Starting a Business That People Need

Businesses succeed by solving real problems. Here’s how to determine what problems you can solve to make your new business a success. April 2, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Rick Terrien’s Ageless Startup. Buy it now from Amazon | Barnes & Noble | IndieBound All businesses succeed by solving real problems. But most people have no idea where to start. How do you pick the products or services you’ll turn into your problem-solving enterprises? Here’s an idea I can roughly guarantee: Look at the work you’ve done in the past. Where were the choke points? What were problems people avoided because of the work you did? No matter how you spent the first part of your life and career, you’ve learned to be good at something. It can be anything from gardening in small spaces to designing fire safety systems. We all […]

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Are Accelerator Programs Right for Your Business?

Entrepreneurs think they’ll provide that extra “oomph” to their business. The opposite may often be true. March 31, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. Shortly after I first moved to San Francisco, I was sitting outside Peet’s Coffee in Palo Alto and speaking with my then-co-founder about accelerator programs. We were eager to get into one of the most prolific accelerators in Silicon Valley because of the instant brand recognition and investor connections it would provide.  “If we can get into 500 Startups, it can really take us to the next level,” he said. “We can raise at least $1 million at a valuation over $6 million. We just have to give away 7 percent of the company.”  I responded bluntly: “Is it worth it?”  “If we get the results, then yes,” he said, before lobbing one more comment, somewhat anticipating my reaction: “It’s going to be […]

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26 Questions to Help You Decide If a Late-in-Life Business Is Right for You

Instead of just asking “Why me?” ask yourself these questions to determine if becoming an entrepreneur after you retire from your job is a smart move for you. March 26, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Rick Terrien’s Ageless Startup. Buy it now from Amazon | Barnes & Noble | IndieBound How do you know if starting a business is the right path for you? And how do you know when the time is right to lay the groundwork for the next chapter of your work life? If your answer is that you’ll figure it out when you get there, then you’d better start figuring it out soon. Creating new income streams with a new enterprise is entirely possible, but it takes time and resources. It’s always best to start small, start slow and start smart—with some self-assessment. When you ask yourself some […]

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A Beginner’s Guide to Building a Profitable Ecommerce Business

Four ways to prioritize profitability from the start. March 24, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. My number one piece of advice to all beginning ecommerce entrepreneurs is to prioritize profitability first. It’s great to have revenue, but if your expenses are continually putting your business into the red zone, it’s time to rethink your business model. Twenty-nine percent of small businesses go out of business because they run out of cash, and despite the significance of this statistic, less than half of small businesses are profitable and nearly 30 percent are actually losing money.  Related: Google, Facebook and Amazon Are the Only Winners in Ecommerce I’ve run an ecommerce business for over 12 years, and in hindsight, I see that my prioritization of profitability has sustained my business through inevitable low points. There’s a mythical line of thinking that businesses can’t always be profitable from the start, […]

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Slow Down! Why Starting Slow Is the Right Speed for Business Success

Even if you’re in the second half of your life and worried about getting your business started quickly, we’ll tell you why taking it slow is your best bet. March 19, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Rick Terrien’s Ageless Startup. Buy it now from Amazon | Barnes & Noble | IndieBound Doesn’t creating a new enterprise mean that everything’s going to happen quickly and with great difficulty? Aren’t new enterprises built around hard choices, hard work and endless hours? These are myths, and you don’t have to buy into them if you want to be successful. Consider the word hard. The word often implies something onerous and difficult. Something that we think is hard is something we typically don’t want to do. If something is new to us, it’s usually something we don’t know how to do. Now, let’s put that in context. […]

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4 Ways to Perfect Your Business Model

March 18, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. The most common misperception of entrepreneurship is that what makes a successful business is the idea for a unique product — that if you just have that one great idea that nobody has thought of before, a type of product that nobody has envisioned, you can make tons of money and the world is at your feet. Entrepreneurship-as-a-Great-Idea makes for a good story, but it is good only as a story, because the story is fantasy. And if you rely on what is fantasy rather than reality, you are likely to fail. The truth is that what makes any product great is not the idea for it or even what it can do. It is how it is positioned. Entrepreneurial positioning is not the competitive niche-finding of strategic management, as per Michael Porter’s Five Forces or […]

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4 Hurdles Every Fintech Startup Must Overcome

Vested CEO and author Daniel Simon helps break down what you need to know before readying to launch. March 11, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. Fintech, or financial technology, refers to the application of innovative technology solutions within the financial-services industry. Even if you’re not familiar with fintech, most of us have used services like PayPal or Cash App, which fall into the mobile wallet and payments category. These technological solutions are mostly developed by startup companies that offer their services to established firms. And as Statista notes, “This comes in line with an increasing number of people using a mobile banking app, particularly amongst young people.” Fintech is bringing seismic changes to banking and finance, affording an opportunity for prospective entrepreneurs to enter a previously untouchable space. But if only it were that easy.  Author and Vested CEO Daniel P. Simon knows this all too […]

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Interested in Starting a New Business? 8 Helpful Tips on How to Begin

Taking a long-term view and breaking up projects into manageable tasks are key. March 10, 2020 11 min read Opinions expressed by Entrepreneur contributors are their own. In my travels, I speak to so many people who dream of starting their own business. They say they’re tired of working to make someone else’s dream come true, and they really want to take control of their life and future. I always ask them: Why don’t you just go for it? One of the most common responses I hear is that they have no idea where to even begin. I understand why they feel this way. Starting a new business is a big, overwhelming endeavor. However, if you take a long-term view and break the process up into a series of small tasks, starting a new business can feel safe and manageable. If you’ve made the decision to move forward, where do you even […]

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How to Effectively Start a Side Hustle While You Have a Full-Time Job

Four steps you need to take before you quit your job to focus on a business full-time. March 5, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs seldom get their start by quitting their job then starting their company with all of their free time. It’s usually an ease-in: there’s a full time job or some way to make an income, and the business first begins as a side hustle. Yankee Candle, Under Armour and Apple are all companies that were first started as side projects. But, there is a common concern that the balance between a full time job and a side project will be hard. How should you allocate time, energy and attention to both? Will your boss get mad? When should you go all in? First things first: Here’s how to effectively start a side hustle alongside a full-time job.  1. Make your full-time […]

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How to Know When to Hire an International Team

Weighing the pros and cons of staffing globally. March 2, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. One of the earliest dilemmas most entrepreneurs face is how to expand a workforce as efficiently as possible. Getting access to more skilled workers, or simply a greater number of employees is vital to keep your operation growing but at the same time, you’ll be working with a limited budget. Trying to find a middle ground requires entrepreneurs to think outside the box. Industrious entrepreneurs might consider hiring an international contractor, or even a team of international contractors, to save money and keep expanding, but is this the best path forward? The Advantages of an International Contractor Let’s start by evaluating the benefits of hiring international contractors: No strings attached. When hiring an independent contractor, you’ll face far fewer restrictions and regulations than you would hiring a full-time […]

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Entrepreneur NEXT

Entrepreneur NEXT Contest: Win a Free Team to Build Your Business Entrepreneur NEXT is an incredible new platform that gives time-challenged entrepreneurs like you access to a team of experts and assistants handpicked to take on any digital task you need to launch or grow your dream business. Popular Projects: WordPress Shopify Amazon Store Squarespace Graphic Design Google Ads Facebook Ads Mailchimp From logo design to building an e-commerce site to creating marketing campaigns, Entrepreneur NEXT matches industry specialists with your business needs, clearing any roadblocks that are standing between you and success. And to kick things off, we’re giving away $5,000 worth of Entrepreneur NEXT services for FREE! Enter our Entrepreneur NEXT contest today for the chance to win free access to a team of experts who are perfectly suited to tackle your project. Ever wish you could just snap your fingers and get something done? This is your […]

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5 Ways to Make Time for Your Side Hustle

Opinions expressed by Entrepreneur contributors are their own. There are loads of people out there who have a brilliant idea for starting their own business. You may even be one of them. Yet a significantly lower number of people actually go on to start their own business. So what’s keeping you from going from column A to column B? Execution — especially when just starting out. In the beginning it’s the hardest to cultivate a new hobby that could turn into something more. You can set yourself up for success though, if you know hwo. I have a full-time job, and I wrote my first book, Listful Thinking: Using Lists to be More Productive, Highly Successful and Less Stressed and maintain the blog ListProducer.com at the same time. Related: How to Avoid Side Hustle BurnoutHere are some of my time-management tricks that I use to get it all done, while working a 9 to 5. […]

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The Best Cities for New Small Businesses (Infographic)

A new study looks at where young businesses are thriving. February 26, 2020 2 min read Starting a business is an inherently risky endeavor, especially when headlines and statistics tout findings that around 20 percent of small businesses fail within the first year and 50 percent within five years. But those prospects can change dramatically based on where you headquarter your business.  A recent study from online business loan site LendingTree found that certain cities in the U.S. are better places to start new small businesses than others. To determine the rankings, LendingTree looked at the data it has from companies applying for loans and studied the percentages of businesses that were profitable, the percentage less than six years old, the percentage with less than $1 million in revenue and the percentage with fewer than 250 employees across U.S. metro areas.  Related: Infographic: The 10 Best Cities for Young Entrepreneurs in […]

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8 Legal Requirements When You Start A Business

Here’s what entrepreneurs need to do to avoid costly mistakes down the line. February 25, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. Many people aspire to start their own business, but succeeding in the commercial marketplace is easier said than done. Companies led by inexperienced people unfamiliar with the legal requirements they need to fulfill are particularly susceptible to failure. Nevertheless, many business owners jump into the competitive marketplace without doing enough research when it comes to covering their legal bases. Don’t start a business without first thoroughly preparing yourself. Here are eight legal requirements you need to fulfill when you start a business, and the costs associated with letting these important concerns fall by the wayside.  1. Protect your personal assets The most important thing to consider when launching your own business is how you intend to protect your personal assets. No budding business owner […]

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Need to Find More Money? Consider These 5 Side Gigs

The author of ‘Find More Money’ shares the best ways to make money on the side. February 25, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. There are many reasons why people find themselves without financial margin and needing more money. You want to pay down your student loan debt but don’t have the extra money to do so. You want to save for the future, but there is very little left over at the end of the month. Or maybe you’re simply struggling to pay your monthly rent.  Sometimes, the answer to our financial stresses lies on the expense side of the money equation—reduce debt and eliminate unnecessary spending to increase financial margin. But there are also times when there’s little left to do on the expense side of the equation. You’re already living off a bare bones budget and cutting the budget is no […]

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The Top Apps for Businesses in 2020

A recent report explores which new and legacy apps could help you grow your business. February 21, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. Apps are transforming business today. They improve accessibility, offer convenient data storage options and help streamline operations, too. But apps are only effective if you’re using ones that are right for your business. If you’re not sure where to start, looking at what apps are most popular among other businesses could be a good place to start.  In its annual Businesses @ Work report, cloud identity company Okta releases an annual ranking of the most popular apps for businesses. The company analyzed data over the last year from customers that use Okta to log into their devices. Its clients range from startups to large companies with hundreds of thousands of employees across industries. The report tabulates the most widely used and the fastest growing […]

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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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