NooB Monday! - (October 26, 2020) Entrepreneur |
- NooB Monday! - (October 26, 2020)
- Getting ready to buy a business and getting nervous...
- Successful businesses around you 2021 edition
- What business Idea you have seen in 2020 that you wish you had come up with?
- Retailing and wholesaling concurrently - any reason not to?
- Tools to do this basic and helpful thing? No, it doesn't have to have earned 140m from Kleiner Perkins just to be able to do this basic and helpful thing
- Anybody with a rags to riches story on here?
- How can I get involved in startups as a student?
- What's the minimum level of operational ignorance you can tolerate from a "vision guy"?
- What makes a good startup/project name? Here are some of my tips and thoughts
- Creative financing options for buying out partners?
- Opening an electronics shop in Ireland?
- Quickbooks users, I need your help!
- Any selling hubs that updates prices from eBay back to the hub?
- Well Spoken my app to improve English skill
- Organizational Structure for entity with two owners
- Want to start a two-sided online marketplace - What do I need?
- Purchasing a website domain for successful community
- What are some good B2B marketing for a Tax resolution business outside of Groupon and Angie's List
- Giving back to the Community :)
- Why don't the gurus tell me to sell on sites like Skillshare and Fiverr even though they tell me to buy from them?
- My experience on making money out of Deepfakes and Synthetic Media.
- What do you do/tell yourself when things are really hard in biz?
- Young female entrepreneurs
- How can I get back into a productive work routine after burning out?
| NooB Monday! - (October 26, 2020) Posted: 26 Oct 2020 06:12 AM PDT If you don't have enough comment karma here's where we can help. Everyone starts somewhere and to post in /r/Entrepreneur this is the best place. Subscribers please understand these are new posters and not familiar with our sub. Newcomers welcome! Be sure to vote on things that help you. Search the sub a bit before you post. The answers may already be here. Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Getting ready to buy a business and getting nervous... Posted: 26 Oct 2020 07:58 AM PDT So, I have the opportunity to buy a business. It's a retail shop with revenue in the $200k range and net in the $50k range. The seller is selling it because he moved out of the country, met someone, and is staying in Europe. The shop is a pain to run from there. I'll be paying $30k cash and financing the other $30k with the seller. It is part of a franchise. He is offering to stay on as a managing partner for a bit to help me get acclimated. It will also help to avoid the franchise transfer fee in the beginning. I am having my local SBA consultant review things with me, and the current owner is sending me over his Quickbooks files that my accountant will look at. Please tell me if I'm being stupid or not. I've never done any of this before, and I've researched and sought help, but I'd love your opinions. [link] [comments]  |
| Successful businesses around you 2021 edition Posted: 26 Oct 2020 05:18 AM PDT There were threads like that - let's make some updates. What local businesses in your area are doing suprisingly well? I will start:
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| What business Idea you have seen in 2020 that you wish you had come up with? Posted: 26 Oct 2020 09:54 AM PDT |
| Retailing and wholesaling concurrently - any reason not to? Posted: 26 Oct 2020 04:13 PM PDT I've noticed that a lot of ecommerce companies sell either retail or wholesale, but not both. If one has the capabilities to do both, are there any significant reasons to not target both business lines? The only one I can think of is that some wholesale customers (i.e. retailers themselves) may be wary of purchasing from a wholesaler that also sells retail, since they're buying from a competitor. In reality, is this a real risk or a real reason to not do both? Can't think of any other reasons an ecommerce company, if its goal is to maximize growth/profit, wouldn't do both. Thanks. [link] [comments]  |
| Posted: 26 Oct 2020 03:32 PM PDT Tools to do this basic and helpful thing? No, it doesn't have to have earned 140m from Kleiner Perkins just to be able to do this basic and helpful thing basic outline, very important & extremely basic for anything notes/writing/text See GIF https://help.coda.io/en/articles/3904131-page-outlines Please send me all things that does this besides gdocs. Need options
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| Anybody with a rags to riches story on here? Posted: 26 Oct 2020 03:26 PM PDT Hello! Curious does anybody have a story of being close to broke and then making life changes to achieve financial success? Thanks! [link] [comments]  |
| How can I get involved in startups as a student? Posted: 26 Oct 2020 03:25 PM PDT I am a finance major at a strong school, and although I am applying for commercial banking jobs, I would love to offer helping hands towards startups. I am interested in the entrepreneurial space and would love some exposure as well. What's the best way to go about this? Is it worthwhile to reach out to startups in my area to offer my time? [link] [comments]  |
| What's the minimum level of operational ignorance you can tolerate from a "vision guy"? Posted: 26 Oct 2020 02:58 PM PDT It's important to have a guy or partner whos more in tune with a vision for the company as opposed to the nitty gritty details. I'd like to ask what's your tolerance threshold for ignorance of day to day operational realities from the vision guy. What in your mind makes up for whatever ignorances from the vision guy? How do you know when to trust a vision guy to give him a team to do everything he needs? [link] [comments]  |
| What makes a good startup/project name? Here are some of my tips and thoughts Posted: 26 Oct 2020 02:49 PM PDT Twitter thread here: https://twitter.com/itsmnjn/status/1320842402014384128?s=20 Adapted below ↓ Naming your startup/project is hard! I know I've spent more time than I'd like to admit on it. But doing so has taught me a lot about what makes some of the "best" names work. This is a quick list of tips on coming up with a solid name for your startup/project. First thing's first, let's get all the boring stuff that you probably already know out of the way. Like simplicity. The best names tend to be simple, aka 2–3 syllables. Google. Twitter. Uber. Facebook. Amazon. Lyft. And oftentimes they're related to the company's focus. Twitter means something bird-related, pretty sure. Facebook used to be something like a book of faces. Lyft, well, gives you a lift to where you want to go. But not all the time: Uber has nothing to do with cars, the Amazon rainforest has nothing to do with a mass-market superstore, and Google doesn't have anything to do with searching but ... Good names stretch the imagination ... a little bit. Google is a misspelling of googol, a really big number, kinda like the number of results that show up when you search for something. Uber is a German word meaning over, above, or across, and Uber the company tries to give you service that is over, above, or across the competition (mainly taxis). And my favorite: Stripe. Stripe deals with payments over the Internet. What do you pay with on the Internet? A credit card! What's on the back of a credit card? A stripe! So names don't have to relate directly. Often times, being too direct is too boring. Imagine if Google was named Search, or if Uber was named RideShare. The best names tend to relate "laterally" to the company's main focus aka slightly relate to something slightly related. Internet payments → credit cards → stripes → Stripe! Ride sharing → quality service → super service → Uber! Really good names evoke a "vibe" that's on brand with the company. My favorite example of this is Supreme. Two syllables, slightly related to the business (cool af clothes), but also evokes a certain vibe: an air of superiority, exclusivity, and the utmost quality. Another example is Louis Vuitton. Four syllables, but that's okay since it gives off an air of elegance, brilliance, and luxury. A little flair here is good. Notice how my last two examples were highly rated fashion labels? It's because they really have an incentive to give off as much "vibe" as they can as that's really the only reason people buy super expensive clothes: to give off a certain image or to feel a certain way. Last but not least, pronunciation is important, often more important than meaning. Not only does a good name have to be easy to pronounce, but it should also be fun/interesting/on-brand to pronounce. Different syllables evoke different emotions either due to common word associations or language associations. For example, Spotify as a word is meaningless. But it's both easy and fun to pronounce, and imo the sub-word "spot" is at least slightly related to "spotting" your favorite artists. Or Tesla. It has a bit more relevance to its company compared to Spotify, but not by much. Nikola Tesla didn't make cars, but the focus of Tesla isn't really cars, it's energy. What really puts Tesla as a name above many others imo is that "-sla" syllable. It has this sense of speed and luxury, and the preceding syllable, the "Te-", has a sense of power, like a jolt of electricity! In summary: Hopefully these tips gave you some guidance in picking a name for your startup/project. As you can probably tell, I love dissecting names, coming up with names, anything to do with cool names. If you want me to take care of it all: the name, available domain names and social media, check me out at https://dubbb.co [link] [comments]  |
| Creative financing options for buying out partners? Posted: 26 Oct 2020 02:34 PM PDT I want to buy my two business partners out but my long time bank won't finance me because the business doesn't have tangible assets. I own 33%, it would take roughly $100k to buy them out and I don't have that cash. They want at least 50% in cash and would consider long term payout for the rest. Hard money? SBA loan? Throw some ideas my way [link] [comments]  |
| Opening an electronics shop in Ireland? Posted: 26 Oct 2020 01:16 PM PDT Hi all, - How do I find the rate of growth/decline of customer segments? - Figuring out my initial costs (particularly for my starting inventory) - The guy I was talking to from enterprise Ireland sent me a business quick test but I'm totally lost on how to start filling it out. -I keep seeing talk of mentorship all over the place with an emphasis on how important it is but not a whole lot of info on how to go about finding a mentor in regards to retail, is there somewhere specifically I should be looking? Is that a naïve thing to hope for at this stage? I know these are maybe vague, noobish questions and I do plan on taking my time figuring this stuff out but I'd really appreciate any constructive advice anyone could offer! [link] [comments]  |
| Quickbooks users, I need your help! Posted: 26 Oct 2020 01:10 PM PDT Hey! If you wouldn't mind, could you please share with me your Quickbooks data (excel sheets)? Our team really need data for current year and previous year (it's very important that data includes at least two years). Especially we need such metrics as "Proft/Loss"; "Income" and "Expenses". Any other metrics also would be good. I'm asking because our team is working on a KPI Tracker that helps founders and CEOs control all of their companies through one dashboard. And our tech team needs data to finish our first MVP. Unfortunately, sample data that is offered by qb doesn't match our needs. I would be very grateful for your reply! [link] [comments]  |
| Any selling hubs that updates prices from eBay back to the hub? Posted: 26 Oct 2020 01:02 PM PDT I want to use a something like Streetpricer that automatically reprices items on eBay, but have the prices sync with a selling hub like Sellbrite or Ecomdash. From what I've read, both can only sync prices from the hub to selling platforms and not the other way around. Does anybody know of any service that can sync prices that I update on eBay to the hub? Or an automated competitor-based pricing service that would work on Sellbrite directly? The later would be preferred. Thank you for taking the time to help! [link] [comments]  |
| Well Spoken my app to improve English skill Posted: 26 Oct 2020 08:39 AM PDT Hey, 📲 https://well-spoken.app this is my mobile app I have been working hard past few months. The concept is to introduce users to interesting vocabulary commonly used by native speakers but not known well by English learners. I have personally developed this app. Initially it was my self improvement app, but now it has been downloaded by almost 17k users and I receive amazing feedback worldwide 4.9 ⭐. [link] [comments]  |
| Organizational Structure for entity with two owners Posted: 26 Oct 2020 12:24 PM PDT The org in question is a International Organization of streamers, artists, digital creators, as well as Esports teams. It currently has two departments, The Content Dep. and the Creative Dep. The organization has 30 Staff members split between these departments and a few subdivisions. Note: The Org has not decided on whether it will be Non-Profit or For-Profit, so both structures/hierarchies are appreciated Current Hierarchy: This hierarchy is not well defined. The following are structures we currently have in the running: Non-Profit A: For-Profit A: For-Profit B: For-Profit C: For-Profit D: For-Profit E: You'll notice that a lot of the changes are simply between the title of the 2nd to the Owners, that position and title is probably the most disputed part of the hierarchy. It's role is to manage the entire company except for legal matters. The Owners are the owners, they own the place. The General Manager is the person who directly manages the staff members and department heads. The Department Heads lead their own department. Any suggestions, comments, inquiries, or otherwise are appreciated! [link] [comments]  |
| Want to start a two-sided online marketplace - What do I need? Posted: 26 Oct 2020 12:21 PM PDT Basically, without going into too much detail - I want to create and build an online marketplace where people can provide services/products for each other with me acting as the middleman What do I need in terms of payment providers/legally here? I've used Stripe before to simply take payments, but should I be using something like PayPal instead? Also want to protect myself from malicious actors (though everything will be reviewed before going live of course) - what do I need from a legal standpoint (I'm in the UK)? Thanks for any advice! [link] [comments]  |
| Purchasing a website domain for successful community Posted: 26 Oct 2020 12:16 PM PDT Hey everyone, fairly new entreprelurker here. The advice and stories shared in this sub has been instrumental to my growth mindset and also inspires me to continue to build something that will make a positive impact for society. So I started a successful group that have amassed over 30k members/followers. It started as a hobby, but quickly grew beyond my wildest imagination, so I wanted to put together a website that specializes in it. I have since created a solid business plan, recruited the best minds, and have a product roadmap for execution that will convert into a profitable model. However, the domain name was already taken and registered (by an existing member of the community unfortunately).. so I reached out and asked if it's for sale.. and he's willing to sell it to me for $1,000. Do you think this is worth doing or should I just come up with a different domain name that's close to my community group's name? [link] [comments]  |
| What are some good B2B marketing for a Tax resolution business outside of Groupon and Angie's List Posted: 26 Oct 2020 12:02 PM PDT |
| Giving back to the Community :) Posted: 26 Oct 2020 11:53 AM PDT Giving back to the Community Hey Everyone! I'm a full-stack developer, based out of Bangalore, India. I'm taking the next few weeks off from work and during this time want to help fellow entrepreneurs out. So, I'm pretty good at API/workflow automation and Machine Learning. If anyone has a really hard automation project you weren't able to get done at your startup with tools like Zapier or a similar platform and want a customized solution or just want expertise to build for some solid use case. I'll be happy to take the time to build it out, free of charge. I'm listing a few examples of projects that I think are cool, to give an idea of what I have in my mind - 1) Marketing Automation with Slack for personalized notification - Get custom notifications as updates are made to any of your Leads and Opportunities. Also maybe you can customize what specific updates trigger notifications and what type of information is surfaced to you. 2) Ticket Escalation Automation with Microsoft Teams - suppose you want easily to escalate support tickets to engineering by creating the corresponding ticket in Jira from Zendesk right from MS Teams. I'm thinking you can even set a new channel and invite the relevant support agents and engineers to resolve the issue, log comments to the tickets directly, without hopping in and out of apps. 3) More intelligent actionable alerts from DevOps on Slack - Instead of getting a firehose of alerts, you can define various thresholds, monitor velocity of alert, and then based on these settings, post alerts to the relevant channel or person Slack But, these are just examples that I've posted to give you an idea. I'm open to anything automation related. Best, Joshua M. [link] [comments]  |
| Posted: 26 Oct 2020 11:43 AM PDT One thing that bugs me a little is that Jason Stapleton and Jordan Harbinger tell me to buy from Skillshare and Fiverr because they have sponsorship from them, but they never tell me to sell on them, and I can't find anything they sell on those platforms. Can someone please explain the asymmetry? [link] [comments]  |
| My experience on making money out of Deepfakes and Synthetic Media. Posted: 26 Oct 2020 11:33 AM PDT Hey guys, I used to run a business and we worked on Synthetic Media. Wanted to share my experience and learnings here. Synthetic Media is AI-generated video, voice, images or text. Usually made with GANs. Pretty new and exciting stuff. I was in Singapore and my cofounder and I and wanted to explore this space. At that time (August 2019) there were very few startups actively working on this (Synthesia, Canny AI) and we wanted to do something in SEA by appling AI to advertising and marketing. We ended up creating an AI product that can create a 5 second video of a person talking purely from a script and existing footage. No need to shoot, no cameras, no actors. Nothing. Just some old video and a new script. Paramount Pictures loved it and wanted it for Comedy Central and were paying us USD 60,000. Damn that was a lot of money for a 2 week project. We were super excited and started working. Unfortunately we very quickly realised that to get to Comedy Central level (4K, super high fidelity) the tech was just way too hard and frankly AI isn't there yet and we'd burn out before we figure it out. We ended up delivering half the MVP (and getting paid a bit). Right place, wrong time. It was disappointing for us, but we learnt a lot. Almost a year later, the tech has improved a lot. I'm back working on a few projects in this space and will soon be posting something more. Why should you care? Well like it or not, the future is synthetic. And there's money to be made. How? There are deepfakes who make money simply out of building deepfakes and there are way more startups now. Reface app is one of the biggest names in this. There are lots more in the voice space now - resemble.ai, respeecher. I've compiled a list of startups and some of my learnings and also a few projects I'm working on. I'm planning on releasing notes on startups, people, AI applications as a newsletter since I find that better than reddit. Check it out here. http://deepfakes.carrd.co/ [link] [comments]  |
| What do you do/tell yourself when things are really hard in biz? Posted: 26 Oct 2020 11:02 AM PDT I own two businesses that have been severely impacted by Covid. I'm not giving up — have pivoted them to make it work, but damn is it hard. When things are tough and you're doing your best..what do you remind yourself? What helps you keep at it and not lose the spark that is so vital? (I created a niche type of yoga/wellness program now 100% online + I own an optical shop w/ my husband in my neighborhood which just opened this year) [link] [comments]  |
| Posted: 26 Oct 2020 10:51 AM PDT I hope this type of post is appropriate for this sub.. I am an 18 year old female beauty entrepreneur and I am in the middle of the start up phase with my brand. I have started a couple of other side things over the years but ultimately ended up closing them to focus on my current business and because of finances- so in short I'm only still in the beginning of my entrepreneurial journey. I was wondering if there were any other young entrepreneurs my age who would like to network or even just bounce ideas off of each other and share knowledge. Its very hard finding someone my age who is serious about their business and is past the idea stage. [link] [comments]  |
| How can I get back into a productive work routine after burning out? Posted: 25 Oct 2020 07:41 PM PDT I've been in business for nearly 5 years now, I'm a real estate broker. My strategy in the beginning was all work no play hustling 14 hours a day to get it off the ground. I inevitably burnt out at the end of year 2 and have honestly been living off of referral business since then. It's a nice little business that gets me by and offers so much flexibility, but due to my competitive nature I'm deeply unsatisfied as I want to compete against the best. I've had so much difficulty getting back to a consistent work schedule, taking time to actually make sales calls, nurture leads and grow. I work out of my home office and have zero accountability, I feel like it's made me lazy, my attention span has shrunk and I just don't have the energy to make it happen like I did in the beginning. Has anyone gone through this? What did you do to get back on track? Did you ease your way into a new routine or go all in & fight through the mental blocks until it becomes habitual? Thank you for your time. [link] [comments]  |
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