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7 Misconceptions About Starting Your Own Business

June 09, 2023

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...

5 Hacks for Building an Invincible Business Strategy

May 30, 2023

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 Related: 7 Outdated Habits That Will Paralyze Your Business 1.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'...

Do You Need a Business Checking Account for Your Startup? It Depends.

May 08, 2023

Opinions expressed by Entrepreneur contributors are their own. When you're establishing your startup, it can be a challenge to choose the right bank and the right business checking account, particularly if you have limited business experience. You need a bank account that not only meets your current needs but will grow as your requirements evolve with your expanding business. You might be wondering if you need a business checking account. While a personal checking account will perhaps meet your needs for your basic day-to-day business activities, you need to consider whether you need a business loan in the future or want to hold profits in a savings account. Your new checking account can be the start of your banking relationship, so you can start to establish goodwill and trust. However, while the bank is important, the characteristics of the checking account are also vital. So, here we'll explore how to choose a business checking account for your start...

How to Avoid the Mistakes That Cause Startups to Fail

April 26, 2023

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...

NBA All-Star-Turned-Web3 Investor Has This Advice for Entrepreneurs Launching a Startup

March 18, 2023

Opinions expressed by Entrepreneur contributors are their own. If you're reading this, then chances are you'll agree: Starting a Web3 business feels daunting and confusing. At least, that's how I felt when I first started funding my business with Web3 solutions for early-stage crowdfunding. The learning curve felt almost out of reach. My perspective changed, however, after sitting with my friend Metta World Peace — yes, the former Lakers legend who brought home an NBA Championship in 2010. He coached me on how his targeted $1 billion venture capital fund Tru evaluates his portfolio investments. "There are two types of founders," Metta told me, the ones who "have the experience and education and then there are the founders that are the visionaries who know exactly where they want to be." The founders he's looking to invest in, he says, take calculated risks. "You want to take it step by step, make sure you're building ...

3 Ways to Tell Your Business Is Ready to Invest in PR

March 06, 2023

Opinions expressed by Entrepreneur contributors are their own. It happens all the time in the entrepreneurial world: A team builds an impressive product or service, rigorously test it to make sure it functions well and then they launch it. When a few weeks go by and new business leads aren't what they expected, there's a collective lightbulb moment: We need some PR. If you've found yourself in a similar spot, have no fear. You're certainly not alone. Over the years, I've taken what seems like countless calls from business leaders trying to drum up inbounds by getting into public relations post-launch. Sometimes the business in question is only a few months old, while other times the open sign has been hanging on the door for years. I always preach that a PR strategy should be built out well before a business's launch date. If you're trying to retroactively ignite media interest, starting a public relations program is less about how lo...

Startup Leaders Who Adopt This Mindset Are More Likely to Succeed

February 20, 2023

Opinions expressed by Entrepreneur contributors are their own. Startups know that the biggest conquest is getting their brand out there. While it sounds like an insurmountable challenge, taking one step at a time results in a riptide that could lead to growth acceleration and brand awareness optimization. Think of it as swimming through still waters — a stagnant area that seems empty of opportunity. But if you start dipping your toes in it, a ripple effect takes place, creating motion in the entire space. Once you swim faster, you start disrupting the stillness of the water, creating waves that would go on to the opposite shore. And before you know it, you've already established your presence in a once-inert territory. One item leads to another. Startup leaders who think this way have a bigger chance of winning their game. It's not about knowing what the end tunnel looks like; rather, it's the journey of getting there and the series of chain reaction...

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