Modern times are changing the definition of what it means to run a business and who does the work. Technology is making it easier for small business to extend their client base without adding office space or employees*. Not only do they opt out of the traditional office, but they also outsource most aspects of their business. Companies are tapping content marketing, search engine marketing and virtual assistants in the U.S. and elsewhere to take care of many day-to-day tasks. Many business owners use only contract workers, outfit their staffs with wearable devices to track where they are and use recruiters (who in turn use artificial intelligence) to match candidates with what they require. Then there is the work-anywhere phenomenon. Use of apps such as Google Hangouts and Slack keep employees and teams connected and abreast of project development while allowing them to work from a variety of environments. Cementing the trend towards a new way of working, workers between the ages of 18 and 35 have become the largest demographic in the office.
Many entrepreneurs are driven by the appeal of being their own bosses. They get to make all the decisions, from company strategies to marketing techniques to human resources. It all looks good on paper; however, in practice, managing people is much more difficult than most realize. To better streamline your operation and generate goodwill, learn the most common leadership and management mistakes made by the average entrepreneur.
Determining how to price a product or service is one of the toughest decisions for any startup. The implications of this decision are massive and will ultimately define a company's brand, funding requirements and long-term viability. To form an effective plan, entrepreneurs need to understand their markets, their customers and the basic pricing strategies used by most successful businesses.
There's never been a better time to start your own company, thanks to a bevy of project management systems that help reduce costs. Unfortunately, overabundant options can lead busy entrepreneurs down the wrong rabbit holes. To make sure your new business runs seamlessly, learn how to identify the right management tools.