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Opinions expressed by Entrepreneur contributors are their own. For many women entrepreneurs, success seems to come at a higher price — with more time, effort and sacrifices than men might have to make. If you feel that way, you're not alone. In fact, the majority of women small business owners say they have to work harder for the same level of success as their male counterparts, according to the latest report on small business owners from Bank of America. While the climb might be steeper, that hasn't deterred millions of women from starting a business. Women have been driving record levels of small business creation since the pandemic began in 2020, and according to Fairygodboss , women are now starting 1,200 businesses per day. There's plenty we can learn from those who've been down the road before. Acknowledging that everyone's path is different, here are three strategies to help women business owners overcome common hurdles: Related: 8 Qu...

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. Businesses, especially startups, are characterized by uncertainty. From the viability of a business idea to investors' decisions, as well as how users would respond to your latest product feature, you're never exactly sure what's coming. Externally, political, technological and competitive uncertainties are causes for worry as well. Studies have shown that uncertainties are constant in entrepreneurship, and a leader's ability to tolerate and manage them will greatly support the success of their venture. However, repeated exposure to high levels of uncertainty can send entrepreneurs into an emotional rollercoaster that could affect their self-image. Early-stage and first-time founders run greater risks of being broken by the twists and turns of rapidly changing business environments. More fascinating, though, is that some — especially serial entrepreneurs — are hooked to the uncertain...

Opinions expressed by Entrepreneur contributors are their own. This year has seen economic slowdown, inflation and war combine into a cocktail that's now fueling fears of a recession across business sectors, driving uncertainty in everyone from business leaders to investors to employees. Such uncertainty is forcing business leaders to reprioritize and scale back their once-ambitious growth plans. And now, as interest rates go up and valuations go down, more and more businesses are returning to prioritize what was once the only way to ensure a business's success — positive free cash flow. All of this is a very strong reminder for all businesses, but particularly startups and small businesses, that it's vital to build a company to make money — in both good times and bad. Prioritizing free cash flow is the only way to manage against forces outside of your direct control. Related: Never Worry About Cash Flow Again by Using These 5 Strategies Positive fre...

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. The current uncertain economy, coupled with rising inflation, is driving consumers to seek money-saving tactics, including cashback rewards, discounts, and online coupons. Economic pressures are driving the broad adoption of shopping rewards programs, which are "crossing the chasm" from coupon clippers and early adopters to mainstream consumers seeking to cut costs any way they can. In a survey commissioned by Wildfire and conducted by the research firm Big Village, we examined mainstream consumers' attitudes and expectations toward rewards and other shopping incentives. The findings revealed that 90% of respondents are more interested than ever in getting discounts, using coupons and earning cashback rewards when shopping online, precisely due to rising prices. Related: 3 Secret Reasons Why Your Brand Needs a Rewards Program Rewards and discounts affect online purchase behavior Regard...

Opinions expressed by Entrepreneur contributors are their own. Times are tough; there is no doubt about it. Just as we thought we were "done" with years of stress from the pandemic, we are faced with daily worsening news about inflation, the war in Ukraine, climate change and an imminent predicted recession. However, it is possible to take these things seriously, make appropriate life adjustments, ignore the negative energy they can bring and keep our hope. How can we do that? From my experience, here is how people have not only survived extreme stress and disruption, but thrived because of it. We can all foster these characteristics in our friends and family, celebrate them in our colleagues and, most importantly, emulate them. Related: Having A Work-Life Balance is Nonsense. To Reach Your Goals, Follow Another Approach 1. A higher purpose or cause John D. Rockefeller once said, "If your only goal is to become rich, you will never achieve it....

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...

Opinions expressed by Entrepreneur contributors are their own. The search fund model is a method of investing that enables entrepreneurs to take a unique path to business ownership. It is structured to help searchers (entrepreneurs who engage in the search fund model) acquire, operate and scale an existing business instead of building one from scratch. By offering a rapid path to business ownership, and CEO status, search funds have created a new breed of entrepreneur — those who embrace the notion of plug-and-play. A critical factor in the search fund equation is the economic upside searchers could see for their efforts. Historically, this has meant a 32.6 % internal rate of return and a 5.5x multiple on invested capital. Related: How To Find Success During Search Fund Launches Value creation With competition brewing in the form of fellow searchers and even some traditional private equity funds showing interest in acquiring smaller businesses, how do searchers...

Opinions expressed by Entrepreneur contributors are their own. As I entered my 20s at the beginning of 2021, I decided to move out of my parents' house. I wanted to start fresh socially and move somewhere far away from home. Fast-forward six months, and I've successfully moved from Atlanta, Georgia to Provo, Utah. When I arrived in Provo, I had no friends. Even though there are two significant universities down the street, I realized that I had to put myself out there and meet new people. To do this, I set a goal to meet two new people a day. Not only did this allow me to make new friends, but I naturally crossed paths with people I was compatible with. Some of these people, I asked out on dates. Keep in mind, while I was growing up, I never went on any dates — so I had no dating experience. But after meeting two new people a day, not only did I start going on dates, but as a byproduct, I ended up improving my sales skills by accident. Here are three imp...

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. Since the inception of organized commerce, centralized financial systems have dominated the market, generally operating as a black box in the eyes of their customers. Aside from a lack of transparency, they have conducted business in a monopolistic manner, building empires along the way by simply serving as an intermediary. However, as the next iteration of the internet unfolds, these conventional economic and financial systems are being reimagined like never before. With this next-gen internet, known as Web3, concepts such as blockchain, cryptocurrency and decentralization are making rapid headway into the mainstream economy. This paradigm shift marks the advent of a new commerce arena that can fundamentally restructure our global financial system as we know it today, making it a more transparent, inclusive and safe place to transact. Below are five examples of how blockchain can improve and replace...