Connect with us

Business

8 Tips for Entrepreneurial High School Students Ready to Start Their First Businesses

Entrepreneur

Published

on

More than 15 million U.S. high school students headed to school last month, and many of them will become entrepreneurs, building their own futures, creating wealth and doing what they love.

Related: 11 Successful Kid Entrepreneurs Keeping Their Eyes on the Prize

Entrepreneurship is respected, fun and dynamic (now more than ever before). There’s never a dull moment. It’s something you can start at any time in your life and, especially if you are young, you’ll only get better at it as you travel through life. It’s like a muscle you can work on and practice.

As Mark Cuban says, business is the ultimate sport. It’s an exciting way to do life. You have a direct impact on the economy, create jobs, create wealth and solve a multitude of problems that make peoples’ lives better.

There’s no time better than now for any young entrepreneur to embark on the adventure of their life.

1. Do it now: Start your own business.

Like swimming, you just have to jump in and start paddling. You know those ideas you’ve been batting around? Write them down. What’s your best one? What makes it better? How can you gain an edge? Talk about your idea with your friends, gather feedback from them, from parents, teachers, your target customers. And go for it.

Related: 25 Kids That Made Millions Before Graduating High School

Don’t make it complicated. It can be a simple business, like babysitting, yard work or dog walking. This is going to give you experience in setting up a business — organizing paperwork, registering it, getting a business license, a tax identification number and so forth. Legitimize it as much as you can because your age is working against you. Babysitters who have CPR and First Aid certificates are a cut above. References from satisfied customers, before and after photos of a house-painting project you completed — whatever you can point to that shows you are serious and that you care about what you do.

2. Find your first mentors.

This step is very important. And it’s a lot easier than you might think it would be. The business world is filled with people who’ve made it and want to “send the elevator down” to pass along the knowledge, lessons and insights they’ve accumulated in their climb to success. It might be intimidating to ask someone, but go ahead and approach some local business owners and ask them if they can help you and mentor you. Throughout your life as an entrepreneur you should actively seek out and ask for mentorship. You will always need someone supportive, honest and neutral to turn to for advice.

3. Get a job.

Wait, wait … why get a job when you’re starting a business? Well, for one very good reason: You need to get more experience with customers and people. American businesses pride themselves on providing excellent customer service — but no one is born innately knowing how to do that. It’s something you learn how to do. The experience of interacting with people makes a huge difference to building a successful business. You need to learn to be the face of the company, to exhibit grace under pressure and to spread that smile on your face to satisfied customers and coworkers even on their crummiest day. Attitude may not be everything, but it’s always going to be a lot, so start becoming an entrepreneur by learning from McDonald’s or your local supermarket.

Related: The 6 Best Jobs for Teenage Entrepreneurs

4. Embrace failure.

Everyone fails. It’s what we learn from our failures that teaches us what we need to be successful. Overcome any fear of failure you might feel — that feeling is the biggest obstacle of any you’ll ever face. Try. Fail. Get back up. Convert the experience into education. Learn its lessons. Did you need more focus, attention, effort? Get back up and try again, armed with your experience.

5. Put yourself out there.

First, be yourself. Remember what may not be considered cool in high school could give you an edge as an entrepreneur. Step out of your comfort zone. Run for student government, join a sports or academic team, get involved with the school news team. You need to start getting comfortable being a leader and marketing yourself, because ultimately that’s what entrepreneurship is all about. You’ll benefit from anything where you work on teams with others. It’s good to be able to juggle a lot going on, to meet obligations and develop accountability.

Related: 5 Reasons Why Kids Make Amazing Entrepreneurs

6. Get involved with theater.

I was involved in community theater since I was very young and I started my own theater company when I was 17. It was my first real business. It developed so many skills in working with people and overcoming shyness. Today, I can command important phone calls and my team, and I credit my experience being involved in 35 productions with developing the skills necessary to build up my business into a nationwide healthy vending company.

7. Pay attention in these classes (I wish I had!).

  • Math is critical because you won’t be able to rely on an accountant or bookkeeper when you get your business started. And after you’re successful, you still need to keep an eye on your finances — your livelihood is at stake.
  • English and writing are crucial. You need to communicate your ideas clearly and often. You need to persuade customers and financiers and suppliers. You need to sound intelligent and inspire confidence.

8. Recognize opportunities and pursue them.

Look for a problem in your community. Think about how you can possibly create a business around solving it. Start thinking about it even if you never do it. You need to start exercising the creative brainstorming part of your brain.

Related Video: How to Support Your Entrepreneurial Kids

A daily source of inspiration and information, Entrepreneur.com fuels the spectrum of game-changers that define what it means to be an entrepreneur today. That includes business leaders who launched something from nothing, content creators in the social influencer space, athletes pushing the boundaries of performance, and internal thought leaders innovating inside major corporations. Entrepreneur.com offers strategic insights and how-to guidance for the people that make things happen.

Business

How to Stay Calm Under Pressure

Entrepreneur

Published

on

He started playing poker at 18 and was winning championships by his early twenties. Despite millions in winnings, world recognition and playing at the high roller tournaments, Fedor Holz is leaving professional poker at age 24.

He’s focusing his energy on creating easy-to-access training on high performance mindset tactics. And I was fascinated to learn why.

When I met Fedor a few weeks ago, he had just finished in the top rankings of a huge high roller tournament in Vegas. But instead of talking about poker, we mostly talked about how he stays grounded when so much is at stake. We also discussed how he learned to honor his decisions, even when they turned out to cost him a game.

I loved getting Fedor’s perspective on what it takes to become great at a specific skill, but he was also honest about what it costs. I was especially interested in what he said about the skill of removing emotion from actions and how that can turn out badly in the rest of a person’s life.

Whether you’re interested in poker or not, you’ll learn valuable insights about performing at a high level in anything in Episode 544.

Subscribe on iTunesStitcher RadioGoogle Play or TuneIn.

This story originally appeared on Lewis Howes

Continue Reading

Business

Why Kicking Out Counterfeit Crooks on Instagram Is So Important

Entrepreneur

Published

on

Would you spend over a thousand dollars on a pair of sneakers? There are plenty who would — a pair of Adidas Yeezy’s comes with a price tag of $1,000 or more. For those who are less flush, the market has become flooded with knock-off fakes. These are promoted via comments and sponsored ads on sites like Facebook and Instagram.

When Kanye West tweeted “you probably got bootleg Yeezy’s on right now,” followers responded in typical Twitter fashion, with a torrent of abuse from all angles, but when it came to real brand loyalty, sneakerheads were split. Die-hard fans rebuked the fakes, though others have been tempted by prices as low as $99.

A year later, these social commerce scams are running riot online, fueled by social bots and a growing underground counterfeit economy, hijacking brand advertising efforts. Andrea Stroppa’s “Social media and luxury goods counterfeit investigation revealed that 20 percent of Instagram posts for luxury brands feature counterfeit or illicit products.

At BrandBastion, we conducted an investigation into Instagram counterfeiters to examine the risks brands face on social media and what they can do to fight it.

Social media’s safe harbor for organized crime.

The luxury online retail market is estimated to reach $41.88 billion by 2019, according to Bain & Company. It’s impressive, but just a fraction of the booming business of the $461 billion global counterfeit goods market funding large-scale criminal operations. Stroppa’s investigation explains how exploitative practices force women and children to work in inhumane conditions, in turn powering illegal gangs, dictatorships and global terrorism.

Related: Evolve or Die: Luxury Brands Must Embrace Digital To Thrive

Organized crime has entered the digital realm, with counterfeit trade visible on the most popular ecommerce platforms and social media streams. These operations are largely based in China, Russia, Malaysia, Indonesia and the Ukraine, though technology allows them to target global audiences.

In the U.S., the Digital Millennium Copyright Act (DMCA) mandates that so long as platforms have an effective takedown system, they are not liable, putting pressure on brands to protect themselves. Until now, this has mainly impacted selling tools such as eBay, Alibaba and commerce-friendly social network WeChat, to the detriment of luxury brands like Tiffany & Co., Louis Vuitton and Gucci. But digitally-savvy fake sellers have graduated from basic host services like eBay, finding global reach and big profits as commerce takes off on social media. Complete with new mobile-oriented features like Instagram’s Shop Now and Buy buttons, these networks are becoming serious selling tools for counterfeit criminals.

As online sellers invest in social growth tactics, the frauds are hot on their heels, armed with ad campaigns and bots, retargeting their users and flooding sites with illegal goods. This social media safe harbor creates a playground for fraudsters using aggressive tactics, even hijacking a brand’s own social media posts or ads to target audiences with counterfeit copies.

The Instagram comments scam.

BrandBastion examined a sample of 36,000 comments from the Instagram posts of 12 top luxury brands — Salvatore Ferragamo, Manolo Blahnik, Marni, Saint Laurent, Balenciaga, Alexander McQueen, Fendi, Jimmy Choo, Burberry, Balmain, Versace and Dior — with a combined reach of more than 62 million followers.

One in 18 comments included a serious threat for brands. Major dangers included 729 (2.03 percent) comments leading to direct counterfeiting from some 94 counterfeit sellers; 1,013 comments (2.81 percent) contained spam and scams; and 208 (0.58 percent) had brand attacks from avid activists, at times launching brand boycotts. Some retailers fared worse than others; 8.27 percent of Saint Laurent comments contained a brand threat. On the other end of the scale, Dior had 3.37 percent brand threats, though with a significantly larger following and greater posting activity.

Related: U.S. Shuts Down Huge Online Dark Web Market, AlphaBay

Counterfeiters borrow images scraped from online searches, newly embed fresh information to appear unchanged, and, armed with purchased fake followers, they often appear legitimate. Fraudulent accounts post comments such as “Check out my page Got All Designer” along with contact details, such as instant messenger chat IDs, enabling encrypted conversations with so-called “salespeople.” The OECD reported that sellers post these goods via complex routes, preying on transit hotspots from “countries with weak governance and widespread organized crime such as Afghanistan and Syria.”

Fighting fire with fire.

Instagram is cracking down on fake accounts, purging millions of spam and bot accounts and using proactive tools such as spam detectors and blocking systems. But by cloning and replicating content, fresh accounts pop up every day. This proliferation of content keeps moderators busy in a cat-and-mouse chase. Meanwhile, the responsibility of tackling new social media fraudsters largely rests on law enforcement agencies, brands and innovative technologies.

A digital ecosystem to target counterfeit sellers is in early stages. Informal name-and-shame accounts on Instagram, such as @fake_education and @yeezybusta reveal identified fake sellers. Online community forums like Scamadviser, Realscam and Scamwarners allow both retailers and consumers to name and shame known offending domains. Flipping community activism on its head, third-party services and blockchain technologies, such as startup Blockverify using the bitcoin currency infrastructure, also verify goods and track sales.

The downside is that lack of formal regulation facilitates a free-for-all of independent forums and competing businesses. Moreover, uneducated consumers are often not deterred by fake labels and are unaware of real threats from criminal operations. One in four consumers report purchasing counterfeit products online —  and these forums can even aid their search for fake products.

Brand managers need to be able to monitor new social media accounts using keywords, images, handles (or account names) and trending hashtags to uncover brand violations. New accounts often have similar names, posting behaviors and messages, and third-party forums also provide new leads. It’s important that brands also have community moderation checks in place when it comes to their own content and community engagement, to ensure that sellers aren’t getting a free ride through hacking their own ads and posts.

Related: Lax Online Security Can Destory Your Brand Overnight

As fake sellers adopt new technology to mimic and automate brand posting behaviors, artificially-intelligent moderation tools help businesses to uncover the crooks. It’s a battle of the bots, cross-referencing masses of data and identifying trends in order to uncover new threats and scams.

Counterfeiters that have traditionally focused on luxury brands are branching out to all industries. While footwear is the most frequently copied, fraudsters plagiarize anything from high-fashion handbags to popular wines, automotive parts, chemicals, medication and even fresh fruit. With brands like Adidas, Louis Vuitton and Chanel fighting fakes and launching high-profile courtroom disputes, it draws attention to the crisis. Declaring war on this criminal activity, intelligent technology and anti-counterfeit partnerships seek to take control, cleaning up social media and kicking out those counterfeit crooks. It’s a new wave of rebellion against organized crime masquerading as luxury produce and trusted household goods.

Continue Reading

Business

6 Fatal B2B Sales Mistakes You Must Avoid

Entrepreneur

Published

on

B2B sales can be incredibly rewarding and lucrative — if you know what you’re doing. Unfortunately, most salespeople in this field make the same few mistakes again and again. When everyone around you is making the same missteps and blunders with B2B selling, it can be extremely difficult to know how to fix your approach.

If you’re looking to overhaul your strategy for B2B sales so you can start to crush your competition, it’s time to start actively avoiding the most common B2B sales mistakes out there today. Here are the six fatal B2B sales mistakes you’re probably making:

1. Selling to low-level buyers.

It may be easier to get in front of buyers and purchasing managers than C-suite prospects, since you never have to deal with a gatekeeper in order to reach them. But those low-level buyers don’t have the power — or the budget — to tell you “yes.” In fact, they’re only really good at telling salespeople “no.” You won’t make money selling to low-level buyers in B2B sales, so make a commitment to seek out high-level decision makers who can actually say “yes” to what you have to offer their businesses.

Related: Want to Make Your First Sale? These Entrepreneurs Share How They Did It.

2. Highlighting your product’s features and benefits.

There was a time when prospects cared about the features and benefits of your product. But they simply don’t anymore. Prospects today only care about the results and outcomes you can create in their world. More specifically, they want to know how you can solve their key challenges and deepest frustrations. Instead of highlighting your product’s features and benefits when selling to businesses, focus on specific outcomes your product or service can help your prospects achieve.

3. Giving proposals with only one option.

One of the biggest mistakes salespeople make in B2B sales is putting together single-option proposals. There are two major problems with these proposals. First, they don’t provide any context, which compels prospects to shop around to determine the value of your solution. Second, customers who really want to invest in a premium option will be limited to a lower-tier solution. Instead, provide a three-option proposal — ranging from the lowest end option that will still solve their problem to a higher end option with the most value — to boost your average sale size and the number of deals you close.

Related: 7 Tips for Getting More Sales Meetings With Prospects

4. Relying solely on the phone and internet.

There’s been a big movement in B2B sales towards selling online and on the phone. In some cases, this can be efficient and helpful, but if you’re selling an expensive, high-end product or service that requires a serious investment, you simply can’t skip out on meeting face to face. Hop on a plane if that’s what it takes to sit across from a valuable prospect. You’ll increase your close rate many times over, and being able to close big deals at huge companies is well worth the cost of travel.

5. Failing to clarify your value proposition.

Every time a B2B prospect asks what exactly it is that you do, you should have a quick and rehearsed response that succinctly describes the value you create. Clarify, script out, and memorize your value proposition. This is the only part of your sales presentation you have to memorize, so there’s really no excuse for hazy, rambling answers to this question.

6. Rushing to offer deals and discounts.

Low prices only attract bad prospects in B2B sales. Your ideal customer cares about value, not price, so quit offering deals and discounts. It only lowers your value in the eyes of your prospects. Instead, focus on the value you create, and be proud to offer the premium solution on the market. This attitude will attract the type of customer who values you for years to come.

Related: 6 Strategies for Avoiding the ‘Race to the Bottom’ Price War You Don’t Want to Win 

Which of these mistakes have you been making in B2B sales? How will you correct your mistakes and start crushing your sales goals? Check out this free Ultimate 3-Step Prospecting Call Template for more powerful sales advice.

Continue Reading

Trending