for building a successful online business. Find your reason for starting Morrison started his business to help his parents after they lost their life savings in the stock market.  Since he had no option but to succeed, he overcame every hurdle and roadblock he encountered along the way to growing a multi-million-dollar business. “I started my first business with a real purpose,” says Morrison. “Literally, it was to pay my parents’ house payments, to keep […]

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7 Realistic Ways to Make Money Online

The internet offers many opportunities to generate passive income and make money online. January 10, 2020 14 min read Opinions expressed by Entrepreneur contributors are their own. Whether you’re looking to make some fast cash, or you’re after long-term, more sustainable income-producing results, there are certainly ways you can make money online today. The truth is that making money online isn’t as difficult as most make it out to seem. It does require some discipline.  However, if you’re looking for realistic ways you can start earning money online now, then it really truly does boil down to seven paths you can take towards profit. Some will provide you with immediate results, helping you to address your basic monthly necessities such as rent, utilities and groceries, while others have the potential to transform your life by revolutionizing your finances in the long term. Related: 8 Ways to Make Money Online Without Quitting your Day Job […]

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3 Lessons Twitch Founder Justin Kan Is Using to Disrupt the Legal Industry

After selling his groundbreaking streaming platform to Amazon, Kan applied his experience to a new and distinct venture. January 10, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. When we think about some of the most successful founders, a commonality between them is often their dedication to one space or another over long stretches of time. For instance, Eric Yuan worked on WebEx for 14 years, taking the company from $0 to more than $700 million in revenue, before starting Zoom, which he’s now operated for nearly a decade. What we’ve seen empirically is that building companies is hard, but what’s even harder is doing well in various verticals. Whether we’re thinking more generally in terms of B2B vs. B2C, or more specifically by comparing video-conferencing technologies to marketplace software, almost every market has quite a bit of complexity, which makes switching between them one of the hardest things […]

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6 Ways to Design Your Company to Scale and Make More Money

To successfully scale your business, you need a solid plan in place before you start. January 9, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. Growing your company is every entrepreneur’s goal: make your product or service replicable and available to more customers who want it. Growth requires that you scale — and vice/versa — to enable and support all of your new customers and orders. But scaling requires skill, and a solid plan put in place before you start.  I’ve seen many teams fail when they try to scale because they did not have a plan in place before growth happened. If you really want to scale in a sustainable, lucrative way, it’s imperative that you have a strong capacity and capability from the get-go. Here are six ways that you can design a strong scaffolding of people and systems that will support growth and scalability.  1. Scaling starts with […]

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5 Things Most Startup Plans are Missing

Those who stick too rigidly to the business plan die by the business plan. January 8, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. Each day brings new surprises when you’re running a startup. For entrepreneurs, that insecurity can make goal-setting feel futile. It’s hard to make a plan when there is so little predictability about what the year will bring. But creating goals that actually account for the flexibility and spontaneity required when running a company not only helps future-proof your business plan, it can also be empowering. All entrepreneurs have a grand vision for what their business is capable of, and often we get caught up in focusing only on the most obvious goals: revenue targets, product launches, partnerships and team growth. As you plan to tackle 2020, create goals that keep you anchored by allowing for the intangibles of running a business. Start by […]

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Michelle Pfeiffer’s Fragrance Brand Took 20 Years (and Plenty of Rejection) to Build

She wanted the fragrance industry to be more transparent.The fragrance industry said no. So the actress took matters into her own hands. December 31, 2019 15+ min read This story appears in the June 2019 issue of Entrepreneur. Subscribe » Hear Michelle Pfeiffer discuss her company on the Entrepreneur podcast Problem Solvers: When Michelle Pfeiffer calls someone, they generally answer. It’s a benefit of celebrity. And so, many years ago, when Pfeiffer wanted to solve a problem, she assumed the solution would be that simple. “I did what, traditionally, a lot of celebrities do, because that was really the only thing that I knew,” she says.  She wanted a fine fragrance company to create a “transparent” product — that is, a perfume or cologne that would list every ingredient it contains, just like you’d find on the side of your morning cereal box. Nothing like this existed, but perhaps, she […]

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Here’s What It’s Like to Be on ‘Elevator Pitch’

Here’s what one entrepreneur would do differently if he had a second chance on our weekly pitch show. December 19, 2019 4 min read Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, then gives them just 60 seconds to pique the interest of a group of judges. It’s a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components: Defining the company Making the request Specifying what the investment money will be used for The investors watch the pitch via a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the judges vote on whether to open the doors or send the founder back down and pass on investing. The fifth season of Entrepreneur Elevator Pitch offers a dynamic change in the show’s format. […]

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6 Variables To Assess When Building a CBD Brand

Don’t be among the bad actors flooding this busy market. December 6, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Since its legalization in 2018, the CBD retail industry has experienced explosive growth. Brightfield’s 2019 U.S. CBD report predicts that the market will grow to an astonishing $23.7 billion by the end of 2023. That’s led to a flood of entrepreneurs looking to make a profit in this lucrative space. Unfortunately, the abundance of businesses has made it difficult to choose a trustworthy brand or go-to CBD product — especially for newcomers. Although there are several great companies in the CBD industry, sadly, there is also an overwhelming number of bad actors producing low-grade products. According to the Journal of the American Medical Association, 69 percent of online CBD products are mislabeled; some had extra CBD, some had less, and some contained hidden cannabinoids. As a consumer, you do not […]

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Why So Many LLC Operating Agreements Fail

December 6, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Every limited liability company (LLC) needs an operating agreement to serve as its backbone and ensure that partners are treated fairly. However, it can easily be inaccurately written or leave out important sections that have a massive impact on the future of the company. In minor cases, an LLC operating agreement mistake or failure can merely result in an inconvenience. In more extreme cases, it can result in a contentious legal disagreement or even result in the collapse of the company. So why is it that so many LLC operating agreements fail, and what can you do to prevent this from happening in your business? The Components of an LLC Operating Agreement Let’s start by reviewing the key components of an LLC operating agreement. The operating agreement is meant to outline each partner’s ownership stake, as […]

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How a First-Time Entrepreneur Wooed Corporate Clients in Year One

Altru Labs CEO Alykhan Rehmatullah shares some of the secrets to his early success. November 19, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. When you’re a first-time founder, there are a lot of daunting challenges that you might find very difficult to overcome. In most of these scenarios, you often have little credibility among customers and investors. Why should a huge corporation trust you to handle a service need? Why should an investor put money in your company even though you have very little operational experience?  These were some of the most pressing questions that CEO Alykhan Rehmatullah asked himself when he started Altru Labs, a company that helps both large and small businesses create personal connections with would-be candidates by sharing authentic and engaging employee-created videos. As a former associate at Goldman Sachs, Rehmatullah had experience working at a wildly successful company, but of […]

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3 Ways to Succeed in a Startup Accelerator

Getting into an accelerator is an incredible opportunity for your startup. Here’s how to make the most of it. November 13, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. The startup craze is far from over. Just take a look at Y Combinator’s Summer 2019 class, which welcomed 197 startups into its ranks. Participants gained access to $150,000 in capital in exchange for around 7 percent of equity, as well as the opportunity to pitch prominent venture capital firms and investors on Demo Day. While Y Combinator is perhaps the world’s most storied accelerator — with household names such as Airbnb, Dropbox and Instacart among its list of graduates — smaller accelerator programs have emerged in cities around the world. Research from the Brookings Institution indicates that there were 172 U.S.-based accelerator programs in 2016, and the International Business Innovation Association has reported that there may […]

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6 Entrepreneurial Lessons From Evan Britton of Famous Birthdays

The successful web entrepreneur talks turning points, sticking to your vision and mastering your niche. November 13, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. When Evan Britton was a marketing major at the University of Pittsburgh, he decided to embrace a new frontier that had appeared: the World Wide Web. He narrowed in on the market, started the site Famous Birthdays — which has been called the Wikipedia for Gen Z by The Atlantic — and built a widely successful business. As an entrepreneur himself, Britton shared his tips for focus, niching out and embracing new technology to build a successful business. 1. Embrace the new frontier. Britton’s success hinges upon the decision he made in college to move and groove with a new idea. “I remember being fascinated that I could publish content on the web,” he recalls. “It was a new frontier happening right when I was starting to […]

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