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Tips for Startups

Tips for Entrepreneurs Just Starting Out

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Tips for Entrepreneurs Just Starting Out

Every entrepreneurial path is different. Still, there’s a lot that you should learn and keep in mind when beginning your journey. Here are a few tips to help you get started on your journey to entrepreneurial success:

Learn from Successful Entrepreneurs

Although entrepreneurs often find many different paths to success, they usually all have three things in common: intellect, skill, and hard work. There’s a lot you can learn from their various successes and failures, and you should take advantage of that. Study different entrepreneurs you admire, and even ones you don’t — there’s always something you can learn and take away from each story.

One of the most important things you can learn from already successful entrepreneurs is to never give up, no matter how much rejection you experience or how many people don’t believe in your ideas. As long as you believe in them, and have the motivation to continue picking yourself back up after each failure, you’ll continue on the path to success. You’ll also be ahead of the game because many entrepreneurs don’t even make it that far.

Develop Key Entrepreneurial Skills

If you’ve ever played a game or two of poker, then you’ll know that there are many different strategies to achieve success, just like in business. In order to pursue these strategies, you’ll first need to develop key skills to succeed. Two of the most important skills you’ll need to work on as an entrepreneur include the arts of negotiating and risk-taking. You may even find that practicing these skills in games like poker or other areas of life will help you to negotiate and take risks as an entrepreneur.

In business, negotiating is unavoidable. As an entrepreneur just starting out, you likely won’t have a lot of seed money or funds to invest. Learning how to negotiate well — which includes doing your research ahead of time — will help you to earn more money, save more money, and make stronger connections.

As for risk-taking, if you aren’t willing to take risks, then you’re in the wrong profession. The ability to take risk and handle risk — as long as those risks are calculated, not thoughtless — can lead to great success. It can also lead to great failure, but that will be a valuable learning opportunity, and help you to take better risks in the future.

Be Adaptable

So, you’ve put a lot of work into a specific idea or project, and it’s already showing signs of not working out. Or something just feels off about it. Whatever is wrong, it’s important to know when to abandon an idea or project and start over. Sure, it might be frustrating and miserable if you’ve invested a lot of time into this idea or project already, but continuing to slave away at a bad idea just because you’ve worked hard at it will never get you anywhere. Take a little time to blow off steam if needed, and then adapt your ideas to your new situation. And be willing to further adapt your ideas and plans as things continue to change.

Practice Stress Management

It should come as no surprise that starting a new business — or several — is extremely stressful. That’s why it’s crucial to make time for stress management each day. Even if you don’t actively feel stressed, your body might be holding on to stress from mild stressors — such as loud construction, traffic, or bad weather — throughout the day. These stressors can then affect how well you sleep, perform, and think each day.

One of the best ways to manage all types of stress is to establish a regular exercise routine. This is necessary for good mental and physical health, as well. You’ll be more productive, have more energy, be in better shape, and be better equipped to handle whatever life throws at you. Other ways to manage stress include setting aside time for yourself, reading a good book, and journaling. Additionally, just because you’re starting out and want to make connections, doesn’t mean you have to be a “yes” man. Know your limits and say no when you need to.

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Tips for Startups

6 Reasons to Choose Business Formation Services for Your Startup

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business formation services

Have you finally decided to chase your dreams and take your business live? Laying the foundation stones of a business can be a momentous experience in an entrepreneur’s life. However, handling business formation procedures is not.

Read on to find out why businesses prefer to take help during the initial steps of setting up and officiating their business.

6 Reasons You Need a Business Formation Service 

1. Zero Errors During Business Formation Procedure

A new business must always stand on a solid legal foundation. For that, you should ensure that all legal procedures are handled with precision from the outset. 

Business formation involves a series of steps such as verifying the availability of your business name, preparing your articles of organization, filing documents, etc. One small miscalculation could lead to large consequences. Even seasoned professionals can make errors while handling the paperwork frenzy that business formation usually entails.

A business formation service will handle your paperwork procedures entirely and ensure that no human errors are committed. From paying attention to small details while preparing sensitive documents to handling their delivery, a business formation provider will shoulder the responsibility with extreme care and finesse. 

2. Get Valuable Advice From Experts

Starting out into the dynamic world of business can be daunting, and a smooth start could set the right tone for your business’s future. Setting up properly is probably the very first challenge you’re going to face, and there are many critical questions you’ll need to answer. 

For example, do you need protection for personal liability? What business entity do you want to form? What are the pros and cons of different business entities, and which one fits the bill for you? What tax structure are you willing to follow? 

Having experts to help you navigate you through these complex problems can be a huge bonus, as it will give you a thorough understanding of legal compliances, the laws that protect you, the tax structure you follow, etc. 

Business formation services usually employ experts and skilled professionals, so you can rest assured that your business will be in good hands. 

3. Get Complimentary Registered Agent Services

Government agencies mandate that all LLCs and Corporations have a registered agent. Also known as the resident or statutory agent, this is essentially an entity that receives tax and legal documents on your company’s behalf.

The point is to have a registered address that serves as a point of contact between your business and the government. For many startup owners, it is a problem to have a physical location in the same state the business was formed. 

A business formation service can provide you with an agent who meets state requirements and can be trusted with handling key business documents. 

4. Easy Preparation and Access to Documents

Business professionals usually frown at paperwork, and rightfully so. It is a mundane piece of task that needs to be handled with extreme care nevertheless. When forming a business, you’ll be required to file the following paperwork:

  • Articles of Incorporation
  • Articles of Organization
  • Operating Agreements or Bylaws (depending on your business entity)
  • Paperwork for licenses and permits

While filling paperwork, you need to have full knowledge of what details to fill, how to frame your paragraphs, common mistakes to avoid, caveats to pay heed to, and much more. 

Business formation professionals are experienced in this and can assist you through the entire process with their knowledge and resourcefulness. Moreover, they can provide you advice and services customized to your business’s needs.

You’ll be able to access your paperwork and monitor everything during the procedure while someone else does the heavy lifting and files it for you. 

5. Find Time for Other Important Issues

A new business must tackle a series of question marks- how to get its first customer/clients? How to gain recognition? How much investment to procure? What talent to acquire?

The list is endless. Any entrepreneur would much rather invest their time on growth-related matters than tedious formation-related procedures and paperwork. 

A business formation service takes these initial mandatory tasks out of your way so that you can focus on growing your business. You can entrust the responsibility paperwork filing and legal details to your business formation advisors. 

Their entire purpose is to take unwanted work off of your plate so that you can pay attention to other matters at hand, thereby enhancing the productivity and efficiency of your business functions right from its inception. 

6. Work Smartly by Getting Access to Premium Business Tools

Business formation services seek to make the process fast, easy, and smooth for their clients. Competitive ones offer business tools that provide extra value to their clients. 

For example, you might get access to smart document creation tools. If you pay for premium services, many firms will offer quick filing and approval speed to fast-track the process for you. 

Be Smart With Your Choices

One skill that entrepreneurs need to work on diligently is decision making. Oftentimes, you’ll have to decide which business operations to run in-house and which ones to outsource, based on a cost-to-benefit analysis.  

It’s usually smarter to outsource business formation services, as they can help kick-start your business and save you from getting overwhelmed by uncharted territories. 

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Tips for Startups

Customer Discovery: the Hidden Key to a Successful Startup

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key to Successful startup

The term “customer discovery” might make you think of all kinds of processes.

Is it the part where you try to learn as much about your customers as you can? Is it the part where you go out and discover actual flesh-and-blood customers who will buy your products? Is it something else?

Turns out, it’s something else.

What Is Customer Discovery?

Customer discovery is a term used by two of the main figures of the lean startup methodology, Steve Blank and Eric Reis. They define customer discovery as questioning your core business assumptions. It is a way for you to validate your ideas and theories by going to the source – the customer – and a way to flesh out evidence supporting your product-market fit.

When Would You Need Customer Discovery?

In reality, you need customer discovery whenever you are designing a product or a service.

Let’s break it down into three distinct stages:

  1. You define a problem/market need (that your product/service is meant to fill).
  2. You develop a hypothesis about the solution (i.e., develop the product/service idea).
  3. You conduct an experiment to test your hypothesis (gather data from actual customers).

Yes, customer discovery is meant to validate your ideas – but it is more of a scientific approach than asking your friends, family, and coworkers what they think about your idea and whether they think it would work.

Let’s take a look at the four key steps to customer discovery, and see how you can use it to design solutions that fit your customer’s needs.

Step One: Come up with Your Hypothesis

This step encompasses stages one and two we’ve listed above: you are defining both the problem and the solution you are proposing to implement, and you are forming a hypothesis as to how the solution will impact the problem.

The best way to formulate your hypothesis is in a single sentence: my solution solves problem X. As simple as that.

You want to be incredibly specific with your hypothesis, and you want it to be accurate. Don’t just assume certain people have a certain problem. What if these people don’t see it as a problem?

That’s what customer discovery will help you discover, but in order to set off on the best foot possible, ensure you have a firm grasp of the issue yourself.

As for specificity: don’t just say, “I am solving the problem of lack of dog walkers by starting a dog walking service.” Instead, go for “I am solving a problem people living in this area have with walking their dogs from 9-5 by offering a safe, hassle-free, and reliable dog walking service”.

Step Two: Define Your Assumptions

As you can already tell, you were forced to make certain assumptions in step one. They may be correct, or they may be incorrect, and now is the time to write them all down.

You may be assuming that something is a problem (when, in fact, it isn’t), you may be assuming that your solution will help (when in reality, it won’t), and you may be assuming a certain demographic has this issue (which they may not).

Once you have your assumptions down, create a target persona in order to alleviate as much of them as possible. This is the person you are targeting, your ideal customer, the person with these problems.

Go into as much detail about your persona as possible, as it will help you ensure your data is sound later on.

Step Three: Test It out

Now that you have your hypothesis, an ideal customer in mind, and you are (in theory) aware of at least some of the pitfalls you may be facing, the time has come to test your theory out in the real world.

You are going to ask some people some questions.

The people you start with should be your potential customers. In our hypothetical case, dog owners living in a certain area, working 9-to-5 jobs.

Don’t ask people living in other areas, people who own cats and not dogs, or people who don’t own dogs but live in the area and work the nine-to-five. You have defined your audience – stick to it.

As for the questions themselves, you need to be very careful about how you formulate them.

You don’t want to ask, “Do you think this is a good idea?”. You don’t want to say anything about your idea, in fact. You want the people you’re asking to tell you what they would appreciate as a solution, and you are then going to build your solution based on their answers.

This is what customer discovery is about – creating a final product that matches the real needs of real customers.

To that end, your questions should be open-ended and not specifically related to your idea. Here are some examples:

  • What do you currently do for…?
  • Do you like the process?
  • Is it working out for you?
  • If you could improve the process, how would you do it?
  • What is the biggest challenge about…?
  • What do you like about it?

And so on.

The answers you get should help you outline your solution and make it a reality in the future.

Step Four: Evaluate Your Data

Now that you have plenty of data at your disposal, the time has come to go through it.

If you have done your homework well, you’ve likely discovered information you had no idea about previously. Someone has pointed out a solution or an issue you were not aware of.

This allows you to go back and refine your hypothesis and the idea itself, at which point you can do another round of customer discovery.

If, however, you’ve discovered your hypothesis was entirely correct, you can move on to product development.

Test out more than one hypothesis, and keep discovering until you are satisfied that you have come up with the best possible solution.

Final Thoughts

Customer discovery is certainly a lengthy and complex process, but it’s worth all the effort. It can significantly increase your chances of producing a solution that not only works but that is already sought after by a vast number of people. Consequently, your solution will be much more likely to become a success.

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Cyber Security

Top 6 Cybersecurity Lessons Startups Can Learn From Healthcare Organizations

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cyber security lessons startups can l;erarn from health care companies

COVID-19 won’t be here forever, but cybercriminals will!

Leveraging the COVID-19 situation, cybercriminals are targeting SMEs and even large enterprises to steal valuable information. Many reports claim that cybercrimes have doubled in the last couple of months.

The healthcare industry is one of the latest victims of cybercriminals. According to Accenture, the healthcare industry has witnessed around 41% increase in cyberattacks. The report also says that the healthcare industry on average experiences 130 data breaches in a year.

However, as a healthcare IT consultant, I have recently noticed that healthcare organizations are ramping up their efforts to safeguard patient data. And for that, they are deploying many technologies, solutions and unique cost-effective ideas.

The technologies, solutions and ideas healthcare startups are deploying are so effective that other startups can learn cybersecurity lessons from healthcare startups. Today, in this blog, I will share the same. I will list down 6 cybersecurity lessons learned from healthcare organizations in 2020 during COVID-19.

How are healthcare startups avoiding cybercriminals? (Learning from other startups!)  

Avoiding cybercriminals or ensuring data security is not a task, it is the process. And a process is always more complicated than a task. But here is how healthcare organizations are streamlining the process, the cybersecurity process.

  1. Determine the cybersecurity risks level 

Not all healthcare startups are on the radar of cybercriminals. Thus, it is a rational idea to determine the possibility of a cyberattack or to determine the cybersecurity risks level. This process enables organizations to know the threat level – whether they are on the radar of cybercriminals or not. 

To find the cybersecurity risks level, healthcare organizations simply link the type of data they store to the motive of cybercriminals. For instance, if a healthcare organization stores medical images of patients and not the patient’s personal and financial data, they should not invest more in cybersecurity.

But if a healthcare organization stores many valuable data of the patients, accommodates less-trained staff and works with legacy networks, they should worry about cybersecurity as their cybersecurity risk is high.

Learning for other startups: You should invest only after confirming that you are the potential target! If you do not store any crucial data, you don’t have to allocate your resources to cybersecurity.

  • Find the loopholes through technical assessment

A network has many open doors or errors which work as the opportunities for hackers to get access to databases. They usually scan the network and attack the ‘fragile part’. Thus, it is important to find the loopholes in the network and fix it to close the entry doors for the cybercriminals.

Carrying out the technical assessment is the best way to find loopholes in the network. It is designed to yield the vulnerability in the network. A technical assessment does not only aim to find the vulnerabilities, but it also aims to quantify and prioritize the vulnerabilities.

So, now when cybersecurity experts know the loopholes which cybercriminals can leverage to attack, the cybersecurity experts can easily avoid the attack by fixing the loopholes.

Learning for other startups:

This is the best method to avoid cyber attacks. You should find the open doors in your network and close it to prevent the undetected entry of hackers into your network.

  • Software configuration assessment

A healthcare organization uses a number of software to streamline operations. They also use a lot of complex software. Sometimes, the poor configuration of these complex software creates easy paths for cybercriminals to attack the enterprise network as cybercriminals are many times using software to get access to the network or a server.

Learning for other startups:

While installing software on a computer device connected in the enterprise network, make sure the authenticity of the software and do not change the installation setting or software setting without the proper knowledge.

  • Quick incident response

Regardless of the efforts healthcare organizations put to safeguard the network, cybercriminals many times find ways to penetrate the security measures. In such a scenario, only a quick incident response is hope.

Healthcare organizations always pay extra heed to incident response. They form a team which quickly takes control over the network and close the paths for attackers before they cause havoc.

The incident response team utilizes many security tools to monitor the network in real-time. If they identify any unusual activity or the system alerts them, they quickly put best practices to work to prevent cybercriminals from getting system access.

Learning for other startups:

Always work best but prepare for the worst. Cybercriminals can anytime, anyhow bypass the security of your system. So, be proactive and prepared.

  • Train the staff

Generally, staff working in the healthcare organization lacks the knowledge of the cybersecurity which leads them to click on any malicious links or commit any costly mistake. Thus, healthcare organizations are putting emphasis on staff training. They give basic knowledge about cybersecurity and their deployed network to the staff and keep testing the staff’s cybersecurity knowledge after a fixed interval.

Learning for other startups:

If your staff does not follow cyber hygiene, things can easily go messy as staff members have network access and they spend the majority of their time around it.

  • Always deploy feature-packed security solution including firewall

To ensure cybersecurity, deploying software security solutions as well as hardware security solutions is the basic requirement. But a premium security solution works more precisely and efficiently than an affordable security solution. Thus, healthcare organizations generally deploy premium feature-packed security solutions, especially a firewall.

A feature-packed firewall costs a bit more than the basic firewall. But a feature-packed firewall is worth the money. It does not only safeguard the enterprise network but offers many flexibilities and real-time network data to the admin.

For instance,

  • Admin can know the connected network and find the data usage of each network.
Silhouette of a radar station on the Polish coast at sunset.
  • Admin can know the top sources of threats to a network.
Silhouette of a radar station on the Polish coast at sunset.
  • Admin can know the most affected network.
  • Admin can impose content filtering to prevent users from opening irrelevant sites.
Silhouette of a radar station on the Polish coast at sunset.
  • Admin can know every single activity of the users on that network.

Learning for other startups:

An ‘affordable security solution’ is the myth, actually!

In a nutshell: 

Cybersecurity is the challenge for any startup serving in any industry. An ever-increasing number of cybersecurity attacks clearly depicts that it is a much bigger problem for startups than COVID-19.

However, there is one industry that is pulling out all dots to curb the coronavirus as well as cyberattacks. In this blog, we have discussed 6 ways of how healthcare organizations are safeguarding crucial patient data.

These ways are,

  • Confirm the level of cyberattack risk
  • Find the loopholes in the network and fix it
  • Do  not configure the software without proper knowledge
  • Form an incident response team
  • Train the staff
  • Opt for feature-packed security solutions 
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