August 2019 - Rafferty Pendery

5 Tips for Avoiding Mistakes as an Entrepreneur

Aug 19, 2019

Entrepreneurship is both an art and a science. While there is no single recipe for success as a tech entrepreneur, there are many ways to fail. Here are five tips for entrepreneurs for avoiding entrepreneur mistakes:

Seek Out Help

Very few entrepreneurs can do it all. For every Bill Gates, there is a Paul Allen and a Steve Ballmer. For every Steve Jobs, there is a Steve Wozniak. In addition to these co-visionaries, there are teams of professionals to support and assist the tech entrepreneur in building a tech company. Attorneys, accountants, and consultants provide tech entrepreneur resources that can make the difference between a successful business and just another failed startup.

Similarly, investors and venture capitalists can not only provide working capital but can also provide tech entrepreneur resources. Whether those resources come in the form of networking contacts or sales leads, advice based on other tech businesses they have been involved with, or just a friendly ear to listen, tech entrepreneur partners can be an indispensable source of experience for a new business.

Experts can also be a source of tech entrepreneur resources. Conferences, seminars, webinars, and trade shows can be a valuable source for networking and business advice. While tech entrepreneurs are not necessarily known for being humble, most successful tech entrepreneurs know what they do not know and find a way to fill that knowledge gap before it inhibits their business.

Have a Plan

To paraphrase a famous author about military strategy, “no plan survives first contact with the enemy.” His point was not that plans are pointless. Rather, he was advising that a battle plan must be constantly updated with new strategic decisions as situations arise.

Business plans are similar in the sense that they provide a road map to reach the next goal. But, once that goal is reached, the business plan must be updated to reflect the business’s current condition.

For example, a tech entrepreneur may plan to take on investors to finance a business expansion, then use the profits from the business expansion to buy out the investors and return to a sole proprietorship. However, once the business has expanded, the tech entrepreneur may find that the initial plan is no longer feasible because the expanded business requires more employees and more working capital than the entrepreneur can handle without investors. In this example, the tech entrepreneur must update the business plan to reflect the new condition of the business.

Polish Your Presentation

While it would be glib to reduce every tech entrepreneur to a salesperson, the modern entrepreneur must be able to communicate his or her vision effectively. Venture capitalists and investors have many, many businesses competing for their investment. Having a clear presentation can make the difference between closing the deal and foundering. In fact, communications researchers have found that presentation style (55% non-verbal cues and 38% voice) may be more influential in creating an effective presentation than the subject matter (7%). Again, coaches and consultants can be valuable tech entrepreneur resources in developing a presentation style that works for you.

Delegate Authority

As a tech entrepreneur, your business is like your baby. However, micromanaging a business is inefficient and can lead to resentment among partners and employees. Learning to delegate authority spreads the responsibility for success throughout the business. Partners and employees will be happier having a role in the business’s success and you will have more time to focus on entrepreneurship – building the business and its product and service offerings – rather than being distracted by the day to day operations.

Monetize

One of the common mistakes that tech entrepreneurs make is that they are so enamored with the technology they have developed, that they forget to make money. This is not to say that tech entrepreneurs need to be greedy. To the contrary, some of the coolest technologies has been dedicated to social justice, corporate governance, and environmental improvement. Moreover, many tech businesses contribute financially to worthy causes. However, as a tech entrepreneur, you are running a business that your customers, employees, and partners are counting on. No tech entrepreneur wants to be in the unenviable position of having to lay off employees.

In sum, there are many tech entrepreneur resources, including business partners, consultants, and employees, who can help tech entrepreneurs avoid common mistakes.

4 Pieces Of Tech Entrepreneur Advice You Need To Read

Aug 14, 2019

Running a business takes a lot of hard work and being a tech entrepreneur is no different. Between creating business plans and finding a business partner or investor, it can seem like you’re always dropping the ball. Keep reading for tech entrepreneur advice that can help you grow your business.

Create A Business Plan and Stick With It

Creating a business plan should be one of the first things a tech entrepreneur does before starting a business. You will need a plan to effectively run your business and to seek investment or venture capital for your business. It’s important that once you create a business plan, you stick with it but still allow for changes in the process. Being flexible is a key trait of successful tech entrepreneurs.

Wake Up Early and Be Flexible In Your Day

It’s no secret that succeeding as a tech entrepreneur includes waking up early. Good tech entrepreneur advice is to wake up before the sun rises to get the most out of your day. You don’t have to get started on work right away; rather, you may use this time to work out, read the news, or take your dog for a walk. It’s also important to be flexible in your day. Things come up as an entrepreneur and you want to be in a position that you can drop what you’re doing to put out any fires that pop up.

Find A Business Partner That Complements You

A business partner can help you manage aspects of the business with which you may not be familiar. Finding a business partner can be a challenging task because you want to find someone qualified for the position. You also want a business partner that can complement your work ethic and personality traits. If you work better under pressure of deadlines, having a business partner that likes to stay ahead of them may help your organization grow.

Face Your Fears and Be Persistent

Starting a business is hard work and it can be daunting. You often have to wear multiple hats, even when you have a business partner, and it requires you to occasionally do things you don’t enjoy doing. For example, 75% of people have speech anxiety. If you need to make a pitch to investors, you are going to need to brush up on your public speaking skills. This is just one of many instances in which a tech entrepreneur is going to need to face their fears and be persistent with it. As they say, practice makes perfect.

It doesn’t matter if you’re just starting a new venture or if your tech business is already underway, these four pieces of tech entrepreneur advice will help you and your business succeed.

The First Steps To Starting Your Own Business

Aug 8, 2019

According to one study, 82% of people learning how to start a business will fail, due to cash flow problems in their startup.

That’s a pretty big deal. It means that if you plan and launch your startup in a way that will avoid cash flow problems in the first place, you’ll have eliminated the single biggest risk in launching a business — dramatically increasing your chance of success.

Whether you want to learn how to start a business to support your travels or creative life, or whether you have a unique product or business idea that you’re passionate about, it’s important to start on the right foot with your business planning. To help you avoid common entrepreneur mistakes, the following entrepreneur tips will help you determine how to start a business.

Conduct Research

Since you’re learning how to start a business, you’ve probably already settled on a business idea you’d like to get into. But before you take off and run with it, you’ve got to compare that idea to what the market wants.

To be successful, a business has to solve a real problem, fulfill a real need, or provide something people genuinely want.

However, for a new business to succeed, it isn’t enough to just offer something the public wants. The public has already been getting what they want, or else doing without it, for a long time. Your job as the business owner is to convince them that your offer is going to be better for them than anyone else’s. It’s not enough to give them another option — you’ve got to give them an option they can’t say no to.

On the surface that may sound daunting, but it’s very doable, as long as you’re willing to do some hard thinking.

You can identify what the market wants by talking to your target customers directly; by starting a blog on your target industry, and building an audience of ideal customers; or just trying different ideas until you come upon one that sticks.

The following are some questions you should try to answer, as you formulate your ideal business idea:

Is there a real need for this product or service?
Who needs this product or service?
Who is my ideal customer?
What other businesses are currently providing this product or service, or something similar?
How much competition is there for my idea?
How will my business idea fit into the existing market? How will it contrast from other options already available?
Am I a member of the community I’m trying to sell to? Am I my own biggest fan and customer? Will I enjoy building this product or providing this service long-term?

The last question may be the most overlooked idea for aspiring entrepreneurs, often considered only as an afterthought. It’s important to remember that your business is going to be your full-time job, at least at the beginning. Make sure you’re doing something you’ll genuinely enjoy.

Make a Business Plan

Before you can start building your business, you’ve got to have a plan for what you will do. Your business plan will act as a blueprint, guiding your decisions from startup through initial growth to keep you on track.

A business plan doesn’t have to be complicated. If you’re funding the venture on your own, and it’s just going to be you and perhaps one or two other people working on it part-time, a basic one-page outline of steps to follow is all you need.

If you’re going after investor funding, you will need a traditional business plan to show investors or banks. This type of plan is usually very long, very thorough, and very specific. Business plans of this kind always provide a common set of information that investors always look at before deciding on whether or not to invest in a startup.

Even if your business is going to be simple — a blog that you intend to monetize, for example — it’s still incredibly important to have some kind of written plan. It doesn’t have to be long or complicated. You just need an idea of where you’ll be going and what you’re going to do before you get started.

Armed with these insider tips for entrepreneurs, you’ll be well ahead of the competition when you launch your startup.

The Ultimate Guide to Becoming a Better Public Speaker

Aug 6, 2019

For entrepreneurs, public speaking is a vital skill that could make or break your business. An effective speech could greatly boost your sales pitch, motivate your workforce, or efficiently communicate your plans and ideas to concerned parties. A terrible speech, on the other hand, could send the wrong message to potential clients and staff members.

The thought of delivering a speech in public, however, sends shivers down the spines of many entrepreneurs. If you happen to be in this large pool of entrepreneurs who dread public speaking, don’t be discouraged, you’re not alone.

In fact, three out of four individuals get anxious right before or when delivering speeches. Most people would rather walk on a path of burning coal than deliver a 20-minute speech on quarterly returns.

This article is for all those tech entrepreneurs who are brimming with incredible ideas or amazing tech entrepreneur advice but suffer immensely when it comes to delivering speeches. The piece could also help those who need to refine their public speaking skills or those who want to be better when delivering tech entrepreneur advice.

Without further ado, here are a few tips for entrepreneurs to improve their public speeches.

It’s All About the Audience

We understand how nerve-wracking it can be before your speech. However, most of us get so caught up in speech preparations that we forget the most important element of the entire speech: the audience.

While how we look, how we stand and the gestures we use will determine how good our speech will be, the overall message and how it is conveyed to the audience is the most important aspect of your speech.

With this in mind, it is important to prioritize your audience above everything else. Doing so will also help take the pressure off of the whole idea of delivering the speech, as you’ll be focused on just one thing.

Practice Makes Perfect

Any successful entrepreneur knows the importance of practicing for a speech beforehand. Consistent practice will help you familiarize yourself with the contents of your speech and greatly boost your confidence.

Delivering your speech in front of your family, close friends, or co-workers is a great way to practice before the actual speech. Ask them to give you feedback and point out areas where your tech entrepreneur advice could improve. With consistent practice, you’ll improve your speech delivery and content in no time.

Get Familiar with the Stage

If you have the chance to inspect your stage before the speech, go for it. Even international public speakers highly recommend getting familiar with your space for a couple of reasons.

First, you’ll have a firm grasp of the surrounding space, including where to stand and how to face your audience. You’ll also understand the layout of the room, including the placement of cables and speakers, so you don’t trip or knock over anything.

Use Informative and Appealing Slides

The digital entrepreneur of today will never deliver a speech without a slideshow presentation to go along with it. If you opt for a presentation, remember to keep your slides as informative, engaging, and visually appealing as possible.

Remember, each bullet should be concise and capture only useful information. For the best presentations, avoid any and all fluff. Consider adding a bit of color and transitions to your slides, so they don’t come off as boring.

Lovely slides that go straight to the point will pique your audience’s interest right off the bat.

Don’t Forget to Breathe

It seems outrageous, but the all too important act of inhaling and exhaling can take a back seat the moment you’re up on stage. Therefore, remember to take short deep breathes before the speech to calm your nerves and maintain the same poise during the speech delivery.

These few tips will have you well on your way to becoming a paid international speaker, or just help you get through your speech. You can also read through our other articles for more useful tech entrepreneur advice.