Starting my business, I was completely lost when it came to pricing my services. I was terrified that I’d price my work too high, a mistake that could cost many tons of customers, or price way too low, a mistake that could cost me tons of money. Either way, pricing my offerings was (initially) a huge headache, surrounded by weeks of agonizing anxiety over whether or not my rates were “too high” or “too low”.
Truth it, selecting the right price tag can mean the difference between losing money or making money – in more ways than one. The wrong price can leave the entrepreneur missing would-be revenue, losing money on each sale, not selling anything, or unable to fulfill orders cost effectively. Any way you approach the pricing dilemma, research your competitor’s prices and undercutting them isn’t exactly a dream-formula for perfect price selection.
Type “entrepreneurship” into your favorite search engine and a popular – and unreferenced – definition is almost certain to pop-up:
“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
Did you catch that?
“…living a few years of your life like most people won’t…”
While there are hundreds of more academically-accepted definitions of entrepreneurship, this internet sourced description is most relevant I light of my entrepreneurial experiences.
Not businesses are a success.
While there are many factors influencing whether or not a business will turn a profit, all successful businesses start with one thing in common – a good business idea.
Aspiring entrepreneurs often run in circles, trying to figure out whether or not their latest hare-brained startup inspiration is financially feasible.
Will the business model work? Will it turn a profit? Will customers support their new business? Is there any way to know whether or not their business idea will work before betting the farm?
Good news: Entrepreneurs have a framework for testing business idea feasibility without diving in head first.
The fateful day of freedom has arrived – you’ve graduated college.
Peddling your bachelor’s degree, you carefully survey the selection of traditional post-grad opportunities and you find yourself saying, “WTF?”
Don’t worry – you’re not the only new grad that’s perceived the 9-to-5 as a slow death wish. It’s not for everybody.
So what’s fresh young talent to do when traditional positions just don’t cut it?
Here are three non-traditional post-grad options for the adventurous new grad:
November 19th is officially proclaimed as Global Women’s Entrepreneurship Day (Yay!).
It’s a pretty big deal here in the United States, along with 143 other countries. If you are, by chance, in NYC this weekend, consider swinging by the United Nations or Athleta Union Square for some Women’s Entrepreneurship Day (#ChooseWomen) celebrations!
As a female entrepreneur, I’m pretty stoked about Women’s Entrepreneurship Day, as my entrepreneurial experience has been quite empowering. Not only did starting my own business help me achieve class mobility and higher education, but it also provided more freedom and resources for my family’s future.
Few things in life are a one-person show, and entrepreneurship – excuse me, successful entrepreneurship – is no exception.
Entrepreneurs need a team of supporters every step of the way.
Leadership guru John Maxwell stated, “Teamwork makes the dream work, but a vision becomes a nightmare when the leader has a big dream and a bad team.”
Assembling you’re A-team ASAP can truly be the defining factor as to whether your entrepreneurial vision becomes a dream or a nightmare. There are five key people that every entrepreneur should recruit to ensure career success.
Let’s check out the entrepreneurial dream team line-up:
It’s here –the day you take the leap into the wild and wooly world of entrepreneurship, leaving behind the security and stability of a “normal” job.
The leap is thrilling.
It’s also completely terrifying.
For myself, there were many nights during Year 1, Year 2, and a few in Year 3, where I laid awake wondering, “What in the @*&% did I just do?”
Looking back, there were several key actions I should have taken before quitting my job to go full-time in my business. They say hindsight is 20/20 – well, maybe a few aspiring entrepreneurs can glean some wisdom from the things I wish I’d known.
Here’s the scoop on 5 things you should do BEFORE you quit your day job and dive headfirst into the world of entrepreneurship:
Guest Post: Elena Tahora
Startup companies do not run on just ideas.
There is equipment involved, a place to operate and of course, people to hire. This is where ‘seed funding’ comes into play.
The seed funding is initial capital a company raised to fund the startup. The seed funding can come from the owner’s own pocket but most of the time it comes from outside. In order to raise the money you need, you have to negotiate well with investors.
Raising seed funding can be quite hard so we have gathered a few tips that may help you along the way!
When I started my business, I knew I was gonna make millions.
Yeah, it didn’t quite work out that way…
Chances are, when you started your company, you were planning on cashing in as well.
But what happens when hitting the motherlode Month 2 doesn’t?
What can you do when your business isn’t making money?
Does a zero profit margin mean you have to say “goodbye” and “no more” to your business brain child, or is there a few Hail Mary’s you can claim to give your entity a fighting chance?
Guest Post by Salma El-Shurafa
Entrepreneurship is about untying knots and finding solutions.
Setbacks are an inevitable occurrence. The journey as an entrepreneur has twists, turns, bumps, bruises, and even roadblocks. These events are designed to restructure one’s purpose and passion for making an even greater breakthrough than before.
Ups and downs are what great business is all about. These fluctuations are comprised of the elements of life.
Admittedly, motivation is difficult to summon when we are faced with defining times. I will teach you how to stimulate and drive your performance after experiencing serious setbacks.