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    Wantrepreneur Wednesday! - (October 14, 2020) Entrepreneur

    October 14, 2020

    Wantrepreneur Wednesday! - (October 14, 2020) Entrepreneur

    Wantrepreneur Wednesday! - (October 14, 2020)

    Posted: 14 Oct 2020 06:10 AM PDT

    Please use this thread to ask questions if you're new or even if you haven't started a business yet.

    Remember to search the sub first - the answers you need may be right at your fingertips.

    Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    Why most Advice is Useless and Reading Entrepreneurial "Success Stories" is Toxic Self-Flagellation

    Posted: 14 Oct 2020 08:50 AM PDT

    Hey Folks,

    I'm an small business owner who has been reading this and other biz reddits for a while, and I've been getting pretty irritated by all the well-meaning but useless advice and especially the context-free, toxic success stories that make people feel worse rather than better for reading them.

    This is a bit of a rant, but I think that many of you might feel similarly, and might sympathize.

    Here's the thing:

    ALMOST ALL ADVICE IS COMPLETELY USELESS

    To be clear, advice is any kind of suggestions that purports to lay out a path to success in a complex domain (such as business, relationships, etc).

    Advice usually comes in the form of:

    "You should do <X> (even though I don't know much about it)", or - in a stronger form - "I did <X> and it worked for me, so you should do it too".

    To be clear, advice is not the same as principles. Principles are generally useful guidelines, such as "build good relationships with people you work with". Advice suggests specific courses of action that may or may not make sense, such as "hug every person you meet."

    Advice is also not the same as a "how to" solution to a specific problem. If you ask someone knowledgeable "how to" change a tire, build a piece of furniture, or set up a payment system, and follow the instructions, you will, more likely than not, end up accomplishing what you set out to do.

    If, on the other hand, you've ever followed someone's "advice" on how to be successful, tried to duplicate what a successful person did, or, god forbid, bought one of those "get rich by following my plan" programs.. you already know that except for cases of blind luck, it just about NEVER works out as you expect.

    This is because success in business is so complicated and has so many variables, that even if the person giving you said advice isn't trying to scam you by selling you a B.S. program, just about everything about the advice giver's circumstances and your circumstances will be different, so following the steps that they lay out that worked for them can't possibly work out the same way for you.

    • Your geography is different
    • Your skills are different
    • Your resources are different
    • Your connections are different

    .. basically everything about the world is different, so how is doing the same thing going to get the same result? It's almost certainly will not!

    The only kind of advice that's actually useful is NEGATIVE advice, in the form of:

    BE CAREFULL OF or DON'T DO <X> - either I or someone I know got seriously screwed doing <X> in this way.

    For example: "I started a 50/50 partnership.. and it fell apart because of A,B,C".

    This is useful - now you know to think about the possibility of a,b,c - whereas before maybe you didn't. This kind of advice doesn't tell you what *TO* do, but instead tells you what *NOT* to do to avoid some kind of catastrophic risk. This isn't my idea, it's completely based on writings of N.N.Taleb.

    This brings us to "Success Stories".

    The more "success stories" I read, the more I feel bad - even as a somewhat successful business owner! Why?

    Because most success stories are a type of underhanded, status-signaling, impossible to replicate advice!

    The majority of what made the "success story" a success can't be found in the published story. Most likely even the person writing the story doesn't understand the unique circumstances and luck that lead them there.

    Yes, most people who succeed DO work hard, but tons of people work hard, in very similar ways, and don't succeed.

    Reading "success stories" makes you feel bad since it gives you the impression that if you just did the right thing, or did what this person did, or worked harder, then things work out for you... and that if things are not working out for you, it's because you are not working hard enough, or are not in the right industry, or chose the wrong business, or didn't try or find "that one weird trick".

    Some of these may even be true, but comparing your life to a carefully-curated success story only results in misery, self-doubt, and a never-ending search for "the answer" to success that someone else may have found.

    Moral of the story:

    Ignore most advice. If you need help, ask specific questions about specific situations.

    Don't read too many success stories. It may be good to know what's possible in the abstract, but keep in mind that almost everything you read won't actually be possible in reality FOR YOU... or for me... or for anyone but the person who wrote it. In fact, many entrepreneurs fail to replicate their own success when they try.

    Your path will (probably) be completely unique. Go out and forge it on your own instead of trying to replicate someone else's success, since you won't be able to replicate said success anyway.

    If you've made it all the way here, thanks for reading and letting me get this off my chest.

    submitted by /u/TutorEmpire
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    Don't Be The Path Of Least Resistance

    Posted: 14 Oct 2020 06:07 AM PDT

    About four years ago I found myself in the familiar habit of walking up the stairs to wake my two school-age daughters for the fifth time that morning. Halfway up the steps, I stopped to ponder why I was always forced to wake them up multiple times each school day. They were mature young women that understood the basic concepts of time, days of the week, and truancy. They had no issue pestering me to leave an hour early for non-academic activities; yet I still found myself walking up and down the steps multiple times each morning.

    Then it hit me. The reason they forced me to wake them multiple times per morning—was because I was willing to wake them multiple times per morning. I was a walking alarm clock with a worn out snooze button and bad knees. I was excellent at this job, but I hated it. So, I quit.

    That morning, as I reached the top of the steps for the fifth time, I made an announcement.

    "THIS IS THE LAST TIME I'M WAKING UP KIDS FOR SCHOOL FOR THE REST OF MY LIFE!"

    Later that morning I explained they were both well aware of what time the bus arrived each day, and they both had access to a pile of electronic devices with the ability to remind them if they forgot. From that point forward I was only accepting responsibility for starting MY day, not theirs. If they missed the bus, it was their problem. No time for breakfast—tell your story walking. Running late because we can't find the right outfit—I guess you'll have to wear the wrong one.

    The next morning they both attempted to call my bluff, and they both ended up walking to school. Then, they never missed the bus again. They've also never been late for work or any other activity since that day. I wish I could take full credit for solving this problem, but Connecticut winters can be very motivational.

    I can't blame my children for creating that problem. By waking them each morning, I made it easier for them to dismiss the alarm and rely on the tone of my voice to tell them when they were almost out of time. I became the path of least resistance. That's the path they chose because that is the path we are wired to choose. Don't believe me? When is the last time you pushed a button on your TV instead of the remote? Do you even know what buttons are actually on your TV? I don't.

    Allowing yourself to become the path of least resistance is exhausting for a parent, but it's expensive for a business. When learning a new skill, the time and effort we put forth has a direct impact on how well we retain the knowledge. The more time and effort we apply, the more value our brain associates with that skill, and as a result it becomes easier to remember. Skills that come too easy—well, easy come, easy go, right? Constantly answering the same questions for your team makes you their path of least resistance. While you may think you're solving a short-term problem, you're actually making it more difficult for them to retain the information. You're also eliminating any motivation they may have had to fix the problem.

    When training an individual or a team on a new skill, remember these concepts to prevent costly mistakes and repeat trainings.

    ​

    • Produce concise training materials. Those with too much knowledge on the subject will often subconsciously skip smaller details. You can prevent oversimplification by having amateurs review the material.
    • Don't write a television repair manual. Make sure your team considers the materials easy to read. Write them using words and phrases from their vernacular. Tell a story or two to make key points and remember to motivate them along the way by explaining how the process impacts the goals of the business.
    • Make sure the training covers how the process works, and why it works that way. Understanding the why behind a process helps people make better decisions when they encounter unforeseen circumstances. They are more likely to make the decision you would make if they're aware of why you would make it.
    • Don't answer questions that are readily available in the training materials. In fact, outright refuse to do it. This rule applies even if they ask the questions during the training. If you've already reviewed the information, asking someone else in the room to answer the question will motivate the rest of the room to pay more attention. If you haven't reached that point in the training, complement their enthusiasm and get back to your script.
    • When referencing the process after the training, repeat key points and do it to the point where it makes you uncomfortable. People ingest information in different ways. Reminding teams about the proper methods will help ensure the information sticks.
    • Encourage tough questions. Simple questions can, and should be, researched before asking. That's one habit you're trying to break. But tough questions often go unasked because people assume they'll look dumb for asking. Encouraging the tough questions not only helps teams understand the process in more detail, it can also find gaps in your process.
    • Learn to let them fail a bit before you step in to save the day. Nothing locks a lesson in our long term memory like an embarrassing failure moment. In fact, I'll bet just reading that sentence triggered a memory of a failure that taught you a major lesson.

    Allowing yourself to become the path of least resistance is exhausting for a parent, but it's expensive for a business. When learning a new skill, the time and effort we put forth has a direct impact on how well we retain the knowledge. The more time and effort we apply, the more value our brain associates with that skill, and as a result, it becomes easier to remember. Skills that come too easy—well, easy come, easy go, right? Constantly answering the same questions for your team makes you their path of least resistance. While you may think you're solving a short-term problem, you're actually making it more difficult for them to retain the information. You're also eliminating any motivation they may have had to fix the problem.

    If this post was helpful to you, and you want to learn more, you can subscribe to the Blue Collar Business School for free at www.bluecollar.business. We also have a podcast with business stories from Blue Collar professionals around the world. You can find the link to your favorite service here: https://pod.link/1534770341

    submitted by /u/betilfan
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    I DID IT! - I built an online platform and launched today.

    Posted: 13 Oct 2020 03:18 PM PDT

    UPDATE – 3 months ago I posted this article about building an online writing platform. I received SO MUCH helpful advice and encouragement that I pulled the pin, spent the money, and built the site.

    I learned a lot about working with developers, designers, writing requirements and getting beta testers (a lot of whom I got from this sub!).

    I discovered that there are therapeutic and psychological reasons to write on a regular basis. It results in feelings of happiness, positive moods, keeps you sharp, and even helps deal with past trauma. So I decided to build a site based on that idea - encouraging people to write regularly.

    You could call it journaling, affirmations, a gratitude journal or even a form of meditation. I write self reflectively about my life, or anything that comes to mind, every day.

    So, I built a tool to help me maintain a daily writing habit. It's called Write Every Day. A website that encourages you and holds you accountable.

    It includes self-reflective prompts and a powerful personality analysis based on the big 5 personality traits used by psychologists.

    Each day you are held to a minimum of 250 words but you can set your own goals above that. The idea is to maintain a writing streak for as long as you can. The site records what days you hit your goals and awards you Milestones for hitting certain levels.

    You've probably heard the term of "not breaking the chain". It's a principle of habit forming. If you mark off each day as complete, you don't want to miss a day and break the chain.

    Your writing is private, encrypted and automatically saved. Your data is yours and you can export it at any time.

    The app is also available on iPhone and Android.

    Check it out at writeeveryday.app

    submitted by /u/NinjaBoy123456
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    Feasibility of starting business that buys through Amazon and then resells?

    Posted: 14 Oct 2020 12:12 PM PDT

    Hello, I am asking for a friend.

    He is interested in buying something from Amazon/online and then reselling it maybe on Ebay. What's the feasibility of this? He just has very vague ideas right now.

    submitted by /u/Shangri-La-searching
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    How to gain the confidence to actually start?

    Posted: 14 Oct 2020 11:27 AM PDT

    Hi,

    I've worked as a multimedia designer for 3 years. I create websites, content, video, motion graphics for the company I work for and I have recently completed a college degree in Ux design.

    Jobs are hard to come by at the moment in UX and I have never really freelanced or had my own business.

    I have created a website last year but I need to give it a re-vamp.

    I've googled all the steps, 'Top 5 steps in gaining your first client' etc etc etc but they don't give much informaiton. Fivver or Upwork seem okay but I have tried them before and failed to get clients as its a race to the bottom.

    Has anybody been in a similar situation? Essentially, I can offer the full multimedia package, of website deisgn, social media management and UX.

    But my problem is I have no idea how to start.

    Sorry if this is a question always asked.

    submitted by /u/PaniniToGo
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    Anyone that can help me learn to make custom Instagram posts for my own page

    Posted: 14 Oct 2020 11:36 AM PDT

    I need help learning how to make custom content for my page but I don't know where to start anyone that knows how to do it can you help me?

    submitted by /u/donedone124
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    I can help you make a professional and unique logo for your business!

    Posted: 14 Oct 2020 02:35 PM PDT

    Hey, I'm an expert designer with the experience of 5 year with a long list of satisfied customers.

    A business logo appears on all of the company letterhead, communications, marketing and advertising pieces of a business as a graphic representation or symbol for the company. Essentially, the logo is typically the first thing a reader may notice before reading the text, and as a graphic designer with a good experience on logo design I'm willing offer my services to anyone intersted!

    I will provide the following :

    *High quality and unique design

    *Fast delivery time 10-20hrs

    *Very fast replies

    *24/7 availability

    *Friendly communication

    *Complete satisfaction

    Rate is 20$ per hour!

    please consider hiring me

    ​

    My previous works : https://artopedia.myportfolio.com/

    My instagram : https://www.instagram.com/_arto.pedia_/

    My discord : Artopedia#7396

    Delivered files would include PNG, AI, PSD, EPS and SVG.

    submitted by /u/artopedia
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    when posting an invoice do you add any extra line of address other than the companys office address?

    Posted: 14 Oct 2020 02:25 PM PDT

    This is for posting via snail mail. What I mean is, if the receptionist is the one who puts through the payments, would you address the letter with her name on it, or is just writing the companys name on it enough?

    Would you also label the letter packaging as an invoice thing or is a regular letter packaging fine?

    submitted by /u/Redditmoneys
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    Rapidly Growing Plant Based Food Ingredient Company Looking for Investment

    Posted: 14 Oct 2020 01:36 AM PDT

    Revenue Snapshot:

    • 2017 - $36k
    • 2018 - $92k
    • 2019 - $418k
    • 2020 - $800k run rate
    • 2021 - $1.5m conservative* (based only on extrapolated current customer growth)
    • 2021 - $2.5m assuming new customers

    We've developed a novel, highly functional, and first to market ingredient in the vegan/plant based food market. We provide this, among a few other ingredient products we produce to other manufacturers, as well as sell retail versions.

    The sole problem and precipice for our capital search is that we are struggling to keep up with demand. We have maxed out our current production equipment and sell every last ounce of our product before it's even finished production. We are currently and painfully offering up to 2-month lead times on products to our customers that should have little to no lead time at all. Bringing on new business is not possible and this is stifling our growth potential. We are leaving money on the table on multiple markets as we cannot keep inventory in stock.

    Currently we have one particular bottle neck in the production process, that is solved simply through capital infusion for machinery. The upgraded equipment we need to raise revenue by an order of magnitude is still out of reach for us to self fund. Ideally we would accept a capital investment. We are looking to raise between $300-$800k depending on whether we finance or buy this equipment outright.

    If you are interested and in a position to discuss this further, please reach out! Thanks!

    submitted by /u/iwantthefooood
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    Help with sex boxes!

    Posted: 14 Oct 2020 01:50 PM PDT

    Hello! I am looking for partners to help with a sex subscription box service. I have a business model and product but am looking for people to help market and scale. Please dm me! I am really passionate about making the world safer by encouraging healthy sex with my boxes.

    submitted by /u/gustog1rl
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    Help with sex boxes

    Posted: 14 Oct 2020 01:49 PM PDT

    Hello! I am looking for partners to help with a sex subscription box service. I have a business model and product but am looking for people to help market and scale. Please dm me! I am really passionate about making the world safer by encouraging healthy sex with my boxes.

    submitted by /u/gustog1rl
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    Hard to Swallow Pills. Harsh Truths I Wish I Knew Before Becoming an Entrepreneur

    Posted: 14 Oct 2020 12:45 PM PDT

    On my way of entrepeneurship, I made quite a few rookie mistakes. I wish someone had told me not to stress so much over them, because entrepreneurship is based on testing and validating ideas. You see, the problem is not the mistakes per se, but the mindset I had. Had I been more open to the idea of experimenting and thinking outside the box, I would have come up with creative solutions to solve problems.

    Here are some harsh truths, or hard to swallow pills I learned in my experience:

    1. Overworking does not mean productive
    2. You won't be happier once you achieve your goals - the dopamine hit of success is short-lived and we revert back to our base level of happiness.
    3. There is no "perfect" time to start a business - if you wait until you're ready, you'll be waiting your whole life.
    4. People aren't analyzing your every move - this one was a hard lesson to learn. I was hesitant to post my business aggressively on social media because I thought I was creating an annoyance or that I was being judged by people who know me personally. The reality is that those who are not interested will scroll past your ad and will forget about it in a few seconds, but those who needed to hear your message will resonate with your service/product.
    5. There's always someone better than you - even if you're on top of your game, you have to constantly sharpen your saw. There are people working relentlessly to take your spot, so no time for complacency.

    I am covering these and more in my video here: https://youtu.be/rYW6R6P1zzk

    What lessons did you learn on your journey?

    submitted by /u/ValentinaBrega
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    Are there any entrupenurs not in the digital space?

    Posted: 14 Oct 2020 12:40 PM PDT

    I see lots of posts relates to digital businesses and digital marketing and was curious if there were folks doing non digital businesses and marketing in more traditional ways? I would just like to see some examples and other ways people are successful.

    submitted by /u/umyong
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    Help, Advice on helping a friend with their e-commerce business, on commission base

    Posted: 14 Oct 2020 12:12 PM PDT

    A friend of mine has a fairly well-established business that wants to go more online. They are in the homeware textile and fabric industry. They have a website, which is pretty bad (loads very slow, payment gateway off site, etc), but it does about 20K USD (net) monthly just from her emails and from existing customers who bought from her physical stores (there were 3 but covid caused them all to close down - hence going more into e-commerce)

    I currently have 2 ecommerce stores I setup and run, and when she heard I was into e-commerce she asked if i would like to help her. She doesn't have too much capital to pay a flat fee (stores closed down) so she has asked if she can pay me a commission instead. I kinda want this as i think her business has very good potential.

    In saying this, I have no clue as to what sort of commission I would want from them.

    They would need me to oversee the transition from Eclid to shopify, a brand new website, and marketing. The email marketing chaneels right now would be FB/Insta, google, Pinterest and email (email is proving to work great so far).

    I know FB/Insta and google pretty well so can run these, however, pinterest and email i might outsource.

    We talked about paying me a smaller commission under the 20k mark and then a higher commission for anything over 20k for the first year, then review and decrease commission after the 12months.

    We see the business doing at least 50k within 6 months and 100k within 12 months (net).

    Their current margins(net profit) are about 40%.

    Im at wits end as to what sort of commission to charge now and then after the 12months.

    Any advice or recommendations would be of great help.

    Thanks !

    submitted by /u/Thewhoplus
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    How Mark fell 30 feet and then built a successful chimney sweeping business

    Posted: 14 Oct 2020 11:37 AM PDT

    TLDR. This is how Mark Stoner built a successful chimney sweeping business. It isn't a get rich quick story. He started 30 years ago.

    * * *

    Mark Stoner always wanted to become a successful drummer and make it in the music industry. At 19 he started sweeping chimneys on the side just to make some easy money.

    Today his company, Ashbusters is one of the biggest chimney sweep & repair business in the US.

    1/ Starting out

    "I knew nothing about chimney sweeping. I read a book on it and then I just started knocking on doors. [...] For free at first... because I really just wanted to look at these things."

    Mark also choose an interesting way to try to market himself. He bought a top hat. 🎩

    "Some people looked at you really weird and some people laughed and some people said... sure, come on in."

    For 16 years Mark just did chimney sweeping on the side while playing drums, but he started to realize that being a drummer was a rough life and that he wasn't going to make it in the music industry.

    2/ Falling 30 feet

    Mark decided to focus on chimney sweeping full-time, but just one year later he had a big accident while working.

    "A safety device slipped and I fell 30 feet off of a roof and hit the ground and got seriously hurt."

    In the hospital he had time to reflect. He always felt embarrassed being a chimney sweeper. And his dad also thought it was a terrible idea from the start.

    "This was a sign that I need to be out of the chimney sweeping business. And I need to do something else with my life."

    Mark decided to sell his business. The only problem was... no one wanted to buy. It was a one person operation so it was worth very little to others.

    "The best offer I got was $10,000, which barely covered my equipment."

    Mark realized that instead of building a business he actually built himself a job.

    "I've been working 17 years and had a business worth $10,000 and had hardly any money in the bank. So I have messed up now."

    During this time Mark came across an article about another chimney sweeping company. They operated with 10 trucks.

    "I thought WOW... I didn't even know that was possible. But if it is possible, maybe I can learn how to do that."

    3/ Starting to build a business

    Mark started reading books and hiring employees.

    "I didn't have training processes, standard operating procedures, good pay structures. I mean nothing."

    4 years later his company was doing 1.1 million in sales, but he was loosing money.

    "Seemed like the more trucks I added the less money I had."

    He now had 17 employees, all answering to him. His phone would go off all the time. It was absolutely demoralizing.

    "I would feel sick to my stomach and I would think I was gonna throw up in the shower before I got into work."

    4/ Drug problems in the company

    Mark never did drugs himself, but some of his employees did. And since he didn't have a drug policy in place those employees invited their druggie friends to work for the company.

    "So I unknowingly got more and more people on drugs working for me."

    Even though Mark started to notice he wanted to be nice and was afraid to loose employees.

    "I used to think that if I held people accountable then I was being a jerk and if I had to be a jerk I really didn't want to run a business."

    5/ The 2008 market crash

    Mark was already behind the rent on his building, could not spend on marketing and hasn't paid himself for 6 months.

    And then the market crashed in 2008. Clients stopped calling and everything slowed down.

    "The very small edge that I was hanging onto disappeared."

    Mark had no choice, but to fire all of his 17 employees.

    He still had his equipment and did the jobs that he could do alone. But luckily shortly clients started to call again and things got busy.

    Mark started hiring his old employees back, but this time he had a strict drug policy.

    6/ Accountability

    Every morning was a chaos, because of key employees being late.

    As a recovering nice guy, Mark knew he had to be a better leader so he introduced an attendance policy with a point system.

    Each time someone was late they got points. And after 24 points they were fired. But his employees knew Mark was soft and wouldn't follow through.

    "One of my senior technicians... he was getting all the points and getting all the warnings and he came up right to 24 points and I did not want to fire him."

    At the end of the year some people had more than 50 points. But no one got fired.

    "I hated that I did that and I let it pass and then I had no authority."

    Mark started over. Everyone had zero points again. Then in a couple of months...

    "I realized there were some guys headed to be fired right before I really needed them, in busy season."

    But this time Mark was serious. His number one apprentice reached 24 points, so he fired him.

    "And then here comes a senior technician. His points were clicking up and I warned, warned, warned and BOOM. Fired right before busy season."

    In the end Mark fired 5 of his employees and lost 25% of his workforce right before his busy season.

    "Everybody then understood that this policy is very real."

    Mornings at the company became much easier and relaxed.

    "Accountability to me is defending my good people."

    Because if someone was late good and responsible employees suffered. They had to call the customer about being late or reschedule completely.

    7/ Pivoting

    "When I first got into the chimney business I thought that sweeping chimneys was the business."

    A lot of clients were complaining that their chimneys were still leaking after it got fixed.

    Because of this Mark and his team slowly started to learn how to repair chimneys and over time became a niche construction company focusing on chimneys.

    "Now 85% of our business is restorations and repairs. Where only about 10% of our business is chimney sweeping and inspections."

    Mark now had 30 trucks. Instead of having only 5 trucks like before.

    "Then we pivoted again inside the chimney company and realized that making the metal pieces that we needed for chimneys was a business opportunity."

    Mark sells those metal parts to 10-15 other chimney companies now.

    8/ Marketing

    "I think the biggest mistake people make is they do not market to their current customers."

    Most companies might contact their clients once a year and tell them that it's time for their annual service and that's mostly it for a lot of companies.

    Mark reaches out to his existing clients at least 10 times a year.

    The day before service, on the day of service. Then sends a thank you note.

    "And then you're going to get probably 5 more post cards throughout the year that talks about other services that we provide."

    Mark also calls his clients once a year.

    * * *

    Today his company, Ashbusters is one of the biggest chimney sweep & repair business in the US.

    Thank you for reading. If you enjoy learning about service businesses you might like my newsletter. I post one service business story each week.

    submitted by /u/tomseca
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    Just opened an LLC and transferred money to it. If I withdraw the same money (it isn’t profit) will I then be taxed on it?

    Posted: 14 Oct 2020 11:29 AM PDT

    Self explanatory. I opened my first Corp today and transferred money into the account just to get it started.

    submitted by /u/the_wreckes
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    Best books to read as a young entrepreneur?

    Posted: 13 Oct 2020 11:10 PM PDT

    I'm 18 and I want to get into social media marketing any books I should read ?

    submitted by /u/donedone124
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    Health Insurance - Independent/Startup

    Posted: 14 Oct 2020 11:02 AM PDT

    Living in Colorado. Curious what carriers you all have found helpful/decent options when seeking out your own health insurance. I've been looking at a number of options and they either seem 1) unreliable 2) disorganized 3) extremely high or all the above.

    Really curious to hear some testimony on what you all like. - no kids/young 30s/married

    submitted by /u/gwhill
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    Advice needed; Which skills are needed to succeed, and what do founders do all day?

    Posted: 14 Oct 2020 10:53 AM PDT

    The purpose of this post is to understand which skills are needed to succeed as an entrepreneur. I am a highly driven (M17) individual who has a burning passion for entrepreneurship. For me, it's all about the freedom and the opportunity to change the world; I'll make it to the top, no matter what.

    Now today, I ask you the following question: Which skills are needed to succeed as an entrepreneur and to run the whole business effectively, and what is it that a founder who later will become the CEO of a company does all day?

    So far these are the skills I am good at : Evangelizing and promoting a company, Marketing (vision), Sales. What more is needed? (Preferably advice aimed toward a current non-tech founder (and how to develop/whether it is neccessary to learn to code)

    Thank you.

    submitted by /u/ConqueringEmperor
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    Getting my feet wet with first release

    Posted: 14 Oct 2020 10:53 AM PDT

    Hey all. I've always wanted to be an entrepreneur and have my own business. I have a background in programming, so I know I want to do something technology related. Through the years I have came up with so many ideas... but have never actually put the work in to finish it. Well I finally released something, and it might not be what I want to do long term, but it feels so good to finish a project. I released Cubo's Adventure, a mobile puzzle game to both iOS and Android. Who knows how well it will do, but to just see it on the app stores makes me so happy!

    Through this journey i've realized it takes a lot of work to fully release something. My motivation has been all over the place throughout. Some days I truly believed it would be successful, other days I thought there was no way.

    Again, mobile game development is not my end goal for my business, but I do think I learned a few things from the process:

    • It takes a ton of time to make any production ready software
    • Motivation is not constant, but consistently working regardless lets you finish the project
    • Marketing is difficult -- I actually have not really marketed the game hard yet, so hopefully I will learn more about this as I go forward
    • Having a good team helps so much -- I was lucky enough to work with 2 very talented individuals (a project manager, and an artist)

    Some things I wish I did better:

    • Setting up milestones to keep my self more on track and focused
    • Focused on marketing more before releasing the game

    ​

    Anyway, I think the chances of this games success are not huge, but regardless it was a great experience that I hope I can leverage in my future projects

    submitted by /u/VastoMocha
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    Profit Sharing & It's Efficacy

    Posted: 14 Oct 2020 10:29 AM PDT

    Looking for those of you who have experimented or currently use some form of profit sharing within your business and the results you've experienced.

    I own a restaurant, and am want to launch a profit sharing program with my staff. The goal is to incentivize employees to care about that extra sale, or spoilage, and shrinkage. I am of the firm belief that we (people) are all pragmatists and having a piece of the company's profits will naturally lead us to care more about said company. Notice, this is not an equity or shareholder agreement, but strictly a profit sharing agreement.

    Some of my questions for those of you who've given this a go..

    - How do you differentiate between senior members and employees lower on the totem pole? Do you simply allow their salaries/job be the difference an split the profit equally amongst them, or divide it differently?

    - Do you factor length of time and full-time vs part time?

    - What are some issues positively and negatively you've experienced?

    - How did you choose the terms and decide which amount to go with?

    Interested to see responses here!

    submitted by /u/A2z_1013930
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    POST PANDEMIC PLANNING TOOLKIT FOR A PROFESSIONAL SERVICES BUSINESS

    Posted: 14 Oct 2020 10:26 AM PDT

    Due to the pandemic, people's lifestyle, including businesses, have changed. The reality is that the proper phrase isn't "the new normal" it's "the now normal."

    As a result, the business environment has rapidly evolved, requiring many entreprofessionals to speed up business marketing innovations to keep up with the current situation. However, even after the pandemic eases, the world will be forever changed. The strategies you and your competitors may have used before Covid-19 may not be as effective today and will likely need a major revamp to keep your business afloat as the post-pandemic world marches on.

    While getting a fresh start might be the best idea, this will not always be efficient without first creating a sure-fire and smart post-pandemic continuity plan. With that, I am sharing this discussion regarding how to create a post-pandemic preparedness planning toolkit for businesses so that you'll ensure business survival even during challenging times.

    Let me know if this helps.

    What's yours?

    submitted by /u/gvcaplas
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    small business looking to start marketing

    Posted: 14 Oct 2020 10:14 AM PDT

    So I work for my moms distillery and we haven't done any marketing and need to increase our bottle sales in liqueur stores. as the 21 year old my parents charged me with looking into marketing, and my dad thinks that trying to start an ambassador program would really help he was told/read that it was something that helped make Titos grow. I was wondering if anyone has done ambassador programs and if any of you had thoughts on this or any advise.

    anything that people have to say would be greatly appreciated

    submitted by /u/sebyman123
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    iPhone 12 Pro or iPad Air

    Posted: 14 Oct 2020 10:10 AM PDT

    Hello! I have been saving up to invest in buying a new device to help with my entrepreneurial interests. I am working a lot with social media and ios development. The problem is that I can see how the new iPad Air or iPhone 12 Pro can help me a lot. For the iPhone, taking photos and videos for content for social media and would definitely be a large improvement over my current iPhone XR. For the iPad, it would be able to help with photo/video editing for social media but then also be able to help with productivity and graphic design for software development.

    My question is, I only have the funds to get one of the devices, does anyone have any advice or preferences of which would be a better investment in my current work or entrepreneurship in general?

    ​

    Thanks!

    submitted by /u/willbeck74
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