Thursday, April 13, 2017

4 Reasons You Should Start a Firm Instead of Launching a Startup

Should your next startup be a firm? In conversational usage, the terms are synonyms, so the question might seem odd.

Economically speaking, a firm is a for-profit entity detached from market solutions of the day. The label implies some sort of innovation is happening behind the business’s doors, whether through novel production techniques, new organizational patterns or previously unseen products.

To be clear, the terms aren’t mutually exclusive. Some startups are firms, but certainly not every startup qualifies. Only startups that do innovative things that cannot fully be done through simple buying and selling are firms. Startup-turned-superpower Uber, which sought to change how consumers hail taxis, is a firm because it presented the market with a new solution. Uber clone Juno may not be and future ridesharing services certainly won’t be. They’ll rely on bots and others’ experiences to outsource, so they’re not firms.
Firms come in all shapes, sizes, and industries. Henry Ford’s automobile company revolutionized manufacturing, while podcast startup Gimlet Media is bringing native advertising to radio, marking both as firms.

So if you’re ready to bring innovative ideas to the world, then consider the firm. Here’s how to put yourself on firm footing:

Tuesday, April 4, 2017

3 Ways Successful Entrepreneurs Got It Right From the Start

All for nothing.

Many good entrepreneurs fail in their businesses, simply because they start in the wrong place. Wrong customers, wrong market, wrong motivation. Doomed from Day One.

Sad part? Most could have spotted and steered away from the approaching train wreck.

To start you on a wiser course to a successful business, you're about to learn three ways how successful entrepreneurs do it.

And look -- you must start with your target customers. Always.

Why? Because ultimately, only they decide whether or not your venture will succeed.

Monday, April 3, 2017

5 Steps to Keep Your Startup on Track

We are part owners of a coworking space in Richmond, a haven for startups. Recently, an owner of one of these new businesses asked us how best to prioritize their work-related activities. They were feeling a bit overwhelmed and needed some advice. We suggested the following five steps.