5 Tips for Avoiding Mistakes as an Entrepreneur

Aug 19, 2019

Entrepreneurship is both an art and a science. While there is no single recipe for success as a tech entrepreneur, there are many ways to fail. Here are five tips for entrepreneurs for avoiding entrepreneur mistakes:

Seek Out Help

Very few entrepreneurs can do it all. For every Bill Gates, there is a Paul Allen and a Steve Ballmer. For every Steve Jobs, there is a Steve Wozniak. In addition to these co-visionaries, there are teams of professionals to support and assist the tech entrepreneur in building a tech company. Attorneys, accountants, and consultants provide tech entrepreneur resources that can make the difference between a successful business and just another failed startup.

Similarly, investors and venture capitalists can not only provide working capital but can also provide tech entrepreneur resources. Whether those resources come in the form of networking contacts or sales leads, advice based on other tech businesses they have been involved with, or just a friendly ear to listen, tech entrepreneur partners can be an indispensable source of experience for a new business.

Experts can also be a source of tech entrepreneur resources. Conferences, seminars, webinars, and trade shows can be a valuable source for networking and business advice. While tech entrepreneurs are not necessarily known for being humble, most successful tech entrepreneurs know what they do not know and find a way to fill that knowledge gap before it inhibits their business.

Have a Plan

To paraphrase a famous author about military strategy, “no plan survives first contact with the enemy.” His point was not that plans are pointless. Rather, he was advising that a battle plan must be constantly updated with new strategic decisions as situations arise.

Business plans are similar in the sense that they provide a road map to reach the next goal. But, once that goal is reached, the business plan must be updated to reflect the business’s current condition.

For example, a tech entrepreneur may plan to take on investors to finance a business expansion, then use the profits from the business expansion to buy out the investors and return to a sole proprietorship. However, once the business has expanded, the tech entrepreneur may find that the initial plan is no longer feasible because the expanded business requires more employees and more working capital than the entrepreneur can handle without investors. In this example, the tech entrepreneur must update the business plan to reflect the new condition of the business.

Polish Your Presentation

While it would be glib to reduce every tech entrepreneur to a salesperson, the modern entrepreneur must be able to communicate his or her vision effectively. Venture capitalists and investors have many, many businesses competing for their investment. Having a clear presentation can make the difference between closing the deal and foundering. In fact, communications researchers have found that presentation style (55% non-verbal cues and 38% voice) may be more influential in creating an effective presentation than the subject matter (7%). Again, coaches and consultants can be valuable tech entrepreneur resources in developing a presentation style that works for you.

Delegate Authority

As a tech entrepreneur, your business is like your baby. However, micromanaging a business is inefficient and can lead to resentment among partners and employees. Learning to delegate authority spreads the responsibility for success throughout the business. Partners and employees will be happier having a role in the business’s success and you will have more time to focus on entrepreneurship – building the business and its product and service offerings – rather than being distracted by the day to day operations.

Monetize

One of the common mistakes that tech entrepreneurs make is that they are so enamored with the technology they have developed, that they forget to make money. This is not to say that tech entrepreneurs need to be greedy. To the contrary, some of the coolest technologies has been dedicated to social justice, corporate governance, and environmental improvement. Moreover, many tech businesses contribute financially to worthy causes. However, as a tech entrepreneur, you are running a business that your customers, employees, and partners are counting on. No tech entrepreneur wants to be in the unenviable position of having to lay off employees.

In sum, there are many tech entrepreneur resources, including business partners, consultants, and employees, who can help tech entrepreneurs avoid common mistakes.

tech entrepreneur advice

4 Pieces Of Tech Entrepreneur Advice You Need To Read

Aug 14, 2019

Running a business takes a lot of hard work and being a tech entrepreneur is no different. Between creating business plans and finding a business partner or investor, it can seem like you’re always dropping the ball. Keep reading for tech entrepreneur advice that can help you grow your business.

Create A Business Plan and Stick With It

Creating a business plan should be one of the first things a tech entrepreneur does before starting a business. You will need a plan to effectively run your business and to seek investment or venture capital for your business. It’s important that once you create a business plan, you stick with it but still allow for changes in the process. Being flexible is a key trait of successful tech entrepreneurs.

Wake Up Early and Be Flexible In Your Day

It’s no secret that succeeding as a tech entrepreneur includes waking up early. Good tech entrepreneur advice is to wake up before the sun rises to get the most out of your day. You don’t have to get started on work right away; rather, you may use this time to work out, read the news, or take your dog for a walk. It’s also important to be flexible in your day. Things come up as an entrepreneur and you want to be in a position that you can drop what you’re doing to put out any fires that pop up.

Find A Business Partner That Complements You

A business partner can help you manage aspects of the business with which you may not be familiar. Finding a business partner can be a challenging task because you want to find someone qualified for the position. You also want a business partner that can complement your work ethic and personality traits. If you work better under pressure of deadlines, having a business partner that likes to stay ahead of them may help your organization grow.

tech entrepreneur advice

Face Your Fears and Be Persistent

Starting a business is hard work and it can be daunting. You often have to wear multiple hats, even when you have a business partner, and it requires you to occasionally do things you don’t enjoy doing. For example, 75% of people have speech anxiety. If you need to make a pitch to investors, you are going to need to brush up on your public speaking skills. This is just one of many instances in which a tech entrepreneur is going to need to face their fears and be persistent with it. As they say, practice makes perfect.

It doesn’t matter if you’re just starting a new venture or if your tech business is already underway, these four pieces of tech entrepreneur advice will help you and your business succeed.

The First Steps To Starting Your Own Business

Aug 8, 2019

According to one study, 82% of people learning how to start a business will fail, due to cash flow problems in their startup.

That’s a pretty big deal. It means that if you plan and launch your startup in a way that will avoid cash flow problems in the first place, you’ll have eliminated the single biggest risk in launching a business — dramatically increasing your chance of success.

Whether you want to learn how to start a business to support your travels or creative life, or whether you have a unique product or business idea that you’re passionate about, it’s important to start on the right foot with your business planning. To help you avoid common entrepreneur mistakes, the following entrepreneur tips will help you determine how to start a business.

Conduct Research

Since you’re learning how to start a business, you’ve probably already settled on a business idea you’d like to get into. But before you take off and run with it, you’ve got to compare that idea to what the market wants.

To be successful, a business has to solve a real problem, fulfill a real need, or provide something people genuinely want.

However, for a new business to succeed, it isn’t enough to just offer something the public wants. The public has already been getting what they want, or else doing without it, for a long time. Your job as the business owner is to convince them that your offer is going to be better for them than anyone else’s. It’s not enough to give them another option — you’ve got to give them an option they can’t say no to.

On the surface that may sound daunting, but it’s very doable, as long as you’re willing to do some hard thinking.

You can identify what the market wants by talking to your target customers directly; by starting a blog on your target industry, and building an audience of ideal customers; or just trying different ideas until you come upon one that sticks.

The following are some questions you should try to answer, as you formulate your ideal business idea:

  • Is there a real need for this product or service?
  • Who needs this product or service?
  • Who is my ideal customer?
  • What other businesses are currently providing this product or service, or something similar?
  • How much competition is there for my idea?
  • How will my business idea fit into the existing market? How will it contrast from other options already available?
  • Am I a member of the community I’m trying to sell to? Am I my own biggest fan and customer? Will I enjoy building this product or providing this service long-term?

The last question may be the most overlooked idea for aspiring entrepreneurs, often considered only as an afterthought. It’s important to remember that your business is going to be your full-time job, at least at the beginning. Make sure you’re doing something you’ll genuinely enjoy.

Make a Business Plan

Before you can start building your business, you’ve got to have a plan for what you will do. Your business plan will act as a blueprint, guiding your decisions from startup through initial growth to keep you on track.

A business plan doesn’t have to be complicated. If you’re funding the venture on your own, and it’s just going to be you and perhaps one or two other people working on it part-time, a basic one-page outline of steps to follow is all you need.

If you’re going after investor funding, you will need a traditional business plan to show investors or banks. This type of plan is usually very long, very thorough, and very specific. Business plans of this kind always provide a common set of information that investors always look at before deciding on whether or not to invest in a startup.

Even if your business is going to be simple — a blog that you intend to monetize, for example — it’s still incredibly important to have some kind of written plan. It doesn’t have to be long or complicated. You just need an idea of where you’ll be going and what you’re going to do before you get started.

Armed with these insider tips for entrepreneurs, you’ll be well ahead of the competition when you launch your startup.

tech entrepreneur advice

The Ultimate Guide to Becoming a Better Public Speaker

Aug 6, 2019

For entrepreneurs, public speaking is a vital skill that could make or break your business. An effective speech could greatly boost your sales pitch, motivate your workforce, or efficiently communicate your plans and ideas to concerned parties. A terrible speech, on the other hand, could send the wrong message to potential clients and staff members.

The thought of delivering a speech in public, however, sends shivers down the spines of many entrepreneurs. If you happen to be in this large pool of entrepreneurs who dread public speaking, don’t be discouraged, you’re not alone.

In fact, three out of four individuals get anxious right before or when delivering speeches. Most people would rather walk on a path of burning coal than deliver a 20-minute speech on quarterly returns.

This article is for all those tech entrepreneurs who are brimming with incredible ideas or amazing tech entrepreneur advice but suffer immensely when it comes to delivering speeches. The piece could also help those who need to refine their public speaking skills or those who want to be better when delivering tech entrepreneur advice.

Without further ado, here are a few tips for entrepreneurs to improve their public speeches.

tech entrepreneur advice

It’s All About the Audience

We understand how nerve-wracking it can be before your speech. However, most of us get so caught up in speech preparations that we forget the most important element of the entire speech: the audience.

While how we look, how we stand and the gestures we use will determine how good our speech will be, the overall message and how it is conveyed to the audience is the most important aspect of your speech.

With this in mind, it is important to prioritize your audience above everything else. Doing so will also help take the pressure off of the whole idea of delivering the speech, as you’ll be focused on just one thing.

Practice Makes Perfect

Any successful entrepreneur knows the importance of practicing for a speech beforehand. Consistent practice will help you familiarize yourself with the contents of your speech and greatly boost your confidence.

Delivering your speech in front of your family, close friends, or co-workers is a great way to practice before the actual speech. Ask them to give you feedback and point out areas where your tech entrepreneur advice could improve. With consistent practice, you’ll improve your speech delivery and content in no time.

Get Familiar with the Stage

If you have the chance to inspect your stage before the speech, go for it. Even international public speakers highly recommend getting familiar with your space for a couple of reasons.

First, you’ll have a firm grasp of the surrounding space, including where to stand and how to face your audience. You’ll also understand the layout of the room, including the placement of cables and speakers, so you don’t trip or knock over anything.

Use Informative and Appealing Slides

The digital entrepreneur of today will never deliver a speech without a slideshow presentation to go along with it. If you opt for a presentation, remember to keep your slides as informative, engaging, and visually appealing as possible.

Remember, each bullet should be concise and capture only useful information. For the best presentations, avoid any and all fluff. Consider adding a bit of color and transitions to your slides, so they don’t come off as boring.

Lovely slides that go straight to the point will pique your audience’s interest right off the bat.

Don’t Forget to Breathe

It seems outrageous, but the all too important act of inhaling and exhaling can take a back seat the moment you’re up on stage. Therefore, remember to take short deep breathes before the speech to calm your nerves and maintain the same poise during the speech delivery.

These few tips will have you well on your way to becoming a paid international speaker, or just help you get through your speech. You can also read through our other articles for more useful tech entrepreneur advice.

finding a business partner

3 Tips For Finding A Business Partner

Jul 17, 2019

Running a business can be a challenge. There are emails to read, conferences to attend, marketing to strategize, books to reconcile, calls to make, and taxes to file, among many other things. A business partner can help ease some of the burden, but where to do business owners start? To help make this process a little more enjoyable, here are three tips for entrepreneurs on finding a business partner.

1. Know Your Strengths

Before you start looking for a business partner, you will want to know what you need in one. To do that, you will need to know what qualities and strengths you bring to the table, then look for someone to help fill in the gaps. It’s important to find a partner that complements both your strengths and weaknesses. Consider looking for someone with different approaches to ideas so you can broaden your company’s knowledge base. For example, you may be really good at finance with a brilliant idea for a lucrative venture but have no clue how to start a business. A good business partner would be someone with experience in starting new companies.

2. Don’t Rush the Process

Common entrepreneur mistakes include setting unrealistic goals and believing you need to go it alone. It’s unrealistic to expect to find a business partner quickly, so plan to take some time for this process. If it takes a little bit of time for you to figure out your own strengths and weaknesses, then it should take even more time to figure out what you need in a partner. Once you’ve determined what you want in a partner, give yourself ample time to talk with people, get to know them, and find out their long-term vision for your venture. Don’t be afraid to take extra time with them; a new business partner is a big decision!

3. Level Your Expectations

Along the same lines as setting unrealistic goals is having unrealistic expectations of your partner. Consider this example: you are looking to start a law firm but know that lawyers have an unusually high aversion to being public speakers and that 58% to 64% are introverts. You’ll want to be sensitive to that when finding a business partner. Are you averse to public speaking or is your partner? This goes hand-in-hand with knowing your strengths and skills. Make sure to set your expectations fairly on both yourself and your partner. This will help avoid conflict down the road.

Finding a business partner can feel as overwhelming as starting a new business, but let these tips guide your process and ease any tension you may have over it. Know what you bring to the company, take your time and be patient, and set your expectations early. This will help make finding a business partner a walk in the park.

5 Reasons Why Every Entrepreneur Should Join an Entrepreneurship Program

Jul 15, 2019

Every entrepreneur needs a mentor who has gone before them to show them how to navigate the murky waters of entrepreneurship. With the high cost of starting a business, it no surprise that 69% of entrepreneurs in the country start their businesses at home and scale them up when operations can support extra expenses. By joining a mentorship program and attending international speaker sessions, you will achieve the following advantages:

  1. Mentorship on how to handle every aspect of entrepreneurship: There is a lot that comes with entrepreneurship, and it is easy for budding entrepreneurs to make mistakes. By attending workshops and programs, you learn all the common entrepreneurship mistakes you will encounter and how to avoid them. Besides lessons on avoiding entrepreneurship mistakes, you learn to forecast challenges, so you are well-prepared to mitigate them if they arise. Some of the most common mistakes you will learn is that you need to have a customer-first mentality where you first find a real problem to solve before creating a product or service. The majority of entrepreneurs start from products and look for problems their products can solve.
  2. Raising capital for your business : Every business requires capital to grow. Whether you will be finding a business partner or using other means to get capital, a mentor to walk you through every step of the way will come in handy. You need to write proposals, enlist the services of a lawyer, and market your business. That’s why attending entrepreneurship workshops and programs, like those performed by Raffy Pendery, can help change your business and make you more money in the long run.
  3. Public speaking and communication skills: A lot of tech entrepreneurs struggle with public speaking and communication, especially when speaking to people who aren’t technologically inclined. But tech is not the only field affected: you need more than words to become an excellent public speaker. You must have research skills to stay up to date on new trends, composition skills to enable you to craft your message properly, and communication skills to relay this information well. You also need people skills and to learn how to connect with your audience. These are skills you will use in your business as you talk to a potential tech entrepreneur partner, your employees, and your customers.
  4. Business law and ethics: Every entrepreneur needs to know where they stand with the law. This is crucial for their business. First, there is a need to understand the types of business you can register and the legal implications they hold. These include sole proprietorships, partnerships, and limited companies. You also get understand the tax implication associated with these types of business, the licenses you need to start operations, and any other legal aspects you need to be aware of. This helps you make an informed decision on which type of business to start.
  5. Pricing and negotiation skills: Every entrepreneur needs to know how they should price their products or services. There are a lot of things you need to put into consideration before you can settle on a price. How much does it cost to make? How about packaging? Through an entrepreneurship program, you will learn how to price your services and products to maximize profits and remain competitive in the market.

Raffy Pendery explains each of these vital considerations. Once sales start trickling in, you will be taught how to reinvest and expand your portfolio, cash flow management, among other day-to-day financial aspects of running a business.

After all, learning how to start a business is a continuous process. You will not learn everything in a single day, but you will keep improving your skills, and you grow and expand. However, having a helping hand, you can trust becomes vital in ensuring your success. Raffy Pendery started as a tech entrepreneur and is well versed in everything tech, public speaking, and entrepreneurship. Rely on his expertise to transform your business from good to great.

4 Traits You Need to Succeed as a Tech Entrepreneur

Jul 11, 2019

Want to know how to succeed as a tech entrepreneur? Strap in: it’s a long road to prosperity.

Every year, thousands of entrepreneurs start small businesses in the U.S., each with their own brilliant ideas. The failure rate statistics can be daunting, though. Only 80% of small businesses started in 2014 made it to the second year while only 56% made it to year number five, according to Small Business Trends.

Don’t let the numbers discourage you. While you may not become the next Jeff Bezos, plenty of tech startups flourish, even if they hit some rough patches along the way.

We’re sure you’re brimming with confidence and ready to get your startup off the ground. After all, you wouldn’t be an entrepreneur if you weren’t. But here are four traits that, if developed and sustained over the long haul, are essential on how to succeed as a tech entrepreneur:

1. Dedication

Entrepreneurs like yourself have plenty of reasons they want to start a company — everything from being their own boss, chasing riches, pursuing their passion, or just being plain curious about solving a hard problem.

A word to the wise: Know that launching a company takes guts, and it may take several years until you truly succeed. Tech startups face many obstacles along the way, so it’s important to continuously look at the big picture, even when there are roadblocks like insufficient cash flow, problems with personnel, or other thorny issues.

One of the most common entrepreneur mistakes is the illusion that success can somehow happen overnight. Remember that it takes time.

2. Flexibility

Most entrepreneurs start a company with a specific idea and game plan. But remember that markets quickly change. Your initial idea may not drive your core success; you have to be willing to adapt and stay flexible.

The most successful entrepreneurs are driven to solve problems, and they realize they may have to pivot along the way and tweak their approaches. One of the big entrepreneur mistakes is not being flexible enough.

One example of this is Twitter, which was started in 2005 as a podcast company known as Odeo. When Apple iTunes began to dominate the podcasting market, the original Twitter founders developed the 140-character status update side project that launched them into riches.

Lesson learned: have a plan, but be willing to pivot to meet customer needs or when big obstacles get in the way. That’s a good formula for how to succeed as a tech entrepreneur.

3. Confidence

As a startup business owner, you’re going to spend a lot of time trying to convince people like investors, a tech entrepreneur partner, and employees. That means you’re going to have to exude a natural confidence. If you want to know how to succeed as a tech entrepreneur, remember that confidence is key.

The best way to build confidence is to work on projects you’re passionate about and invest the long hours to prepare to make your pitches.

Another tip: don’t look too much for external validation. As cliché as that might sound, successful tech entrepreneurs know that the long road to prosperity will involve rejection, difficult situations, and selling people on projects and ideas that may not garner approval right away.

4. Open-minded

One of the best tips for entrepreneurs: build a diverse team.

Don’t surround yourself and take advice from too many people who are just like you. That includes demographics and traits across the board, such as age, gender, educational background, and professional experience.

When entrepreneurs get too stuck in their own cultural biases, they may miss ideas and opportunities that can lead to success. Listening to competing ideas can be difficult, but the creative tension will usually yield insights that you may not have thought about before.

Female Entrepreneurship Is On the Rise

Jul 9, 2019

Not too long ago, the United States was a place where women’s rights were severely limited. They were expected to maintain the role of wives and mothers and weren’t even allowed to vote. However, women’s rights movements have carried the U.S. to a point where the female population is becoming more and more empowered. They are becoming entrepreneurs and paid international speakers who are striving to make a difference in the world. They are speaking up about their thoughts and ideas and paving the way for the girls who will follow them.

Data from Kauffman shows that 40% of new U.S. entrepreneurs are females, with the number of new female-owned businesses progressing at twice the rate of male-owned businesses. If these rates continue, it’s possible that women could take over the majority of new businesses in the United States. With the ability to blog, create online business spaces, and reach millions of other women like them, it’s easier today than it has ever been for females to break into the world of business.

Blogging

While the ratio of female to male bloggers is pretty evenly split, women do have the higher percentage in this category. Everything from beauty blogs to tech entrepreneurship blogs can be run by women. Blogs provide a way to reach out to the billions of people who have access to the internet and have multiple different avenues for monetization. They’re a great place to start for launching a small business and making connections. They also offer opportunities for lead generation.

This form of marketing and customer connection allows females to create their own platform. They control every detail and are able to take their new ideas and run with them. It gives women of most classes and experiences the ability to reach out to the rest of the world and put their thoughts out there. Whether they wish to run a tech entrepreneurship blog or just want to share their life experiences as a life coach, many get their start with blogging.

Public Speaking

Another way that women are making connections and boosting their new businesses is through the use of public speaking. They are sharing their knowledge and experience with others at places such as schools, conventions, and more. They are helping others like themselves learn and grow, which in turn allows their business to grow.

To be a successful international speaker, you have to have something to offer that people want to hear. These women know they have a message that is worth putting out into the world. They know that the right people will listen and they use those opportunities not just to grow their business, but to help others.

Creating Better Lives

Many women turn to these forms of entrepreneurship because they want to improve their own lives and the lives of others. They want to create a life that allows flexibility, a chance to challenge themselves, and a way to make a difference for others. Some are your everyday women who start out studying tech entrepreneurship blogs for inspiration, while others have an idea that they know they want to put out into the world.

Wherever these women start, they are taking the world of entrepreneurship by storm. They are consistently creating new ideas and sharing their knowledge with the world. Things may not be perfect for women in today’s world, but they have made a great deal of progress. Women have the right to make their voice heard and share their ideas. They are doing so every day as the owners of their own businesses.

Everything You Need to Know About Digital Entrepreneurs

Jun 12, 2019

The digital entrepreneurship industry has significantly grown in the last few years. While Silicon Valley has always been home to ambitious tech entrepreneurs, the Internet has made it possible for anyone to become a business owner. This has been facilitated by the fact that global trade is expanding as new technologies provide a framework for global commerce.

If you are interested in becoming an entrepreneur, then you may be wondering how to get started. So, what are some of the properties of the digital entrepreneur?

1. Ability to Mobilize Resources

Unlike a traditional business owner, a tech entrepreneur can quickly mobilize resources to start and operate a business. Most startups fail to succeed because they do not have sufficient funds to cater to their immediate needs. Tech entrepreneurs know that this is one of the common entrepreneur mistakes they want to avoid if their startups are going to be successful.

2. Find A Mentor For Business Success Tips

While you may fantasize about becoming a self-made entrepreneur, most great business leaders have a trusted mentor. As you seek to launch your business, look for experienced industry leaders who can provide ongoing coaching and entrepreneurship tips. Many business owners find it hard to succeed because they do not have the tips and strategies that are necessary for succeeding in their industry. If you want to be the digital entrepreneur who will have a significant impact on the digital landscape, you need to have some vital entrepreneurship tips. Fortunately, the Internet provides many opportunities for networking and relationship development.

3. The Grit to Start a Business

Remember: not everyone has what it takes to run a successful company. Starting any new business will involve setbacks and drama. If you are the type of person who cannot cope with high levels of stress and disappointment, then you may not have the grit to succeed. Ironically, in order to succeed, you must know how to cope with failure.

4. Public Speaking Ability

Any digital entrepreneur who has the potential to succeed possesses a natural public speaking ability. You may need to regularly present your business plan to investors or potential clients, which you cannot do if you are nervous speaking in front of crowds. Many entrepreneurs also translate their success into a side career as paid international speakers. Fear of public speaking has significant impacts on your income as you will earn 10% less on average than those who do not fear public speaking.

Becoming a digital entrepreneur is a complex process. To learn more, keep reading our tech entrepreneurship blog and other resources. You too can become a digital entrepreneur if you are highly focused and committed.

entrepreneur mistakes

New Entrepreneurs: 4 Beginner Mistakes to Avoid

Jun 10, 2019

Everybody makes mistakes. However, most people don’t hold the fate of a product, brand, or entire company in their hands. Welcome to the world of startups.

Not everyone is cut out to be an entrepreneur. Three out of four individuals experience speech anxiety, which can severely diminish your effectiveness as a business owner. After all, it’s up to you to communicate your vision to your team, and often to your customers.

Besides lacking any skill as a public speaker, the following are four common entrepreneur mistakes to avoid as you learn how to start a business.

 

1. Being a Solution in Search of a Problem

This is one of the most common entrepreneur mistakes. When you’re creating your product and developing your business, it’s imperative to have a customer-first mentality. And when you’re just starting out, that means finding a real problem to solve, and then creating a product to solve that problem.

Most people go about this backwards — they have a product idea, or they discover something they’re uniquely gifted in. Then they go about developing a product based on that idea, all along assuming that people will actually want it.

Sadly, it’s not always the case.

Unless you start with the problem you want to solve, you can’t be sure that the solution you develop is going to really benefit people (and thus be profitable).

So instead of asking yourself, “What am I good at?” or even, “What can I do to help people?” Ask yourself, “What problems are people in my niche experiencing, and how can I solve them at scale?”

 

2. Going at it Alone

It’s almost a cliche, but it’s true: people thrive and work better with friends. That may be truer in the startup world than anywhere else. This leads us to another of the most common entrepreneur mistakes: trying to go solo.

Of all companies worth over a billion dollars, roughly 85% of them were launched by at least two founders. It’s fairly uncommon for a business to see massive success when it’s driven forward by just one person.v

It’s not fun to think about, but launching and scaling your business to profitability is going to be the hardest thing you’ve ever done. There are going to be days—weeks, even—when all you want to do is quit. Without a cofounder, coach, or at least an accountability partner, you‘ll most likely give up.

 

3. Never (Really) Getting Started

This is a more elementary mistake, but it’s a very common one among budding entrepreneurs.

Many would-be entrepreneurs fall into the trap of being busy doing nothing—attending seminars, watching lectures, reading books, and taking copious notes, without ever really putting themselves and their ideas out there for the world to see.

Business development is a public process—if you don’t launch a campaign, talk about what you’re working on, and get other eyes on it, you will not have a business.

This is usually a side-effect of fear. Sometimes the antidote is education—you need to learn about your field, and how to manage your own success when it comes. Just as likely, you’ve done enough learning and it’s time for action.

 

4. Assuming You Have No Real Competitors

Let’s be honest: when you’re a product developer or startup founder, you’re as proud as a new parent. And like a new parent, you’re pretty much convinced that your baby can do no wrong and that no one in the world could possibly replace it.

This assumption is another of the most common entrepreneur mistakes. It’s natural for new founders to feel this way, given the excitement of the startup process. However, it can lead them into believing that their product is so superior to everything else that’s out there, that they have no direct competitors.

In actuality, it’s incredibly unusual for a product or business to have no direct competitors. Unless you’ve invented something absolutely original (hard to do, and even harder to sell), there’s absolutely someone out there with an alternative product that people are already using.

It isn’t always necessary for a product to be ten times better than the competition to be profitable, but it’s still a good goal to shoot for. In any case, you must do your due diligence in finding the companies already serving your target audience, and discovering how you can differentiate yourself and your business.

Common Mistakes Public Speakers Make and How to Avoid Them

Jun 7, 2019

 

Do you have what it takes to be a great international speaker? Public speaking is a soft skill that entails speaking to an audience to pass along important information. More often than not, it is geared towards pushing the audience to take a specific action following the event. While a lot of people can be good speakers, public speaking entails more than just talking into a microphone.

Public Speaking is More than Delivering Information

Every international public speaker understands that there is more to speaking in public than reading from a piece of paper. For starters, what you say to an audience is essential, but it is not as important as how you say it. For an effective presentation, studies have suggested that 38% of it is your voice, 55% relies on non-verbal communication, and the remaining 7% goes to your content.

Technology has leaped forward, but the components of public speaking that make it effective have hardly changed. For instance, every paid international speaker should capitalize on the first seven seconds of a speech because it is during this short time that listeners decide if they will trust the speaker or not. Here are some of the most common mistakes public speakers make and how to avoid them.

  • Not creating an initial rapport with the listener: A lot of presenters spend most of their time putting together the content of their speech which sometimes keeps them in the information bubble. Instead of establishing opening lines that will help them create rapport with the audience, these speakers simply deliver information in a boring way. Rapport with your listeners is a make-or-break quality to your presentation.The best way to avoid this mistake is to research your audience beforehand. This will enable you to familiarize yourself their goals and their causes, allowing you to find the best way to approach them. Preparing for a speech is like starting a business. A business person avoids entrepreneur mistakes by knowing their customer’s demographics, culture, and expectations. You need to know this information when preparing for your speech if you are to connect with the audience.
  • Not having clear points: Listeners need clear and simple takeaways from your speech, otherwise they won’t perform the necessary action following the event. Modern society has come with a lot of distraction that has shortened our attention span. An effective way to deter a loss of interest is to have short, clear points that your audience can apply straight away in their lives. Also, don’t bombard them with tons of information that can make them feel overwhelmed. Keep your main points between three and five punchy points and pad these bits of information with more detail. Make it easy for your audience to follow you from one point to another, which creates flow and keeps them engaged.
  • Don’t be dependent on visual aids: Every public speaker needs to use visual aids at some point in their presentation, but you should not overload the audience with power points. Avoid reading from your presentation and filling it with tons of text, otherwise, you will distract your audience. It’s vital that you keep their attention on you as much as possible. To be an effective speaker, you need to keep eye contact and draw energy from them through crowd interactions. Look for signs of interest, so you know when audience attention is waning. You will elicit a hunger in the people watching you, and hit emotional triggers better when you pay attention to your audience.
  • Not getting the right timing: An international speaker is like a comedian. Both must get the timing right to present information that people will assimilate. As an international speaker, you should not go beyond the allotted time, and you should form the habit of timing your statements to keep them exciting and long enough. Break up your presentation with stories, jokes, and crowd interaction to make your presentation dynamic.

Entrepreneur tips for public speakers say that you should have a plan B for every presentation you make. If things start going south, you will be prepared. When you want to become a better international speaker, rely on the help of Rafferty Pendery to become a professional.

entrepreneur tips

7 Important Entrepreneur Tips That Small Business Owners Need to Know

May 22, 2019

Avoiding entrepreneur mistakes is the only way startup companies can reach their fifth year of operations. Recent studies indicated that 80% of the small businesses that were started in 2014 made it to the second year of operations, 2015. However, several research studies have proven that less than 70% of the small startups don’t get to see their third year of operations, let alone the fifth. With that in mind, let’s take a look at some of the entrepreneur tips that small business owners can use to succeed in business.

1. Adequate Capitalization

One of the most important entrepreneur tips that startup entrepreneurs can use to succeed in their investments is having adequate capitalization, otherwise known as money. There is no way business can succeed without sufficient capital. Entrepreneurs make the mistake of having little capitalization at the onset of the business. Little do they know that the company will not be able to withstand market forces and turbulence in the first few years.

2. Excellent Planning

One of the most common entrepreneur tips that all potential investors know is that they need to plan for their businesses. Most failed businesses have attributed failure to poor planning and lack of contingency plans. Reading a reputable entrepreneurship blog could provide an entrepreneur with some important details on how to formulate simple plans and contingency strategies that the business will follow, especially when the original strategy fails to deliver results.

3. Understanding the Market

For a business to succeed, understanding the market is an essential factor. Many entrepreneurs know everything concerning their product and they are convinced that it is a great product. However, they fail to understand whether the product they are offering fits the market. Entrepreneur mistakes don’t just happen, but they result from a series of minor mistakes, such as not analyzing the market and not understanding buyer behavior. Professional understanding of the market generates the expected results and helps the business to succeed.

4. Hiring Professionals

History has proven that it is very difficult for a business to succeed without the support of professionals. Small business owners tend to cut costs by doing everything themselves. That is one of the methods of bringing the business down. Startup companies are very delicate, which means that they require the services of experts to stabilize. Hiring an attorney, an accountant, and an experienced marketing expert is a great recipe for growth. As a business owner, you cannot handle everything by yourself, unless you’re planning to fail.

5. Working with Partners

Hiring professionals has been highlighted as one of the tips that entrepreneurs can use to succeed. However, finding a business partner is also a strategic method of moving the business to the next level. Although a partner will reduce the share of profits, they will be offering professional services that you’re not likely to get when working alone. Moreover, a partner can inject funds into the business while helping in critical decision-making processes.

6. Incorporating Technology

Technology is one of the strategies that small business can use to succeed in a competitive market. A business that uses advanced techniques to handle most of its services cannot be compared to the brick and motor companies that still use manual operations. Besides cutting down operational costs, technology increases productivity and efficiency while improving service delivery to customers. Businesses that want to succeed in the digital era must use technology as one of their operational pillars.

7. Get a Motivational Speaker

You can occasionally hire a motivational speaker to speak to your employees and keep motivated. A paid international speaker could prove to be relevant to your employees because they will instill a sense of belonging to your employees and keep focused on the goals of the company. Corporate speakers have for a longer period been known to provide entrepreneur tips that could also be important to the owner of the business.

Not one of these entrepreneur tips will deliver results alone. All these factors and business tips must be incorporated in tandem by the entrepreneur and employees working in the company. This is the only way the company will be able to break the curse of collapsing with the first three years of its inception.