Answers to Two Common Entrepreneurship Questions

Jan 20, 2020

Being an entrepreneur is hard. This is why one of the best things entrepreneurs can do is get out there and ask questions. Whether you’re specifically looking for tech entrepreneur advice, or you just need general tips for entrepreneurs looking to avoid common entrepreneur mistakes, these questions are bound to be relevant to your endeavor.

entrepreneur mistakes

How Do you Come Up With Ideas?

The workings of inspiration largely remain an enigma to us all. Often, ideas can seem simply to materialize from thin air. But those who have extensive experience in the business of coming up with ideas inevitably have some tricks up their sleeve. A common approach is combing through one’s own life for areas in which one needs assistance.

If you find a daily problem in your life — or even something rather rare or niche — and there doesn’t seem to be any solutions available, there’s a good chance you have a business idea with real potential on your hands. Don’t stress if the issue you’re addressing feels too specific; there are so many people out there, some are bound to have had a similar experience.

How Do you Choose the Right Business Idea?

Anyone who has come up with a business idea knows, the first thought that appears in their head will inevitably be, “Is this idea actually good?” Sadly, if this question had a simple answer there would be far more business owners out there. However, there are a number of key questions you can ask yourself to maximize your chances of success:

  • Does this idea sufficiently match my interests?
    One of the classic entrepreneur mistakes is choosing to work on an issue that does not personally move them. You can have a great idea, but if pursuing it would make you miserable, there is no point. You must find a degree of joy in your work, or else it will not be sustainable.
  • Do I possess the skills necessary to pursue this?
    One of the best things an entrepreneur can do to increase their chances of success is leverage skills they already have. If you feel like you are out of your element when working on a project, you’d better do your research!
  • Can I feasibly start this project given my situation?
    Numerous personal factors can impact the success of a new business venture. If you have an amazing idea, but you live nowhere near the region where the market for your idea exists and you cannot relocate, it may not be the right time. Entrepreneurship is not just a financial investment — it’s a personal one. Finances do play a highly significant role in a venture’s success, though. In fact, a study by U.S. Bank found that 82% of all business failures were the result of problems with cash flow.

For more tips on avoiding entrepreneur mistakes and starting a successful venture, visit raffertypendery.com

How to Impress Event Managers by Being the Next Best Paid International Speaker

Jan 15, 2020

Would you like to be a paid international speaker to share your insights with audiences all across the world?

Rafferty Pendery is a public speaker who started as an entrepreneur. He founded his first company when he was only 11 years old. He has partnered with NASA, the Canadian Space Agency, as well as many other companies, from small to top Fortune 500 businesses.

Today, Rafferty is a paid international speaker who is sought after by businesses for their marketing events. Event managers are always looking out for people who can inform and entertain their audience. If you want to be a keynote speaker, you need to understand it from the event manager’s perspective.

All About the Image

In the United States, you can be paid anywhere from $2,000 to $30,000 for your speech, depending on your clout. A paid international speaker may be a celebrity, top entrepreneur, or athlete who can demand a fee well over $50,000.

Event managers view the money they pay these personalities as an investment. When they consider different speakers for their next event, they tend to pick those who can bring a good return on their investment.

Also, event managers look for people with an image and message that will resonate with their audience. Even though you may have clout, if your message does not align with the event, you will not have as much of an impact. Therefore, an aspiring paid international speaker should do a lot of research on the platform they want to share their stories.

paid international speaker

Telling a Compelling Story

In public engagements, stories should be simple yet compelling. Some of the information you share will be complex and boring in its natural form. Many people tend to be anxious when speaking in public. That includes more than 58% of lawyers who are often introverts.

But anxiety is not always the issue; rather, it is one’s ability to weave a narrative and captivate the event’s attendees. International public speakers with experience can tell a nondescript story by adding plot twists and mysteries. They can take on any topic like finding a business partner, or how to become a tech entrepreneur. They then break it down into a narrative that is easy to understand and remember.

Show How Your System is Effective

Another critical aspect of public speaking is how you demonstrate the efficacy of your system. Even though your online marketing or entrepreneurship model may be useful, you may present it in a way that does not resonate with your audience.

A paid international speaker should show how the system will work in a different economy with varying demographics. It is one of the areas that you need to research. Otherwise, the audience will ignore the message.

You can improve your speech by finding the right type of presentation. There are four different types.

  • Informative: The goal of the presentation is to reinforce or expand on existing information. It is used by experts and industry players.
  • Instructive: The presentation aims to provide the audience with practical information they can use in their day-to-day life. It often involves hands-on workshops to teach attendees how to use a new application or tool.
  • Inspirational: Inspiration is used by motivational orators who want to influence people with their ideas. The most powerful tool for paid international speakers is great storytelling.
  • Entertainment: The presentation not only employs information through public speaking, but it often includes performances such as comedy or musical arts.

You may check your presentation with your colleagues, friends, or peers in the industry before showing it to the public. If you run a tech or entrepreneurship blog, consider giving out some information to test your audience’s reaction and to bring in more fans.

Bottom-Line

Becoming a paid international speaker involves a lot of work in terms of research and writing compelling stories. However, the work also has many perks, which can include visiting new places around the world, influencing people, and of course, making money doing something you love.

how to become a tech entrepreneur

3 Myths About Starting Your Own Tech Business

Jan 10, 2020

Several tech entrepreneurs have become celebrities in the recent past. Thanks to the media covering them extensively and sometimes sensationally, they continue to inspire awe and admiration. Since the advent of the internet, this breed of businessmen and women has been on the rise. They have become larger than life, taking the same rank on the food chain as rock stars and Hollywood actors.

Unfortunately, these fancy news stories tend to contribute to myths on how to become a tech entrepreneur. The characterization of their personalities sometimes distorts how people perceive the tech sector and its function. This article looks at some of those misleading ideas that can derail your journey as you plan your tech venture while offering some tips on how to succeed as a tech entrepreneur.

how to become a tech entrepreneur

Myth 1: As boss, you can do what you want

Part of the misconception on how to become a tech entrepreneur is the idea that being your own boss makes life easier. That is probably because most high-profile people in the technology business seem to have an easy time. It may seem like all the heads of tech companies do is to give orders.

However, it is one of the critical entrepreneur’s mistakes to jump into this career simply because it seems greener on the other side. You need to remember that business requires a lot of work and planning. During the initial stages of the startup, the head of the organization must be careful not to neglect the core responsibilities. That means you may have to work for longer hours than you did at your previous job.

You should commit fully to making your idea a reality. It will involve a lot of research, understanding the market, setting up the business, and finding a business partner. That is why it is always advisable to start an initiative that revolves around something you truly love. Passion will keep you going when the journey gets tough.

Myth 2: You need a completely unique idea

Another myth on how to become a tech entrepreneur is that you need a completely new idea for the market. As they say, there is nothing new under the sun. Many of the earth-shaking ideas that have taken over the technology industry today were innovative tweaks to existing products.

Some of the most successful startups were set in motion by observing an existing gap in the market. For example, Lynda Weinman was teaching web design when she realized her students could only access bland and plain textbooks. She began working on Lynda.com to provide online tutorials that were more engaging. She would later sell the company for $1.5 billion to LinkedIn.

You can also combine a set of skills to address a pressing need. For example, Shutterstock founder Jon Oringer was a software developer who enjoyed photography as a hobby. He used his collection of photos to start a stock image website that is now worth more than $2 billion.

Myth 3: You have to be a reckless risk-taker

Another myth on how to become a tech entrepreneur that tends to discourage aspiring businessmen is that you need to be continuously taking risks. Statistics show many small businesses fail within the first five years. One major cause of failure is lack of planning and cash flow problems.

You need to have a clear outline of your plan that is within safe limits of risk. Do not be tempted to use your mortgage or all your life savings to start a business. It may sometimes be wise to delay quitting your full-time job before you can properly establish your startup venture. Indeed, risk-taking is an important part of running an enterprise. But manage these risks wisely so that you can effectively steer your business through the hard times.

Entrepreneurs can get caught up in the fantasy of being the CEO. To avoid this pitfall, focus more on the nuts-and-bolts of your business, rather than fancy ideas about your business. That way, you will have the right mindset, which will help you avoid myths, misleading notions, and common entrepreneur mistakes.

entrepreneur tips

How To Secure Funding As An Entrepreneur

Dec 18, 2019

Once you have thought of that once-in-a-lifetime idea and have researched how to become a tech entrepreneur and how to start a business, the first step you will need to take is securing startup funding. Richard Harroch, a venture capitalist, has said, “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

For instance, many new businesses require funding for legal work, logo design, and other expenses. Figuring out the best way to fund your business can be difficult and there are many entrepreneur mistakes you will want to avoid.

Entrepreneur Tips

It often requires a great deal of capital to turn your dream idea into a real business, but you likely do not have thousands of dollars lying around in savings or know others who are willing to gamble away their hard-earned cash. These are a few entrepreneur tips for those looking to raise money for their small business.

Bootstrapping

Most entrepreneurs start by self-funding, a method also known as bootstrapping. Regardless of the amount, there are numerous benefits to investing in yourself. In the future, potential investors will like to see that you incurred monetary risk. Many entrepreneurs bootstrap further by forgoing a salary, tapping into their retirement savings, and taking a side job to earn a living while their business is in its early stages.

Friends and Family

If your friends and family are willing to help fund and grow your small business, this path can provide several advantages. Family and close friends are often willing to invest in their familiarity with you as a person, while larger investors often require evidence of an established and profitable company. Over 30% of startups receive funding from family and friends, totaling over $60 billion every year, more than angel investors and venture capitalists combined, according to Upcounsel.com. To avoid common entrepreneur mistakes, make sure you have a written agreement that outlines the terms and conditions of these investments.

Crowdfunding

Crowdfunding has recently and rapidly become one of the most popular ways to fund a small business. To be eligible for crowdfunding, you must be able to offer a product, service, or incentive in exchange for a small amount of funding. Since this is viewed as a pre-sale instead of an investment, contributors do not receive equity and the process is not regulated by the SEC. However, equity crowdfunding is an option as well, which allows you to receive small investments. This means your contributors will become shareholders with dividend and voting rights as outlined in your agreement.

Practice Public Speaking

Many entrepreneurs overlook the importance of public speaking and presenting when funding their small business. Along the way, you will likely have to develop and utilize your skills as a public speaker to give presentations and pitch to potential funders. But don’t sweat it, research has found that content is not nearly as important as delivery during a speech or presentation. Surveys have found that content only accounts for 7% of a good presentation. Therefore, it is important to practice the fundamentals of effective public speaking, such as talking points, knowing your audience, eye contact, appropriate pace, and rehearsing. Non-verbal communication accounts for 55% of an effective presentation, while voice accounts for 38%.

Most people are eager to be involved in something special. If not, they can be easily convinced. By utilizing your skills as a public speaker and avoiding entrepreneur mistakes, these entrepreneur tips will help you fund your business and achieve your dreams.

Do You Have What it Takes to Be a Tech Entrepreneur?

Dec 12, 2019

Did you know that having a fear of public speaking can have a significant negative impact on your career? In fact, those who fear being a public speaker make 10% less on average than those who don’t.

If you spend your time browsing tech entrepreneur blogs and reading books about such titans like Bill Gates and Jeff Bezos, chances are you dream of being a tech entrepreneur yourself.

Of course, the reality is that most startup entrepreneurs will not go on to become rich celebrities. And reading every tech entrepreneur blog out there won’t change this.

This is not to say that you shouldn’t reach for the stars as an entrepreneur. Whatever your passion is, you should pursue it with all your heart to achieve the best that’s possible for your happiness.

But those are the critical key words: passion and happiness.

Like any automobile, a startup can’t run on fumes for very long. You’ve got to have lots of “gas in your tank” to keep your business going through the tough times: inspiration and passion. Those may sound like airy-fairy words, but if you’ve ever tried accomplishing the impossible, you know their importance.

Building a business, getting rich, and taking over the world take enormous energy and conviction. Not only must you legitimately love what you’re doing (or at least why you’re doing it), you must also be 100% convinced that you can succeed — and that it will be worth it.

Of course, there will always be those people who seem capable of pushing them through difficult times with nothing but their ego to drive them. But these are the exception, not the rule. So before you get up from reading tech entrepreneur blogs and books, ask yourself the following questions to better decide if tech entrepreneurship is really where you belong.

Do you have a passion?

Too many people who get into entrepreneurship have only one thing driving them: the desire to escape a job they hate. They feel like they’re trapped inside their cubicle, and they want out. The problem with these people is that they aren’t inspired by any particular product or service idea. Without a specific, tangible dream, they won’t be able to uncover what they do want.

Being a tech startup entrepreneur is like being a professional artist. You can be a hobbyist while you work your day job, but if you want to go full-time, you have to be completely dedicated to the dream. It’s not a backup plan or a job alternative. It’s a completely new, radical, no-holds-barred lifestyle. As Wayne Sermon from Imagine Dragons has said, “You don’t do music, unless you have to do music.”

If all you want is a steady paycheck that doesn’t require you to work the same awful job every day, then there are other ideas that will get you there faster. Investing or building a lifestyle business might both be effective means for getting your freedom.

If you want to be free, don’t become a tech entrepreneur. Like musicians, you only get into tech if you have to do tech: because you have a burning desire to make an idea a reality.

Can you handle the entrepreneurship lifestyle?

There are really only two qualifications for getting started as an entrepreneur. The first is having the passion. This will get you through any roadblock. The second is a willingness to put up with the discomfort.

Starting a business is hard, and tech business may be the hardest there is. That doesn’t mean it won’t be enjoyable. If it’s right for you, you’ll find it incredibly exciting. But it’s also incredibly taxing.

If you need streaming services, organic food, and featherbeds in order to feel comfortable, entrepreneurship is not for you. If you can deal with anything in pursuit of a dream, then it might be a good fit.

This is step one for how to become a tech entrepreneur. This should help you realize what’s right for you.

entrepreneur tips

Understanding Entrepreneurship And The Mistakes To Avoid

Dec 7, 2019

Ask random people on the street whether they are entirely happy with their jobs. Most probably you will get you one, almost unanimous, answer from most. A resounding “No!”

A good number of your interviewees will try to sound optimistic. However, the bottom line is that most people, especially Millenials, find a nine-to-five job dreary. It turns out that job satisfaction has more to it than a good salary. It may be convenient being able to pay your bills on time but merely working to pay your bills is draining.

Furthermore, having money to splash around does little to help attain an ideal work-life balance. The goal of this article is, therefore, to present entrepreneurship as an alternative to employment. It should avail useful entrepreneur tips to anyone with a genuine interest in starting a business.

Common Entrepreneur Mistakes

Becoming an entrepreneur and starting a business can seem like an easy way out when you are part of the employed workforce. However, starting a business has never been a bed of roses.

entrepreneur tips

A recent study conducted by a major U.S. bank has revealed the real situation surrounding modern-day entrepreneurial ventures. Over 82% of small and medium-sized business startups fail within the first few months due to cash flow problems. However, this outcome should not impede your resolve to become an entrepreneur. The entrepreneur tips discussed below will help you avoid some entrepreneurial mistakes that have led many to failure.

1. Competitor Blindness

Except in very rare and exceptional cases, there is a painful reality that entrepreneurs fail to accept when it comes to business ideas. This is the fact that in most cases, there already exists a company or business that has applied the same concept or solution to the problem you’re trying to solve.

Unfortunately, many entrepreneurs have blindly believed that their product or service is unique or infinitely better than existing offerings. Sadly though, these two assumptions have been the most significant contributors to startup failure.

One way you can avoid this common entrepreneurial mistake is by carrying out thorough and comprehensive research on your intended product or service. You can obtain loads of valuable entrepreneur tips on entrepreneurship blogs, startup podcasts, and other online resources. Be sure to also carry out actual street-level research for a comprehensive picture of market potential.

2. Starting Big

Another common mistake made by startup business owners is the unwillingness to begin at the most basic level in their chosen niche. For example, if you have an improved shoe design idea, then the most basic level for your venture is creating and selling just a single pair. You get to learn a lot from just prototyping one shoe, outsourcing its manufacture and then getting a customer willing to buy it. Unfortunately, most entrepreneurs begin by taking jumbo loans to invest in shoe-making machinery.

A successful startup is not founded on money alone but actual, sometimes physical, hard work.

3. Impractical Marketing Strategies

The digital age necessitates that a business embrace technology from the get-go. This means creating a website for the business, coming up with a blog, being active on social media, and so forth.

All this might be convenient for a tech entrepreneur, but it can be overkill when starting out in some business niches. For example, if your product is confectionery, then physically marketing your product at local events is a practical way to attain a viable customer base. As your business grows, you can then opt to make use of online marketing platforms.

4. Lack of Backup Cash

Establishing financial backup comes last in this list of top entrepreneur tips. A startup business will face an initial period of high day-to-day running costs before it begins generating any revenue. These costs will include rent, workers’ payroll, paying suppliers, and many other critical expenses. This is why you need to set up an account exclusively dedicated to meeting the daily monetary obligations of your business. Once your business breaks even, you can then allocate the resources in your backup account to expansion and other business aspects.

In Conclusion

Entrepreneurship remains the only route for those who want to realize true freedom, both in their work and their social life. If you are in this category of free-spirited people, then this article could act as a guide for your entrepreneurial ambition.

tech entrepreneur

Diversity In Entrepreneurship: Why It’s Important And How You Can Promote It

Dec 4, 2019

When you were an aspiring entrepreneur, you probably had a role model you looked up to. Whether it is was a parent, coach, or an established business person, this person likely motivated you to become the entrepreneur you are today. If you’ve been looking for ways to return the favor and become a role model yourself, check out these quick entrepreneur tips on how you can promote diversity in the world of tech entrepreneurship.

Why Diversity Is Important

Thinking that diversity is just a number in your business’s hiring statistics is a mistake. Having a diverse team can lead to higher levels of team creativity, more innovative ideas, and a healthier work culture. By having people from different backgrounds and different experiences, you will also be able to capture more of the market and avoid marketing pitfalls. Take luxury fashion house Dolce & Gabbana for example. In 2018 they aired an ad in China that portrayed a Chinese woman having difficulty eating pizza and spaghetti with chopsticks. This ad offended many Chinese people and even caused Dolce & Gabbana to cancel their upcoming Shanghai fashion show. If their marketing team had been more diverse, however, this could have been prevented with additional insights from Chinese employees.

tech entrepreneur

How Diversity Promotes Innovation

In addition to helping you avoid making common entrepreneur mistakes, diversity can help tech entrepreneurs create more innovative ideas. People from different backgrounds can look at the same problem and collaborate on how to attack it. This can also help you find consumer patterns you might otherwise overlook by pulling from multiple perspectives.

How To Promote Diversity In Tech Entrepreneurship

The very first thing you need to do is delete the phrase “a voice for the voiceless” from your vocabulary. If you consider yourself to be a strong public speaker, this is especially important because, generally, people aren’t being honest when they use the phrase. When advocating for diversity, it is important to let marginalized people speak their truth. Use your voice to amplify their perspective, not to override their existence.

According to data from Kauffman, 40% of new entrepreneurs in the U.S. are now women. So if you’re trying to promote entrepreneurship in young women, for example, your audience will be better served if they hear about this topic from a woman who is killing the entrepreneurship game. If you’re looking to provide resources to underprivileged communities, consider talking to the people who live in that community before making any decisions.

tips for entrepreneurs

Essential Tips for Entrepreneurs

Oct 17, 2019

Being a new or aspiring entrepreneur can be simultaneously exciting and nerve-wracking. On the one hand, you’re taking enormous risks by being in business for yourself. On the other, you’re opening up yourself to incredible possibilities the majority of the population only dreams about.

To help you navigate the startup landscape successfully, here are some important tips for entrepreneurs.

Look for Wide Market Opportunity

You’re probably starting a business because you’re either very passionate or very knowledgeable about something. And that’s a great place to start! If you aren’t doing something you feel motivated to do, chances are good that you’ll give up too early. It’s been said that if you start a business doing something you love you’ll never have to work another day in your life (and it’s almost true).

But it’s not quite enough that you’re interested in what you do. You’ve also got to choose a business that the existing market wants to support.

To that end, you’ll want to research carefully before committing to a business idea. Investors typically only invest in an idea if they foresee a big market opportunity and it can be very difficult to promote something that doesn’t fit into an existing category. Make sure the business you start is one that has the potential to grow into something extraordinary.

Constantly Watch Your Finances

When you’re building a business, money is both your best friend and your worst enemy. You’ve got to have enough of it to do the things you’re there to do, but if you run out or have too little, nothing works right. Inadequate funding and improper use of resources are two of the most common entrepreneur mistakes.

To avoid money problems as much as possible, it’s imperative that you stay on top of your expenses, income, and balance sheet. Maintain a low overhead and spend as little as you can get away with. Live on a shoestring budget until you have significant revenue flowing in.

Develop an Elevator Pitch

This is undoubtedly one of the most important tips for entrepreneurs. Whether you’re pitching your company to investors or pitching your services to the public, you’ve got to have a pitch.

On this note, research indicates that what you say to an audience — whether an audience of one or one thousand — matters far less than how you say it. In fact, only about 7% of a message’s effectiveness comes from its content. The other 93% comes from your voice and body language.

With that in mind, you should write different elevator pitches for the different scenarios you find yourself using them in. Come up with a succinct and engaging story about what your startup does and how it came to be. Focus on the problem it’s there to solve. Suggest and articulate your mission, goals, and reason for being. Try to keep the whole pitch under 30 seconds, with a longer presentation ready at all times to share with prospective investors and clients.

Learn to be a Public Speaker

Being able to communicate effectively can mean the difference between your success and your failure as a startup entrepreneur.

Communication is at the heart of all business, making this one of the most critical tips for entrepreneurs. Whether you’re rousing your employees for a challenge, convincing investors to give you a chance, or selling your product directly to consumers, you don’t have to be a paid international speaker to benefit from public speaking.

Learn Marketing (and Never Stop Doing It)

Entrepreneurs tend to be creative people and often they feel like marketing themselves is about “selling out” or tarnishing their integrity in some way.

First of all, that isn’t true. Marketing and sales are both very respectable fields that have been given an unfortunate reputation by a few “sleazy salesmen.”

Second, if you aren’t marketing, you aren’t in business. It’s that simple.

As an entrepreneur, you have to be constantly attracting, building, and educating your audience. Granted, not all marketing tactics are necessary all the time. Depending on your business and the market you’re in, the style of marketing you’ll need to do will vary greatly.

Starting your own business is both one of the scariest and one of the most wonderful experiences you will ever have. To make sure it’s less scary and more wonderful, keep these tips for entrepreneurs in mind as you go forward.

entrepreneur blog

How to Craft an Entrepreneur Blog That Will Make a Difference

Oct 14, 2019

People with a fear of public speaking, on average, end up earning 10% less than those who don’t fear public speaking. Thus, any avenue allowing you to flex your public speaking muscle is an opportunity for career advancement.

In today’s world, blogging is a means to become a digital public speaker. If you are thinking of developing an entrepreneur blog, here are a few tips to help you fortify it.

1. Are You Ready to Sustain an Entrepreneur Blog?

Starting an entrepreneur blog is an easy thing in today’s world. With the impact other entrepreneurs have had on the world with their content, it can be easy to get into a frenzy over developing your blog. But are you able to sustain it once it’s up?

At the end of the day, the fire to drive your entrepreneurship blog must be primarily intrinsic. If you only rely on external motivation to keep you going, you will run out of steam. Therefore, you need to ask yourself how much time you can spare for blogging. Will it be a daily, weekly, biweekly, monthly, or a once in a while affair?

In addition, you have to create ways to learn and grow your business skills to keep giving your users helpful content. Consistency in output and quality are the two pillars for a blog that will inspire others along their entrepreneurship journey.

2. Deliver a Compelling Message

Whenever you are speaking with the public, you have to craft a message that will resonate with them. After all, isn’t your aim as a public speaker to add value to the lives of others?

With this in mind, you need to have a granular understanding of who your readers will be. Creating a reader persona will help you answer critical questions that drive the needs, aspirations, and desires of those who will be following your blog. Some of the elements a reader persona will help you identify include:

  • The kind of information your target audience will be looking for online
  • The challenges your target readers face in their daily business operations and lives
  • What unique insight, skill or experience you have that can meet your target audience’s needs

The more thorough your understanding of the people you are targeting with your entrepreneur blog, the more valuable your content will be.

3. Niche It Up

A compelling business blog is one that speaks to a particular set of people engaged in a specific area of operations. For example, if you desire to get a tech entrepreneurship blog going, you have to stick to that sphere of activities. A rule of thumb when picking a niche for your blog is to look at what you can confidently speak on.

Remember that a blog essentially turns you into a digital international public speaker. Your entrepreneurial followers will be looking for solutions they can execute in their operations for tangible results. Thus, you need to select a niche where you possess actionable domain expertise you can transfer to your audience.

If you are having trouble thinking about the best niche, ask yourself what areas of business you are passionate about. Blogging on a section of the business world close to your heart will help you be consistent in sharing about something that matters to you. Your audience will invariably pick up on this and respect your authenticity.

Another way to identify a niche you can target is to think of what others regularly ask you about. For example, do you have friends and colleagues peppering you with questions about the business end of technology? That is tangible feedback that you can deliver valuable tech entrepreneur advice to others.

Whatever niche you settle on, let your gauge for success be whether you are solving your readers’ problems and adding value to their lives.

Build a Lasting Business Blog

The fear of public speaking can hurt your career prospects. To overcome it, you should develop an entrepreneur blog. A blog will assist you in influencing the business world while helping you groom your public speaking skills.

tech entrepreneur

5 Reasons Women Should Try Entrepreneurship

Oct 7, 2019

Female entrepreneurship and female-owned businesses are among the fastest-growing segments of the economy. According to data from Kauffman, women make up 40% of new entrepreneurs in the U.S. and the number of new businesses owned by women is increasing at twice the rate of those owned by men. There are many reasons for this.

Some of this reflects a general shift in the economy with large companies hiring contractors rather than employees. In fact, as many as 20% of workers are now contractors rather than employees. Moreover, businesses have recognized the efficiencies of outsourcing some functions, such as payroll, that were formerly handled in-house.

However, there are other, more personal reasons for women to try entrepreneurship. Here are five of them:

Address Inequities

It is an unfortunate fact that women are paid less than men for the same work. There are many social and economic reasons for this inequity but women are paid less even when pay is normalized according to hours worked, education, and experience. Similarly, women tend to be hampered in their advancement. The CEOs of the largest companies are disproportionately male.

One way women can address these inequities is starting their own businesses. This allows market forces, rather than a supervisor, to decide the entrepreneur’s value. Moreover, advancement and growth will be determined by the merits of the business instead of the gender of the entrepreneur.

Maintain Life Balance

Over 60% of caregivers are women and over half of these caregivers are employed. Whether they are caring for elderly relatives or young children, these women have to balance their work life and home responsibilities. Although one of the most common entrepreneur mistakes is to assume that you will work less when you are your own boss, it is true that most entrepreneurs have more control and flexibility in their work life.

Technology plays a large part in this level of control and flexibility. Common entrepreneur tips include using mobile devices and wireless Internet access to make yourself available to your employees, customers, and business partners when you are unable to be present in person. However, many make themselves available on a set schedule. A set schedule allows you to meet your personal responsibilities as a caretaker for others and yourself. The flexibility of being an entrepreneur allows you to take care of yourself both physically and mentally so that you are at your best when running your business.

tech entrepreneur

Work Collaboratively

Women overwhelmingly choose to work collaboratively rather than working solo. Again, there are likely many social and psychological reasons for this.

Women entrepreneurs can satisfy this tendency in two ways.

  1. A business’s culture flows from the top down. A boss who is more collaborative and encourages collaboration creates a corporate culture of collaboration rather than competition among her employees. A collaborative environment is more creative, less stressful, and more productive. Tech entrepreneurs have recognized this for decades, incorporating collaborative tools into their product development process.
  2. A business that can work with other businesses and customers is more likely to find or invent creative solutions to problems than a business that has a “my way or the highway” attitude. Tech entrepreneurs, in particular, benefit from employees’ ability to find creative solutions to customers’ problems.

Creativity

Entrepreneurship encourages and rewards creativity. Very few, if any, entrepreneurs start a business to do things exactly the same way as their competitors. One could go so far as to say that step one of “how to start a business” is to figure out what your competitive advantages are. If you are a tech entrepreneur, maybe it is new technology, better personnel, or less expensive products.

Established businesses and their legacy approaches can stifle the creativity of their employees. By becoming an entrepreneur, women can work with the people they choose and approach the business the way they want.

Encourage Other Women

Whether it is through hiring women or by providing entrepreneur tips to budding women entrepreneurs, entrepreneurship provides a pathway for encouraging other women. Tech entrepreneurs, in particular, are largely male. Women tech entrepreneurs can provide a role model for other women to emulate.

Women entrepreneurship is growing by leaps and bounds for many reasons including overcoming inequities, working creatively and collaboratively, and encouraging other women.

common entrepreneur mistakes

5 Common Entrepreneur Mistakes to Avoid

Sep 17, 2019

According to a study conducted by U.S. Bank, 82% of businesses that don’t work out fail because of cash flow problems.

Starting anything from scratch is never easy, and businesses are a lot harder than most other things to get right. As an entrepreneur, you won’t be able to avoid all common entrepreneur mistakes. It’s just a fact of life. But making a mistake isn’t the end of the world, that’s how good entrepreneurs learn and grow into eventual successes.

However, once you get started, you really can’t afford to go on making blunders indefinitely. You’ve got to work smart, as well as hard, and that means avoiding entrepreneur mistakes when you can.

The following are five entrepreneur tips for avoiding common entrepreneur mistakes.

1. Choosing the Wrong Cofounder

If you’re starting a business on a small scale, you don’t technically need a cofounder. However, it is worth noting that of all businesses worth over a billion dollars, a mere fraction started with only one founder. So having the right cofounder can dramatically increase your odds of major success.

On the other hand, having the wrong cofounder can have the exact opposite effect. First and foremost, a cofounder should be mentally and emotionally compatible with you. What are your key skills? What will you be contributing to the partnership? Now, what are your weaknesses? Who can you hire or partner with who can fill in your blind spots and balance out your strengths?

2. Being a Know-it-All

This is one of the most important tips for entrepreneurs trying to avoid common entrepreneur mistakes. You should never be a know-it-all when it comes to business. Why is that? Quite simply, it will be detrimental to your success.

You can never “know it all” when it comes to business, even if you’re the best in your field. Someone will always be there to outdistance you if you don’t stay on your guard, and there’s always someone who understands something better than you do. By assuming you have all the answers already, not only do you make your business susceptible to being taken over by newer, more free-thinking competitors, but you alienate yourself from those who could be teaching you how to stay ahead.

It’s the first rule of success: be teachable. Because if you aren’t teachable, you’ll never succeed. Even if you somehow do, it won’t last long.

3. Expecting Customers to Find You

Some budding entrepreneurs have a “build it and they will come” mentality. They think that just because they’ve started a business, whether it’s a brick-and-mortar store or a website, people are bound to check it out.

However, you’re setting yourself up for failure if you start your business this way. There are a lot of businesses out there and a lot of new ones being started every day. What are the chances that masses of potential customers are going to notice when yours open its doors?

In truth, the chances are slim. Unless you’ve made sure your target audience knows about your business and why they should care, you won’t see much traffic right away.

Marketing isn’t the most popular skill in the world, but you’ve got to be good at it to be an entrepreneur.

4. Getting Too Obsessed Over Competitors

Being successful as an entrepreneur is about more than worrying about your competition. While you should be mindful of your competitors and what they’re doing, you want to be focused on the unique value you’re contributing to the world, regardless of what other businesses are doing. It’s better to prioritize what makes you different than to constantly try to beat the competition.

5. Hiring the Wrong Employees

Too often business owners hire people not based on actual capability, but on whether they like them or not. And while you should definitely try to hire people you’ll get along with, that should never be your only reason for hiring someone.

Your company’s success depends on the competence of your employees. Would it make sense for your business to only hire your relatives and friends? Or are you just trying to secure or maintain their favor? Would that applicant you’re considering actually do the job well, or are you only considering him because you feel like he’s a nice guy and deserves it?

And there you have it — five of the most common entrepreneur mistakes to avoid.

tech entrepreneur partner

Simple Guidelines for Picking the Right Business Partner

Sep 10, 2019

The possibility of failure is a nightmare that chases every entrepreneur. In 2014 alone, this fear became real for 80% of all small businesses owners. Many reasons can make a small business flounder in its first, third, or even fifth year. Financial challenges, lack of a differentiated value proposition and even unforeseen disasters like floods contribute to the downfall.

Conflict between business partners is another often-cited reason for companies to close their doors. Due to this fact, you need to be extra vigilant when looking for a tech entrepreneur partner. Here are some attributes you should weigh before making a decision.

1. Financial Stability

Whenever entrepreneurs are in the middle of finding a business partner, they can get hung up on who brings money to the table. While capitalizing the business is a critical matter that needs due consideration, it is not as mission-critical as the financial health of your potential business partner.

If your potential tech entrepreneur partner is in the middle of a financial crisis it may be worth re-considering their suitability. A partner who is struggling to make ends meet may not give your startup the sole focus it needs to survive in its infancy. Worse still, if at any point they find themselves with their backs pressed to the wall they might be susceptible to financial fraud to survive.

Another aspect of assessing this trait is whether their financial crisis is due to a character issue. A potential partner who can’t manage their personal finances will most likely mishandle company finances as well since it calls for the same kind of discipline.

tech entrepreneur partner

2. Complementing Strengths

You and your potential tech entrepreneur partner ought to be strong in the area where the other is weak for your firm to thrive. One of the cardinal tips for entrepreneurs in the tech arena is to pair up as a technical and a non-technical founder. If you are a computer whiz, then you need a partner who thrives at business development and marketing. The reverse also applies.

Part of the reason why you need a business partner who’s strong in the areas you’re weak in is to help you focus. Launching a startup is extremely tough and any distraction can sink the business. When you’re able to plow all your tech entrepreneur resources into what you do best, your firm’s odds of survival shoot up. During tough times a partner will help you remain objective in your weak areas so that you can ultimately pull through.

3. Value Alignment

Many business wrangles come about due to a fundamental difference in how partners see the world and approach it. When you are scouting for a tech entrepreneur partner you must zero in on whether you share similar values relating to the firm. Your goals and theirs have to complement each other for you to work in unison. If you find that there is a danger of having widely varying goals then assess whether there is a common point that can align your interests.

If your potential partner is a personal friend or family member, then you need to avoid one of the most common entrepreneur mistakes: glossing over your alignment. Just because there is a preceding personal relationship does not necessarily mean that it makes for good business relations.

Another tip for the tech entrepreneur looking to partner up is to not have ambiguous responsibilities. You need to clearly define every partner’s responsibilities and key deliverables on paper. That clarity will help run the business with minimal friction due to crossed boundaries and inaction.

Don’t Fall for the Wrong Tech Entrepreneur Partner

Small businesses fail for many reasons and one of them is partner misalignment. There are critical benefits to working with a business partner but only if you pair with the right one. Focus on interpersonal and capacity-related traits to identify the best tech entrepreneur partner for your business.