This week’s top stories include small business advice covering the following four topics:
- Entrepreneurs Don’t Need Great Ideas
- 5 Instincts You Have to Fight to Succeed as an Entrepreneur
- 25 Things I Wish I Knew When I Was a Young Entrepreneur
- 3 Reasons Why Growing a Business Remotely is Beneficial for Your Company
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
Entrepreneurs Don’t Need Great Ideas
By: Blake Lazur
Everyone sees entrepreneurship as having this secret business idea. Sometimes it happens like that. But not every great business was founded on some ultra-complex idea. What you need is a precise execution.
Take Amazon for instance. Bezos’s original idea was to create an online bookstore. The ’90s saw a boom in internet presence and Jeff thought it was valuable to buy books directly from distributors rather than brick and mortar. It was not a complicated idea as people were already purchasing products online. It was a mix of online shopping and books.
Amazon is about as far away from an online bookstore as any business today. They sell everything under the sun, manufacture their own branded items, created AWS, built cloud computing, and so on.
Bezos didn’t have all these products and services in mind when he started. He may have had a long casted idea of what an internet business could scale into, but surely not what it’s become today.
Related Post: Being an Inventor Does Not Make You an Entrepreneur
5 Instincts You Have to Fight to Succeed as an Entrepreneur
By: Hillel Fuld
Listen, to be an entrepreneur, you truly have to be crazy on some level. Anything else in life that has a 95 percent chance of failure, you probably wouldn’t do, but spending years of your life and millions of dollars of someone else’s money when you fully comprehend that most startups fail? Sure, that sounds like a good idea to you.
The reason for this is that if you are truly an entrepreneur in your blood, you have no choice but to create, even if that means you will most likely fail. Having said that, there are some instincts you have as a person that you are going to need to put aside if you want to succeed at the entrepreneurship game.
Related Post: How to Validate a Business Idea Before You Start
25 Things I Wish I Knew When I Was a Young Entrepreneur
By: David Cancel
Drift is the fifth company I’ve founded, and I often speak with aspiring entrepreneurs and people just starting in their career as someone with years of experience building a business.
I have one piece of advice I share almost every time: learn from someone else’s mistakes.
Simply put, learning from your failures is never fun to do. As John Lewis said, “the truth does not change, and that is why the answers worked out long ago can help you find the challenges of our time.”
Over the past few months, I’ve thought a lot about what I wish I knew and lived by when I was younger. Here are 27 of the things learned along the way:
3 Reasons Why Growing a Business Remotely is Beneficial for Your Company
By: Joe Chin
With advancements in collaboration tools and technologies, it’s now easier than ever to become a remote entrepreneur. While many entrepreneurs have been forced to take their companies fully remote due to the COVID-19 pandemic, startups have the added advantage of being technically savvy and innovative, making them even more suited to be run remotely.
It’s commonly held that traditional in-person environments foster stronger connections, promote creativity and establish a clear company culture. True or not, it is becoming increasingly clear that these objectives can be achieved to an even greater extent with a remote team.
I founded a remote app/web development agency 12 years ago and have a team of 60 plus employees around the globe. The advantages I’ve experienced managing my remote-based agency led me to take this business model to my next company. In 2018, I founded my next startup, Sparrow, based on this remote-work structure.
With today’s climate due to the pandemic, companies have no choice but to embrace working remotely. Despite being forced in this direction, the businesses whose teams can adapt and embrace these changes may actually find they are experiencing unexpected benefits.
Related Post: How to Effectively Deal with a Remote Workforce
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