Category: Start a Home Business

The 10 Biggest Mistakes My App Development Company Made in Our First 10 Years in Business

You learn by making mistakes. Hopefully, my experiences can help you avoid some of the hardships we had. October 20, 2020 11 min read Opinions expressed by Entrepreneur contributors are their own. Ten years ago, on October 14, 2010, right before I graduated college, I went to Boston City Hall, paid a filing fee and registered my company, Yeti, LLC. I soon brought on my business partner, Rudy Mutta, and now, 10 years later, we’re still in business and, despite Covid throwing us some major curveballs, growing.We are a bootstrapped service business, so compared to some of our peers in our hometown of San Francisco, we can really only claim modest success, having never IPO’d or become a billion-dollar unicorn. Looking back on our decade running this business, we’ve had the highs of being in a Netflix documentary, building high profile apps with top-tier clients and making it into the Fortune 5000. But,…

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Thinking of Pitching Your New Business on Shark Tank? 5 Things to Consider Before You Take the Leap.

While the limelight may be tempting, securing a spot on the show is still a long way from guaranteeing success. October 20, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. Spanning 11 years, 200 episodes, 890 pitches, 490 deals, and $143.8 million worth of invested capital, Shark Tank is a staple TV program for seasoned and budding entrepreneurs. With a host of celebrity investors, the show has popularized pitching and paved the way to success for growing companies like Scrub Daddy, Ten Thirty One Productions, and Wicked Good Cupcakes.For many founders, the chance to have a global platform and pitch investors like Mark Cuban and Lori Greiner offers a once in a lifetime opportunity. But while the limelight may be tempting, securing a spot on the show is still a long way from guaranteeing success. As with any other form of pitching (to angels, family, and…

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How Sticking to Their Principles Helped Zappos and Tom’s of Maine Step Ahead of Their Competition

October 18, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. Capturing market share in a competitive industry is a matter of differentiation. When Tesla saw that its rivals favored function over form, it positioned itself as a sleek alternative to more prosaic vehicles like the Toyota Prius or the Chevy Volt. Chipotle marketed itself as a fresh, authentic alternative to Taco Bell. Uber became the business alternative to Lyft. That’s standard branding practice. But what about using principles to position your business? Can making character be part of your company’s signature to make you distinctive without seeming gimmicky? While there are potential pitfalls to a character-based approach, two enterprises have found surprising success: Zappos and Tom’s of Maine. Here’s what they can teach entrepreneurs:1. Go to extremes for customersA quirky startup with a funny name, Zappos is no longer a joke. From a modest launch in 1999 to…

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Why You Should Consider Starting Your Next Business in a New Market

Starting a business in a new market might involve various risks, but it definitely offers just as many opportunities. October 15, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. What do cannabis, blockchain and artificial intelligence have in common? You probably guessed it already: All these sectors have only been around for a couple of years, and most of their players are still in the early stages of their businesses. Additionally, they are often associated with regulatory nightmares, countless hurdles from established players and lots of failed companies.However, it is also known that new markets like cannabis and blockchain are growing quite exponentially, with entrepreneurs and investors becoming millionaires or even billionaires overnight. Regardless of whether you are just starting out or are an experienced entrepreneur, setting up shop in a new market can bring a number of priceless benefits that traditional industries can never match. Here’s…

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Can Employee Monitoring Be Done Ethically?

It can be if you follow these four simple rules. October 16, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. If you talked to business owners, managers and employees last year, most of them would probably tell you that employee monitoring software seems excessive and intrusive. But now that COVID-19 made us rethink work-from-home policies, this industry is booming.Many managers have realized that their employees can in fact work remotely and still complete their tasks. However, most of these companies do not have experience with remote work. What does a company do to ensure that productivity is high while tracking the attendance of their workers on a daily basis?While monitoring solutions have proven that they can help companies on many different levels, they still raise ethical concerns. So let’s see what can be considered ethical and unethical within the monitoring space.1. Monitoring employees in secretThe number one monitoring practice that…

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Before Launching a Business, Ask Yourself These 5 Questions

How to know whether the sacrifice is worth it. October 16, 2020 4 min read This story appears in the October 2020 issue of Entrepreneur. Subscribe » Q: I have a startup idea…but how do I know whether it’s worth my time to pursue — Nia, ChicagoThat’s a very important question. In fact, it might be the most important question — and many entrepreneurs bypass it on the road to independence. We’re so excited by our 2 a.m. epiphany that we don’t want to know the answer. We fear that this is our one and only shot, and that another great idea may never come. But if you skip this self-audit, you may face massive consequences for years to come.The consequence is this: opportunity cost. When starting a new endeavor, we focus so much on what we might gain that we overlook what else we might have done. Despite all the deification of…

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3 Tips for Buying an Online Business

Buying an existing online business could save you time and money. October 15, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. As you start to get involved in remote work, the idea of having your own online business will eventually come into play. Should you consider buying an online business or building one from the ground-up? Both of these can be rather lucrative if you know what you are doing. Buying an established business can pay off a lot more in the long run than starting one from scratch. If you are curious about why buying is better than building an online business, here are some tips and information for you to explore. Buying vs. buildingAs we explore the overview of the online business landscape, we find people who are very good at buying online businesses and those who are very efficient at creating businesses. If you build online businesses, you…

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What You Should Know Before Going Into Business With Family

A family business run the wrong way can ruin relationships. October 14, 2020 5 min read Opinions expressed by Entrepreneur contributors are their own. Some of the best businesses in the United States and around the world are owned and/or run by families: Aldi, LG Corporation, Ford, and Berkshire Hathaway, to name a few. These big-name companies started out as small ventures, and they prove that working with relatives or loved ones can be enormously successful if you approach the opportunity the right way. But if you’re thinking about starting your own company with people you love, first consider these points to see if moving forward will serve everyone well.Related: 5 Keys to Successfully Leading a Family BusinessCan you get everything in writing?Years ago, my brother invited me to come work with him in a small oil and gas company. The deal was that we’d have combined investments operating in Oklahoma and…

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Why Starting a Business Late in Life May Be Smarter Than Starting Early

If you want to achieve your dreams, never give up. October 14, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Brian Tracy says it is never too late to realign your thinking and shoot for success, so start by telling yourself just that: It’s not too late.Next, write down your goals. By seeing your goals on paper, you will crystallize the things you want to do and breathe life into the idea. You don’t legitimately know what your goal is until you can describe it on paper. Don’t forget to make a plan. Tracy says that if you fail to plan, you plan to fail. A designated structure helps to determine if a goal is possible according to a set timeline. Moreover, a plan helps you to see all the moving parts and weigh the upsides and downsides of each; this judgment is more cemented…

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Entrepreneur Elevator Pitch Season 6 Episode 1: ‘Someone Needs to Invent a New Vibrator’

The premiere episode of our weekly pitch show’s sixth season begins with space-saving gardens, a healthcare startup and, that’s right, a multi-million dollar sexual wellness company. October 14, 2020 2 min read Entrepreneur Elevator Pitch invites ambitious entrepreneurs to step into the Entrepreneur Elevator, and then gives them just 60 seconds to pique the interest of a group of judges. It’s a high-pressure, fast-paced environment in which startup founders need to race against the clock while maintaining their composure to make a clear, deliberate pitch that covers at least three essential components:Defining the companyMaking the requestSpecifying what the investment money will be used forThe investors watch the pitch via a video livestream while the elevator ascends to the boardroom floor. Once the 60 seconds are up, the judges vote on whether to open the doors or send the founder back down and pass on investing.Peter Goldberg, founder of PLG Ventures, opens the sixth season…

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9 Lessons From 9 Years in the Side Hustle Trenches

Take every opportunity, including the ones to learn. October 13, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. Half of Americans have a “side hustle”— a job in addition to their full-time career. It might have a new(ish) moniker, but it’s not a new phenomenon. Adults have been side-gigging, freelancing, and hustling for decades. Social media, the accessibility of modern technologies, and a shift to remote work have made starting a side hustle easier, faster, and less expensive. If you’re hustling for work on the side, regardless of the industry, two things are likely true: You’re good at it, and you enjoy it. According to a BankRate study, more than one in four people who pursue a side hustle are more passionate about that side job than they are about their careers. And while passion doesn’t necessarily translate to dollars, it can make you more successful overall, according to Investopedia. More than 60 percent…

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Telling Your Startup Story: 4 Expert Tips to Create the Perfect Investor Pitch for Your New Business

Your pitch has to persuade people that your startup is going to be successful, but also that you’re the one who will take it there. October 12, 2020 8 min read Opinions expressed by Entrepreneur contributors are their own. When it comes to pitching, the odds often seem stacked against startups. Investors reportedly look at pitch decks for only 3 minutes and 44 seconds, and for every 1,000 pitches an investor hears, they only fund 100 companies. But investors aren’t in short supply, so there has to be another reason why the window of opportunity is so slim. What if the problem is how founders are telling their startup story?Think back to when you were a kid. What were the stories that engaged you most? Had you sat upright on your bed, wide eyed, and pleading for your parents to keep reading? Probably the ones that had a strong main…

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