This week’s top stories include small business advice covering the following four topics:
- 3 Essential Rules for Selling Your Business, From Serial Entrepreneur
- 7 questions that every novice entrepreneur asks, resolved by the director of Mercado Libre
- How to Leverage Your Full-Time Job to Fund Your Entrepreneurial Dreams
- 5 Critical Lessons I’ve Learned From Interviewing Over 100 Entrepreneurs
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.
3 Essential Rules for Selling Your Business, From Serial Entrepreneur
By: Jerry Jao
Five years after my co-founder and I launched our A.I. marketing firm, Retention Science, we made the Inc. 5000 for the first time, in 2018, and offers began rolling in to purchase our business. We weren’t ready to sell–more and more brands were turning to us to develop and deploy marketing insights from big dives into their sales data–but it was clear even more offers would be coming our way. A few months after we made the Inc. 5000 for a second time, in 2019, we started discussing an offer in earnest, from Constant Contact, in January 2020.
Of course, the world closed down around us months later as the pandemic raged, complicating the sale and giving our buyer a temporary case of cold feet.
At the time, something I heard often from bankers was that companies aren’t sold, they’re bought. Meaning, when you sell your business, there’s little you can control. The acquiring company determines the timeline, the price, and the terms, and it puts up the legal documents. That’s all true–however, I’ve since learned there are rules any seller should observe to encourage a positive outcome.
Related FREE Course: Buying or Selling a Small Business
7 questions that every novice entrepreneur asks, resolved by the director of Mercado Libre
By: David Geisen
Today, I would say that being an entrepreneur is taking a risky path that begins with seeing an opportunity where others see a problem.
What does it mean to be an entrepreneur? Being in charge of a company that seeks to promote entrepreneurship, it is a question that I constantly ask myself. Today, I would say that being an entrepreneur is taking a risky path that begins with seeing an opportunity where others see a problem.
Like this question, during my career as a startup advisor and investor, I have been asked many others and that is why today I want to share some of the most frequent, which can help you if you are thinking that it is time to have your own business.
Related FREE Course: Exploring Entrepreneurship – Everything You Wanted To Know
How to Leverage Your Full-Time Job to Fund Your Entrepreneurial Dreams
By: Kyara Gray
When I accepted a position at a software development company after college, I was clear with them from the start. During the interview, they asked about my passion and my goals. I shared that I was passionate about real estate and planned to work full-time for myself in real estate by 30. My job choice at the time was based on how it would ultimately benefit my goal. I went into a startup environment where I learned how to run a business and wear a lot of hats. My job gave me the skills and tools to run my own business. At the age of 27, my company had hit the seven-figure mark and, true to my word, I made my exit. Juggling a full-time job with a side hustle will definitely keep you busy. But the payoff in the end, when you’re successful and you achieve your entrepreneurial dreams, is worth it.
My husband and I launched our business fresh out of college with student loans to pay off and no experience in our field. We’ve not only built a business to support our family and our employees, but we’ve created an impact in our local community. It’s everything we dreamed of and, yes, planned for.
Related Post: Get Your Private Employer to Pay Your Start-up Costs
5 Critical Lessons I’ve Learned From Interviewing Over 100 Entrepreneurs
By: Nicole Bernard
Entrepreneurship can be lonely. It’s hard to explain the amazing highs and soul-crushing lows to people who haven’t experienced them. When I had my first business, I was running it with my husband (that could be a whole other article!) so I had someone to bounce ideas off of, vent to and celebrate wins with. When I started my digital-marketing agency in 2016, it was just me.
Related Post: What Is Your Entrepreneur Type and Why It Matters?
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