Every entrepreneur can achieve a lot through hard work, but when you do everything with commitment and persistence you are able to exceed even your own expectations. In 2016 you can rocket your business with a lot of work, but you can also do these 10 effortless things that can help you to achieve exciting results. Continue reading
Entrepreneurs tend to put all their personal assets in their business, especially at the early stages of the startup. Risking much by starting your own business, there are certain things that you can do to protect your personal assets from unexpected situations. Here we talk about the possibility to lose personal assets like your mortgage, resp. home, or other personal policies like retirement plans or insurance. Continue reading
Startup Istanbul 2015 Conference will take place on 03-05 October in Lütfi Kırdar Congress Center. As every year investors and top tier tech executives are talking on the stage at Startup Istanbul event, this year there will be no difference.
Ross Kingsland, Founder and CEO of Inception Business Solutions, will be one of the speakers at Startup Istanbul 2015 event. Ross Kingsland is an entrepreneur, speaker, and author, who writes about real psychology in business and entrepreneurship in the most understandable and approachable way.
Don’t miss the chance to hear from top investors, mentors and advisors, and register for Startup Istanbul event here.
As an entrepreneur, all your time will be strictly dedicated to your business. Basically, all the time that you have will be spent on things, related with your startup. Most likely even all of your personal meetings with people will be somehow related to your business. So, if you don’t have good quality of business life, you are most likely to feel unhappy about your life in general and this can lead to lack of motivation and even to the failure of your startup, caused by emotional exhaustion. Continue reading
Entrepreneurs are busy running a business but often they forget that simply running it is not enough – their startup must grow in order to survive and become profitable. There are some things which are not priority for many of the startup owners, but it would make observable impact on their businesses. Here you will find four business tasks entrepreneurs should find time for. Continue reading
When most of the entrepreneurs launch their first businesses, they believe that they have clear vision of the course of direction their company will follow or otherwise the company would struggle even to survive the first year of its existence. Besides the main idea, good execution plan is the main foundation of one successful startup. But often entrepreneurs tend to forget that their company can’t follow the same approach through its whole existence. Many things will change on their way to growing the business and they must embrace these changes on time.
Startups often pivot at some point of their existence and, as soon as you realize that you must to do that, the better. With the time it becomes more difficult, but is can be worth it, if you have the right reasons to feel that it is what you really have to do.
We often talk about the mistakes which entrepreneurs make on their way to success and one of these mistakes is related with their struggle to follow their main idea and their vision.
So, why sometimes it is ok to change the course of direction and make drastic changes in your company? The answer is very simple: to keep up with the fast-changing business world, with the change of the trends and needs of the customers, to keep up with the competition and to satisfy the new demands that the business has after it has grown. Here you can find three signs that show you that it is time to change the course of direction of your business.
Your company doesn’t fit great at the chosen market. The truth is that many startup owners misjudge the market potential, especially if they don’t have the right tools to do good market research. If you still see the potential of the product and you still believe in the success of your company, may be it is time to enter different market. It could be risky, but you will know that it is right if it feels right. Sometimes the competition is so strong that it seems impossible to make profitable business in the sector because you don’t have the right resources to compete with the big and strong in the sector. You can change the market if you see that your product has a potential that can be developed in different environment.
One part is working better than the other. Often many companies realize that their products and services are not that great as they expected. If you feel that you are reaching a dead end, stop for a second and look at the whole picture, see what is working and what is not. There might be some parts that can make real breakthrough in the industry if you separate them from the rest. Sometimes the real innovation is hidden behind the big picture. Listen to the customers and take their feedback seriously. The consumers know better what they really want and what is not working for them. You may change the product if it doesn’t fit with the needs of the target customers, and develop it according to their expectations.
You are not satisfied with the course of direction. Entrepreneurship requires full devotion and if the person behind the whole idea is not happy with the place where the company is heading to, may be it is time to reconsider your execution plan, to rethink your strategies and to think about what would make you excited about the company once again. Never let your motivation fade away. Listen to your gut, because you are building a business that has mission and vision not just that aims to profit.
Undoubtedly, when it comes to launching a startup, the place of establishment plays key role. The Silicon Valley has become byword for startup ventures and it has all the reasons for this. But many new places, not only in the USA, but also in Europe and Asia, have taken the attention of numerous startup enthusiasts, which raises the question what does a city need to become the next Silicon Valley or at least to get closer to it?
Many cities around the world are trying to evolve their global status and strengthen their economic positions and attracting startups, especially the tech ones, looks like one of the most successful moves to establishing and growing strong economy. Creating a startup ecosystem in a city is an ongoing process that requires investment not only in infrastructure and business environment but in people and education as well.
To understand what a city needs in order to attract more startups, we need to focus on what does a startup in general need to secure its success. The main purpose for every startup, besides sending a message and innovate, is to achieve financial stability and to become profitable. Startups often jump from the startup status to full-sized company after the moment they go public. So in order to be chosen by entrepreneurs, a city needs to offer IPO markets and a way for a company to go public. It seems like we start from the end to the beginning, but looking at the big picture is the best way to calculate future success and the possibility to complete the mission of the business venture.
Knowing from the beginning that there is a way to grow brings up more questions that require answers. Raising a capital through investment is fundamental for most of the startups, so it is important to know that in the city there is a big community of venture capitalist and angel investors that are ready to invest. With the purpose of attracting more startups the attention needs to be concentrated on improving the whole entrepreneurial ecosystem by attracting investors as well.
The success of Silicon Valley is unequivocal and the reasons are many, but the one that interests us now is the fact that there the startup network is really strong and one of its kind. In every business networking is fundamental, especially when it comes to innovation and generating new ideas. For a city to stay strong and be competitive with other Silicon Valley-like places is required to have strong network of entrepreneurs that can keep the feeling of cohesion.
No startup can survive and grow without the right employees. The hiring culture of a company is very important and the place where the business is situated has great impact on implementing this culture. It is essential for a startup to be able to find qualified, creative and talented people to hire, that’s why big cities with top universities and good educational programs are preferred, because it becomes easier for entrepreneurs to find the right employees.
Other important factors are the cost of living, infrastructure, transportation in the city. For example, a city that doesn’t offer free Wi-Fi automatically loses points. To become a center of tech startups, the Internet access must be like the access to water.
The organization and security of the business environment of the specific place also have great impact. In some leading cities that have all that it takes often the entrepreneurial ecosystem is not working well because the process of establishment of new company is too complicated, taxes are too high, bureaucracy is slowing the work down. The city and in general the whole country needs to have flexible politics when it comes to hiring foreigners, because the startup venture is believed to be a business that goes beyond borders.
Being a startup-friendly city brings more benefits, definitely has more pros than cons, but it requires a lot of investment and time. But it is definitely worth it.
It’s in our nature to seek security and to aim to avoid uncertainty in every possible way. Even though by nature we seek certainty, it makes us feel comfortable and this comfort often is the reason for low work performance and lack of motivation. There must be something to push us out of our limits and to motivate us to achieve more by creating and innovating. The business world is one of the most uncertain places and especially for entrepreneurs the pressure which comes from this insecurity can be unbearable yet necessary.
The business world would never be what it is now if it wasn’t for the influence of uncertainty. Now we know how important the insecure environment is for the entrepreneurial world and the only question which we need to answer is “How entrepreneurs manage to cope with the uncertainty of the business world and still succeed in developing their businesses?”
Successful entrepreneurs manage to deal with the uncertainty because they simply don’t have another option. Entrepreneurs are extraordinary people driven by vision which motivates them to work harder and to try to predict the uncertain outcomes from specific situations. This is what the entrepreneurial environment offers and entrepreneurs must embrace this situation and walk their way to success, surrounded by uncertainty.
Certainty in the uncertainty
Entrepreneurs might not be sure about the stability of the business environment and how exactly this insecurity can harm their business, but they have one thing in which they believe undoubtedly – their idea. They might be uncertain about the environment, but they believe strongly in their startup and this is what makes them flexible in their decisions. With flexible mind and belief in the company it is easier to overcome the uncertainty of the business world.
Opportunity and uncertainty
The unpredictability of the entrepreneurial ecosystem is a source of opportunities which wait to be embraced by the resourceful mind of entrepreneurs. The most unexpected situations offer the most opportunities. Innovations are created from the demand of solutions for specific problems. If the uncertainty puts in front of you difficult and unexpected situations, explore your options and manage to turn around your startup in a way which will make your company even stronger.
It is impossible to be fully prepared for future situations and changes in the business environment, but there are certain things entrepreneurs can do to prepare themselves. Entrepreneurs face uncertainties on daily basis and they must prepare by improving their mental stability – acceptance, flexibility, open-mindedness – and business preparation – study the risk, predict the future, create the future, adapt to the demands of the business environment.
Be prepared for multiple outcomes for your company. Some may argue that if you have an exit plan you don’t believe enough in your idea, but here we are talking about circumstances which don’t depend on you and which you basically have no control over.
Prepare for multiple outcomes for your business and you are more likely to conquer the fear of business uncertainty. It is up to you how you will embrace and react to the uncertainty. Will you take it as a problem and accept the defeat or will you take it as an opportunity and find possibility for growth?
Opportunity is considered to be the right time or set of circumstances which make it possible something to be done, created or achieved. Some people call it luck, others called it chance but, when we talk about entrepreneurship, I like to think of opportunities as favorable situations for accomplishment of milestones and good position for achieving success.
Well, if you wait this special time to come to turn your ideas into product and company, I have some bad news for you. As much as you wait, that much you might be missing your thunder. Waiting for opportunities to appear if you already have an idea and created plan, can be such a waste of time in entrepreneurship. There never is going to be perfect time when all chances will be on your side and your business will be driven by luck. If you expect to succeed by relying on your luck, better try to think of different vocation.
There is no luck in entrepreneurship. There is hard work and preparation which can help you to achieve success. In business, as in life, “If” and “But” can’t be used as an excuse. Opportunities must be created by entrepreneurs. They must build roads and find new paths by themselves. This is the true way of innovation – not to follow, but to lead and create.
So, if entrepreneurs are really strong leaders with great vision, why do they need to wait for miraculous luck to come across their way to achieve their goals? If we are lucky, our product will turn out perfect. Wrong! If we work hard enough to build a strong product, then we will succeed.
If we are lucky, our startup will get funding. Wrong! If you believe enough in your startup and manage to make others believe in it too, then you will get funding.
If we are lucky, we will find good employees. Wrong! If you know what you really look for in a startup employee and how to make them fascinated by your business vision, then you will hire and manage to keep determined, skilled and passionate employees.
If we are lucky, our customers will keep coming back. Wrong! If you give them what they need and expect and deliver high quality service, then they will keep coming back.
Think how many times since you’ve started your entrepreneurial venture you have thought that you’ve missed your chance. Now think why it happened and most importantly is it really true. Do you really believe that chance comes just once? Chance doesn’t come once. You don’t have only one opportunity. You have as many opportunities as you manage to create for yourself.
Preparation and opportunity
Some people say that chances come only to people who are ready to take them. So better start preparing yourself. Preparation is everything. Even if such a thing as luck exists, if you are not prepared when it comes your way then you are just waiting for nothing.
Search and opportunity
There is a saying that says: “ If your ship doesn’t come to you, you swim to it.” Entrepreneurship is all about creating, breaking rules and make new ones. Take what you have and search for the ways to make it what you want it to be. Do the research which can help you create your opportunity – learn about your market, your customers, even about your competition. There is always something new that can be done.
Initiative and opportunity
Waiting has never been a good idea in business. Where there is no door, you should try to build one. Without action, there is no reaction. Take your startup in your own hands and take the initiative. Your success is defined by your own actions, not by the things you say that you will do.
Others and opportunity
When two brilliant minds meet they instinctively think of ways to create something together. This is the nature of the human being. We tend to see the opportunities in front of us when we are in the right company. So, why to wait to accidentally meet great people, mentors, other entrepreneurs and investors, when we can actually connect with them? It has never been easier to do so. Entrepreneurs should create their opportunities by networking and establishing business relationships.
All entrepreneurs want their companies to grow, to become stable and profitable businesses, but they should be aware that with the growth many other changes will come, and these changes will lead to major alterations in the company. Changes are necessary, there is no need to worry about them happening. But when does a startup stop being a startup? Or may be it really doesn’t matter that much?
There are many advantages that startups have before big corporations. And there are many things that you, as a leader, can keep in mind and keep as habit when your company starts to rapidly grow. Here you will find five startup habits that are worth keeping even after your startup grows and doesn’t rock the startup title any longer.
Find time for everyone on your team. With the growth of your company, your team will also grow and it may seem impossible to equally communicate with everyone on the team. But it is your responsibility to stay connected to your team members and it is always a good idea to keep this startup habit in order to lead your team in a better direction, to motivate and inspire them.
Network. Once you have built a growing company, you don’t have to settle and stop networking. Participate in events, help other entrepreneurs that are just starting their venture, keep in touch with people and never stop expanding your network.
Take risks. Of course, as much as your company grows, that much you have to lose if you risk big, but this is how you can win big, only by risking big. Keep the entrepreneurial spirit and never settle for less than you want and deserve.
Work hard. Many entrepreneurs make the mistake to believe that once they have managed to grow their companies, everything will just run smooth and the hard work is over. If you think like this, not just you will destroy your company, but will damage your reputation.
Hire carefully. Your team is what makes your company strong. No matter how big your company is now, it is still important to keep an eye on the people that get hired and have the ambition to maintain exquisite hiring culture.