Products and services are accessible now where anyone can start up any business of their interest with less difficulty. With technology, the right amount of capital and the right attitude, anyone can operate a business. Also, small businesses continue to thrive with the guidance of business acceleration. With this, entrepreneurs are provided with outlines or templates on how to carefully start on their business through customized programs, contact to mentors, talents and capital. Some businesses may take up on the idea of business acceleration and there are some that are still disengaged with it. Not all accelerators are of the same standard. Here are three reasons to benefit from an excellent business accelerator:
1. Acceleration: Simply put, is the increase of rate or speed. In business, it could be regarded as the objective of any company that started up small, then increased its presence in the marketplace and eventually have its own niche in the market with a signature product or a specific service for a short timeline. Taking into account also are some of the losses and slip ups encountered during the process. If one aims to build the business faster, it should be able to measure faster by employing business experiments, testing or monitoring. The results that came up from the testing will allow the business to learn faster which will provide action plans for product development, efficient practices or propositions on future expansions.
2. Talent: Business acceleration programs involve people with competency skills that will aid the improvement and growth of the business. These talents that take part of the program can become a team member who share the same vision or drive to develop a business following the program. You gain access to talents who act as mentors with immense experiences on the field. They will be able to provide advice or feedback which can be applicable to the business condition. But of course, one has to discern which opinion is valuable to the business in order to implement better and dependable solution to varying situations. Apart from the association to fellow accelerators, one can also exchange ideas with a network of business incubators thru the program. Business incubators help new and start up companies by focusing on the early stage of the business. Both accelerator and incubator prepare companies for growth. For the incubators, they provide focus on business skills training, access to finance and professional networks. It mainly provides the necessary tools and advice for the business to be established and to be fully operational on its own as a new entrant in the field.
3. Capital: Any business would not proceed without enough capital to cover expenses and maintain operational costs. The assistance that business accelerator offers in relation to capital is an opportunity to present to an extensive audience and allows entrepreneurs to highlight accomplishments given a short period of time and come up with raising or augmenting investment capital of the business. This part of the program may be a hard sell to some but in effect, it could also lead to another opening of collaborations and connections to other business or product integrations in the future.11.13.15
Businesses start with an idea. Some ideas linger. Some would start with just a glint of strategic location, a marketable asset or even a trendy hobby. The end goal of which is to turn it into something bigger, useful and profitable. There are a many challenges of building a business and young entrepreneurs are aware of it. There is the limitation of resources, capital, profits, talents and time. There are also external factors that add extra challenge such as existing competitors who are already ahead of the game and are better equipped than you.
Despite the fact that a new, innovative product or service is more beneficial, the market may not be aware of it, which results in customers that are not informed of your product or service which leads them to an inaccurate choice. For the business, this will lead to question on how to create something out of nothing and how to develop initial success turn into continuous growth. Here are principles drawn out from dealing and working with big companies of varying sizes.
1. Businesses employ a mixture of various strategies, execution and competitive advantages in attractive markets. It is necessary that one customizes its operations and financial models to maintain production and provide sound financial decisions for the company. This will also allow the business to tweak certain parts of the operation to become more efficient.
2. As any business starts with an idea, such idea should be backed up with effective action plans that targets on creating value for the customer. Develop customer loyalty program as a way to recognize a customers’ continued patronage on the product or service availed.
3. Test and learn approach is an effective experimental test which follows a set of practices that enables the business to receive real-time customer feedback and response. It also determines the measures on the return of incremental investment.
4. For larger companies, they can provide more and better ways of improvement for the business in terms of machine, capital or resources. Although, it can be pointed out that they often lack management talent, incentive programs and strong organizational skills to foster entrepreneurial growth. Linking business approaches with an entrepreneurial value and culture allows a long term business significance that is fostered with loyalty and passion from the management team.
5. Excellent strategies to consider involve comprehension or awareness of the facts regarding customers and markets. Management team can bring into perspective of the best strategy if they can connect with the customers’ needs and market requirements. This can be brought about by establishing a unique branding of the product or service or how the business treats the customers.
6. The value of the customer should not be under estimated. Any business should identify the value of a customer as a core to any business strategy. The customer may not always be right but his feedback is important in the evaluation of a certain product or service. On one hand, not everyone can be your customer but they can also serve as referrals to future customers you will be dealing with.10.7.15
Almost all the time, fresh graduates do not really have a clear idea about what they want to do, how to successfully fulfill it and how to sustain it. In reality, almost every person has the same dilemma.
This article aims to help these people map their way to a better future with the best career advices there are.
What do you really want to do?
Oftentimes, the degrees we earned at school do not match the profession that we enter in or practice after graduation. I cannot emphasize more the importance of determining your chosen career path before you choose which course to take in college, but it is also undeniable that several factors may affect your choice along the way. And there is nothing wrong about this. In fact, this is very normal. If you ever find yourself in confusion, the following suggestions might help:
Determine your strengths and weaknesses. List each and every one of them. The famous saying that you must do what you love may sound cliché but it works all the time. Most often than not, what you actually love doing will manifest in your strengths. Focus on these.
Doing what you’re most interested in and what you’re most passionate about is always a good plan. This becomes your foundation to success.
How to successfully fulfil it?
A lot of inspirational messages have been shared by successful people and great leaders in the world. Uber executive, Matt Wyndowe practically summed it up in one sentence – shoot for the moon. “To be successful, don’t follow the pack. If you want to win, don’t hedge.” This should be your primary mantra that you would keep reminding yourself whenever you’re in doubt, you’re discouraged, or feeling at a loss. Have a goal.
Your character, attitude and perspective will also play major roles in fulfilling your career objectives. In Wyndowe’s post about his thoughts in general career advice, he has wrote several items about these three. “Be likable”. Whatever attitude you’ve been brought up to, you must always be willing to adjust and learn about how to improve your attitude within your chosen career and life in general. In his words, you must also be humble because arrogance can be a cause of brutality. Self-discipline is a must in this category. Widening your perspective and opening your mind make a significant positive effect in your way to success. In his post, Matt noted that successful people listen. You must remember that you do not know everything. Listen to what others have to say, discuss with them, learn from each other. He also wrote that you’ve got to give trust to get trust. Adjust your view on trust accordingly. Everyone deserves a chance to prove their worth.
Two other important items are wisdom and good judgment. To be a successful leader, you must accept that you are not always right and extract wisdom from it. Your industry will be very challenging so you must have to be always prepared for anything that could happen. Study the trends and alternatives well.
Also, having good judgment does not happen overnight. You will gradually master this as you go along. But you can start with creating a best team. Choose the right members because as Matt has said, “you will only be as good as the people you will recruit”.
Basically, the major ingredients in fulfilling your dreams is a balanced mixture of your personal character and professional knowledge or skills. One’s character is already a given but it can always be built better and stronger throughout your life. Strive to build it in accordance to what is right. Professional knowledge and skills are powerful tools. Take good care of them.
How to sustain it?
In Matt Wyndowe’s post, he talked about the Pareto Principle. In order to stay successful, you must keep in mind your mission and objectives. “Always look for the 80/20. 80% of the value is delivered by 20% of the product or service. Focus on that 20%.” Being consistent is a key.
Matt also talked about the traits of a good leader. In order to stay successful, regardless of your position, be clear and fair. He mentioned to “put on the cloak of leadership”. Successful people do not put other people down. Instead, they serve as inspirations and motivators to their employees or teammates and to other people outside the organization as well. Do not lose this trait.
Keep surrounding yourself with people who inspire you. Matt suggested to always strive to hire people better than you are. Excellence is something that should thrive in your organization all the time. It is also healthy to surround yourself with people you look up to, those leaders whose traits have motivated you. Lessons from these persons are always a treat.
Lastly, you must learn exponentially. Learning is a never ending process. Do not ever get tired of this.09.2.15
You never know what could happen. Business may be doing great one day and the next, your office has been obliterated by some disturbance – be it natural or man-made. To protect your assets, the National Association of Insurance Commissioners recommend these four types of insurance policies that can help your business survive most kinds of disaster.
1. Business Interruption Insurance
If there’s been some interruption to your business due to fire, hail or any other circumstance as stated in your policy, then Business Interruption Insurance will cover any lost earnings. It also covers expenses like your payroll and utility bills, and any other expenses that’s associate with running your business. To determine the amount covered, the insurance company would base it on your business’ financial records. Some policies will even cover the extra expenses as needed to get back on your feet.
However, some coverage may not be payable for a certain number of days so you have to discuss this closely with your agent. Should there be a waiting period, then you have to make sure you have enough funds to tide you over.
2. Property Insurance
Property insurance takes care of you and your business if there’s been theft or damage to your property and equipment. If you are the owner of the address, then this insurance policy will cover the physical structure as well as your assets. Check to see if you are eligible for the Actual Cash Value or replacement cost. If ACV is possible, then you might have to get an update policy if there’s been significant changes to the property or the environment since the last time an appraisal was made.
If you are on lease, then the coverage will be for the contents only.
There are three types of insurance policy that you need to be aware of. These are the Basic, Broad and Special. Speak with a licensed insurance agent to determine which of these three is best for your business situation.
3. Worker’s Compensation Insurance
Sometimes, accidents at the workplace or during the course of the job happen. To protect your business from such claims, you will need Worker’s Compensation Insurance. Such policy will take care of your employees’ medical and rehabilitation costs as well as lost wages.
4. Liability Insurance
This is the insurance policy you need to cover you and your business in the event of: a) bodily injury, b.) damage to others’ property, c.) personal injury, and d.) false or misleading advertising.
Also called the Commercial General Liability, this insurance policy will take care of should you be sued for policy compensatory damages, punitive damages and general damages.
Some of the items for discussion with a licensed professional with regard this policy include: the scope of coverage, availability of extra protection and whether or not the premium will be impacted by the addition or reduction of employees.
Of course, three out of four of these policies may not be applicable if you’re running an online business without an office. But generally, you should have at least one insurance policy to make sure you have a fallback should some things go wrong with your source of income/alternative income.
Like all things business-related, make sure to discuss policy coverage and plans with a licensed adviser.08.24.15
If the truth be told, nothing is 100% original. One is merely an updated or revised version of the other. This goes the same way in business. Given this state of things, is intellectual property now a thing of the past? I personally don’t think so.
Intellectual property is defined as an intangible object that refers to the generation of ideas for products and/or services. There are three subtypes of intellectual property and these are the patents, the trademarks and the copyrights. Each of these is independent of the other. To summarize what each covers, just remember that trademarks offer protection to brands, copyrights to written content and patents to inventions.
The importance of IP is that gives great value to research and development. It’s not just because of the money you might get but because you feel a strong sense of accomplishment as you are fully compensated for your creations.
As an entrepreneur, you should be able to identify the areas of your business covered by IP so that you can take proactive measures to protect it.
How can you patent an invention?
There are steps that you can take to make this possible. The first of which is to take advantage of free resources like www.google.com/patents to see what’s already out there. If, for example, you find your invention in the search results then that’s patented. Otherwise, you can create your own patent. An attorney needs to be consulted, though, if you find related references but not the exact invention as what you’re planning.
Know that getting a patent can take two to three years, with the search of patent lasting about two weeks.
How can you get a trademark?
A trademark is your brand. It is the name, phrase or logo that your customers can identify you with. Even scents and sounds can be trademarked. A trademark is different from a domain name or a business name registration. Even if you own a domain name that does not mean it’s trademarked to you. The same goes with your business name registration.
Only with federal registration can you get a trademark, and you can use the definitive TM symbol that would tell other companies that your logo, name or phrase is protected. After five years of owning the trademark, you can already make it incontestable by filing the appropriate documents. You will also have the ability to sue others for trademark infringement.
How do you get a copyright?
Earlier, I mentioned that a trademark pertains to the name, phrase or logo that customers can readily associate with you. But a copyright is much more inclusive in the sense that it covers books, songs, movies, web content, photography and choreography too.
Unlike trademarks, copyrights are often registered at the Library of Congress. They last the lifetime of the author plus another 70 years.
If you have more questions about intellectual property, consult an attorney or a licensed professional.