Posts tagged business advice

5 Pieces of Advice Every Young Entrepreneur Should Know

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  1. Decide who you are.
  2. Have a plan.
  3. Have a backup plan.
  4. Be realistic.
  5. Create balance.

For more, read small-business expert and entrepreneur Brian Moran’s “5 Things I Wish I Had Learned as a Young Entrepreneur,” on OPEN Forum.

Flickr user: Vernon Chan

Back-to-School Pop Quiz!

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Question 1. How much money is the back-to-school shopping market worth?

a. $2.4 billion
b. $10.5 billion
c. $72.5 billion
d. $112.3 billion

If you answered c, you’re correct! Your small business should cash in on this profitable season to heat up your summer sales.

Read more on back-to-school shopping season on OPEN Forum.

What to Do When You Fall Out of Love With Your Business

  1. Throw yourself into marketing.
  2. Develop new ideas for your business.
  3. Find a mentor.
  4. Stop doing the parts of your business that you hate.
  5. Take up a hobby.
  6. Change businesses.

From “6 Ways to Get Your Business Mojo Back" on OPEN Forum.

Everyone knows that work meetings can be the worst. At best, they’re an effective use of everyone’s time and efforts, but really, how often does that happen? Thankfully these five rules for productive meetings will make everyone a little happier when they see a staff meeting on their iCals.

Thanks to a shady associate, Bill Bartmann went from having a well-respected company and a net worth of $3 billion to facing felony charges with $0 to his name. (He was later acquitted and received an apology from the federal government.)
But he didn’t let that experience keep him from future success:

“We all stumble and fall. Maybe I’ve done it more cataclysmically than most. But you can learn so much if you open your eyes rather than blame everyone else and feel pity for yourself. You need to dust yourself off, turn around backwards, and learn what you could have done differently. When you can do that, big things can result.”

Learn how Bartmann and five other entrepreneurs turned their huge failures around on OPEN Forum.

Thanks to a shady associate, Bill Bartmann went from having a well-respected company and a net worth of $3 billion to facing felony charges with $0 to his name. (He was later acquitted and received an apology from the federal government.)

But he didn’t let that experience keep him from future success:

“We all stumble and fall. Maybe I’ve done it more cataclysmically than most. But you can learn so much if you open your eyes rather than blame everyone else and feel pity for yourself. You need to dust yourself off, turn around backwards, and learn what you could have done differently. When you can do that, big things can result.”

Learn how Bartmann and five other entrepreneurs turned their huge failures around on OPEN Forum.

Want to start a new venture or diversify your current small business? There are some fields you should consider. Here are the five best industries to start a small business in, courtesy of Mashable.com.

Sarika Doshi, a co-founder of the fashion and beauty website Rank & Style, shared some insight into how she launched her company while still working a full-time job:

It was a lot of work. I was working at a legal startup that was doing really interesting things, and I was learning so much, so it really wasn’t a drag. Basically I would work during the day, and then Pooja and Sonal would come over at night. We would order food and then start our second shift, building Rank & Style. It was like being in full-on final exam mode all the time. I would usually take Saturday off, but that was it.
How did you know when it was the right time to quit your job and dive in?
I was dedicated to getting my savings account to a certain place before quitting. That, and I wanted to get funded before launching. I know that isn’t traditional for a lot of risk-taking entrepreneurs, but I think everyone needs to do their own math. We ended up raising $500,000 right before we launched.

Learn more about Doshi and her company, Rank & Style, on OPEN Forum.

Sarika Doshi, a co-founder of the fashion and beauty website Rank & Style, shared some insight into how she launched her company while still working a full-time job:

It was a lot of work. I was working at a legal startup that was doing really interesting things, and I was learning so much, so it really wasn’t a drag. Basically I would work during the day, and then Pooja and Sonal would come over at night. We would order food and then start our second shift, building Rank & Style. It was like being in full-on final exam mode all the time. I would usually take Saturday off, but that was it.

How did you know when it was the right time to quit your job and dive in?

I was dedicated to getting my savings account to a certain place before quitting. That, and I wanted to get funded before launching. I know that isn’t traditional for a lot of risk-taking entrepreneurs, but I think everyone needs to do their own math. We ended up raising $500,000 right before we launched.

Learn more about Doshi and her company, Rank & Style, on OPEN Forum.

Small business owners share the 6 apps they love using on the job, including ProPrompter, an ingenious teleprompter app that’s great if you’re creating scripted videos for your marketing efforts.

The 9 Types of Profits You Should Avoid

Not all money is good money when it comes to the types of profits you earn through your company. Avoid these nine practices and types of profits:

  • Upselling customers on products or services that are high-margin but not in their best interests
  • Using negative-option billing to automatically charge customers for services they may not need.
  • Employing hidden fees and charges
  • Eliminating all research and development expenses
  • Firing needed customer service staff
  • Inflating prices in exchange for offering overly generous payment terms
  • Capital gains on the sale of investments held by the company
  • Profits earned on discontinued products and services
  • Gains earned on the sale of company equipment

From OPEN Forum’s “When Profits Can Kill Your Business

7 Financial Numbers That Can Predict Your Business’s Success (Or Failure)

  1. Cash flow
  2. Net income
  3. Profit and loss
  4. Sales
  5. Price point
  6. Gross margin
  7. Total inventory

To learn how those numbers can help your business’s growth, visit OPEN Forum.