Category Archives: Entrepreneurship

HOW INTROVERTS CAN LEARN TO LOVE NETWORKING

Networking events can be complicated to navigate for introverts. But according to Holly Raider, a clinical professor of management at the Kellogg School of Management, introverts can be just as skilled as extroverts in networking and with some help, they are able to transform this trait into a real networking superpower. She offers four different tips for introverts looking to thrive in the networking experience and enabling them to enjoy it. These are : prepare a repertoire of questions, maintain a curious mindset, focus on relationships, not business cards and know when to move on. Read More >> 

A Three-Part Formula on Fueling Startups

While exploring how a new venture can succeed with their paper “Turning Lead into Gold: How Entrepreneurs Mobilize Resources to Exploit Opportunities”, Bala Vasaa and his co-authors were able to come up with a three-step process to mobilize business resources. Step 1 is to search for resources such as financial capital, human capital and social capital. To do so, entrepreneurs need to identify where to find the resources and this task can be tedious as too many entrepreneurs limit their search on the world they already know. Step 2 is to persuade the ones with the appropriate resources to come on board. Entrepreneurs can access resources in many ways from a successful pitch, to convincing potential employees, to alliances and affiliations with other companies for their social network. To successfully acquire the resources, research shows that a compelling narrative of the startup weights a lot on persuading investors. Lastly, step 3 is to deploy the acquired resources. Entrepreneurs may still face brakes from formal contracts, informal agreements or authorities even after acquiring the resources as they depend on the resource holders. This dependence is good because it favorizes transfer of resources but at the same times, makes the founders sometimes vulnerable.  Read More >>

Start Me Up: Where Mobility Investments are Going

What areas of the market have projects that are so huge that multitude of groups of investors must team up to realize the full potential of the project? Research by Daniel Holland-Letz, Matthias Kässer, Benedikt Kloss, and Thibaut Müller of McKinsey and Company indicates that electrification, the Internet of Things, smart mobility, and autonomous technology all represent a significant investment by major players in industry. Many of these technology investments constitute transactions valued at greater than $1 billion. What are trends that you should keep track of going forward and what of note has happened in the mobility investment realm in the past twelve months? Read More>>

The Performance Trick Elite Athletes Use That Every Entrepreneur Should Know

There are an abundance of tropes made in comparison between professional athletes and entrepreneurs that most of us have heard before: “endurance and mental strength are the most important elements of successful entrepreneurship”, “practice makes perfect”, “determination is key”. Nicholas Sonnenberg, the co-founder of the entrepreneurial outsourcing platform Leverage, writes in an Inc.com article that a less talked about tool in the arsenal of some of the greatest athletes could be instrumental to entrepreneurs. What do the Rock and Kobe Bryant have in common and how can you use it to step away from some of your limitations and “show up the way you want to show up” in your job or new business? Read more>>

Richard Branson Says This Emotion Helped Him Start Virgin Atlantic, and It Will Work for You Too

What is going through the minds of some of the most successful business moguls when they land their breakthrough business idea? In an interview with wildly prosperous entrepreneur Richard Branson of Virgin America Inc., reporter Minda Zetlin of Inc.com gets an insight into what the key to the billionaire’s success in his ventures is. Branson isn’t done yet either. He continues to harness the feeling that led him to found Virgin Atlantic in the first place to further diversify his corporation’s portfolio of activities. Read more>>

4 Key Steps to Preparing for a Business Presentation

Entrepreneurs are good at generating ideas however; a skill that may not be their strength is public speaking. Giving a proper business presentation is what can help entrepreneurs advance their ideas into businesses and create ultimately long-term business success. Tim Calkins who spent years as brand manager for Kraft Foods offers four different strategies that help take a business presentation from average to compelling and convincing.  Firstly, preparation is key. Not necessarily preparing the delivery of the speech but instead focusing on which audience you may be presenting to and adjusting your presentation accordingly. The content that you tell your audience also must be simple concise and tell a smooth flowing story. Having a good idea in a business presentation is not enough; you also must be able to tell it.  Read More>>

Guy holding laptop

What Makes a Successful Startup Team

Many entrepreneurial experts claim that the key for running a successful startup lies in the previous experience from its team members. However, despite this 60% of startups still, fail due to problems within the team. Eva de Mol author for the Harvard Business Review wanted to dig into some further research to help find out what it takes for new ventures to succeed. From her research, she was able to find that prior startup experience, product knowledge, and industry skills do not actually help predict the success of a new venture. Instead, it is a shared passion and vision for the startups carried out by its team members. Read More>>

Reflecting on My Failure to Build a Billion-Dollar Company

Failure in business is never easy however, what you learn from the failure and what you choose do with with that knowledge is what sets a good entrepreneur apart from a great one. Sahil Lavingia the founder and CEO of Gumroad, which is an online platform that helps creators sell their products directly to consumers is a prime example of this. In 2011, Lavingia left his job as being the second employee at Pinterest and used the profits of his stock to begin the creation of his own venture. Like many entrepreneurs, Lavingia had one goal in mind- building a billion-dollar company. During the beginning stages of his company, things were looking up for Sahil but as profits started to drop he had to start making tough decisions. Slimming down his company and firing more than 75% of his employees are what started to make Sahil feel like the scheme of this “billion-dollar company” were in the days of his past. However, if Sahil never had endured this set-back he may have never made the company what it is today. Read More>>

Looking to Innovate? Ditch the Startup Mentality and Adopt a Venture Capitalist Mindset

Once a company is up and running, many say that staying innovative and “acting like a start-up” is the only way to maintain this success. However, Joe Dwyer and Sean Johnson, adjunct professors of innovation at the Kellogg School and partners of Founder Equity are suggesting to these companies in this stage of maturity to act like a Venture Capitalist instead. This approach encourages companies to think big, take risks, and to look into a different cluster of opportunities at hand. Companies like Amazon have dove into some of these opportunities, which are very risky but have led to many great breakthroughs. Although, Amazon is an extremely successful company it is also possible for smaller companies to take on this approach.  Read More>>

How business-to-business startups reduce inequality

“Starting a business is not what it used to be” Sib Mahapatra stated, the founder of Bureau, an end-to-end office furniture startup in NYC. Startups like Shopify, Breather and Fiverr give other startups the opportunity to start and grow their business at a much more smooth and cost efficient pace, changing what we thought we knew about fixed versus variable costs. Opportunity in business does not just rely on access to capital now but instead, the ability and value proposition that you have to offer. Read More>>