NooB Monday! - August 02, 2021 Entrepreneur |
- NooB Monday! - August 02, 2021
- What happens to a startup when nobody takes responsibility
- We started a Agriculture Business (Greenhouse Farm) in Sri Lanka! First month of harvest is not Bad.
- Trying to go from entrepreneur to employee (temporarily) and finding it impossible to get hired by a legitimate company
- I've compressed what I've learnt in the past 3 years of marketing businesses/startups into a single resource. ( And it will be completely and forever free ✨)
- Ideas on how to start with B2B Hempcrete
- Strategies behind the blockchain game - Axies Infinity – and how it got to $100 million in revenue in 3 months by serving rural communities (10 min read)
- Structuring your days as an Entrepreneur
- Business stucked..
- Brick-and-mortar retail start-ups in the age of Amazon, plus, it's comic book store?
- I tried to create a digital mall, to make small business shopping easier
- Amazon fba/tax question. NH resident.
- How did you find your business mentor?
- Email Marketing has caused my company's emails to land in client/supplier SPAM folders, any advice?
- Businesses with surprising economics?
- Interested in creating and selling digital products..
- Hi could you help me with a survey for a school project? (Not promoting myself) What description of a course statement resonates with you the best? Thanks in advance.
- Best credit card for a college student
- Should I enable bank payment transfer on my ecommerce site?
- Is buying a website domain really $5,000?
- Getting a small business loan
- How to start a brokerage business (discussion)
- I want to start an athletic shorts brand. I have a pair of Nike Tennis shorts that I want replicated, without the logo obviously. I had a tech pack drawn up for the shorts and are waiting on samples now, but does Nike own the silhouette/cut of the shorts? Or just the pattern and logo?
- Are college graduates scared of hard work?
- Hey fellow entrepreneurs! Would really help me out by answering these questions.
| NooB Monday! - August 02, 2021 Posted: 02 Aug 2021 02:00 AM PDT If you don't have enough comment karma to create your own new posts, you can post your new questions here. You can also answer/add comments to anyone else's posts in the subreddit. 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]  |
| What happens to a startup when nobody takes responsibility Posted: 02 Aug 2021 06:52 AM PDT Have you ever heard this story about four people, named Everybody, Somebody, Anybody & Nobody? If not, you will love this 💕 Everybody wanted Somebody to do something super urgent and very important. Somebody did not like that because it was Everybody's job. Anybody could have done it but Nobody did it. Everybody knew that Somebody should do it and Anybody could do it, but he did not anticipate that Nobody will do it. Everybody got angry, Somebody got sad, Anybody lost hope and Nobody cared. Everybody blamed Somebody although Nobody did what Anybody could do. Story of every organization until they have leadership. And this is why leadership and growth begins with taking responsibility. Based on Charles Osgood's A Poem About Responsibility [link] [comments]  |
| We started a Agriculture Business (Greenhouse Farm) in Sri Lanka! First month of harvest is not Bad. Posted: 02 Aug 2021 07:04 AM PDT Team: A bunch of childhood friends in different professions. One partner gave us the land, two of us threw the capital, and one guy with an agriculture degree supervises the farm. Location: The Farm is in the rural hill country of Sri Lanka. Has a natural water supply (spring water) and abundant sunlight. The land still doesn't have a proper road. How we started:
Two months later, we yielded our first Harvest.
Selling is pretty easy. Supermarkets buy our products on the same day of the harvest. We can further increase our margins if we start direct selling. Monthly average cost: $150.
Income of the first month.
Year-End Goals.
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| Posted: 02 Aug 2021 10:53 AM PDT I'm at my wits end and just so burned out. Two years ago when I was 23 my three year old startup failed. I had started it from scratch to 5 employee, hundreds of clients, and a $450k run rate our last year. Long story short we scaled way too quickly and imploded. It left me with almost $90k in debt going into my senior year of college (it took me 5 years to graduate). I've never had a "real" job before. I've never had a "boss". I've been an entrepreneur since I was 17 years old and selling fishing lures that I made online. In the last two years I've paid off almost $30k in debt just freelancing and hustling but I'm exhausted. I have $60k left to pay. The stress of not knowing where the next dollar is coming from to make the next debt payment is killing me. Even paying the $500 in rent my parents charge me (yep - still sleeping in my childhood bedroom) has been an ordeal. I've never missed a month in two years though and always somehow pay it by the skin of my teeth without letting on that I'm struggling. I thought I'd be able to find relief by taking a job with young companies with entrepreneurial cultures. It's just made things so much worse. All I get reaching out to my network (which is all entrepreneurs) is offers to work on performance. I had a call with one an hour ago and he told me I was a "wild animal" and not "employee material". He was like "I know you need money but I'll give you the opportunity to come work for me on performance". I'm working for a new division of a startup. I started in May after being recruited by one of the co founders. I was schmoozed by her and all I heard was how much they needed me and how I'd be able to to "chase the opportunities they want to purse but don't have the time for". I was "hired" (never got a contract though) at $50k a year. In June I flew out to meet them. I later found out that they expected this new division to start generating revenue immediately and thought they'd be able to pay me from that. I guess they weren't expecting to pay me from the successful company. I took a pay cut to $2k a month. It's better than nothing I told myself and would still take a little pressure off financially. They paid me $4k at the end of June and basically said "Here you go. This should last you through the end of August". That covered a month of debt payments and rent. I'm back to worrying about the next dollar. I'm honestly just sad and depressed. I've resisted a "corporate" job with set hours having not worked for anyone before but at this point I think I have to. My parents want me out and "on my own" by the middle of September which makes it even more stressful. Has anyone ever been through anything like this when it comes to going from being an entrepreneur to an employee (even temporarily)? [link] [comments]  |
| Posted: 02 Aug 2021 07:22 AM PDT I've been working with all kinds of early-stage startups (Bootstrapped to Seed to Series A) and over the years I've made it a habit to write about what I've learned along the way. Finally, I've gathered up the courage to launch what I've learnt to the world. My goal is to help Solo founders, Indie Hackers, Marketers, and anyone who has an idea of launching a startup to identify problems, validate ideas, build an MVP, get customers, and then scale their customer acquisition and revenue. (Website: https://dontjustbuild.com/) The resource is primarily divided into 5 sections: MVP Base:If you're searching for an idea, want to learn how to evaluate ideas or want to build a Minimal Viable Product (MVP) within a day or two and get some users, start here. This base teaches you:
UI/UX Base:In this base, you will learn how to improve the UI/UX of your product so that you can offer your customer the best experience possible and maximize conversion rates and revenue. This base teaches you:
Marketing Base:The marketing base is being continually updated with new strategies and channels for acquiring customers and optimizing your marketing funnel. This base teaches you:
Reporting and Dashboards Base:This base helps you set up all the dashboards and reports required to analyze the various metrics of your startup and get unique, actionable insights from these metrics. This base teaches you:
Software Base:The software base consists of all the software/websites necessary to run your startup. This includes several categories like live chat, marketing tools, Analysis tools, payments and subscriptions and much more... I intend to keep this resource completely free. If you have any feedback about anything in this resource or if you would like me to add more topics to the resource, do let me know. Also, if you need guidance on how to use this resource do check out this link. [link] [comments]  |
| Ideas on how to start with B2B Hempcrete Posted: 02 Aug 2021 11:08 AM PDT Hi Everyone, your input is requested. I have an opportunity to license a hempcrete product which would be used specifically to replace pink insulation in building construction. Hemp has many advantages when used in construction, I won't touch on them here. Hemp is also legal here in Canada. The product is developed by a friend of mine who lives and works out of Europe and the States. He is a speaker and is becoming recognized as an up and coming leader in the hemp construction space with his own proprietary mixture of hemp, water and his own binder. My challenges go like this:
I have no other blueprint. I can go to the product owner for additional guidance and while his success would be tied to mine, as we would be on the same team, I must not forget that it is a business relationship and he could freely license to whoever he wants. How would you begin with such an opportunity? Thank you in advance. [link] [comments]  |
| Posted: 02 Aug 2021 12:04 PM PDT Axies Infinity – an NFT-based game that uses a Play-to-Earn model. It quickly became the most profitable protocol, passing well-known DeFi project such as Pancake Swap by over 7x. Reached $100M revenue after 3 months of growth – only from around 5% commission 🥊Strategy & ToolsHighlights
Starting with a small community Jeff Zirlin, the growth manager of Axies, said:The community needs to be small first, to work when it gets really big. That's what makes Axie hard to copy -- if you build a competitor now, you're going to attract the kind of people who want to find the next Axie, not the kind of people who are actually interested in moving gaming forward. They opened the game for some early enthusiasts, and they eventually became the evangelists that did the marketing on later stages. Pre-salesThe first users got involved in pre-sales in order to receive the first land and pets. VisionAxie Infinity capitalizes on the idea of Metaverse – building a digital world in which you can immerse on multiple levels. The game of buying, trading, and battling with digital pets is just the beginning. The plan is to add land ownership, mini-games, item crafting, and any other mechanics within the world. This shows how early it is for the game and ensures there's plenty of time to set yourself up in its universe. **„User-generated game"?**At this point, the game is focused on rewarding players for spending more time in the game and putting more effort to build their position there. As the whitepaper says, this keeps the game grow in a way that is appropriate to the current development stage and grows the whole ecosystem. To spread Axies throughout their universe, they need to be bred. You can see that breeding is the biggest part of the game now–existing users create new pets and new users have to buy them from them in order to play. A unique economyEvery game resource and asset is tokenized, so they can be sold to anyone and anywhere on any open, decentralized market. The assets are 100% owned by players and this creates a real money economy. Axies Infinity's market is designed in a way to focus on growing the P2P economy, rather than selling items in-game. There are two currencies – SLP which is utilitarian and required to breed the pets and AXS which is like a government and its holders collect tax revenues from other operations. Growth designAxies Infinity has been designed with a mature approach to platform's growth. The first key objective is to grow the amount of users. Once sustaining the growth won't be as possible, Axies will move to a more long-term plan of bringing external capital to the ecosystem from ads, nonprofit organizations, and government donations and grants. Business modelAxies Infinity has a few revenue streams. There's 4.25% commission on each trade and a fee when new Axies are bred. Those earnings go-to players in 95% as they land in a Community Treasury, now at around $100 million. The holders of AXS have control over the Community Treasury. Word of MouthThe game originated in Vietnam and became extremely popular in the region, both in Vietnam and in Phillipines. Ijon Inton, one of the first players in Phillipines was an active crypto investor since 2016 and was intrigued by the Play to Earn model. After making over $200 in a week, he told about the game to his friends and family and helped them set everything up. It quickly became 100 people in his community. TimingOne of the reasons why Axies took off was using crypto market's seasonality. Every now and then, prices rally to new all-time-highs. They did it when Trung started building the game–CryptoKitties became a large success back then, too, becoming one of the first NFT-based games. After such rallies, usually comes the „crypto winter" which is when the market falls down significantly and many investors back off until the next tick. This is the time when Axies were still developed. They again boomed with another crypto bull cycle but what's unique is that even when the markets stood still in 2021, Axies witnessed a mouth-watering growth! Managing the shortcomingsYou can use crypto in a decentralized manner which is a nightmare from the UX perspective of new users or you can trade-off decentralization to the ease of onboarding. That requires crypto key custodians and loses the whole point of using blockchain. Axies went the hard way and this makes the title's growth numbers even more astonishing. To ease the onboarding for new users, creators have released a 6-step guide that goes through the whole process of downloading wallets, buying and exchanging Ethereum to Axies and all the stuff that stands in your way to play. It seems that works well as it could be hard to work this growth only in the crypto community. Nostalgic graphicsThe nostalgic Pokemon-like graphics are there on purpose. The idea was to introduce crypto to a larger audience through something that's familiar to them and feels well-known. On top of it, there's a free economy and ownership that makes the game more innovative. A place where community gathersWhile social media would be the standard go-to strategy, Axies players have been encouraged to gather around Discord, which is already an established social communications platform for players. This is the biggest channel now with over 600,000 members. **A way out?**Despite most of the biggest titles now are Free-to-Play, like Fortnite, in order to play, you need to buy at least 3 Axies–the cheapest can be found for 0,1 ETH, so around $130 at the time of writing. However, you're not paying the developers and own the pet instead–you can do whatever you want with it. You buy the first Axies on a secondary marketplace, coming from other players, not the developers. Then, you can complete quests to earn rewards and trade for profit on the market. The game is extremely popular in Phillipines and Vietnam and many players have actually left their jobs–they earned around $5 per day while they can usually make $20 per day while playing the game for a few hours, as it's quite easy to exchange game tokens to fiat money. There's even a Filipino town named Cabantuan City, where the game spreads among its inhabitants and allows them to add household income. Scholarship programsHow someone who earns $5 a day gets into the game if he needs to spend around $500? Through a scholarship program. They have been introduced to rent Axies to players and get paid back with a revenue-sharing model. Getting visibility through volumesAxies tokenomics and approach to token distribution made it skyrocket in prices, which couldn't fly under the crypto radar. Axies landed on OpenSea NFT market aggregator just below NBA Top Shot, at times even surpassing it, and AXS tokens went high on CoinMarketcap, as the token price and market cap rose exponentially even during a market slowdown. All that gave the game enough visibility to build curiosity and attract new players. 🧠Psychology NostalgiaThe success of the game starts with a nostalgic design that makes the game more familiar, even though the onboarding is not easy for crypto newcomers. Nostalgic themes are often associated with positive feelings, too. The Law of Diffusion of InnovationAxies Infinity is a game set up in a very innovative space of blockchain. It attracts early adopters first, and then moves to early majority that once saw it all works, then they tried it. The MAYA PrincipleInnovative products should be created with enough familiarity for easy adoption – hence using familiar designs, but you can't overcome using crypto wallets and swapping ETH to AXS and so on. Evolutionary and Social NeedsPeople's need of safety is one of the most basic. A game that allows them to stay out of trouble during the pandemic or avoid debt and provide safety to their families falls into that need which is why it is so tempting for players in developing countries. Motivating-Uncertainty EffectPeople go crazy about unpredictable rewards, and that's all you get by breeding Axies–you never know what's going to come out of it. -------------------------- Today, a game like Axies Infinity is a unique experience that aims to create a digital nation with its set of rules, currencies, lands, etc but onboarding for using crypto is extremely high. Here, two things work best for the game – the earnings motivation is enough to look for ways to overcome tough onboarding, and the Play to Earn model makes the players stay. The brilliant tokenomics focused on user growth is also a major factor for why did the platform took off, but it's definitely early on. If you plan on building a project around NFT – it seems the trend is far from over. [link] [comments]  |
| Structuring your days as an Entrepreneur Posted: 02 Aug 2021 02:21 PM PDT Wanted to open up a discussion around this. I am starting my own company in the next month, and wanted to get some input on how you structure your days. This will be my biggest issue being self-employed. I'm a classic ENTP (Myer briggs), I'm all over the place, and need a sustainable routine. My biggest breakthroughs in life have been during periods of intense focus/work and then periods of "wandering/pondering" - almost like a sprinter. Working for someone gives me structure, although I do have a large degree of autonomy. How do you guys balance: 1) learning/reading about your industry 2) meeting/servicing clients 3) working and growing your business [link] [comments]  |
| Posted: 02 Aug 2021 04:48 AM PDT Hi everyone I am Gökhan from Turkey.I am independent contractor working with Russia in cosmetic field.Recent year my business is stucked and I can't find any idea for trending sectors and I am about to bankrupt. Can you tell the best business examples I can take as an example for my country and apply it.I would really appreciate if you notice my message. Have a nice day to you all.. [link] [comments]  |
| Brick-and-mortar retail start-ups in the age of Amazon, plus, it's comic book store? Posted: 02 Aug 2021 08:43 AM PDT Hello! I had this idea for a business I'd like to start after I graduate from college, get a job, and save up enough money to finance it. I want to open up a comic book store which only sells trade paperbacks (individual magazine-style comic books collected in book form), manga, and graphic novels. No individual, magazine-style issues, just books. It would function as a community space, and would make sure to cater to families and kids. I'd carefully screen the stuff the store sells to filter out trashy stuff, while also selling curated, genuinely top-quality comics. I'm thinking I'd have stuff suitable for kids on lower shelves, teens on higher shelves, and stuff for adults on top shelves. I'm still deciding whether I'd like to sort the stuff by genre (fantasy, sci-fi, crime, literary) or type of comic (French, American, Japanese manga). I'm thinking it would be cool to have free how-to-draw classes for kids in the store or something. The unique selling point of this store is that it would be a place where kids' imaginations would get turned on by reading cool comics, and where there would be stuff that teens and grown-ups could enjoy too. Again, it would be formatted as some sort of community space. But I have doubts about this idea. For one thing, there's the whole retail-apocalypse thing going on in the age of Amazon. Could a retail store of any variety succeed in this commercial environment? Plus, it's a store which sells comics. Comics. I know that manga and original graphic novels are on the rise, and that traditional comics publishing (Marvel, DC, Image, Dark Horse) is hanging in there, but nobody I talk to seems to think much of my idea. This one guy I talked the idea over with (a local business owner who runs a nice little coffee shop) seemed to think that comics is the same thing as porn, based on this manga store he's familiar with. When I brought up the idea that my store would sell manga, he expressed dour skepticism about the whole idea, citing the proliferation of Evangelical families in the area. He just didn't seem to understand that there's more to comics than crap like that. Meanwhile, everyone else I tell about the idea just smiles and nods. It's really annoying. But yeah, I'd appreciate input from the people of Reddit about all of this. Is there any way I could reliably test the viability of this idea? Can a brick-and-mortar retail store survive in the age of Amazon? Especially if it's something as niche as a comic book store which only sells collected editions and graphic novels? All compounded by the fact that everyone I talk to about it is, at best, benignly indifferent to the idea, and at worst, outright hostile? Would appreciate help from all of you lovely folks. :-) [link] [comments]  |
| I tried to create a digital mall, to make small business shopping easier Posted: 02 Aug 2021 08:40 AM PDT I realize that everyone thinks their new business idea is the next best thing, but still I thought this would get more traction than it did. I realize that everyone loves shopping small business, but the problem is actually finding those brands that are quality and trustworthy. So I tried to make a "digital mall" with maybe 10-25 different online clothing stores, so that way customers could visit one site and get access to new brands that they maybe hadn't heard of. The problem is getting brands to answer or join. I have to cold email to pitch this idea to each brand individually but no one is responding. I thought it was a good idea but It's very hard to get started [link] [comments]  |
| Amazon fba/tax question. NH resident. Posted: 02 Aug 2021 02:01 PM PDT I am interested in starting an Amazon business in which I buy wholesale from a company who will ship straight to amazon FBA. Since I live in NH: What licenses do I need? From what I can tell, the only thing I need is an EIN number since NH has no sales tax. I can find no other info for this. In fact, of you go to the NH gov page, they flat out tell you they dont issue reseller licenses. Additionally, how does this affect my year end taxes? I dont quite understand this nexus stuff because Product is distributed to FBA warehouses in multiple states. Any information to get me started will be much appreciated. [link] [comments]  |
| How did you find your business mentor? Posted: 02 Aug 2021 09:47 AM PDT I keep hearing every successful founder has a mentor. It totally makes sense when I see analogies with sport that all athletes have a coach or even a bunch of support staff. So I have a lot of questions as I am clueless where to start. How to find a mentor? Where to look for them? What criteria to follow in selecting them? What have been your experiences? What are mentors looking for? Any insight will be helpful. Thanks in advance! :) [link] [comments]  |
| Email Marketing has caused my company's emails to land in client/supplier SPAM folders, any advice? Posted: 02 Aug 2021 01:32 PM PDT Hi r/Entrepreneur, I already posted this in another subreddit and was hoping to also check here. My small company buys leads/email lists and sends out campaigns of 14 emails over the course of a year. We love our service autoklose because it excels in terms of ease of making these kinds of campaigns and has amazing customer service. The only issue is that we are using my work email address/server torun these campaigns. Unfortunately, this has caused colleague's emails across the organization to land in SPAM folders of clients/suppliers. There is another service called jmailer that allows us to use a different, dedicated server which means if I send campaigns through it, our email won't be affected. I would use it but the automated email campaign creation tools are more tedious than autoklose and would increase the time it takes to send emails by a factor of three or four.
Any help would be very appreciated, thanks! tl;dr My company sends automated email campaigns. Our current service is great for that but uses my work email. It has effected emails across my org. and now mine and colleague emails are landing in client/supplier SPAM Folders. Should we get a new domain? How do we recover the health? Is there a better service? Also thank you to other posters in the subreddit and commenters, this is one of my favorite subreddits and I appreciate the community. [link] [comments]  |
| Businesses with surprising economics? Posted: 02 Aug 2021 01:23 PM PDT I have a friend who works in recruitment, specifically cyber security / fintech. He recently started his own firm and is smashing it. I was talking to him about the business and he said that recruitment firms usually take 15-20% of the candidates first year salary. So if he places someone on £300k base the company makes £60k. To me this was so surprising, I thought that was such a high percentage to pay. And the business could be run pretty lean, you don't need hundreds of employees in all sorts of different functions. He could effectively run that business by himself, do say 6 hires a year and be making serious revenue with little overheads (relatively speaking). It got me thinking do you know of any other types of businesses that have surprisingly lucrative economics like this? [link] [comments]  |
| Interested in creating and selling digital products.. Posted: 02 Aug 2021 01:01 PM PDT I find selling and crating digital products is a fantastic way to earn some passive income and good skill to learn. I currently work at a assisted living for dementia and love my job but at 26 would like to branch out. I would love connect with people who are interested in creating digital prints using such programs like canva and selling on etsy and maybe help one another. I've watched a few YouTube but they just all confuse me. [link] [comments]  |
| Posted: 02 Aug 2021 12:49 PM PDT
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| Best credit card for a college student Posted: 02 Aug 2021 12:43 PM PDT Hi so recently iv been looking for my own apartment and I don't have credit yet I was just asking what's the best credit for college students? Because right now I have a debt card with Bank of America but I'm sure their are better but if it's on Bank of America it would be way easier to apply to Thank you [link] [comments]  |
| Should I enable bank payment transfer on my ecommerce site? Posted: 02 Aug 2021 12:26 PM PDT Hello, Should I enable customers to purchase products by banks transfer? What are the pros and cons? [link] [comments]  |
| Is buying a website domain really $5,000? Posted: 02 Aug 2021 11:24 AM PDT I spent several days pouring over what to name my startup and I settled on one I really liked. I went to see if it's available and it is! However, Google Domains, Namecheaps, and GoDaddy is offering the -.com version of it for around $5,000 because it's "premium." That can't possibly be right, is it? [link] [comments]  |
| Posted: 02 Aug 2021 10:29 AM PDT I'm looking into buying a laundromat that's selling for 300k. It has gross revenue of 68k with a 1bd apartment upstairs and the owner is retiring. I have a 740+ credit score and a little less than 20k in savings. Im also a veteran so va loans are an option. Any advice on the best route to take would be appreciated. Thanks for your time! [link] [comments]  |
| How to start a brokerage business (discussion) Posted: 02 Aug 2021 06:40 AM PDT Hello fellow entrepreneurs, I would like to know if we have some brokers or business developers specialized in brokerage business. I want to start a brokerage business and would like to gather some information on how did you start your venture, why did you decide to open (real estate, mortgage, commodities, freight, etc...), what was your initial investments, did you first find your clients or suppliers, if you exited this business (why) Any comment or information is highly appreciated. Thanks ! [link] [comments]  |
| Posted: 02 Aug 2021 09:38 AM PDT |
| Are college graduates scared of hard work? Posted: 02 Aug 2021 09:05 AM PDT I hope this is the right community for this. I am by no means generalizing here, but I've been interviewing some people for a marketing role and I've noticed that college graduates seem wary of bigger workloads than un college-educated applicants. A relative of mine was a part-time professor until covid and when I asked him about this he responded that "college kids are thought theory and many of them lack critical thinking". Has anyone else seen this? [link] [comments]  |
| Hey fellow entrepreneurs! Would really help me out by answering these questions. Posted: 02 Aug 2021 08:24 AM PDT Do you read any self-development books or take any psychological courses focused on improving yourself (thus achieving a better quality of life)? Or maybe both? If your option is not here I'd love to hear about your journey in the comments! Also, please share what books or courses you read/take. Thanks :) [link] [comments]  |
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