February 2018 - Rafferty Pendery

Making College Worthwhile: Unique Small Business Ideas for Students

Feb 28, 2018

You’ve moved away from home, you’ve got your own place, and now you’re on your own. College is an exciting time, to say the least, but it can also be quite expensive.

Therefore, it’s important that you make the most of your time in college by taking what you learn in the classroom and putting it to use in practical, real-world scenarios.

If you’re interested in making a bit of money and beefing up your resume at the same time, this article is for you. Here are a few unique small business ideas for students to help you make college more worthwhile.

Tutor Fellow Students

Even if you don’t consider yourself to be the strongest student in the world, there’s likely a subject in which you excel in. Sure, you could simply do the bare minimum and get an A, but you can use your brain to make some money, too.

If you talk to fellow college entrepreneurs, you’ll likely come to find that many students choose to tutor their peers for a bit of extra income.

Find a topic that you’re comfortable with and start teaching others.

Advertise your tutoring services around school and online to drum up a bit of business. If you want to start out with a truly competitive edge, you can even offer a referral discount.

Create a Blog

Believe it or not, the blogging world is still as profitable as ever thanks to social media and affiliate marketing. In fact, if you’re diligent about your blogging, you can even make a decent living for yourself.

Use a tool like WordPress or YouTube to create a free page for your blog and start uploading content.

Let the world know about yourself and your college experience. If your blog takes off, you may even qualify for product sponsorships.

Freelance

Of course, you may not have an interest in creating your own personal brand. You may want your content posted to pre-established blogs and sites instead.

If that sounds like a better idea, consider freelancing.

Best of all, there are ways to freelance for just about every skill. Whether you’re a graphic designer, writer, web designer, or videographer, freelancing is a great way to make a name for yourself in your favorite field.

Create an App

Technology is burgeoning like never before thanks to creative startups and entrepreneurs. What better way to make your mark on the world than by creating your very own app?

Find a need that isn’t being met and come up with a creative way to meet it with technology.

It may sound difficult, but remember, Mark Zuckerberg was in college when he first created Facebook. You’ve got this!

Try These Small Business Ideas for Students

By trying these small business ideas for students you’ll improve your skills, have a stronger resume, and above all else, learn something about the world.

If you’re looking for great tips on how you can make the most of your entrepreneurial skills, be sure to follow my blog, or get in touch!

Smart Entrepreneur Tips for Women Growing Their Brand

Feb 15, 2018

Are you a female entrepreneur?

Women are becoming powerful figures in the business world, but every business needs to make sales and create a reputable brand. Entrepreneurship can be scary, but women need to know tips to expand her business.

Times are changing in the business world. There are more success factors to consider than just waking up early and wearing a pants suit. Entrepreneurial success depends on your state of mind, your work ethic, and your goals.

Here are a few smart entrepreneurship tips to grow your brand.

To Be A Smart Entrepreneur Know Yourself and What You Want

This seems pretty standard, but it’s easy to lose yourself in life. When you become distracted, you begin to lose your purpose.

Always take time out of your day to think. Sit in a quiet room and think about what you want.

Feel free to write your ideas in a notebook. Think about your long-term goals but also your short-term goals. Write these down, and include any ideas on how to achieve these goals.

It’s easy to think about your clients, your business strategy, and other practical business ownership factors. But you should never lose yourself and why you started this business.

You’re Exchanging More than Money

A lot of entrepreneurs become business owners to make more money and escape the 9-to-5 lifestyle.

When their business becomes successful, they make the focus about money. This is a major mistake — a smart entrepreneur exchanges more than money.

When you communicate with clients, you’re exchanging a relationship. When a client walks into your store, they feel your energy and your presence. When you thank your client, you’re expressing empathy and giving them your heart.

If you’re only in the business of receiving, you shouldn’t be an entrepreneur. Business owners start a business to exchange. And this exchange is more than money and services.

Build Relationships

When do you truly connect with another person? This is a tough question to answer because you can connect with someone anywhere. You can meet someone at a concert, online, through a friend, or at school and work.

You won’t become best friends with every customer.

But attempt to build a lasting relationship with each customer. It’s easy for women to hold back a friendly smile or engaging conversation, especially with men. But personability may be the key to build lasting brand awareness.

Relationships don’t stop with customers.

Build relationships with your connections, employees, and investors. Always communicate with these people and find networking opportunities. By building a professional community, you’ll always have a support system.

Become a Smart Entrepreneur

Female business owners are sending a powerful message. In the wake of misogyny, women can make a difference. By being a business owner, you’re exchanging services and communicating with like-minded individuals.

Entrepreneurship isn’t about selling the best idea or creating the best products. You’re standing tall as an independent woman who’s willing to provide for customers and colleagues.

For more entrepreneurial advice, visit our resources.

Entrepreneurial Resources for Women to Utilize for Their Business

Feb 8, 2018

Being a woman in the business world is difficult. That said, there has never been a better time to do it. The percent of women CEOs of Fortune 500 companies is still small, but it’s on the rise.

As a female entrepreneur, there are plenty of entrepreneurial resources at your disposal. Taking advantage of these groups, communities, and investors can give you a step-up on the rest of the field.

Educational Resources

For many, the first step toward successful entrepreneurship is education.

Whether it’s tech, finance, or business development, these organizations focus on empowering women through educating them on their preferred area of focus:

Women’s Business Center

With over 100 Women’s Business Center locations across the US, you’ll doubtlessly find one near you that can help grow your business.

The Small Business Administration funds these educational centers. TTheir goal is to create an even playing field for women in business.

Tory Burch Foundation

The Tory Burch Foundation gives women monetary and educational support for their business. They offer the chance to earn capital as well as offer an informative business management program for women.

If you join the Tory Burch Fellows Program, you’ll get the chance to gain support, a 10,000 reward, and the opportunity to create a pitch for a 100,000 grant.

Ernst & Young Entrepreneurial Winning Women

The Ernst & Young Entrepreneurial Winning Women helps female entrepreneurs through education, networking, and other events. They also focus on helping women-owned businesses with $2 million in revenue grow their business as quick as possible.

Investment Opportunities

There are several foundations and organizations that help women secure investments for their company. If you come to them with a good idea and viable strategy, chances are you could walk away with some seed money.

SoGal Ventures

SoGal Ventures, as the name suggests, is a female-focused venture capital firm.

They know what it’s like for women in the business world, and want to help female-led startups with initial investments.

Female Founders Fund

The Female Founders Fund is another company that invests in businesses run by women.

This organization focuses on the technology field, so if your business falls into this category, take a look at them.

Women’s Venture Fund

Women’s Venture Fund is another of the entrepreneurial resources that help fund women-owned businesses. They assist women with advice, technical problem solving and funding.

Specifically, this organization targets women who run businesses in urban communities.

Entrepreneurial Resources for Women

There are countless entrepreneurial resources out there for women, and these are only the tip of the iceberg.

Although it can be tough to navigate the business world, there’s a long list of allies with educational resources, information, and the capital to make your dream a reality.

You don’t need to try to run your business on your own. Networking is one of the most important elements for any entrepreneur. Grow your professional circle and advance your business by using the above resources.

Want more information about anything an entrepreneur would need to know? Take a look at our blog!

Common Entrepreneur Mistakes You Need to Avoid

Feb 6, 2018

Succeeding as an entrepreneur isn’t easy. In fact, first-time business owners only have a 16% chance of succeeding in the business world.

Why do so few entrepreneurs succeed? It’s because they fall victim to common entrepreneur mistakes that cost them both personal and business success. If you want to make it big as an entrepreneur, you’ll need to avoid these entrepreneur mistakes and be smart about how you approach your business.

Entrepreneur Mistakes You Need to Avoid

Success as an entrepreneur isn’t just about passion and talent. It’s about following the right practices and avoiding potential pitfalls that could undermine your efforts. Here are some basic mistakes you need to avoid:

1. Thinking You Can Do It On Your Own

One of the biggest entrepreneur mistakes you can make is taking on too much. Just because you know your product, and are arguably the most passionate about it, doesn’t mean you know how to run a business. Taking it all on alone will result in burnout and blindside you to any shortcomings your product or business effort may have.

You should surround yourself with people who are knowledgeable about your product and the competitive field you’re trying to break into. You should also have an experienced consultant or mentor who can give you perspective on your business and product market.

2. Not Setting Attainable Goals

It’s okay to be a dreamer, but if you want to succeed you need to devise a list of business goals you can actually accomplish. If you only think about the big picture and don’t set short-term and long-term goals, you will ultimately fail. So, set specific goals, come up with a list of ways to accomplish them, and be flexible enough to change them if you have to.

3. Hiring the Wrong People

As a business owner, you’re only as good as your employees. So, the last thing you want to do is hire people who are unqualified, or unable to accomplish the things needed for the business to succeed. Avoid hiring unqualified family and friends, and try to find people who support your product and vision.

You can set your business up for success by hiring talented and experienced employees who can help get you to the next level. It may be tempting to hire cheaper employees to cut costs, but hiring unqualified employees is a huge mistake that will only hurt your business in the long run.

4. Think Your Product is Unique or Unlike Anything Else

Many entrepreneurs fail because they believe their product is unlike any other one on the market. But the reality is, you most likely have many indirect or direct competitors who already have brand awareness and a loyal consumer base. Not acknowledging them, and failing to identify your niche will result in your ultimate failure as an entrepreneur.

What you need to do is identify that there is a consumer need for your product, and then determine how it’s different from similar offerings. By knowing how you’re different, you can sell your product in a way that will speak to customers.

Final Thoughts

If you want to succeed as an entrepreneur, you need to be smart about how you approach your business. And while it may be tempting to turn to these bad behaviors, doing so will only hurt your business efforts in the long run. By avoiding these common entrepreneur mistakes, you can get one step closer to accomplishing your business dream.

Are you an entrepreneur? Have you ever fallen victim to these common mistakes? Let us know in the comments!

Tech Trends Innovative Entrepreneurs Should Invest In

Feb 1, 2018

As Bitcoin, Ethereum, Litecoin, and other cryptocurrencies continue to break records, just about every media outlet is calling them a surefire investment. Along with currencies, there are lots of other technology trends that are breaking new ground and becoming even more valuable.

Innovative entrepreneurs should always be looking to support other investments and ventures to diversify their wealth.

Once you’ve built a great business or product, investing in other technology can not only increase your wealth but support other tech innovators. Following tech trends is not only fun, but it can inspire new ideas for your own company and keep your products at the cutting edge of tech.

If you’re looking to start investing, check out these 5 tech trends that are making waves all over the world.

1. IT Re-Engineering Processes

As businesses grow and change, technology aids in finding new and efficient ways of completing everyday tasks. Technology solutions have revolutionized hiring, asset management, and payroll systems. Who knows what other ways the workplace can be re-engineered for the future?

By modernizing the infrastructure and architecture of IT departments, research and delivery systems can be revolutionized. Using the IT restructuring capabilities of the future, every department in just about every industry could see a boost in productivity.

2. A No-Collar Workforce

Automation and artificial technology will redefine the roles of workers in the future. While some portion of the workforce will need to be retrained to understand this technology, others could be replaced or have their roles reinvented.

There will be decades of hybrid human and machine workplace development. Innovative entrepreneurs will be on the ground floor of these developments as they happen. New HR approaches and software could help to handle a dispersed workforce and help to complete cognitive tasks in completely new ways.

3. Enterprise Data Accessibility

In every company, hours of manpower and possibly hundreds of thousands of dollars are invested in data research. Understanding how all of this data can be used will continue to be a part of business development practices.

What we will see in the coming years are new ways to structure data and use it to help with automation. Machine learning takes into account vast amounts of collected data and notable errors to find ways to improve processes.

Software and hardware focusing on machine learning are a great place for entrepreneurs to start investing.

4. New Customer Experiences

The way that customers interact with products and technology will change the field of customer service. Whole industry ecosystems–take car services and taxis, for example–could be upended in new ways.

Customers could be interacting with tablets and mobile interfaces when they visit fast food restaurants. By taking control over your own ordering and customization, human error is eliminated and food waste is greatly cut back on.

Changing the customer experience can send shockwaves through every industry.

5. Augmented Reality

Virtual reality and augmented reality technologies are changing the way that users are seeing the world. By adding a layer of history, context, or marketing efforts to a virtual space, experiences of products and public space could be changed forever.

Innovative Entrepreneurs Keep Their Ear To The Ground

Understanding that the capabilities of every technology are explored through experimentation means that tech may not be fully formed when you encounter it. If you can begin to understand the possibilities for a new concept, you can begin to imagine how valuable it can be in the future.

To better understand the tech landscape, check out our guide to 5 things every tech entrepreneur should know.