How to Stay Relentless and Competitive as an Entrepreneur
Entrepreneurship is probably one of the biggest hypes in the 21st century. From Snapchat and Youtube stars to the all-famous, Mark Zuckerberg, who dropped out of Harvard to found Facebook… we’ve seen the successes. But it is for sure, not a rosy path with the numerous statistics of the failures that occur along the path. The term, “survivorship bias”, also suggests that we are often only aware of those who survive (and thrive) but not, those who failed often in the shadows.
As we celebrate the successes of these “survivors”, let us also be realistic to know the necessary sacrifices and costs that one has to pay in the road of entrepreneurship. Read more at huffpost.com.
How to Stay Ahead of the Competition
In a business world, competition is one thing that cannot be overlooked. There is a high possibility that your business is not the monopoly in the market as there are many other businesses that have the same product as you or they offer similar services as yours. Staying ahead of the competition might require more than just business skills. Here are some of the tips that can help you survive in a competitive business environment.
The first thing that you should do is to study and analyze the competition environment. The competitor may be an individual or a large company but that shouldn’t matter to you. The knowledge gained at this stage will be help you determine other steps in relation to the competition. Knowing your competitor is important. As an entrepreneur, you will face off with different types of competitors so it’s crucial that you are agile enough to make a move in a different direction if needed.
Don’t feel intimidated but instead be ready to tackle them head on. Find out what they are providing and also look at the unique tactics that they use to sell their products. Also find out about their relations and reputation to the customers and the external community. This will help you to lay out the best strategies that you will employ to emerge the best. Read more at startupmindset.com.
These Entrepreneurs Launched Startups During COVID-19 — Here’s Why You Can Too
Recently, there has been a huge spike in applications for business tax numbers. The unusual economic environment brought on by the pandemic has led to a renaissance of America’s business dynamism, which had been lagging for some time. The recent crisis appears to have begotten a new class of entrepreneurs that, either through necessity or another compulsion, is set to fill the decimated ranks of the small business sector. A study by the Federal Reserve found that 9 million US small businesses fear they won’t survive the pandemic.
The capital markets were unaffected by the trials and tribulations affecting broad swaths of the population and the economy. The S&P 500 rose around 16% in 2020. Another anomaly was the rise in entrepreneurial activity. New business starts rose at an unprecedented rate, judging by Employer Identification Number (EIN) data. New business entities (e.g., LLCs, corporations, and sole proprietorships that intend to have employees) must apply for an EIN. There were 4.3 million EIN applications in 2020. That number represented a 24% increase over the same period in 2019. High-propensity applications, those filed by entities very likely to have employees (restaurants, for instance), are of particular focus. In 2020, these increased 16%.
This is a welcomed development. A recent study had warned that US business dynamism, as measured by new business starts, job creation and destruction, and worker flows, was on the decline. More jobs are being lost in unproductive industries than are being replaced by the ones in newer, technologically advanced industries. Read more at startupsavant.com.
The 5 Signs of an Unskilled Entrepreneur
In my early twenties, I was simultaneously going to college and running a business I’d started called Pufferfish Software that made apps for autistic children. As part of the local startup community, I found myself at a lot of local pitch contests and networking events, listening to people struggle to find funding for their startup.
While it can be hard to predict which entrepreneurs will succeed over the long run and which will fail, it was always easy to tell which ones weren’t going to succeed anytime soon. Everyone who isn’t going to succeed anytime soon always makes the same mistakes. Read more at entrepreneurshandbook.co.
Are you ready to own your own business?
Are you thinking of going into business for yourself and learning how the choice of a franchise can “jump-start” the process and your earning potential? Well, Franchise Foundry can help. Working with in-house franchise professionals you will work one-on-one in determining if you’re right for franchising and whether it is right for you. If you determine that franchising is a path to consider, you will be introduced to various industry segments and ultimately, brands that could be a “right-fit” situation . . . all to help ensure your future success! Read more at FranchiseFoundry.com.
How Many of the 10 Characteristics of Young Entrepreneurs Do You Have?
Visualizing your own business or company is the dream of thousands of young people, doing what they like, without neglecting their personal life, in addition to achieving success accompanied by unforgettable experiences has become the goal of many students today.
According to the 2015/16 National Report of the Global Entrepreneurship Monitor , the majority of entrepreneurs around the world are driven more by opportunity (as a voluntary alternative to entrepreneurship) than by necessity (as a forced decision due to lack of employment). In Mexico, 79% of early-stage ventures pursue an opportunity reason and 56% do so motivated by an expectation of improvement in their income or quality of life. Read more at entrepreneur.com.
43 Ways to Improve Yourself in Just 10 Minutes
We use the word busy way too much. We say it when friends ask us how we are doing, as if being busy is an emotion. We use it as an excuse to procrastinate on unpleasant tasks. We use it to sound important at work, because being busy somehow equates to being successful.
But you’re never too busy for 10 minutes, which is all it takes to improve yourself just a little each day. You can de-stress using meditation, yoga or reading. Track your unhealthy spending habits. Learn a new language. The possibilities are endless. Stop prioritizing the busy parts of your life and make time for the important things, such as the constant development of your mental, physical and emotional well-being. Read more at success.com.
Why Most Startups Fail, and How to Avoid a Similar Fate
Almost every entrepreneur and new business owner I mentor is certain that his or her idea has a very high probability of success, and all find it hard to believe that only about half of businesses with employees survive at least five years.
They always ask me for the key reasons that other people fail, but because I’ve seen so many different situations, I’m have been reluctant to generalize the failure patterns.
Thus, I was pleased to see my own insights covered in a new book, Why Startups Fail, by Tom Eisenmann, a Harvard Business School professor who has mentored entrepreneurs and authored more than a hundred HBS case studies from real-world startups.
I realize that he and I see several common patterns that account for a large percentage of new venture failures. I paraphrase these for you here, not as a deterrent to you moving forward with your new venture, but as a guideline for how to do it better, avoid the high-risk elements, and enjoy the challenge and ultimate success of your innovative initiatives. Read more at inc.com.
What This Young YouTube Millionaire Can Teach You About Entrepreneurship
Age is an axis of diversity every bit as significant as gender or ethnicity. While most of the focus in the age category tends to be on the 50+ end of that spectrum, there are plenty of lessons to be learned by studying those who entered the world of business in their lemonade-stand days.
Internet advertising leader Aleric Heck wasted zero time trying to find himself in college. His YouTube channel was already being approached by serious players in the online ad market. By the time he landed at University of Massachusetts-Amherst, Heck’s channel was pulling in six figures — more than enough to pay his tuition and treat his buddies to a pizza or two. Read more at forbes.com.