Entrepreneurship Blog | Rafferty Pendery

5 Tips for Avoiding Common Entrepreneur Mistakes

Jun 16, 2020

Avoiding common entrepreneur mistakes when you’re just getting started can be a challenge. It seems like there’s so much to know and so little time to learn it all before you need to get your startup off the ground. When it comes to providing tech entrepreneur resources or entrepreneur tips that will help your business succeed, we’ve got you covered. Consider some of these as ways to avoid the most common entrepreneur mistakes.

Don’t Be Afraid to Try Something New

Over 40% of new entrepreneurs in the United States are women, according to data from Kauffman. Women-owned and supported businesses are growing at twice the rate of male-owned businesses. It’s never a bad time to try something new because there’s always a chance that you’ll change the world or at least inspire others to join you.

Have a Business Plan

There are so many tech entrepreneur resources available for entrepreneurs who want to make their mark in the tech industry. However, if you fail to plan out your business model and strategy, you’ve hurt yourself from the start. Take some time to plan out your business so that you know your mission and what drives your business to be better.

Know Where the Money Is

It’s always smart to cultivate investors for your startup so that you know how you’re going to finance your business. You have to think about how you’re going to pay salaries, get insurance, expense company essentials, and more. The more you understand about your company’s cash flow, the better you’ll be prepared for a rainy day.

Build Your Company Culture

More and more companies are beginning to work from home permanently as company cultures across the world adapt. You have to decide what kind of company culture you’re going to foster at your business. What kind of legacy do you want to communicate with your employees? It doesn’t matter if you have two employees or twenty; you need to know what the culture will be from day one so that everyone starts off on the right foot.

Find the Right Partners

You can’t do everything on your own. Sometimes, utilizing tech entrepreneur resources isn’t enough. You owe it yourself to spend time finding a business partner who will work with you and help you carry the responsibility of your business. Looking for more tech entrepreneur advice? Contact our team today to get started.

6 Ways Your Tech Startup Can Beat the Competition

Jun 10, 2020

If you’re thinking about starting a new business in the tech industry, you’re not alone. In fact, the tech industry is one of the most competitive fields out there nowadays. However, there’s good news, too. Nearly 80% of the new small businesses started in 2014 made it to their second year. You just need to figure out how to make your startup a success to get there. But, before you become a tech entrepreneur, there are six ways to get a leg up on the competition. Here’s what they are.

Make a Useful Product

This may seem like an obvious tip, but many common entrepreneur mistakes include making a useless product or one that doesn’t hold a candle to their competitors’. You should have a good product that you would want to use. If you don’t, no one else will want to use it either. Even if you think you have a good idea, you should test it out first. If you can’t live without it, chances are others won’t be able to either.

Keep It Simple

When there’s a lot of competition for business, customers can become overwhelmed by their options. You’re more likely to win over those customers if you keep it simple. You should have a clear message and simple instructions. No one wants to deal with confusion or have to search for answers about a product.

Set Yourself Apart

When you enter a competitive market, the chances of getting lost in a crowd are high. You should figure out what sets you apart from your competitors early on. Have a completely different technology, business model, or user experience. Play up those differences to win people over.

Reach Out With a Tech Entrepreneurship Blog

You probably already know to market yourself and find your target clients. A great way to do that is by starting a tech entrepreneurship blog. A tech entrepreneurship blog allows you to reach out to potential clients as well as potential advisors. You should be letting people know about you, your business, and your product. Offer them useful information and you will be more likely to stand out from your competition.

Don’t Waste Time

While you should know what your competition is, don’t waste too much time trying to figure them out. Your time is better spent improving your own product and marketing yourself. You also don’t want to lose your uniqueness, which can happen if you start mimicking what your competitors are doing.

Make Friends

Another idea to beat the competition is to not beat them at all. Instead, make friends with your competition. You never know, a partnership or collaboration on a project could make you both successful.

In some instances, too much competition can mean that you won’t succeed. However, if you follow these simple steps, you’ll be a formidable opponent.

What You Need to Remember to Be Successful as an Entrepreneur

Jun 8, 2020

There are as many as 15 million Americans that are full-time self-employed. Now more than ever it’s possible to have a career as an entrepreneur. Unfortunately, many people try and fail to make their entrepreneurial dreams a reality. It’s important to keep in mind a few key entrepreneur tips to increase your chances of success. Here’s what you need to remember to be a successful entrepreneur.

1. Don’t fear failure

Many people, including Raffy Pendery, have had failures when it comes to making their business a success. Bill Gates, one of the most successful tech entrepreneurs in the world, had his first business called Traf-O-Data fail before he was successful with Microsoft. Walt Disney started a business called Laugh-O-Gram that eventually went bankrupt in two years. The point here is that you’ll probably make a lot of mistakes when it comes to starting your entrepreneurial journey. Don’t be afraid to take calculated risks and try different ideas. If some of those ideas fail, learn what caused those failures, and use it to help make your business more successful in the future.

2. Be patient

As alluded to in the point on failures, success takes time. If you’re an entrepreneur starting a business as an international public speaker, you’re not going to be speaking to an arena full of people in your first speaking engagement. Similarly, if you’re trying to be a tech entrepreneur, you’re not going to create the next Google or Microsoft overnight. It’s important to be patient and work hard on a daily basis. It’s through persistence that entrepreneurs like Bill Gates and Raffy Pendery eventually became as successful as they are today.

3. Grow your knowledge

As an entrepreneur, you’re going to be doing a lot of the work when it comes to your business. While it’s helpful sometimes to hire someone to take care of complicated tasks, it’s also good to learn how to take care of them yourself. You can find online classes to take on subjects such as graphic design or bookkeeping. With the knowledge you gain, you might save money not having to hire someone to do those tasks for you. Raffy Pendery has also mentioned the importance of mentors. They’ve been on the path you’re on now, and can provide a wealth of knowledge that can help you avoid common entrepreneur mistakes.

The number of new entrepreneurs have continued to grow in the last few years. With the rise of the internet, there are more opportunities for people to succeed in starting their own business. Keeping all of these tips in mind can help you be more likely to succeed as an entrepreneur.

7 Pieces of Tech Entrepreneurship Advice to Grow Your Startup

Jun 5, 2020

Every year, there is a new bunch of entrepreneurs that join the tech space seeking to leave a mark in the industry. In fact, technology startups in the U.S. have grown 47% within the last decade. However, the rapidly shifting digital space makes the industry difficult to navigate. With that in mind, here are seven tips to guide you through your entrepreneurship journey and help you avoid common entrepreneur mistakes.

1. Drop the ‘Startup’ Name Tag

Your business can’t remain a startup forever. Set a goal to develop your ideas and mold them into a business quickly. 22.5% of small businesses fail within the first year. A study by CB Insights shows “no market need” as the leading cause of startup failure. Ensure your brilliant idea can be monetized with a firm plan on the critical aspects of the business.

2. Build a Diverse Team

Surround yourself with a team of tech experts with diverse education and professional backgrounds. Take time to choose a top team that understands your vision. You need employees who will offer invaluable tech entrepreneur advice to help you stay relevant in the market.

Overall, always be open to new ideas and be ready to listen to opposing ideas from your team members. They might have some insight you had not considered.

3. Work on Your Mindset

The median time for venture-capital-backed startups to reach IPOs is eight years, and five years for full acquisition. The entrepreneurship journey is not an easy feat, with lots of ups and downs. Through the emotional rollercoaster, you need to remain positive. Maintain confidence in the ideas and beliefs for your company. Learn from your entrepreneurship mistakes.

4. Conduct a Thorough Market Research

You’ll need to reach out to your target market fast. Drop the stealth act and talk to potential customers about your product or service. The earlier you learn about your market needs, the better you can pivot your business to serve the clients better.

5. Grow Your Network

Once you get immersed in the business world, it may be challenging to make time to network. However, a robust network of like-minded individuals may offer fantastic tech entrepreneur advice that may help in running your business. Get yourself a mentor. A senior with experience may help you learn the ropes much faster than heading out on your own. The network will also offer a sanity check on your ideas by providing an outside perspective of your business model.

6. Work on Your Communication Skills

Communication is a key ingredient to the success of any business. Learn to listen to your team keenly. Asking the right questions may help you get useful feedback for the running of your startup. Trust your team. Don’t micromanage. Effective communication may help smoothen the process as you interact and engage with others.

7. Take a Leap of Faith

The day-to-day running of your operations will demand that you make tough decisions for your business. Kick out your fear and take the plunge into the unchartered space. Seek out more information to help you make informed decisions. The road to success may not be smooth, but you have to believe in your vision for the company. At times, this includes taking a leap of faith into unchartered areas.

In Conclusion

The tech space continues to change with disruptive innovations coming up every day. Using these pieces of tech entrepreneur advice may help you move up the ladder to success. Raffy Pendery can guide you on how to succeed as a tech entrepreneur.

Avoid These Entreprenuer Mistakes

May 15, 2020

There are many common entrepreneur mistakes that can take your business out before it ever gets off the ground. Following some simple entrepreneur tips on avoiding these mistakes can help you move past some of the rough patches that come with starting your own business.

Every entrepreneur will run into obstacles. It is largely unavoidable to avoid some hiccups, but give yourself a fighting chance by following these entrepreneur tips.

Work On Your Patience

Rome was not built in a day, and neither will your business be built in a day. Don’t believe the hype about overnight success. The fact is, building a business is hard work. For example, before Bill Gates became BILL GATES, there was about 11 years of hard work and failure.

Of course, there will be plenty of successes along the way, but typically “overnight success” takes about 6 years of really hard work. Slow and steady wins the race every time with startups. How can you track your progress and avoid being discouraged? Use a goal list. Setup realistic milestone goals. Tick off the goals as you meet them, all the while plowing through towards the next goal.

Many entrepreneurs go into the project thinking it will be easy because they have heard so much about overnight success, but all you need to do is visit an entrepreneur blog to see that success comes in stages and it is never overnight. Be patient, and keep moving forward.

Ask For Help and Advice When You Need It

Another one of the big entrepreneur mistakes is not getting help when you need it or asking for advice than not following it. There are many successful entrepreneurs out there that are ready, willing and able to share their experience and provide advice. Of course, you have to take the advice and apply it.

You may want to do things your way, but you should always be open to listening to other ways as well. You have to know when to hang tight to your plan and when to make some wiggle room for change.

If you need some help, there is no shame in asking for it. No one becomes a success without help from other people. There is nothing wrong with tapping into someone’s expertise for the betterment of your plan.

Learn To Communicate Well

Establishing yourself in your field as an expert means being able to communicate your ideas effectively. It is estimated that three out of four people suffer from speech anxiety. If you are one of the three, take a class, and do what you need to, to get past it.

Initially you may not be addressing the graduating class of 2021 at your old alma mater but you will have to speak to rooms full of people to sell your idea, get financing, and lead your team to success.

Dominate the Digital Landscape with Top Entrepreneur Tips

May 9, 2020

Did you know that nearly 69% of entrepreneurs in the United States start businesses from home? There are infinite opportunities waiting for people who want to become an entrepreneur. However, there are also a fair amount of risks when it comes to navigating a rapidly-changing digital landscape. It stands to reason that the tech industry is unpredictable and difficult for startup owners. This does not mean that you shouldn’t try or that you won’t make entrepreneur mistakes along the way. What it does mean is that you can learn from entrepreneur tips so avoiding entrepreneur mistakes is much easier.

Seek Out a Plethora of Entrepreneur Information

One of the best tips you will receive when it comes to how to become a tech entrepreneur is to learn from the failure and success of others. Seek out tech entrepreneur resources and sift through the information you find. Then you will be better able to determine what information to use to become the digital entrepreneur you have always wanted to become. Below are entrepreneur tips to help you get started.

Embrace Entrepreneur Tips and Start Your Business Right

Launching any type of business takes a great leap of faith. You can ensure that your faith is in the right place before you take the proverbial plunge by following entrepreneur tips. Of course, there is always going to be an element of risk involved. That does not mean those risks aren’t calculated so you know exactly what you’re doing. A great tip is to always keep moving forward. Just like any other type of business, becoming a digital entrepreneur is a healthy challenge that will require you to develop a certain level of fearlessness so you persevere no matter what.

Turn a Startup into a Business Quickly

There is a difference between startups and businesses. You do not want your venture to remain a startup phase forever. It is essential that your organization has a perfectly clear understanding of your products, customer base, and how to make money for better growth. You may even experiment with various products and tactics before you settle on anything. This is actually quite common. However, in order for your business to scale, you need a firm plan that is based on critical aspects of your business. Once you have a clear understanding, you will be ready to move from the startup phase and settle into becoming a full-fledged business.

Top Entrepreneur Tips Include Looking for Feedback

Something that plays quite a crucial role in every industry is feedback. You need to know how your business is doing on every level and a good way to gauge your success is by using feedback that you have sought proactively. Mirror the energy of your customers with changes they have suggested that will only strengthen your business. Even criticism is positive so you are given a precise direction in which to make improvements.

Embrace Your Failures

Just like negative feedback can help improve your business, so can failures. When you want to truly grow, fail often and fast. This business mantra is repeated often and communicates the virtues of, well failure. Invaluable lessons are to be reaped from mistakes and missteps. You need to put failure in the proper perspective. Look at failures with the possibility of reaching eventual success. Analyze failures closely so you know how and why they happened, and use the lessons you have learned.

Is Your Workload Manageable?

All too often a new entrepreneur will be so full of vigor to get their business stared that they tackle an unmanageable workload. The job of an entrepreneur is to be able to accomplish many tasks for young companies. You should consider setting boundaries early rather than later. More focus is lost when you attempt to do everything all of the time. Establish a healthy workload that you can manage without stressing yourself. This may involve outsourcing for a few functions, investing in digital platforms, or hiring new people.

Never Run Out of Online Content Again: Creating Valuable Content for Social Media

May 7, 2020

They say content is king when it comes to marketing yourself or your business online. But what exactly does this mean?

While marketing your services is a large factor in garnering a loyal following, you also want to create valuable (and entertaining) information online. Not only does this make your website, blog, or social media account more memorable, but it also allows your audience to connect with your message.

Wonder how you can create this valuable content, even when it feels like you’re always fresh out of ideas? Read on. Here are online content tips for entrepreneurs.

Tips for Entrepreneurs Online

1. Find Your Specific Niche

If you’re still in the process of developing your web presence, you’ll need to establish your online niche first. This allows you to create specific content catered to your target audience. You don’t want it to be too broad. Let’s say you love cooking — but with so many online businesses dedicated to the craft, how are you supposed to stand out? Niche even further down. Focus on cooking desserts, plant-based meals, or recipes suitable for college kids.

2. Batch Your Tasks Throughout the Week

Batch your tasks, as this keeps your creativity and work-flow momentum going. For example, every Monday, focus on writing an engaging blog post. Tuesday can be your chance to interact with your Instagram followers, upload an Instagram post, and story.

3. Show Off Your Personality

Your can still come off personable and relatable without losing an ounce of your professionalism online. If you’re trying to bring in more customers into your auto repair shop, film a quick day in the life, and upload it to YouTube or Instagram. However, showing off your skillset and knowledge should always come first.

4. Improve Your Skills Constantly

Let’s say you’ve mastered the art of creating stunning product photography, however, when it comes to creating an infographic for Pinterest, you’re stuck. You can always take a course online, watch a video tutorial, or hire someone to help you in the area you lack in.

As an entrepreneur, accept that the learning never stops if you want to continue to experience growth.

5. Avoid Entrepreneur Mistakes Online

Common entrepreneur mistakes to avoid when conducting business online include:

Not having the same name across all social media platforms
Neglecting your uploading or posting schedule too often
Failing to understand that running an online business still requires a lot of work

Becoming the Digital Entrepreneur You’ve Always Wanted to Be

There are various tips for entrepreneurs online. However, if you have to pick one to implement, it should be to focus on the quality of your content. Make it exciting and consistent if you wish to gain a loyal following. After all, there are 582 million entrepreneurs worldwide, so always try to stand out from the crowd.

Why Finding A Business Partner Is Easier Said Than Done

May 5, 2020

Finding a business partner can be incredibly challenging, especially when you’re first starting out as an entrepreneur. In fact, many people starting their own businesses skip looking for a business partner altogether. However, this is perhaps one of the most significant common entrepreneur mistakes you can make.

While some businesses can be handled by a single person, most benefit from having at least two people involved. Even if this isn’t the first business you’ve ever owned, you should still consider finding a business partner. However, even if you have an attractive opportunity available that catches the attention of multiple potential business partners, just as important as finding a partner in the first place is selecting the right one for you and your business.

The consequences of partnering up with the wrong person can be steep. After all, finding a business partner essentially means sharing your business with someone. The success or failure of your business could very well be dependent on the person you end up working with. It’s no wonder why so many of the top entrepreneur tips surround finding a business partner that will really work with you, rather than making you work for them. A business partner isn’t an employee, but someone who has reason to invest personally and financially in the business, and really believes in it. With that being said, let’s look into what you should consider when searching for your business partner.

What Kind Of Business Partner Are You Looking For?

A business partner can fulfill many different roles. One of the main reasons why people get a business partner is funding. After all, 82% of small businesses fail due to a lack of cash. With that being said, taking too much money from one partner often requires giving up a good amount of equity in the business, which can be difficult to do in the beginning. Sometimes, a business partner is taken on more for their knowledge and creative input, or even their specific skills, such as marketing. It’s a good idea, if you’re a brand new entrepreneur, to look for a business partner with connections. These kinds of connections, as well as the experience your business partner offers, will make growing your business much more accessible, even if it remains a challenge.

How Should You Seek Out A Business Partner?

When it comes to avoiding entrepreneur mistakes, many business experts will advise against choosing a friend or family member as your business partner. There are a number of reasons for this; many people will overlook mistakes or flaws from people they care about, while they can be more clear-eyed with people they share more professional relationships with. You may want to, with this in mind, look into your former or current pool of coworkers, especially if your new business falls into the same industry as your current career. Furthermore, it’s easy to understand the habits of your coworkers, and you can expect them to act similarly when working with you as a business partner. You should also look into networking beyond your job, online, or through people you know professionally. If your current circle isn’t really up to this task, consider taking a class that relates to its industry, or attending a workshop. That’s a great way to make connections, and perhaps find your future business partner.

What Should You Look For In A Business Partner?

While it’s important that you and your business partner work well together professionally and match one another in terms of skill, you’ll also need to make sure that your personalities mesh well. You don’t want someone who is afraid to offer differing opinions or is a complete echo chamber. However, it’s important that they’re largely consistent with you, and can offer dissent in a mature, measured manner. Ideally, your business partner may have experience similar to yours, but not exactly the same. You’ll want somebody who can offer something different than what you bring to the table on your own, as this will offer the business a more diverse set of skills behind the scenes.

There are many benefits to having a business partner; sometimes you’ll need one. Just be careful about who you choose.

Don’t Underestimate the Benefits of Blogging

Apr 11, 2020

Did you know that over 15 million Americans are self-employed full-time? It is an exciting time to be a digital entrepreneur. Content marketing is a great way to promote your online business although how this is done has changed over the years. Look back in history, ads were mass generated by printing presses and made a massive impact on businesses. Fast forward to present day content marketing and the massive impact comes from digital technology. The common thread is the need for companies to find improved ways to keep their products and services relevant to consumers. An entrepreneurship blog is a perfect way to do this on a digital medium that can reach the masses.

What Are the Benefits of an Entrepreneurship Blog?

There are many entrepreneur tips that can assist you with an entrepreneurship blog. Have you already started a blog and just feel like your blogging efforts are not what they should be? No matter what size your online business may be, blogging can create a positive impact across the board. Your blog should effectively promote your business while being aimed at your specific target audience and clients. Is your blog adaptive? Can it be read across multiple smart devices? Is your content attractive and engaging? These are all things that need to be considered so your blog can be a success.

Blog Like You Own Your Business

Do you really know what blogging is? Avoid entrepreneur mistakes by becoming more comfortable with blogging. That means you need to start actively blogging for your business. This is the age of marketing online using entrepreneur tips that are guaranteed to make your entrepreneurship blog noticeable to all of the right consumers. You can make blogging your #1 inbound marketing tactic by compiling facts, thoughts, and expert opinions that all relate to your business, audience, and industry. Consider the information on your entrepreneurship blog to live online with the ability to be accessed by anyone visiting your website.

How to Succeed as a Tech Entrepreneur

The best way to succeed as a blogging entrepreneur is to invest in building awareness about your products and services. An entrepreneur blog is an ideal place to get much-needed exposure while increasing your brand visibility. The best part of having a blog for your business is that you don’t have to spend as much on resources like you would with traditional ads and commercials. Create value for users on your blog with strategies provided by entrepreneurs offering inspiration and guidance that is second to none.

Follow Your Brand Voice

Common entrepreneur mistakes include trying to sound like other businesses similar to yours. Your brand is unique and your company has its own voice. Show that you’re an expert in your specific industry by being transparent about your brand. This will build trust within your blog. How your blog is written and looks should fully reflect your brand voice and personality. Those aspects are precisely what will make your blog stand out in all of the right ways. Besides, being fully transparent with your readers encourages more consumers to believe in your brand and want to deal with you.

Your Customers Want Value, So Create It

It never hurts to add value to customer experiences. What does this mean in consideration of your blog? Provide better customer experiences and services than competitors. Blogging provides an inside track to your company. People want to know more about you, they want to get something for free before making a purchase too. The more free information you provide, the more likely it is that potential customers will purchase from your business. Share ideas, recipes, checklists and more and educate before selling. It’s a perfect tactic!

Blogging Benefits Never End

Once you learn top blogging benefits from digital blogging gurus, you are sure to gain more traffic and sales. Don’t miss the key information that could positively change your business for the better. Subscribe to get great content and newsletters sent directly to your inbox.

Digital Entrepreneurs Are Spearheading the Future of Business

Apr 6, 2020

Per data collected from Kauffman, in the United States nearly 40% of brand-new entrepreneurs are women, and the number of businesses owned by women continues to grow and double the rate of businesses owned by men. Are you interested in becoming a digital entrepreneur? Today, the digital entrepreneur can embark on a plethora of businesses all over the globe with the right marketing and sales in place. There is also plenty of room for expansion when it comes to utilizing online PR, social media and other marketing techniques.

How to Become the Digital Entrepreneur That Stands Out

An important part of becoming the digital entrepreneur that stands out is avoiding entrepreneur mistakes. The digital marketplace isn’t something that is going to miraculously make money for you while you sleep, although this is possible with the right marketing in place. There are common entrepreneur mistakes that you can avoid. The first is understanding how important it is to get the word out about your business. This is why an entrepreneurship blog is so significant. There is no magic formula, just diligence to study the market so you are targeting the right audience and future clients via your blog.

How to Become a Tech Entrepreneur

The digital entrepreneur that wants to succeed will need more than just a computer with internet access. Certain features need to be set in place that is vital to your success when it comes to standing out from the competition. Tools and knowledge constantly change. Are you prepared to change with them? Researching and studying are both vital assets to every business. This goes double for the digital entrepreneur. You need to know everything you can about the industry for your business and keep learning, don’t ever stop. This is your first step in learning how to start a business successfully.

You will need to study in order to fully support entrepreneurship growth. Everything you learn is used to balance your business when it comes to implementing changes. Read news concerning your market at least an hour a day. The more you spend time learning, the more your products and services will become specialized.

Create a Tech Entrepreneurship Blog

Do you know how to create a tech entrepreneurship blog? Most people have no idea where to start. That’s natural. Creating your own digital entrepreneurship is something that you should take seriously and endeavor to learn more about using tools offered by entrepreneurs who have preceded you. Top digital business owners are available for assistance. All you have to do is provide them with your email address to have newsletters directly sent to your inbox. Starting your own online business just got easier!

Clear up any confusion and learn the basics of blogging for entrepreneurs. Once you have your blog started you can enjoy the many advantages of managing your business from anyplace with internet access. Mobility is the key to digital entrepreneurship that allows you to stay on the go without missing a single step for your business. Enjoy more flexible hours that allow you to work as hard as you need to while conquering the challenges of a startup. Once you have made your mark, the work gets easier. You will be able to define your own schedule so you work during the most efficient hours for you. Break free from the rigid hours of a 9 to 5 job when you run your own digital business.

Do You See Your Digital Entrepreneurship Growing?

Who doesn’t want to see their business grow and reach millions of people globally? What does this mean for a new startup? You want to plan for scalability. Being able to grow your business on a larger scale can increase the volume of production and sales while maintaining a fixed cost. If you know that you want to grow in the future, you can set up your entrepreneur blog to reflect this. Online ventures are much easier to scale than a brick and mortar store.

7 Essential Steps on How to Start a Successful Business in 2020

Apr 4, 2020

The fact that 15 million people in America are self-employed shows that there is no limitation on who can become an excellent entrepreneur. You do not need a business degree or loads of money to become a great entrepreneur.

All the same, you will require a thought-out plan and an internal sense of motivation for your business to thrive. Are you still wondering how to start a business? The following guide will help you avoid common entrepreneur mistakes.

Identify a Business Idea

Coming up with a business idea is the most challenging task that many people face. It is one of the reasons why most people still have no idea on how to start a business. However, this is a mental barrier that you can get through if you sit down and evaluate yourself.

Before you identify a business idea, you need to ask yourself some questions:

Why are you starting a business?
What are your skills?
How much can you afford to spend?

When answering these questions, you have to be incredibly honest with yourself. That will help you create a strong foundation for your business by avoiding entrepreneur mistakes that can make you regret later.

Conduct Your Research

About 22.5% of small enterprises fail within a year. Poor research is one of the causes of such failure. If you already have a business idea, it is now time to balance it with reality. For a business to be successful, it must solve a problem or provide something that the market needs. Ask yourself whether your services are anticipated and who needs them. You can find this information online, from an entrepreneur blog, or through trial and error.

Make a Plan

To make your business idea a reality, you will need to come up with a plan. This is a blueprint that will direct your business from the start-up phase and will establish growth. A plan is a must-have for all the new companies.

Fortunately, there are many types of different plans. For instance, if you are considering finding financial help from an investor, a traditional business plan is recommendable. A simple one-page plan is suitable because it gives you clarity on what you wish to achieve and how you plan to do it.

Finance Your Business

If you are starting a small business, you will need some initial investment and the ability to cover the ongoing expenses before your business starts making a profit.

Analyze a spreadsheet that estimates the start-up cost for your business as well as your anticipated one-year expenses. The combination of the two numbers adds up to the total amount that you will require for your initial investment.

After having a precise number in mind, you can now fund your business through crowdfunding, financing, small business loans or small business grants.

Select a Business Structure

Your business can either be a partnership, sole proprietorship, or Limited Liability Company (LLC). It is crucial to note that the kind of business structure that you choose will have a lot of impact on the business name, how you file your taxes, and your level of legal liability. You may want to consult with a business lawyer or accountant to determine the best choice for you.

Register a Business Name

Your business name will play a significant role in almost all aspects. Therefore, you have to make sure you have chosen a good one. Think carefully about the implications as you explore various options when making your decision. One of the essential tips for entrepreneurs who are wondering how to start a business includes choosing a unique name. You’ll want to conduct thorough research to ensure your business name is not already taken by anyone else in your industry. You can find out this information through the U.S. Patent and Trademark Office (USPTO) or through other directories in your state.

Obtain Licenses and Permits

Conduct research on what type of licenses and permits you will require for your business then apply for them. You may also want to talk to others who have started their own businesses, as well as legal representatives, to ensure you aren’t missing any necessary paperwork.

Once you adhere to the above entrepreneur tips on how to start a business, you will have a strong base for your investment. However, do not expect to succeed overnight. It takes hard work and consistency to accomplish a set goal. Above all, remember to be creative and open-minded.

5 Tips for Entrepreneurs in Stressful Times

Mar 28, 2020

Owning and operating your own business is hard. During stressful times, tech entrepreneurs feel the strain just as keenly as businesses in other markets. We have five entrepreneur tips for you to keep in mind when times get tough to carry your business through the hard times into better days.