To stay ahead in this ever-evolving environment, entrepreneurs must embrace a proactive mindset and adopt strategies that enable them to navigate the tide of technological change. In this article, we explore key approaches that entrepreneurs can employ to stay on top of rapid tech advances.

1. Cultivate a Culture of Continuous Learning

Successful entrepreneurs recognize the importance of continuous learning. They embrace curiosity and encourage their teams to engage in ongoing education and skill development. Understanding the latest trends and advancements, including technologies like AI, machine learning, and blockchain, allows entrepreneurs to identify opportunities for implementation within their own businesses.

By fostering a culture of continuous learning, entrepreneurs can build agile and adaptable teams that are well-equipped to leverage emerging technologies.

2. Embrace Collaborative Networks

In the fast-paced tech landscape, no entrepreneur can excel in isolation. Building and nurturing collaborative networks is crucial to keeping up with rapid tech advances. Engaging with peers, industry experts, and technologists through networking events, conferences, and online communities provides entrepreneurs with opportunities to share insights, exchange ideas, and gain exposure to cutting-edge innovations.

Collaborative networks also enable entrepreneurs to establish partnerships and collaborations, fostering a supportive ecosystem for technological growth.

3. Harness the Power of Data

Data is the currency of the digital age. Entrepreneurs who can effectively harness the power of data gain a competitive edge in the market. Technologies such as AI and machine learning offer unprecedented opportunities to extract valuable insights from vast amounts of data, enabling entrepreneurs to make informed decisions, optimize processes, and personalize customer experiences.

By investing in data analytics capabilities, entrepreneurs can unlock hidden patterns, anticipate trends, and identify new growth avenues.

4. Embrace Innovation and Experimentation

Innovation lies at the heart of staying ahead in a rapidly evolving technological landscape. Entrepreneurs must foster a culture that embraces experimentation and encourages employees to think outside the box.

Allocating resources for research and development, conducting pilot projects, and implementing agile methodologies can help businesses adapt quickly to emerging technologies. Moreover, entrepreneurs should actively seek feedback from customers, employees, and industry experts to refine their innovation strategies and ensure relevance in a dynamic market.

5. Stay Abreast of Regulatory Developments

As technological advancements continue to disrupt industries, regulatory frameworks struggle to keep pace. Entrepreneurs must stay informed about evolving regulations to navigate potential legal and compliance challenges effectively. For instance, the rise of cryptocurrencies and blockchain technologies has given rise to regulatory discussions worldwide.

Staying abreast of such developments enables entrepreneurs to ensure compliance, mitigate risks, and seize opportunities in emerging domains.

6. Engage with Industry Thought Leaders and Influencers

Following and engaging with industry thought leaders and influencers is an excellent way to stay informed about the latest technological advancements. These experts often share valuable insights, trends, and predictions through blogs, social media, podcasts, and industry-specific publications.

By actively participating in discussions and consuming their content, entrepreneurs can gain a deeper understanding of emerging technologies, their potential applications, and their impact on various industries.

7. Foster Cross-Functional Collaboration

Rapid tech advances often require interdisciplinary expertise. Entrepreneurs should encourage cross-functional collaboration within their organizations, bringing together professionals from different domains to exchange knowledge and ideas.

By facilitating collaboration between, for example, technologists, marketers, and designers, entrepreneurs can foster innovation and ensure that technology is integrated seamlessly into their business strategies.

8. Leverage Agile Project Management

Agile project management methodologies enable entrepreneurs to respond quickly to changing technology landscapes. By adopting agile principles, entrepreneurs can break down complex projects into smaller, manageable tasks that can be executed in short iterations. This iterative approach allows for flexibility and adaptability, ensuring that entrepreneurs can incorporate new technologies and adjust their strategies as needed.

9. Invest in Employee Training and Development

To keep up with rapid tech advances, entrepreneurs must invest in training and development programs for their employees. Offering opportunities to upskill and reskill not only enhances the capabilities of the workforce but also creates a culture of continuous improvement.

By prioritizing employee development, entrepreneurs can nurture a tech-savvy workforce that is equipped to embrace new technologies and drive innovation within the organization.

10. Monitor Startup Ecosystems and Tech Incubators

Startup ecosystems and tech incubators are hotbeds for innovation and often act as early adopters of emerging technologies. Entrepreneurs can stay abreast of the latest tech advancements by monitoring these ecosystems, attending startup pitch events, and exploring partnerships with promising startups.

Collaborating with startups can provide entrepreneurs with access to fresh perspectives, cutting-edge solutions, and opportunities for co-creation.

11. Embrace Open Innovation

Open innovation involves collaborating with external entities, such as universities, research institutions, and industry consortia, to access external expertise and resources. Entrepreneurs can leverage open innovation strategies to tap into the knowledge and capabilities of these entities, accelerating their understanding and adoption of new technologies.

By actively seeking external collaborations, entrepreneurs can gain a competitive advantage and stay at the forefront of tech innovation.

Conclusion

In an era of rapid technological advancement, entrepreneurs who can adapt and embrace change are best positioned for success. By embracing emerging technologies such as AI, machine learning, and blockchain, entrepreneurs can unlock new opportunities, optimize operations, and deliver innovative solutions that meet the evolving needs of their customers.

These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.

1. The Ability to Problem-Solve

The one trait I would say is the most important to entrepreneurs is the ability to creatively problem-solve. Sometimes, solutions to business problems aren’t obvious and you have to find an out-of-the-box solution. That can be a real challenge because most people are taught to color within the lines.

– Baruch Labunski, Rank Secure

2. Grit

You need courage, resolve and strength of character to withstand the ebbs, flows and failures that lead to successful business. The best way to get this is through experience. I’ve seen a lot of young entrepreneurs with more grit than their older counterparts, especially when they had customer service jobs and worked their way up the ladder to experience different seats in the company.

– Givelle Lamano, Oakland DUI Attorneys

3. Flexibility

One of the most essential traits an entrepreneur can possess is flexibility. You need to be able to change your approach in response to market conditions, customer feedback and what any partners or investors want at any given time. Being flexible also means looking at “failure” as a signal to make changes rather than as a permanent obstacle.

– Kalin Kassabov, ProTexting

4. Fearlessness

Aspiring entrepreneurs should be fearless. It’s fear that often prevents you from grabbing new opportunities, as new entrepreneurs are unable to decide what’s best for them or how a particular decision would affect them. Well, you won’t know unless you try. So, be quick with your decisions. Preparedness is great and all, but if you’re afraid to make a move, someone else will — and will likely succeed. 

– Chris Klosowski, Easy Digital Downloads

5. Sociability

To be successful as an entrepreneur, you need to focus on developing your social skills. When you have strong social skills, it becomes easier for you to build strong relationships with your customers, investors or anyone you think is important to your business. Good social skills make you a better communicator and help you make others feel secure so they connect with you on a deeper level.

– Andrew Munro, AffiliateWP

6. Determination

One trait you need to succeed as an entrepreneur is determination. You’ll encounter people who don’t like your idea. There will be times when clients or investors reject you. Your first project idea may never see the light of day. You need to have the drive to move past these unfortunate situations if you want to find success.

– Daman Jeet Singh, FunnelKit

7. Decisiveness

Decisiveness is the main trait any successful entrepreneur needs to cultivate. From making decisions about the budget or day-to-day communication, maintaining the ability to decide and decide quickly remains imperative. I use mental models like Occam’s razor to run my life. For example, when presented with two options, I choose the simplest and I get a lot of significant work done.

– Libby Rothschild, Dietitian Boss

8. A Realistic Mindset

Be realistic! An entrepreneur’s career is full of ups and downs, which are part of the learning process — and that’s a fact. Keeping your feet on the ground will save you much frustration when things don’t go the way you want. Instead, learn your lessons and keep moving. This will also help you to consider and prepare for multiple scenarios while adjusting along the way.

– Riccardo Conte, Virtus Flow

9. Moxie

In order to be an entrepreneur, you must have some moxie. Being outspoken, direct, resilient and having the ability to persevere is something that most entrepreneurs have in common. You have moxie if you can get up after failing. Aspiring entrepreneurs can cultivate it by focusing on confidence. Stand up for what you believe in and don’t let others’ opinions or perceptions get in your way.

– Jennifer A Barnes, Optima Office, Inc.

10. The Ability to Follow Long-Term Plans

The ability to follow and execute on a long-term plan — meaning multiple years — without being sidetracked by mirages along the way or discouraged by inevitable ups and downs is so important. This requires you to learn multiple skills, including attention to detail, deep work and strategic vision (as opposed to tunnel vision, which trips up many entrepreneurs). 

– Andrew Schrage, Money Crashers Personal Finance

11. A Willingness to Keep Learning

If you want to succeed as an entrepreneur, you should have an open mind toward learning. It’s important for you to realize that learning is an ongoing process. It can help you develop new skills that in turn can help you stay ahead of your competitors at all times.

– Thomas Griffin, OptinMonster

12. A Self-Reflective Mind

One trait that can help aspiring entrepreneurs succeed is self-reflection. Embracing your mistakes and learning from them is the only way an entrepreneur can grow and be better than ever before. However, one can’t cultivate this skill by enrolling in a particular program. You have to have an open mind, give yourself the freedom to make mistakes and foster the courage to learn from them.

– Stephanie Wells, Formidable Forms

13. Resilience

Resilience is one of the most important traits you can develop as an entrepreneur. The journey is going to have high highs and low lows, and it will be your ability to push through and persevere during this time that will be the difference between success and failure. To develop resilience, develop a positive mindset, build a strong support system, understand your purpose and look after yourself.

– Zane Stevens, Protea Financial

14. The Ability to Thrive on Ambiguity

The cornerstone of entrepreneurial success is in the ability to accept and thrive on ambiguity. I have found that navigating the unpredictable landscape of business ventures requires you to possess a flexible mindset that can accommodate constant change and capitalize on emerging opportunities. Always stay updated with the latest developments and treat every change as an opportunity to grow.

– Vikas Agrawal, Infobrandz

In this article, we will explore the art of risk-taking and the lessons we can learn from successful entrepreneurs.

1. Understand the Importance of Risk-Taking

Taking risks is an essential component of entrepreneurship. It is tough to develop and produce anything new without taking risks. Risk-taking is necessary for growth and progress, as successful entrepreneurs recognize. They also recognize that not every risk will pay off, but the potential rewards make the effort worthwhile.

2. Do Your Research

Before taking any risks, it is important to do your research. Successful entrepreneurs understand the importance of gathering as much information as possible before making a decision. This includes researching the market, competition, and potential customers. By doing your research, you can make informed decisions and minimize your risks.

3. Network Effectively

Networking is an essential part of entrepreneurship. Successful entrepreneurs understand the importance of building relationships with potential investors, customers, and other entrepreneurs. They attend events and conferences, participate in industry groups, and use social media to expand their network and create new opportunities.

4. Stay Committed

Entrepreneurship is a long and challenging journey. Successful entrepreneurs understand the importance of staying committed to their goals and vision, even when faced with obstacles and setbacks. They stay focused on their end goal and are willing to put in the time and effort necessary to achieve it.

5. Collaborate with Others

Entrepreneurship is often a team effort. Successful entrepreneurs understand the value of collaborating with others and building strong partnerships. They seek out individuals who bring complementary skills and expertise to the table and work together to achieve a shared vision.

6. Surround Yourself with Supportive People

Entrepreneurship can be a lonely journey. It is important to surround yourself with supportive people who believe in you and your vision. Successful entrepreneurs understand the value of having a support system and seek out mentors, advisors, and other entrepreneurs who can offer guidance and encouragement.

7. Set Realistic Goals

Taking risks is essential for entrepreneurship, but it is important to set realistic goals. Successful entrepreneurs understand the importance of setting achievable goals and breaking them down into smaller, more manageable steps. By setting realistic goals, entrepreneurs can reduce the risk of failure and stay motivated throughout the journey.

8. Stay Flexible

Entrepreneurship is a constantly evolving journey. Successful entrepreneurs understand the importance of staying flexible and adapting to changing circumstances. They are open to new ideas and are willing to pivot when necessary to stay ahead of the curve.

9. Learn from Feedback

Feedback is a valuable tool for entrepreneurs. Successful entrepreneurs seek out feedback from customers, mentors, and advisors and use it to refine their ideas and improve their products or services. They understand that feedback is not a personal attack, but rather an opportunity to grow and improve.

10. Take Care of Yourself

Entrepreneurship can be a stressful and demanding journey. It is important to take care of yourself both physically and mentally. Successful entrepreneurs prioritize their health and well-being and make time for self-care activities such as exercise, meditation, and spending time with loved ones. By taking care of themselves, entrepreneurs can stay energized and focused throughout their entrepreneurial journey.

11. Take Action

Successful entrepreneurs do not let fear hold them back. They take action and move forward, even when they are unsure of the outcome. They understand that taking action is the only way to achieve their goals and make their vision a reality.

12. Take Calculated Risks

While taking risks is important, successful entrepreneurs also know the importance of taking calculated risks. They carefully assess the potential risks and rewards before making a decision, and have a backup plan in case things don’t go as expected.

13. Trust Your Gut

While research is important, successful entrepreneurs also trust their gut instincts. They understand that sometimes you have to take a leap of faith and trust your intuition. Steve Jobs, the co-founder of Apple, once said, “Have the courage to follow your heart and intuition. They somehow already know what you truly want to become.”

14. Embrace Failure

Taking risks inevitably leads to failure at times. Successful entrepreneurs understand that failure is not the end, but rather an opportunity to learn and grow. They embrace failure and use it as a chance to improve and refine their ideas.

Conclusion

The art of risk-taking is a critical component of entrepreneurship. Successful entrepreneurs understand the importance of taking risks, doing their research, trusting their instincts, embracing failure, taking action, and surrounding themselves with supportive people.

Aspiring entrepreneurs can boost their chances of success and make their entrepreneurial aspirations a reality by adhering to these guidelines.

With an estimated 4,500 American companies already operating in France, it’s clear that the country is an attractive prospect to American business people, and there is the potential for great success in La République française. However, if you want to start a business in France (or expand there) as a US citizen, it always pays to know as much as possible beforehand in order to plan thoroughly, avoid common pitfalls and give your business the best chance of thriving.

Why France?

As the third-largest economy in Europe (and seventh in the world), there is a long list of reasons why France is so appealing to business people, some of which include:

• France is a vibrant and diverse nation that boasts a skilled workforce, a large consumer population and access to the world’s largest trading bloc through its membership of the European Union.
• It is also welcoming and business-friendly, with the French government offering financial incentives to both new and established businesses and investing heavily in research and development.
• France has a strategically useful location buttressed by a highly developed transport infrastructure, greatly contributing to ease of travel and transit both within and outside of the country. London, for example, can be reached in under 2 and a half hours by Eurostar from Paris.
• France isn’t only large in terms of its economy – by surface area, France is the largest country in Europe and is made up of thirteen regions that all represent unique opportunities for entrepreneurs. It also borders eight countries and has a Channel, Atlantic and Mediterranean coast.
• An international centre of business, the Paris region enjoys global status as a major business hub, and is the number one region in Europe for hosting the world’s top 500 corporate headquarters.

Five Tips For Starting Your Business in France

One: Be prepared to navigate bureaucracy 

For foreign company founders from outside the EU, the EEA or Switzerland, there are predictably some i’s to dot and t’s to cross when setting up a company in France, and the process can take some time. That being said, however, France is welcoming enough to entrepreneurs that you may find there are fewer hoops to jump through than you first expect, and there are many resources you can access to ease the process.

Anyone can establish a business in France by taking steps such as registering a business address and opening a bank account in the country, but if you would like to move to France to embark on your new venture you should apply for a long-stay visa known as the “Entrepreneur/Self-Employed” (VLS-TS) temporary residence permit.

Eligibility is determined via factors such as your ability to provide evidence that you will be engaging in an economically viable activity during your stay, and when it has been approved, the visa authorises residence for 12 months. During this time, you are allowed to live in France and engage in the commercial activity that you have outlined in your application.

This will involve a trip to the French consulate, of which there are ten across major cities in the USA. Once established, you will have to register your French business according to the correct category of your enterprise. It is also important to bear in mind that France has particular regulations across various business sectors and employment practices, and that corporate banks in France require minimum capital investments.

Two: Start learning the language

With a population that has originated in every corner of the globe, multilingualism is not unusual in the USA – one in five US adults speak a language other than English at home, (of which Spanish is the most common). But while the USA has no official language, it’s fair to say that English is the de-facto, and most particularly in the business world.

It is also the case that English is the most widely understood language in the EU, and a significant proportion of Europeans speak English as their second language (with an impressive 25% able to hold a conversation in two additional languages to their mother tongue). What’s more, 39% of French people report they are able to speak English, and many ex-pats move to the country without being able to speak French.

Despite this, it would be wrong to assume that you can easily default to English and thrive while running a business in France. The population of France primarily speaks French in both personal and professional contexts, and the French people have considerable language pride.

English might be widely spoken in business circles, but demonstrating your willingness to learn and use French phrases of greeting will be greatly appreciated, and you should bear in mind that proficiency in English is not a given. Over time, many ex-pats discover that shaping up their French language skills is key to taking advantage of everything the country has to offer.

You should also account for the fact that French is the only accepted language for official documents and contracts, and as 61% of French people don’t speak English, you will need a plan for smoothing over language incompatibilities in your business operations.

Three: Consider your new audience

In many important ways, France is not vastly different from the US, but it is still important not to underestimate cultural differences when setting up or expanding a business here. While certainly smaller than the US, it’s also important to remember that France is far from small by European standards, and like the differences between US states, there is significant regional variability across the country.

Whether it’s something simple such as the greater prevalence of smoking amongst French adults (around 33% versus 12% in the US) and the lack of a widespread tipping culture, or more complex subtleties in language, politics and history, there are many things that may be surprising about France as an American. This is why we would suggest seeking the advice of those who know the country well in many points of your business to understand how it may land with a French customer base.

There are also differences in laws and regulations which may affect your business, so it’s always worth doing thorough research as you draw up your French business plan to identify and account for factors which may not apply in the USA.

Four: Understand France’s working culture

American working culture is rather set apart from its European friends, with US citizens generally working longer hours, having less vacation time, and eating lunch (if they don’t skip it) at their desks. It also isn’t unusual for people to take calls and answer emails outside of work hours, and employers tend to have more flexibility when it comes to hiring and firing.

The French, on the other hand, tend to have a more leisurely pace of life which is facilitated by both government-mandated workers’ protections and the expectations of their working population at every point of the pay scale. This may take some adjustment when running a business and is something you’ll need to plan around – but the upside is, if you have chosen to live in France, you’ll get to enjoy this slower pace of life too!

Some things to take into account regarding French working culture are:

• The French will take their lunch break away from their desk, so unless you organise a specific lunch trip, this is a bad time for calls, meetings and emails (if you need an immediate response).
• They don’t only have significantly more holiday entitlement than Americans usually enjoy, they actually take it (whereas the average US employee who receives paid vacation only actually takes 54% of the allotted time each year.) This is usually most evident in July and August, when business slows down considerably, and as many employees will book more time off around public holidays, it pays to plan around these times of year.
• Since 2017, managers and employees of companies with more than 50 staff have not been required to answer emails outside working hours, and employees in smaller companies are likely to follow suit.
• French corporate operations are, for the most part, very hierarchical. When doing business with another company, take the time to understand the chain of command to ensure you are talking to the right people in order to get results.
• Hiring in France is an expensive proposition. Employers must account for high individual taxes when determining employee wages and the slate of employment benefits they are expected to provide. While these costs are high, however, people doing business in France tend to be repaid with a skilled and secure workforce.
• Networking is often key to success in the French business world, with personal recommendations often meaning more than accolades and titles. Forging business relationships in France can be more difficult than in America (although the collaborative nature of American business may give you a ready-made advantage), but they tend to last for a long time, making them well worth the effort.

There is a world of opportunity to be discovered by American entrepreneurs who take the plunge and start a business in France, and with proper research, a comprehensive business plan, and that famous American work ethic, success à la française can be well within your grasp.

This post was written by Katya Puyraud, a company formation expert at EuroStart Entreprises, who help entrepreneurs start a business in France and take the headache out of opening a company abroad.

Here are some tips on how to do just that:

1. Focus on Your Niche

One of the advantages of being a small business is that you can specialize in a particular niche or market segment. By focusing on a specific area, you can tailor your products or services to meet the unique needs of your customers. This can make you more competitive than larger companies that try to appeal to a broad audience.

2. Build Personal Relationships

Small businesses have a unique advantage in that they can build personal relationships with their customers. Take the time to get to know your customers and build a loyal following. Offer personalized service, send handwritten notes or thank-you cards, and respond quickly to customer inquiries. By building a strong relationship with your customers, you can create a loyal base of customers who will stick with you even when larger competitors come knocking.

3. Leverage Technology

Just because you’re a small business doesn’t mean you can’t leverage technology to compete with larger companies. Use social media, email marketing, and other digital tools to connect with customers and promote your brand. Consider using customer relationship management software to keep track of customer interactions and provide personalized service. By leveraging technology, you can operate more efficiently and effectively than larger competitors who may be slower to adopt new tools.

4. Emphasize Quality over Quantity

As a small business, you may not have the resources to produce or sell as much as your larger competitors. However, you can make up for this by emphasizing quality over quantity. Focus on producing high-quality products or providing exceptional service. By providing a superior experience, you can differentiate yourself from larger competitors who may prioritize quantity over quality.

5. Be Nimble and Adaptable

One of the advantages of being a small business is that you can be more nimble and adaptable than larger competitors. Take advantage of this by staying attuned to market trends and changing customer needs. Don’t be afraid to pivot your business strategy if necessary. By being responsive to changes in the market, you can stay competitive and thrive in a small pond.

6. Collaborate with Other Small Businesses

Collaborating with other small businesses can help you expand your reach and offer more value to your customers. Consider partnering with other businesses in your community to offer joint promotions or services. By working together, you can pool resources and expertise, and provide a more comprehensive experience for your customers.

7. Offer Exceptional Customer Service

As a small business, you have the opportunity to offer exceptional customer service that larger companies may not be able to match. Make sure you prioritize customer service in everything you do. Train your employees to be friendly and responsive, and make sure you’re available to answer customer inquiries and resolve any issues promptly. By providing exceptional customer service, you can build a loyal base of customers who will recommend your business to others.

8. Build a Strong Brand

Building a strong brand can help you stand out in a crowded marketplace. Define your brand identity and make sure it’s consistent across all your marketing materials and customer interactions. Use your brand to tell your story and connect with your customers on an emotional level. By building a strong brand, you can create a sense of loyalty and trust with your customers.

9. Stay Financially Disciplined

As a small business, it’s important to stay financially disciplined and avoid taking on too much debt or overspending. Make sure you have a solid financial plan in place, and track your expenses and revenue closely. Look for ways to cut costs without sacrificing quality, and make sure you have a plan in place for unexpected expenses. By staying financially disciplined, you can weather any ups and downs and ensure the long-term success of your business.

10. Stay True to Your Values

Finally, it’s important to stay true to your values as a small business. Define your mission and values, and make sure you’re living up to them in everything you do. Don’t compromise your values for short-term gains, and make sure you’re always acting in the best interests of your customers and community. By staying true to your values, you can build a strong reputation and create a business that truly makes a difference.

To Conclude…

In conclusion, small businesses can thrive in a small pond by focusing on their niche, building personal relationships, leveraging technology, emphasizing quality, and being nimble and adaptable. With the right strategies and mindset, you can compete and win against larger competitors. So embrace your smallness and use it to your advantage.

We’ve got the tips you need to start the year (and your new business) off right.

Find Funding Right Away

One of your biggest questions before you begin is likely, “How am I going to pay for this?” Depending on your personal finances, you may be able to self-fund part of your business’s startup costs, but you’ll probably need some (or a lot of) support along the way. Wondering how to secure funding? Let’s dive in.

Grants

Everyone wants free money, but be warned: The competition for business grants is fierce. Grants don’t have to be repaid, but the application process can be tough. However, it’s always smart to look for grants for which your business might qualify. Check with the U.S. Small Business Administration and your local Chamber of Commerce and other nonprofit organizations that support small businesses.

Traditional Loans

Bank loans are a straightforward way to secure funding for your new business. However, you still have to go through the approval process and find a repayment plan that works with your current finances. To get the best rates and ensure approval, it helps to have registered your business as a legal entity (more on that in a bit), to have a dedicated business checking account, and to have evidence of clearly separated business and personal finances.

Small Business Credit

Similar to a credit card, a small business line of credit allows you to borrow a certain amount and repay it over time. Like a loan, you’ll have to go through a similar approval process, but be aware that interest rates aren’t always as favorable, so you may end up paying much more.

Investors

If you need a lot of funding you don’t want to pay back and are willing to share profits or give up an ownership stake in your business, you could look for an angel investor or venture capital fund. There’s a lot of competition out there, so you might benefit from looking into platforms that pair startups with investors, such as FundersClub and Wefunder.

Crowdfunding

Crowdfunding takes your great business idea directly to the people. You can start by simply asking friends and family for support or using a crowdfunding platform like Indiegogo, Patreon, or SeedInvest.

Protect Your New Business With a Legal Entity

Once you’ve made a plan to fund your business, it’s time to take one of the most critical steps in making your business legitimate: filing for a legal business entity. While it isn’t technically a requirement — and you can operate your business as a sole proprietor without a legal structure — it’s always the recommendation for new business owners. Why? Because registering your business comes with many benefits, including:

• Liability protection that keeps your personal assets safe
• Ease of securing funding, business bank accounts, credit cards, and more
• Protection of your privacy and personal information
• Legitimacy that makes your business more trustworthy and appealing

While you can choose the business entity that best suits your needs, the most common is an LLC. It’s valued for its flexibility, cost-effectiveness, and low compliance requirements. There were 5.4 million business formations registered in 2021, the most recent year on record — more than any other time in history.

Start Building Your Brand and Online Presence

Your next step to get closer to launching your business in 2023 is to focus on creating a brand that is trustworthy and recognizable. And, of course, the best way to do that is to create an online presence.

Conduct Research

First, you’ll want to learn as much as you can about what you’re getting yourself into. For most businesses, that means digging into the research on three key areas:

• Your customers
• Your market
• Your competitors

The best way to start your research is online. Search for trends in your industry, follow the competition on social, and pay special attention to what customers are saying about these rival brands.

Protect Your Brand

You’ve already made a huge step in reducing risk by filing as a legal business entity, but there are other ways to keep your brand from being poached by competing businesses. Look into registering a trademark for your name, logo, or even slogan. A trademark is the only surefire way to keep other businesses from using your intellectual property.

Build Your Website

Recent data shows that 71% of small businesses have a website. It doesn’t matter if you’re planning on an ecommerce business or not — to really thrive, you need a website. Websites help your business get found, build your reputation, and help your business succeed. You don’t need to hire an expensive developer, though — you can typically DIY your website with a platform like Wix or Squarespace.

Get Social

Just like having a website, being on social media is a must. One of the key ways to get new customers is to hang out wherever they are. And in this digital age, that’s on social media. Choose the platforms where you’re most likely to find your ideal customers, then see how your competition is engaging with them.

Stay Up on the Latest Swings in the Economy

To ensure your business’s success, you need to stay ahead of the forecasts for the economy in 2023. Nothing says you shouldn’t start a business in the year ahead, but it pays to be prepared. For 2023, the Harvard Business Review is predicting a bumpy ride, thanks to inflation, high interest rates, and overall uncertainty.

While growth is forecast to be sluggish, markets are still up, and actions taken by the federal government could work to reduce inflation and retain jobs, putting the U.S. on a trend toward economic recovery and growth.

There are plenty of uncertainties that come with starting a business, but there are countless benefits as well. With the right planning and preparation, you can make 2023 the year you achieve your entrepreneurial dreams.

Nature can teach us a great many things in all areas of our lives. When we first started Flying Pig Adventures, nature informed many of our business decisions and helped us shape the amazing company that we proudly own today.

Here are the top seven lessons we learned from nature when it came to starting our business.

1. Harvest takes time

Ancient Chinese philosopher Lao Tzu famously said, “Nature does not hurry, yet everything is accomplished.” While the concept of slowing down and being patient is a hard one to digest in a society centered around instant gratification, it’s important to remember that things take time.

You have to allow what you sow the proper amount of time to harvest and not rush things. Your harvest, aka your rewards, will come in due time, and they’ll be all the more rewarding when you allow them to unfold organically.

2. Be flexible yet resilient

Flora and fauna adapt to the conditions that they’re in; their flexibility and adaptability are what make them strong and resilient. When starting a business, it’s important to have flexibility and adaptability to be successful.

Sometimes your original plan or way of doing things won’t work out. This will only end your dream if you become rigid and don’t embrace change and adapt to new things.

3. Everything has a purpose

In nature, everything is there to maintain homeostasis. There’s no excess or anything unnecessary. In business, make sure that when making decisions — whether it’s for marketing, operations, management, etc. — everything has a clear purpose and reason for being part of your business plan.

4. Collaborate, don’t compete

Nature isn’t survival of the fittest — it’s survival of the most adaptable. As humans, we tend to forget that when we collaborate and work in groups, we’re far more successful than when we pit ourselves against each other. The ability to partner with other businesses in your area will create more success for everyone within your community.

Shared success is more important than individual success, after all.

5. What goes around, comes around

The principle of karma exists in nature as well as in business. In nature, everything returns to where it came from and every action has a consequence, good or bad. Keep that in mind when starting a business and always prioritize responsible and positive business practices, consumption, and sustainability.

6. Know what’s good for you

Everything in nature revolves around self-preservation. Plants and animals know what’s good for them and don’t engage with things that aren’t.

It’s important to develop a strong sense of intuition, focus on your goals and growth, and operate your business in a way that aligns with your values and mission. And if something isn’t working or isn’t good for your company? Course correct and find something that works better.

7. Be open to change

Nature is cyclical and there are daily, monthly, and yearly cycles. Watch a tree over the course of a year and see how many changes it goes through. In business, be open to changes that will benefit you and your business. Embrace “kaizen” to be more flexible and successful.

If you haven’t experienced the sheer power of an outdoor experience lately, do yourself a favor and immerse yourself in nature sometime soon. It doesn’t have to be as life-changing as a Yellowstone horseback ride or a whitewater rafting trip. A simple walk through the woods will do wonders for your psyche.

Thanks to the lessons we pulled from nature, we were able to follow our dreams and reconnect with nature while bringing all of our clients along for the ride.

As an aspiring entrepreneur, you must grasp a few important skills. These capabilities will help you battle the challenges in your entrepreneurship journey.

Here are seven essential soft skills you should prioritize as your career unfolds:

1. Stress Relief

Work should happen in a healthy way in order to keep your creative juices flowing. But when you’re a new entrepreneur struggling with many challenges, innovative ideas and creativity can sometimes be the last things that come to you. Oftentimes, that happens because you are dealing with too much stress. You’ll burn out if you can’t relieve the stress that’s bothering you.

Consider joining a gym or signing up for yoga classes to alleviate stress buildup. You might also take a relaxing bubble bath or go for a long drive — anything needed to deal with your stress and anxiety. But remember, it needs to be done in a healthy way. You won’t find relief at the bottom of a bottle.

2. Curiosity

Entrepreneurs must constantly update themselves and their businesses using the power of innovation. Explore new technologies, ideas, and better practices. Curiosity encourages entrepreneurs to learn something new or acquire a new skill.

Ask questions like, how can I improve my business? What are others doing in the industry? How can I offer a better solution? When you start learning more, your industry knowledge naturally increases. You can also look for ideas related to other industries similar to yours. You might end up discovering something better to pursue.

3. Adaptability

You could explore many of the latest and most effective entrepreneurship strategies when curious. But what happens when updating yourself and your business? Change isn’t easy. That’s where adaptability comes in.

If you can’t adapt, you can’t change. An entrepreneur should commit to being open-minded, skilled, and flexible. These qualities will help you adapt to changes more quickly and easily.

4. Sales and Communication

You’re trying to sell a solution to a specific problem. Sales and communication skills are solid qualities you must have. These skills help you establish your business. You need to sell your solution not just to your customers but also to your teammates, investors, and business partners. Master the art of writing messages and speaking clearly to others. It’s necessary to convey your message to different people.

When selling your solution, there’s no need to be manipulative. Instead, be a problem-solver when you speak or write for your business. Pinpoint your potential customer. That’s how you craft powerful messages for your target audience. Establishing credibility is another powerful sales tool. There are plenty of online learning courses that can help you learn or bolster your sales and communication tactics.

5. Management

In a business, you have a lot of spinning plates to attend to. Many things might happen all at once, and an entrepreneur must manage them properly. Master skills like time management, milestone defining, priority planning, and task execution to shore up your management potential.

Financial management is also critically important. You must understand key parameters like ROI to understand how you can reduce costs and increase revenue. Most importantly, a good manager needs to be able to make the right decisions.

6. Patience

Entrepreneurs face many unique challenges on any given day. Only patience can help you push through them. You must manage marketing, supply chain, customer services, and so much more. You’ll want a clear, level head when handling the levers of the business.

You’ll also face plenty of threats in the form of burnout, rejection, stress, and so on. There’ll be times when you feel you can’t keep it up anymore. But with patience and resilience, it’s possible to overcome all obstacles. Nothing is perfect. Understand that and adapt your processes accordingly. And remember: The bad times won’t last forever.

7. Learning From Mistakes

Entrepreneurs must be hungry to always learn more. You’ll make mistakes and fail in many things along the way, sure, but you must show a learner’s attitude when you do. Being self-aware of your mistakes is the key. Try not to repeat them.

So there you are. Mastering these seven skills will help you in the long run, no matter the type of your business. Just make sure to take care of your physical and mental health along the way.

I’ve heard some cynical comments about entrepreneurs and entrepreneurship; one comment says that entrepreneurs are, well, becoming one because they simply can’t get a real job. Another one says that entrepreneurs are a group of people who use their parents and/or everyone else’s money to start a business and have fun with it without thinking of returning any of it.

Some say that entrepreneurship is easy – just get a product people want and sell it for a profit. Right. Some say that entrepreneurship is overrated – you won’t make more than a decent paid job. Right.

It’s sad, really… those naysayer just don’t realise that entrepreneurs and small business are two of the most prominent factors that make the economy moving. Just ask the mentors and experts about what a community could do if small business is not supported by the Government: Crippled. Then the butterfly effect kicks in, and eventually the whole economy of a nation is brought down just because investors, entrepreneurs and business owners are not well-supported.

Yet successful entrepreneurs thrive despite all the unfavourable policies, the naysayer’s boos and jeers, and the non-supportive friends and family, who laugh at their ideas of starting a business out of their garage.

If you are considering entrepreneurship, are you ready for such pressure? You will somehow face people who question your decision jumping into the entrepreneurship bandwagon. The worse part is, those who doubt you often your closest ones – your spouse, your parents, your friends…

Are you ready?

Startups are not for the faint-hearted

We can’t deny the fact that many startups are bound to fail. Well, did you know why many startups fail? There are thousands of reasons, but one of the reasons that I think as the main cause of startup failures is false hopes.

If you are thinking of running a business as traveling all over the world at will, riding a limo sipping champagne, or doing whatever you like in your pajamas or swimming suit – I apologise, but I need to pop your balloon.

Stop dreaming. Start looking into the reality. Entrepreneurship is not easy and if you don’t have what it takes to get a business launched and navigate your vessel through the storm, you’d better get a job.

Entrepreneurship requires to be able to juggle and decide on many things: Balancing your work-life; deciding from many strategic options; choosing between a list of suppliers; and so on. Initially, you need to be able to wear many “hats” – bookkeeping/administrative, marketing, development, production, procurement, and so on.

You need to be open-minded and be prepared for open-ended outcome of your decisions; you need to be ready for any circumstances requiring you to re-focus and re-strategise in the middle of your plan.

And those perks you are having while working for a boss, you don’t have them when you are an entrepreneur: Paid leave, managed retirement planning, and so on. You are literally on your own, supporting yourself with your own resources.

Whether you are a solopreneur or the owner of multi-business ventures employing thousands of staffs while running yours while having fun doing so (like what Sir Branson is doing,) “hard work,” “perseverance” and “delayed gratification” are three of the main “keywords” defining all what entrepreneurs are doing.

Indeed, entrepreneurs are hard worker and passionate about their business. What keep them going is their passion for what they do and their love for everything entrepreneurship, starting up and business ownership.

If startup is so difficult, why people are doing it?

Yes, this question is asked by many who are interested in entrepreneurship. This question might be your question.

It’s a fair question: With all the hurdles you need to take on if you are plunging yourself into entrepreneurship, why bother starting up?

There are many answers, but if you asked me, my answer would be this: I love this game.

I love the search of business ideas. I love the many sleepless nights working on my business to see it grows steadily. I love the possibility for me to create something useful for the community – while giving me the lifestyle and financial independent I want for my family. I love the ups and downs of running a business – sure, failing sucks, but I can learn a great deal from it personally and professionally.

I wouldn’t trade what I am doing right now (work at home, surrounded by the people I love) with any high-paying jobs requiring me to work 12 hours a day or more; I love the freedom money can’t buy. I love a business that is built around my lifestyle, not the other way around.

Of course, I don’t love ALL aspects of my business: I don’t fancy the back office operations – bookkeeping, administrative and so on – but you can always hire someone competent to do those for you

Takeaway

Indeed, entrepreneurship is one of the most risky careers of all. Well, if you want safety and security, just get a job. But if you love the unknowns and embrace risks, entrepreneurship is a path worth walking; it’s rewarding in every sense – financially and emotionally.

So, now you know some facts about entrepreneurship. I do hope you can start a business with the right mindset; I also hope you start your journey with humility; being passionate without arrogance; taking calculated risks, not gambling; eagerness to help others when you have finally reached the top; acknowledging the fact that without God and those people around you – friends, family, fellow entrepreneurs, mentors, investors, etc. – you won’t go far.

Dream big. Start small. Just do it, seriously!

Traditionally, startups have looked to three primary sources for funding: venture capital firms (VCs), angel investors, and family offices. But in recent years, a fourth option has grown increasingly popular: corporate venture capital funds, or CVCs. Between 2010 and 2020, the number of CVCs grew more than six times to over 4,000, and these CVCs inked more than 2,000 deals worth $79 billion in the first half of 2021, surpassing all previous annual tallies.

These corporate investors offer not only funding, but also access to resources such as subsidiaries that can serve as market validators and customers, marketing and development support, and a credible existing brand. However, alongside this added value, CVCs can also come with some risk. To explore these tradeoffs, we collaborated with market intelligence company Global Corporate Venturing to conduct a quantitative in-depth analysis of the CVC landscape, as well as a series of qualitative interviews with both founders and CVC executives.

We found that of the 4,062 CVCs that invested between January 2020 and June 2021, more than half were doing so for the very first time, with just 48% having been in operation for at least two years at the time of investment. In other words, if you’re considering a CVC partner right now, there’s a decent chance that your potential investor has little to no experience making similar investments and supporting similar startups. And while more-experienced CVCs are likely to come with the resources and credibility that founders might expect, relative newcomers may struggle with even a basic understanding of venture norms.

Indeed, in a survey of global CVC executives, 61% reported that they didn’t feel like the senior executives of their corporate parent understood industry norms. In addition, because of their parent companies’ business imperatives, many CVCs may also be more impatient for quick returns than traditional VCs, potentially hindering their ability to provide long-term support to the startups in which they invest. Moreover, even a patient, veteran CVC can pose problems if other existing investors aren’t on board. As one founder we interviewed explained, “We had to turn down a CVC because our existing investors believed that taking them on would dilute exit returns and result in a negative perception on the eventual exit.”

Clearly, CVCs can be hit or miss. How can entrepreneurs decide whether corporate funding is a good fit for their startup, and if so, which CVC to pick? The first step is to determine whether the core objective of the CVC you’re considering aligns with your needs. Broadly speaking, CVCs can be sorted into four categories, with four distinct types of objectives: strategic, financial, hybrid, or in transition.

Four Kinds of CVCs

A strategic CVC prioritizes investments that directly support the growth of the parent. For example, Henkel Ventures is upfront about its focus on strategic rather than financial investments. “We don’t see how we can add value as a financial CVC,” explains Paolo Bavaj, Henkel’s Head of Corporate Venturing for Germany. “The motivation for our investments is purely strategic, we are here for the long run.”  Similarly, Unilever Ventures explicitly prioritizes brands that complement the consumer goods giant’s existing businesses.

This approach works well for startups that require a longer-term perspective. For example, CEO of nanotechnology startup Actnano Taymur Ahmad told us that he opted for CVC rather than VC investors because he felt he needed “patient and strategic capital” to guide his business through an industry fraught with supply chain, regulatory, and technical challenges.

Conversely, financial CVCs are explicitly driven by maximizing the returns on their investments. These funds typically operate much more independently from their parent companies, and their investment decisions prioritize financial returns rather than strategic alignment. Financial CVCs still offer some connection to the parent company, but strategic collaboration and resource sharing are much more limited. As Founding Managing Director of Toyota Ventures Jim Adler succinctly put it, “financial return must precede strategic return.”

A financial CVC is generally a good fit for startups that have less in common with the mission of the parent company, and/or less to gain from the resources it has to offer. These startups are generally just looking for financial support, and they tend to be more comfortable with being assessed on their financial performance above all else.

The third type of CVC takes a hybrid approach, prioritizing financial returns while still adding substantial strategic value to their portfolio companies. Hybrid CVCs often maintain looser connections with their parent companies to enable faster, financially-driven decision-making, but they still make sure to provide resources and support from the parent as needed.

While certain startups will benefit from a purely strategic or financial CVC partner, hybrid CVCs generally have the broadest market appeal. For example, Qualcomm Ventures offers its portfolio startups substantial opportunities for collaboration with other business divisions, as well as access to a wide array of technological solutions. It isn’t constrained by demands for short-term financial returns from its parent company, allowing the CVC to take a longer-term, more strategic perspective in supporting its investments. At the same time, Qualcomm Ventures still values financial returns, having achieved 122 successful exits since its founding in 2000 (including two dozen unicorns — that is, startups valued over $1 billion). As VP Carlos Kokron explained, “We are in this to make money, but also look for startups that are part of the ecosystem…startups we can help with product or go-to-market operations.”

Finally, some CVCs are in transition between a strategic, financial, and/or a hybrid approach. As the entire investor landscape continues to grow and evolve, it’s important for entrepreneurs to be on the lookout for these in-transition CVCs and ensure that they’re aware of how the potential investor they’re talking to today may transform tomorrow. For example, in 2021 Boeing announced that in a bid to attract more external investors, it would spin off its strategic CVC arm into a more independent, financially-focused fund.

Picking the Right Match

Once you’ve determined whether you want to work with a strategic CVC, a financial CVC, or something in between, there are several steps you can take to figure out whether a specific CVC is a good fit for your startup.

1. Explore the relationship between the CVC and its parent company.

Entrepreneurs should start by speaking with employees at the parent company to learn more about the CVC’s internal reputation, its connectedness within the parent organization, and the KPIs or expectations that the parent has for its venture arm. An outfit with KPIs that demand frequent knowledge transfer between the CVC and parent company might not be the best match for a founder looking for no-strings-attached capital — but it could be perfect for a startup in search of a hands-on corporate sponsor.

To get a sense for the relationship between the CVC and parent firm, ask questions that explore the extent to which the CVC has managed to convey its vision internally, the breadth and depth of its links to the various divisions of the parent, and whether the CVC will be able to offer the internal network you need. You’ll also want to ask how the parent company measures the success of the CVC, and what sorts of communication and reporting are expected.

For example, Tian Yu, CEO of aviation startup Autoflight, explained the importance of in-depth interviews with employees across the business in guiding his decision to move forward with a CVC: “We met the investment team, the key employees from business groups that we cared about, and gathered a sense of how a collaboration would work. This series of pre-investment meetings only raised our confidence levels that the CVC cared about our project and would help us accelerate our journey.”

2. Determine the CVC’s structure and expectations.

Once you’ve determined the CVC’s place within its larger organization, it’s important to delve into the unique structure and expectations of the CVC itself. Is it independent in its decision-making, or tightly linked to the corporate parent, perhaps operating under the umbrella of a corporate strategy or development department? If the latter, what are the strategic objectives that the CVC is meant to support? What are its decision-making processes, not just for selecting investments, but for giving portfolio companies access to internal networks and resources? How long does the CVC typically hold onto its portfolio companies, and what are its expectations regarding exit timelines and outcomes?

For example, after Healthplus.ai Founder and CEO Bart Geerts delved into the expectations of a potential CVC investor, he ultimately decided to turn the funding down: “We felt that it limited our exit options in the future,” he explained, adding that CVCs can be more bureaucratic than VCs, and that for his business, benefits such as greater market access weren’t worth the downsides.

3. Talk to everyone you can.

Ultimately, the people are the most important component of any potential deal. Before moving forward with a CVC investor, make sure you have a chance to speak with key executives from both the CVC and the parent company, in order to understand their vision and culture. It can also be helpful to chat with the CEOs of one or two of the CVC’s existing portfolio companies, to get an inside scoop on issues you might not otherwise uncover.

To be sure, it can sometimes feel uncomfortable to ask for meetings beyond an investor’s typical due diligence process — but these conversations can be pivotal. For example, one entrepreneur explained that their team “loved the pitch from a potential CVC investor, there appeared to be a great match between our strategic objectives and theirs. We got along well with the CVC lead, but meeting the board (which was not intended to be a part of the process) was an eye-opening experience as their questions highlighted the risk averse nature of the company. We did not proceed with the deal.” Don’t be afraid to push beyond what’s presented in a pitch and ask the hard questions of a potential partner.

As CVCs become more and more prevalent, entrepreneurs are likely to be faced with a growing number of corporate funding opportunities alongside traditional options. These investors can bring substantial value in the form of resources and support — but not every CVC will be the right fit for every startup. To build a successful partnership, founders must determine the CVC’s relationship to its parent company, the structure and expectations that will guide its decision-making, and most importantly, their cultural and strategic alignment with the key people involved.

Authors’ Note: If you have experience engaging with CVCs, please consider contributing to the authors’ ongoing research by completing this survey.