Thank you Thursday! - (December 31, 2020) Entrepreneur |
- Thank you Thursday! - (December 31, 2020)
- What User Interface features do you find in other subs that you would like to see here
- So I just quit my job on the 31st of December on Skype Chat
- Thread: Most Innovative Companies of 2020
- Firing people is never easy. Especially if you're trying to be a "good" boss.
- It took me over 5 months to acquire the first 10 customers - Here are my 5 learnings
- I started a website on December 14th, and it's already having a lot of success, which I didn't expect at all. Already nearly 200k views on social, 6k followers, and on pace to hit 15k site visits this month. Looking for advice.
- What is the best book your read in 2020?
- Do you have a success story? - Anyone here go from 0-100k or 0-50k?!?! in 2020
- How do i setup a sales pipleline
- On Persistence
- First steps
- Will I have to quit my day job to secure funding?
- Reputation of a writer alters perception - Why this is bad
- What kind of new business models have you pivoted to during the past year?
- I made an animated summary of "Zero to One". I hope this is useful to you.
- Thank you Thursday! - December 31, 2020
- Company car usage for partnership suggestion
- Zero to One Video Summary
- Texas LLC: How to change the business purpose?
- Having my personal checking account at the same bank as my business checking?
- Need some help/guidance in setting up a web based business
- Don’t Let It Happen Again - Nigel Green deVere CEO
- Do Print-on-demand stores need a web application that keeps track of orders and ensures they get paid?
| Thank you Thursday! - (December 31, 2020) Posted: 31 Dec 2020 05:07 AM PST Your opportunity to thank the /r/Entrepreneur community by offering free stuff, contests, discounts, electronic courses, ebooks and the best deals you know of. Please consolidate such offers 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]  |
| What User Interface features do you find in other subs that you would like to see here Posted: 30 Dec 2020 05:16 PM PST As we close out 2020, it is our goal to always seek improvement. [Kaizan] Moving into the next year, what are some changes you would like to see to make our community more comprehendible and valuable? Specific examples are the most helpful [link] [comments]  |
| So I just quit my job on the 31st of December on Skype Chat Posted: 31 Dec 2020 01:20 AM PST I started working for this start up in the Summer of 2018 (I was 21) and since then I kept my head down and worked without ever discussing finances. 15 months down I got this minimal raise which made my work harder by at least 2-3 times. I still, without complaining anything, I kept working. Mid 2020, I realised I need to stand up for myself and I set a date with the founder that I'd like to be appraised. In the meanwhile, I had this idea that I can do the same thing as he does (it's a service industry, nothing proprietary). When the appraisal took place it was awfully capping my growth. What he once promised was a commision model with no cap, it turned into a year end bonus with a cap of 20% of my annual salary, which was increased by 20% (while the company has grown exponentially, 7 new hires, some of them senior than me). He gave me this appraisal on December 26th. I did not shake hands on it, I said I needed time. But I have failed to come with therms to what I was offered, as I was the most reliable hand in this company. I tried to renegotiate today and I brought up his promises from the past and he suggested I should give my notice period because "I'd never hear the end of it", my boss said. I've made up my mind. I'm quitting. 3 months post my exit, I'll be establishing a company on similar lines. I just wanted a platform to open up about it. That's all. Thanks for reading! [link] [comments]  |
| Thread: Most Innovative Companies of 2020 Posted: 31 Dec 2020 08:43 AM PST It's a fair statement that 2020 was one of the craziest years I've ever witnessed. On the plus side, a lot of innovation has been happening in the business world, from robotics, to AI, all the way to financial services. One of my jobs is to find and analyze Tomorrow's industry disruptors for our intelligence firm, so I wanted to share with you some of the most innovative companies I came across this year. Most Innovative Companies of 2020
What were some of the most innovative companies you came across this year? [link] [comments]  |
| Firing people is never easy. Especially if you're trying to be a "good" boss. Posted: 30 Dec 2020 05:17 PM PST I had to fire two people today, and honestly, even though they deserve it - it still sucks. I learned this a while ago, I would hold on to people way longer than they deserved to be held on to. I would make excuse after excuse as to why their behavior was acceptable. (Even though in hindsight, they were clearly taking advantage of my kindness) I made my own excuses as to why I couldn't fire them… "They have a family…" "How are they going to pay their bills…" "You can help them change…" All of these illusions stopped me from doing what I needed to do for the best interest of my business. All of these things are the traits of a toxic relationship which can definitely happen in an employee-employer setting. No doubt. But, eventually, I got better at understanding that although I'm a giver at heart, although I want the best interest for my employees and I will do anything I can to have their backs and provide a safe, fun, excellent work environment for them… I cannot teach character, and I cannot change people. They need to want to change, they need to want to be better. It's my job to set the standard, it's their job to meet it. If that standard is not continuously met in the same way I'm held to the standard as a business owner to provide work and timely pay, then the agreement is broken and it's time for us to move on. So, if you're struggling with letting someone go, it's hurting you more to keep them around than it will to let them go. They'll figure it out - it's up to you to keep the standard high, because the longer they stay, the lower the standard for everyone else becomes. [link] [comments]  |
| It took me over 5 months to acquire the first 10 customers - Here are my 5 learnings Posted: 31 Dec 2020 12:18 AM PST It took me over 6 months to acquire the first 10 customers. This feels long but embarked a lot of failures and learnings. I would love to share with you a few learnings:
Let me know if you have any feedback. I can also answer some questions. Please feel free to share your side business so we can give feedback to each other. [link] [comments]  |
| Posted: 31 Dec 2020 08:10 AM PST My Google Adsense account hasn't even been approved yet unfortunately, and I've got a few affiliate links up, but I've put myself in a tough niche. The demand is obviously there, but the market is not easy to make money on. I've had 3k site visits since 12/20, my peak days both have over 600 visitors. Sharing some stats below. I have a few social media pages related to my website as well, one with over nearly 7k followers already, and nearly 200k views on the content in just the past 10 days. Some stats below: My niche is a very broad one honestly, remote job listings. I've worked remotely for almost a decade now, so have a lot of good experience and content, which is why I feel my site and social is being utilized. I do have a good product which I'm proud of, and I think that's where the success comes from. I'm still far from my site being fleshed out the way I'd like. I have not done any SEO work yet. I was hoping to get a few hundred hits this first month, and calling that a great success. Main issue - my niche is very difficult: It's massive - people can find remote job listings everywhere. I have them set up in an easy-to-find way, but I can't leverage having companies pay to post their jobs on my site the way local job listings can. My readers are most likely unemployed or underemployed and looking for work, not to spend money. It's also hard to find work-from-home related items to market. Currently marketing lights and microphones to stand out in Online Interviews. If you were me, what would your next move be? It seems to me to be directly advertising. I'm thinking one of my next moves could be leveraging more niche product creators to promote on my website and social media that are related to working from home. Find a smaller company that makes say lights, offer to promote their product on my site/social media to people looking to buy lights for working from home. All of my content is free, and I intend to keep it that way. So thinking leveraging direct B2B advertising being my next move. I appreciate any advice here! [link] [comments]  |
| What is the best book your read in 2020? Posted: 31 Dec 2020 10:06 AM PST Title says it all. Doesn't have to be a 2020 book. I'm just getting through The Challenger Sale which I think may be up there, but I think my pick would be Built To Sell. Another great one for me was Culture Code. [link] [comments]  |
| Do you have a success story? - Anyone here go from 0-100k or 0-50k?!?! in 2020 Posted: 31 Dec 2020 01:29 PM PST |
| How do i setup a sales pipleline Posted: 31 Dec 2020 11:20 AM PST Hi everyone as title says, I am new to sales and I have a question for you how do you setup a sales pipeline.
[link] [comments]  |
| Posted: 31 Dec 2020 11:20 AM PST The BEST example of persistence I've ever seen: Sun was a fledgling company and was fighting Apollo for a deal with Computervision. They worked for months, then one day Vinod got a call from a Computervision representative notifying them that they had chosen Apollo. Apparently, Computervision had made the decision long ago. By now, there were Computervision reps from Europe who had arrived at Apollo for technical training. Here's what Vinod did. "I took over. By 6:00 p.m. I had sent off a letter, Federal Express to 30 people at Computervision. I said we would do anything for their business. I didn't go home; I had my wife bring my clothes to the office, and I caught a red- eye to Boston. The next morning, I was in the Computervision lobby, making phone calls, trying to see someone. Nobody would talk to me." After 50 phone calls and two days of non-stop work, he got through to the VP of Sales and Marketing. Vinod threw out Apollo and signed the deal with Computervision. The rest, for Sun, is history. Source (unaffiliated with them - I just love the story): https://bnoopy.typepad.com/bnoopy/2004/09/persistence_pay_1.html Wherever you are in your journey, remember to keep going when things get hard. [link] [comments]  |
| Posted: 31 Dec 2020 10:24 AM PST 2021 is the year that I would like to launch my business. Trying to figure out the best first steps to take it from a thought in my head to market. Its a service business. Should I be writing a business proposal and getting down an exact idea of the products and services offered or begin on a website or register the business first? Or maybe work on the sales/advertising pitch and honing that in and crafting it [link] [comments]  |
| Will I have to quit my day job to secure funding? Posted: 31 Dec 2020 10:09 AM PST Hey folks, I've been a lurker here for a while but I'm making my first post now, because its new years! I started a company a few years ago with one other founder. We found a team of 7, started building the software, and found instant success. We did a crowdfunding campaign that raised over 100k, and that allowed us to flesh out our product and release it. Fast forward a year, and we went from doing 100k that first year to 225k this year, and just had our most profitable month in december at 31k. We are a hybrid subscription/single purchase and have around 12k in recurring revenue. We just hired two more members on our team. My cofounder and I aren't taking salary and are both doing this on the side of our day jobs. Actually, most employees doing that, but they are being paid for extra work on top of equity. My question is this. I think we are in a primed position to secure VC/angel funding, but I have a very nice and stable job, a 3 year old, wife, and a baby on the way. I worry that if we get funding a VC will insist I quit my day job to work on this. It's not that I don't believe in our product, the numbers speak for themselves, I just have a stable high earning income that I worry about jeopardizing to pursue a venture. How did you all make the decision to leave your current job? How did you deal with the uncertainty? My wife is very risk averse, so I really feel like i'm in a pickle. Any suggestions or advice would be legendary. Thanks! [link] [comments]  |
| Reputation of a writer alters perception - Why this is bad Posted: 30 Dec 2020 11:36 PM PST All social platforms today perpetuate the notion of online clout. The rich get richer and the poor get poorer. If you have some, you get some more. If you have none, you're speaking into the void. But clout isn't necessarily proportional to valuable insights. The content you discover on Twitter and Linkedin today is heavily biased by the perceived brand of the author. We've all seen those existential one-liners from folks with 100K+ followers that make us go…er….what now? This platform called Soufflé Club suspected that the reputation of the writer skewed people's perception of an answer — that if people were forced to focus on the content rather than the writer's reputation, they'd discover compelling new people. Turns out they're right! When the identity of authors is temporarily anonymized, it does a few things.
So I posted this here because I stronogly believe that entrepreneurs like me need this! We can build new connections even if we're nobody. Or even just stay in touch with the views of investors, other successful business owners, or even improve our writing skills. Hope this helps - I'd love to hear what everyone thinks of the platform. PS - this is not self promotion :) I have not included a link to their website...And a disclaimer - I did paste the points from a post of theirs. [link] [comments]  |
| What kind of new business models have you pivoted to during the past year? Posted: 30 Dec 2020 10:10 PM PST For me, I started the year off thinking I'd be happy with a 9-5 if I had to be, throughout everything that happened it made me aware that to really be successful I'd have to go the entrepreneur route. I found out about and started putting the lead generation business model into practice and couldn't be more proud of myself as I slingshot into the new year with some momentum. That's a little bit about my year...let's hear about yours! [link] [comments]  |
| I made an animated summary of "Zero to One". I hope this is useful to you. Posted: 30 Dec 2020 03:10 PM PST Link to video: https://www.youtube.com/watch?v=RGtQjkSUahc I've made over 80 summaries of the best self improvement books, here's a full playlist of them: https://www.youtube.com/watch?v=dOImyOGN9UE&list=PLaNTB6oQAa0AYuul0tqUscg1ZLj_arZga I release a new video every other day, if you're interested in subscribing here's a link: https://www.youtube.com/channel/UCfbLDMh6uGOZePAfqqjVZ-g?sub_confirmation=1 If you'd prefer to read the script instead of watching the video, here it is: Zero To One by Peter Thiel Peter Thiel is one of the greatest business minds in the world. Besides authoring Zero to One, he is also the cofounder of PayPal along with several other companies. The book is primarily about how businesses can be successful. And owing to the fact that this book is written by a serial entrepreneur having cofounded multibillion dollar companies, you can bet that it is packed with real life next level wisdom taking business to the next level. Chapter 1 and 2: The Challenge of Future and Party Like it is 1999 The first chapter begins with Thiel discussing his most favorite question: "What important truth do very few people agree with you on?" According to Thiel, this is an important question, which can help readers to figure out the real truth behind things as it is something that not most people agree on. This question helps readers to reflect on the knowledge they can create for themselves and enables them to think differently and outside the box. Also, this readers to figure out what they need to build their startups on so that they can use that truth to convince a large group of people. The second chapter talks about the economic landscape of 1999, including the economic crash that occurred in Thailand, investments migration in USA and the commencement of the dot.com mania, and talks about how one should enjoy life like it is still 1999. Chapter 3 and 4: All Happy Companies are Different And Competition Is Noble In chapter 3, Thiel highlights how all successful companies that are completely different can create a monopoly by catering to a different problem experienced by the different segments of the society. It also highlights how all the unsuccessful companies are same because they somehow fail to fight the competition and make a difference in the market. In chapter 4, the author talks about the reasons why people and companies compete with one another. According to the book, companies compete when they follow the Marx Model, which states that they have dissimilar goals and ideas, or when they follow the Shakespeare model, which states that all the combatants are more or less similar. Hence, when companies set out on a war against one another, it is because of either of the two reasons. Chapter 5 and 6: Last Mover Advantage In chapter 5, Thiel talks about the characteristics of a company that holds a monopoly such as starting with a niche market, providing a better solution than other companies in the market, taking advantage of economies of scale and excellent branding. It then moves on to talk about how to build a monopoly using different strategies such as choosing the right target market, expanding to adjacent markets and creating something influential then disrupting the market. Then he goes on to talk about how nobody can control his/ her future as nobody is a lottery ticket so it is futile to work out life based on assumptions. To shape a successful future, one has to see it as something clear and definite, as this provides a basis for targeted action. Chapter 7, 8 and 9: Follow the Money Thiel talks about the 80/20 rule in this chapter and discusses how one should follow the money and understand how it is made to draw abundance and wealth towards their business. Then in chapter 8, the author centers on the importance of believing in secrets all around you and looking for secrets i.e. new ways to perform better in life and in business. This includes all types of secrets including business, technological and success secrets. It also discusses how companies fail and their success drops low when they stop looking for secrets around them using the example of Hewlett Packard and how its net worth dropped from $135 billion in 2000 to $23 billion in 2012. In the chapter that follows, Thiel highlights three important elements related to any organization: its ownership, which comprises of its founders, investors and employees; its possession, which lies with its managers; and its control which is under its board of directors. He also highlights the need of everyone belonging to the three categories to be fully involved in the business to make it work. Chapter 10-14: The Mechanics of Mafia, If You Build it, Will They Come? And Man and Machine The 10th chapter highlights the importance of building a cult by your business like Apple Inc. did to become successful. In the 11th chapter, Thiel discusses how building a cult isn't only integral to the success of a business; startups must also worry about their sales just like they do about their product. The 12th chapter talks about using technology and human resource simultaneously in the business to make it successful. In the 13th chapter of the book, Thiel discusses 7 questions every business must ponder on before starting off to become successful, including questions on the right time to commence a business, how to create a breakthrough with technology and what type of team to select for the business. The last chapter highlights the significance of having great founders for a business as they lead the company towards success. If you are looking to build a successful business, this book is a must-read for you. Link to video: https://www.youtube.com/watch?v=RGtQjkSUahc I've made over 80 summaries of the best self improvement books, here's a full playlist of them: https://www.youtube.com/watch?v=dOImyOGN9UE&list=PLaNTB6oQAa0AYuul0tqUscg1ZLj_arZga I release a new video every other day, if you're interested in subscribing here's a link: https://www.youtube.com/channel/UCfbLDMh6uGOZePAfqqjVZ-g?sub_confirmation=1 [link] [comments]  |
| Thank you Thursday! - December 31, 2020 Posted: 31 Dec 2020 02:00 AM PST Your opportunity to thank the /r/Entrepreneur community by offering free stuff, contests, discounts, electronic courses, ebooks and the best deals you know of. Please consolidate such offers 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]  |
| Company car usage for partnership suggestion Posted: 30 Dec 2020 09:40 PM PST My business partner and I are considering to get a company using the business funds for work purpose. However, the car usage will only be for me as my roles require it (delivery of stocks of various sizes, meeting with suppliers and customers frequently). Whereas my partner is doing the administrative work, and travelling isn't a necessity. Of course inevitably there will be times the car will be used for personal usage outside of work. Is this arrangement fair for my partner? Is the business cost of buying a car for my role's usage justifiable even though I will only be the one using it, be it work or personal use. I guess from my partner's pov, it's going to be unfair because my role will get to utilize the business funds more in the form of a car, and I stand to have more personal gain. [link] [comments]  |
| Posted: 30 Dec 2020 11:27 PM PST About two years ago I read Zero to One for the first time and it changed the way I think about problem solutions and had a dramatic impact on my own business. I made a video summary of this book to hopefully help out other entrepreneurs. Link to Video: https://youtu.be/vUvfWdx-9FU I hope this video is useful for you guys, if you like it I share a lot of my own entrepreneurial experience on my channel, please consider subscribing: http://bit.ly/SubscribeToDana [link] [comments]  |
| Texas LLC: How to change the business purpose? Posted: 30 Dec 2020 09:02 PM PST Hey folks, I created an LLC back in the day for trading stocks, and now I want to keep that business but change the purpose of it to something along the lines of "all legal business purposes." I know it can be done. Does anyone know the form or whatnot that you have to fill out in Texas? [link] [comments]  |
| Having my personal checking account at the same bank as my business checking? Posted: 30 Dec 2020 10:59 PM PST Hey all, I have been in the process of starting up a business. Currently, I have been banking with a local community bank for my business. I have a checking and savings account with them. However, my experience with them has been nothing but amazing so far, and I would like to switch my personal checking account from Bank of America to this bank. However, part of me feels slightly nervous about having my personal checking at the same bank as where my business checking is. I don't want something to happen personally and they close my business's account. Could this happen? Thanks! [link] [comments]  |
| Need some help/guidance in setting up a web based business Posted: 30 Dec 2020 08:00 PM PST My business plan is as follows:
I've never done this before, so I have a few questions:
[link] [comments]  |
| Don’t Let It Happen Again - Nigel Green deVere CEO Posted: 30 Dec 2020 11:22 PM PST Don't Let It Happen Again - Nigel Green deVere CEO https://youtube.com/watch?v=GRBouBBCQzU [link] [comments]  |
| Posted: 30 Dec 2020 02:37 PM PST I'm a freelance developer and I've developed a web application that helps a print-on-demand store keep track of their clients orders as well as ensure that they get paid for every order. I was thinking of offering this solution to other POD stores but I'm not sure if there's a need for it. I also don't know where to find POD shop owners. Any advice is welcomed. [link] [comments]  |
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