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Opinions expressed by Entrepreneur contributors are their own. Depending on the headlines you believe, we're either headed for a long, ugly recession , or parts of the world are already in one . Either way, it's not pretty — and consumers and advertisers are bracing for impact. Even in July, when the markets were momentarily showing signs of recovery, and gas prices were dropping, 54% of U.S. adults said they plan to pull back on their spending for the remainder of 2022. While that means budget cuts and even layoffs are a reality, it doesn't have to mean that your advertising dollars stop working for you. Lessons from the past give us a good idea of what consumers are thinking and what that means for how to advertise in the months ahead. Related: 6 Recession-Proof Business Marketing Strategies Consumer behavior during economic downturns and recessions A recent study from Stanford quantified how different consumers experience economic downturns and ...

Opinions expressed by Entrepreneur contributors are their own. Depending on the headlines you believe, we're either headed for a long, ugly recession , or parts of the world are already in one . Either way, it's not pretty — and consumers and advertisers are bracing for impact. Even in July, when the markets were momentarily showing signs of recovery, and gas prices were dropping, 54% of U.S. adults said they plan to pull back on their spending for the remainder of 2022. While that means budget cuts and even layoffs are a reality, it doesn't have to mean that your advertising dollars stop working for you. Lessons from the past give us a good idea of what consumers are thinking and what that means for how to advertise in the months ahead. Related: 6 Recession-Proof Business Marketing Strategies Consumer behavior during economic downturns and recessions A recent study from Stanford quantified how different consumers experience economic downturns and ...

Opinions expressed by Entrepreneur contributors are their own. I had no intention of creating my own software company. I was kind of forced into it. You see, a few years ago, I was a full-time YouTuber. All was well until my channel got demonetized. This means that I was making $0 from the ads being placed on my videos. There was a point where I was getting 2-3 million views a month on my channel and didn't receive a penny. As a way to bounce back from this low, I decided to put my life savings ($5,000) into starting a creator economy software startup at 19 years old. I dropped out of college to work on my SaaS startup full-time, and I have learned valuable lessons along the way. Here are five of the most important lessons I have learned so far: Related: How to Start and Grow a Business: A Digital Guide for Young Entrepreneurs 1. Done is better than perfect I had no experience in coding — let alone creating and growing a startup. Despite these challenges, I ...

Opinions expressed by Entrepreneur contributors are their own. If you're familiar with the Antoine de Saint-Exupéry saying: "A goal without a plan is just a wish," you've probably only heard the TL;DR version. Here is the full version: A dream written down with a date becomes a goal . A goal broken down into steps becomes a plan . A plan backed by action makes your dreams come true. This is why your plan isn't going to be enough. A plan in itself is just a piece of paper or a bunch of 0s and 1s that make up words. Luckily, I have had experience with failing and succeeding in business (more of the latter), and these are the five things I focus on to turn my plans into realities. Related: Planning To Grow Your Business? Five Tips That Can Help You 1. Focus Focusing on one primary goal per quarter is crucial. As much as we like to brag that we can multitask, we can't. When was the last time you saw a population that throws 10 balls in the...

Opinions expressed by Entrepreneur contributors are their own. As business owners, many of us like to create a clear boundary between our personal and professional affairs. And with good reason! It's not healthy to intertwine the two in a lot of ways. However, it's also unhealthy to consider them to be oil and water. Whether you like it or not, your business is an extension of you. Your personal beliefs about money could hold your business back without you even knowing it. "Waste not, want not" "Look after the pennies and the pounds will look after themselves" We're drip-fed these lines over our formative years, usually with good intent. It's hard to see at the moment how these words of 'wisdom' could do any harm…but their cumulative effect can have a tremendous stunting effect on your growth as an entrepreneur. Remember that these beliefs take root in your subconscious long before you set foot on the professional stag...

Check out episode three of the new season of Entrepreneur Elevator Pitch . In each episode of the show, entrepreneurs are challenged to step into an elevator and pitch their business on camera to a board of investors in 60 seconds or less. If the investors like what they hear, the elevator doors open to reveal the boardroom, and contestants have the chance to walk away with life-changing funding, mentorship from the smartest minds in business and a personal and brand-defining moment. Related: What Do You Do When an Investor Suddenly Changes the Terms Mid-Deal? Episode 4 Entrepreneur Elevator Pitch board of investors: Episode 4 Entrepreneur Elevator Pitch contestants: Shawn Moye, founder of Moye Group , a sports e-trainer that coaches perfect form in basketball and other sports Karen Frame, founder of Makeena , an app that helps shoppers find deals on healthy, sustainable food Loren Flason, founder of Vetchup, a healthy line of flavorful condi...

Opinions expressed by Entrepreneur contributors are their own. Starting a business can be one of the most exciting and rewarding things you'll ever do. The process has its challenges, but it's important not to let misconceptions about them stop you from trying. In this article, we'll go over seven common misconceptions about starting a business. Misconception 1: You don't need a business plan. There are a lot of misconceptions about starting a business. One of the most common is that you don't need to write a formal business plan. It's easy to understand why this would be so — after all, who has time for more paperwork when you're trying to keep things going as efficiently as possible? The problem with skipping the planning stage is that it can lead to wasted time, money and a poorer product or service than what you could have created. An example of this is advertising: many start-ups spend thousands on ads without thinking through th...

Opinions expressed by Entrepreneur contributors are their own. A recent study found that only about 39% of small businesses end up profitable. But why? Many companies fail to make a profit because of a flawed business strategy. Sometimes, a strategy may be so complex that the team simply can't execute it. In others, the problem may be clear, refined goals but no overarching strategy or plan for reaching those targets. Another business strategy failure might lie in looking only at the short term rather than panning out to see and prepare for what's likely to happen down the road. However you slice it, a failure to plan is a plan to fail, while having a robust and sharp business strategy increases the likelihood of small business success. Here are five hacks for building a more effective business strategy and equipping your SMB for long-term success. Related: 7 Outdated Habits That Will Paralyze Your Business 1. Target your market A small business can'...

Opinions expressed by Entrepreneur contributors are their own. I know what it feels like to be stuck in a career and not have any room for growth or a fair evaluation of your efforts within the company. Although I had what many people would perceive as a successful career in public relations, I felt a prolonged progression in my promotions, a lack of opportunities to grow in other areas of the field and not a great work/life balance. I started to lose a sense of determination in my work. My personal story began when Covid-19 first hit; like many people, I lost my job, which left me in a whirlwind of confusion and heartbreak. Related: A Successful Career Path Doesn't Have to Be Linear How I got unstuck I had a moment to sink in the fear of job security but then realized I was luckier than most. I was already working on my side hustle with freelancing which was making more than I was making at my full-time position, and I was able to keep that up while I tried...

Opinions expressed by Entrepreneur contributors are their own. Scaling your business might sound like a dream come true. But without the proper infrastructure in place, it can quickly turn into an absolute nightmare. Trying to grow when you haven't put solid building blocks in place is like throwing up a tent on quicksand. It won't be long before you sink — and at that point, getting out might not be an option. Many companies, especially newer ones, overlook the importance of infrastructure in business. Unfortunately, their oversight can often lead them to fail when they try to gain steam. A 2022 CB Insights study of failed startups revealed the top dozen reasons that can lead to an organization's demise. Three of those reasons are related to a lack of proper infrastructure: a flawed business model (19%), a poorly hired team (14%) and stakeholder disharmony (7%). You might want to think of constructing your infrastructure like planning a vacation. ...

Opinions expressed by Entrepreneur contributors are their own. It has been estimated that as many as 90% of startups fail within the first five years globally. Yet, every year, both new and seasoned entrepreneurs put their heart and soul into starting a new business venture. As a serial entrepreneur and investor, I have built multiple businesses in the last few years. While some failed, a couple of them succeeded and went on to become multi-million-dollar companies with offices on a global scale. Being an entrepreneur is often seen through rose-tinted glasses, but the reality is that it requires hard work, perseverance and grit. You can expect to work a lot of hours, and work-life balance can be challenging. You are going to need to focus on designing the product, acquiring new customers, doing the marketing and taking care of finances. In fact, it can feel overwhelming just how many hats you will need to wear. What's more — there is no guarantee of success...

Opinions expressed by Entrepreneur contributors are their own. One discussion I have immediately with my new small business clients is that of how they plan to send, receive, save and protect their funds to make sure that all of their financial needs and goals will be met without delay or disruption to their daily operations. When broken down, this all falls into four categories: money in, money out, money held and money protected. Let's break down these four categories and discuss how small business owners should interact with their funds for maximum efficiency. Money in This is asking the question: How do you, the business owner, plan on collecting funds from your customers when the payment is due? Will you send an invoice via snail mail or email? Wait for a check in the mail? Take cash? Will you take credit cards, debit cards, ACH, wires, Zelle or Cash App/Venmo? How much will all of those various methods of collecting funds cost? How long does it take? W...

Opinions expressed by Entrepreneur contributors are their own. A nonqualified deferred compensation (NQDC) plan is a great way for employers to attract and retain key talent. It also represents a potentially massive tax savings opportunity for highly compensated employees. There is a lot that you need to know about these plans before deciding to participate in one, however. So, let's get into the basics. A nonqualified deferred compensation (NQDC) plan allows employees to earn their pay, potential bonuses and other forms of compensation in one year but receive those earnings in a future year. This also defers the income tax on the compensation. It helps provide income for the future, and there's a possibility for a reduced amount of income tax payable if the employee is in a lower tax bracket at the time of the deferred payment. It's worth noting that tax law requires these NQDC plans to be in writing. There needs to be documentation about the amoun...

Opinions expressed by Entrepreneur contributors are their own. Were you like me when you started on your journey as an entrepreneur? You'd get to around mid-November and find yourself frustrated because all momentum seemed to grind to a halt. Your suppliers take longer to deliver. Your clients don't return your calls or emails for weeks, and there hangs in the air a feeling that nothing is going on (apart from present shopping, of course). The Christmas season slowdown has begun! This infuriated me as a young man trying to make his way into the business world. Why does everybody just down tools and give up for the year?! There's a general sense that December is a write-off as people slow down and look to the new year. But what is that about? Why do we have this collective agreement, and what can we do about it as frustrated "go-getters"? The first thing to recognize is that this is a collective agreement — even Christmas is just that. We se...