Entrepreneurship Blog | Rafferty Pendery

How to Become a Successful Tech Entrepreneur

Dec 8, 2020

It can be remarkably difficult to break into the tech industry. For one thing, you’re probably not the only person who’s considered becoming a tech entrepreneur. There is a good deal of competition in the industry at this time, and it can move forward at a rate that is difficult to keep up with. However, there are a lot of reasons why you shouldn’t give up on your ambitions before giving them a good attempt.

If you succeed within the tech industry, there can be remarkable financial rewards. There is a growing need for tech solutions, and original entrepreneurs can potentially succeed greatly within the tech space. The most important thing tech entrepreneurs should consider is being as prepared as possible, and taking advantage of tech entrepreneur resources when they can. Below are some of the things that those wishing to start a small business in the industry should do, and some of the things that they should avoid.

Do: Take Public Speaking Courses

There are a lot of reasons why you should take public speaking courses as a growing tech entrepreneur. Great public speaking skills are surprisingly useful tech entrepreneur resources. No, your business doesn’t necessarily involve public speaking directly. But pitching your business probably will.

When pitching as a tech entrepreneur, you need to be able to sum up the point and value of your business to investors in a short period of time. This could involve summing up a lot of complex ideas and synthesizing them into understandable terms. Even if you feel comfortable speaking in front of people, you should still take public speaking classes in order to hone your skills, build up your persuasive speaking style, and ensure that public speaking is an essential part of your arsenal as an entrepreneur. A lot of the people who may invest in tech companies aren’t necessarily that interesting in technology; they just want to know that they’re making smart investments. Who knows? One day you may very well be introducing a service or product to a busy expo. You can’t do that effectively, and get the full benefits of your presentation, without strong public speaking skills.

Don’t: Go Into Business With Friends And Family

One of the greatest tech entrepreneur resources is a great business partner. A business partner can act in multiple different ways. They can provide creative and financial support, and offer limited or heavy involvement. However, when choosing a tech entrepreneur partner, you shouldn’t go into business with family or friends.

Keep in mind that about 22.5% of all small businesses collapse within their first year. While you can move on from a failed business and start something new, it’s much more difficult to move on when both you and something that you personally care about have lost money or time to the business’s failure. Bitter feelings can arise from business difficulties arising between partners that are personally linked. Furthermore, if the two of you develop issues in your personal relationship, those issues can leak into your business partnership. Although friends and family can be great business partners, think carefully before moving forward with this kind of partnership, and be prepared before committing to this kind of career move.

Do: Start a Tech Blog

There are a lot of reasons why you should start a tech blog related to your business. You can provide your own tech entrepreneur resources to other aspiring businesspeople, while at the same time boosting your brand recognition and creating a personal face for your business.

Tech entrepreneur blogs are also excellent for SEO purposes. By creating this organic material through which you can advertise your business, you’re bypassing more obvious ads that many consumers are tired of.

Don’t: Forget Your Goals

Being an entrepreneur is difficult. You’ll probably stumble at points, and it can be easy to take setbacks too seriously and let them stop you from pursuing your goals. Keep your purpose and dreams in mind as you make business decisions, and trust your gut.

There are a lot of difficulties that you will run into as a tech entrepreneur. But if you prepare before starting your business, dedicate yourself to your work, and commit yourself to success, you may be surprised by how far you can go.

7 Steps to Starting Your Women-Owned Tech Business

Dec 3, 2020

There are a lot of opportunities for women who want to succeed in business today — perhaps more than there ever have been before. Right now, data from Kauffman reveals that 40% of all new entrepreneurs in the United States are currently women. The number of women-owned businesses is also growing at double the rate of male-owned businesses. While this is encouraging, finding out how to start a business is still daunting for many women. It’s easy to get discouraged when you’re planning your future as an entrepreneur, particularly if there aren’t as many mentors or leaders to emulate in your field.

Fortunately, there are resources available, especially if you want to become a tech entrepreneur. Technology, as an industry, is growing incredibly quickly. There are plenty of areas in which female tech entrepreneurs can grow their businesses. But because the industry is moving forward quickly, time is of the essence. With that being said, let’s explore some tips for women entrepreneurs looking into how to start a business.

1. Research Your Market

Who will you be competing with? If you’re launching a product or service, is it a totally unique idea or is it something that already exists? If you are launching a product, is it already on the market and has it been patented? These are the types of questions that you need to ask as you begin researching how to start a business. You need to do market research in order to know whether or not your concept is viable, and if it is, who will make up your target audience.

2. Make a Business Plan

It’s crucial for you to have a business plan. There are a lot of tech entrepreneur resources available to help you craft a plan after you’ve done your market research. They can help you map out how to begin and grow your business. You should have certain benchmarks in mind, as well as an end goal. Some entrepreneurs wish to run their companies for the long term, while others prefer to simply make as much money as they can by licensing or selling their businesses down the road. But your business plan is key to convincing investors that you are a good “risk” to take.

3. Source Your Funding

One of the most intimidating things to consider when exploring how to start a business is finding funding. Very few tech entrepreneurs are entirely self-funding. You may want to consider a tech entrepreneur partner, who can help you grow your business on several different levels apart from financing. You may also want to begin pitching your business model to investors, who can provide you with the money that you need in exchange for equity, royalties, or other benefits. Loans are also potential resources that should be considered strongly. Make sure that you’re ready to commit to the financial task of starting a business.

4. Choose a Location, Structure, and Name

This is really a part of starting your business’s brand. It may take you a while to stop operating out of your home and move into a store, but do you really want a store? Some businesses operate entirely online, while a brick-and-mortar approach is better for others. Consider the legal structure of your business, as this will affect what you pay in taxes and your potential liabilities. Don’t be casual about choosing a name, either. It can greatly affect your long term success.

5. Register Your Business

Registering your business really makes it official and protects your brand from the start. Keep in mind that those doing business under a name different from their own need to register their businesses with the federal government, and quite often with state governments, as well.

6. Acquire Federal and State Tax IDs

You’ll need an employer identification number in order to open a bank account and begin paying taxes. Some states will also require you to get a tax ID number for your business, as well. It’s a good idea to meet with an accountant to ensure you’re all set in this regard and that you’re operating your business legally.

7. Submit Applications For Licenses and Permits

The types of licenses and permits you’ll need will depend on the kind of tech that you’re dealing with. However, these are crucial to ensuring that your business is being operated properly.

After these steps are managed, you can open a bank account for your business. By following this process, you’ll give your business the best chances for success!

5 Qualities That Distinguish a High-Paid International Speaker

Nov 30, 2020

Do you dream of turning your entrepreneurship knowledge and insight into a paid speaking engagement? Successful paid international speakers such as Raffy Pendery continue to break new grounds globally by fine-tuning their public speaking skills. They can deliver thought-provoking and emotional speeches that leave a memorable impact on their audiences.

Rafferty Pendery continues to do just that. He has gone from starting his first business venture at 11 to becoming a well-known international keynote speaker. While it is vital to have soft skills to become a public speaker, you may need more than just eloquence to make you successful.

Here are five essential traits of a paid international speaker.

1. Excellent Story-Teller

Every international speaker should be able to tell a story that the audience can resonate with. They can paint a picture through storytelling while teaching vital lessons through their speech. A storyline helps to break your major points into step-by-step instructions for the audience. The listeners can relate to the international speaker’s life through the various mysteries, plot twists, and revelations in the narrative. In the end, you can string all points together to pass a vital message that remains memorable for the audience.

2. Great Audience Awareness

Public speakers need to demonstrate their skills by engaging their audience. Illustrations, case studies, and dialogue can help kill boredom during the presentation. Be creative in coming up with an interactive discussion that makes it fun, both for you and the audience. You can opt to ask questions, story-tell, or engage in body relaxing activities. Additionally, a quick study of the audience can guide you on the topics that would excite them. It means that you may have to be dynamic when coming up with ideas to speak of.

3. Confident

Confidence is an invaluable skill for any paid international speaker. The audience needs to remain enthralled with the message that you are trying to pass. An audience can tell when you are anxious, which may impact the delivery of your speech. Confidence gives you the courage to speak eloquently in public, exuding influence and authority through the message you convey. It also allows the audience to trust the message you are trying to pass.

4. Passionate

As a tech entrepreneur cum international speaker, you must have a passion for whatever you do. Being passionate allows you to remain enthusiastic as you present your ideas. The emotion may rub off on your audience, allowing them to resonate while the message you convey. A passionate speaker can inspire and attract a diverse audience and change them for the better.

5. Knowledgeable

Your audience will expect that you will deliver unique messages and ideas. They yearn for a fresh perspective that will propel them to a better self. You may need to settle for an area of expertise that you can comfortably speak on. Raffy Pendery offers tips for entrepreneurs through his speeches, blog, and other resources. An easy way to hack it is by staying true to yourself and your beliefs.

As a top paid international speaker, Raffy believes anyone can learn and hone their skills to become better at public speaking. While these are only five examples, many vital traits define successful international speakers. For more information on how to make your speeches relatable, motivating, and inspiring, reach out to Rafferty Pendery here.

The Dos and Don’ts of Finding a Business Partner

Nov 30, 2020

Approximately 22.5% percent of all startups fail within the year of operation. What’s more, a recent study shows 82% of businesses fail due to poor cash flow management. Tech entrepreneurs must focus on their expenditure and revenue streams to ensure a healthy financial status. But there is another vital aspect to focus on: their business partners.

The persons or companies you bring on-board can directly impact your success or be a roadmap to hell. As a successful tech entrepreneur, VC, and international speaker, Raffy Pendery continues to invest in value-added partnerships to propel his business interests. Here is a detailed guide on the dos and don’ts of finding a business partner.

Do: Match Values

It is essential to choose a business partner who has similar goals and interests. Working with like-minded individuals is a recipe for success. Start by setting goals for your company before outlining responsibilities for each partner. Watch out for personality conflicts that may create a stumbling block to determining your business goals and values.

Don’t: Seek a Partner for the Wrong Reasons

The first step to finding a business partner is to ask yourself the question: why? Conduct a personal evaluation and establish objective reasons for getting into a merger or partnership. Creating a list of merits and demerits may help paint a clearer picture.

Do: Look for Complementary Skills

Find the yin to your yang, as they say. You should only bring in a partner if they have a complementary skill or capital. Evaluate your skills to find out your strengths and weaknesses. If, as a digital entrepreneur, you find yourself short in selling your products, look out for a marketing guru as a partner. Complementing skill sets can make up for the extra work needed to find common ground.

Don’t: Agree to Unequal Commitments

One of the most common entrepreneur mistakes is a lack of balance in commitments to the business. Unequal partnerships breed bitterness, which is a surefire path to sinking the business. When finding a business partner, ask the potential candidate-specific questions on the role they intend to play within the company. While it isn’t a legal requirement to file for equal partnerships, take it up as a practical reason to ensure your agreement will not turn into an ugly mess.

Do: Have an Exit Strategy

When finding a business partner, ensure that the individual or company understands and agrees to an exit strategy. Settling on an exit strategy clears the way for a smooth transition if the partnership fails. You may settle on the different options such as:

Selling to third parties
Taking the company public
Passing ownership in exchange for a significant buyout

Don’t: Settle for a Gentleman’s Agreement

While handshake deals are quite common, it is wiser to have a founder’s agreement drafted by an attorney. Without a written contract, you may have a challenge in dealing with issues that arise later on. The only other option may be an expensive civil lawsuit, which may drag on for years. Avoid any individual hesitant to put the agreement in writing.

Value-added partnerships are excellent recipes for the success of any business. They can help you finance, grow or even expand your business to global levels. With this guide, you can now find invaluable individuals for your business operations and those you should avoid.

7 Qualities to Look for in a Business Partner

Nov 10, 2020

Successful entrepreneurs like Raffy Pendery have broken new grounds in business through value-added partnerships. Having a partner can boost your business prospects, but it could also lead to chronic problems and endless disputes. In this article, we look at some of the essential qualities to look for.

1. Unique Entrepreneurial Skills

When you are starting a business, you may lack some of the essential skills that could make the venture successful. One of the main objectives of finding a business partner is to fill the skills gap by hiring someone with unique abilities.

One of the common entrepreneur mistakes is to settle for someone who has the same exact skills as you. For the partnership to be successful, it must complement both parties. By combining your unique skills, you can overcome many of the initial challenges that may come your way.

2. Passion and Motivation

Entrepreneurs like Raffy Pendery are passionate about what they do. So, it makes sense to find someone who has the same level of passion. You don’t want to work with a partner who you will have to push to fulfill their end of the bargain. They should also be self-driven and motivated to push the business forward at all times.

3. Compatibility

Even though both of you may have a unique skill set, there needs to be a sense of genuine respect between you. That means that you value your partner’s contribution, skills, and concerns, and vice versa.

When there is a strong partnership built on respect, the company can blow through the obstacles. And when you attain success, you’ll be there to celebrate each other’s accomplishments.

4. Capability to Network

When unveiling a new product or service, businessmen like Raffy Pendery tap into their networking circles for leads. When you are in the process of finding a business partner, you may want to consider someone with valuable contacts. A well-connected entrepreneur can help take your business beyond its current market boundaries. Their networks can also help with financing or other aspects of the business that you are not yet aware you need.

5. Communication Skills

Effective communication is an essential part of running the day-to-day operations of any business. Some decisions can be controversial, so it is important to communicate not to be misunderstood than to be understood. You can’t have a situation where the right hand does not know what the left one is doing.

6. Creative and Open-Minded

Whether you are a marketer or tech entrepreneur, your company will have to incorporate new ideas to be successful. An ideal partner should contribute business ideas and help you resolve conflict. They also need to be open-minded so that it is easy to share and discuss new groundbreaking strategies. That way, you are not constrained to doing business the way it has always been done, as this can stifle growth.

7. Professionalism and Ethics

If you are interviewing individuals to partner in your business, you’ll need to evaluate their sense of professionalism and ethics. You should share the same standards on business practices, compliance, and respect for clients. If there your ethical standards mismatch, that could be a source of endless conflicts that could lead to business failure.

Get the Right Partner

There are many good reasons to find a business partner. However, if you’re not careful, you could make mistakes that could cost you your venture. Entrepreneurs like Raffy Pendery encourage startups to find mentors to guide them at different building stages. There are always great insights you can tap from experienced entrepreneurs.

Entrepreneur Tips: 5 Public Speaking Mistakes to Avoid

Nov 7, 2020

Do you dream of giving a memorable speech that wows audiences? There are many ways your business can benefit from an engaging presentation. Here are some top entrepreneur tips on things to avoid when giving a speech.

1. Writing a Vague Speech

It is possible for public speakers to feel that they have a firm grasp of the topic they are about to share. But when they get to the podium, they fumble as they try to explain their ideas with clarity.

So, your talk needs to be coherent to sustain interest in the subject you’ll be discussing. One of the top entrepreneur tips for public speaking is to write down the idea in one sentence. If you cannot reduce the topic down to a sentence or two, the chances are that your speech will be vague.

2. Not Using Real-Life Examples

As an expert in your field, you may assume that the audience can consume the theoretical work you present. However, the concept could be too hard for your audience to follow.

Regardless of the technicalities of the subject, you can always boost the impact of the speech with stories. You can go through case studies and research reports to find real-life experiences for your talk. You can split the supporting material into personal anecdotes, statistics, and stories.

3. Having a Predictable Start

The start of your talk has the potential to make or break the rest of the speech. So when you begin with a predictable statement, you risk losing your audience.

If you’re a businessman, you can open the talk by posing a question. Or you may tell a personal story that is relatable before sharing a list of entrepreneur tips with your audience. Whatever you do, always ensure that you captivate the audience from the very beginning. It is very hard to get them back once you have lost them at the start.

4. Not Engaging the Audience

The best-paid international speakers try to avoid coming out as preachy. They say that people tend to recall the emotions you invoked through your speech rather than the details. Avoid talking to your audience in a way that will make them feel like you’re telling them off.

One of the top entrepreneur tips for making your speech more engaging is to involve the audience. You may plan some fun activities for the presentation to demonstrate an idea or show the practicality of a product. You may also interest your listeners with a video presentation. After that, you can request comments before giving your views. Above ensure that you make your presentation in one way or another. That way, the audience will remember it in the long run.

5. Not Rehearsing Adequately

The finest public speakers are always working on perfecting different aspects of their craft. They understand the implications of body language, posture, and voice projection, among other factors.

Practice makes perfect. It is not wise to stop practicing when you feel you’ve gotten better. Rehearsing the speech should be a continuing part of the process of improving your public speaking skills.

Perfect Your Public Speaking Skills

There is a lot of information on public speaking you can get from a wide range of sources. Remember to focus on proven techniques and strategies to address the weaknesses in your speech delivery. You should consider hiring a coach to guide you with tested tips and tricks for entrepreneurs.

Should BFFs Become Business Partners? What New Entrepreneurs Should Consider

Nov 5, 2020

On our entrepreneurship blog, we previously shared some tips for picking the right business partner. But one of the most obvious options when finding a business partner is to look to your existing friends. After all, your best friend may know you better than anyone and share your passions, making them a natural fit for your business. But while this may seem like a great idea in the beginning, it can turn out to be one of the biggest entrepreneur mistakes you’ll make.

Ultimately, the choice of whether to go into business with a close friend is up to you — and whether or not it will succeed depends on a number of factors. But if you’re wondering how to start a business with your BFF, here are a few considerations to keep in mind before you forge ahead.

You Can Build a Business Based on Trust and Common Interests

If you attempt to find a business partner out of the blue, it can be tough to figure out who you can trust. If you entrust the wrong person, you could end up getting burned. While that still may be true for friends who go into business together, your existing relationship can mean that you don’t have to waste time getting to know each other and your respective business styles. What’s more, you’ll probably have a better idea of what your friend is passionate about and will know whether emotional buy-in already exists. Not only will your friend want your business to succeed for their sake, but they’ll also be invested to ensure you succeed.

Your Friend Can Provide Balance and Create a More Complete Partnership

One of the most important tips for entrepreneurs is that you should pick a business partner who can offer what you can’t. If you decide to go into business with a friend, you’re probably already very familiar with their main strengths and weaknesses. If you know that they excel in places you lack, this can actually be of huge benefit to your venture. As part of your partnership, the two of you will provide a sense of balance to each other and bring out the best in each other. That’s assuming, however, that this is the dynamic of your friendship. If you frequently find yourself in a spat with your friend or you’re too much alike, this may not bode well for your business. If you team up with a friend, make sure that their temperament and business style complements yours and makes up for what you may not have.

Business Partnerships Based on Friendship Have Higher Stakes

Although 80% of small businesses started n 2014 made it to their second year, there’s no guarantee that your business will survive. And if your business fails, it’s also possible that your friendship could end as a result. Working together can bring out other sides of each person; if you don’t have a solid plan in place to ensure communications are productive, it’s possible that working together could damage your friendship. If you do decide to go ahead and go into business together, make sure you’re both on the same page about the state of your friendship and come to an agreement to keep work and personal lives separate.

As our entrepreneurship blog shows, going into business isn’t an easy task. And while starting a venture with your friend can be an excellent idea, it’s one that should be carefully considered first. For more tips and tricks for startups and visionaries, check out our entrepreneurship blog.

5 Reasons Public Speaking Is Essential for Startup Entrepreneurs

Nov 3, 2020

Research shows that about 69% of entrepreneurs start their venture at home. As more people transition to working remotely, public speaking may not seem critical for business.

However, it is wise for entrepreneurs to hone their public speaking skills. Regardless of your industry, you can share your entrepreneurial journey or give tips on fashion or offer tech entrepreneur advice. Here are five ways it can be beneficial for your career and business.

1. It Is a Valuable Soft Skill

Public speaking is a soft skill that most employers require today when recruiting new members of staff. It is a powerful form of communication, especially when you need to reach out to a large group of people.

As a business person, there are many ways public speaking will positively impact your venture. It will boost your confidence when talking about your ideas to the press or at conferences. Personalities like Rafferty Pendery have been making connections with industry leaders by giving talks and tech entrepreneur advice.

2. It Helps You Publicize Your Expertise

As a public speaker, you can set yourself apart from your competition by giving talks at conferences and industry events. Many international speakers are making an impact by sharing their personal stories and their journey.

Rafferty Pendery started his first company when he was 11. He currently provides tech entrepreneur advice and solutions to Fortune 500 businesses. But he also experienced failure before he became successful. By sharing both the positive and negative aspects of your experiences, you make the presentation more relatable.

3. It Helps You Popularize Your Profile and Brand

Public speaking creates many opportunities to talk to clients and potential business partners. Giving an impactful talk on tech entrepreneur advice can create a buzz for your ideas, skills, and experience. You can soft sell your brand, which can be more persuasive than cold-pitching to clients.

The presentation may prompt business prospects to search your brand online, and it may generate clicks for your tech blog. If your message is aligning with the relevant audiences, you can capitalize on the attention to popularize your brand.

4. It Helps You Network with Other Professionals

Public speaking not only puts your skills and ideas out there, but it also gives you insights into your clients. For example, after a tech entrepreneur advice presentation at a conference, you may get follow-up questions from the audience.

Such queries can allow you to see their perspective on the solutions you are presenting. You can use the feedback to gauge their level of understanding on a given subject. The information can enhance your presentation when you appear for conferences in the future.

5. It Helps You Sharpen Your Communication Skills

Taking part in public speaking events will prepare you to come up with ideas for a better presentation. As the business grows, you’ll be reaching out to a bigger market, and so you should always be ready. As it is with any skill, the more you practice, the better you will get.

Entrepreneurs can benefit a great deal by working on their public speaking skills. Whether you are giving a talk on health or tech entrepreneur advice, it can positively impact your business. Remember that practice is essential for honing and perfecting your craft. With time, you’ll build confidence and sharpen your communication skills until it is no longer a challenge for you.

How Entrepreneurs Can Calm Their Speech Anxiety and Reach Their Fullest Potential

Oct 13, 2020

Public speaking is an important skill for any entrepreneur to have. However, nearly three in four people suffer from some form of speech anxiety. This can be extremely detrimental for those looking to start their own enterprising companies. It can even hold entrepreneurs back from being able to achieve all of their goals.

Rafferty Pendery, tech entrepreneur and well-known international speaker, is no stranger to the challenges that can come from public speaking. However, if you are looking for some quick and easy steps to help you combat your speech anxiety, here are some simple steps that you can start to use right now — as recommended by Rafferty Pendery.

1. Thoroughly Understand Your Topic

When publicly speaking about a topic, it’s easier to speak more confidently about a topic you are knowledgeable about. This means that you will be less likely to get off track or lose your train of thought. In the event that you do lose your place, it can also be easier to recover as you will have a thorough understanding of the subject at-hand. Speaking about a topic you know a lot about can also make it easier to utilize an outline, as opposed to a full-blown script. By writing down the specific points you want to talk about, you can ensure that you won’t miss anything important but will also have the freedom to tailor the speech to your audience.

2. Practice Makes Perfect

The importance of practice cannot be overstated enough. Not practicing ahead of time is one of the biggest entrepreneur mistakes you could make when it comes to speaking. While there are many tips for how to practice on the Rafferty Pendery website, one of the best ways is reading through your speech in front of a mirror or in front of a camera. Recording yourself can be particularly helpful, as it allows you to analyze yourself and make any necessary corrections. For example, if you find that you’re too stiff or that you’re getting hung up on a specific paragraph, you could tweak your delivery and rerecord your speech until you’re happy with the final result. Additionally, hearing the speech back can help with memorization, allowing you to stay on track and remember all of the points without having to constantly reference your notes.

3. Don’t Stress About the Silence

Many new speakers make the mistake of thinking that they have to constantly talk without pausing. This can make it difficult for your audience to absorb everything you’re saying and it can also make it seem like you’re rushing through your speech. To prevent this, make sure to practice slowing down your delivery and taking a pause between sentences and paragraphs. Now only will this make your speech seem more put together, but it can make it easier for the audience to follow along. Furthermore, you could also listen to speeches given by Rafferty Pendery in order to get a better idea of how you should model your own cadence and pauses.

4. Have a Positive Mental Attitude

The power of positive thinking is another thing that many entrepreneurs overlook. However, it can be a powerful tool in its own right. If you’re feeling nervous about an upcoming speech, instead of focusing on the negative, focus on your success and imagine your presentation going well. Even something as simple as this visualization technique can help put you more at ease and make you feel a little less anxious about speaking.

If you are an up-and-coming entrepreneur who is struggling with speech anxiety, consider these tips before your next presentation. You may also want to check out all of the additional tips and tricks listed on Rafferty Pendery’s website. There you will find numerous articles related to how you can best utilize your strengths to help you achieve all of your entrepreneurial goals.

How to Start a Business: 4 Entrepreneur Tips

Oct 12, 2020

According to research from a United States Bank study, 82% of businesses fail in their proposed business plan due to problems with their cash flow. Statistics like this can make it seem daunting for aspiring entrepreneurs or those looking to start a business in today’s market. Fortunately, there are ways to make your business model work. The key is in your first steps. This post will cover four early steps on how to start a business, including how to avoid common entrepreneur mistakes.

Plan Your Business Model

How to start a business? That’s not a simple question, and many elements go into the answer. Licensing, bookkeeping, and employee management are only a part of the details of running a business. But the bottom line is: what do you want to build? What problem can you solve for people? What skills do you have? Who will benefit from those skills? What are your business goals, and how can you break them down into actionable steps? Answering all of these questions will help you to build the foundation of your business. They will become the basis for the following steps. It is also important to remember and note: you won’t be able to do this completely alone. Finding a business partner, or partnering with other businesses or entrepreneurs who have skills and services that complement your own can mean that your business grows stronger than if you tried to learn every skill yourself.

Find Your Niche Interest

This should be one of your first goals when deciding on a business plan. The key to being successful and rising above the dozens or even hundreds of other businesses out there is to be unique. What can you offer that no one else can? What can you do that no one else can do? There are hundreds of businesses offering marketing and design services, for instance, but perhaps only you can focus your business on specifically designing marketing copy for fantasy and science fiction authors, because of your background as a writer. Find your niche, that thing that makes you different, and your business will be off to a good start.

Know Your Target Audience

One of the most important aspects of learning how to start a business is to know your audience. In fact, knowing your audience is almost as important as knowing your niche. The two go hand in hand. Going back to our example above, your audience would be indie sci-fi and fantasy authors. By having your audience narrowed down, you can start advertising and building connections with those authors who would benefit from your services. This allows you to narrow the focus of your networking and marketing, which can make your time and money even more effective and can ensure that you don’t waste either. This leads us to our final step.

Network and Market

One of the most important entrepreneur tips is to network, network, network. This can mean to network digitally by building a mailing list and connecting with your audience on social media. Or it can mean networking in person by traveling to conferences, either as a guest or a public speaker to connect and share your knowledge of the industry. Basically, it boils down to making connections and building friendships with people in your chosen niche industry.

Finding your niche, following a well laid out plan, knowing your audience and what they need, and networking yourself and your business within your industry are all steps you can take to help reach success. Starting your own entrepreneurial business is no small feat, but the rewards are more than worth it if you are patient, hard-working, and dedicated.

How to Find the Best Business Partner

Oct 6, 2020

Did you know that nearly 15 million Americans are self-employed on a full-time basis? The pandemic has set the stage for even more people to become entrepreneurs as businesses close and many in-person jobs are eliminated. The digital entrepreneur is more important than ever, so now could be the time to make your next career move.

But if you don’t want to go it alone or don’t know how to start a business, one of your first steps should be finding a business partner. Here’s how to find the right one.

Consider Current or Former Coworkers

One of the best ways for the digital entrepreneur to find a business partner is to consider current or former coworkers for the job. You already know your coworkers’ work ethics because you have worked with them before. Choose the coworker who you worked well with in the past and who takes an interest in your business.

Ask a Friend

While some people may advise against it, asking a friend to be a tech entrepreneur partner can come with several benefits. You’re probably friends in the first place because you have similar interests, get along, and trust each other. Starting a business together could be a good fit. However, if the business fails, the friendship may not survive unless you have clear boundaries and strong communication from the get-go.

Go with Family

Going with a family member as a business partner might also seem like a recipe for disaster. However, many successful entrepreneurs are related. That could be because family is more likely to have similar mindsets, values, and work ethics. Communication can sometimes be easier between family members. You’ll be less likely to have a falling out if the business doesn’t succeed, as your bond will be too strong to break.

Network

For the digital entrepreneur, networking is probably a no-brainer. Online networking communities are taking the place of in-person networking opportunities nowadays, but they also have the added benefit of reaching more people. That means you’ll have more options and you can find an online networking group for almost any job.

Go to a Business Class or Training

A great way to find a business partner (when you may not even be looking for one) is in a business class or training. A new tech entrepreneur can benefit from a class by learning more about their field and by meeting other people who also have the drive to learn more. You and another student may find that you work well together and have the same ideas — a perfect recipe for a strong partnership.

Find Someone Trustworthy

No matter where you meet your next business partner, you will want to make sure that person is trustworthy. Don’t be afraid to ask for references if you’ve just met a potential partner. You should offer up references for yourself, as trust is a two-way street. It’s also a good idea to take some time to get to know someone before you dive in.

Find Someone Eager

Whether your partner is your sibling, coworker, or someone you’ve just met, they should be eager and excited to start a business with you. If they go into this new venture halfheartedly, they may not be in it for the long haul. You want someone who’s passionate about what they do and someone who wants to succeed.

Find Someone Who Complements You

You don’t need to find a business partner who is completely like-minded. In fact, someone who complements you can make the best partner. You may possess one skill set and your partner will have another. Maybe you have a knack for finances and your partner is more capable of designing a website. You will both bring valuable skills to the table, which can create equality and a nice balance.

The digital entrepreneur may need a little help in the beginning. You may want someone to bounce ideas off of, someone to make up for what you lack, or someone who’s just as willing to put themselves out there. That’s why you should take your time to find the right business partner. Look for one in the obvious places, but don’t be afraid to try unconventional outlets, as well. The main thing is to find someone you’re comfortable with and who you can see yourself building a business with.

Follow These Tips for Avoiding Entrepreneur Mistakes

Oct 5, 2020

Nearly 22.5% of smaller businesses are known to fail during their first year of operation. That thought is staggering. You may be wondering, as a new entrepreneur, how you can avoid losing your business that quickly. How do you launch and successfully run a startup? There are actually many pitfalls when it comes to running a business, especially for first-time entrepreneurs. Avoiding entrepreneur mistakes takes guidance from digital entrepreneurs like Rafferty Pendery as well as top tips for entrepreneurs. You need to know how to start a business and keep it running efficiently.

Tip #1 Have a Business Plan

Do you have a business plan? All it takes is a basic plan to start. Failing to plan is one of the first mistakes most new entrepreneurs make. Without even the most basic plan in place, you are essentially planning to fail. It doesn’t matter how small your initial plan may be, either. It is necessary to try avoiding entrepreneur mistakes by mapping out a business plan. Keep in mind to include how much you anticipate selling products and services, how much it is going to cost to operate your business, and one of the most important aspects, who is going to purchase your products and services and why.

Tip #2 Don’t Fear Failure

Avoiding entrepreneur mistakes when learning how to succeed as a tech entrepreneur is part of the process. However, failure shouldn’t be feared. Look at failure as a key to success and fully acknowledge it and learn from it. How you respond after failure shows how capable you are of learning from your mistakes. Failure, in and of itself, is a great key to success that can point you in the right direction.

Tip #3 Know Your Target Audience and Market

Have you taken the time to fully understand your target audience and market? It is common for many startups to lose sight of this integral aspect. Avoiding entrepreneur mistakes includes knowing whether you’re on the right track or not. That means you need feedback from prospective and current customers. Building great products is only part of your success, not the entirety of it. The more you know about consumers and how they feel about your business, the better you will be able to market yourself.

Tip #4 Get and Stay Organized

Have you ever run a circus before? That’s pretty much what it feels like running a business without organization. The successful operation of a business means that you will have many things happening all at once. In order to keep track of tasks that need your attention the most, make a daily list. This is a piece of tech entrepreneur advice that goes a long way in helping you stay more productive.

Tip #5 Get the Support You Need

Yes, you may have started your small business on your own. However, you’re not alone and in order for your business to run efficiently, you need wise counsel. Avoiding entrepreneur mistakes includes seeking the advice of trustworthy advisors ready to discuss your strategy, business ideas, progress, and challenges. Great power and wisdom come with counsel. Use the savvy information from tech entrepreneurship blogs offered by Raffy Pendery to get started.

Surround Yourself with Mentors and Experts

Successful businesses are built from the ground up with support. It is imperative that you surround yourself with mentors and experts that can guide you when you need it the most. This type of support can help you avoid many pitfalls and mistakes that most entrepreneurs make. Make no mistake about it, mistakes are still going to be part of the process since they are inevitable. Just manage your expectations and don’t be afraid to fail. Learn from mistakes so you can pivot your business model when needed.