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Many entrepreneurs struggle with how to start a small business. However, growing a small business is even harder than the actual startup phase.
Often times, small business owners don’t know where to begin in growing their product or service offering, expanding their customer base, and reaching new markets. This can be overwhelming without the right framework.
Here are five things you can do to ensure your business scales quickly from initial startup to a sustainable business with long-term potential: (more…)
There is no dеnуing the fасt thаt opening a business – no matter how big or ѕmаll – саn bе very сhаllеnging. Yоu hаvе to lооk аt ѕоmе factors to determine hоw well уоur business will реrfоrm. There is plenty of public information regarding American entpreneurs and small business ideas, but some tend to overlook the importance and appeal of some of Africa’s economies.
Wise реорlе dо rеѕеаrсh bеfоrе ѕtаrting a buѕinеѕѕ whiсh iѕ very important. Thеу lооk аt the dеmаnd of whаt thеу are offering and оftеn trу to ѕееk аrеаѕ with minimum соmреtitiоn or аrеаѕ thаt are easy to penetrate. (more…)
Mаrk Zuсkеrbеrg ѕhоwѕ trаnѕfоrmаtiоnаl leadership in асtiоn. Althоugh hе was fеаturеd аѕ a traitor in thе movie the Social Network, he fоundеd Facebook аnd turned it into a billiоn-dоllаr соmраnу, whiсh iѕ a ubiquitous company used by people all over the wоrld.
Mаrk Cubаn is one of America’s most widely-known entrepreneurs. He hаѕ an аnѕwеr to thе world’s есоnоmiс ѕtimuluѕ рlаn. He also wants to hеlр by hеlрing реорlе tо think more entrepreneurial аnd оffеrѕ some small business ideas fоr ѕtаrtuр buѕinеѕѕеѕ.
He iѕ оn the right trасk. Thе ѕрirit оf thе еntrерrеnеur аnd thе рiоnееr is thе driving fоrсе behind whаt it is tо bе аn Amеriсаn. It iѕ part оf оur hеritаgе. Hiѕ plan iѕ worth lооking аt fоr those who hаvе аn idеа for a buѕinеѕѕ or аlrеаdу have a business and whо need invеѕtmеnt сарitаl tо fund it. (more…)
Small business ideas can be scarce at times, especially for bеginnеrѕ. Of соurѕе, it’s often times good tо ѕtаrt оff ѕоmеthing thаt iѕ not tоо grаnd. While mоѕt big соmраniеѕ today ѕtаrtеd as modest enterprises, it iѕ significant to note thаt nоt аll startups realize such great degrees of success.
With this in mind, it iѕ nоt bad to hеаr ѕоmе ѕtаrt uр аdviсе.
Find the Right Financial Resources
One thing thаt ѕеriоuѕlу dirесtѕ your ѕtаrting off iѕ hоw muсh resources уоu have. Even реорlе with nо background in economics and finances know thе importance of сарitаl whеn kiсking оff a соmmеrсiаl рrоjесt. However, not all entrepreneurs are fortunate enough to secure small business loans to finance their ventures. (more…)
Many people are full of small business ideas, yet they do not have the cash-flow to really begin it. Fresh out of the box, new organizations are regularly turned down for bank credit, and regardless of the possibility that your business is set up, assets can in any case be hard to secure. Advances supported by the Small Business Administration are generally more available; however they are turning out to be progressively aggressive.
With that in mind, there are several alternative sources of small business financing to choose from: (more…)
When it comes to small business ownership, there are many options to choose from. You can begin your own business without any preparation or you can browse a huge number of establishments and business openings, in essentially any field you need.
Truth be told, there are such a large number of various open doors and options accessible, that it’s occasionally hard to make sense of which is the best to pursue. When you decide you’d like help starting a small business, despite everything you have to comprehend the contrasts amongst the establishments and business openings, it is important to choose which is appropriate for you. Of all small business ideas, this may be one of the more difficult to decide. (more…)
TV can provide great entertainment. However, not everything we see on our television sets is broadcasted for entertainment purposes.
There are certain TV shows that are made to be informative and create awareness among people. You can see various shows promoting health activities or information oriented shows. One such show is “The Profit” that is telecasted on CNBC. The show is presented by Marcus Lemonis and it teaches the budding and entrepreneurs to upscale their business and widen the scope of profit.
Chances are, you have a pretty good handle on the things that are most important to your small business and the industry you’re in. You’ve most likely identified a trend, problem, or opportunity and built a small business idea to address those needs in the market.
However, it is also important to keep an eye on bigger-picture small business trends that affect you as an entrepreneur and small business owner. In addition to the things affecting your small business and the industry you play in, there are a number of macro trends that every entrepreneur should be aware of.
Here are three current small business trends that are of particular important to small business owners in the process of taking their enterprises to the next level: (more…)
Incubators are an important trend in the startup world. Especially in technology hot spots such as San Francisco and New York, select small businesses take parts in these startup communities as a way to gain contacts, mentoring, infrastructure, and education to guide them on their journeys to small business growth.
While incubators can offer advantages to participating startups, they are not for everyone. In addition, although much media attention is given to startups permeating the startup community, they are not critical to the success of startups and small businesses. Just as is the case with any hot trend or topic with media buzz, it is important to understand the reality of incubators.
Here are a few important things to keep in mind when considering whether or not your startup or small business should pursue involvement with an incubator: (more…)
Starting, managing, and growing a successful small business is much easier said than done. If it were easy, more people would do it – and more people would be successful entrepreneurs and we would have more Steve Jobs, Mark Zuckerbergs, and Bill Gates in the world.
In reality, though, entrepreneurship and small business ownership is very difficult. Every day of owning a small business involves a number of curveballs, unpredictable variables, and other challenges that most business schools don’t teach. This career can be especially difficult for first-time entrepreneurs and small business owners. (For more, see our blog: The 5 Scariest Parts of Running a Small Business).
There is some good news, however. There are a number of resources that can provide the help, guidance, and assistance that may seem hard to find at times. In other words, you don’t have to be alone when it comes to navigating the waters of starting, managing, and growing a successful small business. And, you can learn from common mistakes of entrepreneurs – all without having to make those same mistakes on your own.
Below are three critical resources that can help you and your small business succeed, grow, and thrive without breaking the bank: (more…)
It’s no secret that most businesses fail. By most measures, somewhere upward of 80% of small businesses and startups fail in their first few years of operation. What is less clear is why and how those small businesses fail.
Most small business failures are long in the making rather than overnight catastrophes. Experienced entrepreneurs will recognize the causes of and reasons for failure and take proactive and reactive actions to remediate those risks. Less experienced small business owners, on the other hand, won’t realize what hit them, even after the failure occurs.
There are several key early warning signs that, when properly remediated, can proactively provide a small business owner guidance on how to avoid small business failure and instead achieve small business growth. Here are three of the most common ones: (more…)
We all hear the common refrain regarding small business and startup finances: cash is king. As existing and aspiring entrepreneurs, we hear this so often simply because money can be so scarce during the early stages of a startup, as well as phases of high growth later in the startup’s lifecycle.
Just to add some tangible data to this discussion, I thought I would take a look at some preliminary results from our ongoing survey of small business owners. In the study, we are polling several hundred small businesses and startups to learn more about their risks, costs, profits, success factors, and a number of other variables. (Take the brief survey here and earn a chance to win a $250 American Express gift card).
Of the several dozen responses we have received so far, we found that each and every one of them – in other words, 100% of the businesses in the study – cited “managing cashflow” as a big concern and challenge for them. We suspect that this challenge may be at least partially amplified by the fact that credit is tighter for small businesses now than it was before the financial crisis of 2008. To add insult to injury, the US Small Business Administration (SBA) is cutting back on their government-backed loans in recent years as well.
So we wanted to hear what readers of our blog think: what sources of cash have you used to support your business, if any? Take the poll below and view the summary of results from other entrepreneurs.
In the meantime, we’ll dive into each of these sources of financing in more detail in a blog next week. Stay tuned. We’ll also cover this topic in our free online Small Business Boot Camp training course, so register or learn more here if you haven’t already.
We’ve all heard the statistic that over 80% of small businesses fail in their first five years of existence. We’ve also heard the heroic success stories about entrepreneurs such as Mark Zuckerberg, Steve Jobs, Bill Gates, and others.
But we don’t hear much about how and why those entrepreneurs were so much more successful than the many failures that occur each year. Some might say it’s luck, but there are distinct differences between those that achieve consistent small business growth and those that fail.
Here are eight things that make entrepreneurs more successful than those that ultimately fail: (more…)
NBC’s TV show Shark Tank is one of the more popular shows about small businesses and startups. It’s nice to finally see this and other reality shows about businesses and entrepreneurs gaining mainstream acceptance.
Aside from providing great entertainment value, Shark Tank offers some good small business ideas for small business owners and aspiring entrepreneurs. Parts of the show may seem overly scripted or unrealistic at times, but it offers some good lessons for those about to embark on their entrepreneurial journeys.
Obtaining enough funds to finance their businesses is one of the biggest concerns and fears for many entrepreneurs and small business owners. In fact, in our recent survey of small business owners planning to attend our upcoming online Small Business Boot Camp, 100% stated that “running out of cash” was one of their biggest concerns and fears – hands-down the top response in the survey.
Small business loans are becoming increasingly hard to come by, so it’s no wonder that financing is on the top of everyone’s minds. A weak economy, reluctant banks, and even the US Small Business Administration scaling back on government-backed small business loans are all contributing factors to these challenges.
The good news is that it is easier than ever to create a startup without excessive capital needs. The internet, technology, and new ways of thinking are all making it easier for entrepreneurs to start a business without breaking the bank.
Starting and managing a successful small business can feel a lot like the Hunger Games movies and books. It seems that, like in the movie, the odds are ever in your favor – in other words, not in your favor since most small businesses fail within the first two years of operation.
Having just seen the most recent Mockingjay movie installment of the franchise, it occurred to me that there are plenty of small business lessons to be learned from the movie. Everything from the gruesome battles to the ridiculously stacked odds closely parallel the life of a small business owner, and there are plenty of lessons to be drawn from those parallels.
Below are just a few of the key lessons from the movie and storyline that can be applied to help us achieve small business success: (more…)
The Small Business Administration is one of the first resources that come to mind for many small business owners looking for guidance or help. And for good reason, since the promise of government-backed loans and free advice sounds like a pretty good deal.
Having run multiple startups and grown them to become multi-million dollar entities, however, I can tell you that the guidance provided by the SBA just barely scratches the surface of what business owners and entrepreneurs need to know to be successful. To add insult to injury, most small businesses are denied SBA loans, and according to data published earlier this month, the SBA is continuing to cut back on their government-backed loans to small businesses. In other words, the SBA means well, but the resources they provide leave much to be desired.
So how are small business owners and aspiring entrepreneurs like us supposed to carry on? The good news is that there is a wealth of information and lessons to be learned from entrepreneurs that have actually been in the trenches and run their own businesses. Below are five things that the SBA was never able to teach me, but are critical lessons for any entrepreneur: (more…)
As small business owners and entrepreneurs, finding practical and real-world advice can be very challenging. Especially when it comes to effectively managing small business growth, good advice from experienced entrepreneurs can be hard to come by.
We just released a new white paper that attempts to provide guidance, tips, and lessons to small business owners and startups looking to take their businesses to another level. In this paper, we cover a number of important topics, including:
- What to expect when starting and growing a small business
- How to find advice that the Small Business Administration and most small business training courses typically don’t provide
- PItfalls and lessons from actual entrepreneurs
- The most effective small business marketing tactics to increase growth and revenue
- Other effective growth strategies
When starting a small business, choosing the right level of focus can make or break your chances of success. On one hand, you want to focus on a relatively narrow market as a way to minimize your marketing costs and develop a strong customer following. On the other hand, too narrow of a focus can result in lost opportunity and revenue, which can be especially troubling for cash strapped small businesses operating on a shoestring budget without access to small business loans.
For example, let’s suppose that you are opening a retail clothing outlet. There are a myriad of different ways you could focus your business: you could focus on one target market, such as millennial women, baby boomer men, or children. Or, you could focus on one product line: outerwear, shoes, business attire, or casual clothing. Or, you could pursue a combination. The strategies you do and don’t pursue will have a big impact on how successful your company becomes.
Clearly, finding the right level of focus is important to achieving your small business goals and success. Here are four things to keep in mind when determining the right level of focus for your small business: (more…)
The world is full of great ideas. In particular, entrepreneurs are especially good at generating ideas to address some of the world’s most complex problems. Breakthrough products such as Apple’s iPhone, Tesla’s electric car, and Facebook are all examples of things that wouldn’t exist if it weren’t for small business innovation.
Further, the TV show Shark Tank, popular business journals, and small business consultants all love to talk about innovation. After all, it’s more exciting to talk about new, creative ideas than it is to discuss the nuts and bolts of running a business. We can also see and touch innovation, much more so than the intangible grunt work of managing a business. In other words, innovation is sexy.
So, if we assume that this is all true, then how in the world can innovation be overrated? Here’s the dirty, two-part secret about innovation: (more…)