Mastering Customer Experience: The Secret to Entrepreneurial Success:

Aug 11, 2023

Welcome to our latest blog post, where we explore the transformative power of exceptional customer service in driving entrepreneurial success. In this enlightening article, we will delve into the insights provided by Rafferty Pendry, an entrepreneur who emphasizes the critical role of delivering outstanding customer experiences. Join us as we uncover the secrets to building a thriving business by prioritizing customer satisfaction and mastering the art of customer service.

The Power of Customer Experience:

The age-old adage that “the customer is always right” may not always hold true, but there’s no denying the paramount importance of customer experience in the business world. Rafferty Pendry underscores that offering a consistent and exceptional customer experience can revolutionize any venture. For entrepreneurs aiming to enhance their business success, the focus must shift from the day-to-day operations to the underlying factors influencing customer satisfaction.

Majoring in the Majors: A Shift in Perspective

Entrepreneurs often find themselves entangled in firefighting and resolving immediate customer concerns. However, Rafferty reminds us that these superficial issues often point to underlying challenges. By adopting a “majoring in the majors” approach, entrepreneurs must look beyond the surface and address the core issues affecting customers’ experiences. Delving into the reasons behind recurring problems empowers entrepreneurs to implement lasting solutions that elevate the overall customer journey.

Empowerment and Delegation for Growth:

As businesses expand, entrepreneurs must empower their teams and delegate responsibilities effectively. He shared a compelling case study where a company struggled with profitability and growth due to executives sharing the same title. Through role realignment and empowering each executive with distinct responsibilities, the company experienced remarkable growth and improved customer satisfaction. Delegating responsibilities not only lightens the entrepreneur’s load but also fosters an environment where employees can thrive, thereby enhancing customer experiences.

The “One Truth” Approach: Consistency through Documentation

Rafferty introduces the concept of the “one truth” approach, highlighting the need to document essential processes and guidelines. When both staff and customers have access to well-documented information, they become more self-sufficient, reducing the need for constant entrepreneur intervention. Documenting crucial information, such as service FAQs and objection handling, streamlines internal operations and enhances the professionalism of the business, ultimately elevating the overall customer experience.

Transforming Customer Experience: The Path to Success

Mastery of customer service is an indispensable facet of entrepreneurial success. By delving into root causes, prioritizing core challenges, and empowering staff, entrepreneurs can unlock growth opportunities and cultivate a customer-centric business culture. Exceptional customer service is not a stroke of luck; it requires deliberate efforts, a deep understanding of customer needs, and an unwavering commitment to continuous improvement.

His insights shine a light on the strategies behind mastering customer service and achieving entrepreneurial triumph. By shifting focus from reactive problem-solving to proactive enhancement, entrepreneurs can elevate their businesses to new heights. The journey toward delivering exceptional customer experiences entails empowering teams, documenting essential processes, and nurturing a customer-centric culture. The rewards encompass heightened customer loyalty, increased profitability, and a thriving business that stands out in the market.

Incorporating customer service excellence, along with our exploration of the pivotal role of customer experience, offers a comprehensive roadmap to entrepreneurial success. By prioritizing customer satisfaction and implementing strategic approaches, entrepreneurs can craft businesses that not only thrive but also excel. We extend our gratitude for joining us in this blog post and eagerly anticipate sharing more valuable insights in the next one!

 

common entrepreneur mistakes

4 Common Mistakes That Can Sink New Businesses

Feb 8, 2021

Beginning as a tech entrepreneur is incredibly challenging. Lots of people start businesses only to abandon them later or to simply have them crash and burn. For that matter, it’s important to remember that many people have great ideas for tech businesses but are not necessarily able to execute them properly. This is often because they make common entrepreneur mistakes.

With that being said, the more you know about some of these common mistakes, the easier it is for you to avoid them. Below, we’re going to explore some of the most common entrepreneur mistakes and what you should do if you want to keep them from befalling you and your business.

common entrepreneur mistakes

1. Bad Pitches

You’ll quickly discover as an entrepreneur that you’ll be pitching your business to people quite often. Most often, your pitches will be aimed at potential investors. You’ll be pitching to investors in order to secure funding for your business. While this can be intimidating, it’s impossible to avoid. Small businesses cannot succeed without funding, and in order to be a successful tech entrepreneur you need to convince investors that your business is worth investing in.

The problem is that this is sometimes a piece of tech entrepreneur advice that small business owners aren’t ready to hear. It’s understandable if you have a fear of presenting to people at first. But a fear of public speaking can be quite devastating for your business prospects. Those who have a fear of public speaking typically make roughly 10% less than those who don’t. Fortunately, a fear of public speaking can be conquered. You just need to take public speaking lessons, ideally from a great public speaker themselves. But if you don’t dedicate yourself to overcoming this fear, it could become a major issue for you and your business.

2. Making Bad Partnerships

When starting a business, you’ll most likely want or need to work with a business partner at some point. Finding a business partner is a good idea. But finding the wrong business partner is one of the most common entrepreneur mistakes that can sink your business remarkably fast.

Perhaps one of the most significant mistakes that an entrepreneur can make is partnering with someone that is too close to them. There is a reason why they say not to mix business with pleasure. Partnering with a friend or family member can mix the personal and the professional too closely, especially if your business partner wants to be heavily involved. Make sure that if you do decide to move forward with this type of partnership, you are clear with your boundaries.

3. Lack of Research

Research is obviously important in general. Entrepreneurs need to know a lot about their business field, their products and services, and much more. But perhaps one of the most deadly and common entrepreneur mistakes is failing to research the competition.

The competition needs to be researched so that you understand how they market and run their businesses, what works for them, and what doesn’t work for them. Another important component of researching your competition is understanding what they’re missing in the market and what gaps your business can fill. Failing to do this is missing a major opportunity as an entrepreneur.

4. Taking Too Long to Launch

While it’s important for you to research the competition and prepare properly when launching your business, there is such a thing as taking too long to do so. Business owners need to be aware of a ticking clock on the freshness of their business idea. This is particularly true if they are launching products or services for which they cannot obtain patents. In that case, it’s all too easy for ideas to be taken and adapted by other entrepreneurs.

Additionally, a business owner’s passion can fade if the business takes too long to launch. You need to strike while the iron is hot and make sure that you’re doing what you need to do to launch your business as soon as possible.

Launching a business is incredibly difficult. But it can also be remarkably rewarding. Do your research and make sure that you’re ready to launch.

paid international speaker

4 Things to Look For in a Public Speaker

Jan 29, 2021

So you’re in charge of finding a public speaker to teach you and your fellow tech entrepreneurs a thing or two about starting a business. It’s difficult enough to start a business as it is, but now you have to find a paid international speaker who’s good at what they do!

Fortunately, a lot of public speakers today have clips of their prior speaking engagements posted online, which means that you can get an idea of what you’ll be getting before you actually pay to have the public speaker give you advice. But still, there’s a difference between watching someone on video and seeing them speak in real life.

In order to know that you’ll be getting the most out of your paid international speaker, there are a few characteristics that you should look for. Every public speaker is going to be different — and, of course, not every public speaker is going to be an expert on tech entrepreneurship. But there are a few things that all good public speakers have in common. Let’s dive into them below.

paid international speaker

1. Confidence

A lot of paid international speakers have amazing credentials that they can offer when beginning their speaking engagements. But going through a list of achievements and credentials isn’t going to motivate listeners. In order for you and the people around you to feel like you can trust the speaker you’re listening to, they need to have confidence. This is something inherent to great public speakers and you’ll be able to see it when you’re looking at example clips.

Confident speakers often have smiles on their faces and speak openly. They don’t stumble through their speeches, but at the same time, they do not seem overly rehearsed. They are also able to take questions freely, which is a major benefit if you’re seeking tech entrepreneur resources from a paid international speaker. Make sure that the person you’re hiring is confident in themselves and their message. Their belief in themselves will help you believe in them, in turn.

2. Self-Awareness

At the same time, you don’t want to work with someone who is so overly confident that they come off like a slick used car salesman. A good public speaker will be self-aware and will acknowledge where they lack knowledge. If someone asks your speaker a question about food industry entrepreneurship when they are a tech entrepreneur, the speaker should not pretend that they know the answer.

Additionally, this kind of humble attitude makes it easier for people to relate to speakers. Everyone fails when starting up as an entrepreneur; if a speaker does not have a story of failure to go along with all of their wins, then it might be harder for listeners to relate to them. Additionally, speakers need to think about how they can improve their speeches. When you look at an older clip of someone speaking, you should get something even better from the engagement you pay for. An estimated three out of four people suffer from speech anxiety, which means that a lot paid international speakers probably have suffered from speech anxiety in the past, too. It’s all about improvement!

3. Engagement

We’ve spoken a couple of times about answering questions from the audience. This type of engagement is important. The last thing you want is a public speaker that just talks at their audience without any engagement. Good speakers will not only take questions from their audience but will ask questions, as well.

When people are able to engage with their public speakers, they often learn more. Rather than going off of a prepared speech alone, speakers can provide information pertaining to specific circumstances. This can be hugely helpful for all involved.

4. Individuality

You don’t want a canned public speaker. Look for someone who speaks about their personal experience with entrepreneurship, as well as their life. When people are more personal and aren’t afraid to share what makes them unique, it’s easier for listeners to feel connected to them and heed their advice.

Everyone is going to have different tastes for public speakers. But if you pay attention to the prior work done by the person you’re hiring, you could find a gem who’s perfect for your purposes.

creating a business partnership

Questions to Ask Yourself When Seeking a Business Partner

Jan 28, 2021

Right now, there are a lot of people who are interested in starting a business in the tech field. This is especially true in light of the pandemic, which has a lot of people working from home. Of course, those who are working from home are relying upon technology to do their jobs and even to stay in touch with friends and connect with the outside world. Subsequently, it may be the right time to jump on launching your tech business into the stratosphere.

But how do you do that? For a lot of people, the key is finding the right tech entrepreneur partner to help them take their business from a vision to a reality.

As much as creating a business partnership can be exactly what your business needs to succeed in the long term, it can also cause you to fail if you don’t choose the right business partner. Right now, about 22.5% of all small businesses will fail within their first year. That often happens because tech entrepreneurs trust the wrong partners. And that’s why we’re looking into what you should consider when evaluating potential business partners. Here are just a few questions to ask yourself as you go through this process.

creating a business partnership

Are They Passionate About Your Business?

If you’re interested in creating a business partnership, chances are that you are the one who started the business and that you’re now looking for someone to help you take it to the next level. Whether you’re interested in a more financial partnership or in taking on a partner who wants to have an active role in the business, you need to find someone who is passionate about your organization. They can take a backseat in the creative process, but they need to believe in what you’re doing and be available to help.

Part of the reason why this matters is that your business partner will likely be involved in making big decisions and recruiting investors. It can be especially difficult for investors to funnel money into your business if they don’t feel like your partner believes in the business as much as you do.

Are They Reliable?

Now, there is such a thing as being too passionate — or having a directionless passion. Some potential business partners are just excited about the rush of signing onto a new business, but they aren’t as interested in seeing it through for the long term. Other partners are also involved in too many other businesses to give yours the attention it deserves. It’s one thing to be involved in a couple of different businesses, but it’s another to be spread so thin that you can’t make good on your commitments.

Successful tech entrepreneurs need to have a lot of focus. They also need to have reliable business partners who can make themselves available and do the work when necessary. A lot of this will depend on the partnership you agree to in the beginning. Some partners will not need to be very present; if you laid this out when creating a business partnership, you’ll have to stick to those terms. But your business partner should be reliable according to the partnership the two of you built. Otherwise, you may end up creating even more work for yourself without the help you actually need.

Are You Compatible?

When creating a business partnership, you’ll discover that it’s much like any other relationship. You need to be compatible with the person with whom you’re working. This doesn’t necessarily mean that the two of you have to be best friends. But you should have the same basic business styles and the same long term goals for your company. Your business partner should have the ability to build a strong relationship — not just with you, but with the other people working on your business. Take the time to get to know your potential partner before leaping into a long-term commitment to ensure compatibility.

Can They Take Risks?

There’s no getting around it: starting a business means taking risks, both personally and financially. If your business partner is not ready to take risks, they may not be the right partner for you. Be upfront about the risks your business will involve. The last thing you want is someone partnering with you and then bailing later. Don’t take it personally if they’re not up to the challenge. Instead, be thankful you found out before you reached an agreement and continue your search.

Finding a good business partner is a lot like finding a life partner. It might take you a long time to find the right one and you’ll need to be selective. But once you find that right person, it can change your life!

starting a business

4 Tips That Will Help You Pitch to Investors Like a Pro

Jan 28, 2021

When starting a business in the tech industry, you need to consider what you’re going to do when it comes time to pitch to investors. You may not be ready to start pitching to investors quite yet, but it’s never too early to start preparing — especially if you have a fear of public speaking.

A successful pitch is heavily based on your ability to talk to people and essentially convince them to give you money. As such, very few businesses can succeed in the long term without a successful pitch. After all, about 82% of businesses that fail do so because of cash flow problems. One of the best ways to combat cash flow issues is to convince investors to commit to your business from the start.

starting a business

One challenge, of course, is that investors often hear from many different tech entrepreneurs every year. Right now, a lot of people are interested in starting a business in the tech sphere. You’ll need to be able to prove in your pitch why your business is worth investing in. But how do you do that? Below, we’re looking into a few tips to help you pitch to investors and successfully secure funding. You don’t have to be an international public speaker in order to convince people to invest, though you may benefit from learning from one!

1. Hit That Elevator Pitch

You’ve probably heard about an elevator pitch before. An elevator pitch is a pitch that you could theoretically execute in the span of the time it takes to ride the elevator to your designated floor. Now, most investors will have more time than that to spare — but you still need to be able to deliver an effective pitch within a short amount of time. Most investors do not trust pitches that take a significant period of time to execute. They want to hear something punchy and quick.

Generally speaking, your elevator pitch needs to cover what you do, the problem your business solves, and what makes your business different from the competition. Don’t rush through it, but keep that elevator ride timeframe in mind when developing it.

2. Be Ready to Prove Your Results

When starting a business, it will take a while for you to gather proven data. If you don’t have results of some kind, however, you probably aren’t ready to start pitching to investors. Once you do have data, you need to make sure that it’s proven. There are a lot of tech entrepreneur resources available to help you gather and display pertinent data. But savvy investors will be able to tell if you’re trying to lead them astray. Don’t even try it. Instead, make sure you do your homework and can back up your claims.

3. Know Your Audience

If you’re looking for investors or tech entrepreneur partners, you need to know who you’re pitching to. Are you pitching to people who invest just to make money? Or are you pitching to people who want to take active roles in the businesses they’re investing in? The more you know, the easier it will be for you to provide targeted information that will appeal to them specifically. Now, you won’t always know exactly who you’re pitching to. But you should be able to get a general idea before heading in to make your pitch. Don’t go into a pitch completely blind; rather, take the time to know your audience as thoroughly as you can.

4. Work On Those Speaking Skills

When pitching, you’re essentially telling a story. You may be telling a story that is backed by evidence, but it’s a story nonetheless. You need to be able to engage your audience and draw them in so that they feel compelled to invest. While data is important, it can also be boring — so you’ll need to supplement that dry information with an emotional buy-in, which often comes in the form of storytelling. For a lot of entrepreneurs, starting a business is actually much easier than telling that story. If you’re uncomfortable with pitching, try taking a public speaking course. Look up videos of successful pitches and try to hone in on what made them successful. And if all else fails, just be honest and relatable. You don’t need many bells and whistles. You just need to engage your potential investors.

Pitching can be scary, but it’s also an amazing point in the life of your business. Hit the ground running and focus on making a pitch that you can be proud of!

how to succeed as a tech entrepreneur

4 Tips on Refining Your Pitch as a Tech Entrepreneur

Jan 5, 2021

We all know that becoming a successful tech entrepreneur can be incredibly difficult. There are a number of obstacles in the way of every entrepreneur, including securing funding, competition from other companies, and simply finding a winning concept for a business. Perhaps one of the greatest challenges an entrepreneur can face, however, is winning support from other business owners and investors.

Very few entrepreneurs run businesses independently for the entirety of their career. An entrepreneur may own the majority of their company’s equity, but they usually will require partners or investors in order to scale up at some point. This is going to require crafting the perfect pitch. For those wondering about how to succeed as a tech entrepreneur, the pitch is perhaps one of the most key components that you will need to master. With that in mind, let’s look into some of the best tips for tech entrepreneurs that want to make the perfect pitch.

how to succeed as a tech entrepreneur

1. Take Public Speaking Classes

A lot of pitching is less about the product or service that is being pitched and more about how it is being presented. Yes, you will need a high-quality idea if you’re seeking how to succeed as a tech entrepreneur… but your idea will be no good if you’re pitching it without confidence, charisma, and the ability to explain big concepts in an easy to understand way. This doesn’t come naturally to everyone, and that’s okay.

One of the best tips for entrepreneurs to consider is taking public speaking classes. Public speaking classes help everyone become more confident and natural public speakers, but they are particularly helpful for those that actively face difficulties when public speaking. Roughly three out of four people suffer from speech anxiety, and generally speaking, this is not an issue that simply goes away because people want it to go away. Therefore, it’s vital that issues with speaking are resolved as quickly as possible through high-quality courses.

2. Create an Elevator Speech

You won’t always need to have an elevator speech available when pitching your business idea. At times, you will be allowed more time or even extensive meetings to pitch to investors or potential partners. But when studying how to succeed as a tech entrepreneur, you’ll soon realize that if you can pitch your idea within 30 seconds, you’ll be able to pitch your idea just as well within an hour. However, pitching during the shorter time frame is significantly harder to master.

Your elevator speech should summarize in 30 seconds or less what you do. The goal of the speech should be to make whoever is listening interested enough to ask additional questions. Define why you’re different, and the investors or potential partners would want to work with you.

3. Know Your Audience

The more you know about your audience, the easier it will be for you to craft a pitch that appeals to them specifically. If you’re seeking how to succeed as a tech entrepreneur, you need to understand who you’re pitching to, and why they need you as much as you need them.

Sometimes, entrepreneurs won’t be able to know everything about everyone that they’re pitching to. If you’re pitching at a trade show or convention, you may essentially be pitching to a crowd. But if you research that show or convention, you can get an idea of who will be there and why they’re drawn to that event. One of the most common entrepreneur mistakes is assuming that all investors are solely motivated by return.

4. Present a Documented Plan

Your plan may very well change, but your investors still want to know what that initial plan is, and that you have one. Offer a plan for success for your business, relying on stages to map out how your business, and in turn those investing in it, will be successful.

There are many different keys to being a successful entrepreneur. But the ability to successfully pitch is perhaps one of the most overlooked. Don’t forget that people aren’t just buying into your business. They’re buying into you as well.

starting a business

How Tech Trends Will Influence Businesses After the Pandemic

Dec 30, 2020

The lockdown had a devastating impact on the economy, and especially on aspiring entrepreneurs. There has been a global disruption of the supply chain. As a result, companies are closing down their branches and sending home their staff.

Despite the bleak view, there is a silver lining, even for those planning on starting a business venture. There is a shift to online shopping, e-education, telemedicine, amongst other tech trends. In this article, we examine the latest developments and what they may portend for the digital entrepreneur.

starting a business

Growth of Industrial Automation

Companies are also using automation to address staff shortages and enforce social distancing protocols. According to the IFR (International Federation of Robotics), there will be 4 million robots in industries by 2022. While automated machines were to take over the world, the pandemic has accelerated the process.

There are already companies utilizing robotics for carrying goods and for cleaning tasks. Today, a self-driving car can deliver products to customers. Robots can also do work that would require personnel to be present.

Grocery Online Deliveries

One of the digital opportunities for aspiring tech enterprises is online grocery delivery. In ordinary situations, most people would occasionally shop for groceries online. However, the social distancing rules of the pandemic have changed customer’s perception sharply.

Some reports indicate that the demand for groceries online has doubled. Large companies like Walmart and Amazon are using autonomous systems. Not only does automation ensure contact-less deliveries, but it also cuts costs and boosts the bottom line.

The Rise of 5G

Despite the skepticism, we can expect 5G to roll out in the next few years in many parts of the globe. There are already more than 30 countries planning that have launched 5G services.

What is the big deal about 5G? The technology allows for faster and more reliable networks. The stability of the connection can allow multiple devices to work in real-time. 5G can, therefore, provide the data to manage deliveries and robots in the industrial plant. At a time when organizations are looking for automated solutions, the technology may prove to be indispensable.

Increase in Green Investments

There are also opportunities if you’ve been thinking of starting a business in the green industry. The sector will receive more than $45 billion as capital for sustainable enterprises from ESG investing. Even though the firm has had similar programs in the past, there is a shift towards far-reaching solutions.

In the past, the focus of sustainable business models was mainly on energy. But ESG is looking to encourage the utilization of IoT, AI, and big data. The plan is to integrate climate concerns into other industries such as manufacturing, eCommerce, and agriculture.

Technologies such as machine learning, 5G, IoT have been touted as the innovations that will drive define our future. Luckily, the rate of adoption of these technologies has been rising since lockdowns began. The best tech entrepreneur advice from experts such as Rafferty Pendery is to move fast and make the most of the digital opportunities. They can be especially useful for young entrepreneurs who are considering starting a business, especially in tech entrepreneurship.

tech entrepreneurship blog

3 Tips On Creating a Brand Online as a Tech Entrepreneur

Dec 30, 2020

Did you know that there are 582 million entrepreneurs across the globe? While this means that those of you who are interested in becoming entrepreneurs have a lot of people to lean on and relate to, it also means that there is a good deal of competition to worry about. It can be difficult to stand out as someone starting a new business in this day and age, especially if that business relates to the tech industry in some way. Tech entrepreneurs have a lot of opportunities that they can take advantage of, but they need to present unique opportunities to potential business partners, employees, and investors in order to be successful.

Part of the issue for tech entrepreneurs is standing out in the sea of other entrepreneurs. In this day and age, much of the conversation regarding tech is, predictably, taking place online. That is why we’re looking into some of the ways that the digital entrepreneur can make themselves stand out on the internet. Yes, there are millions of people vying for the attention of a comparatively small consumer base. But with the right tactics, your business could be the one that becomes most prominent.

tech entrepreneurship blog

1. Start a Blog

Perhaps one of the best way ways for a tech entrepreneur to stand out online is for them to start a tech entrepreneurship blog. This kind of blog can be started at any point in the entrepreneur’s career. You could begin blogging when you first start to conceptualize your business, chronicling your adventures in the early days of becoming an entrepreneur and following its ebbs and flows in a very personal way. Conversely, you could create a very glossy and attractive story for your business through your blog, using it more purely as a kind of branding tool.

Either way, tech entrepreneurship blogs are remarkably flexible and appealing marketing outlets. Not only can they be utilized for SEO purposes, making your business easier to find for consumers; they can also play a part in creating your brand’s story. What is important is that the blog offers entrepreneurs a way to make themselves and their ideas easily available to the public at large.

2. Engage with Social Media

There is a wealth of social media platforms available in this day and age, and one of the best tips for entrepreneurs in general, not just tech entrepreneurs, is to take advantage of them. No matter what area of the tech industry you wish to specialize in, there is a social media platform that will somehow correspond to it. Facebook is often used by families, while Twitter appeals more to a younger and more individualized audience. Instagram is full of influencers and is ideal for more visual businesses.

Similarly to tech entrepreneurship blogs, social media allows a lot of opportunities for branding and creating a voice. It also allows clients and consumers, in general, to feel as if they can easily voice questions and concerns. In a sense, a social media account allows consumers more direct access to businesses and ultimately creates a more personalized experience.

3. Create an Attractive Website

What makes one website appealing where others may not be? This can be a difficult question for entrepreneurs to answer, which is why working with a digital marketing agency can be so helpful for many of them. While a tech entrepreneurship blog can be an aspect of a polished website, it’s only a single part. Websites must also be both attractive and easy to navigate.

There are plenty of other websites that can offer the same resources as yours, no matter how unique the information you focus on seems to be. Therefore, it’s important that your website is not only visually appealing but streamlined and efficient. The only way this can be done is through the utilization of professional web designers and marketers.

While it can be difficult for tech entrepreneurs to stand out in the crowd, it’s not impossible. With the right approach, a tech entrepreneur can build their brand online even before their business launches.

tech entrepreneur

4 Common Pitfalls That You Should Look Out For as a Tech Entrepreneur

Dec 29, 2020

Every year, more entrepreneurs move into the tech space, hoping to build the next big ‘thing.’ The Kauffman Foundation points out that the U.S. averages 20 companies founded per year that reach 100 million in revenue. Sadly, the tech start-up industry also has the highest failure rate at 63%.

The rapidly-shifting digital market space makes it hard for a tech entrepreneur to navigate. Start-up founders often fall for common entrepreneur mistakes that ruin the business. Here is a detailed look into four pitfalls that you may need to be wary of:

tech entrepreneur

1. Scaling Pre-maturely

Potential tech entrepreneurs can, at times, get swept up in the excitement of their product or service. The founders lose sight of the bigger picture. If you find yourself spending too much cash than the essentials of your growing enterprise, you may hit some hard bumps down the road. Take time to think through each approach and validate consumer behavior towards your product or service. Success isn’t achieved overnight but through deliberate, well-planned strategies. However, you may need to be careful about taking too long to launch the ‘perfect’ product.

2. Going All Alone

It’s easy for a tech entrepreneur to hoard their business idea, often failing to ask for help. With the cut-throat competition within the tech-space, start-up founders create an unhealthy attachment to their idea. They become too rigid; wanting to prove to the world they can figure out everything on their own. Find a mentor or coach that can help you avoid costly entrepreneur mistakes. Admit that you don’t have all the experience and bring in a tech entrepreneur partner. Finding a business partner that can warn you of red flags in the business model is vital for your start-up’s success.

3. Hiring the Wrong Talent

As many as 69% of U.S. entrepreneurs start their businesses at home. While you may have to be the jack-of-all-trades for a period in your start-up, it may not be sustainable in the long run. However, you may need to be careful about the staff that you bring on-board. A survey by CB Insights shows that 23% of start-ups fail due to an inadequate team. You may feel the pressure to hire aggressively to build a team that accelerates your product launch. However, the mad rush may lead to choosing employees that do not fit the company’s culture or have the wrong skill-set. Take time to get the right talent to support your business goals and vision.

4. High Cash Burns

The Small Business Administration points out that 22.5% of all start-ups fail during their first year of operation. Eighty-two percent of these are due to poor cash flow management. Without the right business plan in place, a tech entrepreneur may struggle to bring their products to market. It may be hard to get your tech idea funded. It is even harder to channel the money to a concept that works. Align the spending of your start-up to key strategic goals to control costs during your formative years.

Bottom-Line

As a tech entrepreneur, you may need to be wary of these four common pitfalls that ruin businesses. Raffy Pendery, a successful tech entrepreneur, VC, and public speaker, is willing to hold you by the hand as you take on the entrepreneurship journey. Follow this blog for more entrepreneur tips for business success.

tech entrepreneur resources

How to Become a Successful Tech Entrepreneur

Dec 8, 2020

It can be remarkably difficult to break into the tech industry. For one thing, you’re probably not the only person who’s considered becoming a tech entrepreneur. There is a good deal of competition in the industry at this time, and it can move forward at a rate that is difficult to keep up with. However, there are a lot of reasons why you shouldn’t give up on your ambitions before giving them a good attempt.

If you succeed within the tech industry, there can be remarkable financial rewards. There is a growing need for tech solutions, and original entrepreneurs can potentially succeed greatly within the tech space. The most important thing tech entrepreneurs should consider is being as prepared as possible, and taking advantage of tech entrepreneur resources when they can. Below are some of the things that those wishing to start a small business in the industry should do, and some of the things that they should avoid.

tech entrepreneur resources

Do: Take Public Speaking Courses

There are a lot of reasons why you should take public speaking courses as a growing tech entrepreneur. Great public speaking skills are surprisingly useful tech entrepreneur resources. No, your business doesn’t necessarily involve public speaking directly. But pitching your business probably will.

When pitching as a tech entrepreneur, you need to be able to sum up the point and value of your business to investors in a short period of time. This could involve summing up a lot of complex ideas and synthesizing them into understandable terms. Even if you feel comfortable speaking in front of people, you should still take public speaking classes in order to hone your skills, build up your persuasive speaking style, and ensure that public speaking is an essential part of your arsenal as an entrepreneur. A lot of the people who may invest in tech companies aren’t necessarily that interesting in technology; they just want to know that they’re making smart investments. Who knows? One day you may very well be introducing a service or product to a busy expo. You can’t do that effectively, and get the full benefits of your presentation, without strong public speaking skills.

Don’t: Go Into Business With Friends And Family

One of the greatest tech entrepreneur resources is a great business partner. A business partner can act in multiple different ways. They can provide creative and financial support, and offer limited or heavy involvement. However, when choosing a tech entrepreneur partner, you shouldn’t go into business with family or friends.

Keep in mind that about 22.5% of all small businesses collapse within their first year. While you can move on from a failed business and start something new, it’s much more difficult to move on when both you and something that you personally care about have lost money or time to the business’s failure. Bitter feelings can arise from business difficulties arising between partners that are personally linked. Furthermore, if the two of you develop issues in your personal relationship, those issues can leak into your business partnership. Although friends and family can be great business partners, think carefully before moving forward with this kind of partnership, and be prepared before committing to this kind of career move.

Do: Start a Tech Blog

There are a lot of reasons why you should start a tech blog related to your business. You can provide your own tech entrepreneur resources to other aspiring businesspeople, while at the same time boosting your brand recognition and creating a personal face for your business.

Tech entrepreneur blogs are also excellent for SEO purposes. By creating this organic material through which you can advertise your business, you’re bypassing more obvious ads that many consumers are tired of.

Don’t: Forget Your Goals

Being an entrepreneur is difficult. You’ll probably stumble at points, and it can be easy to take setbacks too seriously and let them stop you from pursuing your goals. Keep your purpose and dreams in mind as you make business decisions, and trust your gut.

There are a lot of difficulties that you will run into as a tech entrepreneur. But if you prepare before starting your business, dedicate yourself to your work, and commit yourself to success, you may be surprised by how far you can go.

how to start a business

7 Steps to Starting Your Women-Owned Tech Business

Dec 3, 2020

There are a lot of opportunities for women who want to succeed in business today — perhaps more than there ever have been before. Right now, data from Kauffman reveals that 40% of all new entrepreneurs in the United States are currently women. The number of women-owned businesses is also growing at double the rate of male-owned businesses. While this is encouraging, finding out how to start a business is still daunting for many women. It’s easy to get discouraged when you’re planning your future as an entrepreneur, particularly if there aren’t as many mentors or leaders to emulate in your field.

Fortunately, there are resources available, especially if you want to become a tech entrepreneur. Technology, as an industry, is growing incredibly quickly. There are plenty of areas in which female tech entrepreneurs can grow their businesses. But because the industry is moving forward quickly, time is of the essence. With that being said, let’s explore some tips for women entrepreneurs looking into how to start a business.

how to start a business

1. Research Your Market

Who will you be competing with? If you’re launching a product or service, is it a totally unique idea or is it something that already exists? If you are launching a product, is it already on the market and has it been patented? These are the types of questions that you need to ask as you begin researching how to start a business. You need to do market research in order to know whether or not your concept is viable, and if it is, who will make up your target audience.

2. Make a Business Plan

It’s crucial for you to have a business plan. There are a lot of tech entrepreneur resources available to help you craft a plan after you’ve done your market research. They can help you map out how to begin and grow your business. You should have certain benchmarks in mind, as well as an end goal. Some entrepreneurs wish to run their companies for the long term, while others prefer to simply make as much money as they can by licensing or selling their businesses down the road. But your business plan is key to convincing investors that you are a good “risk” to take.

3. Source Your Funding

One of the most intimidating things to consider when exploring how to start a business is finding funding. Very few tech entrepreneurs are entirely self-funding. You may want to consider a tech entrepreneur partner, who can help you grow your business on several different levels apart from financing. You may also want to begin pitching your business model to investors, who can provide you with the money that you need in exchange for equity, royalties, or other benefits. Loans are also potential resources that should be considered strongly. Make sure that you’re ready to commit to the financial task of starting a business.

4. Choose a Location, Structure, and Name

This is really a part of starting your business’s brand. It may take you a while to stop operating out of your home and move into a store, but do you really want a store? Some businesses operate entirely online, while a brick-and-mortar approach is better for others. Consider the legal structure of your business, as this will affect what you pay in taxes and your potential liabilities. Don’t be casual about choosing a name, either. It can greatly affect your long term success.

5. Register Your Business

Registering your business really makes it official and protects your brand from the start. Keep in mind that those doing business under a name different from their own need to register their businesses with the federal government, and quite often with state governments, as well.

6. Acquire Federal and State Tax IDs

You’ll need an employer identification number in order to open a bank account and begin paying taxes. Some states will also require you to get a tax ID number for your business, as well. It’s a good idea to meet with an accountant to ensure you’re all set in this regard and that you’re operating your business legally.

7. Submit Applications For Licenses and Permits

The types of licenses and permits you’ll need will depend on the kind of tech that you’re dealing with. However, these are crucial to ensuring that your business is being operated properly.

After these steps are managed, you can open a bank account for your business. By following this process, you’ll give your business the best chances for success!

paid international speaker

5 Qualities That Distinguish a High-Paid International Speaker

Nov 30, 2020

Do you dream of turning your entrepreneurship knowledge and insight into a paid speaking engagement? Successful paid international speakers such as Raffy Pendery continue to break new grounds globally by fine-tuning their public speaking skills. They can deliver thought-provoking and emotional speeches that leave a memorable impact on their audiences.

Rafferty Pendery continues to do just that. He has gone from starting his first business venture at 11 to becoming a well-known international keynote speaker. While it is vital to have soft skills to become a public speaker, you may need more than just eloquence to make you successful.

Here are five essential traits of a paid international speaker.

paid international speaker

1. Excellent Story-Teller

Every international speaker should be able to tell a story that the audience can resonate with. They can paint a picture through storytelling while teaching vital lessons through their speech. A storyline helps to break your major points into step-by-step instructions for the audience. The listeners can relate to the international speaker’s life through the various mysteries, plot twists, and revelations in the narrative. In the end, you can string all points together to pass a vital message that remains memorable for the audience.

2. Great Audience Awareness

Public speakers need to demonstrate their skills by engaging their audience. Illustrations, case studies, and dialogue can help kill boredom during the presentation. Be creative in coming up with an interactive discussion that makes it fun, both for you and the audience. You can opt to ask questions, story-tell, or engage in body relaxing activities. Additionally, a quick study of the audience can guide you on the topics that would excite them. It means that you may have to be dynamic when coming up with ideas to speak of.

3. Confident

Confidence is an invaluable skill for any paid international speaker. The audience needs to remain enthralled with the message that you are trying to pass. An audience can tell when you are anxious, which may impact the delivery of your speech. Confidence gives you the courage to speak eloquently in public, exuding influence and authority through the message you convey. It also allows the audience to trust the message you are trying to pass.

4. Passionate

As a tech entrepreneur cum international speaker, you must have a passion for whatever you do. Being passionate allows you to remain enthusiastic as you present your ideas. The emotion may rub off on your audience, allowing them to resonate while the message you convey. A passionate speaker can inspire and attract a diverse audience and change them for the better.

5. Knowledgeable

Your audience will expect that you will deliver unique messages and ideas. They yearn for a fresh perspective that will propel them to a better self. You may need to settle for an area of expertise that you can comfortably speak on. Raffy Pendery offers tips for entrepreneurs through his speeches, blog, and other resources. An easy way to hack it is by staying true to yourself and your beliefs.

As a top paid international speaker, Raffy believes anyone can learn and hone their skills to become better at public speaking. While these are only five examples, many vital traits define successful international speakers. For more information on how to make your speeches relatable, motivating, and inspiring, reach out to Rafferty Pendery here.