Posts Tagged "Entrepreneurs"

When starting up as a new entrepreneur, the first thing to do is avoid making constant business blunders, no matter how insignificant they seem.


5 min read

Opinions expressed by Entrepreneur contributors are their own.


Most new entrepreneurs make terrible, dumb mistakes that crash their businesses before they can even get started.

They make these grave mistakes not because they are unintelligent, have low IQs or possess little experience. New entrepreneurs allow these blunders because they don’t see them as issues. Thus, they fail to invest their resources into fixing the problems until the problems bulldoze their companies.

Related: 10 Ways Leaders Fix Mistakes Without Making It Worse

Here are the top three dumb mistakes new entrepreneurs make, and a lasting solution to each oversight.

1. Superficiality

We live in a world of superficiality — shallowness, no attention to detail, not focusing on satisfying our customers.

In a world of 140 characters, many of us build products fast and hope for quick cash. The focus is more on “build and sell fast” than on quality and originality. Many entrepreneurs, especially the newbies, fall into this superficiality trap.

These would-be entrepreneurs refuse to sharpen their skills, ship broken products and provide terrible customer experience. That’s why many startups don’t see the light of day. What’s the solution?

Customer obsession. Your startup exists to serve your customers. Be obsessed with always pleasing them with your product.

Obsessive attention to detail. Before you build or ship any product, check every tiny detail with care. Don’t settle. Don’t let your team rest until you have completed the project to above-standard quality.

Constant learning. Knowledge is the antidote of superficiality. Keep learning, so you can satisfy your customers with unstoppable value and become the go-to person in your industry.

In the end, dumping the superficiality habit requires a change in mindset. You can get rid of it with constant practice and obsession with quality. That means focusing on getting good at one thing, before moving on to something else.

Let’s talk about that next.

Related: 3 Marketing Mistakes That Kill Tech Startups

2. Chasing two rabbits at a time

Amateur founders are quick to craft multiple ideas, bloating their online stores with a vast array of products and constantly rewriting their missions to accommodate their offerings. But, is that the brilliant idea they think it is? No, it’s not.

A friend of mine who is a freelance web designer recently told me that he had added copywriting on top of his web design services. “I want to increase my income, you know,” he excitedly told me.

I told him not to do that. I told him to focus instead on his design services so that he would become known as an expert in that category. But, he didn’t take my advice. The last time I checked, he had quit his freelancing career altogether.

Obviously, he was frustrated because he was chasing more than one rabbit at a time. As Confucius beautifully said, “Man who chases two rabbits catches neither.” Don’t offer two services or products at a time.

What you need as a new entrepreneur is credibility, not money. And the only way to establish yourself as credible is to focus on refining and improving your skill set, your product, and your offering. Only then can your customers regard you as the best provider of a particular product or service.

Related: This Is the Biggest Mistake Entrepreneurs Make in Their Finances

3. Ignoring “minor issues”

For new entrepreneurs, a comma splice in their home page copy is not something to worry about. “It’s just a minor issue,” they say. A broken link in their Facebook page is no big deal. “It’s just a minor thing,” they say. One negative customer review? Well, that’s just a “hot-tempered customer,” they say. “It’s just a minor thing.”

But is it? The reality is, these are not minor issues. These are big issues. Remember, all problems start small before they gradually metamorphose into big, uncontrollable setbacks.

That little comma splice on your homepage can lead to a tsunami of credibility issues. An error in spelling will then portray your brand as another fake company in the marketplace. Protect your brand. Don’t leave any tiny issue unresolved. Fix it — fast.

When starting up as a new entrepreneur, the first thing to do is avoid making constant business blunders, no matter how insignificant they seem.

Don’t be superficial in responding to your customers’ inquiries. Take your time to provide them with in-depth answers to their questions. Don’t chase too many opportunities, lest you fall into bloat and overload. Instead, focus on providing one product, and ensure that it stands out from the crowd.

Don’t ignore the small issues. They’ll grow into bigger problems. Nip them in the bud before they destroy your company. Everyone makes mistakes, even veteran entrepreneurs, but learning how to fix these three big blunders will save your little startup from crashing early.


Source link

Find focus as you grow.


5 min read

Opinions expressed by Entrepreneur contributors are their own.


Life as an entrepreneur can often feel like being in the middle of a natural disaster. There are daily fires to put out, endless lists of things to do and relationships to build, both within your company and outside. You’re constantly looking for where you can push your company’s growth, as well as your own.

Feeling like you’re constantly being pulled in a hundred different directions isn’t just the norm — it can be seen as an achievement. But when you’re trying to focus on so many different things at once, are you really devoting your full time and attention to each one? Having worked on Wall Street and founded my own company, I can safely bet that the answer is no.

Related: This Entrepreneur Crashed and Burned Out From Stress. Now He’s on a Mission to Change the ‘Hustle’ Lifestyle.

In my own path, I’ve found that starting a practice of mindfulness has been a game changer in directing my scope and finding clarity in my decisions. If you need proof, just ask my team. Really, it’s no surprise that there’s such a strong overlap between mindfulness and building a business. A lot of things can — and do — go wrong in the entrepreneurial process, but it’s the ability to step back, take stock of what happened and learn from these failures that is key to any company’s success.

No matter what you’ve heard about mindfulness, making it a regular part of your life doesn’t need to be an overwhelming task. Even setting aside just five minutes every day can help you be a more present and effective leader. Here are three ideas to get started on a more mindful entrepreneurial path:

1. Gratitude.

One of the most centering ideas in my mindfulness practice has been the idea that we are all enough. As a founder, it’s all too easy to spiral into an endless series of comparisons, impatience and negative thoughts — especially when every five minutes, there’s an article about a company that has raised 10 times the amount of money as you have or is encroaching on your space. Instead, it’s important to be grateful for how far you’ve already come.This doesn’t mean that you won’t have these thoughts or that you don’t want your company to be competitive. It means that no matter what others accomplish, you’re able to take a step back from the hustle and acknowledge what you’ve achieved so you can set your sights on your next goal.

Related: 4 Ways to Increase Your Focus at Work

2. Generosity.

Generosity is often thought about in the context of money or time, but when it comes to mindfulness, setting an intention to be generous with empathy and compassion can have a serious impact on the people and energy around you. With hectic schedules and continual high stakes, founders often don’t realize when they get into a space where the energy they’re putting out isn’t productive for themselves or their team. Rather, being generous with forgiveness actually cultivates a better, more balanced workplace where everyone is empowered to push themselves and take risks. In the long run, this not only allows you to focus more clearly on the work that still needs to be done, but it can also fuel your business’s creativity and growth.

3. Letting go.

Founders are often taught that you can’t be emotional, that you can’t ever breakdown. Or if you do show emotions, the only acceptable ones are anger or joy. The reality is that in high pressure environments, like starting your own company, all sorts of emotions are going to come up — and that’s not a bad thing. But what can be detrimental is trying to stomp all of them down.

Related: How to Overcome Emotional Obstacles

At a recent Squad Talks panel on mindfulness and meditation, Steve Schlafman, a partner at Primary Ventures, shared that “meditation isn’t the absence of thoughts and feelings, it’s the recognition of those thoughts.” Similarly, “letting go” suggests an alternative to subduing whatever it is that you’re feeling — making room to acknowledge and address the emotions that come up, no matter what they are.

In conclusion, being mindful as an entrepreneur is all about finding balance between hustle and patience. With so many balls rolling at once, it’s too easy to feel like you’re constantly behind. But practicing gratitude, generosity and acceptance along your path will help you find alignment so you can bring all of your talent to your company’s growth.


Source link

Without a roadmap, your chances of failure increase.


5 min read

Opinions expressed by Entrepreneur contributors are their own.


One of the biggest mistakes entrepreneurs who want to build a tech startup make is that they don’t create a roadmap or prototype. Without a prototype, you can end up going down an unclear and expensive path when you’re developing your mobile app or product. That’s why prototyping is a crucial part of creating an app.

Related: Are You Making These Common Mistakes in Your Start-up?

Here’s how it can benefit you and how to get it done:

1. Gain clarity.

Without a defined concept, you can easily set your app up for failure, and it’s hard to define your concept sans a roadmap and a visual aid, such as a prototype. Your roadmap helps you to define and sharpen the idea of your concept by mapping out the customer’s journey.

Base this information on market research by analyzing your competition and determining what features attract your target audience to your competitor’s apps. Your app should address your users’ needs and provide more value than what your competition offers so that you have a unique value proposition.

With this information, you can produce a high-fidelity prototype of your mobile app that is interactive so that stakeholders can have a clear vision of what the interfaces, interactions and other elements of your app would be like once the final app is made.

2. Quickly validate your idea in the market.

If you want to entice stakeholders to invest in your app, you need to validate your concept in the market. A prototype helps you achieve this goal since it can help you test market demand. You can opt to create a prototype using a prototyping tool or have an outsourced team build one for you to your specifications.

Choose app metrics, such as app usage and engagement, to determine market demand so you can save time and money from further developing an app that may not work.

3. Save on cost.

App development isn’t cheap. It could be $5,000 to $50,000 or run into the hundreds of thousands, even millions, depending on the customization and maintenance required. Building an app without developing a prototype first drives up your costs over time. Maintenance costs can take up 15-20 percent of the cost of app development.

Related: 8 Huge Mistakes Most Entrepreneurs Don’t Realize They’re Making

A prototype helps you reduce the expenses of app maintenance due to inefficiencies since you’ll be able to identify bugs and vulnerabilities before the final development of the app. You’ll also save on rebuilding costs if your developers later find that the app is not meeting compliance requirements.

4. Develop consistent UX.

If you want to get users hooked on your app, you have to provide an experience that helps facilitate what your app is offering your users. Mobile marketing analytics research company Localytics noted in a study that only 21 percent of people who download apps only use the app once. So, it’s important to focus on taking steps to retain users and understand their behaviors.

With a prototype, you have the power to observe user interaction with your app. You can study user behaviors early on in the development process and make adjustments to your app to improve their experiences. For example, you can change the font of a button’s text if you notice that users click the button more often. This helps to improve their experience and encourage engagement with your app.

5. Drive stakeholder acceptance with a proven concept.

When you’re trying to convince important stakeholders, such as venture capitalists, angel investors or even crowdfunding audiences, to invest in your mobile app, it’s challenging to get them to buy-in to your concept without a visual, working prototype.

But with an app prototype, these crucial stakeholders get a clickable, interactive app they can use and test. It helps to justify funding since it reduces the risk of uncertainty and helps your audience visualize the potential profit your app can bring.

Related: What Should Entrepreneurs Pitch, Products or Ideas?

6. Fine-tune your prototype to improve your concept.

A prototype also gives you the opportunity to explore new ideas and further improve on your concept because it allows you to see problems with the app early in the development process. Creating a prototype gives you the chance to improve on your concept so that your development team can find potential weak spots and errors.

According to a study by MarketingSherpa and MECLABS Institute, 13 percent of users delete mobile apps due to bugs. It’s important to test your app with your target audience to identify errors before you finalize the product. During this stage, it’s important to document user interactions, errors incurred and each instance and version that you updated. This helps you to create a valuable and addictive app for your target audience. For example, you can create and reference a backlog of the different versions of your app and compare the different errors your users experienced as they navigated through the system.

You can also implement features that provide feedback from your audience on the app, such as a survey or poll. Use the direct feedback to further develop the app based on their needs. You can use this information to create a more enhanced experience for your users and improve your chances of having a more successful app at the launch of the final product.


Source link

On this episode of The Playbook podcast, Marty Strenczewilk, co-founder and CEO of Splyce, discusses the rapid growth of eSports, and the best ways to make a career in the industry.


1 min read

Opinions expressed by Entrepreneur contributors are their own.


You might not fully understand eSports, but the fast-growing industry is providing a wealth of opportunities for entrepreneurs. Marty Strenczewilk, co-founder and CEO of the eSports giant Splyce, talks about the widespread appeal of eSports competitions, as well as how to find a role in the field. 

Related: Find more episodes of The Playbook podcast here.

Listen in as host Dave Meltzer and Strenczewilk talk about the expansion of Splyce and the similarities between traditional sports and eSports. Marty also discusses what qualities are necessary to set yourself apart as an eSports athlete and how parents can support their kids in the pursuit of video game glory. 


Source link

Copyright © 2014 - 2021 Intellixa | All Rights Reserved
×