Let's talk about startup costs

Instead of accepting conventional wisdom at face value, you need to make sure it's the right advice for your business. When it comes to being profitable, the usual advice to startups is to focus on increasing revenue and not worry about reducing costs. While that's often good advice, you need to make sure it's right for your current situation. "It's natural to want to do what other people are doing. But what everyone else is doing might be bad for you," says Justin Jackson. In thi...

How to choose a business partner (infographic)

Choosing a business partner may be one of the most difficult business decisions you'll ever make. Launching a new business can be daunting and while there are numerous benefits to forming a partnership rather than going it alone, choosing the right partner is crucial to the success of the business. There's a lot to consider before jumping into a partnership. Here, Rose Leadam shares an infographic to guide you through the process—from how to decide what you're looking for in a partner to the ess...

Why "no" is the hardest word for VCs, and how to boost your chances of a "yes"

Startups with high growth potential spend money faster than they can make it, which means early stage founders have to put a lot of time and effort into seeking finance. Every year thousands of entrepreneurs turn to venture capital (VC) firms, yet raising money from VCs is a challenging process and the odds of success are very low. "But if it provides any consolation, it's often as hard for VCs to say "no" as it is for founders to hear it," says Kjartan Rist. Here, he shares the reasons a VC may...

How fear helps (and hurts) entrepreneurs

Despite the high potential for failure, you don't have to be fearless to be an entrepreneur. Most entrepreneurs experience the same fear of failure as anyone else. The crucial factor that determines whether they continue with their venture is the source of their fear. While some sources of fear may create obstacles others can fuel your drive to succeed, say researchers James Hayton and Gabriella Cacciotti. Here, they identify seven sources of fear and how they can either help or hinder your succ...

An entrepreneur who waited tables in college took away business lessons that made all the difference in his startup

Although waiting tables at college may not seem an obvious training ground for an entrepreneur, some of the most valuable lessons you can learn about running a business are the ones you learn outside of the classroom. For David Steckel, this was the job that helped him develop the skills he needed to succeed as cofounder of a company that matches customers with home maintenance vendors and contractors. Here Mark Abadi shares some of the most important lessons Steckel learned about nego...

The top business books of 2018 that all entrepreneurs should read

Some of the world's most successful and influential business leaders credit their prolific reading habit as a key factor in their success. That doesn't mean you have to read countless "how to" books specific to your corporate role or industry however. Reading allows you to acquire knowledge, learn more about the world we live in, and keep up with the latest trends. With that in mind, Geoffrey James shares here a list of "books that everyone in business should read, because it will give them...

Why you should update your business plan regularly to drive growth

If you want your business to continue growing, you need to continuously plan for the future. Although many people write a business plan when they're launching a new business—and it's often a prerequisite when you're seeking funding— it shouldn't be a static document. Instead, it should be a dynamic template that creates a roadmap for the future growth of the business. Here, John Catibog shares the lessons he learned when his own business was failing to thrive and the steps you can take to a...

How to deal with failure and pick yourself back up

To be successful you need to be able to take risks and accept the possibility of failure. It's almost impossible to go through life without experiencing some kind of failure yet some people are so afraid of failing it prevents them moving forward. If you allow the fear of failure to stop you taking any chances in life, you'll miss some great opportunities along the way. Here, Dylan Buckley explores the importance of embracing failure as an opportunity to learn and grow—with some top tips on how ...

Marketing automation tips for small business

Effective use of marketing automation can help you boost your bottom line by eliminating time-consuming routine tasks, giving you more time to focus on higher-level strategies. With so many marketing automation tools available however, "it's very easy to 'overbuy' software." To avoid adding unnecessary complexity and expenditure to your marketing effort, you "want software that does the job it needs to do at a cost you can afford," writes Brian Edmondson. Here, he shares an overview of what mark...

Think you ticked all the boxes for GDPR? Think again.

As the EU starts issuing the first fines for breaching GDPR, businesses need to avoid becoming complacent about their responsibilities under the new legislation. GDPR isn't just a one-off exercise; it requires an ongoing commitment to compliance and consumers have already logged thousands of data protection complaints. Having made an effort to adjust their policies, practices and procedures before the new legislation came into force, it's time for companies to review their risks, says Dan Smith....

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