The Blog - Where Business Collides with Human Nature

Now that the remnants of the pandemic are our new normal, a diverse group of people have been left seeking full-time, remote employment. While thousands of remote positions exist, many are not as flexible as needed, and even fewer offer an environment that promotes employee growth in the business. One of the work-from-home experts' best-kept secrets is the option of becoming a Virtual Assistant. Many qualified people are left in the dust with few resources on what they are and how to become one.

If you have a great business idea, selecting a profitable business model is essential to future success. Your business model explains what product or service your company plans to sell and it outline your company’s blueprint for making profit. Business models also identify how you will market your product or service, how much it will cost to run your business, and much more.

A majority of business startups fail in the first four years – in fact, of all the small businesses started in 2011, only 4% made it into the second year – so it’s important that you pick the business model that sets your company up for success.

How to Pick a Business Model

When you are selecting a business model, keep in mind that the best model allows you to fulfill customer and client needs at a reasonable cost, while still aligning with your core company values and objectives.

Here are 3 good questions to ask yourself in the planning stages:

1. Value: Have you thought of a unique value proposition that makes your product or service valuable? How are you different from your competitors?
   
   
2. Target Market: Who will you be marketing your product or service to? Are there enough people in this market to sustain your business and do they have a need for this?
   
   
3. Costs: How much will your product or service cost to create? Does it have the chance to be profitable? Can it be scalable?

These are questions you should ask yourself in the early stages of writing your business plan. You don’t want to waste your time writing up a plan only to discover later that profitability is not an option.

Is your business idea the next unicorn waiting to be launched? Or is it just another also-ran with no growth potential?

These questions can lead to sleepless nights for any aspiring entrepreneur. Luckily, there is a way to know if your idea will be successful or not, by validating it before you begin.

Here are 15 questions to ask before building your startup and commit significant time, money & resources. 

Even though software as a service (SaaS) is a well-known business niche for several decades, the interest to this product distribution model remains on the verge of its popularity. 

You are highly motivated; you hear others say ‘you are a genius, ’ and you just had a million-dollar idea. Even with a genius idea for a new business, you know the importance of getting your idea down in a well thought out plan. It is no secret that a majority of business startups fail in the first four years.

Are you thinking that it would be great to work for yourself?  As an entrepreneur, do you feel that you may have more choices and the opportunity to "get rich"? How many times have you looked in the mirror and said: “It’s time to say goodbye to the boss”?

While you may have a great talent and/or the idea of the century, there is more to being successful as an entrepreneur. There is a mindset, some call it a personality, and I would call it Entrepreneurial Savvy.

Most entrepreneurs have good energy, are persistent and no doubt create resources where there seem to be none available. Creative problem solving is included in their arsenal along with the ability to make decisions. I often refer to them as being “M.A.D.” (M.A.D. = Making A Decision).  Many times you will see entrepreneurs who have a great ability to motivate, persuade and inspire others, which are all aspects of a good leader.

CEOs took part in this year's annual survey of companies on the Inc. 500. 

• 45% said their biggest pitfall in the first 12 months was having too little startup funding.
• 46% percent dipped into their own bank accounts to get business off the ground.
• 47% launched their businesses with a partner.
• 12% had issues with said partner.
• 57% called home their office because they couldn't afford a real one. 
• 52% worked more than 80 hours a week.

You have skills. Others tell you that you are are a genius. You have decided to take advantage of your talents. and think "If I am such a genius, why not add to my income and monetize my deep expertise?"  

The best idea in the world has no value without execution.  Even so, perfect execution does not make up for a start up idea which is flawed.  

In the past, one of the favorite rules is "You have tried to kill your idea."  The best ideas from brilliant people often come have a one sided view.  The idea is amazing but without an understanding of either the market or the competitors... it is doomed to fail.   Being first to market can be critical.

Reviewing the infographic about business startup failure rates, it appears that a mobile game business may be the best opportunity.  If you do create a mobile game, do me a favor?  Please create a game which has some educational value that will help people gain skill and knowledge.

An entrepreneur’s life is a windy, twisted road.  Starting a business is exciting but for the less experienced entrepreneur, there can be traps and pitfalls.  Here are five business success tips to keep your focused and give you hope.

A lot has been said in recent years about the negative state of the economy and the many struggles that face the common worker. Job loss and inability to pay bills have forced many people who once relied on major companies to make a living to become more independent in their careers. As a result, the small business sector is showing more activity than it has in decades. A look at the statistics associated with small businesses shows that it is a good time for the “little people” of the American economy.