Tag: Business Plan

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10 Practical Risk Management Techniques

Successful business founders, executives, and managers employ different approaches when it comes to risk management. Whether dealing with financial volatility, market competition, or internal organizational challenges, managing risk effectively is crucial for long-term success. Only 23% of CEOs believe they have comprehensive information about the risks in their business even if 92% of them agree that having such information is highly critical to the success of their venture. On Shark Tank’s season 7, Robert Herjavec said that “Great entrepreneurs live in paranoia”. While I do agree with the sentiment, the risk management course I took back in the day was… Continue Reading
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How to Create a Business Plan (for Startups)

Young entrepreneurs often forget an important step before launching a startup: creating their business plan. Implementing a website itself is trivial—everyone can spin off a Wix or Weebly website in a matter of minutes and publish it live, even with a rough business plan drafted quickly upfront. The question is: What do you have to offer and is there a market demand? Top 20 Business Reasons Why Startups Fail https://youtu.be/sevrBcSDrh4 Business planning may solve this CB Insights came up with a list of the 20 main reasons why startups fail: Top 20 reasons why startups fail. Let’s focus on the… Continue Reading
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Retaining Clients vs. Chasing Leads – Mistakes And Solutions

Are you spending too long chasing NEW clients instead of RETAINING your existing ones? A Harvard Business Review report claims that acquiring a new customer is 5 to 25 times more expensive than retaining an existing one. I get extremely annoyed when my telecom or cable provider offers a better deal to new clients than what they would offer me. My cell plan is about 12 years old, and it often gets more expensive without bringing additional perks on the table.  What stops me from switching over? (Nothing really, I'm just lazy and it's a low-cost expense.) Keeping your existing… Continue Reading
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5 Key Components to Tick Off Your Checklist When Starting A Business

Starting a business is no uncharted territory – almost every inch of it has already been conquered. But not everyone was able to write a successful conquest; most of those who tried failed. For there is a universal truth behind the stories of those who were fortunate: success doesn’t come easy. There are a ton of things businesspeople considered before they laid the first brick of their empire. But there are some things most people tend to overlook that can actually become cornerstones for success. What are the key components you must consider when starting a business? 1. Overcoming Fears… Continue Reading
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20 Traits of Failing Entrepreneurs You Should Avoid

Working regularly from coffee shops or partner community spaces has given me an opportunity to meet solopreneurs and beginner entrepreneurs who dream of making it big. I have also met hundreds of all kinds of entrepreneurs as well as worked with and trained many of them. Noticeably, there is a growing appreciation for entrepreneurship. According to FreshBooks, 96% of self-employed people have no interest in returning to a ‘regular job.’ While their perseverance is admirable, there are several other traits to watch out for that no entrepreneur will fall into any trap and dwindle away the chances of getting successful.… Continue Reading
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Is Your Business Safe? (15 Operational Questions)

The last recession has put almost all businesses to the test. Some were hit really hard especially the hospitality and travel industries, along with brick and mortars. A few made some decent profit like pharmacy and  home delivery services. But everyone else was partially hit or still struggles to make a living in these uncertain times. I launched my agency during the great financial recession. While sales were terrible back then, starting from the ground was scalable and I wasn’t renting an expensive space and paying dozens of people while business was down. One of the most operational lessons I… Continue Reading
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7 Phases of Running A Freelance Business

Freelancing is a decent alternative if you’re a self-driven person who is a fast learner. Some people are well-organized, can use Google (or Stack Overflow, or other resources) quickly, read fast, and are not afraid of experimenting. With the right attitude through freelancing, you may improve your technical and business skills that you will need to start a freelance business. The caveat is in finding the right process for handling activities. Growing your freelance business often revolves around marketing and sales, negotiations, project planning, documentation, delivery milestones, financial management, and even legal cases. If you’re not passionate about any of… Continue Reading