The truth is, out of the millions of startups that are launched annually in the U.S., over half fail within the first five years. While this sometimes happens due to catastrophic circumstances, often it’s because of a simple, fundamental flaw in an entrepreneur’s approach. In this article, we outline four major mistakes too many business owners make that cause them to burn out or outright fail.
Entrepreneurship is certainly a noble and necessary vocation. One I would highly recommend. Not because it is a pathway to millionaire status or untold riches, as those are as long a shot as winning the Powerball Jackpot.
But because entrepreneurship provides those who have the courage, drive, and desire the opportunity for self-expression, empowerment, and autonomous freedom. The rewards of such self-actualization, in time, far exceed any monetary or status payoff that one might be lucky enough to receive.
You have to look beyond the eye-pokes, face slaps, and crazy antics but every entrepreneur can learn a great deal from the Three Stooges.
I know what you must be thinking, I must have been hit over the head with a hammer by Moe. But as a connoisseur of the Stooges and a successful entrepreneur, I have studied their movie shorts and have “connected the dots” to come to this conclusion. In my childhood, Saturday and Sunday mornings were specifically blocked out so that my brothers and I could watch the “The Shhh Show” which featured the classic Three Stooges shorts.
Running a successful business requires as much financial responsibility as it does creative passion. You need to be totally excited about what you’re doing, but you also need to keep a close eye on the numbers. In this article, we’ve narrowed down the top four ways to maintain your startup’s financial health.
Turning your passion into a paycheck is totally possible, but it can be tricky. When you’re starting a business, you can’t just assume your interests are ripe for pursuing. Many people mistake their hobbies for business opportunities, but they’re by no means synonymous.
One of the most sought after positions in society today is that of an entrepreneur. However, the reality is that not everyone is cut out for the lifestyle -- or the sacrifices required to succeed.
Determining whether or not you have what it takes to become an entrepreneur requires some serious introspection.
One of the biggest mistakes I see newly formed businesses make in their business is trying to break into business by offering lower prices. Often times these are former employees who thought they could do a better job than the boss and that the boss was charging a ridiculous amount compared to what they saw themselves being paid.
As a startuper who keeps up with the times, you understand the importance of online presence and reputation. Modern technologies and Internet trends make every business online today. Competitors don't sleep, and the fast-moving world dictates its rules, whispering you to go on and win new markets. With that in mind, it's worth implementing online business trends.
Here at Startup Savant, we spend a lot of time focusing on the financial and personal challenges of starting a business. In this article, we will touch on five personal challenges entrepreneurs can face, and how to navigate them to avoid these pitfalls.
In 2015, Neilson came out with a report on the shopping habits of millennials. They found that this massive and important demographic were more concerned with the social and environmental responsibility of the brands they shop from than almost anything else. In fact, they were likely to buy or boycott based around this issue alone. Baby Boomers are also seeing an increase in social worries. The survey found that up to 51% were willing to pay more for companies that took a more philanthropic or responsible view. Startups and investors have been taking an interest in these stats themselves. Here are five philanthropic investors you should definitely keep an eye on.
Many entrepreneurs consider serving as their own registered agent. While this can save you some money over hiring a professional service, there are a number of drawbacks to this decision.
It’s no secret that millennials are a different breed. We have divergent values, goals, habits, and communication styles from any generation before us -- differences that have been statistically proven by nationwide studies.
Starting and managing a business is worth it, but it comes with a number of organizational challenges. “Clutter” doesn’t just refer to all the things piled high on your desk -- it can also apply to other aspects of your life as an entrepreneur.
The education industry is without a doubt slow to adapt to changing conditions and in particular adapting to new technology. It takes a very convincing argument to get educational institutions to take on new ideas and pay out for new technology. Generally, education staff and even students are often expected to provide their own technology rather than expect their employer or education provider to pay out and provide much needed equipment that may help learners progress into the modern world.
We already know the popular examples of big companies using celebrities to greatly boost their awareness like Michael Jordan and Nike, or William Shatner and Priceline but start-ups can also utilize celebrities to do the same thing. A tweet from a celebrity could put a startup in front of thousands – even millions of people
Okay so what we're going to do in this article is look at pros and cons of accounting software. And, instead of just seeing the pros first, then the cons, we're going to mix it up a bit and alternate instead. The idea here's to help you get that more rounded and informed perspective you're after to see if it's a good investment. Hint: it so is! Enjoy.
Are you starting your own LLC or Corporation? If so, you may already know that your state will require your company to designate a registered agent. There are many misconceptions and misunderstandings about what a registered agent is and what role they play in a business.
Marketing is such a different game today than it was in the past – no more untargeted ads, expensive commercials, or wasteful hard copy. Now promoting your brand (effectively) is all about refined, ultra-targeted, less expensive methods.
There’s really no special formula or magic bullet when it comes to business success. There aren’t any shortcuts either. In this universe we all play by the same rules and face the same odds, regardless of who we are or what kinds of resources we have at the moment. However, that being said, there are ways we can increase our odds of success in life. In the same way we can increase our chances of being in the right place at the right time by getting out of our chairs, out from behind the screen, and into the world.
Startup founders often find themselves overwhelmed. They need workable solutions to their thousands of questions. One of the most important issues that all startups face is how to growth hack the business. In other words, how can a startup start generating revenue as soon as possible.
There’s probably not a single person alive who isn’t at least aware of Bill Gates. The man has given his life to personal computers and created innovations in information technology that will last generations...perhaps centuries.
So, you’re working on upping your output and increasing your productivity? Good for you! We’re here to help you get there. In this guide we’ll talk in depth about entrepreneur-based productivity. Once you’re through you should feel better able to establish positive work habits, declutter your life and quit procrastinating.
For a fragile brand new start-up, all customers are not the same. Knowing which ones you can serve profitably is one of the most important lessons you can learn.
Success is not random, the result of luck or afforded to those who “wing it”.