Weak markets are not a valid excuse for a company’s slow growth, write Kasturi Rangan and Evan Hirsh for Strategy+Business. With the right market proposition, you can achieve success, no matter what state your industry is in.
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Think you want to be an entrepreneur? Lolly Daskal, writing for Inc.com, reveals what it’s really like to go it alone.
Daskal reveals eight facts about entrepreneurship that you really need to know:
1) You might fail. Almost 90% of startups fail within a few years. You might dream of being the next Amazon.com, but your chances are slim.
You have a good career that pays well, but you want to strike out on your own. Should you quit your day job to pursue your dream? Well, not just yet, advise Lolly Daskal, Leo Widrich and Elizabeth Gore, writing for Fast Company.
All entrepreneurs make at least one expensive mistake when setting up a new business, says Lorie A. Parch writing for Entrepreneur.com. It’s “the Murphy’s Law of startups”, she explains.
But some mistakes are so costly they can sink a cash-strapped new company. The author talks to entrepreneurs and experts about the most common startup errors.
Are you a tech-entrepreneur preparing for a launch? You might be eager to get your product off the ground, but Brandon Watts, writing for Entrepreneur.com, believes it’s important to slow down, take a deep breath and make sure you’re really ready to launch.
As a founding partner at Y Combinator, Jessica Livingston helped to shape a host of Silicon Valley successes, such as Dropbox, Airbnb, Reddit and Stripe to name just a few.
Writing for Forbes.com, Hollie Slade reports that Y Combinator has invested in 630 startups to date.
Writing for Strategy+Business, Eric J. McNulty discusses the importance of structuring your new company the right way. Drawing inspiration from Derek Lidow’s book Startup Leadership, McNulty offers the following tips:
Whatever kind of enterprise you’re launching, an online aspect of your business is essential nowadays. Even if you aren’t actually selling online, a web presence is a must for promoting your company.
As John Rampton points out, writing for Forbes.com, there’s more to going online than just building a website and a social media account.
Entrepreneurship is a risky business, as most people know. Most entrepreneurs thrive on risk, but it’s a fact that most small businesses fail in their first two years.
As Dana Brownlee points out on Entrepreneur.com, the startups that do survive didn’t rely on passion alone – or luck, for that matter.
There are popular images of entrepreneurs – such as a startup founder, someone running a franchise or a veteran business owner.
However, one type of entrepreneur not often considered is a freelancer, observes Jon Salm, writing for Entrepreneur.com.
The author shares some tips for entrepreneurs looking to build a freelance career:
There is an expectation of everyone in business to do more with less these days, observes Gregory Kennedy, writing for Entrepreneur.com.
With that in mind, Kennedy offers five tips for growing your business without adding more overhead:
Writing for Inc.com, Jon Miller outlines some marketing priorities to help a new business succeed:
1) Product value. Your product is the “bread and butter of the whole operation”, so you need to be clear about the real value it holds and the true need it solves. Once this value has been defined, you need to articulate it.
Creativity can be the key to catching customers, according to Daigo Smith, co-founder of UK online dating website Loveflutter, writing for The Guardian.
Smith summarises the company’s key learnings from the creative process that brought the site to life and “helped generate the industry buzz seen on both sides of the Atlantic”:
You might assume that, early on, startups don’t have a defined culture – but that’s not the case, according to Sharam Fouladgar-Mercer, writing for Fast Company.
The author insists that the founders probably set the organisation culture from the very beginning, whether defined in a formal company document or not.
In business, what you say is important – but how you say it matters just as much. As a leader, the tone, pitch and volume of your delivery when speaking in a professional setting will have a profound effect on how you are perceived by your colleagues.
Writing for Entrepreneur.com, Lindsay Broder notes that cultivating client relationship and overcoming obstacles requires “tons of creativity”. But business leaders often find themselves in a creative slump.
With that in mind, Broder offers some simple strategies for overcoming creativity blocks:
• Reaquaint yourself with your mission statement.
Lewis Schiff, author of the book Brilliant People, claims that there are seven key principles of work and wealth-building practised by the super-successful but avoided by ordinary people.
You need more than just a MacBook and a blog to be an entrepreneur, writes Steve Tobak for Entrepreneur.com. He also points out that just calling yourself a CEO doesn’t make you a leader, either.
Unfortunately, it’s a stark fact of the business world that the majority of startups fail. As Tanya Prive points out, writing for Forbes.com, a new business represents a journey into the unknown, and entrepreneurs need to embrace ambiguity, uncertainty and multiple challenges.
Many people dream of taking the plunge into entrepreneurship but always find a ready-made excuse as to why they should refrain, observes Jeff Haden, writing for Inc.com.
The author lists some of the most common but spurious reasons that would-be entrepreneurs use to talk themselves out of a life-changing move:
Good writing skills can enrich anyone’s life, but are particularly important for entrepreneurs, according to Josh Steimle, writing for Forbes.com.
Entrepreneurs often devote a lot of time to their initial business idea, as well as the figures involved. But all too often, little time is afforded to strategic thinking.
This problem can become more acute as the business grows and the leader spends most of his time concerned with the day-to-day running of the company.
In Harvard Business Review, Jeffrey H. Dyer, Hal B. Gregersen, and Clayton M. Christensen discuss the five "discovery skills" that make true innovators stand out from the crowd.