Lone Entrepreneur To Business Empire – Vital Things To Remember

StrategyDriven Entrepreneurship Article |Business Empire|Lone Entrepreneur To Business Empire - Vital Things To RememberThere is no shame in starting small in the world of entrepreneurship. Indeed, some of the most iconic business people of the 20th and 21st centuries have begun their empires in the garage or dorm room with little more than a dream and a prayer. However, effective and profitable expansion is far more than increasing demand for the products or services you offer. Indeed, getting from lone entrepreneur to empire leader can be tricky. Unless you follow the suggestions in the post below!

Don’t expand too fast

One of the biggest mistakes that happen around expansion, is when things go too quickly. The problem with going from a one-person organization to a larger one is that all aspects of your business need to be able to effectively scale with you, including your website, supply chain, manufacturing process, logistics, and admin to name a few!

Unfortunately, unless you carefully account for this as part of your expansion process, it can easily fall apart, something that means you are left with an increased demand for your products that is unmet, and the damage that this can do to your coffers and reputation.

With this in mind, choosing systems, and provisions that are designed to be flexible and easily scalable is vital. Also, swapping to automation for things like admin, and stock orders can help you keep up with demand, as you expand while also keeping your costs low.

Do offer products and services that make efficient use of your time

One of the most vital things to remember as you make the transition from lone entrepreneur to business empire leader is that your time is precious. Indeed, it will have a literal monetary value, and to expand you need to find ways of making the most money with the limited time you have.

Of course, how you may do this will differ depending on the sector in which you are operating. For example, a graphic designer may translate from working directly on projects for clients to offering content, constantly and advice for other designers looking to go freelance, something that could be more profitable over the long term.

Similarly, instead of working with single clients, a personal trainer may get a Group Exercise Certification so they can teach large classes together at once. Thereby increasing their income massively, while still using up only an hour slot.

Don’t forget your expertise is always valuable to someone

Last of all, if you want to transform from a lone entrepreneur to the founder of an empire, you need to remember that the most valuable asset you have is your knowledge and expertise.

Indeed, there are many ways that you can leverage this to expand your business. From going into consulting where you can command a higher fee, to offering products such as e-books and video tutorials on specific topics. You can even use your expertise to help with your marketing efforts. After all, content is still king and you can bring plenty of prospects to the table by offering them valuable information they can get anywhere else. Which along with the other suggestions above can help you build your successful business empire.

8 Best Degrees for Entrepreneurs – Launch Your Business the Right Way

StrategyDriven Entrepreneurship Article | 8 Best Degrees for Entrepreneurs - Launch Your Business the Right WayEntrepreneurship is one of the most rewarding paths to take in life, but it’s also a risky road fraught with dangers. If you’ve decided that entrepreneurship is right for you, then there are certain degrees that will give you a much better chance of success. The following qualifications will help provide the foundation you need when starting your own business:

1. Economics

If you’re going to start a business, then it’s important to know how businesses operate. A degree in economics will teach you about microeconomics and macroeconomics, which will give you a solid understanding of how companies work from top to bottom. You’ll learn about different types of markets so that, when creating your company, customers have plenty of options from which to choose. And if you plan on hiring employees, then an economics degree will teach you how to run a company so that it makes the most profit possible.

2. Mathematics

Whether studying pure mathematics or applied mathematics, this course of study will provide all sorts of knowledge that is essential for entrepreneurs. You’ll learn the fundamentals like writing equations and simplifying them before moving on to calculus and differential equations. If your business requires any sort of statistical analysis (which it probably does), then you should opt for a degree in statistics instead. Like with economics, studying math will give you a better understanding of how businesses operate and make decisions so that when it comes time to make yours, you’re prepared.

3. Engineering

An engineering degree is one way to avoid getting ripped off when looking for help with certain issues facing entrepreneurs such as patents. An engineer’s job isn’t just about creating solutions though: it’s also about identifying problems before they occur by making sure things are built properly from scratch. Studying this course of study will give you the technical know-how needed to be successful alongside the critical thinking skills needed to identify problems before they become too big to solve.

4. Sales and Marketing

Entrepreneurs are natural salespeople, but that doesn’t mean that you can just skip out on studying this course of study altogether! Whether you go for a degree in marketing or public relations, learning the ins and outs of salesmanship is essential for anyone looking to start their own company. This way, when creating your offer, there will be no doubt in the minds of potential customers about why they should buy from you.

5. Economics/Mathematics

Pairing two degrees is always an excellent choice, since you’ll learn twice as much for half the price. Studying both economics and mathematics will give you a strong foundation for starting your own company. You’ll understand both the practical and theoretical sides of the business, giving you a better chance to succeed than those with one or the other.

6. Business Administration

Studying this course of study will give you all the skills needed to manage a business properly. You’ll learn how to create budgets and forecasts as well as how to make plans for future growth and profitability. Since every entrepreneur needs at least some knowledge of these topics, it’s advisable that anyone looking to start their own company go for a degree in business administration if possible.

7. Entrepreneurship

A degree in entrepreneurship is one of the few ways you can study something that doesn’t exist anywhere except in your mind. You’ll learn all about how to start and market your business while also gaining some insight on what might go wrong before it does. If you want to be truly successful when launching your company, then this course of study will give you everything you need to know.

8. Law

With lots of accredited online law schools to make your learning easier, a law degree will open doors for you throughout the business world. You’ll learn how to draft contracts and create protection for your company while also learning how to resolve disputes and litigate in case any roadblocks come your way. If you plan on joining an existing company instead of creating one from scratch, then earning a degree in this field is virtually essential.

Studying any of these things will provide you with all the knowledge you need to start or run a company. Whether it’s a degree in entrepreneurship, economics/mathematics, sales and marketing, engineering, law, or business administration, this is one of the best ways to make sure your company thrives from the very beginning.

Reducing Your Small Business Costs in 3 Steps

StrategyDriven Managing Your Finances Article | Reducing Your Small Business Costs in 3 Steps | Reduce Costs | Entrepreneurship | Managing Your BusinessTo take your small business to the lofty heights of being a market leader in the foreseeable future, you’re going to have to start turning over a major profit sooner rather than later. To do this, you have to treat solidifying the money that you do make just as seriously as actually making it. It’s quite simple – if you continue to waste your profit, you won’t be able to invest it into further growth going forward.

One way you can solidify the revenue that you earn is to cut down on your overall expenditure. To find out how you can reduce your small business costs in only three steps, be sure to read on.

Rent equipment for short-term projects… don’t buy it

If you have a short-term project on the horizon, don’t squander the potential profit that you stand to make from it by buying tools specifically for it. It may be tempting to invest in a shiny piece of brand new equipment, but buying something that you aren’t realistically going to use going forward isn’t good business practice whatsoever – it’ll just be a waste of money. Instead, what you should do is rent the equipment that is essential to your work for the duration of the project only. Doing so will see you spend far less in the long run without having to sacrifice the tools that you need to do a good job.

There are plenty of ways for you to rent the equipment that you need to optimize your next project, not just complete it. If you’re in need of I.T. tools, for instance, you could turn to Smart. As stated at Smart.uk.com, this leasing company can offer your business everything, from short-term laptop rental to website hosting to a complete I.T. infrastructure that can be loaned for 12 months plus. Whatever tech you need to complete your next job, this rental service will be able to provide you with it.

Ditch your traditional landline

The days of the landline being the be-all-and-end-all of business communication are well and truly over. Today, using this kind of communicative tool will do nothing but see you pay out unnecessarily expensive annual costs. If you do anything to cut your business expenses, then, let it be to ditch your office’s traditional landline.

There are plenty of alternative ways to keep communication alive within your business, some of which include:

Switching to the VoIP phone service is a wise move. Its functionality will help you to reduce the phone bills and to improve your interaction with customers. You just need to find your VoIP provider match in terms of a plan and options and Nextiva reviews will be helpful in while making your choice.

Go paperless

The amount of money that you spend on paper, ink, toner, and all of your other printer accessories may seem minimal at the time, but it will soon add up. Before you know it, you’re spending way more than you should be spending on printing… and way more than you need to be spending, as well. There is something that you can do to cut this kind of cost right down, and that is to go paperless. Whether you decide to get rid of your printer completely, or whether you resolve to only print when necessary, transitioning to, say, a digital invoice service will no doubt see you save a lot of money going forward.

6 Reasons Your Startup Is Doomed

StrategyDriven Starting Your Business Article |Startup|6 Reasons Your Startup Is DoomedEntrepreneurs are risk-takers. They calculate possibilities with high accuracy and take every step after thinking thrice. A single mistake in the initial phases can cause severe losses in the later stages.

A lot of amateur entrepreneurs make the mistake of not being thorough during the first stages. Since defining a solid business model takes up a lot of time, entrepreneurs must be patient and understanding to see through the process for fruitful business outcomes.

If you’re starting a venture or facing unfortunate results from your first venture, then we’d like to suggest some tips that’ll not only help you stand firm in the business landscape but also help to identify the places where you’re lacking.

1. Inefficient IT Professionals

IT is the core of all the success or failure businesses face. We know that initially, businesses need a lot of funding, so hiring an experienced IT professional can be expensive.

Most new ventures want great employees for minimum wage. Still, in today’s world, where living costs exceed an average man’s salary, it is almost impossible to find someone with the experience you need.

It is a primary reason startups hire inexperienced or amateurs as their employees and suffer because of it.
But, it doesn’t have to end badly for budding entrepreneurs struggling with capital. An even better idea would be to outsource IT professionals rather than hiring a dedicated team. A company like Synergy-UK is an excellent solution for all your IT-related needs.

With Synergy, you can worry less about your IT department and focus more on using your capital in other areas, ensuring company growth through mindful investment decisions.

2. Choosing The Wrong Market

You have to be wise when choosing a market for your innovations. The market is where all the targetted audiences are. It would be best not to select areas that are already over-served because then your competition would be very high, and customers will always prefer those ventures that started before you because they have gained their trust.

This would lead to a massive loss. When selecting a market, mark the severity levels (low, medium, or high) of these five warnings; the threat of suppliers, threat of buyers, threat of new entrants, bargaining power of customers, and the threat of already present competitors.

If you see threats as severe, it is recommended to choose a different market.

3. A Not So Thoughtful Business Model

It is a well-known fact that eight out of ten startups fail within the first eighteen months of their venture. There is a good reason for it. During the initial phases of the startup, entrepreneurs are optimistic about their venture turning out great with easy efforts.

They tend to disregard the prime factor leading to their downfall – the business model. A business model defines how a company will make money from its products in a type of market.

When developing your startup’s business model, you need to focus on two critical points; number one: see if there is a practical way to acquire customers, and number two: identify ways to earn revenue from your customers.

4. A Below Par Management Team

How the management team works define the success rate of your startup. Hiring an inefficient group of people only working to get paid won’t do your company any wonders since they’re not motivated enough.

Therefore, it is necessary to hire people who show interest in their field and have good communication skills since a team’s strength is defined by how well they interact and understand one another.

If the startup faces issues, the management team should resolve them instead of blaming and losing talented employees.

5. Miscalculations

Starting a business requires a lot of cash. Entrepreneurs have their ways of acquiring money. The number one method is saving up – which usually takes up a lot of time and effort.

Other ways include; asking from friends and family, external funding, or finding an angel investor. We’re trying to highlight that gathering enough money to start a venture is no child’s play.

Whatever the case may be, when you put everyone’s hard-earned resources on the line, you can’t afford problems or miscalculations.

It is always advised to let a professional financial analyst handle the finances and assets and generate a detailed report that illustrates the use of funds and highlights all the expenses made for the startup to enter the development stage.

6. Problems In Products Or Services

The product design is the key to success when starting up. This is what attracts customers and promotes better marketing. Faulty products or services will stop your brand from making progress and be a cause of ruining your venture’s reputation.

Most of the time, the products that the companies bring to the market aren’t exactly what the market needs. As stated before, you need to find the correct audience, preferably an underserved one, so you could have a high chance of succeeding.

Since startups (especially first-timers) can find it difficult to earn good marketing because of competitors, they can make themselves famous and attract more customers by introducing something that is needed rather than what is wanted.

To know the current trends, we would suggest taking surveys. Go around and ask likely customers if they would like to see your product in town; is it a must-have or just a want-to-have?

Ask them what price are they willing to pay once they see your product around. Surveys like these can give you a broader idea of what should be done to get business booming.

Final Thoughts

Only the bravest have the guts to become Entrepreneurs. Most of us tend to do things the traditional way and avoid any risks, so congratulations to you for believing in yourself and being courageous enough to make your path to success!
Now to be victorious out there, follow the tips mentioned in this article and face problems head-on. Good luck!

2 Fabulous Ideas To Kick Start Your Entreprenuerial Ambitions

StrategyDriven Entrepreneurship Article |Entrepreneurial Ambitions|2 Fabulous Ideas To Kick Start Your Entrepreneurial AmbitionsThe time for mourning the year that wasn’t has come and gone. The business environment is exciting and innovative and gearing up to meet a whole new level of business continuity services that didn’t or might not have existed before – at least not as they do now.

The headline on this website says it perfectly:

“The StrategyDriven Entrepreneur is a uniquely talented individual, motivated to move beyond the confines of corporate America to make an indelible impact on the world around them. These entrepreneurs accept the risks and challenges involved with building an enterprise, believing in themselves, their team, and their ideas.? – strategydriven.com.

So how do you begin to unpack that noblest statement in an attempt to create your own startup value proposition? How are you going to pitch to your investor in a way that shows you mean business and are worth, relatively medium-risk investment?

The Truth is, it’s not easy. We’ll need more than just this post to unpack all of that because every startup carries individuals’ ambitions and intellectual progression that are quite unlike any other. But, there are two fundamentals that just about any entrepreneur should keep at the forefront of their business planning that can keep the vision on track, make provision for the bits that work, and be honest about those who need a little extra guidance.

Tell Your Investors a Real Story

Technically, this section should be after headings like “pitching your story,” “finding investment,” and “what differentiates your business.” Still, the truth is as clever as your pitch might be, there is a 100% chance that your potential investor and clients have heard it all before – or rather some version of it. So before you start pulling out the stats, data, and those fancy flowcharts, begin by telling your audience a real story. (Not your life story, mind you), just the real, honest version of how you brought your product or service to where it is now, and if you can include a little humor (read the room), never a bad idea.

Outline Your Business Model

Again, not quite the order that most people recommend it to be in, but after you’ve piqued their interest with your initial pitch, you want to get straight down to business – time is money, and this is no exception here. Introduce your leadership team and give them a minute or so to elaborate on what they do – but more importantly, how their function will make everyone else’s lives better.

What are you doing not just differently but better? What particular fail-safes have you incorporated into your business model based on local conditions and unique operating environments? Do you have a water-heavy plan in the desert, and if so, do you make use of the latest water tanks to ensure business continuity? This type of foresight matters and instantly elevates you above your competition. If your business can ensure that your clients do their business – you’re in.

There’s never going to be one sized-fits all approach to keeping your business fresh and relevant – and sometimes, you don’t even have to go down the route of endless innovation. If your model works for your environments and gives your clients, partners, and other businesses what they need to keep operating, then you’re on the winning side.

You can expand on this post exponentially, and we hope you’ll take the time to check out the rest of this site because there’s never been a more exciting time to indulge your entrepreneurship ambitions, but you do need the right advice and the right partners.